TETON Westwood Balanced Fund Class AAA (WEBAX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-04719

The GAMCO Westwood Funds

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422

(Name and address of agent for service)

registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: September 30

Date of reporting period: March 31, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

MIGHTY MITES^SM FUND

EQUITY FUND

BALANCED FUND

INTERMEDIATE BOND FUND

SMALLCAP EQUITY FUND

INCOME FUND

SEMI-ANNUAL REPORT

MARCH 31, 2009

GAMCO WESTWOOD FUNDS
(Unaudited)

Class AAA Shares																				Class A Shares
Average Annual Returns — March 31, 2009 (a)																				Average Annual Returns — March 31, 2009 (a)(b)(e)
																Current																			Current
																Expense																			Expense
																Ratio after																			Ratio after
													Gross			Adviser			Maximum													Gross			Adviser			Maximum
										Since			Expense			Reimburse-			Sales										Since			Expense			Reimburse-			Sales
	1 Year			5 Year			10 Year			Inception			Ratio			ments			Charge	1 Year			5 Year			10 Year			Inception			Ratio			ments			Charge
Mighty MitesSM		(26.17	)%		0.99	%		7.73	%		8.07	%		1.72	%		1.72	%	None		(29.24	)%		(0.06	)%		7.11	%		7.50	%		1.97	%		1.97	%		4.00	%
Equity		(38.48	)		(0.82	)		1.17			8.69			1.49			1.49		None		(41.18	)		(1.89	)		0.49			8.27			1.74			1.74			4.00
Balanced		(24.02	)		1.28			2.94			7.83			1.23			1.23		None		(27.23	)		0.22			2.27			7.32			1.48			1.48			4.00
Intermediate Bond		3.77			3.36			4.78			5.65			1.76			1.00		None		(0.57	)		2.39			4.26			5.35			1.86			1.10			4.00
SmallCap Equity		(44.59	)		(4.12	)		(2.81	)		0.87			2.62			1.50		None		(46.92	)		(5.10	)		(3.32	)		0.43			2.87			1.75			4.00
Income		(35.31	)		(3.60	)		6.51			3.99			2.48			1.50		None		(38.17	)		(4.63	)		5.86			3.43			2.73			1.75			4.00

Class B Shares																						Class C Shares
Average Annual Returns — March 31, 2009 (a)(c)(e)																						Average Annual Returns — March 31, 2009 (a)(d)(e)
																Current																					Current
																Expense																					Expense
																Ratio after																					Ratio after
													Gross			Adviser			Maximum															Gross			Adviser			Maximum
										Since			Expense			Reimburse-			Sales												Since			Expense			Reimburse-			Sales
	1 Year			5 Year			10 Year			Inception			Ratio			ments			Charge			1 Year			5 Year			10 Year			Inception			Ratio			ments			Charge
Mighty MitesSM		(30.40	)%		(0.17	)%		7.10	%		7.50	%		2.47	%		2.47	%		5.00	%		(27.43	)%		0.25	%		7.13	%		7.52	%		2.47	%		2.47	%		1.00	%
Equity		(42.02	)		(1.96	)		0.55			8.30			2.24			2.24			5.00			(39.61	)		(1.56	)		0.54			8.30			2.24			2.24			1.00
Balanced		(28.34	)		0.13			2.30			7.35			1.98			1.98			5.00			(25.24	)		0.54			2.36			7.38			1.98			1.98			1.00
Intermediate Bond		(2.10	)		2.21			4.12			5.27			2.51			1.75			5.00			2.03			2.62			4.19			5.32			2.51			1.75			1.00
SmallCap Equity		(47.74	)		(5.19	)		(3.37	)		0.38			3.37			2.25			5.00			(45.53	)		(5.17	)		(3.42	)		0.34			3.37			2.25			1.00
Income		(39.14	)		(4.87	)		5.90			3.47			3.23			2.25			5.00			(36.49	)		(4.33	)		6.06			3.60			3.23			2.25			1.00

Class I Shares
Average Annual Returns — March 31, 2009 (a)(e)
																Current
																Expense
																Ratio after
													Gross			Adviser			Maximum
										Since			Expense			Reimburse-			Sales
	1 Year			5 Year			10 Year			Inception			Ratio			ments			Charge
Mighty MitesSM		(26.00	)%		1.05	%		7.76	%		8.10	%		1.47	%		1.47	%	None
Equity		(38.25	)		(0.73	)		(1.22	)		8.71			1.24			1.24		None
Balanced		(23.83	)		1.34			2.97			7.85			0.98			0.98		None
Intermediate Bond		4.03			3.40			4.80			5.66			1.53			0.75		None
SmallCap Equity		(44.44	)		(4.06	)		(2.79	)		0.89			2.40			1.25		None
Income		(35.18	)		(3.55	)		6.54			4.01			2.26			1.25		None

(a)	Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. For the Intermediate Bond, SmallCap Equity, and Income Funds (and for the Mighty MitesSM Fund through September 30, 2005), the Adviser reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2010 and are renewable annually by the Adviser. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.
(b)	Includes the effect of the maximum 4.0% sales charge at the beginning of the period.
(c)	Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the one year and five year periods of 5% and 2%, respectively, of the Fund’s net asset values (“NAV”) per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for new purchases.
(d)	Performance results include the deferred sales charge for the Class C Shares upon redemption at the end of the one year period of 1% of the Fund’s NAV per share at the time of purchase or sale, whichever is lower.
(e)	The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares. The performance for the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class B Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.

	Class AAA Shares		Class A Shares		Class B Shares		Class C Shares		Class I Shares
Mighty MitesSM		05/11/98		11/26/01		06/06/01		08/03/01		01/11/08
Equity		01/02/87		01/28/94		03/27/01		02/13/01		01/11/08
Balanced		10/01/91		04/06/93		03/27/01		09/25/01		01/11/08
Intermediate Bond		10/01/91		07/26/01		03/27/01		10/22/01		01/11/08
SmallCap Equity		04/15/97		11/26/01		03/27/01		11/26/01		01/11/08
Income		09/30/97		05/09/01		11/26/01		11/26/01		01/11/08

2

GAMCO Westwood Funds
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2008 through March 31, 2009	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case — because the hypothetical return used is not the Fund’s actual return — the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	10/01/08		03/31/09		Ratio			Period*
GAMCO Westwood Mighty MitesSM Fund
Actual Fund Return
Class AAA	$	1,000.00	$	752.60		1.72	%	$	7.52
Class A	$	1,000.00	$	752.10		1.97	%	$	8.61
Class B	$	1,000.00	$	750.00		2.47	%	$	10.78
Class C	$	1,000.00	$	750.00		2.47	%	$	10.78
Class I	$	1,000.00	$	753.20		1.47	%	$	6.43
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,016.36		1.72	%	$	8.65
Class A	$	1,000.00	$	1,015.11		1.97	%	$	9.90
Class B	$	1,000.00	$	1,012.62		2.47	%	$	12.39
Class C	$	1,000.00	$	1,012.62		2.47	%	$	12.39
Class I	$	1,000.00	$	1,017.60		1.47	%	$	7.39
GAMCO Westwood Equity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	676.00		1.59	%	$	6.64
Class A	$	1,000.00	$	677.30		1.84	%	$	7.69
Class B	$	1,000.00	$	673.70		2.34	%	$	9.76
Class C	$	1,000.00	$	673.40		2.34	%	$	9.76
Class I	$	1,000.00	$	677.70		1.34	%	$	5.60
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.00		1.59	%	$	8.00
Class A	$	1,000.00	$	1,015.76		1.84	%	$	9.25
Class B	$	1,000.00	$	1,013.26		2.34	%	$	11.75
Class C	$	1,000.00	$	1,013.26		2.34	%	$	11.75
Class I	$	1,000.00	$	1,018.25		1.34	%	$	6.74
GAMCO Westwood Balanced Fund
Actual Fund Return
Class AAA	$	1,000.00	$	807.20		1.25	%	$	5.63
Class A	$	1,000.00	$	806.90		1.50	%	$	6.76
Class B	$	1,000.00	$	804.60		2.00	%	$	9.00
Class C	$	1,000.00	$	805.40		2.00	%	$	9.00
Class I	$	1,000.00	$	809.00		1.00	%	$	4.51
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.70		1.25	%	$	6.29
Class A	$	1,000.00	$	1,017.45		1.50	%	$	7.54
Class B	$	1,000.00	$	1,014.96		2.00	%	$	10.05
Class C	$	1,000.00	$	1,014.96		2.00	%	$	10.05
Class I	$	1,000.00	$	1,019.95		1.00	%	$	5.04
GAMCO Westwood Intermediate Bond Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,050.10		1.00	%	$	5.11
Class A	$	1,000.00	$	1,048.10		1.10	%	$	5.62
Class B	$	1,000.00	$	1,045.20		1.75	%	$	8.92
Class C	$	1,000.00	$	1,046.90		1.75	%	$	8.93
Class I	$	1,000.00	$	1,050.40		0.75	%	$	3.83
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,019.95		1.00	%	$	5.04
Class A	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class B	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class C	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class I	$	1,000.00	$	1,021.19		0.75	%	$	3.78
GAMCO Westwood SmallCap Equity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	581.30		1.50	%	$	5.91
Class A	$	1,000.00	$	580.80		1.75	%	$	6.90
Class B	$	1,000.00	$	579.40		2.25	%	$	8.86
Class C	$	1,000.00	$	579.20		2.25	%	$	8.86
Class I	$	1,000.00	$	582.50		1.25	%	$	4.93
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.45		1.50	%	$	7.54
Class A	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class B	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class C	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class I	$	1,000.00	$	1,018.70		1.25	%	$	6.29
GAMCO Westwood Income Fund
Actual Fund Return
Class AAA	$	1,000.00	$	710.10		1.50	%	$	6.40
Class A	$	1,000.00	$	708.00		1.75	%	$	7.45
Class B	$	1,000.00	$	707.60		2.25	%	$	9.58
Class C	$	1,000.00	$	707.60		2.25	%	$	9.58
Class I	$	1,000.00	$	711.00		1.25	%	$	5.33
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.45		1.50	%	$	7.54
Class A	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class B	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class C	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class I	$	1,000.00	$	1,018.70		1.25	%	$	6.29

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

3

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of total net assets as of March 31, 2009:

GAMCO Westwood Mighty Mites^SM Fund

U.S. Government Obligations	46.3	%
Health Care	8.8	%
Electronics	6.3	%
Financial Services	4.2	%
Business Services	3.4	%
Equipment and Supplies	3.2	%
Diversified Industrial	2.8	%
Specialty Chemicals	2.4	%
Telecommunications	2.0	%
Aerospace	1.7	%
Energy and Utilities: Natural Gas	1.5	%
Food and Beverage	1.5	%
Automotive: Parts and Accessories	1.3	%
Machinery	1.3	%
Energy and Utilities: Water	1.2	%
Manufactured Housing and Recreational Vehicles	1.0	%
Publishing	1.0	%
Retail	1.0	%
Hotels and Gaming	1.0	%
Computer Software and Services	1.0	%
Consumer Products	0.9	%
Aviation: Parts and Services	0.9	%
Energy and Utilities: Integrated	0.8	%
Energy and Utilities: Electric	0.8	%
Real Estate	0.7	%
Broadcasting	0.7	%
Metals and Mining	0.6	%
Restaurants	0.6	%
Consumer Services	0.5	%
Energy and Utilities: Services	0.5	%
Energy and Utilities: Oil	0.4	%
Entertainment	0.4	%
Transportation	0.4	%
Communications Equipment	0.3	%
Closed-End Business Development Company	0.2	%
Building and Construction	0.2	%
Agriculture	0.2	%
Environmental Control	0.1	%
Mutual Funds	0.1	%
Paper and Forest Products	0.1	%
Cable	0.1	%
Educational Services	0.0	%
Other Assets and Liabilities (Net)	(2.4	)%
	100.0	%

GAMCO Westwood Equity Fund

Energy: Oil	15.0	%
Health Care	12.6	%
Energy: Integrated	8.6	%
Financial Services	8.2	%
Consumer Products	6.5	%
Business Services	6.0	%
Banking	5.3	%
Telecommunications	4.9	%
Retail	4.7	%
Computer Software and Services	3.9	%
Aerospace	2.8	%
Transportation	2.7	%
Mutual Funds	2.7	%
Electronics	2.6	%
Aviation: Parts and Services	2.5	%
Diversified Industrial	2.5	%
Restaurants	2.3	%
Communications Equipment	1.3	%
Energy: Natural Gas	1.3	%
Computer Hardware	1.3	%
Food and Beverage	1.1	%
Other Assets and Liabilities (Net)	1.2	%
	100.0	%

GAMCO Westwood Balanced Fund

U.S. Government Agency Obligations	13.3	%
Energy: Oil	11.4	%
U.S. Government Obligations	10.4	%
Health Care	8.0	%
Financial Services	7.1	%
Banking	5.1	%
Retail	4.2	%
Consumer Products	4.0	%
Business Services	3.8	%
Telecommunications	3.8	%
Utilities	3.3	%
Computer Software and Services	3.1	%
Diversified Industrial	2.5	%
Transportation	2.5	%
Energy: Integrated	2.4	%
Electronics	2.2	%
Aerospace	1.8	%
Restaurants	1.6	%
Computer Hardware	1.6	%
Energy: Natural Gas	1.6	%
Aviation: Parts and Services	1.6	%
Food and Beverage	1.4	%
Communications Equipment	0.8	%
Mutual Funds	0.8	%
Metals and Mining	0.6	%
Other Assets and Liabilities (Net)	1.1	%
	100.0	%

4

Summary of Portfolio Holdings (Continued) (Unaudited)

GAMCO Westwood Intermediate Bond Fund

U.S. Government Agency Obligations	36.8	%
Corporate Bonds	32.2	%
U.S. Government Obligations	21.7	%
Common Stocks	9.7	%
Other Assets and Liabilities (Net)	(0.4	)%
	100.0	%

GAMCO Westwood SmallCap Equity Fund

Electronics	22.5	%
Semiconductors	16.8	%
Computer Software and Services	7.1	%
Financial Services	6.6	%
Energy and Utilities	5.5	%
Specialty Chemicals	5.1	%
Equipment and Supplies	4.5	%
Health Care	4.0	%
Diversified Industrial	3.8	%
Business Services	3.6	%
Retail	3.1	%
Machinery	2.6	%
Aerospace	2.0	%
Computer Hardware	1.6	%
Communications Equipment	1.6	%
Publishing	1.3	%
Food and Beverage	1.3	%
Consumer Products	1.1	%
Metals and Mining	0.9	%
Educational Services	0.9	%
Aviation: Parts and Services	0.6	%
Entertainment	0.6	%
Automotive: Parts and Accessories	0.5	%
Telecommunications	0.4	%
Building and Construction	0.3	%
Restaurants	0.2	%
Consumer Services	0.1	%
Other Assets and Liabilities (Net)	1.4	%
	100.0	%

GAMCO Westwood Income Fund

Financial Services	27.4	%
Energy and Utilities: Oil	13.0	%
Telecommunications	12.2	%
Food and Beverage	10.1	%
Health Care	8.2	%
Energy and Utilities: Integrated	4.6	%
Banking	4.0	%
Diversified Industrial	3.5	%
Broadcasting	2.8	%
Electronics	2.6	%
Energy and Utilities: Natural Gas	2.6	%
Retail	2.6	%
Energy and Utilities: Services	2.6	%
Specialty Chemicals	2.4	%
Computer Hardware	2.3	%
Business Services	1.1	%
Paper and Forest Products	0.9	%
Other Assets and Liabilities (Net)	(2.9	)%
	100.0	%

The GAMCO Westwood Funds (the “Funds”) file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended December 31, 2008. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting

Each Fund files Form N-PX with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to portfolio securities are available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

We have separated the portfolio managers’ commentaries from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentaries are unrestricted. The financial statements and investment portfolio are mailed separately from the commentaries. Both the commentaries and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com/funds.

5

GAMCO Westwood Mighty Mites^SM Fund
Schedule of Investments — March 31, 2009 (Unaudited)

						Market
Shares				Cost		Value
		COMMON STOCKS — 55.9%
		Aerospace — 1.7%
	160,700	Herley Industries Inc.†		$	2,089,006	$	1,921,972
	500	Innovative Solutions & Support Inc.			8,972		2,115
					2,097,978		1,924,087
		Agriculture — 0.2%
	225	J.G. Boswell Co.			144,676		97,875
	792	Limoneira Co.			196,267		110,880
					340,943		208,755
		Automotive: Parts and Accessories — 1.2%
	400	Amerityre Corp.†			1,486		116
	20,000	Dana Holding Corp.†			15,550		9,200
	53,000	Earl Scheib Inc.†			251,755		100,700
	78,200	Midas Inc.†			817,417		619,344
	33,000	Proliance International Inc.†			87,109		5,610
	2,000	Puradyn Filter Technologies Inc.†			1,957		540
	200,000	Standard Motor Products Inc.			1,625,454		550,000
	3,000	Strattec Security Corp.			40,765		25,020
	33,500	Tenneco Inc.†			107,850		54,605
					2,949,343		1,365,135
		Aviation: Parts and Services — 0.9%
	2,000	Curtiss-Wright Corp.			47,856		56,100
	55,000	GenCorp Inc.†			189,831		116,600
	62,715	Kaman Corp.			728,652		786,446
	200,000	The Fairchild Corp., Cl. A†			593,518		2,200
					1,559,857		961,346
		Broadcasting — 0.7%
	105,000	Acme Communications Inc.†			327,256		26,250
	27,400	Beasley Broadcast Group Inc., Cl. A			210,189		57,814
	50,000	Citadel Broadcasting Corp.†			77,290		3,300
	46,000	Crown Media Holdings Inc., Cl. A†			352,133		93,840
	75,000	Entercom Communications Corp., Cl. A			57,937		82,500
	15,000	Equity Media Holdings Corp.†			44,866		60
	16,500	Fisher Communications Inc.			582,598		161,040
	924	Granite Broadcasting Corp.†			24,780		92
	140,000	Gray Television Inc.			178,318		44,800
	120,000	LIN TV Corp., Cl. A†			137,627		134,400
	45,000	Media General Inc., Cl. A			79,969		86,400
	30,800	Salem Communications Corp., Cl. A†			120,130		17,248
	35,000	Sinclair Broadcast Group Inc., Cl. A			62,732		36,050
	20,000	Young Broadcasting Inc., Cl. A†			2,677		200
					2,258,502		743,994
		Building and Construction — 0.2%
	4,000	Huttig Building Products Inc.†			13,358		1,520
	133,000	Material Sciences Corp.†			288,716		71,820
	6,400	The Monarch Cement Co.			152,845		144,000
					454,919		217,340
		Business Services — 3.4%
	606,300	AMICAS Inc.†			1,597,356		1,230,789
	28,000	ANC Rental Corp.†			840		3
	69,000	Ascent Media Corp., Cl. A†			1,627,269		1,725,000
	103	Chazak Value Corp.† (a)			0		0
	266,600	Edgewater Technology Inc.† .			882,075		746,480
	10,000	Emageon Inc.†			16,850		18,200
	1,000	Gevity HR Inc.			3,775		3,950
	2,000	Liquidity Services Inc.†			10,853		13,980
	74,000	Nashua Corp.†			574,530		74,000
	500	StarTek Inc.†			8,375		1,550
					4,721,923		3,813,952
		Cable — 0.1%
	90,000	Adelphia Communications Corp., Cl. A† (a)			15,750		0
	90,000	Adelphia Communications Corp., Cl. A, Escrow† (a)			0		0
	90,000	Adelphia Recovery Trust†			0		9
	9,000	Outdoor Channel Holdings Inc.†			67,460		61,380
					83,210		61,389
		Closed-End Business Development Company — 0.2%
	30,000	MVC Capital Inc.			298,566		252,300
		Communications Equipment — 0.3%
	16,200	Communications Systems Inc.			151,467		124,092
	35,750	Symmetricom Inc.†			138,458		125,125
	4,000	Technical Communications Corp.†			25,077		17,500
	40,000	ViewCast.com Inc.†			18,600		16,000
					333,602		282,717
		Computer Software and Services — 1.0%
	125,000	Furmanite Corp.†			795,504		388,750
	1,910	Gemalto NV†			10,942		54,559
	37,200	Mercury Computer Systems Inc.†			219,112		205,716
	400	MTS Systems Corp.			10,336		9,100
	33,500	Phoenix Technologies Ltd.†			125,253		54,270
	834	Prosoft Learning Corp.† (a)			11,216		0
	850,000	StorageNetworks Inc., Escrow† (a)			0		25,500
	70,000	Tier Technologies Inc., Cl. B†			347,754		324,100
	2,000	Tyler Technologies Inc.†			8,050		29,260
					1,528,167		1,091,255
		Consumer Products — 0.9%
	18,000	Adams Golf Inc.†			122,578		43,200
	56,000	Heelys Inc.			221,580		95,760
	1,000	Johnson Outdoors Inc., Cl. A			5,602		5,050
	15,300	Lakeland Industries Inc.†			147,120		82,773
	10,000	Marine Products Corp.			26,062		42,400
	300	National Presto Industries Inc.			8,618		18,303
	166,965	Schiff Nutrition International Inc.†			441,534		751,343
	41,530	Syratech Corp.†	��		10,383		228
					983,477		1,039,057
		Consumer Services — 0.5%
	119,100	1-800-FLOWERS.COM Inc., Cl. A†			355,550		246,537
	17,000	Bowlin Travel Centers Inc.†			22,555		17,850
	1,100	Collectors Universe Inc.			3,530		4,279
	210,100	Valassis Communications Inc.†			311,122		329,857
					692,757		598,523
		Diversified Industrial — 2.8%
	13,000	Ampco-Pittsburgh Corp.			208,633		172,380
	200	Burnham Holdings Inc., Cl. A			3,294		1,585
	42,800	Chase Corp.			524,094		398,040
	15,700	Graham Corp.			124,787		140,829
	3,000	Griffon Corp.†			22,590		22,500
	25,000	Haulotte Group			134,090		104,960
	108,400	Hawk Corp., Cl. A†			1,670,473		1,252,020
	93,000	Katy Industries Inc.†			338,193		83,700
	105,000	Magnetek Inc.†			461,917		189,000
	30,000	National Patent Development Corp.†			72,240		36,000
	12,000	RWC Inc.†			227,918		90,000
	164,219	Stamford Industrial Group Inc.†			458,300		328,438
	56,002	Tech/Ops Sevcon Inc.			278,716		75,603
	34,000	WHX Corp.†			588,692		227,800
					5,113,937		3,122,855

See accompanying notes to financial statements.

