PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 1
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

1 800 FLOWERS COM INC CL A     COM              68243Q106     1033   270500 SH       SOLE                   270500        0        0
3 COM CORP                     COM              885535104      684   300000 SH       SOLE                   300000        0        0
3M CO.                         COM              88579Y101      737    12800 SH       SOLE                    12800        0        0
A T & T INC (NEW)              COM              00206R102     7287   255673 SH       SOLE                   234029     1208    20436
AAR CORP COM                   COM              000361105     1381    75000 SH       SOLE                    75000        0        0
AARON RENTS INC CL A           COM              002535300     8917   406248 SH       SOLE                   402248        0     4000
AARON RENTS INC COM            COM              002535201      272    10200 SH       SOLE                    10200        0        0
ABB LTD SPONSORED ADR          COM              000375204     4505   300100 SH       SOLE                   300100        0        0
ABBOTT LABS                    COM              002824100     3026    56700 SH       SOLE                    56700        0        0
ACCESS INTEGRATED TECHNLGS ICL COM              004329108       14    37000 SH       SOLE                    37000        0        0
ACCO BRANDS CORP COM           COM              00081T108     1015   294078 SH       SOLE                   291963        0     2115
ACME COMMUNICATIONS INC COM    COM              004631107      314   785085 SH       SOLE                   771085        0    14000
ACUITY BRANDS INC (B:AYI) COM  COM              00508Y102     1453    41620 SH       SOLE                    40620     1000        0
ADOBE SYSTEMS INC COM          COM              00724F101     1277    60000 SH       SOLE                    60000        0        0
ADVANCED MED 1.375% 7/1/2025 C CONVERTIBLE BOND 00763MAJ7      172   400000 PRN      SOLE                   400000        0        0
ADVANCED MED CV 3.250% 08/01/2 CONVERTIBLE BOND 00763MAK4      190   500000 PRN      SOLE                   500000        0        0
ADVANCED MED OPTICS INC COM    COM              00763M108    34151  5166546 SH       SOLE                  4917946        0   248600
AES CORP COM                   COM              00130H105     4608   559250 SH       SOLE                   559250        0        0
AFLAC INC COM                  COM              001055102      367     8000 SH       SOLE                     8000        0        0
AGERE SYS 6.5% 12/15/09        CONVERTIBLE BOND 00845VAA8     1635  1693800 PRN      SOLE                  1663800        0    30000
AGL RES INC COM                COM              001204106     3314   105700 SH       SOLE                    88200        0    17500
ALBEMARLE CORP COM             COM              012653101      647    29000 SH       SOLE                    29000        0        0
ALBERTO CULVER CO NEW COM      COM              013078100    14108   575620 SH       SOLE                   572620        0     3000
ALCOA INC COM                  COM              013817101     8191   727410 SH       SOLE                   664410        0    63000
ALCON INC COM SHS              COM              H01301102      591     6625 SH       SOLE                     6625        0        0
ALIGN TECHNOLOGY INC COM       COM              016255101     2348   268300 SH       SOLE                   263300        0     5000
ALLEGHANY CORP DEL             COM              017175100     1045     3704 SH       SOLE                     3704        0        0
ALLEGHENY ENERGY INC COM       COM              017361106    30794   909442 SH       SOLE                   864942     4500    40000
ALLERGAN INC                   COM              018490102     8754   217108 SH       SOLE                   214570        0     2538
ALLIANCE DATA SYS CORP COM     COM              018581108     1926    41400 SH       SOLE                    41400        0        0
ALLIANT ENERGY CORP COM        COM              018802108      937    32120 SH       SOLE                    31520      600        0
ALPHA NATURAL RESOURCES INC CO COM              02076X102      308    19000 SH       SOLE                    19000        0        0
ALPHARMA INC CL A              COM              020813101    12796   346393 SH       SOLE                   345593      500      300
AMAZON.COM INC                 COM              023135106      713    13900 SH       SOLE                    13900        0        0
AMEREN CORP COM                COM              023608102      210     6300 SH       SOLE                     6300        0        0
AMERICA MOVIL S A DE C V SPONS COM              02364W105     2078    67050 SH       SOLE                    67050        0        0
AMERICAN DENTAL PARTNERS INC   COM              025353103      125    18000 SH       SOLE                    18000        0        0
AMERICAN ELECTRIC POWER        COM              025537101      250     7500 SH       SOLE                     7500        0        0
AMERICAN EXPRESS CO            COM              025816109    61882  3335931 SH       SOLE                  3210881     3600   121450
AMERICAN INTL GROUP INC        COM              026874107       57    36500 SH       SOLE                    36500        0        0
AMERIPRISE FINL INC COM        COM              03076C106     3451   147733 SH       SOLE                   141833      600     5300
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 2
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AMETEK INC NEW COM             COM              031100100    95367  3156809 SH       SOLE                  3074409        0    82400
AMICAS INC                     COM              001712108     1836  1099180 SH       SOLE                   979180        0   120000
AMPCO PITTSBURGH CORP          COM              032037103    23151  1066862 SH       SOLE                  1040962        0    25900
ANADARKO PETE CORP COM         COM              032511107     3207    83203 SH       SOLE                    82003     1200        0
ANGIODYNAMICS INC COM          COM              03475V101     4375   319560 SH       SOLE                   311560        0     8000
ANIMAL HEALTH INTERNATIONAL    COM              03525N109      772   362350 SH       SOLE                   329350        0    33000
APACHE CORP                    COM              037411105     1569    21050 SH       SOLE                    21050        0        0
APPLE COMPUTER INC             COM              037833100     5481    64223 SH       SOLE                    54223    10000        0
APPLIED MATLS INC COM          COM              038222105      718    70890 SH       SOLE                    70890        0        0
AQUA AMERICA INC               COM              03836W103      247    12000 SH       SOLE                        0        0    12000
ARCH CHEMICALS INC COM         COM              03937R102     2200    84380 SH       SOLE                    84380        0        0
ARCHER DANIELS MIDLAND         COM              039483102    55854  1937359 SH       SOLE                  1854459     4700    78200
ARGO GROUP INTL HLDGS LTD COM  COM              G0464B107     2786    82132 SH       SOLE                    82132        0        0
ARTHROCARE CORP COM            COM              043136100     1905   399310 SH       SOLE                   369310        0    30000
ASCENT MEDIA CORP COM SER A    COM              043632108    12456   570343 SH       SOLE                   522629      100    47614
ASHLAND INC NEW COM            COM              044209104     5456   519083 SH       SOLE                   496067       46    22970
ATLAS ACQUISITION HLDGS CORPCO COM              049162100       91    10000 SH       SOLE                    10000        0        0
ATLAS ACQUISITION HOLDI-WARRAN WARRANT AND RIGH 049162118        1    10000 SH       SOLE                    10000        0        0
AUTONATION INC                 COM              05329W102    29566  2992502 SH       SOLE                  2839822        0   152680
AUTOZONE INC                   COM              053332102      488     3500 SH       SOLE                     3500        0        0
AVON PRODUCTS INC              COM              054303102     4057   168825 SH       SOLE                   161525        0     7300
BADGER METER INC COM           COM              056525108     2500    86150 SH       SOLE                    84650        0     1500
BAKER HUGHES INC               COM              057224107      241     7500 SH       SOLE                     7500        0        0
BALDOR ELEC CO COM             COM              057741100     9718   544450 SH       SOLE                   541450        0     3000
BALDWIN TECHNOLOGY INC CL A    COM              058264102     1781  1035430 SH       SOLE                   988430        0    47000
BANK OF AMERICA                COM              060505104     3852   273549 SH       SOLE                   265549        0     8000
BANK OF NEW YORK MELLON CORP   COM              064058100    15963   563450 SH       SOLE                   541035        0    22415
BARNES GROUP INC COM           COM              067806109     2787   192240 SH       SOLE                   192240        0        0
BARRICK GOLD(R:ABX.N B:ABX US) COM              067901108     2335    63500 SH       SOLE                    63500        0        0
BAXTER INTL INC COM            COM              071813109     1634    30500 SH       SOLE                    24500        0     6000
BCE INC                        COM              05534B760     2389   116600 SH       SOLE                   116600        0        0
BEASLEY BROADCAST GRP INC.     COM              074014101     2139  1188261 SH       SOLE                  1109761        0    78500
BED BATH & BEYOND INC          COM              075896100     3348   131700 SH       SOLE                   131700        0        0
BEL FUSE INC CL A              COM              077347201      254    14100 SH       SOLE                    14100        0        0
BELDEN CDT INC                 COM              077454106     2890   138400 SH       SOLE                   138400        0        0
BELO CORP                      COM              080555105     2382  1526755 SH       SOLE                  1496755        0    30000
BERKSHIRE HATHAWAY             COM              084670108     2995       31 SH       SOLE                       30        1        0
BERKSHIRE HATH/HLD B           COM              084670207     8565     2665 SH       SOLE                     2665        0        0
BIG 5 SPORTING GOODS CORP COM  COM              08915P101      479    92000 SH       SOLE                    86000        0     6000
BIO RAD LABS INC CL A          COM              090572207      452     6000 SH       SOLE                     6000        0        0
BIOGEN IDEC INC                COM              09062X103      578    12130 SH       SOLE                    12130        0        0
BIOLASE TECHNOLOGY INC COM     COM              090911108      234   157000 SH       SOLE                   157000        0        0
BLACKROCK INC CL A             COM              09247X101      381     2840 SH       SOLE                     2840        0        0
BLACKSTONE GROUP L P COM UNIT  COM              09253U108      276    42200 SH       SOLE                    42200        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 3
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
BOEING CO                      COM              097023105    12089   283320 SH       SOLE                   263320        0    20000
BON-TON STORES INC COM         COM              09776J101      578   561500 SH       SOLE                   561500        0        0
BORG WARNER INC                COM              099724106    30261  1390043 SH       SOLE                  1373043        0    17000
BORLAND SOFTWARE CORP COM      COM              099849101       46    44000 SH       SOLE                    44000        0        0
BOSTON BEER INC CL A           COM              100557107     3686   129800 SH       SOLE                   116800        0    13000
BOSTON SCIENTIFIC CORP COM     COM              101137107     2034   262750 SH       SOLE                   262750        0        0
BOYD GAMING CORP               COM              103304101    11970  2530710 SH       SOLE                  2464710     4000    62000
BP PLC SPONS ADR               COM              055622104      904    19333 SH       SOLE                    15675        0     3658
BPW ACQUISITION CORP-UNIT      COM              055637201     5310   590000 SH       SOLE                   590000        0        0
BRINKS CO COM                  COM              109696104     2855   106200 SH       SOLE                   106200        0        0
BRINKS HOME SEC HLDGS INC COM  COM              109699108     6032   275200 SH       SOLE                   273200        0     2000
BRISTOL MYERS SQUIBB CO        COM              110122108     6078   261420 SH       SOLE                   251420        0    10000
BROWN FORMAN CORP CL B         COM              115637209     3539    68723 SH       SOLE                    66723        0     2000
BROWN-FORMAN CORP CLASS A      COM              115637100    17490   349796 SH       SOLE                   334796        0    15000
BRUSH ENGINEERED MATLS INC COM COM              117421107     1806   142000 SH       SOLE                   142000        0        0
BT GROUP PLC SPON ADR          COM              05577E101      559    28000 SH       SOLE                    25000     1000     2000
BUCKEYE PARTNERS L P UNIT LTD  OIL & GAS PARTNE 118230101      290     9000 SH       SOLE                     9000        0        0
CABLEVISION SYS NY GROUP A     COM              12686C109   186929 11100316 SH       SOLE                 10624789    12300   463227
CABOT OIL & GAS CORP COMMON ST COM              127097103      520    20000 SH       SOLE                    20000        0        0
CADBURY PLC-SPONS ADR          COM              12721E102    72920  2044304 SH       SOLE                  1977556     2112    64636
CALAMOS ASSET MANAGEMENT-A     COM              12811R104      592    80000 SH       SOLE                    80000        0        0
CALIFORNIA MICRO DEVICES CORCO COM              130439102     2203  1184300 SH       SOLE                  1064300        0   120000
CAMERON INTERNATIONAL CORP     COM              13342B105     6818   332600 SH       SOLE                   295600        0    37000
CAMPBELL SOUP CO               COM              134429109    18229   607423 SH       SOLE                   549523      400    57500
CANTERBURY PK HLDG CORP        COM              13811E101     2373   401607 SH       SOLE                   358607        0    43000
CAPITAL ONE FINL CORP COM      COM              14040H105      381    11960 SH       SOLE                    11960        0        0
CARMIKE CINEMAS INC COM        COM              143436400      548   150000 SH       SOLE                   150000        0        0
CASELLA WASTE SYS INC CL A     COM              147448104      224    55000 SH       SOLE                    55000        0        0
CATERPILLAR INC                COM              149123101      877    19630 SH       SOLE                    19630        0        0
CAVALIER HOMES INC COM         COM              149507105     2952  2758699 SH       SOLE                  2758699        0        0
CAVCO INDUSTRIES               COM              149568107    14110   524728 SH       SOLE                   513728        0    11000
CBS CORP CLASS A               COM              124857103    20369  2471986 SH       SOLE                  2376132      900    94954
CBS CORP NEW CL B              COM              124857202     1473   179798 SH       SOLE                   177898      500     1400
CELGENE CORP                   COM              151020104     1332    24100 SH       SOLE                    24100        0        0
CENTENNIAL CELLULAR CORP CL A  COM              15133V208     4949   614000 SH       SOLE                   614000        0        0
CENTEX CORP COM                COM              152312104      124    11620 SH       SOLE                    11620        0        0
CENTRAL VT PUB SVC CORP COM    COM              155771108      764    32000 SH       SOLE                    32000        0        0
CENTURYTEL INC                 COM              156700106    16642   608939 SH       SOLE                   583764     2500    22675
CEPHEID COM                    COM              15670R107     1381   133000 SH       SOLE                   133000        0        0
CH ENERGY GROUP, INC.          COM              12541M102    38148   742316 SH       SOLE                   707216     1800    33300
CHAMPION ENTERPRISES INC COM   COM              158496109     1885  3366750 SH       SOLE                  3237250        0   129500
CHARTER COMMUNICATIONS INC DCL COM              16117M107       12   150000 SH       SOLE                   150000        0        0
CHEMED CORPORATION             COM              16359R103    31738   798040 SH       SOLE                   773740     1500    22800
CHEMTURA CORP                  COM              163893100     4808  3434288 SH       SOLE                  3324288        0   110000
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 4
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CHESAPEAKE CORP VA             COM              165159104        0    11000 SH       SOLE                    11000        0        0
CHESAPEAKE ENERGY CORP COM     COM              165167107      790    48850 SH       SOLE                    48850        0        0
CHEVRON CORP                   COM              166764100    22890   309452 SH       SOLE                   289554        0    19898
CHINA MOBILE LTD               COM              16941M109     3209    63100 SH       SOLE                    63100        0        0
CHORDIANT SOFTWARE INC COM     COM              170404305       53    20000 SH       SOLE                    20000        0        0
CHURCH & DWIGHT CO             COM              171340102    18640   332150 SH       SOLE                   321650        0    10500
CHURCHILL DOWNS INC COM        COM              171484108    30210   747401 SH       SOLE                   712801        0    34600
CINCINNATI BELL                COM              171871106    16331  8461845 SH       SOLE                  8091845        0   370000
CIRCOR INTL INC COM            COM              17273K109    23516   855123 SH       SOLE                   827923        0    27200
CISCO SYS INC                  COM              17275R102     3519   215900 SH       SOLE                   215900        0        0
CITADEL BROADCASTING CORP COM  COM              17285T106       96   600528 SH       SOLE                   600528        0        0
CITIGROUP INC.                 COM              172967101    11276  1680492 SH       SOLE                  1610992        0    69500
CLARCOR INC                    COM              179895107    81719  2462901 SH       SOLE                  2411501        0    51400
CLEAR CHANNEL OUTDOOR HLDGS CL COM              18451C109     8533  1387500 SH       SOLE                  1319500        0    68000
CLEARWIRE CORP-CLASS A         COM              18538Q105      715   145000 SH       SOLE                   145000        0        0
CME GROUP INC COM              COM              12572Q105     1467     7050 SH       SOLE                     7050        0        0
CMS ENERGY CORP COM            COM              125896100     1214   120100 SH       SOLE                   119100        0     1000
CNA SURETY CORP COM            COM              12612L108    17155   893500 SH       SOLE                   893500        0        0
CNH GLOBAL NV COM              COM              N20935206    46636  2989507 SH       SOLE                  2946507     2500    40500
COACH INC                      COM              189754104      509    24513 SH       SOLE                    24513        0        0
COACHMEN INDS INC              COM              189873102     1011   549540 SH       SOLE                   549540        0        0
COCA COLA CO                   COM              191216100    57879  1278538 SH       SOLE                  1183438        0    95100
COHEN & STEERS INC COM         COM              19247A100     1110   101000 SH       SOLE                   101000        0        0
COLDWATER CREEK INC COM        COM              193068103     2556   897000 SH       SOLE                   897000        0        0
COLLECTIVE BRANDS INC COM      COM              19421W100      152    13000 SH       SOLE                    13000        0        0
COMCAST CORP CL A SPL          COM              20030N200      640    39650 SH       SOLE                    39650        0        0
COMCAST CORP NEW COM CL A      COM              20030N101     1971   116767 SH       SOLE                   108622      145     8000
COMMUNICATIONS SYS             COM              203900105     2216   284100 SH       SOLE                   284100        0        0
COMPTON PETE CORP COM          COM              204940100        8    10000 SH       SOLE                        0    10000        0
COMPUCREDIT CVT 5.875% 01/30/3 CONVERTIBLE BOND 20478NAD2       57   200000 PRN      SOLE                   200000        0        0
CONMED CORP COM                COM              207410101     3802   158800 SH       SOLE                   156800        0     2000
CONNECTICUT WTR SVC INC COM    COM              207797101      256    10850 SH       SOLE                    10850        0        0
CONOCOPHILLIPS COM             COM              20825C104    12483   240975 SH       SOLE                   224897        0    16078
CONSTELLATION ENERGY GROUP ICO COM              210371100     5462   217700 SH       SOLE                   204400     3500     9800
COOPER COS INC COM NEW         COM              216648402     1312    80000 SH       SOLE                    80000        0        0
COOPER INDUSTRIES LTD CL A COM COM              G24182100    43757  1496976 SH       SOLE                  1436776      200    60000
CORCEPT THERAPEUTICS INC OC-CO COM              218352102       39    38000 SH       SOLE                    38000        0        0
CORE MOLDING TECH COM          COM              218683100      975   375000 SH       SOLE                   375000        0        0
CORINTHIAN COLLEGES INC COM    COM              218868107     2994   182900 SH       SOLE                   182900        0        0
CORN PRODS INTL INC COM        COM              219023108    30114  1043800 SH       SOLE                   996000        0    47800
CORNING INC                    COM              219350105     6621   694715 SH       SOLE                   694515      200        0
COSTCO WHSL CORP NEW COM       COM              22160K105      978    18630 SH       SOLE                    18630        0        0
COVANTA HOLDING CORP           COM              22282E102     4348   198000 SH       SOLE                   198000        0        0
COVIDIAN LTD                   COM              G2552X108      951    26236 SH       SOLE                    26236        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 5
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CRANE CO                       COM              224399105    69097  4007962 SH       SOLE                  3855762      700   151500
CROWN HOLDINGS INC COM         COM              228368106      198    10300 SH       SOLE                    10300        0        0
CROWN MEDIA HLDGS INC CL A     COM              228411104     1210   424500 SH       SOLE                   364500        0    60000
CRUCELL N V SPONSORED ADR      COM              228769105     3041   200700 SH       SOLE                   200700        0        0
CTS CORP                       COM              126501105    18583  3372634 SH       SOLE                  3200134     1000   171500
CUMMINS ENGINE INC             COM              231021106      580    21700 SH       SOLE                    21700        0        0
CURRENCY SHARES EURO TR EURO S ETF/ISHARE - EQU 23130C108      811     5800 SH       SOLE                     5800        0        0
CURRENCYSHS JAPANESE YEN TR JA MUTUAL FUNDS     23130A102     2802    25450 SH       SOLE                    25450        0        0
CURTISS WRIGHT CORP            COM              231561101    59471  1781100 SH       SOLE                  1732100        0    49000
CUTERA INC COM                 COM              232109108     2927   330000 SH       SOLE                   330000        0        0
CVS/CAREMARK CORP              COM              126650100    35541  1236632 SH       SOLE                  1211632        0    25000
CYPRESS SEMICONDUCTOR CORP COM COM              232806109     1739   389000 SH       SOLE                   389000        0        0
C&D TECHNOLOGIES INC COM       COM              124661109       52    16490 SH       SOLE                    16490        0        0
D & E COMMUNICATIONS INC COM   COM              232860106     1678   250494 SH       SOLE                   250494        0        0
DANA HOLDING CORP COM          COM              235825205      296   400000 SH       SOLE                   400000        0        0
DATASCOPE CORP                 COM              238113104     1202    23000 SH       SOLE                    23000        0        0
DEAN FOODS (B:DF)              COM              242370104     7334   408100 SH       SOLE                   384100        0    24000
DEERE & CO.                    COM              244199105    75025  1957855 SH       SOLE                  1901155      200    56500
DEL MONTE FOODS CO COM         COM              24522P103    17811  2494535 SH       SOLE                  2391035     6000    97500
DENBURY RES INC COM NEW        COM              247916208      164    15000 SH       SOLE                    15000        0        0
DENNYS CORP COM                COM              24869P104       56    28000 SH       SOLE                    28000        0        0
DENTSPLY INTL INC NEW COM      COM              249030107     8499   300960 SH       SOLE                   288560     2000    10400
DEUTSCHE BANK AG-REG (B:DB)    COM              D18190898     1904    46800 SH       SOLE                    40800     6000        0
DEUTSCHE TELEKOM AG-SPON ADR ( COM              251566105     8984   587195 SH       SOLE                   586418        0      777
DEVON ENERGY CORP NEW          COM              25179M103     9531   145050 SH       SOLE                   141550        0     3500
DEXCOM INC COM                 COM              252131107      226    82000 SH       SOLE                    82000        0        0
DIAGEO PLC SPONSORED ADR (B:DE COM              25243Q205    27934   492322 SH       SOLE                   492022        0      300
DIAMOND OFFSHORE DRILLNG INCCO COM              25271C102      943    16000 SH       SOLE                    16000        0        0
DIEBOLD INC COM                COM              253651103   100915  3592550 SH       SOLE                  3454450     2900   135200
DIRECTV GROUP INC              COM              25459L106   105341  4598054 SH       SOLE                  4476054     3500   118500
DISCOVER FINANCIAL             COM              254709108     2397   251500 SH       SOLE                   251500        0        0
DISCOVERY COMMS NEW SER A      COM              25470F104    17512  1236741 SH       SOLE                  1195677     1000    40064
DISCOVERY COMMS NEW SER C      COM              25470F302    14899  1112683 SH       SOLE                  1071619     1000    40064
DISH NETWORK CORPORATION       COM              25470M109    15839  1428246 SH       SOLE                  1391846     3600    32800
DISNEY WALT PRODTNS            COM              254687106     6459   284645 SH       SOLE                   272645     3800     8200
DOMINION RES INC VA NEW COM    COM              25746U109     2254    62900 SH       SOLE                    62900        0        0
DONALDSON INC                  COM              257651109    43553  1294300 SH       SOLE                  1268300        0    26000
DOVER DOWNS GAMING & ENTMT INC COM              260095104      566   177865 SH       SOLE                   152795        0    25070
DOVER MOTORSPORTS INC.(B:DVD)  COM              260174107      983   756350 SH       SOLE                   686350        0    70000
DPL INC COM                    COM              233293109    18776   822068 SH       SOLE                   771068     5500    45500
DR PEPPER SNAPPLE GROUP INC CO COM              26138E109    33316  2050211 SH       SOLE                  1994719     1940    53552
DU PONT E I DE NEMOURS CO      COM              263534109     2856   112890 SH       SOLE                   112890        0        0
DUFF & PHELPS CORP-CL A        COM              26433B107      459    24000 SH       SOLE                    24000        0        0
DUKE ENERGY CORP               COM              26441C105     6206   413490 SH       SOLE                   403462     6560     3468
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 6
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
E M C CORP MASS COM            COM              268648102     1037    99000 SH       SOLE                    99000        0        0
EASTMAN KODAK                  COM              277461109     1642   249500 SH       SOLE                   249500        0        0
EATON VANCE CORP COM           COM              278265103      798    38000 SH       SOLE                    38000        0        0
ECHOSTAR CORP-A                COM              278768106     2409   161984 SH       SOLE                   152884      720     8380
ECOLAB INC                     COM              278865100    39896  1135010 SH       SOLE                  1104590        0    30420
EDGEWATER TECHNOLOGY INC COM   COM              280358102     3048  1177010 SH       SOLE                   972010        0   205000
EL PASO CORPORATION            COM              28336L109    11952  1526395 SH       SOLE                  1491395        0    35000
EL PASO ELEC CO COM NEW        COM              283677854    28708  1586980 SH       SOLE                  1474580     2000   110400
ELECTRONIC ARTS COM            COM              285512109      324    20200 SH       SOLE                    20200        0        0
ELIZABETH ARDEN INC            COM              28660G106      126    10000 SH       SOLE                    10000        0        0
EMBARQ CORP COM                COM              29078E105     1438    39975 SH       SOLE                    38383       25     1567
EMERSON ELEC CO                COM              291011104     1267    34616 SH       SOLE                    34616        0        0
EMMIS COMMUNICATIONS CORP      COM              291525103      191   546000 SH       SOLE                   528000        0    18000
ENERGIZER HLDGS INC COM        COM              29266R108    70914  1309819 SH       SOLE                  1257019        0    52800
ENTEGRIS INC COM               COM              29362U104      261   119340 SH       SOLE                   104340        0    15000
EOG RESOURCES INC              COM              26875P101      200     3000 SH       SOLE                     3000        0        0
EPOCH HOLDING CORP             COM              29428R103     3854   507839 SH       SOLE                   507839        0        0
EV3 INC COM                    COM              26928A200       61    10000 SH       SOLE                    10000        0        0
EXACTECH INC COM               COM              30064E109     7576   449894 SH       SOLE                   439394        0    10500
EXELON CORP                    COM              30161N101      267     4800 SH       SOLE                     4500      300        0
EXXON MOBIL CORP               COM              30231G102    13339   167097 SH       SOLE                   153597        0    13500
