UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
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
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: September 30, 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.
GAMCO WESTWOOD FUNDS
(Unaudited)
(Unaudited)
Class AAA Shares | Class A Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Returns - September 30, 2009 (a) | Average Annual Returns - September 30, 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 | 3.50 | % | 7.87 | % | 9.42 | % | 10.76 | % | 1.77 | % | 1.77 | % | None | (0.75 | )% | 6.77 | % | 8.78 | % | 10.19 | % | 2.02 | % | 2.02 | % | 4.00 | % | |||||||||||||||||||||||||||||
Equity | (15.15 | ) | 3.02 | 3.11 | 9.58 | 1.49 | 1.49 | None | (18.43 | ) | 1.92 | 2.42 | 9.17 | 1.74 | 1.74 | 4.00 | ||||||||||||||||||||||||||||||||||||||||
Balanced | (5.56 | ) | 4.01 | 4.33 | 8.55 | 1.23 | 1.23 | None | (9.56 | ) | 2.90 | 3.65 | 8.04 | 1.48 | 1.48 | 4.00 | ||||||||||||||||||||||||||||||||||||||||
Intermediate Bond | 8.95 | 4.13 | 5.29 | 5.71 | 1.76 | 1.00 | None | 4.36 | 3.14 | 4.76 | 5.41 | 1.86 | 1.10 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||
SmallCap Equity | (3.25 | ) | 5.26 | (0.27 | ) | 5.04 | 2.62 | 1.51 | None | (7.31 | ) | 4.17 | (0.80 | ) | 4.59 | 2.87 | 1.76 | 4.00 | ||||||||||||||||||||||||||||||||||||||
Income | (8.14 | ) | 1.33 | 9.16 | 6.07 | 2.48 | 1.51 | None | (12.12 | ) | 0.26 | 8.48 | 5.53 | 2.73 | 1.76 | 4.00 |
Class B Shares | Class C Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Returns - September 30, 2009 (a)(c)(e) | Average Annual Returns - September 30, 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 | (2.25 | )% | 6.76 | % | 8.74 | % | 10.16 | % | 2.52 | % | 2.52 | % | 5.00 | % | 1.76 | % | 7.08 | % | 8.77 | % | 10.18 | % | 2.52 | % | 2.52 | % | 1.00 | % | ||||||||||||||||||||||||||||
Equity | (19.97 | ) | 1.87 | 2.45 | 9.18 | 2.24 | 2.24 | 5.00 | (16.64 | ) | 2.24 | 2.44 | 9.18 | 2.24 | 2.24 | 1.00 | ||||||||||||||||||||||||||||||||||||||||
Balanced | (10.99 | ) | 2.86 | 3.66 | 8.05 | 1.98 | 1.98 | 5.00 | (7.15 | ) | 3.22 | 3.72 | 8.08 | 1.98 | 1.98 | 1.00 | ||||||||||||||||||||||||||||||||||||||||
Intermediate Bond | 3.04 | 2.99 | 4.59 | 5.32 | 2.51 | 1.75 | 5.00 | 7.25 | 3.35 | 4.67 | 5.36 | 2.51 | 1.75 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||
SmallCap Equity | (8.73 | ) | 4.16 | (0.87 | ) | 4.53 | 3.37 | 2.26 | 5.00 | (4.92 | ) | 4.09 | (0.92 | ) | 4.48 | 3.37 | 2.26 | 1.00 | ||||||||||||||||||||||||||||||||||||||
Income | (13.33 | ) | (0.01 | ) | 8.50 | 5.53 | 3.23 | 2.26 | 5.00 | (9.68 | ) | 0.57 | 8.66 | 5.67 | 3.23 | 2.26 | 1.00 |
Class I Shares | ||||||||||||||||||||||||||||
Average Annual Returns - September 30, 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 | 3.72 | % | 7.96 | % | 9.47 | % | 10.80 | % | 1.52 | % | 1.52 | % | None | |||||||||||||||
Equity | (14.96 | ) | 3.12 | 3.16 | 9.60 | 1.24 | 1.24 | None | ||||||||||||||||||||
Balanced | (5.33 | ) | 4.08 | 4.36 | 8.57 | 0.98 | 0.98 | None | ||||||||||||||||||||
Intermediate Bond | 9.12 | 4.19 | 5.32 | 5.73 | 1.53 | 0.75 | None | |||||||||||||||||||||
SmallCap Equity | (2.92 | ) | 5.35 | (0.22 | ) | 5.07 | 2.40 | 1.26 | None | |||||||||||||||||||
Income | (7.77 | ) | 1.44 | 9.22 | 6.12 | 2.26 | 1.26 | 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, 2011 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
Performance Discussion
Mighty MitesSM Fund
The GAMCO Westwood Mighty MitesSM Fund’s Class AAA Shares total return for the twelve months ended September 30, 2009 was 3.5%, versus the Russell 2000 Index, the Russell Microcap Index, and the Lipper Small Cap Value Fund Average returns of (9.6)%, (24.5)%, and (6.3)%, respectively.