6

GAMCO Westwood Mighty Mites^SM Fund
Schedule of Investments (Continued) — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Educational Services — 0.0%
	4,200	Universal Technical Institute Inc.†	$	57,517	$	50,400
		Electronics — 6.3%
	50,000	Alliance Semiconductor Corp.		157,908		9,250
	11,000	Bel Fuse Inc., Cl. A		223,728		136,730
	7,000	Bel Fuse Inc., Cl. B		146,875		94,080
	79,500	BTU International Inc.†		329,264		266,325
	322,800	California Micro Devices Corp.†		725,160		784,404
	138,000	CTS Corp.		882,220		498,180
	2,000	GSI Group Inc.†		7,080		1,900
	50,700	IMAX Corp.†		190,343		218,517
	157,900	IntriCon Corp.†		617,725		506,859
	180,000	LeCroy Corp.†		540,763		565,200
	30,000	Methode Electronics Inc.		142,327		107,400
	69,500	MoSys Inc.†		130,660		132,050
	63,800	Newport Corp.†		389,915		281,996
	31,200	Park Electrochemical Corp.		572,189		539,136
	86,000	Pericom Semiconductor Corp.†		850,368		628,660
	1,000	Schmitt Industries Inc.†		6,409		2,770
	20,000	SIRIT Inc.†		11,714		1,586
	135,000	Stoneridge Inc.†		563,960		284,850
	178	Trimble Navigation Ltd.†		4,943		2,720
	134,900	Ultra Clean Holdings Inc.†		287,575		144,343
	46,700	Ultralife Corp.†		444,212		360,991
	45,400	Ultratech Inc.†		555,725		567,046
	65,500	Zoran Corp.†		499,552		576,400
	100,700	Zygo Corp.†		613,367		462,213
				8,893,982		7,173,606
		Energy and Utilities: Electric — 0.8%
	2,140	Great Plains Energy Inc.		55,469		28,826
	25,000	Maine & Maritimes Corp.		910,313		875,000
				965,782		903,826
		Energy and Utilities: Integrated — 0.8%
	71,550	Florida Public Utilities Co.		710,833		699,044
	6,000	MGE Energy Inc.		189,291		188,220
	95,200	Progress Energy Inc., CVO† (a)		10,472		31,416
	10,000	ProSep Inc.†		3,396		1,864
				913,992		920,544
		Energy and Utilities: Natural Gas — 1.5%
	20,000	Chesapeake Utilities Corp.		606,982		609,600
	34,000	Corning Natural Gas Corp.†		532,209		586,500
	5,000	Delta Natural Gas Co. Inc.		111,790		107,050
	3,000	Evergreen Energy Inc.†		11,060		4,176
	31,200	PetroCorp Escrow Shares† (a)		0		1,872
	16,500	RGC Resources Inc.		363,162		397,073
	20,300	U.S. Energy Corp.†		85,659		38,367
				1,710,862		1,744,638
		Energy and Utilities: Oil — 0.4%
	63,600	Tesco Corp.†		543,737		497,352
		Energy and Utilities: Services — 0.5%
	9,500	Acergy SA, ADR		32,064		58,710
	1,450	Covanta Holding Corp.†		11,008		18,981
	15,400	Dawson Geophysical Co.†		253,254		207,900
	40,000	RPC Inc.		173,633		265,200
				469,959		550,791
		Energy and Utilities: Water — 1.2%
	4,500	Artesian Resources Corp., Cl. A		48,063		63,090
	2,500	California Water Service Group		55,552		104,650
	40,000	Consolidated Water Co. Ltd.		450,805		434,000
	6,500	Middlesex Water Co.		108,910		93,600
	25,100	Pennichuck Corp.		517,486		513,295
	8,000	SJW Corp.		98,372		203,440
				1,279,188		1,412,075
		Entertainment — 0.4%
	14,500	Canterbury Park Holding Corp.		144,612		96,425
	1,802	Chestnut Hill Ventures† (a)		67,956		60,700
	52,000	Dover Motorsports Inc.		197,969		96,200
	2,000	LodgeNet Entertainment Corp.†		9,988		3,180
	35,000	Triple Crown Media Inc.†		15,868		525
	128,000	Youbet.com Inc.†		169,597		216,320
				605,990		473,350
		Environmental Control — 0.1%
	10,000	BioteQ Environmental Technologies Inc.†		16,559		3,331
	94,400	Casella Waste Systems Inc., Cl. A†		319,860		161,424
	500	Sharps Compliance Corp.†		1,265		1,625
				337,684		166,380
		Equipment and Supplies — 3.2%
	132,000	Baldwin Technology Co. Inc., Cl. A†		310,830		125,400
	15,000	Capstone Turbine Corp.†		27,450		10,800
	7,000	CIRCOR International Inc.		143,950		157,640
	95,700	Core Molding Technologies Inc.†		254,441		133,980
	6,100	Fedders Corp.† (a)		1,645		0
	1,000	Genoil Inc.†		225		147
	156,000	Gerber Scientific Inc.†		572,593		372,840
	8,500	Gildemeister AG		61,536		65,952
	10,000	GrafTech International Ltd.†		65,330		61,600
	26,726	L.S. Starrett Co., Cl. A		461,281		167,037
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		333,788
	45,500	Met-Pro Corp.		529,108		370,825
	9,000	Mine Safety Appliances Co.		294,989		180,180
	22,000	SL Industries Inc.†		159,336		101,640
	1,000	SRS Labs Inc.†		5,500		4,920
	5,000	The Eastern Co.		50,980		54,000
	321,000	TransAct Technologies Inc.†		1,845,777		831,390
	47,900	Vicor Corp.		304,979		234,231
	22,000	WaterFurnace Renewable Energy Inc.		433,707		434,312
	500	Watts Water Technologies Inc., Cl. A		7,648		9,780
				5,639,422		3,650,462
		Financial Services — 4.2%
	3,000	Bank of Florida Corp.†		29,223		11,280
	16,100	Berkshire Bancorp Inc.		219,414		64,561
	75	Burke & Herbert Bank and Trust Co.		95,726		103,125
	28,900	Crazy Woman Creek Bancorp Inc.		499,914		491,300
	179,000	Epoch Holding Corp.		464,160		1,229,730
	14	Farmers & Merchants Bank of Long Beach		90,195		49,525
	6,060	Fidelity Southern Corp.		53,377		15,150
	65,300	Flushing Financial Corp.		904,134		393,106
	10	Guaranty Corp., Cl. A†		137,500		60,000
	5,458	Hampton Roads Bankshares Inc.		95,436		42,518
	40,000	Integrity Mutual Funds Inc.†		35,200		8,600
	18,600	Meadowbrook Insurance Group Inc.		113,735		113,460
	8,000	Nara Bancorp Inc.		92,171		23,520

See accompanying notes to financial statements.

7

GAMCO Westwood Mighty Mites^SM Fund
Schedule of Investments (Continued) — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	11,055	New York Community Bancorp Inc.	$	143,811	$	123,484
	5,697	Northrim BanCorp Inc.		119,035		56,799
	23,400	Oritani Financial Corp.†		360,523		327,600
	9,167	Patriot National Bancorp Inc.		141,747		27,318
	5,000	Provident New York Bancorp		74,850		42,750
	48,000	Pzena Investment Management Inc., Cl. A		214,759		91,680
	6,000	Seacoast Banking Corp. of Florida		71,205		18,180
	116	Sunwest Bank†		322,722		168,258
	30,000	SWS Group Inc.		408,801		465,900
	1,040	TIB Financial Corp.†		7,778		2,996
	10,000	Tree.com Inc.†		82,623		46,200
	52,339	Whitney Holding Corp.		253,146		599,282
	38,100	Wilshire Bancorp Inc.		330,044		196,596
				5,361,229		4,772,918
		Food and Beverage — 1.4%
	1,000	Andrew Peller Ltd., Cl. A		9,614		5,385
	10,000	Boston Beer Co. Inc., Cl. A†		205,972		208,600
	4,000	Genesee Corp., Cl. A† (a)		4,060		0
	30,100	Genesee Corp., Cl. B† (a)		13,986		0
	1,100	Hanover Foods Corp., Cl. A		110,881		89,815
	2,000	J & J Snack Foods Corp.		28,830		69,180
	120,200	Lifeway Foods Inc.†		949,478		961,600
	14,000	MGP Ingredients Inc.†		67,550		10,360
	7,000	Rock Field Co. Ltd.		113,721		84,578
	900	Scheid Vineyards Inc., Cl. A†		29,446		18,000
	1,000	The Inventure Group Inc.†		2,660		1,370
	80,000	Tingyi (Cayman Islands) Holding Corp.		90,147		92,483
	150,000	Vitasoy International Holdings Ltd.		63,172		64,253
	7,000	Willamette Valley Vineyards Inc.†		43,096		16,555
				1,732,613		1,622,179
		Health Care — 8.8%
	10,000	AFP Imaging Corp.†		20,893		400
	33,400	AngioDynamics Inc.†		367,066		375,416
	5,000	ArthroCare Corp.†		27,496		24,500
	265,500	BioLase Technology Inc.†		668,012		237,622
	10,000	Boiron SA		166,957		268,378
	1,000	Bruker Corp.†		5,980		6,160
	22,000	Cepheid Inc.†		222,842		151,800
	440,000	Continucare Corp.†		911,262		836,000
	100	CPEX Pharmaceuticals Inc.†		1,490		731
	48,200	Cutera Inc.†		371,425		307,998
	48,700	Cynosure Inc., Cl. A†		421,938		296,583
	96,000	Del Global Technologies Corp.†		205,665		50,880
	5,000	DexCom Inc.†		65,375		20,700
	1,000	Elite Pharmaceuticals Inc., Cl. A†		2,690		140
	7,000	Exactech Inc.†		111,891		80,430
	26,000	Heska Corp.†		47,571		6,243
	53,400	Home Diagnostics Inc.†		332,682		302,778
	65,000	I-Flow Corp.†		465,971		237,250
	1,000	ICU Medical Inc.†		23,786		32,120
	10,000	Indevus Pharmeceuticals Inc., Escrow† (a)		0		11,000
	5,000	Inverness Medical Innovations Inc.†		94,541		133,150
	10,000	Langer Inc.†		28,129		3,500
	85,000	Matrixx Initiatives Inc.†		1,312,045		1,394,000
	34,300	Medical Nutrition USA Inc.†		52,023		56,252
	59,400	Micrus Endovascular Corp.†		642,659		354,618
	3,600	Monogram Biosciences Inc.†		21,038		9,144
Shares/					Market
Unit			Cost		Value
	65,000	Neogen Corp.†	$	561,760	$	1,418,950
	2,500	NMT Medical Inc.†		7,858		2,000
	10,000	Opko Health Inc.†		26,573		9,800
	34,000	Orthofix International NV†		542,433		629,680
	63,600	Pain Therapeutics Inc.†		455,161		267,120
	30,200	Palomar Medical Technologies Inc.†		281,223		219,252
	10,000	PreMD Inc.†		18,320		50
	20,000	Quidel Corp.†		88,363		184,400
	10,400	Rochester Medical Corp.†		123,336		114,608
	37,415	RTI Biologics Inc.†		321,817		106,633
	369,000	Sonic Innovations Inc.†		714,632		394,830
	213,900	Strategic Diagnostics Inc.†		207,526		228,873
	67,000	Syneron Medical Ltd.†		608,161		397,310
	2,000	Targanta Therapeutics Corp., Escrow†		0		1,280
	1,000	ThermoGenesis Corp.†		2,520		600
	44,000	United-Guardian Inc.		398,663		308,000
	30,600	Vascular Solutions Inc.†		261,608		187,272
	18,100	Young Innovations Inc.		293,938		280,550
				11,505,319		9,949,001
		Hotels and Gaming — 1.0%
	2,000	Churchill Downs Inc.		56,576		60,120
	4,000	Dover Downs Gaming & Entertainment Inc.		24,903		12,280
	2,000	Florida Gaming Corp.†		6,950		10,000
	15,000	Full House Resorts Inc.†		16,621		17,700
	2,000	Gaylord Entertainment Co.†		16,435		16,660
	10,000	Morgans Hotel Group Co.†		35,280		31,100
	8,500	Multimedia Games Inc.†		76,734		18,275
	32,500	Pinnacle Entertainment Inc.†		190,818		228,800
	94,213	Sonesta International Hotels Corp., Cl. A		1,897,050		706,597
	1,000	The Marcus Corp.		9,211		8,500
				2,330,578		1,110,032
		Machinery — 1.3%
	271,300	Flow International Corp.†		430,403		439,506
	20,700	Key Technology Inc.†		660,404		182,160
	5,000	Lindsay Corp.		144,074		135,000
	22,000	Tennant Co.		228,500		206,140
	14,643	The Middleby Corp.†		447,681		474,872
				1,911,062		1,437,678
		Manufactured Housing and Recreational Vehicles — 1.0%
	115,000	Cavalier Homes Inc.†		489,069		178,250
	10,000	Cavco Industries Inc.†		197,817		236,000
	827,100	Coachmen Industries Inc.†		1,470,337		537,615
	9,500	Nobility Homes Inc.		145,566		68,875
	14,000	Palm Harbor Homes Inc.†		239,100		31,220
	5,800	Skyline Corp.		184,265		110,258
				2,726,154		1,162,218
		Metals and Mining — 0.6%
	116,600	5N Plus Inc.†		420,658		500,322
	8,100	Kaiser Aluminum Corp.		184,141		187,272
	2,000	Uranium Resources Inc.†		10,915		940
				615,714		688,534
		Mutual Funds — 0.1%
	50,000	KKR Private Equity Investors LP†		140,263		146,500
		Paper and Forest Products — 0.1%
	700	Keweenaw Land Association Ltd.		130,662		105,000
		Publishing — 1.0%
	185,900	Belo Corp., Cl. A		341,939		113,399
	516,100	Journal Communications Inc., Cl. A		1,003,279		387,075

See accompanying notes to financial statements.

8

GAMCO Westwood Mighty Mites^SM Fund
Schedule of Investments (Continued) — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Publishing (Continued)
	200,800	PRIMEDIA Inc.	$	364,594	$	495,976
	115,000	The E.W. Scripps Co., Cl. A		309,440		155,250
				2,019,252		1,151,700
		Real Estate — 0.7%
	7,300	Bresler & Reiner Inc.†		225,886		71,211
	7,000	Capital Properties Inc., Cl. A		105,410		64,225
	6,000	Capital Properties Inc., Cl. B† (a)(b)		0		55,050
	10,700	Griffin Land & Nurseries Inc.		277,195		374,500
	4,000	Gyrodyne Co. of America Inc.†		76,628		94,260
	1,100	Holobeam Inc.†		33,714		8,101
	23,300	Reading International Inc., Cl. A†		184,422		81,550
	20,400	Reading International Inc., Cl. B†		189,263		86,700
	2,508	Royalty LLC† (a)(b)		0		3,985
				1,092,518		839,582
		Restaurants — 0.6%
	45,200	Nathan’s Famous Inc.†		500,558		565,000
	10,000	The Steak n Shake Co.†		116,209		75,700
				616,767		640,700
		Retail — 1.0%
	60,000	Coldwater Creek Inc.†		156,399		150,600
	40,000	CoolBrands International Inc.†		56,232		22,843
	45,000	Ingles Markets Inc., Cl. A		719,635		671,850
	5,000	Movado Group Inc.		68,535		37,700
	22,400	The Great Atlantic & Pacific Tea Co. Inc.†		130,394		118,944
	4,000	Village Super Market Inc., Cl. A		88,308		124,680
				1,219,503		1,126,617
		Specialty Chemicals — 2.4%
	121,300	Ferro Corp.		642,143		173,459
	267,226	General Chemical Group Inc.†		59,859		2,539
	53,700	Hawkins Inc.		735,694		828,591
	1,000	KMG Chemicals Inc.		3,270		5,060
	292,150	Omnova Solutions Inc.†		603,429		508,341
	122,000	Zep Inc.		1,336,056		1,248,060
				3,380,451		2,766,050
		Telecommunications — 2.0%
	1,000	Ambient Corp.†		280		100
	19,900	Applied Signal Technology Inc.		330,046		402,577
	175	Consolidated Communications Holdings Inc.		3,117		1,795
	79,800	D&E Communications Inc.		693,849		428,526
	2,000	Electronic Systems Technology Inc.		1,410		540
	48,000	HickoryTech Corp.		453,022		258,240
	80	Horizon Telecom Inc., Cl. A		9,250		7,760
	350	Horizon Telecom Inc., Cl. B		39,964		22,750
	1,400	Lexcom Inc., Cl. B, Non-Voting†		78,659		58,800
	38,000	New Ulm Telecom Inc.		412,156		250,040
	10,000	PNV Inc.†		3		20
	7,788	Preformed Line Products Co.		338,590		293,140
	18,000	Shenandoah Telecommunications Co.		94,686		410,400
	33,000	Sycamore Networks Inc.†		107,085		88,110
	2,305	Virgin Media Inc.		31,540		11,064
				2,593,657		2,233,862
		Transportation — 0.4%
	8,200	PHI Inc.†		130,182		107,748
	8,000	Pinnacle Airlines Corp.†		20,239		11,120
	32,000	Providence and Worcester Railroad Co.		507,724		344,000
	400	Trailer Bridge Inc.†		4,452		992
				662,597		463,860
		TOTAL COMMON STOCKS		82,873,635		63,442,560
		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	15,000	Jungheinrich AG Pfd		121,895		160,429
		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Business Services — 0.0%
	150	Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A (a)(b)(c)†		13,849		0
		Food and Beverage — 0.1%
	2,400	Seneca Foods Corp., Cv. Pfd., Ser. 2003†		36,600		50,700
		TOTAL CONVERTIBLE PREFERRED STOCKS		50,449		50,700
		WARRANTS — 0.0%
		Broadcasting — 0.0%
	63	Granite Broadcasting Corp., Ser. A, expire 06/04/12†		0		1
	63	Granite Broadcasting Corp., Ser. B, expire 06/04/12†		0		1
				0		2
		Business Services — 0.0%
	1,666	Avalon Digital Marketing Systems Inc., expire 11/11/11† (a)(b)		0		0
		Energy and Utilities: Electric — 0.0%
	15,000	Corning Natural Gas Corp., expire 08/17/11†		0		13,125
		TOTAL WARRANTS		0		13,127

Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 46.3%
		U.S. Treasury Bills — 37.2%
$	42,234,000	U.S. Treasury Bills, 0.070% to 0.452%††, 04/02/09 to 10/01/09		42,220,372		42,220,984
		U.S. Treasury Cash Management Bills — 6.4%
	7,295,000	U.S. Treasury Cash Management Bills, 0.030% to 0.254%††, 04/29/09 to 06/24/09		7,293,122		7,292,873
		U.S. Treasury Notes — 2.7%
	3,070,000	4.500%, 04/30/09		3,078,093		3,078,093
		TOTAL U.S. GOVERNMENT OBLIGATIONS		52,591,587		52,591,950
		TOTAL INVESTMENTS — 102.4%	$	135,637,566		116,258,766
		Other Assets and Liabilities (Net) — (2.4)%				(2,735,717	)
		NET ASSETS — 100.0%			$	113,523,049

See accompanying notes to financial statements.