FAIRCHILD CORP                 COM              303698104      914  2768475 SH       SOLE                  2738476        0    29999
FALCONSTOR SOFTWARE INC COM    COM              306137100      341   122500 SH       SOLE                   122500        0        0
FEDERAL NAT MORTGAGE ASSN-FANN COM              313586109       22    29000 SH       SOLE                    29000        0        0
FERRO CORP                     COM              315405100    33350  4730455 SH       SOLE                  4535855     5000   189600
FIDELITY NATL INFORMATION SVCO COM              31620M106      288    17700 SH       SOLE                    17700        0        0
FIDELITY SOUTHERN CORP         COM              316394105      112    31311 SH       SOLE                    31311        0        0
FIRST SOLAR INC COM            COM              336433107     1822    13210 SH       SOLE                    13210        0        0
FIRSTENERGY CORP COM           COM              337932107     2267    46659 SH       SOLE                    46059      600        0
FISHER COMMUNICATIONS INC COM  COM              337756209    27105  1313209 SH       SOLE                  1237609        0    75600
FLEETWOOD ENTERPRISES INC      COM              339099103       26   257790 SH       SOLE                   253790     2500     1500
FLIR SYS INC COM               COM              302445101      601    19600 SH       SOLE                    19600        0        0
FLORIDA PUB UTILS CO COM       COM              341135101     2386   226170 SH       SOLE                   201676        0    24494
FLOWERS FOODS INC COM          COM              343498101    34327  1409137 SH       SOLE                  1339812     4425    64900
FLOWSERVE CORP COM             COM              34354P105   108249  2101927 SH       SOLE                  2024727     2600    74600
FLUOR CORP NEW COM             COM              343412102      574    12795 SH       SOLE                    12795        0        0
FLUSHING FINL CORP COM         COM              343873105     3678   307500 SH       SOLE                   307500        0        0
FMC CORP COM NEW               COM              302491303      610    13640 SH       SOLE                    13640        0        0
FMC TECHNOLOGIES INC COM       COM              30249U101      791    33200 SH       SOLE                    33200        0        0
FOMENTO ECONOMICO MEXICANO SAD COM              344419106     6707   222600 SH       SOLE                   222600        0        0
FORTUNE BRANDS INC             COM              349631101    22729   550600 SH       SOLE                   537600        0    13000
FPL GROUP INC COM              COM              302571104    12696   252265 SH       SOLE                   244765     1100     6400
FRANKLIN ELEC INC              COM              353514102     5369   191000 SH       SOLE                   186000        0     5000
FREEPORT MCMORAN COPPER&GOLD C COM              35671D857     4249   173850 SH       SOLE                   173850        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 7
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
FRESENIUS KABI PHARMA-CVR      WARRANT AND RIGH 35802M115        5    15000 SH       SOLE                    15000        0        0
FRONTIER COMMUNICATIONS CORP   COM              35906A108     4481   512670 SH       SOLE                   478553        0    34117
FULLER H B CO COM              COM              359694106     6947   431250 SH       SOLE                   411250        0    20000
FURMANITE CORPORATION          COM              361086101     8652  1605252 SH       SOLE                  1574252     1000    30000
GABELLI CV SECURITIES FUND     MUTUAL FUNDS     36240B109     6748  1215769 SH       SOLE                  1003285   212484        0
GABELLI DIV&INC TR COM         MUTUAL FUNDS     36242H104    21339  2071741 SH       SOLE                    10000  2061741        0
GABELLI EQUITY TRUST INC       MUTUAL FUNDS     362397101     2423   654877 SH       SOLE                   654877        0        0
GABELLI GLBL MULTIMEDIA TR COM MUTUAL FUNDS     36239Q109     1789   401955 SH       SOLE                   238373   163582        0
GABELLI GLOBAL DEAL FUND       MUTUAL FUNDS     36245G103    15422  1173695 SH       SOLE                   158826  1014868        0
GABELLI GLOBAL UTIL & INCOMECO MUTUAL FUNDS     36242L105     2727   171491 SH       SOLE                        0   171491        0
GABELLI HLTHCARE & WELLNESS WH MUTUAL FUNDS     36246K103      202    40266 SH       SOLE                    40266        0        0
GABELLI UTIL TR COM            MUTUAL FUNDS     36240A101     1492   252834 SH       SOLE                   252834        0        0
GAMCO INVESTORS INC COM        COM              361438104      391    14300 SH       SOLE                    14300        0        0
GARDNER DENVER INC             COM              365558105      770    33000 SH       SOLE                    33000        0        0
GATX CORP                      COM              361448103    87690  2831465 SH       SOLE                  2719233     1800   110432
GATX CORP $2.50 CV PFD         CONVERTIBLE PREF 361448202      335     1300 SH       SOLE                     1300        0        0
GAYLORD ENTERTAINMENT CO       COM              367905106    46496  4289259 SH       SOLE                  4095889     3300   190070
GENCORP INC                    COM              368682100    10589  2877407 SH       SOLE                  2811407     1000    65000
GENENTECH INC                  COM              368710406    39341   474500 SH       SOLE                   467700        0     6800
GENERAL DYNAMICS CORP COM      COM              369550108     1071    18600 SH       SOLE                    18600        0        0
GENERAL ELEC CO                COM              369604103     8608   531384 SH       SOLE                   505384        0    26000
GENERAL MILLS INC              COM              370334104   123202  2028016 SH       SOLE                  1928116     1600    98300
GENERAL MTRS CORP              COM              370442105     4916  1536100 SH       SOLE                  1376000    65000    95100
GENESIS ENERGY L P UNIT L P IN OIL & GAS PARTNE 371927104     1442   166000 SH       SOLE                   166000        0        0
GENUINE PARTS CO               COM              372460105   102764  2714303 SH       SOLE                  2558703     3800   151800
GENZYME CORP                   COM              372917104      616     9280 SH       SOLE                     9280        0        0
GERBER SCIENTIFIC INSTR        COM              373730100     7714  1509563 SH       SOLE                  1476563        0    33000
GILEAD SCIENCES INC COM        COM              375558103     2040    39900 SH       SOLE                    39900        0        0
GLOBAL CROSSING LTD SHS NEW    COM              G3921A175      159    20000 SH       SOLE                    20000        0        0
GOLDMAN SACHS GR               COM              38141G104     1387    16440 SH       SOLE                    16440        0        0
GOOGLE INC-CL A                COM              38259P508     7957    25863 SH       SOLE                    25863        0        0
GORMAN RUPP CO                 COM              383082104     9883   317568 SH       SOLE                   266168        0    51400
GRACO INC COM                  COM              384109104     4321   182100 SH       SOLE                   171100        0    11000
GRAFTECH INTERNATIONAL         COM              384313102    49780  5983227 SH       SOLE                  5746227     3000   234000
GRAY TELEVISION, INC           COM              389375106     1054  2633815 SH       SOLE                  2525565        0   108250
GRAY TELEVISION, INC CL A      COM              389375205      118   203080 SH       SOLE                   145080        0    58000
GREAT ATLA & PAC 5.125% 6/15/2 CONVERTIBLE BOND 390064AJ2      100   200000 PRN      SOLE                   180000        0    20000
GREAT ATLANTIC & PAC TEA INCCO COM              390064103    23213  3702230 SH       SOLE                  3521230        0   181000
GREAT PLAINS ENERGY INC. (B: G COM              391164100    42761  2212157 SH       SOLE                  2144621     1271    66265
GREATBATCH INC                 COM              39153L106     9155   346000 SH       SOLE                   346000        0        0
GREENBRIER COS INC             COM              393657101      687   100000 SH       SOLE                   100000        0        0
GREIF INC CL A                 COM              397624107    39135  1170658 SH       SOLE                  1136358        0    34300
GREIF INC CL B                 COM              397624206      275     8100 SH       SOLE                     8100        0        0
GRIFFIN LAND & NUR             COM              398231100    32693   886938 SH       SOLE                   886938        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 8
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
GRIFFON CORP COM               COM              398433102    26207  2808945 SH       SOLE                  2686538        0   122407
GRUPO TELEVISA SA DE CV ADR (B COM              40049J206    33942  2271918 SH       SOLE                  2215918     4500    51500
GRUPO TMM SA                   COM              40051D105        9    13000 SH       SOLE                    13000        0        0
GSE SYS INC COM                COM              36227K106      477    80791 SH       SOLE                    80791        0        0
H R BLOCK INC                  COM              093671105     1983    87290 SH       SOLE                    87290        0        0
HAIN CELESTIAL GROUP INC       COM              405217100      878    46000 SH       SOLE                    46000        0        0
HALLIBURTON COMPANY            COM              406216101    22017  1211030 SH       SOLE                  1155030     6000    50000
HANESBRANDS INC COM            COM              410345102     1021    80062 SH       SOLE                    80062        0        0
HARLEY DAVIDSON INC            COM              412822108      466    27440 SH       SOLE                     7440    20000        0
HARMAN INTL INDS INC NEW COM   COM              413086109     2873   171700 SH       SOLE                   157000        0    14700
HARMONY GOLD MINING CO LTD ADR COM              413216300      542    49450 SH       SOLE                    49450        0        0
HARRIS CORPORATION             COM              413875105     1760    46250 SH       SOLE                    46250        0        0
HARTMARX CORP                  COM              417119104      285   920700 SH       SOLE                   885700        0    35000
HAWAIIAN ELEC INDS INC COM     COM              419870100      423    19100 SH       SOLE                    18800        0      300
HAWK CORP CL A                 COM              420089104    13791   830770 SH       SOLE                   792570      600    37600
HAWKINS INC COM                COM              420261109     5475   358082 SH       SOLE                   350082        0     8000
HEARST-ARGYLE TELEVISION INCCO COM              422317107      586    96752 SH       SOLE                    96752        0        0
HEELYS INC COM                 COM              42279M107      114    50000 SH       SOLE                    50000        0        0
HEICO CORP NEW COM             COM              422806109      994    25600 SH       SOLE                    25600        0        0
HEINZ, H J COMPANY             COM              423074103    46488  1236372 SH       SOLE                  1162572     1500    72300
HERLEY INDS INC COM            COM              427398102    27720  2257312 SH       SOLE                  2201912        0    55400
HERSHEY COMPANY (THE)          COM              427866108    50490  1453381 SH       SOLE                  1399581        0    53800
HESKA CORP COM                 COM              42805E108       46   182000 SH       SOLE                   182000        0        0
HESS CORP                      COM              42809H107     1762    32850 SH       SOLE                    32850        0        0
HEWLETT PACKARD CO             COM              428236103      622    17143 SH       SOLE                    17143        0        0
HICKORY TECH CORP COM          COM              429060106      284    52227 SH       SOLE                    52227        0        0
HIGHLANDS ACQUISITION          COM              430880203      942   103000 SH       SOLE                   103000        0        0
HOME DEPOT INC                 COM              437076102     1079    46868 SH       SOLE                    46868        0        0
HONEYWELL INT'L INC            COM              438516106    90848  2767230 SH       SOLE                  2698030     4700    64500
HSN INC COM                    COM              404303109      316    43413 SH       SOLE                    42214        0     1199
HUDSON CITY BANCORP INC COM    COM              443683107      384    24045 SH       SOLE                    24045        0        0
HUNTSMAN CORP COM              COM              447011107     4128  1200000 SH       SOLE                  1200000        0        0
HUTTIG BLDG PRODS INC COM      COM              448451104       36    79045 SH       SOLE                    79045        0        0
I2 TECHNOLOGIES INC COM NEW    COM              465754208      121    19000 SH       SOLE                    19000        0        0
IAC INTERACTIVECORP COM PAR $. COM              44919P508     3269   207803 SH       SOLE                   196803        0    11000
ICU MEDICAL INC                COM              44930G107     6406   193300 SH       SOLE                   178300        0    15000
IDEATION ACQUISTION CORP-UT    COM              451665202      895   125000 SH       SOLE                   125000        0        0
IDEX CORP                      COM              45167R104    46471  1924276 SH       SOLE                  1881819        0    42457
IMAX CORP COM                  COM              45245E109       80    18000 SH       SOLE                    18000        0        0
IMS HEALTH INC COM             COM              449934108     2987   197000 SH       SOLE                   197000        0        0
INGLES MKTS INC CL A           COM              457030104    14309   813500 SH       SOLE                   748500        0    65000
INNOVATIVE SOLUTIONS & SUPPOCO COM              45769N105       63    16000 SH       SOLE                    16000        0        0
INSITUFORM TECHNOLOGIES INC CL COM              457667103     1447    73500 SH       SOLE                    73500        0        0
INTEGRYS ENERGY GROUP INC      COM              45822P105      783    18220 SH       SOLE                    15720      500     2000
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 9
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
INTEL CORP                     COM              458140100     4506   307393 SH       SOLE                   307393        0        0
INTERACTIVE DATA CORP COM      COM              45840J107     3292   133500 SH       SOLE                   133500        0        0
INTERMEC INC                   COM              458786100    55152  4152998 SH       SOLE                  3977732     3500   171766
INTERNATIONAL BUSINESS         COM              459200101     5847    69469 SH       SOLE                    67500        0     1969
INTERNATIONAL GAME TECH        COM              459902102    14102  1186000 SH       SOLE                  1156000        0    30000
INTERNATIONAL PAPER CO         COM              460146103      614    52060 SH       SOLE                    52060        0        0
INTERNATIONAL RECTIFIER CORPCO COM              460254105      243    18000 SH       SOLE                    18000        0        0
INTERNATIONAL SPEEDWAY CORP CL COM              460335201      517    18000 SH       SOLE                    18000        0        0
INTERPUBLIC GROUP COS INC      COM              460690100     4293  1084000 SH       SOLE                  1084000        0        0
INTERVAL LEISURE GROUP INC COM COM              46113M108      457    84742 SH       SOLE                    82843        0     1899
INTL FLAVORS & FRAGRANCES      COM              459506101    35393  1190885 SH       SOLE                  1129785     1600    59500
INTRICON CORP COM              COM              46121H109      191    53000 SH       SOLE                    53000        0        0
INVERNESS MED INNOVATIONS INCO COM              46126P106      535    28309 SH       SOLE                    23309        0     5000
ISHARES TR DJ PHARMA INDX      ETF/ISHARE - EQU 464288836      500    11100 SH       SOLE                    11100        0        0
ITT INDUSTRIES                 COM              450911102    81486  1771827 SH       SOLE                  1734927     1300    35600
J & J SNACK FOODS CORP         COM              466032109     2038    56800 SH       SOLE                    56800        0        0
J.P. MORGAN CHASE & CO         COM              46625H100     8337   264424 SH       SOLE                   250104        0    14320
JANUS CAP GROUP INC COM        COM              47102X105     7063   879600 SH       SOLE                   879600        0        0
JOHNSON CONTROLS               COM              478366107    14209   782426 SH       SOLE                   774926        0     7500
JOHNSON & JOHNSON              COM              478160104    18501   309226 SH       SOLE                   280026      200    29000
JOURNAL COMM INC-A             COM              481130102    10481  4277800 SH       SOLE                  4114800        0   163000
JOY GLOBAL INC COM             COM              481165108      441    19250 SH       SOLE                    19250        0        0
KAMAN CORP                     COM              483548103    42034  2318485 SH       SOLE                  2221485        0    97000
KELLOGG CO                     COM              487836108     4137    94336 SH       SOLE                    77036      300    17000
KEMET CORP COM                 COM              488360108      105   390000 SH       SOLE                   390000        0        0
KENSEY NASH CORP COM           COM              490057106     2432   125300 SH       SOLE                   115300        0    10000
KIMBERLY CLARK CORP            COM              494368103     2357    44700 SH       SOLE                    22100        0    22600
KINROSS GOLD CORP COM NO PAR   COM              496902404      519    28167 SH       SOLE                    28167        0        0
KRAFT FOODS INC CL A COM       COM              50075N104     1201    44733 SH       SOLE                    44733        0        0
K-TRON INTL INC                COM              482730108      439     5500 SH       SOLE                     5500        0        0
LAKES ENTERTAINMENT INC COM    COM              51206P109      430   107000 SH       SOLE                    95000        0    12000
LANDAUER INC                   COM              51476K103     5257    71720 SH       SOLE                    71720        0        0
LAS VEGAS SANDS CORP           COM              517834107     9715  1638200 SH       SOLE                  1608200        0    30000
LAYNE CHRISTENSEN CO COM       COM              521050104     1904    79300 SH       SOLE                    79300        0        0
LEAR CORP COM                  COM              521865105      245   174000 SH       SOLE                   159000        0    15000
LEE ENTERPRISES INC            COM              523768109      384   935500 SH       SOLE                   849500        0    86000
LEGG MASON INC COM             COM              524901105    19454   887900 SH       SOLE                   884900        0     3000
LGL GROUP INC                  COM              50186A108       61    31292 SH       SOLE                    31292        0        0
LIBERTY ENTERTAINMENT-A        COM              53071M500    82050  4693940 SH       SOLE                  4529596     3448   160896
LIBERTY GLOBAL INC COM SER A   COM              530555101    21680  1361814 SH       SOLE                  1324867      900    36047
LIBERTY GLOBAL INC COM SER C   COM              530555309    13941   918411 SH       SOLE                   894492      900    23019
LIBERTY MEDIA HLDG CORP INT CO COM              53071M104     6681  2141466 SH       SOLE                  2017859     2812   120795
LIBERTY MEDIA-CAP SER A        COM              53071M302     4996  1060787 SH       SOLE                  1023701      862    36224
LIFE TECHNOLOGIES CORP COM     COM              53217V109     2124    91125 SH       SOLE                    88125        0     3000
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 10
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
LIFEWAY FOODS INC COM          COM              531914109     1580   176000 SH       SOLE                   176000        0        0
LILLY, ELI AND COMPANY         COM              532457108     9053   224798 SH       SOLE                   206598        0    18200
LIN TV CORP CL A               COM              532774106     6627  6080014 SH       SOLE                  5759914     8000   312100
LITTELFUSE INC                 COM              537008104     1826   110000 SH       SOLE                   110000        0        0
LOCKHEED MARTIN CORP COM       COM              539830109     2418    28759 SH       SOLE                    28759        0        0
LOEWS CORP                     COM              540424108      246     8700 SH       SOLE                     8700        0        0
LSI LOGIC CORP COM             COM              502161102      859   261233 SH       SOLE                   261233        0        0
LUFKIN INDS INC COM            COM              549764108     5503   159500 SH       SOLE                   154500        0     5000
M G M MIRAGE INC COM           COM              552953101    26826  1949582 SH       SOLE                  1896224      509    52849
M & T BK CORP COM              COM              55261F104     8899   155000 SH       SOLE                   143700        0    11300
MACROVISION SOLUTIONS CORP     COM              55611C108     5280   417357 SH       SOLE                   417357        0        0
MACY'S INC                     COM              55616P104     3199   309100 SH       SOLE                   309100        0        0
MAGNETEK INC COM               COM              559424106     3337  1390373 SH       SOLE                  1321373     1000    68000
MAINE & MARITIMES CORP         COM              560377103     1913    49700 SH       SOLE                    48500      200     1000
MARCUS CORP COM                COM              566330106     1006    62000 SH       SOLE                    62000        0        0
MARINE PRODS CORP COM          COM              568427108     3647   648937 SH       SOLE                   624637        0    24300
MARSH & MCLENNAN COS INC COM   COM              571748102     7082   291800 SH       SOLE                   291800        0        0
MARTHA STEWART LIVING OMNI     COM              573083102     1009   388000 SH       SOLE                   388000        0        0
MASTERCARD INC COM             COM              57636Q104     1627    11380 SH       SOLE                    11380        0        0
MATERIAL SCIENCES CORP COM     COM              576674105      145    95600 SH       SOLE                    95600        0        0
MATRIXX INITIATIVES INC COM    COM              57685L105     5442   330000 SH       SOLE                   330000        0        0
MATTHEWS INTL CORP CL A        COM              577128101      807    22000 SH       SOLE                    22000        0        0
MCDERMOTT INTERNATIONAL INC.   COM              580037109      332    33600 SH       SOLE                    33600        0        0
MCGRAW HILL COMPANIES, INC.    COM              580645109     7048   303945 SH       SOLE                   287445        0    16500
MEDIA GENERAL CL A             COM              584404107     6863  3921713 SH       SOLE                  3720313        0   201400
MEDTRONIC INC COM              COM              585055106      845    26900 SH       SOLE                    26900        0        0
MENTOR CORP MINN COM           COM              587188103    37008  1196500 SH       SOLE                  1171500        0    25000
MENTOR GRAPHICS CORP COM       COM              587200106     2332   451000 SH       SOLE                   451000        0        0
MERCK & CO INC                 COM              589331107     1464    48160 SH       SOLE                    47660        0      500
MEREDITH CORP                  COM              589433101     6008   350931 SH       SOLE                   326431        0    24500
MERRILL LYNCH & CO INC COM     COM              590188108     3321   285325 SH       SOLE                   285325        0        0
MET PRO CORP COM               COM              590876306      666    50000 SH       SOLE                    50000        0        0
METAVANTE HLDG CO COM          COM              591407101      483    30000 SH       SOLE                    30000        0        0
METHODE ELECTRS INC CL A       COM              591520200     1119   166000 SH       SOLE                   166000        0        0
MGE ENERGY INC                 COM              55277P104      274     8300 SH       SOLE                     7300     1000        0
MICROSOFT CORP                 COM              594918104     3916   201433 SH       SOLE                   194433     7000        0
MICRUS ENDOVASCULAR CORP COM   COM              59518V102     2833   244000 SH       SOLE                   244000        0        0
MIDAS GROUP INC COM            COM              595626102    19261  1836110 SH       SOLE                  1784610     1000    50500
MIDDLESEX WTR CO COM           COM              596680108     2316   134442 SH       SOLE                   118143      666    15633
MILLICOM INTL CELLULAR S A SHS COM              L6388F110      853    19000 SH       SOLE                    19000        0        0
MIRANT CORP NEW COM            COM              60467R100      256    13585 SH       SOLE                     9126     4459        0
MIRANT CORP NEW WT A EX 010311 WARRANT AND RIGH 60467R118       44    12486 SH       SOLE                    12486        0        0
MIRANT CORP NEW WT B EX 010311 WARRANT AND RIGH 60467R126       41    10230 SH       SOLE                     2558     7672        0
MOBILE TELESYSTEMS OJSC ADR SP COM              607409109      267    10000 SH       SOLE                    10000        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 11
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
MODINE MFG CO                  COM              607828100    16179  3322251 SH       SOLE                  3156351     2500   163400
MONACO COACH CORP COM          COM              60886R103       51   100020 SH       SOLE                   100020        0        0
MONSANTO CO NEW COM            COM              61166W101     6036    85800 SH       SOLE                    85800        0        0
MOOG INC CL A                  COM              615394202     5223   142818 SH       SOLE                   140318        0     2500
MORGAN STANLEY                 COM              617446448      967    60275 SH       SOLE                    53275        0     7000
MOSAIC CO/THE                  COM              61945A107      962    27800 SH       SOLE                    27800        0        0
MOSY INC                       COM              619718109       67    32000 SH       SOLE                    32000        0        0
MOTOROLA INC                   COM              620076109      297    67050 SH       SOLE                    67050        0        0
MOVADO GROUP INC COM           COM              624580106      557    59300 SH       SOLE                    52800        0     6500
MUELLER WATER PRODUCTS INC     COM              624758108      685    81550 SH       SOLE                    78550        0     3000
MURPHY OIL CORP COM            COM              626717102      879    19830 SH       SOLE                    19830        0        0
MVC CAP COM                    COM              553829102      897    81750 SH       SOLE                    81750        0        0
MWI VETERINARY SUPPLY INC      COM              55402X105     1526    56600 SH       SOLE                    50600        0     6000
MYERS INDS INC                 COM              628464109    13957  1744575 SH       SOLE                  1681575        0    63000
NABORS INDUSTRIES LTD SHS      COM              G6359F103      257    21500 SH       SOLE                    21500        0        0
NARA BANCORP INC COM           COM              63080P105     5780   588000 SH       SOLE                   588000        0        0
NASHUA CORP                    COM              631226107     4880   914677 SH       SOLE                   880677        0    34000
NATHANS FAMOUS INC NEW COM     COM              632347100     1558   122500 SH       SOLE                   110500        0    12000
NATIONAL CITY CORP COM         COM              635405103      217   120000 SH       SOLE                   120000        0        0
NATIONAL DENTEX CORP COM       COM              63563H109      209    46000 SH       SOLE                    46000        0        0
NATIONAL FUEL GAS CO N J COM   COM              636180101    23037   735300 SH       SOLE                   730200     3100     2000
NATIONAL PRESTO INDS INC       COM              637215104      816    10600 SH       SOLE                    10100        0      500
NATIONAL-OILWELL INC COM       COM              637071101     2421    99076 SH       SOLE                    99076        0        0
NATIONWIDE FINANCIAL SERVICE C COM              638612101    16107   308500 SH       SOLE                   304500        0     4000
NAVISTAR INTL CORP COM         COM              63934E108    42234  1975398 SH       SOLE                  1889298        0    86100
NCR CORP NEW COM               COM              62886E108    10914   771870 SH       SOLE                   731070        0    40800
NDS GROUP PLC ADR SPONSORED    COM              628891103      585    10200 SH       SOLE                    10200        0        0
NEW ALLIANCE BANCSHARES INC CO COM              650203102     8616   654250 SH       SOLE                   654250        0        0
NEW GERMANY FD COM (B:GF US)   MUTUAL FUNDS     644465106      104    13000 SH       SOLE                    13000        0        0
NEW YORK CMNTY BANCORP INC COM COM              649445103      501    41886 SH       SOLE                    41886        0        0
NEWMARKET CORP COM             COM              651587107     1584    45375 SH       SOLE                    45375        0        0
NEWMONT MINING CORP HOLDING CO COM              651639106     9133   224410 SH       SOLE                   216710        0     7700
NEWS CORP CL A                 COM              65248E104    56986  6269130 SH       SOLE                  6091670     8160   169300
NEWS CORP CL B                 COM              65248E203      322    33610 SH       SOLE                    33610        0        0
NEXTWAVE WIRELESS INC COM      COM              65337Y102        1    10000 SH       SOLE                    10000        0        0
NICOR INC COM                  COM              654086107     2692    77500 SH       SOLE                    74600     1100     1800
NIKE INC CL B                  COM              654106103      760    14900 SH       SOLE                    14900        0        0
NISOURCE INC                   COM              65473P105      305    27800 SH       SOLE                    12800     1000    14000
NOBILITY HOMES INC COM         COM              654892108     1722   217648 SH       SOLE                   215743        0     1905
NOBLE CORPORATION COM          COM              G65422100      752    34020 SH       SOLE                    31820     2200        0
