The Gabelli Westwood Small Cap Equity Fund
1st Quarter 2000
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 Dates 02-25-00
Issue Hotel Reservations Network
Shares 2,000
Price $16
Amount $32,000
Spread Amount 1.12
Spread % 7.0%
Fund's % of Issue 0.04%
% of Issue for all
Westwood Funds 0.04%
Broker Donaldson Lufkin & Jenrette
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 continuos operation for at least 3 years.
All other requirements 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 this underwriting spread of 3 comparable
Issues underwritten in the last 90 days.
Note: If 3 comparable issues are not available within 90 days, a one-year
window is used.