9

GAMCO Westwood Mighty Mites^SM Fund
Schedule of Investments (Continued) — March 31, 2009 (Unaudited)

(a)	Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2009, the market value of fair valued securities amounted to $189,523 or 0.17% of net assets.
(b)	At March 31, 2009, the Fund held investments in restricted and illiquid securities amounting to $59,035 or 0.05% of net assets, which were valued under methods approved by the Board of Trustees, as follows:

							03/31/09
							Carrying
Acquisition			Acquisition		Acquisition		Value
Shares		Issuer	Date		Cost		Per Unit
	1,666	Avalon Digital Marketing Systems Inc., Warrants expire 11/11/11		04/03/00		—	$	0.0000
	6,000	Capital Properties Inc., Cl. B		11/20/03		—		9.1750
	150	Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser A		05/21/04	$	13,849		0.0000
	2,508	Royalty LLC		09/09/03		—		1.5889

(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, the market value of the Rule 144A security amounted to $0 or 0.00% of net assets.
†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt
CVO	Contingent Value Obligation

See accompanying notes to financial statements.

10

GAMCO Westwood Equity Fund
Schedule of Investments — March 31, 2009 (Unaudited)

						Market
Shares				Cost		Value
			COMMON STOCKS — 98.8%
			Aerospace — 2.8%
	85,700		Raytheon Co.	$	4,018,919	$	3,337,158
			Aviation: Parts and Services — 2.5%
	69,900		United Technologies Corp.		4,414,003		3,004,302
			Banking — 5.3%
	124,684		JPMorgan Chase & Co.		3,005,423		3,314,101
	212,000		Wells Fargo & Co.		4,339,091		3,018,880
					7,344,514		6,332,981
			Business Services — 6.0%
	44,200		Accenture Ltd., Cl. A		1,765,650		1,215,058
	85,300		Automatic Data Processing Inc.		3,547,861		2,999,148
	17,900		MasterCard Inc., Cl. A		2,811,506		2,997,892
					8,125,017		7,212,098
			Communications Equipment — 1.3%
	94,300		Cisco Systems Inc.†		2,439,792		1,581,411
			Computer Hardware — 1.3%
	15,600		International Business Machines Corp.		1,850,935		1,511,484
			Computer Software and Services — 3.9%
	127,000		EMC Corp.†		1,818,403		1,447,800
	85,900		Microsoft Corp.		1,691,255		1,577,983
	88,000		Oracle Corp.†		1,598,282		1,590,160
					5,107,940		4,615,943
			Consumer Products — 6.5%
	54,000		Colgate-Palmolive Co.		3,684,196		3,184,920
	36,300		NIKE Inc., Cl. B		2,133,424		1,702,107
	80,480		Philip Morris International Inc.		3,923,284		2,863,478
					9,740,904		7,750,505
			Diversified Industrial — 2.5%
	77,200		ITT Corp.		3,570,409		2,969,884
			Electronics — 2.6%
	85,900		Thermo Fisher Scientific Inc.†		3,195,914		3,064,053
			Energy: Integrated — 8.6%
	96,000		Dominion Resources Inc.		4,048,795		2,975,040
	65,700		Exelon Corp.		3,884,785		2,982,123
	30,300		FPL Group Inc.		1,434,430		1,537,119
	72,600		PG&E Corp.		2,926,943		2,774,772
					12,294,953		10,269,054
			Energy: Natural Gas — 1.3%
	23,906		Apache Corp.		1,700,044		1,532,136
			Energy: Oil — 15.0%
	36,600		Anadarko Petroleum Corp.		1,397,198		1,423,374
	53,800		Chevron Corp.		3,973,840		3,617,512
	77,200		ConocoPhillips		4,478,949		3,023,152
	31,700		Devon Energy Corp.		2,229,001		1,416,673
	51,500		Exxon Mobil Corp.		2,588,536		3,507,150
	38,535		Murphy Oil Corp.		2,111,164		1,725,212
	57,510		Occidental Petroleum Corp.		3,467,939		3,200,431
					20,246,627		17,913,504
			Financial Services — 8.2%
	79,700		ACE Ltd.		4,454,709		3,219,880
	3,300		BlackRock Inc.		427,696		429,132
	104,200		PNC Financial Services Group Inc.		4,459,164		3,052,018
	78,000		The Travelers Companies Inc.		3,150,986		3,169,920
					12,492,555		9,870,950
			Food and Beverage — 1.1%
	25,600		General Mills Inc.		1,599,137		1,276,928
			Health Care — 12.6%
	30,800		Amgen Inc.†		1,754,766		1,525,216
	44,700		Becton, Dickinson and Co.		2,870,886		3,005,628
	90,900		Covidien Ltd.		4,251,503		3,021,516
	59,600		Johnson & Johnson		3,926,873		3,134,960
	57,200		Merck & Co. Inc.		1,506,101		1,530,100
	67,300		Wyeth		2,702,804		2,896,592
					17,012,933		15,114,012
			Mutual Funds — 2.7%
	3,220,961		Dreyfus Treasury Cash Management Fund		3,220,961		3,220,961
			Restaurants — 2.3%
	49,900		McDonald’s Corp.		2,748,543		2,723,043
		��	Retail — 4.7%
	105,600		CVS Caremark Corp.		3,347,897		2,902,944
	53,300		Wal-Mart Stores Inc.		2,816,778		2,776,930
					6,164,675		5,679,874
			Telecommunications — 4.9%
	120,500		AT&T Inc.		. 4,275,696		3,036,600
	95,204		Verizon Communications Inc.		3,192,008		2,875,161
					7,467,704		5,911,761
			Transportation — 2.7%
	79,400		Union Pacific Corp.		3,536,578		3,264,134
			TOTAL COMMON STOCKS		138,293,057		118,156,176
			TOTAL INVESTMENTS — 98.8%	$	138,293,057		118,156,176
			Other Assets and Liabilities (Net) — 1.2%				1,414,398
			NET ASSETS — 100.0%			$	119,570,574

† Non-income producing security.

See accompanying notes to financial statements.

11

GAMCO Westwood Balanced Fund
Schedule of Investments — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 62.7%
		Aerospace — 1.8%
	58,800	Raytheon Co.	$	2,708,897	$	2,289,672
		Aviation: Parts and Services — 1.6%
	46,500	United Technologies Corp.		2,544,572		1,998,570
		Banking — 3.4%
	85,396	JPMorgan Chase & Co.		1,924,070		2,269,826
	145,900	Wells Fargo & Co.		2,825,872		2,077,616
				4,749,942		4,347,442
		Business Services — 3.8%
	30,300	Accenture Ltd., Cl. A		1,133,791		832,947
	56,600	Automatic Data Processing Inc.		2,343,316		1,990,056
	12,500	MasterCard Inc., Cl. A		1,963,483		2,093,500
				5,440,590		4,916,503
		Communications Equipment — 0.8%
	63,600	Cisco Systems Inc.†		1,664,815		1,066,572
		Computer Hardware — 0.8%
	10,900	International Business Machines Corp.		1,093,143		1,056,101
		Computer Software and Services — 2.5%
	90,900	EMC Corp.†		1,249,920		1,036,260
	60,000	Microsoft Corp.		1,174,871		1,102,200
	60,580	Oracle Corp.†		1,115,223		1,094,681
				3,540,014		3,233,141
		Consumer Products — 4.0%
	34,900	Colgate-Palmolive Co.		2,264,035		2,058,402
	24,100	NIKE Inc., Cl. B		1,314,989		1,130,049
	55,520	Philip Morris International Inc.		2,628,283		1,975,401
				6,207,307		5,163,852
		Diversified Industrial — 1.6%
	54,390	ITT Corp.		2,562,153		2,092,383
		Electronics — 1.6%
	55,500	Thermo Fisher Scientific Inc.†		2,065,556		1,979,685
		Energy: Integrated — 2.4%
	62,700	Dominion Resources Inc.		2,582,800		1,943,073
	20,900	FPL Group Inc.		989,290		1,060,257
				3,572,090		3,003,330
		Energy: Natural Gas — 0.8%
	15,255	Apache Corp.		1,111,303		977,693
		Energy: Oil — 9.5%
	25,600	Anadarko Petroleum Corp.		977,315		995,584
	37,300	Chevron Corp.		2,722,983		2,508,052
	53,100	ConocoPhillips		2,980,647		2,079,396
	22,000	Devon Energy Corp.		1,486,965		983,180
	35,700	Exxon Mobil Corp.		1,849,766		2,431,170
	26,186	Murphy Oil Corp.		1,376,344		1,172,347
	36,900	Occidental Petroleum Corp.		2,190,305		2,053,485
				13,584,325		12,223,214
		Financial Services — 5.4%
	55,500	ACE Ltd.		2,944,081		2,242,200
	2,300	BlackRock Inc.		298,092		299,092
	71,500	PNC Financial Services Group Inc.		2,428,757		2,094,235
	56,000	The Travelers Companies Inc.		2,276,346		2,275,840
				7,947,276		6,911,367
		Food and Beverage — 0.7%
	17,600	General Mills Inc.		1,112,236		877,888
		Health Care — 8.0%
	20,300	Amgen Inc.†		1,154,656		1,005,256
	31,200	Becton, Dickinson and Co.		2,004,055		2,097,888
	62,700	Covidien Ltd.		2,936,803		2,084,148
	38,100	Johnson & Johnson .		2,489,204		2,004,060
	39,700	Merck & Co. Inc.		1,045,462		1,061,975
	45,900	Wyeth		1,784,585		1,975,536
				11,414,765		10,228,863
		Mutual Funds — 0.8%
	1,018,203	Dreyfus Treasury Cash Management Fund		1,018,203		1,018,203
		Restaurants — 1.6%
	37,500	McDonald’s Corp.		2,062,952		2,046,375
		Retail — 3.2%
	77,400	CVS Caremark Corp.		2,372,174		2,127,726
	38,900	Wal-Mart Stores Inc.		2,044,944		2,026,690
				4,417,118		4,154,416
		Telecommunications — 3.4%
	86,100	AT&T Inc.		2,926,987		2,169,720
	72,418	Verizon Communications Inc.		2,407,686		2,187,024
				5,334,673		4,356,744
		Transportation — 1.7%
	52,900	Union Pacific Corp.		2,349,008		2,174,719
		Utilities — 3.3%
	47,100	Exelon Corp.		2,660,611		2,137,869
	53,400	PG&E Corp.		2,085,154		2,040,948
				4,745,765		4,178,817
		TOTAL COMMON STOCKS		91,246,703		80,295,550

Principal
Amount
		CORPORATE BONDS — 12.5%
		Banking — 1.7%
$	1,250,000	Bank of America Corp., 5.375%, 06/15/14	1,284,899	1,098,641
	1,125,000	Citigroup Inc., 6.500%, 01/18/11	1,166,239	1,076,015
			2,451,138	2,174,656
		Computer Hardware — 0.8%
	950,000	International Business Machines Corp., 5.700%, 09/14/17	966,105	985,724
		Computer Software and Services — 0.6%
	750,000	Oracle Corp., 4.950%, 04/15/13	750,347	793,316
		Diversified Industrial — 0.9%
	1,200,000	General Electric Co., 5.000%, 02/01/13	1,207,731	1,201,169
		Electronics — 0.6%
	750,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13	747,650	743,914
		Energy: Natural Gas — 0.8%
	1,000,000	Apache Corp., 5.250%, 04/15/13	999,913	1,036,505

See accompanying notes to financial statements.

12

GAMCO Westwood Balanced Fund
Schedule of Investments (Continued) — March 31, 2009 (Unaudited)

Principal					Market
Amount			Cost		Value
		CORPORATE BONDS (Continued)
		Energy: Oil — 1.9%
$	1,000,000	Anadarko Petroleum Corp., 1.720%, 09/15/09 (a)	$	1,000,000	$	996,532
	500,000	Marathon Oil Corp., 5.900%, 03/15/18		502,662		457,267
	1,005,000	Occidental Petroleum Corp., MTN, 4.250%, 03/15/10		1,005,564		1,028,603
				2,508,226		2,482,402
		Financial Services — 1.7%
	750,000	ACE INA Holdings Inc., 5.600%, 05/15/15		747,634		700,095
	1,450,000	The Goldman Sachs Group Inc., 6.650%, 05/15/09		1,450,323		1,450,323
				2,197,957		2,150,418
		Food and Beverage — 0.7%
	950,000	Anheuser-Busch Companies. Inc., 4.375%, 01/15/13		941,866		915,859
		Metals and Mining — 0.6%
	750,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		756,157		755,986
		Retail — 1.0%
	1,250,000	Wal-Mart Stores Inc., 6.875%, 08/10/09		1,255,698		1,273,455
		Telecommunications — 0.4%
	500,000	AT&T Corp., 6.700%, 11/15/13		501,688		534,558
		Transportation — 0.8%
	1,000,000	Burlington Northern Santa Fe Corp., Deb., 5.650%, 05/01/17		984,353		985,639
		TOTAL CORPORATE BONDS		16,268,829		16,033,601
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.3%
		Federal Home Loan Bank — 1.0%
	1,250,000	4.500%, 10/09/09		1,275,677		1,273,449
		Federal Home Loan Mortgage Corp. — 6.0%
	1,500,000	4.250%, 07/15/09		1,497,102		1,516,317
	1,500,000	4.125%, 11/30/09		1,511,258		1,531,782
	1,500,000	4.750%, 12/08/10		1,494,634		1,587,049
	1,250,000	5.125%, 07/15/12		1,241,992		1,378,157
	1,500,000	5.250%, 04/18/16		1,481,656		1,699,892
				7,226,642		7,713,197
		Federal National Mortgage Association — 6.3%
	1,250,000	2.500%, 04/09/10		1,251,979		1,266,644
	1,500,000	4.250%, 08/15/10		1,479,720		1,563,954
	1,500,000	5.375%, 11/15/11		1,505,960		1,646,638
	1,000,000	4.375%, 09/15/12		1,085,323		1,080,408
	1,500,000	5.000%, 04/15/15		1,552,166		1,684,065
	775,000	5.375%, 06/12/17		840,642		866,664
				7,715,790		8,108,373
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		16,218,109		17,095,019
		U.S. GOVERNMENT OBLIGATIONS — 10.4%
		U.S. Treasury Inflation Indexed Notes — 4.7%
	1,500,000	0.875%, 04/15/10		1,678,991		1,665,301
	1,500,000	0.625%, 04/15/13		1,391,133		1,485,091
	1,200,000	2.500%, 07/15/16		1,262,063		1,343,432
	1,500,000	1.375%, 07/15/18		1,376,056		1,459,795
				5,708,243		5,953,619
		U.S. Treasury Notes — 5.7%
	1,250,000	4.000%, 06/15/09		1,254,387		1,260,157
	1,000,000	2.625%, 05/31/10		1,000,559		1,023,633
	1,500,000	3.375%, 11/30/12		1,497,285		1,610,040
	1,500,000	4.000%, 02/15/15		1,476,218		1,678,361
	1,500,000	5.125%, 05/15/16		1,508,233		1,789,923
				6,736,682		7,362,114
		TOTAL U.S. GOVERNMENT OBLIGATIONS		12,444,925		13,315,733
		TOTAL INVESTMENTS — 98.9%	$	136,178,566		126,739,903
		Other Assets and Liabilities (Net) — 1.1%				1,356,575
		NET ASSETS — 100.0%			$	128,096,478

(a)	Floating rate security. The rate disclosed is that in effect at March 31, 2009.
†	Non-income producing security.
MTN Medium Term Note

See accompanying notes to financial statements.

13

GAMCO Westwood Intermediate Bond Fund
Schedule of Investments — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 9.7%
		Mutual Funds — 9.7%
	1,436,412	Dreyfus Treasury Cash Management Fund	$	1,436,412	$	1,436,412

Principal
Amount
		CORPORATE BONDS — 32.2%
		Aerospace — 1.4%
$	200,000	The Boeing Co., 6.000%, 03/15/19	205,526	205,800
		Banking — 3.2%
	300,000	Bank of America Corp., 5.375%, 06/15/14	308,376	263,674
	225,000	Citigroup Inc., 6.500%, 01/18/11	233,122	215,203
			541,498	478,877
		Computer Hardware — 1.4%
	200,000	International Business Machines Corp., 5.700%, 09/14/17	203,390	207,521
		Computer Software and Services — 1.1%
	150,000	Oracle Corp., 4.950%, 04/15/13	149,957	158,663
		Consumer Products — 1.1%
	150,000	Philip Morris International Inc., 6.875%, 03/17/14	150,796	162,513
		Diversified Industrial — 1.7%
	250,000	General Electric Co., 5.000%, 02/01/13	251,610	250,244
		Electronics — 1.3%
	200,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13	199,384	198,377
		Energy and Utilities: Natural Gas — 1.4%
	200,000	Apache Corp., 5.250%, 04/15/13	199,648	207,301
		Energy and Utilities: Oil — 3.7%
	200,000	Anadarko Petroleum Corp., 1.720%, 09/15/09 (a)	200,000	199,306
	125,000	Marathon Oil Corp., 5.900%, 03/15/18	125,665	114,317
	225,000	Occidental Petroleum Corp., MTN, 4.250%, 03/15/10	225,000	230,284
			550,665	543,907
		Financial Services — 8.1%
	175,000	ACE INA Holdings Inc., 5.600%, 05/15/15	174,448	163,355
	200,000	American Express Credit Corp., MTN, 0.716%, 06/16/11 (a)	200,000	173,869
	260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16	305,294	357,271
	275,000	Merrill Lynch & Co. Inc., MTN, Series C, 5.000%, 01/15/15	275,177	211,418
	300,000	The Goldman Sachs Group Inc., 6.650%, 05/15/09	300,312	300,312
			1,255,231	1,206,225
		Food and Beverage — 1.6%
	250,000	Anheuser-Busch Companies. Inc., 4.375%, 01/15/13	247,865	241,016
		Metals and Mining — 1.4%
	200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14	201,642	201,596
		Retail — 1.4%
	200,000	Wal-Mart Stores Inc., 6.875%, 08/10/09	200,912	203,753
		Telecommunications — 1.3%
	175,000	AT&T Corp., 6.700%, 11/15/13	175,591	187,095
		Transportation — 2.1%
	200,000	Burlington Northern Santa Fe Corp., Deb., 5.650%, 05/01/17	199,159	197,128

Principal					Market
Amount			Cost		Value
$	125,000	CSX Corp., 6.250%, 04/01/15	$	124,938	$	113,770
				324,097		310,898
		TOTAL CORPORATE BONDS		4,857,812		4,763,786
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.8%
		Federal Home Loan Bank — 5.0%
	275,000	4.500%, 10/09/09		280,649		280,159
	175,000	3.875%, 01/15/10		173,469		179,053
	250,000	5.375%, 05/18/16		251,264		284,288
				705,382		743,500
		Federal Home Loan Mortgage Corp. — 6.0%
	250,000	5.125%, 07/15/12		259,695		275,631
	225,000	5.000%, 07/15/14		253,487		252,628
	325,000	5.250%, 04/18/16		367,718		368,310
				880,900		896,569
		Federal National Mortgage Association — 21.5%
	250,000	4.250%, 05/15/09		249,890		249,890
	300,000	2.500%, 04/09/10		300,475		303,994
	325,000	4.250%, 08/15/10		326,905		338,857
	350,000	3.375%, 05/19/11		363,634		364,629
	350,000	5.375%, 11/15/11		361,369		384,215
	250,000	4.375%, 09/15/12		271,331		270,102
	375,000	4.375%, 03/15/13		407,314		406,822
	300,000	5.000%, 04/15/15		311,973		336,813
	275,000	5.375%, 06/12/17		298,292		307,526
	103,808	Pool #745122, 5.500%, 09/01/20		103,554		108,746
	108,419	Pool #255554, 5.500%, 01/01/35		109,959		112,883
				3,104,696		3,184,477
		Government National Mortgage Association — 4.3%
	62,391	Pool #562288, 6.000%, 12/15/33		63,490		65,634
	113,323	Pool #604946, 5.500%, 01/15/34		114,808		118,364
	99,999	Pool #604970, 5.500%, 01/15/34		101,032		104,447
	139,359	Pool #003747, 5.000%, 08/20/35		138,143		144,766
	189,283	Pool #550728, 5.500%, 11/15/35		189,621		197,585
				607,094		630,796
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		5,298,072		5,455,342
		U.S. GOVERNMENT OBLIGATIONS — 21.7%
		U.S. Treasury Bonds — 3.7%
	250,000	7.125%, 02/15/23		302,184		351,641
	150,000	5.375%, 02/15/31		168,331		189,164
				470,515		540,805
		U.S. Treasury Inflation Indexed Notes — 8.3%
	275,000	0.875%, 04/15/10		307,904		305,305
	325,000	0.625%, 04/15/13		300,964		321,770
	275,000	2.500%, 07/15/16		289,223		307,870
	300,000	1.375%, 07/15/18		274,805		291,959
				1,172,896		1,226,904
		U.S. Treasury Notes — 9.7%
	200,000	4.000%, 06/15/09		200,702		201,625
	300,000	2.000%, 09/30/10		300,336		306,082
	300,000	4.250%, 08/15/15		298,857		341,906
	250,000	5.125%, 05/15/16		254,697		298,321
	275,000	3.500%, 02/15/18		275,400		295,196
				1,329,992		1,443,130
		TOTAL U.S. GOVERNMENT OBLIGATIONS		2,973,403		3,210,839
		TOTAL INVESTMENTS — 100.4%	$	14,565,699		14,866,379
		Other Assets and Liabilities (Net) — (0.4)%				(58,584	)
		NET ASSETS — 100.0%			$	14,807,795

(a)	Floating rate security. The rate disclosed is that in effect at March 31, 2009.
MTN Medium Term Note

See accompanying notes to financial statements.