NORTEL NETWORKS INC            COM              656568508       55   211100 SH       SOLE                   211100        0        0
NORTHEAST UTILS COM            COM              664397106    28505  1184737 SH       SOLE                  1054337    12000   118400
NORTHERN TRUST CORP            COM              665859104     1492    28620 SH       SOLE                    28620        0        0
NORTHROP GRUMMAN CORP (B:NOC)  COM              666807102     1349    29943 SH       SOLE                    27943        0     2000
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 12
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
NORTHWESTERN CORP COM NEW      COM              668074305     9066   386300 SH       SOLE                   386300        0        0
NRG ENERGY INC COM NEW         COM              629377508     1050    45000 SH       SOLE                    44300      700        0
NSTAR COM                      COM              67019E107    40495  1109758 SH       SOLE                  1080458     1600    27700
NUTRI SYS INC NEW COM          COM              67069D108      365    25000 SH       SOLE                    25000        0        0
NYSE EURONEXT COM              COM              629491101      727    26552 SH       SOLE                     3000    23552        0
O REILLY AUTOMOTIVE INC COM    COM              686091109    68481  2227754 SH       SOLE                  2145689        0    82065
OCCIDENTAL PETE CORP           COM              674599105     2696    44940 SH       SOLE                    44940        0        0
OCEANEERING INTL INC COM       COM              675232102    10748   368850 SH       SOLE                   334850      400    33600
ODYSSEY HEALTHCARE INC COM     COM              67611V101     4764   515000 SH       SOLE                   515000        0        0
OIL DRI CORP AMER COM          COM              677864100    10240   546125 SH       SOLE                   504125        0    42000
OMNOVA SOLUTIONS INC COM       COM              682129101     2510  3691383 SH       SOLE                  3646383        0    45000
ONEOK INC NEW COM              COM              682680103     7182   246618 SH       SOLE                   238618        0     8000
OPKO HEALTH INC COM            COM              68375N103       24    15000 SH       SOLE                    15000        0        0
ORIENT-EXPRESS HOTELS LTD COM  COM              G67743107     3367   439600 SH       SOLE                   439600        0        0
ORMAT TECHNOLOGIES INC         COM              686688102     1842    57800 SH       SOLE                    57800        0        0
ORTHOFIX INTL N V ORD          COM              N6748L102     4134   269650 SH       SOLE                   262050        0     7600
OSHKOSH CORP                   COM              688239201      317    35700 SH       SOLE                    35700        0        0
OSTEOTECH INC COM              COM              688582105       29    17200 SH       SOLE                    17200        0        0
OTTER TAIL CORPORATION COM     COM              689648103      210     9000 SH       SOLE                        0        0     9000
OWENS & MINOR INC NEW COM      COM              690732102     4228   112300 SH       SOLE                   112300        0        0
PACTIV CORP COM                COM              695257105     3777   151800 SH       SOLE                   151800        0        0
PAIN THERAPEUTICS INC COM      COM              69562K100     2842   480000 SH       SOLE                   480000        0        0
PALM HBR HOMES INC COM         COM              696639103     1563   313840 SH       SOLE                   313840        0        0
PALOMAR MED TECHNOLOGIES INCCO COM              697529303      732    63500 SH       SOLE                    63500        0        0
PARK ELECTROCHEMICAL CORP COM  COM              700416209    11605   612100 SH       SOLE                   600100        0    12000
PARK OHIO HLDGS CORP COM       COM              700666100     5958   965617 SH       SOLE                   955617        0    10000
PATTERSON COMPANIES INC        COM              703395103     8702   464127 SH       SOLE                   452327     2000     9800
PEABODY ENERGY CORP COM        COM              704549104      526    23100 SH       SOLE                    23100        0        0
PENN NATIONAL GAMING INC COM   COM              707569109     1924    90000 SH       SOLE                    90000        0        0
PENNICHUCK CORP COM NEW        COM              708254206     6099   297082 SH       SOLE                   285000        0    12082
PENSKE AUTOMOTIVE GRP INC COM  COM              70959W103     4673   608400 SH       SOLE                   560200        0    48200
PEP BOYS MANNY MOE & JACK      COM              713278109     3614   875000 SH       SOLE                   875000        0        0
PEPSIAMERICAS                  COM              71343P200   108689  5338363 SH       SOLE                  5153163     3300   181900
PEPSICO INC                    COM              713448108    10972   200336 SH       SOLE                   193336        0     7000
PETROBRAS BRASILEIRO ADR SPONS COM              71654V408     1979    80800 SH       SOLE                    77800     3000        0
PETROQUEST ENERGY INC COM      COM              716748108      149    22000 SH       SOLE                    22000        0        0
PFIZER INC                     COM              717081103    20740  1171089 SH       SOLE                  1107089        0    64000
PG&E CORP COM                  COM              69331C108      314     8100 SH       SOLE                     7100     1000        0
PHH CORP COM NEW               COM              693320202      200    15750 SH       SOLE                    14750        0     1000
PHHM 3.25% 5/15/2024           CONVERTIBLE BOND 696639AB9      705  2013100 PRN      SOLE                  1973100        0    40000
PIEDMONT NAT GAS INC COM       COM              720186105      513    16200 SH       SOLE                    15200        0     1000
PIER 1 IMPORTS INC SHS BEN INT COM              720279108       17    47000 SH       SOLE                    37000        0    10000
PINNACLE ENTMT INC COM         COM              723456109    15797  2056900 SH       SOLE                  1932600        0   124300
PLANTRONICS                    COM              727493108      594    45000 SH       SOLE                    45000        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 13
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
PNC FINANCIAL CORP             COM              693475105      848    17300 SH       SOLE                    17300        0        0
PNM RES INC                    COM              69349H107    28365  2814000 SH       SOLE                  2700500     2000   111500
POLO RALPH LAUREN CORP         COM              731572103      574    12640 SH       SOLE                    12640        0        0
PORTUGAL TELECOM ADR (B:PT US) COM              737273102     1373   160000 SH       SOLE                   160000        0        0
POTASH CORP SASK INC           COM              73755L107     1092    14920 SH       SOLE                    14920        0        0
PPL CORP COM                   COM              69351T106      242     7900 SH       SOLE                     7200      700        0
PRECISION CASTPARTS CORP       COM              740189105    78612  1321649 SH       SOLE                  1293649        0    28000
PRICELINE.COM NEW              COM              741503403      221     3000 SH       SOLE                     3000        0        0
PRIMEDIA INC COM NEW           COM              74157K846      507   233719 SH       SOLE                   233719        0        0
PRIVATEBANCORP INC COM         COM              742962103      308     9500 SH       SOLE                     9500        0        0
PROCTER & GAMBLE COMPANY       COM              742718109    23704   383439 SH       SOLE                   341827        0    41612
PROLIANCE INTERNATIONAL INC    COM              74340R104      217   601666 SH       SOLE                   599666        0     2000
PROSHARES TR PSHS ULTRA FINL   ETF/ISHARE - EQU 74347R743     1079   179000 SH       SOLE                   179000        0        0
PROSHARES TR ULTRASHT SP500    COM              74347R883     7257   102300 SH       SOLE                   102300        0        0
PROVIDENCE & WORCESTER RR COCO COM              743737108      963    80307 SH       SOLE                    80307        0        0
PSS WORLD MED INC COM          COM              69366A100     1317    70000 SH       SOLE                    70000        0        0
PUGET ENERGY INC NEW COM       COM              745310102    34371  1260400 SH       SOLE                  1161400     4000    95000
PZENA INVESTMENT MGMT INC CLAS COM              74731Q103       93    22000 SH       SOLE                    22000        0        0
QUALCOMM INC COM               COM              747525103     1621    45250 SH       SOLE                    45250        0        0
QUESTAR CORP COM               COM              748356102     2681    82000 SH       SOLE                    82000        0        0
QUIDEL CORP COM                COM              74838J101     1072    82000 SH       SOLE                    82000        0        0
QWEST COMMUNICATIONS INTL.     COM              749121109      928   254833 SH       SOLE                   254833        0        0
RALCORP HOLDINGS INC           COM              751028101     5238    89700 SH       SOLE                    81700        0     8000
READING INTL INC CL A          COM              755408101       89    22500 SH       SOLE                    22500        0        0
REPUBLIC SVCS INC CL A         COM              760759100    35427  1429074 SH       SOLE                  1422324        0     6750
RESEARCH IN MOTION LTD COM     COM              760975102     1049    25850 SH       SOLE                    25850        0        0
REVLON INC CL A                COM              761525609      133    20000 SH       SOLE                    15000        0     5000
RIO TINTO LTD ADR SPONSORED (B COM              767204100     1634    18380 SH       SOLE                    18380        0        0
ROBBINS & MYERS INC            COM              770196103     3541   219000 SH       SOLE                   219000        0        0
ROCKWELL AUTOMATION INC (B:ROK COM              773903109     5984   185600 SH       SOLE                   182100        0     3500
ROCKWELL COLLINS INC COM       COM              774341101     1564    40000 SH       SOLE                    40000        0        0
ROCKWOOD HLDGS INC COM         COM              774415103      901    83400 SH       SOLE                    70000        0    13400
ROGERS COMMUNICATIONS CL B     COM              775109200    26158   869607 SH       SOLE                   857007        0    12600
ROHM & HAAS CO COM             COM              775371107    66665  1078900 SH       SOLE                  1035900     4500    38500
ROLLINS INC                    COM              775711104    60454  3343695 SH       SOLE                  3179370        0   164325
ROPER 1.481% 01/15/34          CONVERTIBLE BOND 776696AA4      148   295000 PRN      SOLE                   295000        0        0
ROPER INDS INC NEW             COM              776696106     2915    67150 SH       SOLE                    57950        0     9200
ROWAN COS INC                  COM              779382100    13140   826400 SH       SOLE                   813300     1800    11300
ROYAL DUTCH SHELL PLC ADR-A(RD COM              780259206     2130    40226 SH       SOLE                    38426        0     1800
RPC INC. COMMON                COM              749660106    52068  5334797 SH       SOLE                  5098647      450   235700
RTI BIOLOGICS INC COM          COM              74975N105      706   255940 SH       SOLE                   255940        0        0
RUSH ENTERPRISES INC CL B      COM              781846308     3523   430121 SH       SOLE                   430121        0        0
RYLAND GROUP INC COM           COM              783764103      187    10600 SH       SOLE                    10600        0        0
SAFEWAY INC COM NEW            COM              786514208     6019   253200 SH       SOLE                   253200        0        0
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 14
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
SALEM COMMUNICATIONS CORP DECL COM              794093104     1025  1366713 SH       SOLE                  1266713        0   100000
SALLY BEAUTY HLDGS INC COM     COM              79546E104     8215  1443720 SH       SOLE                  1428720        0    15000
SANDISK CORP COM               COM              80004C101      591    61557 SH       SOLE                    61557        0        0
SANOFI-SYNTHELABO SPONSORED AD COM              80105N105      271     8430 SH       SOLE                     8430        0        0
SAPPHIRE INDUSTRIALS CO-CW12 W WARRANT AND RIGH 80306T117        2    10000 SH       SOLE                    10000        0        0
SARA LEE CORP COM              COM              803111103     1601   163500 SH       SOLE                   163500        0        0
SCHEIN HENRY INC COM           COM              806407102    15472   421708 SH       SOLE                   391308     1800    28600
SCHERING PLOUGH CORP           COM              806605101     1342    78800 SH       SOLE                    78800        0        0
SCHIFF NUTRITION INTL INC COM  COM              806693107    13182  2208115 SH       SOLE                  2181215     1000    25900
SCHLUMBERGER                   COM              806857108     1330    31429 SH       SOLE                    31429        0        0
SCHWAB CHARLES CORP NEW        COM              808513105     1355    83800 SH       SOLE                    83800        0        0
SCHWEITZER-MAUDUIT INTL INC CO COM              808541106      661    33000 SH       SOLE                    33000        0        0
SCRIPPS E W CO OHIO CL A       COM              811054402     3079  1393238 SH       SOLE                  1326144     1466    65628
SCRIPPS NETWORKS INTERAC       COM              811065101    40165  1825693 SH       SOLE                  1737393     4400    83900
SEACOAST BKG CORP FLA COM      COM              811707306      471    71300 SH       SOLE                    71300        0        0
SECTOR SPDR TR SHS BEN INT-FIN MUTUAL FUNDS     81369Y605     1628   130000 SH       SOLE                   130000        0        0
SENSIENT TECHNOLOGIES CORP     COM              81725T100    53421  2237079 SH       SOLE                  2141279      800    95000
SINCLAIR BROADCAST GROUP INCCL COM              829226109     5379  1735092 SH       SOLE                  1715092        0    20000
SIRIUS XM RADIO INC COM        COM              82967N108       41   340400 SH       SOLE                   340400        0        0
SJW CORP COM                   COM              784305104     9198   307215 SH       SOLE                   254115     3000    50100
SKYLINE CORP                   COM              830830105    12048   602700 SH       SOLE                   551700        0    51000
SL INDS INC COM                COM              784413106    11304  1284533 SH       SOLE                  1234633        0    49900
SLM CORP COM                   COM              78442P106     7475   839900 SH       SOLE                   825900        0    14000
SMART BALANCE INC COM          COM              83169Y108     1020   150000 SH       SOLE                   150000        0        0
SMITH A O CORP COM             COM              831865209      207     7000 SH       SOLE                     7000        0        0
SMUCKER J M CO COM NEW         COM              832696405      883    20357 SH       SOLE                    20357        0        0
SONESTA INTL HOTELS CORP CL A  COM              835438409     5739   419800 SH       SOLE                   419800        0        0
SONIC INNOVATIONS INC COM      COM              83545M109       34    34000 SH       SOLE                    34000        0        0
SOUTH JERSEY INDS INC COM      COM              838518108      331     8300 SH       SOLE                     8300        0        0
SOUTHERN UN CO NEW COM         COM              844030106      357    27410 SH       SOLE                    27410        0        0
SOUTHWEST GAS CORP             COM              844895102    38467  1525245 SH       SOLE                  1412245     1200   111800
SOVEREIGN BANCORP INC COM      COM              845905108     1773   595000 SH       SOLE                   595000        0        0
SP AQUISITION HOLDING-UNITS    COM              78470A203      137    15000 SH       SOLE                    15000        0        0
SPARTAN MTRS INC COM           COM              846819100     1372   290000 SH       SOLE                   290000        0        0
SPECTRA ENERGY CORP COM        COM              847560109     5658   359496 SH       SOLE                   354282     3480     1734
SPRINT NEXTEL CORP             COM              852061100    19642 10733168 SH       SOLE                 10312434     3785   416949
ST JUDE MEDICAL CENTER INC     COM              790849103     1595    48400 SH       SOLE                    48400        0        0
STANDARD MTR PRODS INC CLASS A COM              853666105     6260  1809375 SH       SOLE                  1786375        0    23000
STANDEX INTL CORP              COM              854231107     2123   107000 SH       SOLE                   107000        0        0
STARRETT L S CO CL A           COM              855668109     1208    75000 SH       SOLE                    75000        0        0
STARWOOD HOTELS & RESORTS WRLD COM              85590A401      322    18000 SH       SOLE                    18000        0        0
STATE STREET CORP              COM              857477103     3094    78670 SH       SOLE                    78670        0        0
STEAK N SHAKE CO COM           COM              857873103     5507   925500 SH       SOLE                   890500        0    35000
STERLING BANCORP COM           COM              859158107    15067  1073885 SH       SOLE                  1034570        0    39315
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 15
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
STEWART ENTERPRISES INC CL A   COM              860370105       60    20000 SH       SOLE                    20000        0        0
STONERIDGE INC                 COM              86183P102     1605   352000 SH       SOLE                   325000        0    27000
STRATTEC SECURITY CORP.        COM              863111100     1474    89600 SH       SOLE                    88600        0     1000
STRYKER CORP                   COM              863667101     1450    36300 SH       SOLE                    36300        0        0
SUMTOTAL SYS INC COM           COM              866615107       57    20000 SH       SOLE                    20000        0        0
SUNPOWER CORP COM CL A         COM              867652109     1274    34433 SH       SOLE                    34433        0        0
SUNPOWER CORP COM CL B         COM              867652307      686    22548 SH       SOLE                    22548        0        0
SUPERIOR INDS INTL INC         COM              868168105     3361   319500 SH       SOLE                   279500        0    40000
SUPERVALU INC COMMON           COM              868536103     1635   112012 SH       SOLE                   101958       54    10000
SWS GROUP INC                  COM              78503N107    17800   939300 SH       SOLE                   936300        0     3000
SYCAMORE NETWORKS              COM              871206108     2191   814600 SH       SOLE                   482000        0   332600
SYNERON MEDICAL LTD ORD SHS    COM              M87245102      125    15000 SH       SOLE                    15000        0        0
SYNGENTA AG ADR SPONSORED      COM              87160A100     2117    54085 SH       SOLE                    54085        0        0
T ROWE PRICE GROUP INC         COM              74144T108     3111    87780 SH       SOLE                    87780        0        0
TAKE-TWO INTERACTIVE SOFTWARCO COM              874054109     9764  1291500 SH       SOLE                  1256500        0    35000
TECH OPS SEVCON INC            COM              878293109     1114   418655 SH       SOLE                   418655        0        0
TECO ENERGY INC COM            COM              872375100     2232   180722 SH       SOLE                   165222      500    15000
TELECOM ARGENTINA SA ADR       COM              879273209      304    40000 SH       SOLE                    40000        0        0
TELEFONICA DE ESPANA SA ADR (B COM              879382208     1078    16000 SH       SOLE                    16000        0        0
TELEPHONE & DATA SYS INC SPL C COM              879433860    55019  1957981 SH       SOLE                  1866381     5300    86300
TELEPHONE & DATA SYSTEM INC.   COM              879433100    98563  3104339 SH       SOLE                  3003239     3700    97400
TENARIS S A SPONSORED ADR      COM              88031M109     1259    60000 SH       SOLE                    60000        0        0
TENNANT CO                     COM              880345103     6345   411990 SH       SOLE                   386990        0    25000
TENNECO AUTOMOTIVE INC COM     COM              880349105     2352   797400 SH       SOLE                   782400        0    15000
TEXAS INSTRUMENTS INC          COM              882508104     6699   431648 SH       SOLE                   431648        0        0
TEXTRON INC                    COM              883203101      305    22000 SH       SOLE                    22000        0        0
THE SCOTTS MIRACLE GRO CO      COM              810186106     2229    75000 SH       SOLE                    75000        0        0
THERMO FISHER SCIENTIFIC INC   COM              883556102      204     6000 SH       SOLE                     6000        0        0
THOMAS & BETTS CORP            COM              884315102    65369  2721423 SH       SOLE                  2609723     2200   109500
TICKETMASTER COM               COM              88633P302      239    37228 SH       SOLE                    36029        0     1199
TIFFANY & CO NEW COM           COM              886547108     1728    73120 SH       SOLE                    73120        0        0
TIME WARNER INC                COM              887317105    67855  6744991 SH       SOLE                  6448491    51500   245000
TOLL BROS INC COM              COM              889478103      377    17600 SH       SOLE                    17600        0        0
TOOTSIE ROLL INDS INC          COM              890516107    31523  1230900 SH       SOLE                  1148106        0    82794
TRACTOR SUPPLY CO COM          COM              892356106     6523   180500 SH       SOLE                   180500        0        0
TRANS LUX CORP                 COM              893247106       98   127000 SH       SOLE                   127000        0        0
TRANSACT TECHNOLOGIES INC COM  COM              892918103      560   122000 SH       SOLE                   122000        0        0
TRAVELERS COMPANIES INC        COM              89417E109      762    16867 SH       SOLE                    16867        0        0
TREDEGAR INDS INC              COM              894650100    49198  2706183 SH       SOLE                  2553783     3000   149400
TREE COM INC COM               COM              894675107       82    31563 SH       SOLE                    28615        0     2948
TRIDENT MICROSYSTEMS INC COM   COM              895919108     1058   560000 SH       SOLE                   560000        0        0
TRIMBLE NAV LTD COM            COM              896239100      709    32800 SH       SOLE                    32800        0        0
TW TELECOM INC                 COM              87311L104      212    25000 SH       SOLE                    25000        0        0
TYCO ELECTRONICS LTD           COM              G9144P105     3375   208210 SH       SOLE                   205210        0     3000
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 16
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
TYCO INTERNATIONAL LTD         COM              G9143X208    11173   517261 SH       SOLE                   501261        0    16000
TYLER TECHNOLOGIES INC COM     COM              902252105     3220   268770 SH       SOLE                   231770        0    37000
UNDER ARMOUR INC CL A          COM              904311107      710    29800 SH       SOLE                    29800        0        0
UNION DRILLING INC COM         COM              90653P105      644   124000 SH       SOLE                   124000        0        0
UNISOURCE ENERGY CORP COM      COM              909205106     6676   227400 SH       SOLE                   214400        0    13000
UNITED GUARDIAN INC COM        COM              910571108     1538   167200 SH       SOLE                   167200        0        0
UNITED REFINING ENERGY-CW11 WA WARRANT AND RIGH 911360113        1    10000 SH       SOLE                    10000        0        0
UNITED RENTALS INC COM         COM              911363109      638    70000 SH       SOLE                    70000        0        0
UNITED STATES CELLULAR CORP    COM              911684108   120913  2796319 SH       SOLE                  2670019     2600   123700
UNITED TECHNOLOGIES CORP       COM              913017109     1813    33816 SH       SOLE                    33816        0        0
UNITEDHEALTH GROUP INC COM     COM              91324P102    26689  1003363 SH       SOLE                   965363        0    38000
UNIVERSAL TECHNICAL INST INCCO COM              913915104     4100   238800 SH       SOLE                   238800        0        0
UST INC                        COM              902911106   216462  3119950 SH       SOLE                  3050750    20600    48600
VALLEY NATL BANCORP COM        COM              919794107     1217    60079 SH       SOLE                    60079        0        0
VALUECLICK INC COM             COM              92046N102     2850   416600 SH       SOLE                   416600        0        0
VANDA PHARMACEUTICALS INC COM  COM              921659108        8    15000 SH       SOLE                    15000        0        0
VARIAN MED SYS INC COM         COM              92220P105      552    15740 SH       SOLE                    15740        0        0
VASCULAR SOLUTIONS INC COM     COM              92231M109     4190   464471 SH       SOLE                   444471        0    20000
VERIZON COMMUNICATIONS         COM              92343V104    13371   394436 SH       SOLE                   363670      719    30047
VIACOM INC NEW CL A            COM              92553P102    51828  2575939 SH       SOLE                  2476285      500    99154
VIACOM INC NEW CL B            COM              92553P201      817    42857 SH       SOLE                    37257      500     5100
VILLAGE SUPER MKT INC CL A NEW COM              927107409     3386   118000 SH       SOLE                    95000        0    23000
VIMPEL COMMUNICATIONS ADR (B:V COM              68370R109     2444   341400 SH       SOLE                   341400        0        0
VIRGIN MEDIA INC               COM              92769L101      395    79255 SH       SOLE                    79255        0        0
VISA INC-CLASS A SHRS          COM              92826C839      923    17600 SH       SOLE                    17600        0        0
VIVO PARTICIPACOES S A SPON AD COM              92855S200      125    10000 SH       SOLE                    10000        0        0
VOLTERRA SEMICONDUCTOR CORP CO COM              928708106       72    10000 SH       SOLE                    10000        0        0
W D 40 COMPANY                 COM              929236107     1160    41000 SH       SOLE                    41000        0        0
WACHOVIA GROUP COM             COM              929903102      708   127708 SH       SOLE                   127708        0        0
WADDELL & REED FINL INC CL A   COM              930059100    17343  1121800 SH       SOLE                  1121800        0        0
WAL MART STORES INC            COM              931142103     1884    33600 SH       SOLE                    33600        0        0
WALGREEN COMPANY               COM              931422109    11519   466927 SH       SOLE                   466927        0        0
WARNER MUSIC GROUP CORP COM    COM              934550104      649   215000 SH       SOLE                   215000        0        0
WASTE CONNECTIONS INC COM      COM              941053100      316    10000 SH       SOLE                    10000        0        0
WASTE MGMT INC DEL COM         COM              94106L109    59136  1784429 SH       SOLE                  1690229     3500    90700
WASTE SERVICES INC DEL COM NEW COM              941075202      329    50000 SH       SOLE                    50000        0        0
WATTS WATER TECHNOLOGIES       COM              942749102    72653  2909617 SH       SOLE                  2798117      500   111000
WCA WASTE CORP COM             COM              92926K103      226    90000 SH       SOLE                    90000        0        0
WEATHERFORD INTL LTD NEW COM   COM              G95089101     7526   695580 SH       SOLE                   695580        0        0
WEBS INDEX FD INC JAPAN WEBS S MUTUAL FUNDS     464286848      546    57000 SH       SOLE                    57000        0        0
WEIS MKTS INC                  COM              948849104     2001    59500 SH       SOLE                    52000        0     7500
WELLS FARGO & CO NEW           COM              949746101    42166  1430334 SH       SOLE                  1379934        0    50400
WENDYS/ARBYS GROUP INC         COM              950587105      868   175710 SH       SOLE                   155710        0    20000
WESTAR ENERGY INC              COM              95709T100    61328  2990143 SH       SOLE                  2906843     1500    81800
PORTVUE-SEC13F.LNP                                      GAMCO ASSET MGT. INC.                                             PAGE 17
RUN DATE: 02/12/09  4:32 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
WESTWOOD HLDGS GROUP INC COM   COM              961765104    29680  1044700 SH       SOLE                  1044700        0        0
WHX CORP                       COM              929248607     6546   818198 SH       SOLE                   818198        0        0
WILLIS GROUP HOLDINGS LTD SHS  COM              G96655108      539    21679 SH       SOLE                    21679        0        0
WILMINGTON TR CORP COM         COM              971807102     7115   319900 SH       SOLE                   294900    10000    15000
WINDSTREAM CORP COM            COM              97381W104     1213   131867 SH       SOLE                   127208        0     4659
WINN DIXIE STORES INC COM NEW  COM              974280307     8496   527700 SH       SOLE                   473700        0    54000
WOLVERINE WORLD WIDE INC COM   COM              978097103     3552   168824 SH       SOLE                   165824        0     3000
WOODWARD GOVERNOR CO COM       COM              980745103    19516   847800 SH       SOLE                   813600     3200    31000
WORLD WRESTLING ENTERTAINMENT  COM              98156Q108      630    56860 SH       SOLE                    56860        0        0
WPT ENTERPRISES INC            COM              98211W108       22    51250 SH       SOLE                    45503        0     5747
WYETH (B:WYE)                  COM              983024100     1798    47940 SH       SOLE                    47940        0        0
WYNDHAM WORLDWIDE CORP COM     COM              98310W108       99    15048 SH       SOLE                    15048        0        0
WYNN RESORTS LTD COM           COM              983134107     4120    97500 SH       SOLE                    97500        0        0
