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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 9
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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063 A000500 0
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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
<PAGE> PAGE 21
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 12954
071 B000500 12314
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<PAGE> PAGE 22
072 U000500 1
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072 Y000500 29
072 Z000500 -52
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074 A000500 635
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 14878
074 G000500 0
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074 K000500 0
074 L000500 6
074 M000500 12
074 N000500 15689
074 O000500 223
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074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
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074 T000500 15433
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074 V020500 0.00
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024 000600 N
<PAGE> PAGE 23
028 A010600 126
028 A020600 0
028 A030600 0
028 A040600 51
028 B010600 95
028 B020600 0
028 B030600 0
028 B040600 30
028 C010600 47
028 C020600 8
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028 C040600 66
028 D010600 38
028 D020600 0
028 D030600 0
028 D040600 26
028 E010600 75
028 E020600 0
028 E030600 0
028 E040600 49
028 F010600 8
028 F020600 11
028 F030600 0
028 F040600 70
028 G010600 389
028 G020600 19
028 G030600 0
028 G040600 292
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
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
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043 000600 2
044 000600 6
045 000600 Y
046 000600 N
047 000600 Y
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<PAGE> PAGE 24
048 A010600 0
048 A020600 0.000
048 B010600 0
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048 C020600 0.000
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048 E010600 0
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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
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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
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
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062 M000600 0.0
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062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
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063 A000600 0
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066 A000600 Y
066 B000600 N
066 C000600 N
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<PAGE> PAGE 25
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
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070 N020600 N
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<PAGE> PAGE 26
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072EE000600 0
073 A010600 0.1200
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<PAGE> PAGE 27
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024 000700 N
028 A010700 80
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<PAGE> PAGE 28
033 000700 0
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056 000700 N
057 000700 N
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<PAGE> PAGE 29
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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
070 G010700 Y
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070 H010700 Y
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE TROY STATCZAR
TITLE MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE GABELLI WESTWOOD FUNDS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000796229
<NAME> THE GABELLI WESTWOOD FUNDS
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<ACCUMULATED-NII-PRIOR> 105135
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 592368
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<GROSS-EXPENSE> 956790
<AVERAGE-NET-ASSETS> 146793345<F1>
<PER-SHARE-NAV-BEGIN> 10.98<F1>
<PER-SHARE-NII> 0.12<F1>
<PER-SHARE-GAIN-APPREC> 0.98<F1>
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<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 11.83<F1>
<EXPENSE-RATIO> 1.19<F1>
[AVG-DEBT-OUTSTANDING] 0<F1>
[AVG-DEBT-PER-SHARE] 0<F1>
<FN>
<F1>RETAIL CLASS
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000796229
<NAME> THE GABELLI WESTWOOD FUNDS
<SERIES>
<NUMBER> 042
<NAME> GABELLI WESTWOOD BALANCED FUND SERVICE CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
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<NUMBER-OF-SHARES-SOLD> 65512<F1>
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<PER-SHARE-NAV-BEGIN> 10.96<F1>
<PER-SHARE-NII> 0.13<F1>
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<PER-SHARE-NAV-END> 11.81<F1>
<EXPENSE-RATIO> 1.44<F1>
[AVG-DEBT-OUTSTANDING] 0<F1>
[AVG-DEBT-PER-SHARE] 0<F1>
<FN>
<F1>SERVICE CLASS
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000796229
<NAME> THE GABELLI WESTWOOD FUNDS
<SERIES>
<NUMBER> 051
<NAME> GABELLI WESTWOOD SMALLCAP EQUITY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13837151
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<SHARES-COMMON-PRIOR> 1046077
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45868
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 126319