14

GAMCO Westwood SmallCap Equity Fund
Schedule of Investments — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 98.6%
		Aerospace — 2.0%
	2,400	AAR Corp.†	$	37,301	$	30,096
	4,200	Hexcel Corp.†		70,195		27,594
	3,500	Kaman Corp.		66,280		43,890
	2,050	Ladish Co. Inc.†		46,518		14,883
				220,294		116,463
		Automotive: Parts and Accessories — 0.5%
	3,850	Midas Inc.†		57,862		30,492
		Aviation: Parts and Services — 0.6%
	2,500	Ducommun Inc.		50,904		36,350
		Building and Construction — 0.3%
	1,050	Chicago Bridge & Iron Co., NV		32,157		6,584
	850	Insituform Technologies Inc., Cl. A†		12,758		13,294
				44,915		19,878
		Business Services — 3.6%
	1,050	Ascent Media Corp., Cl. A†		24,024		26,250
	5,464	Bowne & Co. Inc.		59,422		17,539
	7,043	Edgewater Technology Inc.†		47,384		19,720
	4,381	Federal Signal Corp.		52,055		23,088
	2,400	Healthcare Services Group		41,403		35,928
	2,850	Mine Safety Appliances Co.		75,166		57,057
	1,300	Tetra Tech Inc.†		27,749		26,494
				327,203		206,076
		Communications Equipment — 1.6%
	2,700	Network Equipment Technologies Inc.†		9,405		9,558
	3,700	Plantronics Inc.		65,913		44,659
	10,800	Symmetricom Inc.†		43,943		37,800
				119,261		92,017
		Computer Hardware — 1.6%
	2,400	Electronics for Imaging Inc.†		35,161		23,520
	950	Logitech International SA†		12,779		9,766
	5,550	QLogic Corp.†		75,209		61,716
				123,149		95,002
		Computer Software and Services — 7.1%
	2,050	ACI Worldwide Inc.†		34,884		38,437
	7,800	Lawson Software Inc.†		55,320		33,150
	3,800	Macrovision Solutions Corp.†		61,110		67,602
	5,700	Magma Design Automation Inc.†		35,620		4,275
	5,850	Mercury Computer Systems Inc.†		45,195		32,350
	5,900	MSC.Software Corp.†		59,955		33,276
	4,500	Omnicell Inc.†		49,118		35,190
	4,050	Parametric Technology Corp.†		69,946		40,419
	10,250	Phoenix Technologies Ltd.†		51,991		16,605
	650	Progress Software Corp.†		12,546		11,284
	8,600	Saba Software Inc.†		26,510		14,534
	45,250	Safeguard Scientifics Inc.†		53,216		24,888
	6,900	THQ Inc.†		101,188		20,976
	7,567	Tier Technologies Inc., Cl. B†		69,984		35,035
				726,583		408,021
		Consumer Products — 1.1%
	1,400	Jarden Corp.†		26,156		17,738
	3,400	Knoll Inc.		45,164		20,842
	1,700	Pactiv Corp.†		37,600		24,803
				108,920		63,383
		Consumer Services — 0.1%
	350	Brink’s Home Security Holdings Inc.†		7,631		7,910
		Diversified Industrial — 3.8%
	1,656	Barnes Group Inc.		43,831		17,703
	1,860	Columbus McKinnon Corp.†		47,224		16,219
	4,788	Griffon Corp.†		41,704		35,910
	1,400	Hawk Corp., Cl. A†		20,110		16,170
	3,850	Littelfuse Inc.†		106,826		42,312
	3,200	Sealed Air Corp.		62,298		44,160
	250	Texas Industries Inc.		7,378		6,250
	2,600	Tredegar Corp.		36,867		42,458
				366,238		221,182
		Educational Services — 0.9%
	1,200	Corinthian Colleges Inc.†		15,858		23,340
	5,950	Princeton Review Inc.†		38,424		25,883
				54,282		49,223
		Electronics — 22.5%
	500	Analogic Corp.		13,185		16,010
	6,650	Avnet Inc.†		157,606		116,441
	3,150	BTU International Inc.†		28,037		10,552
	1,200	Coherent Inc.†		37,431		20,700
	3,650	CTS Corp.		38,496		13,176
	3,800	Electro Scientific Industries Inc.†		56,804		22,496
	1,400	FARO Technologies Inc.†		34,061		18,816
	20,150	GSI Group Inc.†		99,291		19,142
	7,150	International Rectifier Corp.†		112,460		96,596
	10,000	Keithley Instruments Inc.		67,392		33,900
	10,627	LeCroy Corp.†		92,874		33,369
	15,700	Merix Corp.†		36,225		4,396
	1,300	MKS Instruments Inc.†		28,850		19,071
	9,200	Molex Inc.		179,105		126,408
	11,550	Newport Corp.†		107,655		51,051
	2,200	OSI Systems Inc.†		46,594		33,572
	3,650	Park Electrochemical Corp.		78,490		63,072
	5,400	Pericom Semiconductor Corp.†		48,016		39,474
	8,400	Radisys Corp.†		71,166		50,904
	9,150	TTM Technologies Inc.†		89,990		53,070
	3,000	Varian Inc.†		108,165		71,220
	4,300	Varian Semiconductor Equipment Associates Inc.†		111,917		93,138
	26,650	Vishay Intertechnology Inc.†		187,853		92,742
	3,700	Zebra Technologies Corp., Cl. A†		111,943		70,374
	14,900	Zoran Corp.†		133,196		131,120
				2,076,802		1,300,810
		Energy and Utilities — 5.5%
	2,100	BJ Services Co.		25,536		20,895
	1,450	Goodrich Petroleum Corp†		43,532		28,072
	1,600	Hercules Offshore Inc.†		6,479		2,528
	300	Newfield Exploration Co.†		7,117		6,810
	200	Oceaneering International Inc.†		5,838		7,374
	3,600	Petrohawk Energy Corp.†		70,012		69,228
	3,400	Pride International Inc.†		60,108		61,132
	3,100	Superior Energy Services Inc.†		51,605		39,959
	8,800	Superior Well Services Inc.†		132,818		45,144
	4,300	Tesco Corp.†		38,672		33,626
				441,717		314,768
		Entertainment — 0.6%
	2,000	Discovery Communications Inc., Cl. A†		24,335		32,040
		Equipment and Supplies — 4.5%
	2,150	Cohu Inc.		31,867		15,480
	7,400	Gerber Scientific Inc.†		71,460		17,686
	3,100	IDEX Corp.		89,836		67,797
	4,100	John Bean Technologies Corp.		40,093		42,886
	1,850	Robbins & Myers Inc.		36,264		28,064
	2,800	Tennant Co.		87,794		26,236
	2,004	The Toro Co.		82,395		48,457
	1,750	Vicor Corp.		17,181		8,558
	200	Watsco Inc.		7,210		6,806
				464,100		261,970

See accompanying notes to financial statements.

15

GAMCO Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Financial Services — 6.6%
	1,450	Aspen Insurance Holdings Ltd.	$	34,024	$	32,567
	2,600	Brown & Brown Inc.		45,533		49,166
	1,750	Danvers Bancorp Inc.		20,319		24,167
	6,850	FBR Capital Markets Corp.†		35,763		22,536
	1,300	KBW Inc.†		30,256		26,455
	2,000	Knight Capital Group Inc., Cl. A†		32,743		29,480
	1,750	Max Capital Group Ltd.		38,221		30,170
	4,900	Meadowbrook Insurance Group Inc.		28,531		29,890
	2,950	NewAlliance Bancshares Inc.		36,638		34,633
	1,150	Northfield Bancorp Inc.		14,858		12,569
	2,900	Sterling Bancorp.		34,295		28,710
	2,300	Viewpoint Financial Group		34,953		27,669
	3,750	Westfield Financial Inc.		35,041		33,000
				421,175		381,012
		Food and Beverage — 1.3%
	5,600	Smart Balance Inc.†		33,856		33,824
	3,350	The Cheesecake Factory Inc.†		52,959		38,357
				86,815		72,181
		Health Care — 4.0%
	1,050	AMN Healthcare Services Inc.†		18,118		5,355
	3,200	AngioDynamics Inc.†		44,487		35,968
	1,000	Assisted Living Concepts Inc., Cl. A†		28,102		13,560
	3,900	Home Diagnostics Inc.†		30,526		22,113
	1,500	Kindred Healthcare Inc.†		34,604		22,425
	1,750	Omnicare Inc.		48,337		42,858
	1,500	PharMerica Corp.†		33,426		24,960
	2,175	Rochester Medical Corp.†		24,766		23,969
	2,600	Skilled Healthcare Group Inc., Cl. A†		35,713		21,346
	2,400	Sun Healthcare Group Inc.†		39,554		20,256
				337,633		232,810
		Machinery — 2.6%
	700	Badger Meter Inc.		18,261		20,223
	1,150	Dynamic Materials Corp.		33,061		10,534
	22,950	Flow International Corp.†		110,334		37,179
	1,250	Gardner Denver Inc.†		53,673		27,175
	2,050	Lydall Inc.†		28,559		6,088
	3,950	Trinity Industries Inc.		93,515		36,103
	750	Watts Water Technologies Inc., Cl. A		18,436		14,670
				355,839		151,972
		Metals and Mining — 0.9%
	2,700	5N Plus Inc.†		12,937		11,586
	950	Franco-Nevada Corp.		19,313		20,510
	2,900	Red Back Mining Inc.†		18,522		18,746
				50,772		50,842
		Publishing — 1.3%
	6,400	Belo Corp., Cl. A		24,807		3,904
	3,900	Journal Communications Inc., Cl. A		18,539		2,925
	2,200	Meredith Corp.		60,750		36,608
	2,100	Scholastic Corp.		23,991		31,647
				128,087		75,084
		Restaurants — 0.2%
	5,200	Morton’s Restaurant Group Inc.†		33,000		13,884
		Retail — 3.1%
	3,000	American Eagle Outfitters Inc.		41,940		36,720
	2,000	AnnTaylor Stores Corp.†		46,183		10,400
	5,650	J. Crew Group Inc.†		171,143		74,467
	12,300	Saks Inc.†		73,762		23,001
	1,500	Tiffany & Co.		40,703		32,340
				373,731		176,928
		Semiconductors — 16.8%
	14,200	Advanced Analogic Technologies Inc.†		65,396		51,120
	9,100	ATMI Inc.†		175,275		140,413
	6,400	Brooks Automation Inc.†		50,474		29,504
	2,850	California Micro Devices Corp.†		8,835		6,925
	6,700	Cascade Microtech Inc.†		42,557		21,641
	46,800	Entegris Inc.†		181,388		40,248
	7,700	FormFactor Inc.†		130,221		138,754
	21,200	FSI International Inc.†		18,248		6,848
	17,100	Integrated Device Technology Inc.†		135,486		77,805
	18,650	Kulicke & Soffa Industries Inc.†		78,735		48,863
	6,600	Microsemi Corp.†		90,928		76,560
	5,900	MoSys Inc.†		23,810		11,210
	5,850	O2Micro International Ltd.†		29,532		20,007
	14,400	ON Semiconductor Corp.†		106,053		56,160
	6,950	PLX Technology Inc.†		45,126		15,082
	34,450	RF Micro Devices Inc.†		72,787		45,818
	4,100	Silicon Image Inc.†		27,055		9,840
	1,250	Silicon Laboratories Inc.†		40,324		33,000
	1,600	Skyworks Solutions Inc.†		11,352		12,896
	16,950	Ultra Clean Holdings Inc.†		73,853		18,137
	1,550	Ultratech Inc.†		20,411		19,360
	9,950	Veeco Instruments Inc.†		119,971		66,367
	3,000	Verigy Ltd.†		62,663		24,750
				1,610,480		971,308
		Specialty Chemicals — 5.1%
	3,300	American Vanguard Corp.		36,070		42,570
	2,750	Arch Chemicals Inc.		82,493		52,140
	8,469	Ferro Corp.		129,227		12,111
	5,425	H.B. Fuller Co.		133,965		70,525
	4,650	Material Sciences Corp.†		36,596		2,511
	2,700	Olin Corp.		60,345		38,529
	3,300	Penford Corp.		46,683		11,979
	2,600	Valspar Corp.		53,340		51,922
	1,050	Zep Inc.		15,835		10,742
				594,554		293,029
		Telecommunications — 0.4%
	4,100	HickoryTech Corp.		39,234		22,058
		TOTAL COMMON STOCKS		9,245,516		5,696,693
		TOTAL INVESTMENTS — 98.6%	$	9,245,516		5,696,693
		Other Assets and Liabilities (Net) — 1.4%				80,466
		NET ASSETS — 100.0%			$	5,777,159

† Non-income producing security.

See accompanying notes to financial statements.

16

GAMCO Westwood Income Fund
Schedule of Investments — March 31, 2009 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 75.9%
		Banking — 4.0%
	9,000	U.S. Bancorp	$	297,267	$	131,490
	4,150	Valley National Bancorp		89,044		51,335
				386,311		182,825
		Business Services — 1.1%
	2,000	Paychex Inc.		88,857		51,340
		Computer Hardware — 2.3%
	1,000	Apple Inc.†		91,126		105,120
		Diversified Industrial — 3.5%
	13,000	General Electric Co.		365,533		131,430
	1,000	Honeywell International Inc.		42,208		27,860
				407,741		159,290
		Electronics — 2.6%
	8,000	Intel Corp.		188,828		120,400
		Energy and Utilities: Integrated — 4.6%
	1,000	BP plc, ADR		75,428		40,100
	6,000	National Oilwell Varco Inc.†		317,779		172,260
				393,207		212,360
		Energy and Utilities: Natural Gas — 2.6%
	8,500	Spectra Energy Corp.		221,225		120,190
		Energy and Utilities: Oil — 6.5%
	2,000	Chevron Corp.		169,778		134,480
	3,000	ConocoPhillips		240,082		117,480
	1,000	Devon Energy Corp.		47,079		44,690
				456,939		296,650
		Energy and Utilities: Services — 2.6%
	6,000	Halliburton Co.		214,955		92,820
	1,000	Noble Corp.		49,008		24,090
				263,963		116,910
		Financial Services — 9.7%
	10,000	Discover Financial Services		110,731		63,100
	9,000	H&R Block Inc.		197,560		163,710
	2,000	State Street Corp.		97,345		61,560
	2,500	The Bank of New York Mellon Corp.		86,260		70,625
	6,000	Wells Fargo & Co.		193,140		85,440
				685,036		444,435
		Food and Beverage — 10.1%
	7,000	ConAgra Foods Inc.		174,145		118,090
	3,761	General Mills Inc.		221,761		187,599
	7,000	Kraft Foods Inc., Cl. A		231,325		156,030
				627,231		461,719
		Health Care — 8.2%
	15,000	Pfizer Inc.		387,232		204,300
	4,000	Wyeth		201,908		172,160
				589,140		376,460
		Paper and Forest Products — 0.9%
	6,000	International Paper Co.		166,722		42,240
		Retail — 2.6%
	5,000	The Home Depot Inc.		198,531		117,800
		Specialty Chemicals — 2.4%
	5,000	E. I. du Pont de Nemours and Co.		250,408		111,650
		Telecommunications — 12.2%
	8,000	AT&T Inc.		270,305		201,600
	3,000	Embarq Corp.		130,007		113,550
	8,000	Verizon Communications Inc.		332,998		241,600
				733,310		556,750
		TOTAL COMMON STOCKS		5,748,575		3,476,139
		PREFERRED STOCKS — 12.9%
		Broadcasting — 2.8%
	9,000	CBS Corp., 7.250% Pfd.		227,727		127,800
		Financial Services — 10.1%
	12,000	Bank One Capital Trust VI, 7.200% Pfd.		305,738		237,480
	6,300	General Electric Capital Corp., 5.875% Pfd.		154,617		120,015
	5,900	Wells Fargo Capital Trust IV, 7.000% Pfd.		150,504		105,197
				610,859		462,692
		TOTAL PREFERRED STOCKS		838,586		590,492
		CONVERTIBLE PREFERRED STOCKS — 2.8%
		Financial Services — 2.8%
	500	Alleghany Corp., 5.750% Cv. Pfd.		139,920		127,298

Principal
Amount
		CORPORATE BONDS — 11.3%
		Energy and Utilities: Oil — 6.5%
$	300,000	Anadarko Petroleum Corp., 1.720%, 09/15/09 (a)		300,089		298,960
		Financial Services — 4.8%
	250,000	American Express Credit Corp., MTN, 0.716%, 06/16/11 (a)		250,000		217,337
		TOTAL CORPORATE BONDS		550,089		516,297
		TOTAL INVESTMENTS — 102.9%	$	7,277,170		4,710,226
		Other Assets and Liabilities (Net) — (2.9)%				(133,551	)
		NET ASSETS — 100.0%			$	4,576,675

(a)	Floating rate security. The rate disclosed is that in effect at March 31, 2009.
†	Non-income producing security.
ADR	American Depositary Receipt
MTN	Medium Term Note

See accompanying notes to financial statements.