XCEL ENERGY INC COM            COM              98389B100     2539   136850 SH       SOLE                   136850        0        0
XEROX CORP                     COM              984121103     1421   178300 SH       SOLE                   145300        0    33000
XTO ENERGY INC COM             COM              98385X106     1270    36012 SH       SOLE                    36012        0        0
YAHOO INC.                     COM              984332106     4980   408215 SH       SOLE                   399715        0     8500
YOUNG BROADCASTING INC CL A    COM              987434107       18   556001 SH       SOLE                   556001        0        0
YOUNG INNOVATIONS INC COM      COM              987520103     4586   305122 SH       SOLE                   298322        0     6800
YUM BRANDS INC COM             COM              988498101      630    20000 SH       SOLE                    20000        0        0
ZEBRA TECHNOLOGIES CORP CL A   COM              989207105     5531   273000 SH       SOLE                   273000        0        0
ZEP INC                        COM              98944B108    40209  2082310 SH       SOLE                  2020310     1800    60200
ZIMMER HLDGS INC COM           COM              98956P102    14864   367734 SH       SOLE                   352384      400    14950
ZORAN CORP COM                 COM              98975F101      751   110000 SH       SOLE                   110000        0        0
ZYGO CORP COM                  COM              989855101     1555   225000 SH       SOLE                   225000        0        0



















PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 18
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

1 800 FLOWERS COM INC CL A     COM              68243Q106      607   158900 SH       SOLE                   158900        0        0
3M CO.                         COM              88579Y101      288     5000 SH       SOLE                     5000        0        0
3SBIO INC SPONSORED ADR        COM              88575Y105      195    25000 SH       SOLE                    25000        0        0
A H BELO CORP COM CL A         COM              001282102      120    55000 SH       SOLE                    55000        0        0
A T & T INC (NEW)              COM              00206R102    45458  1595000 SH       SOLE                  1595000        0        0
AAR CORP COM                   COM              000361105      504    27400 SH       SOLE                    27400        0        0
AARON RENTS INC CL A           COM              002535300     5197   236750 SH       SOLE                   236750        0        0
AARON RENTS INC COM            COM              002535201      266    10000 SH       SOLE                    10000        0        0
ABB LTD SPONSORED ADR          COM              000375204    11318   754000 SH       SOLE                   754000        0        0
ABBOTT LABS                    COM              002824100     6618   124000 SH       SOLE                   124000        0        0
ABERCROMBIE & FITCH CO-CL A    COM              002896207     1500    65000 SH       SOLE                    65000        0        0
ACCO BRANDS CORP COM           COM              00081T108      231    66851 SH       SOLE                    66851        0        0
ACME COMMUNICATIONS INC COM    COM              004631107      154   383800 SH       SOLE                        0        0   383800
ACTIVISION BLIZZARD,INC        COM              00507V109      570    66000 SH       SOLE                    66000        0        0
ACTUATE CORP COM               COM              00508B102      211    71136 SH       SOLE                    71136        0        0
ACUITY BRANDS INC (B:AYI) COM  COM              00508Y102     2409    69000 SH       SOLE                    69000        0        0
ADAMS GOLF INC COM NEW         COM              006228209       86    28750 SH       SOLE                    28750        0        0
ADOBE SYSTEMS INC COM          COM              00724F101     5621   264000 SH       SOLE                   264000        0        0
ADVANCED ANALOGIC TECHNOLOGICO COM              00752J108       43    14200 SH       SOLE                    14200        0        0
ADVANCED BATTERY TECHNOLOG ICO COM              00752H102      468   175985 SH       SOLE                   175985        0        0
ADVANCED MED CV 3.250% 08/01/2 CONVERTIBLE BOND 00763MAK4      532  1400000 PRN      SOLE                  1400000        0        0
ADVANCED MED OPT 2.50% 07/15/2 CONVERTIBLE BOND 00763MAG3      830  1000000 PRN      SOLE                  1000000        0        0
ADVANCED MED OPTICS INC COM    COM              00763M108     8811  1332972 SH       SOLE                  1332972        0        0
AES CORP COM                   COM              00130H105     9929  1205000 SH       SOLE                  1205000        0        0
AES TR III TR P CV SC 6.75     CONVERTIBLE PREF 00808N202      227     6000 SH       SOLE                     6000        0        0
AETNA INC (B:AET) COM          COM              00817Y108     1112    39000 SH       SOLE                    39000        0        0
AFLAC INC COM                  COM              001055102     7793   170000 SH       SOLE                   170000        0        0
AGERE SYS 6.5% 12/15/09        CONVERTIBLE BOND 00845VAA8    18432 19100000 PRN      SOLE                 19100000        0        0
AGL RES INC COM                COM              001204106     2696    86000 SH       SOLE                    86000        0        0
AGNICO-EAGLE MINES (USD)       COM              008474108    48893   952531 SH       SOLE                   952531        0        0
AIR METHODS CORP COM PAR $0.06 COM              009128307     1540    96300 SH       SOLE                    96300        0        0
AIRGAS INC COM                 COM              009363102      741    19000 SH       SOLE                    19000        0        0
AKAMAI TECHNOLOGIES INC COM    COM              00971T101      377    25000 SH       SOLE                    25000        0        0
ALAMO GROUP INC COM            COM              011311107      250    16743 SH       SOLE                    16743        0        0
ALBANY INTL CORP NEW CL A      COM              012348108      141    11000 SH       SOLE                    11000        0        0
ALBEMARLE CORP COM             COM              012653101     2810   126000 SH       SOLE                   126000        0        0
ALBERTO CULVER CO NEW COM      COM              013078100     8454   344920 SH       SOLE                   344920        0        0
ALCATEL LUCENT ADR SPONS 1/5SH COM              013904305      217   101000 SH       SOLE                   101000        0        0
ALCOA INC COM                  COM              013817101     9481   842000 SH       SOLE                   842000        0        0
ALCON INC COM SHS              COM              H01301102     2096    23500 SH       SOLE                    23500        0        0
ALIGN TECHNOLOGY INC COM       COM              016255101      766    87500 SH       SOLE                    87500        0        0
ALLEGHANY CORP DEL             COM              017175100     9059    32124 SH       SOLE                    32124        0        0
ALLEGHENY ENERGY INC COM       COM              017361106    27901   824000 SH       SOLE                   824000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 19
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ALLERGAN INC                   COM              018490102     8022   198958 SH       SOLE                   198958        0        0
ALLETE INC COM NEW             COM              018522300     5163   160000 SH       SOLE                   160000        0        0
ALLIANCE BERNSTEIN HLDGS LP UN COM              01881G106     6383   307000 SH       SOLE                   307000        0        0
ALLIANCE DATA SYS CORP COM     COM              018581108      437     9400 SH       SOLE                     9400        0        0
ALLIANCE HOLDINGS GP LP COM UN COM              01861G100      355    24000 SH       SOLE                    24000        0        0
ALLIANT ENERGY CORP COM        COM              018802108     4523   155000 SH       SOLE                   155000        0        0
ALLION HEALTHCARE INC COM      COM              019615103      209    50708 SH       SOLE                    50708        0        0
ALLIS CHALMERS ENERGY INC COM  COM              019645506      249    45300 SH       SOLE                    45300        0        0
ALLSTATE CORP COM              COM              020002101     3735   114000 SH       SOLE                   114000        0        0
ALPHA NATURAL RESOURCES INC CO COM              02076X102      810    50000 SH       SOLE                    50000        0        0
ALTRIA GROUP INC COM           COM              02209S103     1386    92000 SH       SOLE                    92000        0        0
AMAZON.COM INC                 COM              023135106     5436   106000 SH       SOLE                   106000        0        0
AMD 5.750% 08/15/12            CONVERTIBLE BOND 007903AN7       68   200000 PRN      SOLE                   200000        0        0
AMDL INC COM PAR 2006          COM              00167K500      131   190000 SH       SOLE                   190000        0        0
AMEDISYS INC COM               COM              023436108      496    12000 SH       SOLE                    12000        0        0
AMEREN CORP COM                COM              023608102     9645   290000 SH       SOLE                   290000        0        0
AMERICA MOVIL S A DE C V SPONS COM              02364W105    12954   418000 SH       SOLE                   418000        0        0
AMERICAN ELECTRIC POWER        COM              025537101    20467   615000 SH       SOLE                   615000        0        0
AMERICAN EXPRESS CO            COM              025816109    38552  2078300 SH       SOLE                  2078300        0        0
AMERICAN INTL GROUP INC        COM              026874107      287   182900 SH       SOLE                   182900        0        0
AMERICAN PHYSICIANS CAP INC CO COM              028884104     2068    42996 SH       SOLE                    42996        0        0
AMERICAN STS WTR CO COM        COM              029899101      923    28000 SH       SOLE                    28000        0        0
AMERICAN TOWER SYSTEMS CL A    COM              029912201      337    11500 SH       SOLE                    11500        0        0
AMERICAN WATER WORKS CO INC    COM              030420103     9605   460000 SH       SOLE                   460000        0        0
AMERICAS CAR-MART INC COM      COM              03062T105      491    35550 SH       SOLE                    35550        0        0
AMERIGON INC COM               COM              03070L300      909   278814 SH       SOLE                   278814        0        0
AMERIPRISE FINL INC COM        COM              03076C106     2278    97500 SH       SOLE                    97500        0        0
AMERISOURCEBERGEN CORP COM     COM              03073E105      250     7000 SH       SOLE                     7000        0        0
AMETEK INC NEW COM             COM              031100100    37219  1232000 SH       SOLE                  1232000        0        0
AMGEN INC                      COM              031162100     5486    95000 SH       SOLE                    95000        0        0
AMICAS INC                     COM              001712108     1894  1134300 SH       SOLE                  1134300        0        0
AMPCO PITTSBURGH CORP          COM              032037103     7660   353000 SH       SOLE                   353000        0        0
AMPHENOL CORP NEW CL A         COM              032095101      321    13400 SH       SOLE                    13400        0        0
AMR CORP                       COM              001765106     1974   185000 SH       SOLE                   185000        0        0
ANADARKO PETE CORP COM         COM              032511107     8558   222000 SH       SOLE                   222000        0        0
ANDERSONS INC COM              COM              034164103      722    43800 SH       SOLE                    43800        0        0
ANGIODYNAMICS INC COM          COM              03475V101     4542   331800 SH       SOLE                   331800        0        0
ANGLOGOLD LTD SPONSORED ADR    COM              035128206    10704   386300 SH       SOLE                   386300        0        0
ANIMAL HEALTH INTERNATIONAL    COM              03525N109      639   300000 SH       SOLE                   300000        0        0
ANIXTER INTL INC COM           COM              035290105      331    11000 SH       SOLE                    11000        0        0
APACHE CORP                    COM              037411105    15428   207000 SH       SOLE                   207000        0        0
APPLE COMPUTER INC             COM              037833100    14569   170700 SH       SOLE                   170700        0        0
APPLIED MATLS INC COM          COM              038222105      263    26000 SH       SOLE                    26000        0        0
APPLIED SIGNAL TECHNOLOGY COM  COM              038237103      357    19900 SH       SOLE                    19900        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 20
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AQUA AMERICA INC               COM              03836W103     3435   166832 SH       SOLE                   166832        0        0
ARCH CHEMICALS INC COM         COM              03937R102     1036    39750 SH       SOLE                    39750        0        0
ARCH COAL INC COM              COM              039380100      277    17000 SH       SOLE                    17000        0        0
ARCHER DANIELS MIDLAND         COM              039483102    38459  1334000 SH       SOLE                  1334000        0        0
ARCHER DANIELS MIDLAND 6.25% 6 UNITS            039483201      602    16000 SH       SOLE                    16000        0        0
ARGO GROUP INTL HLDGS LTD COM  COM              G0464B107     3993   117729 SH       SOLE                   117729        0        0
ARRAY BIOPHARMA INC COM        COM              04269X105      162    40000 SH       SOLE                    40000        0        0
ARTESIAN RES CORP COM CL A     COM              043113208      560    35250 SH       SOLE                    35250        0        0
ARTHROCARE CORP COM            COM              043136100     1011   212000 SH       SOLE                   212000        0        0
ASCENT MEDIA CORP COM SER A    COM              043632108     5407   247557 SH       SOLE                   247557        0        0
ASHLAND INC NEW COM            COM              044209104     3827   364159 SH       SOLE                   364159        0        0
ASTORIA FINL CORP COM          COM              046265104     1369    83050 SH       SOLE                    83050        0        0
ASTRONICS CORP COM             COM              046433108       89    10000 SH       SOLE                    10000        0        0
ATLANTIC TELE NETWORK INC COM  COM              049079205     1328    50000 SH       SOLE                    50000        0        0
ATMI INC COM                   COM              00207R101      166    10750 SH       SOLE                    10750        0        0
ATMOS ENERGY CORP COM          COM              049560105     6352   268000 SH       SOLE                   268000        0        0
AUTONATION INC                 COM              05329W102     4932   499200 SH       SOLE                   499200        0        0
AUTOZONE INC                   COM              053332102     2510    18000 SH       SOLE                    18000        0        0
AVISTA CORP COM                COM              05379B107     5155   266000 SH       SOLE                   266000        0        0
AVON PRODUCTS INC              COM              054303102     8074   336000 SH       SOLE                   336000        0        0
BADGER METER INC COM           COM              056525108     1509    52000 SH       SOLE                    52000        0        0
BAKER HUGHES INC               COM              057224107     2210    68900 SH       SOLE                    68900        0        0
BALDOR ELEC CO COM             COM              057741100    13566   760000 SH       SOLE                   760000        0        0
BALDWIN TECHNOLOGY INC CL A    COM              058264102     1246   724700 SH       SOLE                   724700        0        0
BANCO SANTANDER CENT HISP ADR( COM              05964H105     1025   108000 SH       SOLE                   108000        0        0
BANK FLA CORP NAPLES COM       COM              062128103      431   102400 SH       SOLE                   102400        0        0
BANK OF AMERICA                COM              060505104     8772   623000 SH       SOLE                   623000        0        0
BANK OF NEW YORK MELLON CORP   COM              064058100    43407  1532198 SH       SOLE                  1532198        0        0
BARNES GROUP INC COM           COM              067806109      300    20656 SH       SOLE                    20656        0        0
BARRICK GOLD(R:ABX.N B:ABX US) COM              067901108    60736  1651783 SH       SOLE                  1651783        0        0
BASSETT FURNITURE INDS         COM              070203104       40    12000 SH       SOLE                    12000        0        0
BAXTER INTL INC COM            COM              071813109     8628   161000 SH       SOLE                   161000        0        0
BCE INC                        COM              05534B760    19076   931000 SH       SOLE                   931000        0        0
BEASLEY BROADCAST GRP INC.     COM              074014101      232   129000 SH       SOLE                   129000        0        0
BECTON DICKINSON & CO COM      COM              075887109     7249   106000 SH       SOLE                   106000        0        0
BED BATH & BEYOND INC          COM              075896100      890    35000 SH       SOLE                    35000        0        0
BEL FUSE INC CL A              COM              077347201     4212   233500 SH       SOLE                   233500        0        0
BELDEN CDT INC                 COM              077454106     1503    72000 SH       SOLE                    72000        0        0
BELO CORP                      COM              080555105     1072   687300 SH       SOLE                   687300        0        0
BERKSHIRE BANCORP INC DEL COM  COM              084597202       76    16100 SH       SOLE                    16100        0        0
BERKSHIRE HATHAWAY             COM              084670108    34100      353 SH       SOLE                      353        0        0
BEST BUY INC COM               COM              086516101     1827    65000 SH       SOLE                    65000        0        0
BHP BILLITON LTD SPONSORED ADR COM              088606108     4118    96000 SH       SOLE                    96000        0        0
BIG 5 SPORTING GOODS CORP COM  COM              08915P101      261    50000 SH       SOLE                    50000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 21
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
BIO IMAGING TECHNOLOGIES INCCO COM              09056N103       96    26291 SH       SOLE                    26291        0        0
BIO RAD LABS INC CL A          COM              090572207      565     7500 SH       SOLE                     7500        0        0
BIOGEN IDEC INC                COM              09062X103     4930   103500 SH       SOLE                   103500        0        0
BIOLASE TECHNOLOGY INC COM     COM              090911108      400   268300 SH       SOLE                   268300        0        0
BJ SVCS CO COM                 COM              055482103     1739   149000 SH       SOLE                   149000        0        0
BLACK HILLS CORP COM           COM              092113109     6632   246000 SH       SOLE                   246000        0        0
BLACKROCK INC CL A             COM              09247X101     4159    31000 SH       SOLE                    31000        0        0
BLACKSTONE GROUP L P COM UNIT  COM              09253U108      633    97000 SH       SOLE                    97000        0        0
BOEING CO                      COM              097023105    17239   404000 SH       SOLE                   404000        0        0
BON-TON STORES INC COM         COM              09776J101      309   300000 SH       SOLE                   300000        0        0
BOOTS & COOTS/INTL WELL CTRLCO COM              099469504      498   425705 SH       SOLE                   425705        0        0
BORG WARNER INC                COM              099724106     9535   438000 SH       SOLE                   438000        0        0
BORLAND SOFTWARE CORP COM      COM              099849101       32    30000 SH       SOLE                    30000        0        0
BOSTON BEER INC CL A           COM              100557107      767    27000 SH       SOLE                    27000        0        0
BOSTON SCIENTIFIC CORP COM     COM              101137107     6773   875000 SH       SOLE                   875000        0        0
BOWNE & CO INC COM             COM              103043105      308    52300 SH       SOLE                    52300        0        0
BOYD GAMING CORP               COM              103304101     2592   548000 SH       SOLE                   548000        0        0
BP PLC SPONS ADR               COM              055622104    36406   778900 SH       SOLE                   778900        0        0
BPW ACQUISITION CORP-UNIT      COM              055637201     6795   755000 SH       SOLE                   755000        0        0
BRAZIL TELECOM PARTICIPACOES S COM              105530109     2298    59500 SH       SOLE                    59500        0        0
BRINKS CO COM                  COM              109696104     1554    57820 SH       SOLE                    57820        0        0
BRINKS HOME SEC HLDGS INC COM  COM              109699108     1750    79820 SH       SOLE                    79820        0        0
BRISTOL MYERS SQUIBB CO        COM              110122108    10160   437000 SH       SOLE                   437000        0        0
BROADRIDGE FINL SOLUTIONS INCO COM              11133T103      176    14000 SH       SOLE                    14000        0        0
BROOKFIELD ASSET MANAGEMENT I  COM              112585104      669    36075 SH       SOLE                    36075        0        0
BROWN FORMAN CORP CL B         COM              115637209     6076   118000 SH       SOLE                   118000        0        0
BROWN-FORMAN CORP CLASS A      COM              115637100    24100   482000 SH       SOLE                   482000        0        0
BRUKER BIOSCIENCES CORP        COM              116794108       85    21000 SH       SOLE                    21000        0        0
BRUSH ENGINEERED MATLS INC COM COM              117421107      178    14000 SH       SOLE                    14000        0        0
BT GROUP PLC SPON ADR          COM              05577E101     4396   220000 SH       SOLE                   220000        0        0
BTU INTL INC COM               COM              056032105      331    82650 SH       SOLE                    82650        0        0
BURLINGTON NORTHN SANTA FE COM COM              12189T104      379     5000 SH       SOLE                     5000        0        0
CABLEVISION SYS NY GROUP A     COM              12686C109   138837  8244500 SH       SOLE                  8244500        0        0
CADBURY PLC-SPONS ADR          COM              12721E102    30131   844720 SH       SOLE                   844720        0        0
CALAMOS ASSET MANAGEMENT-A     COM              12811R104      148    20000 SH       SOLE                    20000        0        0
CALIFORNIA MICRO DEVICES CORCO COM              130439102     1769   951250 SH       SOLE                   951250        0        0
CALIFORNIA WTR SVC GROUP COM   COM              130788102     1402    30200 SH       SOLE                    30200        0        0
CALLON PETE CO DEL COM         COM              13123X102      273   105000 SH       SOLE                   105000        0        0
CAMERON INTERNATIONAL CORP     COM              13342B105     3219   157000 SH       SOLE                   157000        0        0
CAMPBELL SOUP CO               COM              134429109    13225   440700 SH       SOLE                   440700        0        0
CANTERBURY PK HLDG CORP        COM              13811E101      594   100500 SH       SOLE                   100500        0        0
CAPITAL ONE FINL CORP COM      COM              14040H105     4146   130000 SH       SOLE                   130000        0        0
CAPITAL PPTYS INC R I COM      COM              140430109      147    21000 SH       SOLE                    21000        0        0
CAPSTONE TURBINE CORP COM      COM              14067D102      130   155000 SH       SOLE                   155000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 22
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CARDINAL HEALTH INC COM        COM              14149Y108      276     8000 SH       SOLE                     8000        0        0
CAREER EDUCATION CORP          COM              141665109      861    48000 SH       SOLE                    48000        0        0
CARMIKE CINEMAS INC COM        COM              143436400      270    74000 SH       SOLE                    74000        0        0
CARRIZO OIL&GAS 4.375% 06/01/2 CONVERTIBLE BOND 144577AA1      875  2000000 PRN      SOLE                  2000000        0        0
CASEYS GEN STORES INC COM      COM              147528103      273    12000 SH       SOLE                    12000        0        0
CATERPILLAR INC                COM              149123101    11436   256000 SH       SOLE                   256000        0        0
CAVALIER HOMES INC COM         COM              149507105      557   520300 SH       SOLE                   520300        0        0
CAVCO INDUSTRIES               COM              149568107     2872   106800 SH       SOLE                   106800        0        0
CBS CORP CLASS A               COM              124857103    16696  2026200 SH       SOLE                  2026200        0        0
CBS CORP NEW CL B              COM              124857202      819   100000 SH       SOLE                   100000        0        0
CELGENE CORP                   COM              151020104     5196    94000 SH       SOLE                    94000        0        0
CENTENNIAL CELLULAR CORP CL A  COM              15133V208     6915   858000 SH       SOLE                   858000        0        0
CENTRAL EUROPE AND RUSSIA FUND MUTUAL FUNDS     153436100     3347   203702 SH       SOLE                   203702        0        0
CENTRAL VT PUB SVC CORP COM    COM              155771108     3985   167000 SH       SOLE                   167000        0        0
CENTURYTEL INC                 COM              156700106     5794   212000 SH       SOLE                   212000        0        0
CEPHALON INC COM               COM              156708109      809    10500 SH       SOLE                    10500        0        0
CEPHALON - B 0% 6/15/2033 SERI CONVERTIBLE BOND 156708AL3      274   200000 PRN      SOLE                   200000        0        0
CEPHEID COM                    COM              15670R107     1194   115000 SH       SOLE                   115000        0        0
CH ENERGY GROUP, INC.          COM              12541M102    28763   559700 SH       SOLE                   559700        0        0
CHAMPION ENTERPRISES INC COM   COM              158496109      815  1455000 SH       SOLE                  1455000        0        0
CHARTER COMMUNICATIONS INC DCL COM              16117M107       82  1000000 SH       SOLE                  1000000        0        0
CHECK POINT SOFTWARE TECH      COM              M22465104      190    10000 SH       SOLE                    10000        0        0
CHEESECAKE FACTORY INC         COM              163072101      209    20700 SH       SOLE                    20700        0        0
CHEMED CORP 1.875% 05/15/14    CONVERTIBLE BOND 16359RAC7      332   500000 PRN      SOLE                   500000        0        0
CHEMED CORPORATION             COM              16359R103     9266   233000 SH       SOLE                   233000        0        0
CHEMTURA CORP                  COM              163893100     1813  1294652 SH       SOLE                  1294652        0        0
CHESAPEAKE ENERGY CORP 2.250%  CONVERTIBLE BOND 165167CB1      668  1500000 PRN      SOLE                  1500000        0        0
CHESAPEAKE ENERGY CORP COM     COM              165167107     8683   537000 SH       SOLE                   537000        0        0
CHESAPEAKE UTILS CORP COM      COM              165303108     2991    95000 SH       SOLE                    95000        0        0
CHEVRON CORP                   COM              166764100    64916   877600 SH       SOLE                   877600        0        0
CHINA AUTOMOTIVE SYS INC COM   COM              16936R105      234    69022 SH       SOLE                    69022        0        0
CHINA MOBILE LTD               COM              16941M109     5288   104000 SH       SOLE                   104000        0        0
CHINA UNICOM ADR               COM              16945R104     1269   104000 SH       SOLE                   104000        0        0
CHINA YUCHAI INTL LTD ORD      COM              G21082105      146    38000 SH       SOLE                    38000        0        0
CHURCH & DWIGHT CO             COM              171340102    17290   308085 SH       SOLE                   308085        0        0
CHURCHILL DOWNS INC COM        COM              171484108     6419   158800 SH       SOLE                   158800        0        0
CINCINNATI BELL                COM              171871106    10814  5603300 SH       SOLE                  5603300        0        0
CIRCOR INTL INC COM            COM              17273K109    20675   751800 SH       SOLE                   751800        0        0
CISCO SYS INC                  COM              17275R102    11932   732000 SH       SOLE                   732000        0        0
CIT GROUP INC COM              COM              125581108      908   200000 SH       SOLE                   200000        0        0
CITADEL 4.000% 02/15/11        CONVERTIBLE BOND 17285TAC0      196   400000 PRN      SOLE                   400000        0        0
CITADEL BROADCASTING CORP COM  COM              17285T106       18   115343 SH       SOLE                   115343        0        0
CITIGROUP INC.                 COM              172967101    14467  2156000 SH       SOLE                  2156000        0        0
CLARCOR INC                    COM              179895107    27108   817000 SH       SOLE                   817000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 23
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CLEAR CHANNEL OUTDOOR HLDGS CL COM              18451C109     4076   662800 SH       SOLE                   662800        0        0
CLEARWIRE CORP-CLASS A         COM              18538Q105      616   125000 SH       SOLE                   125000        0        0
CLECO CORP NEW COM             COM              12561W105     1495    65500 SH       SOLE                    65500        0        0
CLOROX CO                      COM              189054109     3167    57000 SH       SOLE                    57000        0        0
CME GROUP INC COM              COM              12572Q105     5619    27000 SH       SOLE                    27000        0        0
CMS ENERGY CORP COM            COM              125896100     3493   345500 SH       SOLE                   345500        0        0
CNA SURETY CORP COM            COM              12612L108    10387   541000 SH       SOLE                   541000        0        0
CNH GLOBAL NV COM              COM              N20935206    14749   945450 SH       SOLE                   945450        0        0