<ACCUM-APPREC-OR-DEPREC> 1767650
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<EXPENSES-NET> 105976
<NET-INVESTMENT-INCOME> (51597)
<REALIZED-GAINS-CURRENT> 5464
<APPREC-INCREASE-CURRENT> 2876870
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<ACCUMULATED-NII-PRIOR> 5729
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135115
<AVERAGE-NET-ASSETS> 14189437
<PER-SHARE-NAV-BEGIN> 11.18
<PER-SHARE-NII> (0.05)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.83
<EXPENSE-RATIO> 1.64
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000796229
<NAME> THE GABELLI WESTWOOD FUNDS
<SERIES>
<NUMBER> 061
<NAME> GABELLI WESTWOOD REALTY FUND RETAIL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 2120720
<INVESTMENTS-AT-VALUE> 1743015
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<PAYABLE-FOR-SECURITIES> 13465
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<OTHER-ITEMS-LIABILITIES> 13032
<TOTAL-LIABILITIES> 26497
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2309904
<SHARES-COMMON-STOCK> 229507
<SHARES-COMMON-PRIOR> 215231
<ACCUMULATED-NII-CURRENT> 32920
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 189481
<ACCUM-APPREC-OR-DEPREC> (377705)
<NET-ASSETS> 1775638
<DIVIDEND-INCOME> 63429
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 13934
<NET-INVESTMENT-INCOME> 49495
<REALIZED-GAINS-CURRENT> (145930)
<APPREC-INCREASE-CURRENT> (32552)
<NET-CHANGE-FROM-OPS> (128987)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28048
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48252
<NUMBER-OF-SHARES-REDEEMED> 36452
<SHARES-REINVESTED> 2476
<NET-CHANGE-IN-ASSETS> (39094)
<ACCUMULATED-NII-PRIOR> 11473
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 43551
<GROSS-ADVISORY-FEES> 9290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37734
<AVERAGE-NET-ASSETS> 1862824
<PER-SHARE-NAV-BEGIN> 8.43
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> (0.78)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000796229
<NAME> THE GABELLI WESTWOOD FUNDS
<SERIES>
<NUMBER> 071
<NAME> GABELLI WESTWOOD MIGHTY MITES FUND RETAIL CLASS
<S> <C>
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<PERIOD-END> MAR-31-1999
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36094
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7221293
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<SHARES-COMMON-PRIOR> 498593
<ACCUMULATED-NII-CURRENT> 22609
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 353685
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 85693
<NET-ASSETS> 7683280
<DIVIDEND-INCOME> 31322
<INTEREST-INCOME> 43918
<OTHER-INCOME> 0
<EXPENSES-NET> 30135
<NET-INVESTMENT-INCOME> 45105
<REALIZED-GAINS-CURRENT> 352730
<APPREC-INCREASE-CURRENT> 345494
<NET-CHANGE-FROM-OPS> 743329
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 47322
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2134572
<NUMBER-OF-SHARES-REDEEMED> 1937410
<SHARES-REINVESTED> 4333
<NET-CHANGE-IN-ASSETS> 2844893
<ACCUMULATED-NII-PRIOR> 24826
<ACCUMULATED-GAINS-PRIOR> 955
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78420
<AVERAGE-NET-ASSETS> 6051815
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.97
<EXPENSE-RATIO> 1.01
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
THE GABELLI WESTWOOD EQUITY FUND
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 Westwood Funds
Date Issue Shares % of Issue Allotment
Gabelli:
3/30/99 Pepsi Bottling Group, Inc. 10,500 0.01% 10,500
% of Issue
For all Spread Spread
Westwood Funds Price Amount Amount % Broker
Gabelli:
0.01% $23.00 $241,500 $0.980 4.26% Morgan Stanley
Issues Within
90 Days Reason
Gabelli:
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 Pepsi Bottling Group, Inc.
U.S. Underwriters Number of Shares
Merrill Lynch, Pierce, Fenner & Smith
Incorporated 12,320,000
Morgan Stanley & Co. Incorporated 12,320,000
Bear, Stearns & Co. Inc. 6,417,750
Credit Suisse First Boston Corporation 6,417,750
Goldman, Sachs & Co. 6,417,750
Lehman Brothers Inc. 6,417,750
NationsBanc Montgomery Securities LLC 6,417,750
Salomon Smith Barney Inc. 6,417,750
Sanford C. Bernstein & Co., Inc. 6,417,750
Schroder & Co. Inc. 6,417,750
Utendahl Capital Partners, L.P. 500,000
Blaylock & Partners, L.P. 400,000
Guzman & Company 400,000
CIBC Oppenheimer Corp. 352,000
Cazenove Incorporated 352,000
Chase Securities Inc. 352,000
Deutsche Bank Securities Inc. 352,000
Donaldson, Lufkin & Jenrette Securities
Corporation 352,000
Dresdner Kleinwort Benson North America LLC 352,000
A.G. Edwards & Sons, Inc. 352,000
HSBC Securities, Inc. 352,000
Lazard Freres & Co. LLC 352,000
J.P. Morgan Securities Inc. 352,000
PaineWebber Incorporated 352,000
Prudential Securities Incorporated 352,000
RBC Dominion Securities Corporation 352,000
Wasserstein Perella Securities, Inc. 352,000
Arnhold and S. Bleichroeder, Inc. 160,000
Crowell, Weedon & Co. 160,000
Davenport & Company LLC 160,000
D.A. Davidson & Co. 160,000
First Albany Corporation 160,000
Gabelli & Company, Inc. 160,000
Janney Montgomery Scott Inc. 160,000
Edward D. Jones & Co., L.P. 160,000
C.L. King & Associates, Inc. 160,000
Legg Mason Wood Walker, Incorporated 160,000
Neuberger Berman, LLC 160,000
Ormes Capital Markets, Inc. 160,000
Pryor, McClendon, Counts & Co., Inc. 160,000
Ragen MacKenzie Incorporated 160,000
Samuel A. Ramirez & Co. Inc. 160,000
Muriel Siebert & Co., Inc. 160,000
Surro & Co. Incorporated 160,000
May Davis Group Inc. 70,000
Total 85,000,000