17

GAMCO Westwood Funds
Statements of Assets and Liabilities
March 31, 2009 (Unaudited)

	Mighty			Equity			Balanced			Intermediate			SmallCap			Income
	MitesSM Fund			Fund			Fund			Bond Fund			Equity Fund			Fund
Assets:
Investments, at value (cost $135,637,566, $138,293,057, $136,178,566, $14,565,699, $9,245,516, and $7,277,170, respectively)	$	116,258,766		$	118,156,176		$	126,739,903		$	14,866,379		$	5,696,693		$	4,710,226
Cash		—			—			—			—			80,815			—
Receivable for Fund shares sold		1,711,632			957,874			270,464			18,020			316			23
Receivable for investments sold		274,604			1,731,709			1,248,864			—			19,381			—
Receivable from Adviser		—			—			—			—			7,405			4,367
Dividends and interest receivable		127,980			213,541			685,644			147,484			3,811			7,979
Prepaid expenses		33,267			25,753			33,497			25,651			22,146			20,725
Other assets		—			563			884			2,517			2,415			—
Total Assets		118,406,249			121,085,616			128,979,256			15,060,051			5,832,982			4,743,320
Liabilities:
Payable to custodian		61,770			—			—			—			—			101,480
Payable for investments purchased		4,289,069			722,475			495,297			206,159			23,491			—
Payable for Fund shares redeemed		224,032			561,077			196,989			10,347			757			28,162
Distributions payable		—			—			—			8,518			—			—
Payable for investment advisory fees		101,617			96,597			79,386			1,050			—			—
Payable for distribution fees		36,543			25,298			29,405			3,610			1,261			1,086
Payable for accounting fees		25,000			3,750			3,750			—			—			—
Payable for legal and audit fees		48,155			24,320			23,847			19,845			24,648			21,192
Payable for shareholder communications expenses		18,038			40,539			32,369			44			2,966			6,658
Payable for shareholder services fees		43,221			40,727			21,368			2,547			2,700			2,864
Other accrued expenses		35,755			259			367			136			—			5,203
Total Liabilities		4,883,200			1,515,042			882,778			252,256			55,823			166,645
Net Assets	$	113,523,049		$	119,570,574		$	128,096,478		$	14,807,795		$	5,777,159		$	4,576,675
Net Assets Consist of:
Paid-in capital, at $0.001 par value	$	133,940,008		$	180,428,244		$	159,635,880		$	14,403,164		$	17,471,512		$	9,154,467
Accumulated net investment income/(loss)		(179,282	)		490,559			3,357			(2,875	)		(12,032	)		(33	)
Accumulated net realized gain/(loss) on investments and foreign currency transactions		(858,978	)		(41,211,348	)		(22,104,096	)		106,826			(8,133,498	)		(2,010,815	)
Net unrealized appreciation/(depreciation) on investments		(19,378,800	)		(20,136,881	)		(9,438,663	)		300,680			(3,548,823	)		(2,566,944	)
Net unrealized appreciation on foreign currency translations		101			—			—			—			—			—
Net Assets	$	113,523,049		$	119,570,574		$	128,096,478		$	14,807,795		$	5,777,159		$	4,576,675
Shares of Beneficial Interest:
Class AAA:
Net assets	$	94,714,596		$	114,081,478		$	117,764,912		$	13,163,920		$	5,070,888		$	4,258,788
Shares of beneficial interest outstanding; unlimited number of shares authorized		9,656,310			18,548,103			14,147,828			1,169,475			727,470			786,055
Net Asset Value, offering, and redemption price per share	$	9.81		$	6.15		$	8.32		$	11.26		$	6.97		$	5.42
Class A:
Net assets	$	5,428,826		$	4,184,238		$	5,234,049		$	613,376		$	462,074		$	73,663
Shares of beneficial interest outstanding; unlimited number of shares authorized		560,084			682,186			626,211			54,499			66,947			13,150
Net Asset Value and redemption price per share	$	9.69		$	6.13		$	8.36		$	11.25		$	6.90		$	5.60
Maximum offering price per share (NAV÷.96, based on maximum sales charge of 4.00% of the offering price)	$	10.09		$	6.39		$	8.71		$	11.72		$	7.19		$	5.83
Class B:
Net assets	$	113,023		$	4,826		$	90,209		$	128,897		$	2,995		$	59.5
Shares of beneficial interest outstanding; unlimited number of shares authorized		12,298			800			10,704			11,454			451			10.4
Net Asset Value and offering price per share (a)	$	9.19		$	6.03		$	8.43		$	11.25		$	6.64		$	5.72
Class C:
Net assets	$	6,014,470		$	738,526		$	3,806,222		$	546,882		$	108,076		$	199,010
Shares of beneficial interest outstanding; unlimited number of shares authorized		658,766			123,209			451,137			51,068			16,419			33,229
Net Asset Value and offering price per share (a)	$	9.13		$	5.99		$	8.44		$	10.71		$	6.58		$	5.99
Class I:
Net assets	$	7,252,134		$	561,506		$	1,201,086		$	354,720		$	133,126		$	45,155
Shares of beneficial interest outstanding; unlimited number of shares authorized		736,678			91,208			144,378			31,490			19,043			8,331
Net Asset Value, offering, and redemption price per share	$	9.84		$	6.16		$	8.32		$	11.26		$	6.99		$	5.42

(a) Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

18

GAMCO Westwood Funds
Statements of Operations
For the Six Months Ended March 31, 2009 (Unaudited)

	Mighty			Equity			Balanced			Intermediate			SmallCap			Income
	MitesSM Fund			Fund			Fund			Bond Fund			Equity Fund			Fund
Investment Income:
Dividends (net of foreign taxes of $468, $0, $0, $0, $19, and $0, respectively)	$	330,632		$	2,146,086		$	1,330,854		$	14,439		$	36,898		$	174,929
Interest		74,611			—			796,136			192,318			61			8,348
Total Investment Income		405,243			2,146,086			2,126,990			206,757			36,959			183,277
Expenses:
Investment advisory fees		326,254			666,443			496,395			39,721			31,879			27,914
Distribution fees — Class AAA		65,702			160,187			154,294			14,852			6,885			6,503
Distribution fees — Class A		13,450			9,650			12,911			726			1,537			110
Distribution fees — Class B		631			28			475			469			17			1
Distribution fees — Class C		23,332			3,342			12,076			2,578			615			1,303
Accounting fees		22,500			22,500			22,500			—			—			—
Custodian fees		18,196			13,597			13,992			3,634			9,278			4,809
Interest expense		170			63			—			—			87			1,058
Legal and audit fees		22,716			25,148			24,456			17,699			20,386			17,508
Registration expenses		18,143			33,577			19,603			15,812			15,908			20,183
Shareholder communications expenses		22,546			45,712			36,151			1,819			5,069			5,475
Shareholder services fees		41,789			86,010			49,831			6,249			6,544			5,867
Trustees’ fees		2,200			5,247			4,723			440			246			244
Miscellaneous expenses		5,742			10,314			9,474			5,792			3,805			3,825
Total Expenses		583,371			1,081,818			856,881			109,791			102,256			94,800
Less:
Expense reimbursements (see Note 3)		—			—			—			(38,234	)		(53,251	)		(48,023	)
Custodian fee credits		(56	)		(13,348	)		(13,511	)		(3,281	)		(14	)		(3,968	)
Total Reimbursements and Credits		(56	)		(13,348	)		(13,511	)		(41,515	)		(53,265	)		(51,991	)
Net Expenses		583,315			1,068,470			843,370			68,276			48,991			42,809
Net Investment Income/(Loss)		(178,072	)		1,077,616			1,283,620			138,481			(12,032	)		140,468
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments		(571,401	)		(39,118,307	)		(21,166,837	)		103,035			(1,048,433	)		(997,129	)
Net realized gain on foreign currency transactions		70			—			—			—			—			—
Net realized gain/(loss) on investments and foreign currency transactions		(571,331	)		(39,118,307	)		(21,166,837	)		103,035			(1,048,433	)		(997,129	)
Net change in unrealized appreciation/(depreciation) on investments		(17,671,736	)		(19,576,494	)		(9,605,713	)		381,503			(3,108,526	)		(1,373,268	)
Net change in unrealized appreciation/(depreciation) on foreign currency translations		(294	)		—			—			(27	)		—			—
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(17,672,030	)		(19,576,494	)		(9,605,713	)		381,476			(3,108,526	)		(1,373,268	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(18,243,361	)		(58,694,801	)		(30,772,550	)		484,511			(4,156,959	)		(2,370,397	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(18,421,433	)	$	(57,617,185	)	$	(29,488,930	)	$	622,992		$	(4,168,991	)	$	(2,229,929	)

See accompanying notes to financial statements.

19

GAMCO Westwood Funds
Statements of Changes in Net Assets

	Mighty MitesSM Fund						Equity Fund
	For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2009			September 30,			March 31, 2009			September 30,
	(Unaudited)			2008			(Unaudited)			2008
Operations:
Net investment income/(loss)	$	(178,072	)	$	(48,604	)	$	1,077,616		$	1,373,858
Net realized gain/(loss) on investments and foreign currency transactions		(571,331	)		1,925,120			(39,118,307	)		(1,553,069	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations		(17,672,030	)		(10,388,513	)		(19,576,494	)		(32,856,852	)
Net Decrease in Net Assets Resulting from Operations		(18,421,433	)		(8,511,997	)		(57,617,185	)		(33,036,063	)
Distributions to Shareholders:
Net investment income
Class AAA		—			(173,195	)		(1,644,996	)		(788,363	)
Class A		—			(20,881	)		(23,479	)		(14,656	)
Class C		—			(2,086	)		(3,498	)		—
Class I		—			—			(9,480	)		—
		—			(196,162	)		(1,681,453	)		(803,019	)
Net realized gain
Class AAA		(1,377,796	)		(4,398,562	)		—			(23,536,496	)
Class A		(162,117	)		(427,184	)		—			(594,524	)
Class B		(3,965	)		(37,625	)		—			(2,963	)
Class C		(122,538	)		(219,499	)		—			(43,046	)
Class I		(51,718	)		—			—			—
		(1,718,134	)		(5,082,870	)		—			(24,177,029	)
Total Distributions to Shareholders		(1,718,134	)		(5,279,032	)		(1,681,453	)		(24,980,048	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued in connection with the Reorganization Class AAA (see Note 9)		41,451,718			—			—			—
		41,451,718			—			—			—
Proceeds from shares issued
Class AAA		30,554,599			31,088,927			29,402,387			56,113,757
Class A		3,607,186			7,562,274			2,269,284			7,236,476
Class B		—			15			—			—
Class C		3,658,175			3,724,307			315,427			717,153
Class I		7,329,348			963,567			112,501			984,430
		45,149,308			43,339,090			32,099,599			65,051,816
Proceeds from reinvestment of distributions
Class AAA		1,223,207			4,129,014			1,531,245			23,304,371
Class A		146,050			429,306			21,494			604,502
Class B		3,964			37,512			—			1,929
Class C		92,652			193,520			3,497			42,305
Class I		21,432			—			9,480			—
		1,487,305			4,789,352			1,565,716			23,953,107
Cost of shares redeemed
Class AAA		(17,689,996	)		(15,832,340	)		(27,731,754	)		(45,590,193	)
Class A		(2,734,506	)		(2,956,021	)		(1,504,920	)		(4,355,199	)
Class B		(16,052	)		(197,245	)		(4,814	)		(5,786	)
Class C		(990,921	)		(595,613	)		(39,443	)		(172,081	)
Class I		(670,021	)		(43,498	)		(85,690	)		(77,851	)
		(22,101,496	)		(19,624,717	)		(29,366,621	)		(50,201,110	)
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		65,986,835			28,503,725			4,298,694			38,803,813
Redemption Fees		552			1,648			—			—
Net Increase/(Decrease) in Net Assets		45,847,820			14,714,344			(54,999,944	)		(19,212,298	)
Net Assets:
Beginning of period		67,675,229			52,960,885			174,570,518			193,782,816
End of period	$	113,523,049		$	67,675,229		$	119,570,574		$	174,570,518
Undistributed net investment income		—			—		$	490,559		$	1,094,396

See accompanying notes to financial statements.

20

GAMCO Westwood Funds
Statements of Changes in Net Assets (Continued)

	Balanced Fund						Intermediate Bond Fund
	For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2009			September 30,			March 31, 2009			September 30,
	(Unaudited)			2008			(Unaudited)			2008
Operations:
Net investment income	$	1,283,620		$	2,784,981		$	138,481		$	365,893
Net realized gain/(loss) on investments		(21,166,837	)		150,087			103,035			42,191
Net change in unrealized appreciation/(depreciation) on investments		(9,605,713	)		(16,151,151	)		381,476			(75,649	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(29,488,930	)		(13,216,083	)		622,992			332,435
Distributions to Shareholders:
Net investment income
Class AAA		(1,218,360	)		(2,719,978	)		(127,649	)		(329,078	)
Class A		(45,019	)		(91,923	)		(4,021	)		(2,394	)
Class B		(576	)		(1,568	)		(627	)		(1,579	)
Class C		(16,861	)		(13,621	)		(3,688	)		(28,066	)
Class I		(14,149	)		(16,935	)		(4,065	)		(4,776	)
		(1,294,965	)		(2,844,025	)		(140,050	)		(365,893	)
Net realized gain
Class AAA		(675,615	)		(11,110,478	)		—			—
Class A		(27,603	)		(405,420	)		—			—
Class B		(524	)		(14,126	)		—			—
Class C		(10,546	)		(71,581	)		—			—
Class I		(7,058	)		—			—			—
		(721,346	)		(11,601,605	)		—			—
Total Distributions to Shareholders		(2,016,311	)		(14,445,630	)		(140,050	)		(365,893	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		26,722,186			35,309,365			3,552,980			3,653,273
Class A		1,584,533			1,374,427			650,346			156,785
Class B		4,253			—			104,860			—
Class C		3,661,815			782,745			459,193			3,323,184
Class I		59,872			1,660,440			127,653			396,494
		32,032,659			39,126,977			4,895,032			7,529,736
Proceeds from reinvestment of distributions
Class AAA		1,732,852			13,358,522			89,078			236,256
Class A		65,376			441,381			3,277			1,560
Class B		655			10,778			159			230
Class C		23,404			69,575			3,050			21,145
Class I		21,207			16,935			4,065			4,776
		1,843,494			13,897,191			99,629			263,967
Cost of shares redeemed
Class AAA		(19,320,743	)		(36,401,407	)		(1,409,958	)		(2,809,664	)
Class A		(830,556	)		(696,633	)		(154,869	)		(125,247	)
Class B		(15,745	)		(48,649	)		(28,102	)		(46,518	)
Class C		(864,241	)		(256,624	)		(412,069	)		(2,850,287	)
Class I		(60,637	)		(42,169	)		(152,617	)		(30,597	)
		(21,091,922	)		(37,445,482	)		(2,157,615	)		(5,862,313	)
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		12,784,231			15,578,686			2,837,046			1,931,390
Net Increase/(Decrease) in Net Assets		(18,721,010	)		(12,083,027	)		3,319,988			1,897,932
Net Assets:
Beginning of period		146,817,488			158,900,515			11,487,807			9,589,875
End of period	$	128,096,478		$	146,817,488		$	14,807,795		$	11,487,807
Undistributed net investment income	$	3,357		$	14,702			—			—

See accompanying notes to financial statements.

21

GAMCO Westwood Funds
Statements of Changes in Net Assets (Continued)

	SmallCap Equity Fund						Income Fund
	For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2009			September 30,			March 31, 2009			September 30,
	(Unaudited)			2008			(Unaudited)			2008
Operations:
Net investment income/(loss)	$	(12,032	)	$	(24,309	)	$	140,468		$	313,764
Net realized loss on investments		(1,048,433	)		(267,244	)		(997,129	)		(1,026,115	)
Net change in unrealized appreciation/(depreciation) on investments		(3,108,526	)		(1,837,044	)		(1,373,268	)		(1,440,749	)
Net Decrease in Net Assets Resulting from Operations		(4,168,991	)		(2,128,597	)		(2,229,929	)		(2,153,100	)
Distributions to Shareholders:
Net investment income
Class AAA		—			—			(122,833	)		(385,568	)
Class A		—			—			(1,733	)		(2,392	)
Class B		—			—			(1	)		(2	)
Class C		—			—			(4,905	)		(10,506	)
Class I		—			—			(1,498	)		(3,014	)
		—			—			(130,970	)		(401,482	)
Net realized gain
Class AAA		—			—			—			(271,625	)
Class A		—			—			—			(2,299	)
Class B		—			—			—			(2	)
Class C		—			—			—			(7,478	)
		—			—			—			(281,404	)
Return of capital
Class AAA		—			—			—			(27,456	)
Class A		—			—			—			(170	)
Class B		—			—			—			(1	)
Class C		—			—			—			(748	)
Class I		—			—			—			(214	)
		—			—			—			(28,589	)
Total Distributions to Shareholders		—			—			(130,970	)		(711,475	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		761,832			5,087,091			334,864			2,284,562
Class A		627,416			619,158			36,568			41,454
Class B		—			—			—			1
Class C		82,331			22,221			48,653			120,035
Class I		52,964			219,169			2,589			138,846
		1,524,543			5,947,639			422,674			2,584,898
Proceeds from reinvestment of distributions
Class AAA		—			—			113,802			650,580
Class A		—			—			1,239			4,565
Class B		—			—			—			—
Class C		—			—			4,724			16,924
Class I		—			—			1,498			3,229
		—			—			121,263			675,298
Cost of shares redeemed
Class AAA		(613,731	)		(3,379,770	)		(1,260,413	)		(10,789,585	)
Class A		(436,610	)		(522,719	)		(2,920	)		(56,240	)
Class B		—			(605	)		—			(2,007	)
Class C		(78,798	)		(69,343	)		(72,882	)		(119,039	)
Class I		(9,035	)		(42,115	)		(43,402	)		(5,959	)
		(1,138,174	)		(4,014,552	)		(1,379,617	)		(10,972,830	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		386,369			1,933,087			(835,680	)		(7,712,634	)
Net Decrease in Net Assets		(3,782,622	)		(195,510	)		(3,196,579	)		(10,577,209	)
Net Assets:
Beginning of period		9,559,781			9,755,291			7,773,254			18,350,463
End of period	$	5,777,159		$	9,559,781		$	4,576,675		$	7,773,254
Undistributed net investment income		—			—			—			—

See accompanying notes to financial statements.

22

GAMCO Westwood Funds
Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

			Operating Performance									Distributions to Shareholders																			Ratios to Average Net Assets and Supplemental Data
																																					Operating
																																					Expenses
																																		Operating			Net of			Operating
						Net																		Net					Net					Expenses			Waivers/			Expenses
	Net Asset		Net			Realized and			Total						Net									Asset					Assets,		Net			Net of			Reimburse-			Before
	Value,		Investment			Unrealized			From			Net			Realized									Value,					End of		Investment			Waivers/			ments/			Waivers/			Portfolio
Period Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			Total			Redemption			End of		Total			Period		Income			Reimburse-			Custodian			Reimburse-			Turnover
September 30	of Period		(Loss)(a)(b)			Investments			Operations			Income			Investments			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)(b)			ments			Fee Credits			ments(c)			Rate††
Mighty MitesSM Fund
Class AAA
2009(d)	$	13.41	$	(0.03	)	$	(3.26	)	$	(3.29	)		—		$	(0.31	)	$	(0.31	)	$	0.00	(e)	$	9.81		(24.7	)%	$	94,715		(0.48	)%(f)		1.72	%(f)		1.72	%(f)		1.72	%(f)(g)		25	%
2008		17.05		(0.00	)(e)		(2.11	)		(2.11	)	$	(0.06	)		(1.47	)		(1.53	)		0.00	(e)		13.41		(13.2	)		55,808		(0.01	)		1.71			1.71			1.71	(g)		18
2007		16.01		0.08			3.42			3.50			—			(2.46	)		(2.46	)		0.00	(e)		17.05		23.9			48,252		0.48			1.64			1.64			1.64	(g)		21
2006		16.73		(0.04	)		1.34			1.30			—			(2.02	)		(2.02	)		—			16.01		9.0			36,843		(0.28	)		1.61			1.61			1.61	(g)		4
2005		15.07		(0.02	)		2.97			2.95			—			(1.29	)		(1.29	)		0.00	(e)		16.73		20.4			46,497		(0.13	)		1.50			1.50			1.74			9
2004		13.42		(0.03	)		1.84			1.81			—			(0.16	)		(0.16	)		0.00	(e)		15.07		13.6			50,805		(0.20	)		1.50			1.50			1.66			36
Class A
2009(d)	$	13.26	$	(0.04	)	$	(3.22	)	$	(3.26	)		—		$	(0.31	)	$	(0.31	)	$	0.00	(e)	$	9.69		(24.8	)%	$	5,429		(0.69	)%(f)		1.97	%(f)		1.97	%(f)		1.97	%(f)(g)		25	%
2008		16.94		(0.04	)		(2.10	)		(2.14	)	$	(0.07	)		(1.47	)		(1.54	)		0.00	(e)		13.26		(13.5	)		6,134		(0.27	)		1.96			1.96			1.96	(g)		18
2007		15.94		0.36			3.10			3.46			—			(2.46	)		(2.46	)		0.00	(e)		16.94		23.8			2,246		2.13			1.89			1.89			1.89	(g)		21
2006		16.70		(0.10	)		1.36			1.26			—			(2.02	)		(2.02	)		—			15.94		8.7			3		(0.63	)		1.86			1.86			1.86	(g)		4
2005		15.08		(0.06	)		2.97			2.91			—			(1.29	)		(1.29	)		0.00	(e)		16.70		20.1			41		(0.41	)		1.75			1.75			2.00			9
2004		13.46		(0.06	)		1.84			1.78			—			(0.16	)		(0.16	)		0.00	(e)		15.08		13.3			39		(0.42	)		1.75			1.75			1.91			36
Class B
2009(d)	$	12.63	$	(0.06	)	$	(3.07	)	$	(3.13	)		—		$	(0.31	)	$	(0.31	)	$	0.00	(e)	$	9.19		(25.0	)%	$	113		(1.21	)%(f)		2.47	%(f)		2.47	%(f)		2.47	%(f)(g)		25	%
2008		16.21		(0.10	)		(2.01	)		(2.11	)		—			(1.47	)		(1.47	)		0.00	(e)		12.63		(13.9	)		169		(0.73	)		2.46			2.46			2.46	(g)		18
2007		15.43		(0.06	)		3.30			3.24			—			(2.46	)		(2.46	)		0.00	(e)		16.21		23.0			422		(0.40	)		2.39			2.39			2.39	(g)		21
2006		16.31		(0.15	)		1.29			1.14			—			(2.02	)		(2.02	)		—			15.43		8.1			452		(1.00	)		2.36			2.36			2.36	(g)		4
2005		14.82		(0.14	)		2.92			2.78			—			(1.29	)		(1.29	)		0.00	(e)		16.31		19.6			433		(0.89	)		2.25			2.25			2.49			9
2004		13.30		(0.14	)		1.82			1.68			—			(0.16	)		(0.16	)		0.00	(e)		14.82		12.7			400		(0.95	)		2.25			2.25			2.41			36
Class C
2009(d)	$	12.55	$	(0.06	)	$	(3.05	)	$	(3.11	)		—		$	(0.31	)	$	(0.31	)	$	0.00	(e)	$	9.13		(25.0	)%	$	6,014		(1.23	)%(f)		2.47	%(f)		2.47	%(f)		2.47	%(f)(g)		25	%
2008		16.13		(0.10	)		(2.00	)		(2.10	)	$	(0.01	)		(1.47	)		(1.48	)		0.00	(e)		12.55		(13.9	)		4,671		(0.78	)		2.46			2.46			2.46	(g)		18
2007		15.35		0.10			3.14			3.24			—			(2.46	)		(2.46	)		0.00	(e)		16.13		23.2			2,041		0.65			2.39			2.39			2.39	(g)		21
2006		16.24		(0.15	)		1.28			1.13			—			(2.02	)		(2.02	)		—			15.35		8.1			311		(1.01	)		2.36			2.36			2.36	(g)		4
2005		14.77		(0.14	)		2.90			2.76			—			(1.29	)		(1.29	)		0.00	(e)		16.24		19.5			327		(0.91	)		2.25			2.25			2.49			9
2004		13.25		0.02			1.66			1.68			—			(0.16	)		(0.16	)		0.00	(e)		14.77		12.7			308		(0.89	)		2.25			2.25			2.41			36
Class I
2009(d)	$	13.44	$	(0.01	)	$	(3.28	)	$	(3.29	)		—		$	(0.31	)	$	(0.31	)	$	0.00	(e)	$	9.84		(24.7	)%	$	7,252		(0.25	)%(f)		1.47	%(f)		1.47	%(f)		1.47	%(f)(g)		25	%
2008(h)		13.96		0.03			(0.55	)		(0.52	)		—			—			—			0.00	(e)		13.44		(3.7	)		893		0.26	(f)		1.46	(f)		1.46	(f)		1.46	(f)(g)		18