COACH INC                      COM              189754104     2617   126000 SH       SOLE                   126000        0        0
COACHMEN INDS INC              COM              189873102     1588   863000 SH       SOLE                   863000        0        0
COCA COLA CO                   COM              191216100    54270  1198800 SH       SOLE                  1198800        0        0
COCA COLA ENTERPRISES INC      COM              191219104      902    75000 SH       SOLE                    75000        0        0
COCA-COLA FEMSA S A DE C V ADR COM              191241108      435    10000 SH       SOLE                    10000        0        0
COCA-COLA HELLENIC BOTTLING SP COM              1912EP104      239    16500 SH       SOLE                    16500        0        0
COGO GROUP INC COM             COM              192448108       70    14497 SH       SOLE                    14497        0        0
COLDWATER CREEK INC COM        COM              193068103     2337   820000 SH       SOLE                   820000        0        0
COLGATE PALMOLIVE CO           COM              194162103      891    13000 SH       SOLE                    13000        0        0
COMCAST CORP CL A SPL          COM              20030N200     3601   223000 SH       SOLE                   223000        0        0
COMCAST CORP NEW COM CL A      COM              20030N101     3612   214000 SH       SOLE                   214000        0        0
COMMUNICATIONS SYS             COM              203900105     1374   176200 SH       SOLE                   176200        0        0
COMPANHIA VALE DO RIO DOCE SPO COM              204412209     2365   195300 SH       SOLE                   195300        0        0
COMPANIA DE MINAS BUENAVENTURA FOREIGN COMMON S 204448104     6448   323700 SH       SOLE                   323700        0        0
COMPUCREDIT CVT 3.625% 05/30/3 CONVERTIBLE BOND 20478NAB6      113   400000 PRN      SOLE                   400000        0        0
CONAGRA INC                    COM              205887102     3911   237000 SH       SOLE                   237000        0        0
CONMED CORP COM                COM              207410101     3304   138000 SH       SOLE                   138000        0        0
CONNECTICUT WTR SVC INC COM    COM              207797101     1157    49000 SH       SOLE                    49000        0        0
CONOCOPHILLIPS COM             COM              20825C104    73838  1425450 SH       SOLE                  1425450        0        0
CONSOL ENERGY INC COM          COM              20854P109     4287   150000 SH       SOLE                   150000        0        0
CONSOLIDATED EDISON INC COM    COM              209115104    19426   499000 SH       SOLE                   499000        0        0
CONSOLIDATED WATER CO LTD ORD  COM              G23773107      650    52000 SH       SOLE                    52000        0        0
CONSTELLATION BRANDS COM       COM              21036P108     2287   145000 SH       SOLE                   145000        0        0
CONSTELLATION ENERGY GROUP ICO COM              210371100    18266   728000 SH       SOLE                   728000        0        0
CONTINUCARE CORP COM           COM              212172100     1297   614900 SH       SOLE                   614900        0        0
COOPER CAMERON 2.500% 06/15/26 CONVERTIBLE BOND 13342BAB1      190   200000 PRN      SOLE                   200000        0        0
COOPER INDUSTRIES LTD CL A COM COM              G24182100    31919  1092000 SH       SOLE                  1092000        0        0
COPART INC COM                 COM              217204106     1495    55000 SH       SOLE                    55000        0        0
CORE MOLDING TECH COM          COM              218683100      704   270700 SH       SOLE                   270700        0        0
CORINTHIAN COLLEGES INC COM    COM              218868107     3926   239850 SH       SOLE                   239850        0        0
CORN PRODS INTL INC COM        COM              219023108    21868   758000 SH       SOLE                   758000        0        0
CORNING INC                    COM              219350105    23044  2418000 SH       SOLE                  2418000        0        0
CORUS ENTMT INC CL B NON VTG   COM              220874101      998    87000 SH       SOLE                    87000        0        0
COSTCO WHSL CORP NEW COM       COM              22160K105    24413   465000 SH       SOLE                   465000        0        0
COVANTA HOLDING CORP           COM              22282E102     3315   150950 SH       SOLE                   150950        0        0
COVIDIAN LTD                   COM              G2552X108     5436   150000 SH       SOLE                   150000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 24
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CRANE CO                       COM              224399105    23141  1342300 SH       SOLE                  1342300        0        0
CROWN HOLDINGS INC COM         COM              228368106     6144   320000 SH       SOLE                   320000        0        0
CROWN MEDIA HLDGS INC CL A     COM              228411104     1300   456000 SH       SOLE                   456000        0        0
CRUCELL N V SPONSORED ADR      COM              228769105     2969   196000 SH       SOLE                   196000        0        0
CRYOLIFE INC COM               COM              228903100      385    39665 SH       SOLE                    39665        0        0
CTS CORP                       COM              126501105     4212   764350 SH       SOLE                   764350        0        0
CTS CORP 2.125% 05/01/24       CONVERTIBLE BOND 126501AC9      277   300000 PRN      SOLE                   300000        0        0
CUMMINS ENGINE INC             COM              231021106     3635   136000 SH       SOLE                   136000        0        0
CURTISS WRIGHT CORP            COM              231561101    38305  1147192 SH       SOLE                  1147192        0        0
CUTERA INC COM                 COM              232109108     2951   332700 SH       SOLE                   332700        0        0
CVS/CAREMARK CORP              COM              126650100    25642   892200 SH       SOLE                   892200        0        0
CYBERSOURCE CORP               COM              23251J106     1726   143919 SH       SOLE                   143919        0        0
CYNOSURE INC CL A              COM              232577205      374    41000 SH       SOLE                    41000        0        0
CYPRESS SEMICONDUCTOR CORP COM COM              232806109      460   103000 SH       SOLE                   103000        0        0
CYTEC INDS INC COM             COM              232820100      212    10000 SH       SOLE                    10000        0        0
CYTRX CORP COM NEW             COM              232828301        8    25000 SH       SOLE                    25000        0        0
C&D TECHNOLOGIES INC COM       COM              124661109       64    20600 SH       SOLE                    20600        0        0
D & E COMMUNICATIONS INC COM   COM              232860106     1936   288960 SH       SOLE                   288960        0        0
DANA HOLDING CORP COM          COM              235825205      148   200000 SH       SOLE                   200000        0        0
DANAHER CORP 0.0% 1/22/2021    CONVERTIBLE BOND 235851AF9      179   200000 PRN      SOLE                   200000        0        0
DANAHER CORP SHS BEN INT       COM              235851102      906    16000 SH       SOLE                    16000        0        0
DATASCOPE CORP                 COM              238113104     5067    97000 SH       SOLE                    97000        0        0
DEAN FOODS (B:DF)              COM              242370104    13567   755000 SH       SOLE                   755000        0        0
DEERE & CO.                    COM              244199105    72134  1882400 SH       SOLE                  1882400        0        0
DEL MONTE FOODS CO COM         COM              24522P103     4184   586000 SH       SOLE                   586000        0        0
DELTA NAT GAS INC COM          COM              247748106     1576    65000 SH       SOLE                    65000        0        0
DELUXE CORP                    COM              248019101      193    12890 SH       SOLE                    12890        0        0
DENBURY RES INC COM NEW        COM              247916208      218    20000 SH       SOLE                    20000        0        0
DENNYS CORP COM                COM              24869P104      289   145108 SH       SOLE                   145108        0        0
DENTSPLY INTL INC NEW COM      COM              249030107      311    11000 SH       SOLE                    11000        0        0
DEUTSCHE BANK AG-REG (B:DB)    COM              D18190898    20019   492000 SH       SOLE                   492000        0        0
DEUTSCHE TELEKOM AG-SPON ADR ( COM              251566105    37041  2421000 SH       SOLE                  2421000        0        0
DEVON ENERGY CORP NEW          COM              25179M103    32945   501372 SH       SOLE                   501372        0        0
DEXCOM INC COM                 COM              252131107      312   113000 SH       SOLE                   113000        0        0
DIAGEO PLC SPONSORED ADR (B:DE COM              25243Q205    46811   825000 SH       SOLE                   825000        0        0
DIAMOND OFFSHORE DRILLNG INCCO COM              25271C102     9719   164900 SH       SOLE                   164900        0        0
DIEBOLD INC COM                COM              253651103    33596  1196000 SH       SOLE                  1196000        0        0
DIGITAL ALLY INC COM           COM              25382P109      106    34148 SH       SOLE                    34148        0        0
DIODES INC COM                 COM              254543101      434    71666 SH       SOLE                    71666        0        0
DIRECTV GROUP INC              COM              25459L106    67924  2964800 SH       SOLE                  2964800        0        0
DISCOVER FINANCIAL             COM              254709108     8272   868000 SH       SOLE                   868000        0        0
DISCOVERY COMMS NEW SER A      COM              25470F104    13064   922585 SH       SOLE                   922585        0        0
DISCOVERY COMMS NEW SER C      COM              25470F302    11677   872085 SH       SOLE                   872085        0        0
DISH NETWORK CORPORATION       COM              25470M109    11914  1074300 SH       SOLE                  1074300        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 25
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
DISNEY WALT PRODTNS            COM              254687106     1838    81000 SH       SOLE                    81000        0        0
DISTRIBUCION Y SERVICIO D&S SP COM              254753106      314    13000 SH       SOLE                    13000        0        0
DOMINION RES INC VA NEW COM    COM              25746U109     9462   264000 SH       SOLE                   264000        0        0
DONALDSON INC                  COM              257651109    22842   678800 SH       SOLE                   678800        0        0
DOVER DOWNS GAMING & ENTMT INC COM              260095104      505   158900 SH       SOLE                   158900        0        0
DOVER MOTORSPORTS INC.(B:DVD)  COM              260174107      735   565000 SH       SOLE                   565000        0        0
DOW CHEMICAL CORP              COM              260543103     4753   315000 SH       SOLE                   315000        0        0
DPL INC COM                    COM              233293109    32433  1420000 SH       SOLE                  1420000        0        0
DR PEPPER SNAPPLE GROUP INC CO COM              26138E109    18940  1165540 SH       SOLE                  1165540        0        0
DREAMWORKS ANIMATION SKG-A     COM              26153C103     1844    73000 SH       SOLE                    73000        0        0
DREW INDS INC COM NEW          COM              26168L205      204    17000 SH       SOLE                    17000        0        0
DTE ENERGY CO COM              COM              233331107     2711    76000 SH       SOLE                    76000        0        0
DU PONT E I DE NEMOURS CO      COM              263534109     7590   300000 SH       SOLE                   300000        0        0
DUCOMMUN INC DEL COM           COM              264147109      779    46673 SH       SOLE                    46673        0        0
DUFF & PHELPS CORP-CL A        COM              26433B107      191    10000 SH       SOLE                    10000        0        0
DUKE ENERGY CORP               COM              26441C105    20564  1370000 SH       SOLE                  1370000        0        0
DUN & BRADSTREET CORP          COM              26483E100     1312    17000 SH       SOLE                    17000        0        0
DYNAMIC MATLS CORP COM         COM              267888105     1463    75763 SH       SOLE                    75763        0        0
DYNEGY INC DEL CL A            COM              26817G102       72    35810 SH       SOLE                    35810        0        0
E M C CORP MASS COM            COM              268648102      482    46000 SH       SOLE                    46000        0        0
EASTERN CO COM                 COM              276317104      155    18000 SH       SOLE                    18000        0        0
EASTMAN KODAK                  COM              277461109    10771  1637000 SH       SOLE                  1637000        0        0
EBAY INC                       COM              278642103      581    41600 SH       SOLE                    41600        0        0
EBIX INC COM NEW               COM              278715206      736    30800 SH       SOLE                    30800        0        0
ECHOSTAR CORP-A                COM              278768106     3151   211880 SH       SOLE                   211880        0        0
ECOLAB INC                     COM              278865100     6854   195000 SH       SOLE                   195000        0        0
EDGEWATER TECHNOLOGY INC COM   COM              280358102     1869   721793 SH       SOLE                   721793        0        0
EDISON INTL COM                COM              281020107     7548   235000 SH       SOLE                   235000        0        0
EDWARDS LIFESCIENCES CORP COM  COM              28176E108      879    16000 SH       SOLE                    16000        0        0
EL PASO CORPORATION            COM              28336L109    22644  2892000 SH       SOLE                  2892000        0        0
EL PASO ELEC CO COM NEW        COM              283677854    23191  1282000 SH       SOLE                  1282000        0        0
EL PASO ENERGY CAP TR I PFD CO CONVERTIBLE PREF 283678209     3333   129300 SH       SOLE                   129300        0        0
ELECTRONIC ARTS COM            COM              285512109     2807   175000 SH       SOLE                   175000        0        0
ELITE PHARMACEUTICALS INC CL A COM              28659T200        2    28844 SH       SOLE                    28844        0        0
EMBARQ CORP COM                COM              29078E105     1762    49000 SH       SOLE                    49000        0        0
EMBRAER-EMPRESA BRASIL AERONAD COM              29081M102      486    30000 SH       SOLE                    30000        0        0
EMERSON ELEC CO                COM              291011104     5052   138000 SH       SOLE                   138000        0        0
EMMIS COMMUNICATIONS CORP      COM              291525103       46   132000 SH       SOLE                   132000        0        0
EMMIS COMMUNICATIONS CORP PFD  CONVERTIBLE PREF 291525202       58    26000 SH       SOLE                    26000        0        0
EMPIRE DIST ELEC CO COM        COM              291641108     4193   238250 SH       SOLE                   238250        0        0
ENERGEN CORP COM               COM              29265N108      821    28000 SH       SOLE                    28000        0        0
ENERGIZER HLDGS INC COM        COM              29266R108    27882   515000 SH       SOLE                   515000        0        0
ENERSIS S A                    COM              29274F104      369    29000 SH       SOLE                    29000        0        0
ENI S P A ADR SPONSORED        COM              26874R108     8129   170000 SH       SOLE                   170000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 26
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ENTEGRIS INC COM               COM              29362U104      645   294650 SH       SOLE                   294650        0        0
ENTERCOM COMMUNICATIONS CORPCL COM              293639100       92    75000 SH       SOLE                    75000        0        0
ENTERGY CORP NEW COM           COM              29364G103      499     6000 SH       SOLE                     6000        0        0
ENVIRONMENTAL PWR CORP COM NEW COM              29406L201       17    27000 SH       SOLE                    27000        0        0
EOG RESOURCES INC              COM              26875P101     6991   105000 SH       SOLE                   105000        0        0
EPOCH HOLDING CORP             COM              29428R103     2778   366000 SH       SOLE                   366000        0        0
EQUITY MEDIA HOLDINGS CORPORAT COM              294725106        0    15000 SH       SOLE                    15000        0        0
EUROPEAN EQUITY FUND COM       MUTUAL FUNDS     298768102      200    36700 SH       SOLE                    36700        0        0
EV3 INC COM                    COM              26928A200      129    21100 SH       SOLE                    21100        0        0
EXACTECH INC COM               COM              30064E109     2240   133000 SH       SOLE                   133000        0        0
EXELON CORP                    COM              30161N101     8564   154000 SH       SOLE                   154000        0        0
EXTERRAN HLDGS INC COM         COM              30225X103      213    10000 SH       SOLE                    10000        0        0
EXXON MOBIL CORP               COM              30231G102    69851   875000 SH       SOLE                   875000        0        0
FAIRCHILD CORP                 COM              303698104      604  1831700 SH       SOLE                  1831700        0        0
FAIRPOINT COMMUNICATIONS INCCO COM              305560104      294    89551 SH       SOLE                    89551        0        0
FALCONSTOR SOFTWARE INC COM    COM              306137100      354   127500 SH       SOLE                   127500        0        0
FARMER BROS CO                 COM              307675108     2369    95000 SH       SOLE                    95000        0        0
FEDERAL NAT MORTGAGE ASSN-FANN COM              313586109      563   740700 SH       SOLE                   740700        0        0
FERRO CORP                     COM              315405100    13685  1941119 SH       SOLE                  1941119        0        0
FERRO CORP 6.500% 08/15/13     CONVERTIBLE BOND 315405AL4     1872  3850000 PRN      SOLE                  3850000        0        0
FIDELITY NATL INFORMATION SVCO COM              31620M106     1554    95496 SH       SOLE                    95496        0        0
FIDELITY NATL TITLE GROUP INCO COM              31620R105      868    48909 SH       SOLE                    48909        0        0
FIDELITY SOUTHERN CORP         COM              316394105      152    42210 SH       SOLE                    42210        0        0
FIRST SOLAR INC COM            COM              336433107     9643    69900 SH       SOLE                    69900        0        0
FIRSTENERGY CORP COM           COM              337932107    13019   268000 SH       SOLE                   268000        0        0
FISHER COMMUNICATIONS INC COM  COM              337756209     8617   417500 SH       SOLE                        0        0   417500
FLEETWOOD ENTERPRISES INC      COM              339099103       31   314000 SH       SOLE                   314000        0        0
FLIR SYS INC COM               COM              302445101     3405   111000 SH       SOLE                   111000        0        0
FLORIDA PUB UTILS CO COM       COM              341135101     5320   504250 SH       SOLE                   504250        0        0
FLOW INTL CORP COM             COM              343468104      616   254595 SH       SOLE                   254595        0        0
FLOWERS FOODS INC COM          COM              343498101    17369   713000 SH       SOLE                   713000        0        0
FLOWSERVE CORP COM             COM              34354P105    50213   975000 SH       SOLE                   975000        0        0
FLUOR CORP NEW COM             COM              343412102     2100    46800 SH       SOLE                    46800        0        0
FLUSHING FINL CORP COM         COM              343873105     4728   395300 SH       SOLE                   395300        0        0
FMC CORP COM NEW               COM              302491303      593    13260 SH       SOLE                    13260        0        0
FMC TECHNOLOGIES INC COM       COM              30249U101     2626   110200 SH       SOLE                   110200        0        0
FOMENTO ECONOMICO MEXICANO SAD COM              344419106    14975   497000 SH       SOLE                   497000        0        0
FORTRESS INVESTMENT GROUP CL A COM              34958B106       62    62000 SH       SOLE                    62000        0        0
FORTUNE BRANDS INC             COM              349631101    13086   317000 SH       SOLE                   317000        0        0
FOSTER L B CO COM              COM              350060109      778    24878 SH       SOLE                    24878        0        0
FPL GROUP INC COM              COM              302571104    40063   796000 SH       SOLE                   796000        0        0
FRANCE TELECOM SPONSORED ADR   COM              35177Q105     4239   151000 SH       SOLE                   151000        0        0
FRANKLIN ELEC INC              COM              353514102     5552   197500 SH       SOLE                   197500        0        0
FREDDIE MAC COM                COM              313400301       58    80000 SH       SOLE                    80000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 27
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
FREEPORT MCMORAN COPPER&GOLD C COM              35671D857    25628  1048617 SH       SOLE                  1048617        0        0
FREEPORT-MCMORAN COPPER 6.75%  CONVERTIBLE PREF 35671D782     2584    54720 SH       SOLE                    54720        0        0
FRESENIUS KABI PHARMA-CVR      WARRANT AND RIGH 35802M115        8    24000 SH       SOLE                    24000        0        0
FRONTIER COMMUNICATIONS CORP   COM              35906A108     3244   371167 SH       SOLE                   371167        0        0
FSI INTL INC COM               COM              302633102        7    21200 SH       SOLE                    21200        0        0
FULLER H B CO COM              COM              359694106     7579   470425 SH       SOLE                   470425        0        0
FURMANITE CORPORATION          COM              361086101     3215   596500 SH       SOLE                   596500        0        0
GARDNER DENVER INC             COM              365558105     2900   124250 SH       SOLE                   124250        0        0
GATX CORP                      COM              361448103    35182  1136000 SH       SOLE                  1136000        0        0
GATX CORP $2.50 CV PFD         CONVERTIBLE PREF 361448202     1081     4200 SH       SOLE                     4200        0        0
GAYLORD ENTERTAINMENT CO       COM              367905106    11928  1100370 SH       SOLE                        0        0  1100370
GENCORP INC                    COM              368682100     5943  1615000 SH       SOLE                  1615000        0        0
GENELABS TECHNOLOGIES INC COM  COM              368706206      910   705600 SH       SOLE                   705600        0        0
GENENTECH INC                  COM              368710406    30312   365600 SH       SOLE                   365600        0        0
GENERAL COMMUNICATIONS INC CL  COM              369385109      631    78000 SH       SOLE                    78000        0        0
GENERAL DYNAMICS CORP COM      COM              369550108      288     5000 SH       SOLE                     5000        0        0
GENERAL ELEC CO                COM              369604103    28706  1772000 SH       SOLE                  1772000        0        0
GENERAL MILLS INC              COM              370334104    50080   824361 SH       SOLE                   824361        0        0
GENERAL MTRS CORP              COM              370442105     6166  1927000 SH       SOLE                  1927000        0        0
GENUINE PARTS CO               COM              372460105    64816  1712000 SH       SOLE                  1712000        0        0
GERBER SCIENTIFIC INSTR        COM              373730100     3598   704200 SH       SOLE                   704200        0        0
GILEAD SCIENCES INC COM        COM              375558103     5615   109800 SH       SOLE                   109800        0        0
GLAXOSMITHKLINE PLC ADR (B:GSK COM              37733W105      569    15276 SH       SOLE                    15276        0        0
GLOBAL SOURCES LTD COM         COM              G39300101      341    62508 SH       SOLE                    62508        0        0
GLOBECOMM SYSTEMS INC COM      COM              37956X103      102    18617 SH       SOLE                    18617        0        0
GOLD FIELDS LTD NEW SPON ADR ( COM              38059T106    31674  3189749 SH       SOLE                  3189749        0        0
GOLDCORP INC (US)              COM              380956409    27955   886608 SH       SOLE                   886608        0        0
GOLDMAN SACHS GR               COM              38141G104    10802   128000 SH       SOLE                   128000        0        0
GOODRICH B F CO COM            COM              382388106      370    10000 SH       SOLE                    10000        0        0
GOOGLE INC-CL A                COM              38259P508    20828    67700 SH       SOLE                    67700        0        0
GORMAN RUPP CO                 COM              383082104     9741   313000 SH       SOLE                   313000        0        0
GP STRATEGIES CORP COM         COM              36225V104      541   119931 SH       SOLE                   119931        0        0
GRACO INC COM                  COM              384109104     1993    84000 SH       SOLE                    84000        0        0
GRAFTECH INTERNATIONAL         COM              384313102    11744  1411500 SH       SOLE                  1411500        0        0
GRAY TELEVISION, INC           COM              389375106      439  1098500 SH       SOLE                        0        0  1098500
GRAY TELEVISION, INC CL A      COM              389375205       47    81000 SH       SOLE                        0        0    81000
GREAT ATLA & PAC 5.125% 6/15/2 CONVERTIBLE BOND 390064AJ2     8100 16200000 PRN      SOLE                 16200000        0        0
GREAT ATLANTIC & PAC TEA INCCO COM              390064103     6843  1091400 SH       SOLE                  1091400        0        0
GREAT PLAINS ENERGY INC. (B: G COM              391164100    53610  2773387 SH       SOLE                  2773387        0        0
GREATBATCH INC                 COM              39153L106     5715   216000 SH       SOLE                   216000        0        0
GREENBRIER COS INC             COM              393657101      515    75000 SH       SOLE                    75000        0        0
GREIF INC CL A                 COM              397624107    24972   747000 SH       SOLE                   747000        0        0
GREIF INC CL B                 COM              397624206     2343    68900 SH       SOLE                    68900        0        0
GRIFFIN LAND & NUR             COM              398231100    19775   536500 SH       SOLE                        0        0   536500
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 28
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
GRIFFON CORP COM               COM              398433102    10667  1143257 SH       SOLE                  1143257        0        0
GRUPO RADIO CENTRO S A DE CVAD COM              40049C102       87    10000 SH       SOLE                    10000        0        0
GRUPO TELEVISA SA DE CV ADR (B COM              40049J206    33376  2234000 SH       SOLE                  2234000        0        0
GRUPO TMM SA                   COM              40051D105      218   307000 SH       SOLE                   307000        0        0
GSE SYS INC COM                COM              36227K106      227    38419 SH       SOLE                    38419        0        0
GSI LUMONICS INC COM           COM              36229U102       13    22150 SH       SOLE                    22150        0        0
GSI TECHNOLOGY COM             COM              36241U106      574   209449 SH       SOLE                   209449        0        0
GULF ISLAND FABRICATION INC CO COM              402307102      148    10300 SH       SOLE                    10300        0        0
GY 4% 01/16/24                 CONVERTIBLE BOND 368682AJ9      205   300000 PRN      SOLE                   300000        0        0
GYRODYNE CO AMER INC COM       COM              403820103      300    12000 SH       SOLE                    12000        0        0
H R BLOCK INC                  COM              093671105     8884   391000 SH       SOLE                   391000        0        0
HACKETT GROUP INC COM          COM              404609109      115    39292 SH       SOLE                    39292        0        0
HAIN CELESTIAL GROUP INC       COM              405217100     1336    70000 SH       SOLE                    70000        0        0
HALLIBURTON COMPANY            COM              406216101    34795  1913900 SH       SOLE                  1913900        0        0
HANESBRANDS INC COM            COM              410345102     1339   105000 SH       SOLE                   105000        0        0
HANSEN NAT CORP COM            COM              411310105      402    12000 SH       SOLE                    12000        0        0
HARLEY DAVIDSON INC            COM              412822108     1171    69000 SH       SOLE                    69000        0        0
HARMAN INTL INDS INC NEW COM   COM              413086109     3848   230000 SH       SOLE                   230000        0        0
HARMONY GOLD MINING CO LTD ADR COM              413216300    19830  1807626 SH       SOLE                  1807626        0        0
HARRIS CORPORATION             COM              413875105    11704   307600 SH       SOLE                   307600        0        0
HARTE HANKS INC                COM              416196103      125    20000 SH       SOLE                    20000        0        0
HARTMARX CORP                  COM              417119104      130   420000 SH       SOLE                   420000        0        0
HAWAIIAN ELEC INDS INC COM     COM              419870100    12088   546000 SH       SOLE                   546000        0        0
HAWK CORP CL A                 COM              420089104     3310   199400 SH       SOLE                   199400        0        0
HAWKINS INC COM                COM              420261109     3495   228600 SH       SOLE                   228600        0        0
HEALTHCARE SVCS GRP INC COM    COM              421906108     2358   148000 SH       SOLE                   148000        0        0
HEALTHWAYS INC COM             COM              422245100      161    14000 SH       SOLE                    14000        0        0