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the fiscal years ended September 30, 2007 and 2004 would have been 23% and 39%, respectively. The portfolio turnover rate for the fiscal years ended 2006 and 2005 would have been as shown. Also, for the six months ended March 31, 2009, the calculation of the portfolio turnover rate excluded the value of securities acquired from purchases in connection with the Fund’s Reorganization (see Note 5).
(a)	Per share data is calculated using the average shares outstanding method.
(b)	Due to capital share activity, net investment income per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.
(c)	Prior to the period beginning October 1, 2005, fees and expenses were voluntarily reduced and/or reimbursed. If such fee reductions and/or reimbursements had not occurred, the ratio would have been as shown.
(d)	For the six months ended March 31, 2009, unaudited.
(e)	Amount represents less than $0.005 per share.
(f)	Annualized.
(g)	The fund incurred interest expense during the fiscal year ended September 30, 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.57% (Class AAA), 1.82% (Class A), 2.32% (Class B and Class C), respectively. For the six months ended March 31, 2009 and fiscal years ended September 30, 2008 and 2007, the effect of interest expense was minimal.
(h)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

23

GAMCO Westwood Funds
Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

				Operating Performance									Distributions to Shareholders																			Ratios to Average Net Assets and Supplemental Data
							Net
							Realized																															Operating
	Net Asset			Net			and			Total															Net					Net Assets,								Expenses
	Value,			Investment			Unrealized			from			Net			Net Realized									Asset Value,					End of		Net						Net of			Portfolio
Period Ended	Beginning			Income			Gain (Loss) on			Investment			Investment			Gain on			Total			Redemption			End of		Total			Period		Investment			Operating			Custodian			Turnover
September 30	of Period			(Loss)(a)			Investments			Operations			Income			Investments			Distributions			Fees(a)			Period		Return†			(in 000’s)		Income (Loss)			Expenses			Fee Credits			Rate††
Equity Fund
Class AAA
2009(b)	$	9.21		$	0.06		$	(3.03	)	$	(2.97	)	$	(0.09	)		—		$	(0.09	)		—		$	6.15		(32.4	)%	$	114,081		1.63	%(c)		1.61	%(c)		1.59	%(c)		49	%
2008		12.63			0.08			(1.87	)		(1.79	)		(0.05	)	$	(1.58	)		(1.63	)		—			9.21		(16.0	)		167,946		0.73			1.49			1.47			71
2007		12.51			0.04			2.15			2.19			(0.05	)		(2.02	)		(2.07	)		—			12.63		19.7			189,913		0.37			1.52			1.47			58
2006		11.08			0.06			1.42			1.48			(0.05	)		—			(0.05	)		—			12.51		13.4			169,404		0.55			1.54			1.50			73
2005		9.32			0.07			1.79			1.86			(0.10	)		—			(0.10	)	$	(0.00	)(d)		11.08		20.0			178,394		0.69			1.51			1.49			59
2004		7.99			0.08			1.36			1.44			(0.11	)		—			(0.11	)		0.00	(d)		9.32		18.1			179,407		0.90			1.50			1.49			44
Class A
2009(b)	$	9.11		$	0.05		$	(2.98	)	$	(2.93	)	$	(0.05	)		—		$	(0.05	)		—		$	6.13		(32.3	)%	$	4,184		1.38	%(c)		1.86	%(c)		1.84	%(c)		49	%
2008		12.57			0.05			(1.89	)		(1.84	)		(0.04	)	$	(1.58	)		(1.62	)		—			9.11		(16.6	)		5,079		0.47			1.74			1.72			71
2007		12.45			0.01			2.15			2.16			(0.02	)		(2.02	)		(2.04	)		—			12.57		19.5			3,527		0.12			1.77			1.72			58
2006		11.05			0.03			1.41			1.44			(0.04	)		—			(0.04	)		—			12.45		13.1			2,780		0.27			1.79			1.75			73
2005		9.28			0.06			1.75			1.81			(0.04	)		—			(0.04	)	$	(0.00	)(d)		11.05		19.6			2,267		0.59			1.76			1.74			59
2004		7.97			0.05			1.35			1.40			(0.09	)		—			(0.09	)		0.00	(d)		9.28		17.7			3,328		0.61			1.75			1.74			44
Class B
2009(b)	$	8.95		$	0.04		$	(2.96	)	$	(2.92	)		—			—			—			—		$	6.03		(32.6	)%	$	5		1.09	%(c)		2.36	%(c)		2.34	%(c)		49	%
2008		12.36	��		(0.00	)(d)		(1.83	)		(1.83	)		—		$	(1.58	)	$	(1.58	)		—			8.95		(16.7	)		13		(0.01	)		2.24			2.22			71
2007		12.31			(0.05	)		2.12			2.07			—			(2.02	)		(2.02	)		—			12.36		18.8			23		(0.39	)		2.27			2.22			58
2006		10.96			(0.02	)		1.40			1.38		$	(0.03	)		—			(0.03	)		—			12.31		12.6			32		(0.20	)		2.29			2.25			73
2005		9.21			(0.00	)(d)		1.75			1.75			—			—			—		$	(0.00	)(d)		10.96		19.0			30		(0.01	)		2.26			2.24			59
2004		7.92			0.02			1.34			1.36			(0.07	)		—			(0.07	)		0.00	(d)		9.21		17.2			38		0.21			2.25			2.24			44
Class C
2009(b)	$	8.95		$	0.03		$	(2.95	)	$	(2.92	)	$	(0.04	)		—		$	(0.04	)		—		$	5.99		(32.7	)%	$	739		0.83	%(c)		2.36	%(c)		2.34	%(c)		49	%
2008		12.36			(0.00	)(d)		(1.83	)		(1.83	)		—		$	(1.58	)		(1.58	)		—			8.95		(16.7	)		736		(0.02	)		2.24			2.22			71
2007		12.31			(0.05	)		2.12			2.07			—			(2.02	)		(2.02	)		—			12.36		18.8			320		(0.39	)		2.27			2.22			58
2006		10.97			(0.03	)		1.40			1.37			(0.03	)		—			(0.03	)		—			12.31		12.6			316		(0.28	)		2.29			2.25			73
2005		9.24			(0.01	)		1.77			1.76			(0.03	)		—			(0.03	)	$	(0.00	)(d)		10.97		19.1			149		(0.06	)		2.26			2.24			59
2004		7.89			0.01			1.34			1.35			—			—			—			0.00	(d)		9.24		17.1			152		0.11			2.25			2.24			44
Class I
2009(b)	$	9.23		$	0.06		$	(3.02	)	$	(2.96	)	$	(0.11	)		—		$	(0.11	)		—		$	6.16		(32.2	)%	$	562		1.87	%(c)		1.36	%(c)		1.34	%(c)		49	%
2008(e)		10.35			0.07			(1.19	)		(1.12	)		—			—			—			—			9.23		(10.8	)		797		1.00	(c)		1.24	(c)		1.22	(c)		71

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the fiscal years ended September 30, 2007, 2006, 2005, and 2004 would have been as shown.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	For the six months ended March 31, 2009, unaudited.
(c)	Annualized.
(d)	Amount represents less than $0.005 per share.
(e)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

24

GAMCO Westwood Funds
Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

			Operating Performance								Distributions to Shareholders																			Ratios to Average Net Assets and Supplemental Data
					Net
					Realized																															Operating
	Net Asset				and			Total						Net									Net					Net Assets,								Expenses
	Value,		Net		Unrealized			from			Net			Realized									Asset Value,					End of		Net						Net of			Portfolio
Period Ended	Beginning		Investment		Gain (Loss) on			Investment			Investment			Gain on			Total			Redemption			End of		Total			Period		Investment			Operating			Custodian			Turnover
September 30	of Period		Income(a)		Investments			Operations			Income			Investments			Distributions			Fees(a)			Period		Return†			(in 000’s)		Income			Expenses			Fee Credits			Rate††
Balanced Fund
Class AAA
2009(b)	$	10.47	$	0.09	$	(2.10	)	$	(2.01	)	$	(0.09	)	$	(0.05	)	$	(0.14	)		—		$	8.32		(19.3	)%	$	117,765		1.96	%(c)		1.27	%(c)		1.25	%(c)		33	%
2008		12.58		0.21		(1.17	)		(0.96	)		(0.22	)		(0.93	)		(1.15	)		—			10.47		(8.4	)		138,174		1.83			1.23			1.21			60
2007		12.82		0.22		1.36			1.58			(0.21	)		(1.61	)		(1.82	)		—			12.58		13.6			152,185		1.76			1.27			1.19			46
2006		12.74		0.22		0.95			1.17			(0.24	)		(0.85	)		(1.09	)		—			12.82		9.8			145,028		1.78			1.32			1.27			68
2005		11.47		0.20		1.26			1.46			(0.19	)		—			(0.19	)	$	0.00	(d)		12.74		12.8			144,572		1.67			1.25			1.22			56
2004		10.51		0.21		0.97			1.18			(0.22	)		—			(0.22	)		0.00	(d)		11.47		11.3			136,400		1.92			1.23			1.22			41
Class A
2009(b)	$	10.51	$	0.08	$	(2.10	)	$	(2.02	)	$	(0.08	)	$	(0.05	)	$	(0.13	)		—		$	8.36		(19.3	)%	$	5,234		1.74	%(c)		1.52	%(c)		1.50	%(c)		33	%
2008		12.63		0.18		(1.18	)		(1.00	)		(0.19	)		(0.93	)		(1.12	)		—			10.51		(8.7	)		5,639		1.56			1.48			1.46			60
2007		12.87		0.19		1.36			1.55			(0.18	)		(1.61	)		(1.79	)		—			12.63		13.3			5,519		1.51			1.52			1.44			46
2006		12.74		0.19		0.95			1.14			(0.16	)		(0.85	)		(1.01	)		—			12.87		9.5			5,596		1.53			1.57			1.52			68
2005		11.44		0.17		1.26			1.43			(0.13	)		—			(0.13	)	$	0.00	(d)		12.74		12.6			5,658		1.42			1.50			1.47			56
2004		10.48		0.18		0.97			1.15			(0.19	)		—			(0.19	)		0.00	(d)		11.44		11.0			5,298		1.66			1.48			1.47			41
Class B
2009(b)	$	10.60	$	0.06	$	(2.13	)	$	(2.07	)	$	(0.05	)	$	(0.05	)	$	(0.10	)		—		$	8.43		(19.5	)%	$	90		1.25	%(c)		2.02	%(c)		2.00	%(c)		33	%
2008		12.72		0.13		(1.20	)		(1.07	)		(0.12	)		(0.93	)		(1.05	)		—			10.60		(9.1	)		125		1.10			1.98			1.96			60
2007		12.95		0.13		1.37			1.50			(0.12	)		(1.61	)		(1.73	)		—			12.72		12.7			194		1.02			2.02			1.94			46
2006		12.76		0.13		0.95			1.08			(0.04	)		(0.85	)		(0.89	)		—			12.95		9.0			141		1.02			2.07			2.02			68
2005		11.43		0.11		1.26			1.37			(0.04	)		—			(0.04	)	$	0.00	(d)		12.76		12.0			138		0.93			2.00			1.97			56
2004		10.48		0.13		0.96			1.09			(0.14	)		—			(0.14	)		0.00	(d)		11.43		10.4			163		1.18			1.98			1.97			41
Class C
2009(b)	$	10.61	$	0.05	$	(2.11	)	$	(2.06	)	$	(0.06	)	$	(0.05	)	$	(0.11	)		—		$	8.44		(19.5	)%	$	3,806		1.17	%(c)		2.02	%(c)		2.00	%(c)		33	%
2008		12.74		0.12		(1.19	)		(1.07	)		(0.13	)		(0.93	)		(1.06	)		—			10.61		(9.1	)		1,389		1.05			1.98			1.96			60
2007		12.97		0.13		1.37			1.50			(0.12	)		(1.61	)		(1.73	)		—			12.74		12.7			1,003		1.01			2.02			1.94			46
2006		12.78		0.13		0.95			1.08			(0.04	)		(0.85	)		(0.89	)		—			12.97		9.0			946		1.02			2.07			2.02			68
2005		11.45		0.11		1.26			1.37			(0.04	)		—			(0.04	)	$	0.00	(d)		12.78		12.0			982		0.92			2.00			1.97			56
2004		10.49		0.13		0.97			1.10			(0.14	)		—			(0.14	)		0.00	(d)		11.45		10.5			846		1.19			1.98			1.97			41
Class I
2009(b)	$	10.46	$	0.09	$	(2.08	)	$	(1.99	)	$	(0.10	)	$	(0.05	)	$	(0.15	)		—		$	8.32		(19.1	)%	$	1,201		2.15	%(c)		1.02	%(c)		1.00	%(c)		33	%
2008(e)		11.33		0.17		(0.87	)		(0.70	)		(0.17	)		—			(0.17	)		—			10.46		(6.2	)		1,490		2.14	(c)		0.98	(c)		0.96	(c)		60

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the fiscal year ended September 30, 2005 would have been 55%. The portfolio turnover rate for the fiscal years ended 2007, 2006, and 2004 would have been as shown.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	For the six months ended March 31, 2009, unaudited.
(c)	Annualized.
(d)	Amount represents less than $0.005 per share.
(e)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

25

GAMCO Westwood Funds
Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

			Operating Performance								Distributions to Shareholders																			Ratios to Average Net Assets and Supplemental Data
																																				Operating
																																				Expenses
					Net																												Operating			Net of			Operating
					Realized																		Net					Net					Expenses			Waivers/			Expenses
	Net Asset				and			Total						Net									Asset					Assets,					Net of			Reimburse-			Before
	Value,		Net		Unrealized Gain			from			Net			Realized									Value,					End of		Net			Waivers/			ments/			Waivers/			Portfolio
Period Ended	Beginning		Investment		(Loss) on			Investment			Investment			Gain on			Total			Redemption			End of		Total			Period		Investment			Reimburse-			Custodian			Reimburse-			Turnover
September 30	of Period		Income(a)		Investments			Operations			Income			Investments			Distributions			Fees(a)			Period		Return†			(in 000’s)		Income			ments			Fee Credits			ments(b)			Rate††
Intermediate Bond Fund
Class AAA
2009(c)	$	10.84	$	0.12	$	0.43		$	0.55		$	(0.13	)		—		$	(0.13	)		—		$	11.26		5.0	%	$	13,164		2.12	%(d)		1.05	%(d)		1.00	%(d)		1.63	%(d)		4	%
2008		10.80		0.36		0.04			0.40			(0.36	)		—			(0.36	)		—			10.84		3.7			10,498		3.23			1.07			1.00			1.76			32
2007		10.81		0.40		0.00	(e)		0.40			(0.41	)		—			(0.41	)		—			10.80		3.7			9,413		3.73			1.10			1.00			1.64			20
2006		10.93		0.39		(0.11	)		0.28			(0.39	)	$	(0.01	)		(0.40	)		—			10.81		2.7			9,917		3.65			1.06			1.00			1.53			35
2005		11.18		0.34		(0.16	)		0.18			(0.34	)		(0.09	)		(0.43	)	$	(0.00	)(e)		10.93		1.7			10,272		3.10			1.04			1.00			1.79			33
2004		11.31		0.33		(0.12	)		0.21			(0.33	)		(0.01	)		(0.34	)		0.00	(e)		11.18		2.0			9,553		2.97			1.02			1.00			1.76			32
Class A
2009(c)	$	10.84	$	0.11	$	0.41		$	0.52		$	(0.11	)		—		$	(0.11	)		—		$	11.25		4.8	%	$	613		1.93	%(d)		1.15	%(d)		1.10	%(d)		1.73	%(d)		4	%
2008		10.80		0.34		0.05			0.39			(0.35	)		—			(0.35	)		—			10.84		3.6			101		3.09			1.17			1.10			1.86			32
2007		10.81		0.39		0.00	(e)		0.39			(0.40	)		—			(0.40	)		—			10.80		3.7			69		3.64			1.20			1.10			1.74			20
2006		10.93		0.39		(0.12	)		0.27			(0.38	)	$	(0.01	)		(0.39	)		—			10.81		2.6			92		3.59			1.16			1.10			1.63			35
2005		11.18		0.33		(0.16	)		0.17			(0.33	)		(0.09	)		(0.42	)	$	(0.00	)(e)		10.93		1.6			58		3.00			1.14			1.10			1.88			33
2004		11.31		0.32		(0.12	)		0.20			(0.32	)		(0.01	)		(0.33	)		0.00	(e)		11.18		1.8			75		2.88			1.12			1.10			1.86			32
Class B
2009(c)	$	10.84	$	0.07	$	0.42		$	0.49		$	(0.08	)		—		$	(0.08	)		—		$	11.25		4.5	%	$	129		1.31	%(d)		1.80	%(d)		1.75	%(d)		2.38	%(d)		4	%
2008		10.80		0.28		0.03			0.31			(0.27	)		—			(0.27	)		—			10.84		2.9			48		2.53			1.82			1.75			2.51			32
2007		10.81		0.32		0.00	(e)		0.32			(0.33	)		—			(0.33	)		—			10.80		3.0			93		2.97			1.85			1.75			2.39			20
2006		10.93		0.31		(0.11	)		0.20			(0.31	)	$	(0.01	)		(0.32	)		—			10.81		2.0			282		2.87			1.81			1.75			2.28			35
2005		11.18		0.26		(0.16	)		0.10			(0.26	)		(0.09	)		(0.35	)	$	(0.00	)(e)		10.93		0.9			381		2.34			1.79			1.75			2.53			33
2004		11.30		0.25		(0.11	)		0.14			(0.25	)		(0.01	)		(0.26	)		0.00	(e)		11.18		1.3			456		2.23			1.77			1.75			2.51			32
Class C
2009(c)	$	10.31	$	0.07	$	0.41		$	0.48		$	(0.08	)		—		$	(0.08	)		—		$	10.71		4.7	%	$	547		1.41	%(d)		1.80	%(d)		1.75	%(d)		2.38	%(d)		4	%
2008		10.28		0.24		0.05			0.29			(0.26	)		—			(0.26	)		—			10.31		2.8			478		2.29			1.82			1.75			2.51			32
2007		10.31		0.40		0.09			0.49			(0.52	)		—			(0.52	)		—			10.28		4.8			15		3.96			1.85			1.75			2.39			20
2006		10.82		0.32		(0.36	)		(0.04	)		(0.46	)	$	(0.01	)		(0.47	)		—			10.31		(0.3	)		0.1		3.08			1.81			1.75			2.28			35
2005		11.17		0.27		(0.12	)		0.15			(0.41	)		(0.09	)		(0.50	)	$	(0.00	)(e)		10.82		1.4			0.1		2.50			1.79			1.75			2.90			33
2004		11.30		0.25		(0.09	)		0.16			(0.28	)		(0.01	)		(0.29	)		0.00	(e)		11.17		1.5			0		2.21			1.77			1.75			2.51			32
Class I
2009(c)	$	10.85	$	0.13	$	0.41		$	0.54		$	(0.13	)		—		$	(0.13	)		—		$	11.26		5.0	%	$	355		2.40	%(d)		0.80	%(d)		0.75	%(d)		1.38	%(d)		4	%
2008(f)		11.09		0.28		(0.25	)		0.03			(0.27	)		—			(0.27	)		—			10.85		0.2			363		3.57	(d)		0.84	(d)		0.75	(d)		1.53	(d)		32

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the fiscal years ended September 30, 2007, 2006, 2005, and 2004 would have been as shown.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	During the period, fees and expenses were voluntarily reduced and/or reimbursed. If such fee reductions and/or reimbursements had not occurred, the ratio would have been as shown.
(c)	For the six months ended March 31, 2009, unaudited.
(d)	Annualized.
(e)	Amount represents less than $0.005 per share.
(f)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

26

GAMCO Westwood Funds

Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:

			Operating Performance									Distributions to Shareholders																Ratios to Average Net Assets and Supplemental Data
																																		Operating
																																		Expenses
																															Operating			Net of			Operating
						Net															Net					Net					Expenses			Waivers/			Expenses
	Net Asset		Net			Realized and			Total												Asset					Assets,		Net			Net of			Reimburse-			Before
	Value,		Investment			Unrealized			from			Net									Value,					End of		Investment			Waivers/			ments/			Waivers/			Portfolio
Period Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Total			Redemption			End of		Total			Period		Income			Reimburse-			Custodian			Reimburse-			Turnover
September 30	of Period		(Loss)(a)			Investments			Operations			Income			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			ments			Fee Credits			ments(b)			Rate††
SmallCap Equity Fund
Class AAA
2009(c)	$	11.99	$	(0.01	)	$	(5.01	)	$	(5.02	)		—			—			—		$	6.97		(41.9	)%	$	5,071		(0.35	)%(d)		1.50	%(d)		1.50	%(d)(e)		3.17	%(d)		32	%
2008		14.99		(0.03	)		(2.97	)		(3.00	)		—			—			—			11.99		(20.0	)		8,491		(0.23	)		1.58			1.51	(e)		2.62			123
2007		12.51		(0.04	)		2.68			2.64		$	(0.16	)	$	(0.16	)		—			14.99		21.2			8,672		(0.28	)		1.71			1.50			2.24			90
2006		11.29		0.14			1.08			1.22			—			—			—			12.51		10.8			8,717		1.16			1.71			1.50			2.02			81
2005		9.08		(0.01	)		2.22			2.21			—			—		$	(0.00	)(f)		11.29		24.3			8,702		(0.10	)		1.56			1.50			2.37			108
2004		8.18		(0.10	)		1.00			0.90			—			—			0.00	(f)		9.08		11.0	(g)		12,106		(1.11	)		1.51			1.50			2.12			260
Class A
2009(c)	$	11.88	$	(0.02	)	$	(4.96	)	$	(4.98	)		—			—			—		$	6.90		(41.9	)%	$	462		(0.58	)%(d)		1.75	%(d)		1.75	%(d)(e)		3.42	%(d)		32	%
2008		14.89		(0.06	)		(2.95	)		(3.01	)		—			—			—			11.88		(20.2	)		703		(0.49	)		1.83			1.76	(e)		2.87			123
2007		12.45		(0.09	)		2.67			2.58		$	(0.14	)	$	(0.14	)		—			14.89		20.9			778		(0.62	)		1.96			1.75			2.49			90
2006		11.25		0.13			1.07			1.20			—			—			—	��		12.45		10.7			403		1.04			1.96			1.75			2.27			81
2005		9.07		(0.04	)		2.22			2.18			—			—		$	(0.00	)(f)		11.25		24.0			131		(0.35	)		1.81			1.75			2.69			108
2004		8.18		(0.12	)		1.01			0.89			—			—			0.00	(f)		9.07		10.9	(g)		140		(1.31	)		1.76			1.75			2.37			260
Class B
2009(c)	$	11.46	$	(0.04	)	$	(4.78	)	$	(4.82	)		—			—			—		$	6.64		(42.1	)%	$	3		(1.10	)%(d)		2.25	%(d)		2.25	%(d)(e)		3.92	%(d)		32	%
2008		14.44		(0.12	)		(2.86	)		(2.98	)		—			—			—			11.46		(20.6	)		5		(0.97	)		2.33			2.26	(e)		3.37			123
2007		12.03		(0.15	)		2.60			2.45		$	(0.04	)	$	(0.04	)		—			14.44		20.4			7		(1.05	)		2.46			2.25			2.99			90
2006		10.93		0.05			1.05			1.10			—			—			—			12.03		10.1			6		0.44			2.46			2.25			2.77			81
2005		8.86		(0.08	)		2.15			2.07			—			—		$	(0.00	)(f)		10.93		23.4			10		(0.81	)		2.31			2.25			3.17			108
2004		8.03		(0.17	)		1.00			0.83			—			—			0.00	(f)		8.86		10.3	(g)		20		(1.93	)		2.26			2.25			2.87			260
Class C
2009(c)	$	11.36	$	(0.04	)	$	(4.74	)	$	(4.78	)		—			—			—		$	6.58		(42.1	)%	$	108		(1.04	)%(d)		2.25	%(d)		2.25	%(d)(e)		3.92	%(d)		32	%
2008		14.31		(0.12	)		(2.83	)		(2.95	)		—			—			—			11.36		(20.6	)		196		(0.94	)		2.33			2.26	(e)		3.37			123
2007		11.97		(0.14	)		2.57			2.43		$	(0.09	)	$	(0.09	)		—			14.31		20.4			298		(1.04	)		2.46			2.25			2.99			90
2006		10.87		0.09			1.01			1.10			—			—			—			11.97		10.1			238		0.74			2.46			2.25			2.77			81
2005		8.99		(0.13	)		2.01			1.88			—			—		$	(0.00	)(f)		10.87		20.9			0.1		(1.40	)		2.31			2.25			2.73			108
2004		8.15		(0.17	)		1.01			0.84			—			—			0.00	(f)		8.99		10.3	(g)		10		(1.98	)		2.26			2.25			2.87			260
Class I
2009(c)	$	12.00	$	(0.00	)(f)	$	(5.01	)	$	(5.01	)		—			—			—		$	6.99		(41.8	)%	$	133		(0.10	)%(d)		1.25	%(d)		1.25	%(d)(e)		2.92	%(d)		32	%
2008(h)		12.92		(0.01	)		(0.91	)		(0.92	)		—			—			—			12.00		(7.1	)		165		(0.06	)(d)		1.36	(d)		1.26	(d)(e)		2.40	(d)		123

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the fiscal years ended September 30, 2007, 2006, 2005, and 2004 would have been as shown.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	During the period, fees and expenses were voluntarily reduced and/or reimbursed. If such fee reductions and/or reimbursements had not occurred, the ratio would have been as shown.
(c)	For the six months ended March 31, 2009, unaudited.
(d)	Annualized.
(e)	The Fund incurred interest expense of $682 during the fiscal year ended September 30, 2008. A portion of this interest expense was paid for by prior year custodian fee credits. The impact to the ratios of operating expenses to the average net assets was minimal. If interest expense had not been incurred, the ratio of operating expenses to the average net assets would have been 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class B and Class C), and 1.25% (Class I), respectively. For the six months ended March 31, 2009, the effect of interest expense was minimal.
(f)	Amount represents less than $0.005 per share.
(g)	Total return excluding the effect of the reimbursement from the Fund’s Adviser of $51,180 for the year ended September 30, 2004 was 10.6%, 10.5%, 10.0%, and 9.9% for Class AAA, Class A, Class B, and Class C, respectively. The Adviser fully reimbursed the Fund for a loss on a transaction exceeding the Fund’s investment restrictions, which otherwise would have reduced total return by 0.4%, 0.4%, 0.3%, and 0.4% for Class AAA, Class A, Class B, and Class C, respectively.
(h)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

27

GAMCO Westwood Funds
Financial Highlights

Selected data for a share of beneficial interest outstanding throughout each period:

			Operating Performance								Distributions to Shareholders																						Ratios to Average Net Assets and Supplemental Data
																																							Operating			Operating
																																							Expenses			Expenses
					Net																															Operating			Net of			Before
					Realized																					Net					Net					Expenses			Waivers/			Waivers/
	Net Asset				and			Total						Net												Asset					Assets,					Net of			Reimburse-			Reimburse-
	Value,		Net		Unrealized Gain			from			Net			Realized												Value,					End of		Net			Waivers/			ments/			ments/			Portfolio
Period Ended	Beginning		Investment		(Loss) on			Investment			Investment			Gain on			Return of			Total			Redemption			End of		Total			Period		Investment			Reimburse-			Custodian			Custodian			Turnover
September 30	of Period		Income(a)		Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		Income			ments			Fee Credits			Fee Credits(b)			Rate††
Income Fund
Class AAA
2009(c)	$	7.85	$	0.09	$	(2.37	)	$	(2.28	)	$	(0.15	)		—			—		$	(0.15	)		—		$	5.42		(29.0	)%	$	4,259		3.00	%(d)		1.64	%(d)		1.50	%(d)(e)		3.36	%		4	%
2008		10.21		0.26		(2.05	)		(1.79	)		(0.34	)	$	(0.21	)	$	(0.02	)		(0.57	)		—			7.85		(18.2	)		7,285		2.83			1.58			1.51	(e)		2.48			28
2007		12.04		0.50		0.59			1.09			(0.47	)		(2.45	)		—			(2.92	)		—			10.21		10.0			17,871		4.65			1.76			1.50			2.20			64
2006		16.53		0.55		(0.31	)		0.24			(0.40	)		(4.33	)		—			(4.73	)		—			12.04		3.4			12,054		4.36			1.65			1.50			2.02			141
2005		14.12		0.28		3.12			3.40			(0.27	)		(0.73	)		—			(1.00	)	$	0.01			16.53		24.9			16,182		1.83			1.62			1.50			2.40			58
2004		11.87		0.33		2.30			2.63			(0.33	)		(0.05	)		—			(0.38	)		0.00	(f)		14.12		22.5			16,472		2.51			1.54			1.50			1.85			28
Class A
2009(c)	$	8.12	$	0.13	$	(2.50	)	$	(2.37	)	$	(0.15	)		—			—		$	(0.15	)		—		$	5.60		(29.2	)%	$	74		4.43	%(d)		1.89	%(d)		1.75	%(d)(e)		3.61	%		4	%
2008		10.54		0.24		(2.11	)		(1.87	)		(0.32	)	$	(0.21	)	$	(0.02	)		(0.55	)		—			8.12		(18.3	)		51		2.53			1.83			1.76	(e)		2.73			28
2007		12.34		0.50		0.59			1.09			(0.44	)		(2.45	)		—			(2.89	)		—			10.54		9.7			80		4.45			2.01			1.75			2.45			64
2006		16.76		0.54		(0.32	)		0.22			(0.31	)		(4.33	)		—			(4.64	)		—			12.34		3.2			97		4.21			1.90			1.75			2.27			141
2005		14.33		0.29		3.13			3.42			(0.26	)		(0.73	)		—			(0.99	)	$	0.00	(f)		16.76		24.6			93		1.87			1.87			1.75			3.03			58
2004		12.00		0.51		2.12			2.63			(0.26	)		(0.04	)		—			(0.30	)		0.00	(f)		14.33		22.2			5		3.96			1.79			1.75			2.10			28
Class B
2009(c)	$	8.27	$	0.13	$	(2.55	)	$	(2.42	)	$	(0.13	)		—			—		$	(0.13	)		—		$	5.72		(29.2	)%	$	0.1		4.19	%(d)		2.39	%(d)		2.25	%(d)(e)		4.12	%		4	%
2008		10.77		0.22		(2.27	)		(2.05	)		(0.23	)	$	(0.21	)	$	(0.01	)		(0.45	)		—			8.27		(19.5	)		0.1		2.16			2.33			2.26	(e)		3.23			28
2007		12.56		0.47		0.57			1.04			(0.38	)		(2.45	)		—			(2.83	)		—			10.77		9.0			2		4.16			2.51			2.25			2.94			64
2006		16.86		0.48		(0.31	)		0.17			(0.14	)		(4.33	)		—			(4.47	)		—			12.56		2.7			2		3.72			2.40			2.25			2.77			141
2005		14.33		0.18		3.16			3.34			(0.08	)		(0.73	)		—			(0.81	)	$	0.00	(f)		16.86		23.9			2		1.14			2.37			2.25			3.18			58
2004		12.04		0.25		2.35			2.60			(0.27	)		(0.04	)		—			(0.31	)		0.00	(f)		14.33		21.8			2		1.86			2.29			2.25			2.60			28
Class C
2009(c)	$	8.65	$	0.14	$	(2.67	)	$	(2.53	)	$	(0.13	)		—			—		$	(0.13	)		—		$	5.99		(29.2	)%	$	199		4.13	%(d)		2.39	%(d)		2.25	%(d)(e)		4.11	%		4	%
2008		11.22		0.20		(2.26	)		(2.06	)		(0.28	)	$	(0.21	)	$	(0.02	)		(0.51	)		—			8.65		(18.8	)		319		1.99			2.33			2.26	(e)		3.23			28
2007		12.98		0.38		0.71			1.09			(0.40	)		(2.45	)		—			(2.85	)		—			11.22		9.1			397		3.35			2.51			2.25			2.94			64
2006		17.26		0.50		(0.32	)		0.18			(0.13	)		(4.33	)		—			(4.46	)		—			12.98		2.8			16		3.71			2.40			2.25			2.77			141
2005		14.66		0.25		3.17			3.42			(0.09	)		(0.73	)		—			(0.82	)	$	0.00	(f)		17.26		23.9			16		1.56			2.37			2.25			3.41			58
2004		12.32		0.24		2.41			2.65			(0.27	)		(0.04	)		—			(0.31	)		0.00	(f)		14.66		21.7			5		1.79			2.29			2.25			2.60			28
Class I
2009(c)	$	7.85	$	0.16	$	(2.43	)	$	(2.27	)	$	(0.16	)		—			—		$	(0.16	)		—		$	5.42		(28.9	)%	$	45		5.39	%(d)		1.39	%(d)		1.25	%(d)(e)		3.11	%		4	%
2008(g)		9.14		0.18		(1.18	)		(1.00	)		(0.27	)		—		$	(0.02	)		(0.29	)		—			7.85		(11.2	)		118		2.82	(d)		1.36	(d)		1.26	(d)(e)		2.26	(d)		28

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate. Had this policy been adopted retroactively, the portfolio turnover rate for the fiscal years ended September 30, 2007, 2006, 2005, and 2004 would have been as shown.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	During the period, fees and expenses were voluntarily reduced and/or reimbursed. If such fee reductions and/or reimbursements had not occurred, the ratio would have been as shown.
(c)	For the six months ended March 31, 2009, unaudited.
(d)	Annualized.
(e)	The Fund incurred interest expense of $1,058 and $4,188 during the six months ended March 31, 2009 and the fiscal year ended September 30, 2008. A portion of this interest expense was paid for by prior year custodian fee credits. This would impact the ratios of operating expenses to the average net assets by 0.04% and 0.03% for all Classes, respectively. If interest expense had not been incurred, the ratios of operating expenses to the average net assets would have been 1.50% and 1.50% (Class AAA), 1.75% and 1.75% (Class A), 2.25% and 2.25% (Class B and Class C), and 1.25% and 1.25% (Class I), respectively.
(f)	Amount represents less than $0.005 per share.
(g)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

28

GAMCO Westwood Funds
Notes to Financial Statements (Unaudited)

1. Organization. The GAMCO Westwood Funds (the “Trust”) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company and currently consists of six active separate investment portfolios: GAMCO Westwood Mighty Mites^SM Fund (“Mighty Mites^SM Fund”), GAMCO Westwood Equity Fund (“Equity Fund”), GAMCO Westwood Balanced Fund (“Balanced Fund”), GAMCO Westwood Intermediate Bond Fund (“Intermediate Bond Fund”), GAMCO Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), and GAMCO Westwood Income Fund (“Income Fund”) (individually, a “Fund” and collectively, the “Funds”), each with five classes of shares outstanding. Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.

The investment objectives of each Fund are as follows:

• Mighty Mites^SM Fund seeks to provide long-term capital appreciation by investing primarily in micro-capitalization equity securities.

• Equity Fund seeks to provide capital appreciation. The Fund’s secondary goal is to produce current income.

• Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach.

• Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity.

• SmallCap Equity Fund seeks to provide long-term capital appreciation by investing primarily in smaller capitalization equity securities.

• Income Fund seeks to provide a high level of current income as well as long-term capital appreciation by investing primarily in income producing equity and fixed income securities.

2. Significant Accounting Policies. The preparation of financial statements in accordance with United States (“U.S.”) generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Teton Advisors, Inc. (the “Adviser”), formerly known as Gabelli Advisers, Inc.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of 60 days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than 60 days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

29

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

Statement of Financial Accounting Standard No. 157, “Fair Value Measurements” (“SFAS 157”) clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. The three levels of the fair value hierarchy under SFAS 157 are described below:

• Level 1 — quoted prices in active markets for identical securities;

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 — significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments by inputs used to value the Funds’ investments as of March 31, 2009 is as follows:

	Investments in Securities (Market Value)
	Assets
	Mighty						Intermediate		SmallCap
	MitesSM		Equity		Balanced		Bond		Equity		Income
Valuation Inputs	Fund		Fund		Fund		Fund		Fund		Fund
Level 1 — Quoted Prices	$	63,476,013	$	118,156,176	$	80,295,550	$	1,436,412	$	5,696,693	$	4,193,929
Level 2 — Other Significant Observable Inputs		52,647,000		—		46,444,353		13,429,967		—		516,297
Level 3 — Significant Unobservable Inputs		135,753		—		—		—		—		—
Total	$	116,258,766	$	118,156,176	$	126,739,903	$	14,866,379	$	5,696,693	$	4,710,226

There were no Level 3 investments held at September 30, 2008 or March 31, 2009 for Equity, Balanced, Intermediate Bond, SmallCap Equity, and Income Funds.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investments
	in Securities
	(Market Value)
	Mighty MitesSM Fund
Balance as of 09/30/08	$	113,506
Accrued discounts/(premiums)		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)†		22,247
Net purchase/(sales)		—
Transfers in and/or out of Level 3		—
Balance as of 03/31/09	$	135,753
Net change in unrealized appreciation/(depreciation) during the period on Level 3 investments held at 03/31/09†	$	11,031

† Net change in unrealized appreciation/(depreciation) is included in the related amounts on investments in the Statements of Operations.

In March 2008, the Financial Accounting Standards Board (the “FASB”) issued Statement of Financial Accounting Standard No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”) that is effective for fiscal years beginning after November 15, 2008. SFAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Management is currently evaluating the implications of SFAS 161 on the Funds’ financial statement disclosures.

Accounting for Real Estate Investment Trusts. The Funds may own shares of Real Estate Investment Trusts (“REITs”) which report information on the source of their distributions annually. Distributions received from REITs during the year which represent a return of capital are recorded as a reduction to the cost of the individual REIT and distributions which represent a capital gain dividend are recorded as a realized long-term capital gain on investments. As of March 31, 2009, none of the Funds held investments in REITs.

30

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

Securities Sold Short. The Mighty Mites^SM Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Mighty Mites^SM Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Mighty Mites^SM Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Mighty Mites^SM Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Mighty Mites^SM Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The Mighty Mites^SM Fund did not hold any short positions as of March 31, 2009.

Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial trade date and subsequent sale trade date is included in realized gain/loss on investments.

Foreign Securities. The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

Restricted and Illiquid Securities. Each Fund may invest up to 10% (except for the Mighty Mites^SM Fund, SmallCap Equity Fund, and Income Fund which may invest up to 15%) of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity.

Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2009, the Equity and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point. For the six months ended March 31, 2009, the Mighty Mites^SM and Intermediate Bond Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 1.51 and 1.62 basis points, respectively.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends which are recorded as soon as the Funds are informed of the dividend.

31

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each Fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in a Fund’s custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under each custody arrangement are included in custodian fees in the Statements of Operations with the corresponding expense offset, if any, shown as “custodian fee credits.” When cash balances are overdrawn, a Fund is charged an overdraft fee equal to 90% of the current Treasury Bill rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statements of Operations.

Currently included in the Statement of Operations as of March 31, 2009 are interest expense and custodian fee expense that were paid for by prior year custodian fee credits as follows:

	Mighty						Intermediate		SmallCap
	MitesSM		Equity		Balanced		Bond		Equity		Income
	Fund		Fund		Fund		Fund		Fund		Fund
Expenses paid for by prior year custodian fee credits:
Interest expense		—	$	63		—		—		—	$	1,058
Custodian fee expense		—		13,285	$	13,511	$	3,281		—		2,910

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites^SM, Equity, and SmallCap Equity Funds, and quarterly for the Balanced and Income Funds. The Intermediate Bond Fund declares dividends daily and pays those dividends monthly. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, timing differences, and differing characterizations of distributions made by the Funds. Distributions from net investment income include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.