HEARST-ARGYLE TELEVISION INCCO COM              422317107      533    88000 SH       SOLE                    88000        0        0
HEELYS INC COM                 COM              42279M107      220    97000 SH       SOLE                    97000        0        0
HEINZ, H J COMPANY             COM              423074103    18875   502000 SH       SOLE                   502000        0        0
HELLENIC TELECOMMUNICATIONS AD COM              423325307     2275   273800 SH       SOLE                   273800        0        0
HERLEY INDS INC COM            COM              427398102    10272   836500 SH       SOLE                   836500        0        0
HERSHEY COMPANY (THE)          COM              427866108    24978   719000 SH       SOLE                   719000        0        0
HESKA CORP COM                 COM              42805E108       17    69000 SH       SOLE                    69000        0        0
HESS CORP                      COM              42809H107     9789   182500 SH       SOLE                   182500        0        0
HICKORY TECH CORP COM          COM              429060106      862   158500 SH       SOLE                   158500        0        0
HITACHI LTD ADR (B:HIT US)     COM              433578507      313     8000 SH       SOLE                     8000        0        0
HMS HLDGS CORP COM             COM              40425J101      607    19270 SH       SOLE                    19270        0        0
HOLOGIC INC COM                COM              436440101      196    15000 SH       SOLE                    15000        0        0
HOME DEPOT INC                 COM              437076102     1842    80000 SH       SOLE                    80000        0        0
HOME DIAGNOSTICS INC DEL COM   COM              437080104      106    21400 SH       SOLE                    21400        0        0
HOME INNS & HOTELS MANAG-ADR   COM              43713W107      686    80000 SH       SOLE                    80000        0        0
HONEYWELL INT'L INC            COM              438516106    58405  1779000 SH       SOLE                  1779000        0        0
HOSPIRA INC COM                COM              441060100     3567   133000 SH       SOLE                   133000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 29
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
HOST HOTELS & RESORTS INC      COM              44107P104      167    22000 SH       SOLE                    22000        0        0
HSBC HLDGS PLC ADR SPON NEW    COM              404280406     8663   178000 SH       SOLE                   178000        0        0
HSN INC COM                    COM              404303109     1025   141000 SH       SOLE                   141000        0        0
HUANENG PWR INTL INC SPON ADR  COM              443304100     2612    89500 SH       SOLE                    89500        0        0
HUDSON CITY BANCORP INC COM    COM              443683107     1436    90000 SH       SOLE                    90000        0        0
HUNGARIAN TEL&CABLE CORP COM ( COM              445542103      172    20000 SH       SOLE                    20000        0        0
HUNTINGTON BANCSHARES INC      COM              446150104      184    24000 SH       SOLE                    24000        0        0
HUNTSMAN CORP COM              COM              447011107     3096   900000 SH       SOLE                   900000        0        0
HUTTIG BLDG PRODS INC COM      COM              448451104       58   128000 SH       SOLE                   128000        0        0
IAC INTERACTIVECORP COM PAR $. COM              44919P508     5970   379500 SH       SOLE                   379500        0        0
IAMGOLD CORP (USD) COM         COM              450913108     2444   400000 SH       SOLE                   400000        0        0
ICU MEDICAL INC                COM              44930G107     5170   156000 SH       SOLE                   156000        0        0
IDEARC INC                     COM              451663108        5    62000 SH       SOLE                    62000        0        0
IDEATION ACQUISTION CORP-UT    COM              451665202     1575   220000 SH       SOLE                   220000        0        0
IDEX CORP                      COM              45167R104    29474  1220450 SH       SOLE                  1220450        0        0
IDT CORP CL B                  COM              448947309        6    15000 SH       SOLE                    15000        0        0
IDT CORPORATION                COM              448947101        3    10000 SH       SOLE                    10000        0        0
IMATION CORP COM               COM              45245A107      136    10000 SH       SOLE                    10000        0        0
IMAX CORP COM                  COM              45245E109      260    58200 SH       SOLE                    58200        0        0
IMS HEALTH INC COM             COM              449934108     3153   208000 SH       SOLE                   208000        0        0
INDUSTRIAL SVCS AMER INC FLACO COM              456314103       94    17305 SH       SOLE                    17305        0        0
INGERSOLL-RAND CO CL A         COM              G4776G101     1388    80000 SH       SOLE                    80000        0        0
INGLES MKTS INC CL A           COM              457030104    11293   642000 SH       SOLE                   642000        0        0
INSITUFORM TECHNOLOGIES INC CL COM              457667103      541    27500 SH       SOLE                    27500        0        0
INSPIRE PHARMACEUTICALS INC CO COM              457733103      108    30000 SH       SOLE                    30000        0        0
INSTEEL INDS INC               COM              45774W108      113    10000 SH       SOLE                    10000        0        0
INTEGRATED DEVICE TECH INC COM COM              458118106       89    15850 SH       SOLE                    15850        0        0
INTEGRYS ENERGY GROUP INC      COM              45822P105    33847   787500 SH       SOLE                   787500        0        0
INTEL CORP                     COM              458140100    37280  2543000 SH       SOLE                  2543000        0        0
INTERACTIVE BROKERS            COM              45841N107     1234    69000 SH       SOLE                    69000        0        0
INTERACTIVE DATA CORP COM      COM              45840J107     1776    72000 SH       SOLE                    72000        0        0
INTERMEC INC                   COM              458786100     9885   744350 SH       SOLE                   744350        0        0
INTERNATIONAL BUSINESS         COM              459200101    28766   341800 SH       SOLE                   341800        0        0
INTERNATIONAL GAME TECH        COM              459902102     4584   385500 SH       SOLE                   385500        0        0
INTERNATIONAL PAPER CO         COM              460146103     5227   443000 SH       SOLE                   443000        0        0
INTERNATIONAL RECTIFIER CORPCO COM              460254105      934    69150 SH       SOLE                    69150        0        0
INTERNATIONAL SPEEDWAY CORP CL COM              460335201      460    16000 SH       SOLE                    16000        0        0
INTERPUBLIC GROUP COS INC      COM              460690100     9274  2341800 SH       SOLE                  2341800        0        0
INTERTAPE POLYMER GROUP INC CO COM              460919103        9    12500 SH       SOLE                    12500        0        0
INTERVAL LEISURE GROUP INC COM COM              46113M108      771   143000 SH       SOLE                   143000        0        0
INTL FLAVORS & FRAGRANCES      COM              459506101    11106   373700 SH       SOLE                   373700        0        0
INTL GM TECH 2.600% 02/36      CONVERTIBLE BOND 459902AP7      284   300000 PRN      SOLE                   300000        0        0
INTRICON CORP COM              COM              46121H109      435   120700 SH       SOLE                   120700        0        0
INVERNESS MED INNOVATIONS INCO COM              46126P106     1475    78000 SH       SOLE                    78000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 30
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
INVESCO LTD                    COM              G491BT108     1805   125000 SH       SOLE                   125000        0        0
INX INC COM                    COM              46185W109      108    25048 SH       SOLE                    25048        0        0
ITT INDUSTRIES                 COM              450911102    57492  1250100 SH       SOLE                  1250100        0        0
IVANHOE MINES LTD COM          COM              46579N103     1264   468140 SH       SOLE                   468140        0        0
I-FLOW CORP COM NEW            COM              449520303      461    96000 SH       SOLE                    96000        0        0
J & J SNACK FOODS CORP         COM              466032109      969    27000 SH       SOLE                    27000        0        0
J.P. MORGAN CHASE & CO         COM              46625H100    25323   803126 SH       SOLE                   803126        0        0
JA SOLAR HOLD CO 4.500% 05/15/ CONVERTIBLE BOND 466090AA5       96   300000 PRN      SOLE                   300000        0        0
JANUS CAP GROUP INC COM        COM              47102X105     5870   731000 SH       SOLE                   731000        0        0
JOHN BEAN TECHNOLOGIES CORP CO COM              477839104      186    22750 SH       SOLE                    22750        0        0
JOHNSON CONTROLS               COM              478366107    11187   616000 SH       SOLE                   616000        0        0
JOHNSON & JOHNSON              COM              478160104    37693   630000 SH       SOLE                   630000        0        0
JOURNAL COMM INC-A             COM              481130102     2077   847900 SH       SOLE                   847900        0        0
JOY GLOBAL INC COM             COM              481165108     4418   193000 SH       SOLE                   193000        0        0
JUPITERMEDIA CORP COM          COM              48207D101       27    70000 SH       SOLE                    70000        0        0
K V PHARMACEUTICAL CO CL A     COM              482740206       29    10000 SH       SOLE                    10000        0        0
KAMAN CORP                     COM              483548103    14910   822418 SH       SOLE                   822418        0        0
KANSAS CITY SOUTHERN           COM              485170302      591    31000 SH       SOLE                    31000        0        0
KEITHLEY INSTRS INC COM        COM              487584104       37    10000 SH       SOLE                    10000        0        0
KELLOGG CO                     COM              487836108     5525   126000 SH       SOLE                   126000        0        0
KEMET CORP COM                 COM              488360108      103   380000 SH       SOLE                   380000        0        0
KEY ENERGY SVCS INC COM        COM              492914106       46    10400 SH       SOLE                    10400        0        0
KEY TECHNOLOGY INC COM         COM              493143101     1615    85488 SH       SOLE                    85488        0        0
KEYCORP                        COM              493267108      102    12000 SH       SOLE                    12000        0        0
KIMBERLY CLARK CORP            COM              494368103    16877   320000 SH       SOLE                   320000        0        0
KINDER MORGAN EGY PTNS L P UT  COM              494550106      915    20000 SH       SOLE                    20000        0        0
KINETIC CONCEPTS INC COM NEW   COM              49460W208      269    14000 SH       SOLE                    14000        0        0
KINROSS GOLD 1.75% 3/15/2028 1 CONVERTIBLE BOND 496902AB3      202   200000 PRN      SOLE                   200000        0        0
KINROSS GOLD CORP COM NO PAR   COM              496902404    44962  2440948 SH       SOLE                  2440948        0        0
KONINKLIJKE PHILIPS ELECTRS SP COM              500472303      766    38570 SH       SOLE                    38570        0        0
KOREA ELEC PWR CO SPONSORED AD COM              500631106     4168   359000 SH       SOLE                   359000        0        0
KRAFT FOODS INC CL A COM       COM              50075N104    29991  1117000 SH       SOLE                  1117000        0        0
KROGER CO                      COM              501044101     3116   118000 SH       SOLE                   118000        0        0
KT CORP SPON ADR               COM              48268K101      147    10000 SH       SOLE                    10000        0        0
KULICKE & SOFFA INDS INC COM   COM              501242101       26    15550 SH       SOLE                    15550        0        0
KYOCERA CORP ADR               COM              501556203      941    13000 SH       SOLE                    13000        0        0
K-TRON INTL INC                COM              482730108     3217    40262 SH       SOLE                    40262        0        0
L 3 COMMUICATIONS              COM              502424104      332     4500 SH       SOLE                     4500        0        0
LA Z BOY CHAIR CO              COM              505336107       33    15000 SH       SOLE                    15000        0        0
LABORATORY CORP AMER HLDGS COM COM              50540R409     1481    23000 SH       SOLE                    23000        0        0
LABRANCHE & CO INC COM         COM              505447102      287    60000 SH       SOLE                    60000        0        0
LACLEDE GROUP INC              COM              505597104     9977   213000 SH       SOLE                   213000        0        0
LAKES ENTERTAINMENT INC COM    COM              51206P109      563   140000 SH       SOLE                   140000        0        0
LANDAUER INC                   COM              51476K103    12754   174000 SH       SOLE                   174000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 31
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
LANDEC CORP COM                COM              514766104      595    90378 SH       SOLE                    90378        0        0
LANGER INC COM                 COM              515707107        8    10000 SH       SOLE                    10000        0        0
LAS VEGAS SANDS CORP           COM              517834107     5207   878000 SH       SOLE                   878000        0        0
LAWSON SOFTWARE INC NEW COM    COM              52078P102      124    26210 SH       SOLE                    26210        0        0
LAYNE CHRISTENSEN CO COM       COM              521050104      360    15000 SH       SOLE                    15000        0        0
LEAR CORP COM                  COM              521865105      307   218000 SH       SOLE                   218000        0        0
LEARNING TREE INTL INC COM     COM              522015106      868   101883 SH       SOLE                   101883        0        0
LECROY CORP COM                COM              52324W109      451   147947 SH       SOLE                   147947        0        0
LEE ENTERPRISES INC            COM              523768109       78   190000 SH       SOLE                   190000        0        0
LEGG MASON INC COM             COM              524901105    24276  1108000 SH       SOLE                  1108000        0        0
LENDER PROCESSING SVCS INC COM COM              52602E102     1178    40000 SH       SOLE                    40000        0        0
LEUCADIA NATL CORP COM         COM              527288104     4815   243200 SH       SOLE                   243200        0        0
LEVEL 3 COMM INC 2.875% 7/15/2 CONVERTIBLE BOND 52729NBA7      154   250000 PRN      SOLE                   250000        0        0
LIBERTY ENTERTAINMENT-A        COM              53071M500    46694  2671300 SH       SOLE                  2671300        0        0
LIBERTY GLOBAL INC COM SER A   COM              530555101    18293  1149084 SH       SOLE                  1149084        0        0
LIBERTY GLOBAL INC COM SER C   COM              530555309     9123   600963 SH       SOLE                   600963        0        0
LIBERTY MEDIA HLDG CORP INT CO COM              53071M104     3756  1204000 SH       SOLE                  1204000        0        0
LIBERTY MEDIA-CAP SER A        COM              53071M302     2838   602650 SH       SOLE                   602650        0        0
LIFE PARTNERS HOLDINGS INC COM COM              53215T106     1388    31795 SH       SOLE                    31795        0        0
LIFE TECHNOLOGIES CORP COM     COM              53217V109     5541   237723 SH       SOLE                   237723        0        0
LIFEWAY FOODS INC COM          COM              531914109     2933   326600 SH       SOLE                   326600        0        0
LILLY, ELI AND COMPANY         COM              532457108    15705   390000 SH       SOLE                   390000        0        0
LIN TV CORP CL A               COM              532774106     1936  1776000 SH       SOLE                        0        0  1776000
LINDSAY CORP                   COM              535555106      827    26000 SH       SOLE                    26000        0        0
LITTELFUSE INC                 COM              537008104      595    35850 SH       SOLE                    35850        0        0
LOCKHEED MARTIN CORP COM       COM              539830109     2438    29000 SH       SOLE                    29000        0        0
LOEWS CORP                     COM              540424108     4577   162000 SH       SOLE                   162000        0        0
LSI LOGIC CORP COM             COM              502161102     5004  1521100 SH       SOLE                  1521100        0        0
LUFKIN INDS INC COM            COM              549764108    15422   447000 SH       SOLE                   447000        0        0
LUNDIN MINING CORP COM         COM              550372106      241   250600 SH       SOLE                   250600        0        0
LYDALL INC COM                 COM              550819106      161    28050 SH       SOLE                    28050        0        0
M G M MIRAGE INC COM           COM              552953101    13251   963000 SH       SOLE                   963000        0        0
M & T BK CORP COM              COM              55261F104     7578   132000 SH       SOLE                   132000        0        0
MACROVISION CORP 2.625% 08/15/ CONVERTIBLE BOND 555904AB7      210   300000 PRN      SOLE                   300000        0        0
MACROVISION SOLUTIONS CORP     COM              55611C108     5823   460308 SH       SOLE                   460308        0        0
MACY'S INC                     COM              55616P104     6228   601700 SH       SOLE                   601700        0        0
MAGNETEK INC COM               COM              559424106     1695   706223 SH       SOLE                   706223        0        0
MAINE & MARITIMES CORP         COM              560377103     7167   186200 SH       SOLE                   186200        0        0
MANITOWOC CO COM               COM              563571108      901   104000 SH       SOLE                   104000        0        0
MARATHON OIL CORP COM          COM              565849106    15590   569800 SH       SOLE                   569800        0        0
MARCUS CORP COM                COM              566330106      649    40000 SH       SOLE                    40000        0        0
MARINE PRODS CORP COM          COM              568427108     1767   314500 SH       SOLE                   314500        0        0
MARSH & MCLENNAN COS INC COM   COM              571748102    22183   914000 SH       SOLE                   914000        0        0
MARSHALL & ILSLEY CORP NEW COM COM              571837103     2455   180000 SH       SOLE                   180000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 32
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
MARTHA STEWART LIVING OMNI     COM              573083102      455   175000 SH       SOLE                   175000        0        0
MARTIN MARIETTA MTLS INC COM   COM              573284106      680     7000 SH       SOLE                     7000        0        0
MASSEY ENERGY CORP COM         COM              576206106      138    10000 SH       SOLE                    10000        0        0
MASTERCARD INC COM             COM              57636Q104    20668   144600 SH       SOLE                   144600        0        0
MATERIAL SCIENCES CORP COM     COM              576674105      573   376850 SH       SOLE                   376850        0        0
MATRIX SVC CO COM              COM              576853105     1580   206018 SH       SOLE                   206018        0        0
MATRIXX INITIATIVES INC COM    COM              57685L105     3356   203500 SH       SOLE                   203500        0        0
MATTEL INC                     COM              577081102     2288   143000 SH       SOLE                   143000        0        0
MATTHEWS INTL CORP CL A        COM              577128101     1174    32000 SH       SOLE                    32000        0        0
MCDERMOTT INTERNATIONAL INC.   COM              580037109     1181   119500 SH       SOLE                   119500        0        0
MCGRAW HILL COMPANIES, INC.    COM              580645109    12059   520000 SH       SOLE                   520000        0        0
MCKESSON HBOC INC.             COM              58155Q103      387    10000 SH       SOLE                    10000        0        0
MEDCO HEALTH SOLUTIONS INC COM COM              58405U102     6077   145000 SH       SOLE                   145000        0        0
MEDIA GENERAL CL A             COM              584404107     3699  2113752 SH       SOLE                        0        0  2113752
MEDIACOM COMMUNICATIONS CORPCL COM              58446K105      163    38000 SH       SOLE                    38000        0        0
MEDICAL ACTION INDS INC COM    COM              58449L100      150    15000 SH       SOLE                    15000        0        0
MEDICAL NUTRITION USA INC COM  COM              58461X107      327   261900 SH       SOLE                   261900        0        0
MEDTRONIC INC COM              COM              585055106     3299   105000 SH       SOLE                   105000        0        0
MELCO PBL ENTERTAINMENT-ADR    COM              585464100      380   120000 SH       SOLE                   120000        0        0
MENTOR CORP MINN COM           COM              587188103    25084   811000 SH       SOLE                   811000        0        0
MENTOR GRAPHICS CORP COM       COM              587200106      734   142000 SH       SOLE                   142000        0        0
MERCK & CO INC                 COM              589331107    16720   550000 SH       SOLE                   550000        0        0
MERCURY COMPUTER SYS INC COM   COM              589378108      132    20850 SH       SOLE                    20850        0        0
MEREDITH CORP                  COM              589433101     5317   310600 SH       SOLE                   310600        0        0
MERIDIAN RESOURCE CORP COM     COM              58977Q109      141   247165 SH       SOLE                   247165        0        0
MERIX CORP COM                 COM              590049102        4    15700 SH       SOLE                    15700        0        0
MERRILL LYNCH & CO INC COM     COM              590188108     7659   658000 SH       SOLE                   658000        0        0
MESA LABS INC COM              COM              59064R109      768    43900 SH       SOLE                    43900        0        0
MET PRO CORP COM               COM              590876306     2304   173001 SH       SOLE                   173001        0        0
METAVANTE HLDG CO COM          COM              591407101     7974   495000 SH       SOLE                   495000        0        0
METHODE ELECTRS INC CL A       COM              591520200      539    80000 SH       SOLE                    80000        0        0
METROPCS COMMUNICATIONS INC    COM              591708102      208    14000 SH       SOLE                    14000        0        0
METROPOLITAN HEALTH NETWORKSCO COM              592142103      440   275100 SH       SOLE                   275100        0        0
MGE ENERGY INC                 COM              55277P104    13761   417000 SH       SOLE                   417000        0        0
MGP INGREDIENTS INC COM        COM              55302G103       56    84000 SH       SOLE                    84000        0        0
MICROSOFT CORP                 COM              594918104    19547  1005500 SH       SOLE                  1005500        0        0
MICRUS ENDOVASCULAR CORP COM   COM              59518V102     1788   154000 SH       SOLE                   154000        0        0
MIDAS GROUP INC COM            COM              595626102     8485   808840 SH       SOLE                   808840        0        0
MIDDLEBY CORP COM              COM              596278101     2687    98522 SH       SOLE                    98522        0        0
MIDDLESEX WTR CO COM           COM              596680108     2103   122033 SH       SOLE                   122033        0        0
MILLICOM INTL CELLULAR S A SHS COM              L6388F110     3817    85000 SH       SOLE                    85000        0        0
MINE SAFETY APPLIANCES CO COM  COM              602720104      276    11550 SH       SOLE                    11550        0        0
MIRANT CORP NEW COM            COM              60467R100     3263   172932 SH       SOLE                   172932        0        0
MIRANT CORP NEW WT A EX 010311 WARRANT AND RIGH 60467R118      273    78016 SH       SOLE                    78016        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 33
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
MIRANT CORP NEW WT B EX 010311 WARRANT AND RIGH 60467R126      155    38363 SH       SOLE                    38363        0        0
MITCHAM INDS INC COM           COM              606501104       94    23635 SH       SOLE                    23635        0        0
MKS INSTRS INC COM             COM              55306N104      318    21487 SH       SOLE                    21487        0        0
MOBILE TELESYSTEMS OJSC ADR SP COM              607409109      253     9500 SH       SOLE                     9500        0        0
MODINE MFG CO                  COM              607828100     4649   954700 SH       SOLE                   954700        0        0
MOLEX INC CL A                 COM              608554200      570    44000 SH       SOLE                    44000        0        0
MONACO COACH CORP COM          COM              60886R103       71   140000 SH       SOLE                   140000        0        0
MONRO MUFFLER BRAKE INC        COM              610236101      301    11812 SH       SOLE                    11812        0        0
MONSANTO CO NEW COM            COM              61166W101    31134   442558 SH       SOLE                   442558        0        0
MONSTER WORLDWIDE INC COM      COM              611742107     1934   160000 SH       SOLE                   160000        0        0
MOODYS CORP COM                COM              615369105     5083   253000 SH       SOLE                   253000        0        0
MOOG INC CL A                  COM              615394202     3291    90000 SH       SOLE                    90000        0        0
MORGAN STANLEY                 COM              617446448     1700   106000 SH       SOLE                   106000        0        0
MORTONS RESTAURANT GRP INC NCO COM              619430101      269    93900 SH       SOLE                    93900        0        0
MOSAIC CO/THE                  COM              61945A107     7387   213500 SH       SOLE                   213500        0        0
MOSY INC                       COM              619718109      314   149400 SH       SOLE                   149400        0        0
MOTOROLA INC                   COM              620076109     2405   543000 SH       SOLE                   543000        0        0
MOVADO GROUP INC COM           COM              624580106      343    36500 SH       SOLE                    36500        0        0
MUELLER INDS INC COM           COM              624756102     3486   139000 SH       SOLE                   139000        0        0
MUELLER WATER PRODUCTS INC     COM              624758108      143    17000 SH       SOLE                    17000        0        0
MUELLER WTR PRODS INC COM SER  COM              624758207      297    35133 SH       SOLE                    35133        0        0
MULTI-COLOR CORP               COM              625383104     2092   132229 SH       SOLE                   132229        0        0
MURPHY OIL CORP COM            COM              626717102    15456   348500 SH       SOLE                   348500        0        0
MVC CAP COM                    COM              553829102     1119   102000 SH       SOLE                   102000        0        0
MWI VETERINARY SUPPLY INC      COM              55402X105     1078    40000 SH       SOLE                    40000        0        0
MYERS INDS INC                 COM              628464109    13200  1650000 SH       SOLE                  1650000        0        0
M-SYSTEMS FIN NV 1.000% 03/15/ CONVERTIBLE BOND 55375VAB8      254   300000 PRN      SOLE                   300000        0        0
NABI BIOPHARMACEUTICALS        COM              629519109       60    18000 SH       SOLE                    18000        0        0
NABORS INDS INC 0.940% 05/15/1 CONVERTIBLE BOND 629568AP1     1660  2000000 PRN      SOLE                  2000000        0        0
NABORS INDUSTRIES LTD SHS      COM              G6359F103     1245   104000 SH       SOLE                   104000        0        0
NARA BANCORP INC COM           COM              63080P105     2632   267800 SH       SOLE                   267800        0        0
NASHUA CORP                    COM              631226107     2561   480000 SH       SOLE                        0        0   480000
NATHANS FAMOUS INC NEW COM     COM              632347100     1389   109200 SH       SOLE                   109200        0        0
NATIONAL FUEL GAS CO N J COM   COM              636180101    35942  1147200 SH       SOLE                  1147200        0        0
NATIONAL GRID PLC              COM              636274300     2657    52652 SH       SOLE                    52652        0        0
NATIONAL PRESTO INDS INC       COM              637215104     6607    85800 SH       SOLE                    85800        0        0
NATIONAL-OILWELL INC COM       COM              637071101     5670   232000 SH       SOLE                   232000        0        0
NATIONWIDE FINANCIAL SERVICE C COM              638612101    34459   660000 SH       SOLE                   660000        0        0
NAVISTAR INTL CORP COM         COM              63934E108    14494   677900 SH       SOLE                   677900        0        0
NCR CORP NEW COM               COM              62886E108     1923   136000 SH       SOLE                   136000        0        0
NDS GROUP PLC ADR SPONSORED    COM              628891103     5373    93700 SH       SOLE                    93700        0        0
NEOGEN CORP COM                COM              640491106     1880    75264 SH       SOLE                    75264        0        0
NEUROMETRIX INC COM            COM              641255104        9    10000 SH       SOLE                    10000        0        0
NEW ALLIANCE BANCSHARES INC CO COM              650203102     8991   682668 SH       SOLE                   682668        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 34
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
NEW GERMANY FD COM (B:GF US)   MUTUAL FUNDS     644465106      993   124000 SH       SOLE                   124000        0        0