The tax character of distributions paid during the year ended September 30, 2008 was as follows:

	Mighty						Intermediate		SmallCap
	MitesSM		Equity		Balanced		Bond		Equity		Income
	Fund		Fund		Fund		Fund		Fund		Fund
Distributions paid from:
Ordinary income (inclusive of short-term capital gains)	$	309,345	$	7,333,641	$	6,145,203	$	365,893		—	$	430,203
Net long-term capitals gains		4,969,687		17,646,407		8,300,427		—		—		252,683
Return of capital		—		—		—		—		—		28,589
Total distributions paid	$	5,279,032	$	24,980,048	$	14,445,630	$	365,893		—	$	711,475

Provision for Income Taxes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Funds’ net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

32

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2008:

	Mighty						Intermediate		SmallCap
	MitesSM		Equity		Balanced		Bond		Equity		Income
	Fund		Fund		Fund		Fund		Fund		Fund
Expiring in Year Ended:
2010		—		—		—		—	$	1,970,874		—
2011		—		—		—		—		4,845,486		—
2012		—		—		—		—		—		—
2013		—		—		—		—		—		—
2014		—		—		—		—		—		—
2015		—		—		—		—		—		—
2016		—		—		—		—		210		—

These capital loss carryforwards are available to reduce future required distributions of net capital gains to shareholders.

Under the current tax law, capital losses related to securities realized after October 31 and prior to the Funds’ fiscal year end may be treated as occurring on the first day of the following year. For the year ended September 30, 2008, the Equity, SmallCap Equity, and Income Funds deferred capital losses of $145,177, $202,892, and $986,462, respectively, and the Mighty Mites^SM Fund deferred currency losses of $1,211.

The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at March 31, 2009:

	Mighty									Intermediate			SmallCap
	MitesSM			Equity			Balanced			Bond			Equity			Income
	Fund			Fund			Fund			Fund			Fund			Fund
Aggregate cost of investments	$	136,061,649		$	141,443,038		$	138,761,615		$	14,565,699		$	9,319,481		$	7,277,436
Gross unrealized appreciation	$	5,285,402		$	1,915,441		$	3,391,395		$	504,463		$	78,649		$	13,994
Gross unrealized depreciation		(25,088,285	)		(25,202,303	)		(15,413,107	)		(203,783	)		(3,701,437	)		(2,581,204	)
Net unrealized appreciation/(depreciation)	$	(19,802,883	)	$	(23,286,862	)	$	(12,021,712	)	$	300,680		$	(3,622,788	)	$	(2,567,210	)

FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”) provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. In accordance with FIN 48, management has analyzed the Funds’ tax positions taken on the federal and state income tax returns for all open tax years (the current and prior three tax years) and has concluded that no provision for income tax is required in the Funds’ financial statements. Management’s determination regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, an on-going analysis of tax laws, regulations, and interpretations thereof.

3. Investment Advisory Agreements and Other Transactions. The Funds have investment advisory agreements (the “Advisory Agreements”) with the Adviser which provide that the Funds will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites^SM, Equity, SmallCap Equity, and Income Funds, 0.75% for the Balanced Fund, and 0.60% for the Intermediate Bond Fund, of the value of the Fund’s average daily net assets. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for the Funds’ portfolios, oversees the administration of all aspects of the Funds’ business and affairs, and pays the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Adviser. The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the Intermediate Bond, SmallCap Equity, and Income Funds in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangement will continue until at least January 31, 2010. For the six months ended March 31, 2009, the Adviser waived fees or reimbursed expenses in the amounts of $38,234, $53,251, and $48,023 for the Intermediate Bond, SmallCap Equity, and Income Funds, respectively.

The Intermediate Bond, SmallCap Equity, and Income Funds are obliged to repay the Adviser for a period of two fiscal years following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of the Funds fall below the applicable expense limitation for Class AAA of 1.00%, 1.50%, and 1.50%, respectively, and for Class A of 1.10%, 1.75%, and 1.75%, respectively, and for Class B and Class C of 1.75%, 2.25%, and 2.25%, respectively and for Class I of 0.75%, 1.25%, and 1.25%, respectively of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2009, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are $169,849, $198,281, and $211,568 for the Intermediate Bond, SmallCap Equity, and Income Funds, respectively.

33

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

The Adviser has a Subadvisory Agreement with Westwood Management Corp. (the “Subadviser”) for the Equity, Balanced, and Intermediate Bond Funds. The Adviser paid the Subadviser out of its advisory fees with respect to these three Funds a fee computed daily and payable monthly, in an amount equal on an annualized basis to the greater of (i) $150,000 per year on an aggregate basis for all applicable Funds or (ii) 35% of the net revenues to the Adviser from the applicable Funds.

The Trust pays each Trustee who is not considered to be an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Trustee each receive an annual fee of $1,000. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Funds.

4. Distribution Plan. The Trust’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Gabelli & Company, Inc. (“Gabelli & Company”), an affiliate of the Adviser, serves as distributor of the Funds. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to Gabelli & Company at annual rates of 0.25%, 0.50% (for the Intermediate Bond Fund’s Class A Shares at an annual rate of 0.35%), 1.00%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and proceeds from the sales of securities for the six months ended March 31, 2009, other than short-term securities, are as follows:

	Purchases			Sales		Purchases		Sales
	(excluding U.S.			(excluding U.S.		of U.S.		of U.S.
	Government			Government		Government		Government
	Securities)			Securities)		Securities		Securities
Mighty Mites SM Fund	$	14,276,192	*	$	4,715,725		—	$	5,988,058
Equity Fund		70,921,608			67,008,526		—		—
Balance Fund		57,074,424			32,576,002	$	6,525,052		11,387,442
Intermediate Bond Fund		733,625			—		3,532,192		411,265
SmallCap Equity Fund		2,580,459			2,233,011		—		—
Income Fund		230,361			779,097		—		550,000

* The purchases of securities, other than short-term securities, excluded in connection with the Fund’s Reorganization is $31,871,192.

6. Transactions with Affiliates. During the six months ended March 31, 2009, the Mighty Mites^SM Fund and the Income Fund paid brokerage commissions on security trades of $48,982 and $1,485, respectively, to Gabelli & Company. Additionally, Gabelli & Company informed the Trust that it retained $21,068 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between each Fund and the Adviser. During the six months ended March 31, 2009, the Mighty Mites^SM, Equity, and Balanced Funds each paid or accrued $22,500 to the Adviser in connection with the cost of computing these Funds’ NAVs. A reimbursement was not sought during the six months ended March 31, 2009 for the Intermediate Bond, SmallCap Equity, and Income Funds.

7. Shares of Beneficial Interest. The Funds offer five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, or through selected broker/dealer, or the transfer agent. Class I Shares are offered to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable CDSC is equal to a declining percentage of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Company.

Only the Mighty Mites^SM Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Mighty Mites^SM Fund. The redemption fees in the Mighty Mites^SM Fund during the six months ended March 31, 2009 and year ended September 30, 2008 amounted to $552 and $1,648, respectively.

The redemption fee does not apply to redemptions of shares where (i) the shares were purchased through automatic reinvestment of distributions, (ii) the redemption was initiated by the Mighty Mites^SM Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the Mighty Mites^SM Fund, or (iv) the shares were purchased through programs that the Adviser determines to have appropriate anti-short-term trading policies in place or as to which the Adviser has received assurances that look-through redemption fee procedures or effective anti-short-term trading policies and procedures are in place.

34

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

Transactions in shares of beneficial interest were as follows:

	For the Six			For the			For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2009			September 30,			March 31, 2009			September 30,			March 31, 2009			September 30,
	(Unaudited)			2008			(Unaudited)			2008			(Unaudited)			2008
	Mighty MitesSM Fund						Equity Fund						Balanced Fund
Class AAA
Shares issued in connection with the Reorganization (see Note 9)		4,198,136			—			—			—			—			—
Shares sold		2,888,694			2,166,550			4,301,013			5,414,384			2,970,551			3,119,951
Shares issued upon reinvestment of distributions		114,319			278,799			214,761			2,161,815			196,861			1,161,782
Shares redeemed		(1,707,099	)		(1,112,323	)		(4,208,740	)		(4,365,986	)		(2,213,818	)		(3,187,808	)
Net increase in Class AAA Shares		5,494,050			1,333,026			307,034			3,210,213			953,594			1,093,925
Class A
Shares sold		337,931			512,592			344,304			687,378			176,546			121,163
Shares issued upon reinvestment of distributions		13,791			29,244			3,019			56,338			7,394			38,218
Shares redeemed		(254,106	)		(211,974	)		(222,565	)		(466,916	)		(94,028	)		(60,036	)
Net increase in Class A Shares		97,616			329,862			124,758			276,800			89,912			99,345
Class B
Shares sold		—			—			—			—			487			—
Shares issued upon reinvestment of distributions		394			2,672			—			183			73			923
Shares redeemed		(1,493	)		(15,293	)		(643	)		(613	)		(1,697	)		(4,320	)
Net decrease in Class B Shares		(1,099	)		(12,621	)		(643	)		(430	)		(1,137	)		(3,397	)
Class C
Shares sold		383,497			273,898			46,349			68,244			412,113			68,632
Shares issued upon reinvestment of distributions		9,275			13,882			502			4,010			2,628			5,962
Shares redeemed		(106,237	)		(42,079	)		(5,873	)		(15,903	)		(94,454	)		(22,434	)
Net increase in Class C Shares		286,535			245,701			40,978			56,351			320,287			52,160
Class I*
Shares sold		736,423			69,523			16,776			93,718			6,719			144,924
Shares issued upon reinvestment of distributions		1,997			—			1,329			—			2,414			1,528
Shares redeemed		(68,147	)		(3,118	)		(13,211	)		(7,404	)		(7,185	)		(4,022	)
Net increase in Class I Shares		670,273			66,405			4,894			86,314			1,948			142,430

	Intermediate Bond Fund					SmallCap Equity Fund					Income Fund
Class AAA
Shares sold		320,142		330,244			98,301		388,615			54,348		250,721
Shares issued upon reinvestment of distributions		8,065		21,484			—		—			20,941		72,035
Shares redeemed		(127,140	)	(254,620	)		(78,974	)	(258,998	)		(217,247	)	(1,145,352	)
Net increase/(decrease) in Class AAA Shares		201,067		97,108			19,327		129,617			(141,958	)	(822,596	)
Class A
Shares sold		58,904		14,161			62,297		48,394			7,126		4,279
Shares issued upon reinvestment of distributions		295		142			—		—			224		485
Shares redeemed		(13,999	)	(11,382	)		(54,482	)	(41,501	)		(525	)	(5,979	)
Net increase/(decrease) in Class A Shares		45,200		2,921			7,815		6,893			6,825		(1,215	)
Class B
Shares sold		9,510		—			—		—			—		—
Shares issued upon reinvestment of distributions		14		21			—		—			—		—
Shares redeemed		(2,487	)	(4,207	)		—		(49	)		—		(202	)
Net increase/(decrease) in Class B Shares		7,037		(4,186	)		—		(49	)		—		(202	)
Class C
Shares sold		43,399		315,668			10,199		1,724			6,833		12,578
Shares issued upon reinvestment of distributions		292		2,007			—		—			796		1,699
Shares redeemed		(38,946	)	(272,816	)		(11,057	)	(5,253	)		(11,326	)	(12,793	)
Net increase/(decrease) in Class C Shares		4,745		44,859			(858	)	(3,529	)		(3,697	)	1,484
Class I*
Shares sold		11,609		35,870			6,632		16,978			433		15,310
Shares issued upon reinvestment of distributions		369		436			—		—			271		373
Shares redeemed		(14,010	)	(2,784	)		(1,342	)	(3,225	)		(7,353	)	(703	)
Net increase/(decrease) in Class I Shares		(2,032	)	33,522			5,290		13,753			(6,649	)	14,980

* For the year ended September 30, 2008, from the commencement of offering Class I Shares on January 11, 2008.

35

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)

8. Indemnifications. The Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

9. Special Meeting of Shareholders. At a Special Meeting of Shareholders of the B.B. Micro-Cap Growth Fund (the “B.B. Fund”), held on March 16, 2009, shareholders of the B.B. Fund voted to approve an Agreement and Plan of Reorganization and Liquidation (the “Agreement”) between the B.B. Fund and the Mighty Mites^SM Fund.

On March 27, 2009, the Mighty Mites^SM Fund acquired all of the net assets of the B.B. Fund, pursuant to the Agreement. The acquisition was accomplished by a tax free exchange of 4,198,136.274 Class AAA Shares of the Mighty Mites^SM Fund valued at $41,451,718 for the net assets of the B.B. Fund on March 27, 2009. One share of the B.B. Fund was converted into 0.563 share of the Mighty Mites^SM Fund. The net assets of the Mighty Mites^SM Fund immediately before the acquisition were $70,875,603. The net assets combined after the acquisition as of March 27, 2009 were $112,327,321.

The results of the voting are as follows:

Affirmative	Against	Abstain
4,465,887	192,106	305,876

Included in the net assets acquired by the Mighty Mites^SM Fund were the following components:

			Net Unrealized
	Paid In Capital		Depreciation			Net Assets
B.B. Micro-Cap Growth Fund	$	46,225,670	$	(4,773,952	)	$	41,451,718

10. Other Matters. On April 24, 2008, the Adviser entered into an administrative settlement with the SEC to resolve the SEC’s inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the settlement, the SEC found that the Adviser had violated Section 206(2) of the Investment Advisers Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, agreed, among other things, to pay the previously reserved total of $16 million (including a $5 million penalty), of which at least $11 million will be distributed to shareholders of the Global Growth Fund in accordance with a plan to be developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and the staff of the SEC, and to cease and desist from future violations of the above referenced federal securities laws. The settlement will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO fund complex including the Fund. The officer denies the allegations and is continuing in his positions with the Adviser and the funds. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

36

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GAMCO Westwood Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC or Teton Advisors, Inc., which are affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients. Teton Advisors, Inc. is a publicly held company that provides investment advisory services to the GAMCO Westwood Funds.

What kind of non-public information do we collect about you if you become a shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

• Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

• Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services—like a transfer agent—we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

GABELLI FAMILY OF FUNDS

VALUE

Gabelli Asset Fund

Seeks to invest primarily in a diversified portfolio of common stocks selling at significant discounts to their private market value. The Fund’s primary objective is growth of capital. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Blue Chip Value Fund

Seeks long term growth of capital through investment primarily in the common stocks of established companies which are temporarily out of favor. The fund’s objective is to identify a catalyst or sequence of events that will return the company to a higher value. (Multiclass)

Portfolio Manager: Barbara Marcin, CFA

GAMCO Westwood Equity Fund

Seeks to invest primarily in the common stock of well seasoned companies that have recently reported positive earnings surprises and are trading below Westwood’s proprietary growth rate estimates. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Susan M. Byrne

FOCUSED VALUE

Gabelli Value Fund

Seeks to invest in securities of companies believed to be undervalued. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

SMALL CAP VALUE

Gabelli Small Cap Fund

Seeks to invest primarily in common stock of smaller companies (market capitalizations at the time of investment of $2 billion or less) believed to have rapid revenue and earnings growth potential. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

Seeks to invest primarily in smaller capitalization equity securities — market caps of $2.5 billion or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Portfolio Manager: Nicholas F. Galluccio

Gabelli Woodland Small Cap Value Fund

Seeks to invest primarily in the common stocks of smaller companies (market capitalizations generally less than $3.0 billion) believed to be undervalued with shareholder oriented management teams that are employing strategies to grow the company’s value. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Elizabeth M. Lilly, CFA

GROWTH

GAMCO Growth Fund

Seeks to invest primarily in large cap stocks believed to have favorable, yet undervalued, prospects for earnings growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Howard F. Ward, CFA

GAMCO International Growth Fund

Seeks to invest in the equity securities of foreign issuers with long-term capital appreciation potential. The Fund offers investors global diversification. (Multiclass)

Portfolio Manager: Caesar Bryan

AGGRESSIVE GROWTH

GAMCO Global Growth Fund

Seeks capital appreciation through a disciplined investment program focusing on the globalization and interactivity of the world’s marketplace. The Fund invests in companies at the forefront of accelerated growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

MICRO-CAP

GAMCO Westwood Mighty Mites^SM Fund

Seeks to invest in micro-cap companies that have market capitalizations of $300 million or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Team Managed

EQUITY INCOME

Gabelli Equity Income Fund

Seeks to invest primarily in equity securities with above average market yields. The Fund pays monthly dividends and seeks a high level of total return with an emphasis on income. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The Fund’s primary objective is both capital appreciation and current income. (Multiclass)

Co-Portfolio Managers: Susan M. Byrne
Mark Freeman, CFA

GAMCO Westwood Income Fund

Seeks to provide a high level of current income as well as long-term capital appreciation by investing in income producing equity and fixed income securities. (Multiclass)

Portfolio Manager: Barbara Marcin, CFA

SPECIALTY EQUITY

GAMCO Global Convertible Securities Fund

Seeks to invest principally in bonds and preferred stocks which are convertible into common stock of foreign and domestic companies. The Fund’s primary objective is total return through a combination of current income and capital appreciation. (Multiclass)

Team Managed

GAMCO Global Opportunity Fund

Seeks to invest in common stock of companies which have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

Gabelli SRI Green Fund

Seeks to invest in common and preferred stocks meeting guidelines for social responsibility (avoiding defense contractors and manufacturers of alcohol, abortifacients, gaming, and tobacco products) and sustainability (companies engaged in climate change, energy security and independence, natural resource shortages,organic living,and urbanization). The Fund’s primary objective is capital appreciation. (Multiclass)

Co-Portfolio Managers: Christopher C. Desmarais
John M. Segrich, CFA

SECTOR

GAMCO Global Telecommunications Fund

Seeks to invest in telecommunications companies throughout the world — targeting undervalued companies with strong earnings and cash flow dynamics. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

GAMCO Gold Fund

Seeks to invest in a global portfolio of equity securities of gold mining and related companies. The Fund’s objective is long-term capital appreciation. Investment in gold stocks is considered speculative and is affected by a variety of worldwide economic, financial, and political factors. (Multiclass)

Portfolio Manager: Caesar Bryan

Gabelli Utilities Fund

Seeks to provide a high level of total return through a combination of capital appreciation and current income. (Multiclass)

Team Managed

MERGER AND ARBITRAGE

Gabelli ABC Fund

Seeks to invest in securities with attractive opportunities for appreciation or investment income. The Fund’s primary objective is total return in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

Seeks to invest in securities believed to be likely acquisition targets within 12-18 months or in arbitrage transactions of publicly announced mergers or other corporate reorganizations. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

CONTRARIAN

GAMCO Mathers Fund

Seeks long-term capital appreciation in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Henry Van der Eb, CFA

Comstock Capital Value Fund

Seeks capital appreciation and current income. The Fund may use either long or short positions to achieve its objective. (Multiclass)

Portfolio Manager: Martin Weiner, CFA

FIXED INCOME

GAMCO Westwood Intermediate Bond Fund

Seeks to invest in a diversified portfolio of bonds with various maturities. The Fund’s primary objective is total return. (Multiclass)

Portfolio Manager: Mark Freeman, CFA

CASH MANAGEMENT-MONEY MARKET

Gabelli U.S. Treasury Money Market Fund

Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund’s primary objective is to provide high current income consistent with the preservation of principal and liquidity. (No-load)

Co-Portfolio Managers: Judith A. Raneri
Ronald S. Eaker

An investment in the above Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Funds may invest in foreign securities which involve risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

To receive a prospectus, call 800-GABELLI (422-3554). Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.

GAMCO WESTWOOD FUNDS

GAMCO Westwood Mighty Mites^SM Fund
GAMCO Westwood Equity Fund
GAMCO Westwood Balanced Fund
GAMCO Westwood Intermediate Bond Fund
GAMCO Westwood SmallCap Equity Fund
GAMCO Westwood Income Fund

One Corporate Center
Rye, New York 10580-1422
General and Account Information:
800-GABELLI [800-422-3554]
fax: 914-921-5118
website: www.gabelli.com
e-mail: info@gabelli.com

Board of Trustees
ANTHONY J. COLAVITA	WERNER J. ROEDER, MD
Attorney-at-Law	Medical Director
Anthony J. Colavita, P.C.	Lawrence Hospital
JAMES P. CONN	SALVATORE J. ZIZZA
Former Chief Investment Officer	Chairman
Financial Security Assurance	Zizza & Co., Ltd.
Holdings Ltd.
Officers
BRUCE N. ALPERT	AGNES MULLADY
President and Secretary	Treasurer
PETER D. GOLDSTEIN
Chief Compliance Officer

Investment Adviser
Teton Advisors, Inc.

Distributor
Gabelli & Company, Inc.

Custodian
The Bank of New York Mellon

Legal Counsel
Paul, Hastings, Janofsky & Walker LLP

We have separated the portfolio managers’ commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com/funds.

This report is submitted for the information of the shareholders of the GAMCO Westwood Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GABWWQ109SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	The GAMCO Westwood Funds
By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer
Date 5/27/09

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer
Date 5/27/09
By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer
Date 5/27/09

* Print the name and title of each signing officer under his or her signature.