NEW YORK CMNTY BANCORP INC COM COM              649445103     4294   359055 SH       SOLE                   359055        0        0
NEW YORK TIMES CO CLASS A      COM              650111107     1129   154000 SH       SOLE                   154000        0        0
NEWMONT MINING 1.625% 07/15/17 CONVERTIBLE BOND 651639AJ5     5538  5200000 PRN      SOLE                  5200000        0        0
NEWMONT MINING CORP HOLDING CO COM              651639106    95143  2337671 SH       SOLE                  2337671        0        0
NEWPORT CORP COM               COM              651824104      358    52850 SH       SOLE                    52850        0        0
NEWS CORP CL A                 COM              65248E104    55040  6055000 SH       SOLE                  6055000        0        0
NEWS CORP CL B                 COM              65248E203     1140   119016 SH       SOLE                   119016        0        0
NEXSTAR BROADCASTING GROUP ICL COM              65336K103        8    15000 SH       SOLE                    15000        0        0
NEXTEL COMM 5.25% 1/15/10      CONVERTIBLE BOND 65332VAY9     1268  1500000 PRN      SOLE                  1500000        0        0
NEXTWAVE WIRELESS INC COM      COM              65337Y102        5    50000 SH       SOLE                    50000        0        0
NICOR INC COM                  COM              654086107    12402   357000 SH       SOLE                   357000        0        0
NIKE INC CL B                  COM              654106103     4692    92000 SH       SOLE                    92000        0        0
NIPPON TELEG&TEL CORP ADR (B:N COM              654624105      544      200 SH       SOLE                      200        0        0
NISOURCE INC                   COM              65473P105     6243   569086 SH       SOLE                   569086        0        0
NOBILITY HOMES INC COM         COM              654892108      553    69900 SH       SOLE                    69900        0        0
NOBLE CORPORATION COM          COM              G65422100     5500   249000 SH       SOLE                   249000        0        0
NOKIA CORP SPONSORED ADR (B:NO COM              654902204      390    25000 SH       SOLE                    25000        0        0
NORTEL NETWORKS INC            COM              656568508      136   523234 SH       SOLE                   523234        0        0
NORTHEAST UTILS COM            COM              664397106    25504  1060000 SH       SOLE                  1060000        0        0
NORTHERN TRUST CORP            COM              665859104    11210   215000 SH       SOLE                   215000        0        0
NORTHROP GRUMMAN CORP (B:NOC)  COM              666807102     7402   164345 SH       SOLE                   164345        0        0
NORTHWESTERN CORP COM NEW      COM              668074305    21170   902000 SH       SOLE                   902000        0        0
NOVARTIS AG - ADR (B:NVS US)   COM              66987V109    11843   238000 SH       SOLE                   238000        0        0
NRG ENERGY INC COM NEW         COM              629377508    13228   567000 SH       SOLE                   567000        0        0
NSTAR COM                      COM              67019E107    47510  1302000 SH       SOLE                  1302000        0        0
NV ENERGY INC COM              COM              67073Y106      346    35000 SH       SOLE                    35000        0        0
NYSE EURONEXT COM              COM              629491101     1095    40000 SH       SOLE                    40000        0        0
O REILLY AUTOMOTIVE INC COM    COM              686091109    36601  1190670 SH       SOLE                  1190670        0        0
OCCIDENTAL PETE CORP           COM              674599105    29155   486000 SH       SOLE                   486000        0        0
OCEANEERING INTL INC COM       COM              675232102     7693   264000 SH       SOLE                   264000        0        0
OCH ZIFF CAP MGMT GROUP CL A   COM              67551U105      371    72000 SH       SOLE                    72000        0        0
ODYSSEY HEALTHCARE INC COM     COM              67611V101     2035   220000 SH       SOLE                   220000        0        0
OGE ENERGY CORP COM            COM              670837103    22287   864500 SH       SOLE                   864500        0        0
OIL DRI CORP AMER COM          COM              677864100     2194   117000 SH       SOLE                   117000        0        0
OLIN CORP COM PAR $1.          COM              680665205     2128   117700 SH       SOLE                   117700        0        0
OMNICARE INC COM               COM              681904108      687    24750 SH       SOLE                    24750        0        0
OMNOVA SOLUTIONS INC COM       COM              682129101     1238  1821168 SH       SOLE                  1821168        0        0
ON SEMICONDUCTOR CORP COM      COM              682189105       49    14400 SH       SOLE                    14400        0        0
ONEOK INC NEW COM              COM              682680103    16948   582000 SH       SOLE                   582000        0        0
OPENTV CORP CL A               COM              G67543101       55    45000 SH       SOLE                    45000        0        0
OPKO HEALTH INC COM            COM              68375N103      128    79000 SH       SOLE                    79000        0        0
OREZONE RES INC COM            COM              685921108      230   500000 SH       SOLE                   500000        0        0
ORIENT-EXPRESS HOTELS LTD COM  COM              G67743107     1593   208000 SH       SOLE                   208000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 35
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ORITANI FINL CORP COM          COM              686323106      433    25700 SH       SOLE                    25700        0        0
ORMAT TECHNOLOGIES INC         COM              686688102     3225   101200 SH       SOLE                   101200        0        0
ORTHOFIX INTL N V ORD          COM              N6748L102     2775   181000 SH       SOLE                   181000        0        0
OSHKOSH CORP                   COM              688239201      231    26000 SH       SOLE                    26000        0        0
OSI SYSTEMS INC COM            COM              671044105      152    11000 SH       SOLE                    11000        0        0
OSTEOTECH INC COM              COM              688582105       22    13000 SH       SOLE                    13000        0        0
OTTER TAIL CORPORATION COM     COM              689648103     3616   155000 SH       SOLE                   155000        0        0
OUTDOOR HLDGS INC (NEW)        COM              690027206      306    40800 SH       SOLE                    40800        0        0
OWENS ILL INC COM NEW          COM              690768403     3553   130000 SH       SOLE                   130000        0        0
OWENS & MINOR INC NEW COM      COM              690732102     5610   149000 SH       SOLE                   149000        0        0
PACCAR INC                     COM              693718108     5663   198000 SH       SOLE                   198000        0        0
PACTIV CORP COM                COM              695257105     5143   206700 SH       SOLE                   206700        0        0
PAIN THERAPEUTICS INC COM      COM              69562K100     2721   459600 SH       SOLE                   459600        0        0
PALM HBR HOMES INC COM         COM              696639103      199    40000 SH       SOLE                    40000        0        0
PALOMAR MED TECHNOLOGIES INCCO COM              697529303     3346   290200 SH       SOLE                   290200        0        0
PARK ELECTROCHEMICAL CORP COM  COM              700416209     5600   295350 SH       SOLE                   295350        0        0
PARK OHIO HLDGS CORP COM       COM              700666100     2098   340000 SH       SOLE                   340000        0        0
PARKER HANNIFIN CORP           COM              701094104      510    12000 SH       SOLE                    12000        0        0
PATTERSON COMPANIES INC        COM              703395103     1688    90000 SH       SOLE                    90000        0        0
PEABODY ENERGY CORP COM        COM              704549104     4652   204500 SH       SOLE                   204500        0        0
PENFORD CORP COM               COM              707051108      785    77600 SH       SOLE                    77600        0        0
PENN NATIONAL GAMING INC COM   COM              707569109     2566   120000 SH       SOLE                   120000        0        0
PENNICHUCK CORP COM NEW        COM              708254206     6878   335000 SH       SOLE                   335000        0        0
PENTAIR INC COM                COM              709631105     1326    56000 SH       SOLE                    56000        0        0
PENWEST PHARMACEUTICALS CO COM COM              709754105      243   155000 SH       SOLE                   155000        0        0
PEP BOYS MANNY MOE & JACK      COM              713278109     2345   567900 SH       SOLE                   567900        0        0
PEPCO HLDGS INC COM            COM              713291102     5195   292500 SH       SOLE                   292500        0        0
PEPSIAMERICAS                  COM              71343P200    44597  2190400 SH       SOLE                  2190400        0        0
PEPSICO INC                    COM              713448108    32511   593600 SH       SOLE                   593600        0        0
PERICOM SEMICONDUCTOR CORP COM COM              713831105      972   177405 SH       SOLE                   177405        0        0
PETROBRAS BRASILEIRO ADR SPONS COM              71654V408    21057   859800 SH       SOLE                   859800        0        0
PETROCHINA CO LTD SPONSORED AD COM              71646E100     2936    33000 SH       SOLE                    33000        0        0
PFIZER INC                     COM              717081103    58850  3323000 SH       SOLE                  3323000        0        0
PG&E CORP COM                  COM              69331C108     3445    89000 SH       SOLE                    89000        0        0
PHH CORP COM NEW               COM              693320202      401    31500 SH       SOLE                    31500        0        0
PHHM 3.25% 5/15/2024           CONVERTIBLE BOND 696639AB9     1383  3950000 PRN      SOLE                  3950000        0        0
PHILIP MORRIS INTL INC COM     COM              718172109     3894    89500 SH       SOLE                    89500        0        0
PHILLIPINE LONG DISTANCE TEL S COM              718252604     6479   138000 SH       SOLE                   138000        0        0
PHOENIX COS INC NEW COM        COM              71902E109     1215   371600 SH       SOLE                   371600        0        0
PHOENIX TECHNOLOGIES LTD COM   COM              719153108       57    16250 SH       SOLE                    16250        0        0
PIEDMONT NAT GAS INC COM       COM              720186105     4085   129000 SH       SOLE                   129000        0        0
PIER 1 IMPORTS INC SHS BEN INT COM              720279108       35    95000 SH       SOLE                    95000        0        0
PINNACLE AIRLINES CORP         COM              723443107       29    10000 SH       SOLE                    10000        0        0
PINNACLE ENTMT INC COM         COM              723456109     6919   900900 SH       SOLE                   900900        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 36
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
PINNACLE WEST CAP CORP COM     COM              723484101    13559   422000 SH       SOLE                   422000        0        0
PLACER DOME INC 2.75% 10/15/20 CONVERTIBLE BOND 725906AK7     3831  2500000 PRN      SOLE                  2500000        0        0
PLANTRONICS                    COM              727493108      207    15700 SH       SOLE                    15700        0        0
PNC FINANCIAL CORP             COM              693475105    16553   337818 SH       SOLE                   337818        0        0
PNM RES INC                    COM              69349H107    18749  1860000 SH       SOLE                  1860000        0        0
POLO RALPH LAUREN CORP         COM              731572103     2316    51000 SH       SOLE                    51000        0        0
POPULAR INC COM                COM              733174106      206    40000 SH       SOLE                    40000        0        0
PORTUGAL TELECOM ADR (B:PT US) COM              737273102      901   105000 SH       SOLE                   105000        0        0
POTASH CORP SASK INC           COM              73755L107     6114    83500 SH       SOLE                    83500        0        0
PPL CORP COM                   COM              69351T106     1541    50200 SH       SOLE                    50200        0        0
PRECISION CASTPARTS CORP       COM              740189105    30989   521000 SH       SOLE                   521000        0        0
PREFORMED LINE PRODS CO COM    COM              740444104      359     7788 SH       SOLE                     7788        0        0
PRIMEDIA INC COM NEW           COM              74157K846      965   444800 SH       SOLE                   444800        0        0
PRINCETON REVIEW INC COM       COM              742352107      276    55950 SH       SOLE                    55950        0        0
PRIVATEBANCORP 3.625% 03/15/27 CONVERTIBLE BOND 742962AD5      963  1000000 PRN      SOLE                  1000000        0        0
PRIVATEBANCORP INC COM         COM              742962103      325    10000 SH       SOLE                    10000        0        0
PROCTER & GAMBLE COMPANY       COM              742718109    64015  1035500 SH       SOLE                  1035500        0        0
PROGRESS ENERGY INC COM        COM              743263105    29210   733000 SH       SOLE                   733000        0        0
PROLIANCE INTERNATIONAL INC    COM              74340R104      185   514000 SH       SOLE                   514000        0        0
PROLOGIS SH BEN INT            COM              743410102      500    36000 SH       SOLE                    36000        0        0
PROSHARES TR PSHS ULTRA FINL   ETF/ISHARE - EQU 74347R743     1930   320000 SH       SOLE                   320000        0        0
PROVIDENCE & WORCESTER RR COCO COM              743737108     1475   123000 SH       SOLE                   123000        0        0
PSS WORLD MED INC COM          COM              69366A100      790    42000 SH       SOLE                    42000        0        0
PT INDOSAT TBK SPONSORED ADR   COM              744383100      362    14000 SH       SOLE                    14000        0        0
PT TELEKOMUNIKASI INDONESIA (B COM              715684106      534    21360 SH       SOLE                    21360        0        0
PUBLIC SVC ENTERPRISES COM     COM              744573106    14212   487200 SH       SOLE                   487200        0        0
PUGET ENERGY INC NEW COM       COM              745310102    30870  1132000 SH       SOLE                  1132000        0        0
PZENA INVESTMENT MGMT INC CLAS COM              74731Q103       77    18200 SH       SOLE                    18200        0        0
QUAKER CHEM CORP COM           COM              747316107      914    55579 SH       SOLE                    55579        0        0
QUALCOMM INC COM               COM              747525103     7453   208000 SH       SOLE                   208000        0        0
QUALITY SYS INC COM            COM              747582104      480    11000 SH       SOLE                    11000        0        0
QUIDEL CORP COM                COM              74838J101     3045   233000 SH       SOLE                   233000        0        0
QWEST COMMUNICATIONS INTL.     COM              749121109    10556  2900000 SH       SOLE                  2900000        0        0
RALCORP HOLDINGS INC           COM              751028101    15710   269000 SH       SOLE                   269000        0        0
RANDGOLD RES LTD ADR           COM              752344309    53196  1211200 SH       SOLE                  1211200        0        0
RAYONIER INC COM               COM              754907103      783    24984 SH       SOLE                    24984        0        0
RAYTHEON COMPANY               COM              755111507      510    10000 SH       SOLE                    10000        0        0
READING INTERNATIONAL INC CL B COM              755408200       80    20400 SH       SOLE                    20400        0        0
READING INTL INC CL A          COM              755408101       92    23300 SH       SOLE                    23300        0        0
REGAL ENTERTAINMENT GROUP      COM              758766109      368    36000 SH       SOLE                    36000        0        0
RENEGY HOLDINGS INC            COM              75845J109        5    14000 SH       SOLE                    14000        0        0
REPSOL YPF S A ADR SPONSORED   COM              76026T205     6518   303000 SH       SOLE                   303000        0        0
REPUBLIC SVCS INC CL A         COM              760759100    37383  1508000 SH       SOLE                  1508000        0        0
RESEARCH IN MOTION LTD COM     COM              760975102     5365   132200 SH       SOLE                   132200        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 37
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
REVLON INC CL A                COM              761525609      125    18800 SH       SOLE                    18800        0        0
RF MICRO DEVICES INC COM       COM              749941100       27    34450 SH       SOLE                    34450        0        0
RGC RES INC COM                COM              74955L103      638    25000 SH       SOLE                    25000        0        0
RH DONNELLEY CORP COM          COM              74955W307       58   156000 SH       SOLE                   156000        0        0
RIO TINTO LTD ADR SPONSORED (B COM              767204100     8086    90950 SH       SOLE                    90950        0        0
ROBBINS & MYERS INC            COM              770196103     1792   110850 SH       SOLE                   110850        0        0
ROCHESTER MED CORP COM         COM              771497104      186    12115 SH       SOLE                    12115        0        0
ROCKWELL AUTOMATION INC (B:ROK COM              773903109    18925   587000 SH       SOLE                   587000        0        0
ROCKWELL COLLINS INC COM       COM              774341101     9812   251000 SH       SOLE                   251000        0        0
ROCKWOOD HLDGS INC COM         COM              774415103      594    55000 SH       SOLE                    55000        0        0
ROGERS COMMUNICATIONS CL B     COM              775109200    86585  2878500 SH       SOLE                  2878500        0        0
ROHM & HAAS CO COM             COM              775371107    68494  1108500 SH       SOLE                  1108500        0        0
ROLLINS INC                    COM              775711104    44766  2476000 SH       SOLE                  2476000        0        0
ROPER 1.481% 01/15/34          CONVERTIBLE BOND 776696AA4      700  1400000 PRN      SOLE                  1400000        0        0
ROPER INDS INC NEW             COM              776696106     1389    32000 SH       SOLE                    32000        0        0
ROSTELECOM LONG DISTANCE & ISP COM              778529107      971    17500 SH       SOLE                    17500        0        0
ROWAN COS INC                  COM              779382100    13213   831000 SH       SOLE                   831000        0        0
ROYAL DUTCH SHELL PLC ADR-A(RD COM              780259206    21917   414000 SH       SOLE                   414000        0        0
ROYAL GOLD INC COM             COM              780287108     3671    74600 SH       SOLE                    74600        0        0
ROYCE VALUE TR INC             COM              780910105      935   111420 SH       SOLE                   111420        0        0
RPC INC. COMMON                COM              749660106    15665  1605000 SH       SOLE                  1605000        0        0
RTI BIOLOGICS INC COM          COM              74975N105      724   262415 SH       SOLE                   262415        0        0
RUSH ENTERPRISES INC CL B      COM              781846308     1638   200000 SH       SOLE                   200000        0        0
SAFEGUARD SCIENTIFICS INC COM  COM              786449108       31    45250 SH       SOLE                    45250        0        0
SAFEWAY INC COM NEW            COM              786514208    18232   767000 SH       SOLE                   767000        0        0
SAKS INC COM                   COM              79377W108      132    30150 SH       SOLE                    30150        0        0
SALEM COMMUNICATIONS CORP DECL COM              794093104      504   671341 SH       SOLE                   671341        0        0
SALLY BEAUTY HLDGS INC COM     COM              79546E104     4125   725000 SH       SOLE                   725000        0        0
SANDISK CORP 1.000% 05/15/13   CONVERTIBLE BOND 80004CAC5      615  1500000 PRN      SOLE                  1500000        0        0
SANDISK CORP COM               COM              80004C101     1613   168000 SH       SOLE                   168000        0        0
SARA LEE CORP COM              COM              803111103    20285  2072000 SH       SOLE                  2072000        0        0
SASOL LTD ADR SPONSORED        COM              803866300     2426    80000 SH       SOLE                    80000        0        0
SCANA CORP NEW COM             COM              80589M102     9274   260500 SH       SOLE                   260500        0        0
SCHEIN HENRY INC COM           COM              806407102     5504   150000 SH       SOLE                   150000        0        0
SCHERING PLOUGH CORP           COM              806605101     6727   395000 SH       SOLE                   395000        0        0
SCHIFF NUTRITION INTL INC COM  COM              806693107     5889   986465 SH       SOLE                   986465        0        0
SCHLUMBERGER                   COM              806857108    10464   247200 SH       SOLE                   247200        0        0
SCHULMAN A INC COM             COM              808194104     1020    60000 SH       SOLE                    60000        0        0
SCHWAB CHARLES CORP NEW        COM              808513105     9120   564000 SH       SOLE                   564000        0        0
SCHWEITZER-MAUDUIT INTL INC CO COM              808541106      360    18000 SH       SOLE                    18000        0        0
SCRIPPS E W CO OHIO CL A       COM              811054402     1540   696998 SH       SOLE                   696998        0        0
SCRIPPS NETWORKS INTERAC       COM              811065101    13275   603400 SH       SOLE                   603400        0        0
SEACOAST BKG CORP FLA COM      COM              811707306      271    41000 SH       SOLE                    41000        0        0
SEALED AIR CORP NEW            COM              81211K100      376    25200 SH       SOLE                    25200        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 38
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
SEMPRA ENERGY COM              COM              816851109     8100   190000 SH       SOLE                   190000        0        0
SENSIENT TECHNOLOGIES CORP     COM              81725T100    24487  1025400 SH       SOLE                  1025400        0        0
SHAW COMMUNICATIONS CL B NON V COM              82028K200    10962   620000 SH       SOLE                   620000        0        0
SHENANDOAH TELECOMMUNICATIONCD COM              82312B106     3198   114000 SH       SOLE                   114000        0        0
SHUTTERFLY INC COM             COM              82568P304       70    10000 SH       SOLE                    10000        0        0
SIMS GROUP LTD SPONS ADR       COM              829160100     1409   113460 SH       SOLE                   113460        0        0
SINCLAIR BROAD 4.875% 7/15/201 CONVERTIBLE BOND 829226AU3      875  1750000 PRN      SOLE                  1750000        0        0
SINCLAIR BROADCAST GROUP INCCL COM              829226109     1590   513000 SH       SOLE                   513000        0        0
SIRIUS XM RADIO INC COM        COM              82967N108       48   400000 SH       SOLE                   400000        0        0
SIX FLAGS INC.                 COM              83001P109       23    75000 SH       SOLE                    75000        0        0
SJW CORP COM                   COM              784305104    14356   479500 SH       SOLE                   479500        0        0
SK TELECOM LTD SPONSORED ADR ( COM              78440P108     2865   157600 SH       SOLE                   157600        0        0
SKYLINE CORP                   COM              830830105     6061   303200 SH       SOLE                   303200        0        0
SL INDS INC COM                COM              784413106     1855   210800 SH       SOLE                        0        0   210800
SLM CORP COM                   COM              78442P106     9034  1015000 SH       SOLE                  1015000        0        0
SMART BALANCE INC COM          COM              83169Y108     1097   161250 SH       SOLE                   161250        0        0
SMITH A O CORP COM             COM              831865209      354    12000 SH       SOLE                    12000        0        0
SMITH & WESSON HLDG CORP COM   COM              831756101      240   105577 SH       SOLE                   105577        0        0
SMUCKER J M CO COM NEW         COM              832696405     4466   103000 SH       SOLE                   103000        0        0
SMURFIT-STONE CONTAINER 7% CV  CONVERTIBLE PREF 832727200       57    32000 SH       SOLE                    32000        0        0
SONESTA INTL HOTELS CORP CL A  COM              835438409     2954   216113 SH       SOLE                   216113        0        0
SONIC INNOVATIONS INC COM      COM              83545M109      506   506000 SH       SOLE                   506000        0        0
SONOCO PRODS CO COM            COM              835495102      764    33000 SH       SOLE                    33000        0        0
SONY CORP-ADR (B:SNE US)       COM              835699307     1094    50000 SH       SOLE                    50000        0        0
SORL AUTO PTS INC COM          COM              78461U101      191   120000 SH       SOLE                   120000        0        0
SOUTH JERSEY INDS INC COM      COM              838518108     4184   105000 SH       SOLE                   105000        0        0
SOUTHERN CO                    COM              842587107    14245   385000 SH       SOLE                   385000        0        0
SOUTHERN UN CO NEW COM         COM              844030106    17343  1330000 SH       SOLE                  1330000        0        0
SOUTHWEST GAS CORP             COM              844895102    33517  1329000 SH       SOLE                  1329000        0        0
SOUTHWEST WATER CO             COM              845331107       80    24901 SH       SOLE                    24901        0        0
SOVEREIGN BANCORP INC COM      COM              845905108     2742   920000 SH       SOLE                   920000        0        0
SP AQUISITION HOLDING-UNITS    COM              78470A203      114    12500 SH       SOLE                    12500        0        0
SPAIN FUND INC                 MUTUAL FUNDS     846330108       59    11000 SH       SOLE                    11000        0        0
SPANISH BROADCASTING SYSTEM CL COM              846425882        2    22000 SH       SOLE                    22000        0        0
SPARTAN MTRS INC COM           COM              846819100      380    80375 SH       SOLE                    80375        0        0
SPDR GOLD TRUST GOLD SHS       ETF/ISHARE - EQU 78463V107      692     8000 SH       SOLE                     8000        0        0
SPECTRA ENERGY CORP COM        COM              847560109    30355  1928500 SH       SOLE                  1928500        0        0
SPRINT NEXTEL CORP             COM              852061100    14240  7781500 SH       SOLE                  7781500        0        0
ST JUDE MEDICAL CENTER INC     COM              790849103    10943   332000 SH       SOLE                   332000        0        0
ST. JOE COMPANY                COM              790148100     9606   395000 SH       SOLE                   395000        0        0
STAMPS.COM INC (NEW)           COM              852857200      167    17000 SH       SOLE                    17000        0        0
STANDARD MOTOR PRODUCTS CV 6.7 CONVERTIBLE BOND 853666AB1     3807  4414000 PRN      SOLE                  4414000        0        0
STANDARD MTR PRODS INC CLASS A COM              853666105     3754  1084900 SH       SOLE                  1084900        0        0
STANDARD PARKING CORP COM      COM              853790103     1302    67325 SH       SOLE                    67325        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 39
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
STANDEX INTL CORP              COM              854231107     1309    66000 SH       SOLE                    66000        0        0
STARRETT L S CO CL A           COM              855668109     2362   146726 SH       SOLE                   146726        0        0
STARWOOD HOTELS & RESORTS WRLD COM              85590A401     3401   190000 SH       SOLE                   190000        0        0
STATE STREET CORP              COM              857477103    23976   609600 SH       SOLE                   609600        0        0
STATOIL ASA SPONSORED ADR      COM              85771P102    16292   977900 SH       SOLE                   977900        0        0
STEAK N SHAKE CO COM           COM              857873103     1904   320000 SH       SOLE                   320000        0        0
STERLING BANCORP COM           COM              859158107     7014   499950 SH       SOLE                   499950        0        0
STEWART ENTERPRISES INC CL A   COM              860370105       90    30000 SH       SOLE                    30000        0        0
STILLWATER MINING              COM              86074Q102      257    52100 SH       SOLE                    52100        0        0
STONERIDGE INC                 COM              86183P102     1123   246200 SH       SOLE                   246200        0        0
STRATEGIC DIAGNOSTICS INC COM  COM              862700101      190   213900 SH       SOLE                   213900        0        0
STRATTEC SECURITY CORP.        COM              863111100      865    52600 SH       SOLE                    52600        0        0
STRYKER CORP                   COM              863667101     6644   166300 SH       SOLE                   166300        0        0
STUDENT LN CORP COM            COM              863902102      205     5000 SH       SOLE                     5000        0        0
SUNCOR INC COM                 COM              867229106     5324   273000 SH       SOLE                   273000        0        0
SUNOCO INC COM                 COM              86764P109     7823   180000 SH       SOLE                   180000        0        0
SUNPOWER CORP COM CL A         COM              867652109     8521   230300 SH       SOLE                   230300        0        0
SUNTRUST BANKS INC             COM              867914103     1536    52000 SH       SOLE                    52000        0        0
SUPERIOR INDS INTL INC         COM              868168105     2283   217000 SH       SOLE                   217000        0        0
SUPERIOR WELL SVCS INC COM     COM              86837X105      200    19950 SH       SOLE                    19950        0        0
SUPERVALU INC COMMON           COM              868536103     5066   347000 SH       SOLE                   347000        0        0
SWS GROUP INC                  COM              78503N107     8437   445200 SH       SOLE                   445200        0        0
SYCAMORE NETWORKS              COM              871206108     1609   598000 SH       SOLE                   598000        0        0
SYMMETRICOM INC COM            COM              871543104       54    13550 SH       SOLE                    13550        0        0
SYNERON MEDICAL LTD ORD SHS    COM              M87245102      559    67000 SH       SOLE                    67000        0        0
SYNGENTA AG ADR SPONSORED      COM              87160A100     9296   237500 SH       SOLE                   237500        0        0
SYNOVIS LIFE TECHNOLOGIES INCO COM              87162G105     1971   105164 SH       SOLE                   105164        0        0
T ROWE PRICE GROUP INC         COM              74144T108    18358   518000 SH       SOLE                   518000        0        0
TAKE-TWO INTERACTIVE SOFTWARCO COM              874054109     8278  1095000 SH       SOLE                  1095000        0        0
TD AMERITRADE HLDG CORP COM    COM              87236Y108     1140    80000 SH       SOLE                    80000        0        0
TECH OPS SEVCON INC            COM              878293109      627   235602 SH       SOLE                   235602        0        0
TECO ENERGY INC COM            COM              872375100     3767   305000 SH       SOLE                   305000        0        0
TEEKAY SHIPPING CORP COM       COM              Y8564W103      432    22000 SH       SOLE                    22000        0        0
TELE CELULAR SUL PARTICIPACOES COM              88706P106      790    63244 SH       SOLE                    63244        0        0
TELE NORTE LESTE PARTICIPACO A COM              879246106     4225   303528 SH       SOLE                   303528        0        0
TELECOM ARGENTINA SA ADR       COM              879273209     1794   236000 SH       SOLE                   236000        0        0
TELECOM ITALIA SPA ADR         COM              87927Y102     7529   463300 SH       SOLE                   463300        0        0
TELECOM NEW ZEALAND ADR(R:STVM COM              879278208      391    58399 SH       SOLE                    58399        0        0
TELEFLEX INC                   COM              879369106      251     5000 SH       SOLE                     5000        0        0
TELEFONICA DE ARGENTINA S A SP COM              879378404      440    55000 SH       SOLE                    55000        0        0
TELEFONICA DE ESPANA SA ADR (B COM              879382208    32331   479761 SH       SOLE                   479761        0        0
TELEFONOS DE MEXICO ADR REP (B COM              879403780     8732   417000 SH       SOLE                   417000        0        0
TELEMIG CELULAR PARTICIPACOE A COM              87944E105      250     8347 SH       SOLE                     8347        0        0
TELEPHONE & DATA SYS INC SPL C COM              879433860    33728  1200300 SH       SOLE                  1200300        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 40
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
TELEPHONE & DATA SYSTEM INC.   COM              879433100    52127  1641800 SH       SOLE                  1641800        0        0
TELMEX INTERNACIONAL SAB DE SP COM              879690105     4873   429000 SH       SOLE                   429000        0        0
TELUS CORP NON VTG SHS         COM              87971M202     4095   144100 SH       SOLE                   144100        0        0
TENARIS S A SPONSORED ADR      COM              88031M109    12504   596000 SH       SOLE                   596000        0        0
TENET HEALTHCARE CORP COM      COM              88033G100     1162  1010000 SH       SOLE                  1010000        0        0
TENNANT CO                     COM              880345103     4663   302800 SH       SOLE                   302800        0        0
TENNECO AUTOMOTIVE INC COM     COM              880349105      985   334000 SH       SOLE                   334000        0        0
TESCO CORP COM                 COM              88157K101      134    18800 SH       SOLE                    18800        0        0
TESORO PETE CORP COM           COM              881609101     1706   129500 SH       SOLE                   129500        0        0
TEVA PHARMACEUTICAL INDS LTDAD COM              881624209      454    10662 SH       SOLE                    10662        0        0
TEXAS INSTRUMENTS INC          COM              882508104    14992   966000 SH       SOLE                   966000        0        0
TEXTRON INC                    COM              883203101      555    40000 SH       SOLE                    40000        0        0
THE SCOTTS MIRACLE GRO CO      COM              810186106      476    16000 SH       SOLE                    16000        0        0
THERMO FISHER SCIENTIFIC INC   COM              883556102      307     9000 SH       SOLE                     9000        0        0
THESTREET.COM                  COM              88368Q103     1316   453687 SH       SOLE                   453687        0        0
THOMAS & BETTS CORP            COM              884315102    31394  1307000 SH       SOLE                  1307000        0        0
THOR INDS INC COM              COM              885160101      356    27000 SH       SOLE                    27000        0        0
THORATEC LABS CORP COM NEW     COM              885175307      520    16000 SH       SOLE                    16000        0        0
TICKETMASTER COM               COM              88633P302      539    84000 SH       SOLE                    84000        0        0
TIER TECHNOLOGIES INC CL B     COM              88650Q100      554   102567 SH       SOLE                   102567        0        0
TIFFANY & CO NEW COM           COM              886547108     8268   349900 SH       SOLE                   349900        0        0
TIME WARNER CABLE INC CL A     COM              88732J108      386    18000 SH       SOLE                    18000        0        0
TIME WARNER INC                COM              887317105    51653  5134500 SH       SOLE                  5134500        0        0
TIVO INC                       COM              888706108      401    56000 SH       SOLE                    56000        0        0
TOOTSIE ROLL INDS INC          COM              890516107    16066   627346 SH       SOLE                   627346        0        0
TOTAL SA ADR (B:TOT US)        COM              89151E109    12034   217618 SH       SOLE                   217618        0        0
TOWER SEMICONDUCTOR LTD ORD    COM              M87915100       17   123592 SH       SOLE                   123592        0        0
TRACTOR SUPPLY CO COM          COM              892356106     4698   130000 SH       SOLE                   130000        0        0
TRANS LUX CORP                 COM              893247106      594   772000 SH       SOLE                        0        0   772000
TRANSACT TECHNOLOGIES INC COM  COM              892918103     1574   342987 SH       SOLE                   342987        0        0
TRAVELERS COMPANIES INC        COM              89417E109    16679   369000 SH       SOLE                   369000        0        0
TREDEGAR INDS INC              COM              894650100     3592   197600 SH       SOLE                   197600        0        0
TREE COM INC COM               COM              894675107      250    95986 SH       SOLE                    95986        0        0
TRIDENT MICROSYSTEMS INC COM   COM              895919108      643   340000 SH       SOLE                   340000        0        0
TRIMBLE NAV LTD COM            COM              896239100     4196   194178 SH       SOLE                   194178        0        0
TRINITY INDS INC               COM              896522109     2994   189950 SH       SOLE                   189950        0        0
TTM TECHNOLOGIES INC COM       COM              87305R109      389    74650 SH       SOLE                    74650        0        0
TURBOCHEF TECHNOLOGIES INC COM COM              900006206      304    62000 SH       SOLE                    62000        0        0
TURKCELL ILETISIM HIZMETLERISP COM              900111204     1808   124000 SH       SOLE                   124000        0        0
TW TELECOM INC                 COM              87311L104     1609   190000 SH       SOLE                   190000        0        0
TYCO ELECTRONICS LTD           COM              G9144P105     9649   595250 SH       SOLE                   595250        0        0
TYCO INTERNATIONAL LTD         COM              G9143X208    18795   870150 SH       SOLE                   870150        0        0
TYLER TECHNOLOGIES INC COM     COM              902252105     3558   297000 SH       SOLE                   297000        0        0
TYSON FOODS INC                COM              902494103     6920   790000 SH       SOLE                   790000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 41
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
U S BANCORP                    COM              902973304      225     9000 SH       SOLE                     9000        0        0
U S ENERGY CORP WYO COM        COM              911805109       33    20300 SH       SOLE                    20300        0        0
U S PHYSICAL THERAPY INC       COM              90337L108      615    46130 SH       SOLE                    46130        0        0
UFP TECHNOLOGIES INC COM       COM              902673102      329    62124 SH       SOLE                    62124        0        0
UIL HLDG CORP COM              COM              902748102     2552    84997 SH       SOLE                    84997        0        0
ULTRA CLEAN HLDGS INC COM      COM              90385V107      305   151850 SH       SOLE                   151850        0        0
ULTRALIFE BATTERIES INC COM    COM              903899102      534    39800 SH       SOLE                    39800        0        0
ULTRATECH INC COM              COM              904034105      490    40950 SH       SOLE                    40950        0        0
UNDER ARMOUR INC CL A          COM              904311107     5221   219000 SH       SOLE                   219000        0        0
UNILEVER N V NEW YORK SHS N    COM              904784709     1915    78000 SH       SOLE                    78000        0        0
UNION DRILLING INC COM         COM              90653P105      130    25000 SH       SOLE                    25000        0        0
UNISOURCE ENERGY CORP COM      COM              909205106    15543   529400 SH       SOLE                   529400        0        0
UNITED GUARDIAN INC COM        COM              910571108      432    47000 SH       SOLE                    47000        0        0
UNITED RENTALS INC COM         COM              911363109      438    48000 SH       SOLE                    48000        0        0
UNITED STATES CELLULAR CORP    COM              911684108    37624   870130 SH       SOLE                   870130        0        0
UNITED STS STL CORP NEW COM    COM              912909108     4092   110000 SH       SOLE                   110000        0        0
UNITED TECHNOLOGIES CORP       COM              913017109     6593   123000 SH       SOLE                   123000        0        0
UNITEDHEALTH GROUP INC COM     COM              91324P102    13279   499200 SH       SOLE                   499200        0        0
UNITIL CORP                    COM              913259107     2891   140000 SH       SOLE                   140000        0        0
UNITRIN INC                    COM              913275103      940    59000 SH       SOLE                    59000        0        0
UNIVERSAL TECHNICAL INST INCCO COM              913915104     3472   202200 SH       SOLE                   202200        0        0
URANIUM RES INC COM PAR $0.001 COM              916901507       81   105000 SH       SOLE                   105000        0        0
UST INC                        COM              902911106   110404  1591300 SH       SOLE                  1591300        0        0
UTILITIES HOLDRS TR DEP RCPT   COM              918019100     9073    95000 SH       SOLE                    95000        0        0
VALASSIS COMMUNICATIONS INC CO COM              918866104      277   210100 SH       SOLE                   210100        0        0
VALERO ENERGY CORP COM         COM              91913Y100     1647    76100 SH       SOLE                    76100        0        0
VALLEY NATL BANCORP COM        COM              919794107     1590    78522 SH       SOLE                    78522        0        0
VALMONT INDS INC               COM              920253101     2283    37200 SH       SOLE                    37200        0        0
VALUE LINE INC                 COM              920437100      528    15300 SH       SOLE                    15300        0        0
VALUECLICK INC COM             COM              92046N102      992   145000 SH       SOLE                   145000        0        0
VARIAN MED SYS INC COM         COM              92220P105     3189    91000 SH       SOLE                    91000        0        0
VASCULAR SOLUTIONS INC COM     COM              92231M109     1719   190600 SH       SOLE                   190600        0        0
VECTREN INC.                   COM              92240G101    14481   579000 SH       SOLE                   579000        0        0
VERIZON COMMUNICATIONS         COM              92343V104    79677  2350368 SH       SOLE                  2350368        0        0
VIACOM INC NEW CL A            COM              92553P102    43320  2153100 SH       SOLE                  2153100        0        0
VICOR CORP COM                 COM              925815102      609    92150 SH       SOLE                    92150        0        0
VIDEO DISPLAY CORP COM         COM              926555103      153    19081 SH       SOLE                    19081        0        0
VILLAGE SUPER MKT INC CL A NEW COM              927107409     1636    28500 SH       SOLE                    28500        0        0
VIMPEL COMMUNICATIONS ADR (B:V COM              68370R109     9337  1304000 SH       SOLE                  1304000        0        0
VISA INC-CLASS A SHRS          COM              92826C839     6242   119000 SH       SOLE                   119000        0        0
VISHAY INTERTECHNOLOGY INC     COM              928298108       95    27650 SH       SOLE                    27650        0        0
VIVO PARTICIPACOES S A SPON AD COM              92855S200      868    69248 SH       SOLE                    69248        0        0
VODAFONE GROUP PLC-ADR         COM              92857W209     7795   381375 SH       SOLE                   381375        0        0
W D 40 COMPANY                 COM              929236107      481    17000 SH       SOLE                    17000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 42
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
WACHOVIA GROUP COM             COM              929903102     3297   595044 SH       SOLE                   595044        0        0
WADDELL & REED FINL INC CL A   COM              930059100    21381  1383000 SH       SOLE                  1383000        0        0
WAL MART STORES INC            COM              931142103    18668   333000 SH       SOLE                   333000        0        0
WALGREEN COMPANY               COM              931422109    20279   822000 SH       SOLE                   822000        0        0
WARNER MUSIC GROUP CORP COM    COM              934550104       69    23000 SH       SOLE                    23000        0        0
WASHINGTON POST CO CL B        COM              939640108      468     1200 SH       SOLE                     1200        0        0
WASTE MGMT INC DEL COM         COM              94106L109    54621  1648200 SH       SOLE                  1648200        0        0
WATSCO INC CL B                COM              942622101      302     7875 SH       SOLE                     7875        0        0
WATTS WATER TECHNOLOGIES       COM              942749102    20956   839250 SH       SOLE                   839250        0        0
WAUSAU PAPER CORP              COM              943315101      458    40000 SH       SOLE                    40000        0        0
WEATHERFORD INTL LTD NEW COM   COM              G95089101    13013  1202700 SH       SOLE                  1202700        0        0
WEBSTER FINL CORP WATERBURY CO COM              947890109      936    67900 SH       SOLE                    67900        0        0
WEIGHT WATCHERS INTL INC NEWCO COM              948626106      353    12000 SH       SOLE                    12000        0        0
WEIS MKTS INC                  COM              948849104     1850    55000 SH       SOLE                    55000        0        0
WELLS FARGO & CO NEW           COM              949746101    64296  2181000 SH       SOLE                  2181000        0        0
WENDYS/ARBYS GROUP INC         COM              950587105      830   168000 SH       SOLE                   168000        0        0
WESTAR ENERGY INC              COM              95709T100    42696  2081700 SH       SOLE                  2081700        0        0
WHITNEY HLDG CORP              COM              966612103      780    52339 SH       SOLE                    52339        0        0
WHOLE FOODS MKT INC COM        COM              966837106     3153   334000 SH       SOLE                   334000        0        0
WHX CORP                       COM              929248607     4946   618265 SH       SOLE                   618265        0        0
WILEY JOHN & SONS INC CL B     COM              968223305      456    12800 SH       SOLE                    12800        0        0
WILLIAMS COS INC               COM              969457100     1793   123800 SH       SOLE                   123800        0        0
WILLIS GROUP HOLDINGS LTD SHS  COM              G96655108     1316    52884 SH       SOLE                    52884        0        0
WILMINGTON TR CORP COM         COM              971807102     9007   405000 SH       SOLE                   405000        0        0
WILSHIRE BANCORP INC COM       COM              97186T108      277    30500 SH       SOLE                    30500        0        0
WIMM BILL DANN FOODS OJSC SPON COM              97263M109      500    19000 SH       SOLE                    19000        0        0
WINDSTREAM CORP COM            COM              97381W104     1078   117169 SH       SOLE                   117169        0        0
WINN DIXIE STORES INC COM NEW  COM              974280307     5394   335000 SH       SOLE                   335000        0        0
WISCONSIN ENERGY CORP COM      COM              976657106    16372   390000 SH       SOLE                   390000        0        0
WOLVERINE WORLD WIDE INC COM   COM              978097103     2314   110000 SH       SOLE                   110000        0        0
WONDER AUTO TECHNOLOGY INC COM COM              978166106      180    46000 SH       SOLE                    46000        0        0
WOODWARD GOVERNOR CO COM       COM              980745103     1915    83200 SH       SOLE                    83200        0        0
WORLD WRESTLING ENTERTAINMENT  COM              98156Q108     1141   103000 SH       SOLE                   103000        0        0
WPT ENTERPRISES INC            COM              98211W108       42    97060 SH       SOLE                    97060        0        0
WYETH (B:WYE)                  COM              983024100    11125   296600 SH       SOLE                   296600        0        0
WYNDHAM WORLDWIDE CORP COM     COM              98310W108      151    23000 SH       SOLE                    23000        0        0
WYNN RESORTS LTD COM           COM              983134107     2303    54500 SH       SOLE                    54500        0        0
XCEL ENERGY INC COM            COM              98389B100    12429   670000 SH       SOLE                   670000        0        0
XEROX CORP                     COM              984121103     6775   850000 SH       SOLE                   850000        0        0
XTO ENERGY INC COM             COM              98385X106    12975   367875 SH       SOLE                   367875        0        0
YAHOO INC.                     COM              984332106    18398  1508000 SH       SOLE                  1508000        0        0
YAMANA GOLD INC COM            COM              98462Y100     7912  1024850 SH       SOLE                  1024850        0        0
YORK WTR CO COM                COM              987184108      238    19650 SH       SOLE                    19650        0        0
YOUBET COM INC COM             COM              987413101       17    20000 SH       SOLE                    20000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI FUNDS, LLC                                                PAGE 43
RUN DATE: 01/20/09 12:42 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
YOUNG BROADCASTING INC CL A    COM              987434107       21   661000 SH       SOLE                        0        0   661000
YOUNG INNOVATIONS INC COM      COM              987520103      513    34100 SH       SOLE                    34100        0        0
ZEBRA TECHNOLOGIES CORP CL A   COM              989207105     2953   145749 SH       SOLE                   145749        0        0
ZEP INC                        COM              98944B108    13595   704050 SH       SOLE                   704050        0        0
ZIMMER HLDGS INC COM           COM              98956P102     5376   133000 SH       SOLE                   133000        0        0
ZORAN CORP COM                 COM              98975F101     2345   343400 SH       SOLE                   343400        0        0
ZYGO CORP COM                  COM              989855101      284    41100 SH       SOLE                    41100        0        0
ZYMOGENETICS INC COM           COM              98985T109       60    20000 SH       SOLE                    20000        0        0




































PORTVUE-SEC13F.LNP                                      GABELLI SECURITIES, INC.                                          PAGE 44
RUN DATE: 01/20/09 12:49 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

ABB LTD SPONSORED ADR          COM              000375204      150    10000 SH       SOLE                    10000        0        0
ADVANCED MED OPTICS INC COM    COM              00763M108      225    34000 SH       SOLE                    34000        0        0
ADVANCED MICRO 1/07 10 PUTS    OPTION - PUT                    548      700 SH  PUT  SOLE                      700        0        0
ADVANCED MICRO DEVICES INC COM COM              007903107      119    55000 SH       SOLE                    55000        0        0
ASHLAND INC NEW COM            COM              044209104      290    27625 SH       SOLE                    27625        0        0
BIOLASE TECHNOLOGY INC COM     COM              090911108       15    10000 SH       SOLE                    10000        0        0
BLOCKBUSTER INC-CL B (BBI B)   COM              093679207      122   187400 SH       SOLE                   187400        0        0
BOSTON SCIENTIFIC CORP COM     COM              101137107      101    13000 SH       SOLE                    13000        0        0
CABLEVISION SYS NY GROUP A     COM              12686C109      379    22500 SH       SOLE                    22500        0        0
CADBURY PLC-SPONS ADR          COM              12721E102     1674    46920 SH       SOLE                    46920        0        0
CASTLEPOINT HOLDINGS LTD COM   COM              G19522112      164    12091 SH       SOLE                    12091        0        0
CATERPILLAR INC                COM              149123101      223     5000 SH       SOLE                     5000        0        0
CENTENNIAL CELLULAR CORP CL A  COM              15133V208     2959   367181 SH       SOLE                   367181        0        0
CENTEX CORP COM                COM              152312104      151    14200 SH       SOLE                    14200        0        0
CKX INC COM                    COM              12562M106      425   115830 SH       SOLE                   115830        0        0
COEUR D ALENE MINES CORP IDACO COM              192108108       12    13100 SH       SOLE                    13100        0        0
COMPUCREDIT CVT 3.625% 05/30/3 CONVERTIBLE BOND 20478NAB6      170   600000 PRN      SOLE                   600000        0        0
CONSTELLATION ENERGY GROUP ICO COM              210371100     2210    88100 SH       SOLE                    88100        0        0
CREDIT SUISSE GROUP SPONSORED  COM              225401108      353    12500 SH       SOLE                    12500        0        0
CUTERA INC COM                 COM              232109108      127    14300 SH       SOLE                    14300        0        0
DATASCOPE CORP                 COM              238113104    10529   201556 SH       SOLE                   201556        0        0
DIEBOLD INC COM                COM              253651103     1362    48500 SH       SOLE                    48500        0        0
DISH NETWORK CORPORATION       COM              25470M109      471    42500 SH       SOLE                    42500        0        0
DISTRIBUCION Y SERVICIO D&S SP COM              254753106      871    36000 SH       SOLE                    36000        0        0
EYE 1/09 30 CALLS              OPTION - CALL                     0      100 SH  CALL SOLE                      100        0        0
FREDDIE MAC COM                COM              313400301        9    12000 SH       SOLE                    12000        0        0
GENENTECH INC                  COM              368710406     4477    54000 SH       SOLE                    54000        0        0
GENERAL MOTORS 4.5% 3/6/32 PFD CONVERTIBLE PREF 370442741       49    13718 SH       SOLE                    13718        0        0
GILAT SATELLITE NETWORKS LTDSH COM              M51474118       29    11000 SH       SOLE                    11000        0        0
GOLD FIELDS LTD NEW SPON ADR ( COM              38059T106      395    39800 SH       SOLE                    39800        0        0
GREIF INC CL B                 COM              397624206     1632    48000 SH       SOLE                    48000        0        0
HARMONY GOLD MINING CO LTD ADR COM              413216300      133    12100 SH       SOLE                    12100        0        0
HUNTSMAN CORP COM              COM              447011107      144    42000 SH       SOLE                    42000        0        0
I2 TECHNOLOGIES INC COM NEW    COM              465754208       73    11500 SH       SOLE                    11500        0        0
INTEL CORP                     COM              458140100      367    25000 SH       SOLE                    25000        0        0
INTEL CORP 2.950% 02/15/35     CORPORATE BONDS  458140AD2      856  1007000 PRN      SOLE                  1007000        0        0
KINROSS GOLD CORP COM NO PAR   COM              496902404      237    12867 SH       SOLE                    12867        0        0
LENNAR CORP COM                COM              526057104      261    30100 SH       SOLE                    30100        0        0
MEDTRONIC INC 1.500% 04/15/11  CONVERTIBLE BOND 585055AL0      938  1000000 PRN      SOLE                  1000000        0        0
MENTOR CORP MINN COM           COM              587188103    10578   342000 SH       SOLE                   342000        0        0
MERRILL LYNCH & CO INC COM     COM              590188108     1560   134000 SH       SOLE                   134000        0        0
MOCON INC COM                  COM              607494101       97    11000 SH       SOLE                    11000        0        0
MONSANTO CO NEW COM            COM              61166W101     1477    21000 SH       SOLE                    21000        0        0
PORTVUE-SEC13F.LNP                                      GABELLI SECURITIES, INC.                                          PAGE 45
RUN DATE: 01/20/09 12:49 P.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 12/31/08

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
MUELLER WTR PRODS INC COM SER  COM              624758207      205    24300 SH       SOLE                    24300        0        0
NATIONAL CITY CORP COM         COM              635405103     1204   665000 SH       SOLE                   665000        0        0
NATIONAL RETAIL PROPERTIES 5.1 CONVERTIBLE BOND 637417AC0      181   250000 PRN      SOLE                   250000        0        0
NATIONWIDE FINANCIAL SERVICE C COM              638612101     9121   174700 SH       SOLE                   174700        0        0
NDS GROUP PLC ADR SPONSORED    COM              628891103     4431    77271 SH       SOLE                    77271        0        0
NEKTAR THERAPEUTICS COM        COM              640268108       83    15000 SH       SOLE                    15000        0        0
NEUROMETRIX INC COM            COM              641255104       10    11200 SH       SOLE                    11200        0        0
NRG ENERGY INC COM NEW         COM              629377508      665    28500 SH       SOLE                    28500        0        0
PRO-DEX INC COLO COM           COM              74265M106        4    10000 SH       SOLE                    10000        0        0
PUGET ENERGY INC NEW COM       COM              745310102     2921   107100 SH       SOLE                   107100        0        0
RANDGOLD RES LTD ADR           COM              752344309      201     4583 SH       SOLE                     4583        0        0
ROHM & HAAS CO COM             COM              775371107     9336   151100 SH       SOLE                   151100        0        0
RTI BIOLOGICS INC COM          COM              74975N105       28    10000 SH       SOLE                    10000        0        0
SAPPHIRE INDUSTRIALS CORP      COM              80306T109      321    35000 SH       SOLE                    35000        0        0
SINCLAIR BROAD 4.875% 7/15/201 CONVERTIBLE BOND 829226AU3      500  1000000 PRN      SOLE                  1000000        0        0
SONIC INNOVATIONS INC COM      COM              83545M109       10    10000 SH       SOLE                    10000        0        0
SUNPOWER CORP COM CL A         COM              867652109      326     8800 SH       SOLE                     8800        0        0
SYNERON MEDICAL LTD ORD SHS    COM              M87245102      130    15600 SH       SOLE                    15600        0        0
TAKE-TWO INTERACTIVE SOFTWARCO COM              874054109      165    21863 SH       SOLE                    21863        0        0
TM ENTERTAINMENT & MEDIA-U     COM              87260T207      147    20000 SH       SOLE                    20000        0        0
TRANSMETA CORP DEL COM         COM              89376R208     1829   100499 SH       SOLE                   100499        0        0
TURBOCHEF TECHNOLOGIES INC COM COM              900006206      566   115199 SH       SOLE                   115199        0        0
UNITED REFINING ENERGY CORP    COM              911360105      252    27300 SH       SOLE                    27300        0        0
UST INC                        COM              902911106    16408   236500 SH       SOLE                   236500        0        0
WACHOVIA GROUP COM             COM              929903102     2271   410000 SH       SOLE                   410000        0        0
WASHINGTON MUT INC COM         COM              939322103        1    30600 SH       SOLE                    30600        0        0
WHX CORP                       COM              929248607      328    40973 SH       SOLE                    40973        0        0
XEROX CORP                     COM              984121103      498    62500 SH       SOLE                    62500        0        0
YAHOO INC.                     COM              984332106      554    45400 SH       SOLE                    45400        0        0