The past year was characterized by massive fiscal and monetary stimulus in an effort to revive the U.S. economy. The Emergency Economic Stabilization Act of 2008 restored confidence in the banking system by providing capital to many of the nation’s financial institutions. Governments moved to inject liquidity into their banking systems, with the intent that these global institutions be forced to provide greater transparency in future financial transactions.
The upshot has been positive. Recent data points show an improvement in consumer confidence, a slowdown in the rate of real estate foreclosures, a decline in inventories, and an increase in lending activity by the nation’s banks.
Top contributors to performance were Media General Inc. (1.4% of net assets as of September 30, 2009), Journal Communications Inc. (1.4%), and GenCorp Inc. (1.1%).
Detractors to performance were Zep Inc. (1.0%), Hawk Corp. (0.8%), and Sonesta International Hotels Corp. (0.8%).
In both up and down market cycles, we continue to adhere to our disciplined, bottom up investment philosophy, followed since inception of this Fund. We continue to seek to uncover equities that have declined below their Private Market Value (PMV), but that also have a potential catalyst to unlock their intrinsic value. We continue to buy undervalued stocks in industries such as real estate, technology, natural resources, financials, as well as special situations.
Average Annual Returns Through September 30, 2009 (a)
Since | ||||||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | 10 Year | (5/11/98) | ||||||||||||||||||||||
Mighty mitesSM Fund Class AAA | 18.44 | % | 23.42 | % | 3.50 | % | 3.64 | % | 7.87 | % | 9.42 | % | 10.76 | % | ||||||||||||||
Russell Microcap™ Index | 27.35 | 28.08 | (24.46 | ) | (13.69 | ) | (5.20 | ) | N/A | N/A | (b) | |||||||||||||||||
Russell 2000 Index | 19.28 | 22.43 | (9.55 | ) | (4.57 | ) | 2.41 | 4.88 | 3.39 | |||||||||||||||||||
Lipper Small Cap Value Average | 21.39 | 27.02 | (6.28 | ) | (4.92 | ) | 2.31 | 8.13 | 4.88 |
The Fund’s Class AAA expense ratio is 1.77% in the current prospectus. See page 31 for the expense ratios for the year ended September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
(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. The Adviser reimbursed expenses through September 30, 2005 to limit the expense ratio. Had such limitation not been in place, returns would have been lower. Performance returns for periods of less than one year are not annualized. Current performance may be higher or lower 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. See page 2 for further details about additional classes of shares. | |
The Russell MicrocapTM Index and the Russell 2000 Index are unmanaged indicators of stock market performance, while the Lipper Small Cap Value Fund Average reflects the average performance of mutual funds classified in this particular category. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index. | ||
(b) | Inception date for the Russell Microcap™ Index is July 1, 2000. |
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
THE MIGHTY MITESSM FUND CLASS AAA, THE RUSSELL 2000 INDEX,
AND THE RUSSELL MICROCAPTM INDEX (Unaudited)
THE MIGHTY MITESSM FUND CLASS AAA, THE RUSSELL 2000 INDEX,
AND THE RUSSELL MICROCAPTM INDEX (Unaudited)
* | Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
** | The Russell MicrocapTM Index inception date is July 1, 2000 and the value of the Index prior to July 1, 2000 is that of the Mighty MitesSM Fund (Class AAA). |
3
Equity Fund
For the twelve months ended September 30, 2009, the GAMCO Westwood Equity Fund’s Class AAA Shares posted a return of (15.2)% and the Standard & Poor’s (“S&P”) 500 Index and the Lipper Large Cap Value Fund Average had returns of (6.9)% and (7.9)%, respectively.
The GAMCO Westwood Equity Fund underperformed the benchmark S&P 500 Index by 8.3% for the fiscal year, results that are primarily attributable to security selection in the Consumer Discretionary, Technology, Materials & Processing, and Financial Services sectors. Four of the worst performing securities were Financial Service firms that had been sold from the portfolio prior to the 2009 rebound in that sector: Bank of America Corp., MetLife, State Street Corp., and Citigroup Inc. Each was sold at a point when the downside potential for the stock was not quantifiable, violating our asymmetric reward-to-risk requirement, and we sought to protect the portfolio from further capital loss. Freeport-McMoRan was also sold when the reward/risk profile deteriorated, specifically when the firm announced the elimination of its dividend and the closure of copper mines due to the roughly 70% decline in copper prices over a six-month period of time.
Relative performance over the twelve months was aided by security selection in the Consumer Staples, Producer Durables, and Utilities sectors. The best performing stocks included JPMorgan Chase (3.0% of the net assets as of September 30, 2009), which was one of the first banks to repay TARP funds, and BlackRock Inc. (1.4%), which reported solid AUM growth over the period and also announced the purchase of Barclays Global Investors, which will make BlackRock the largest institutional asset management firm in the world. Other strong performers included Wyeth, which was purchased by Pfizer at a nice premium, and Union Pacific Corp. (1.2%), which produced impressive margin expansion despite steep declines in volumes. Finally, Anadarko Petroleum (2.5%), was bid higher due to its ability to generate strong production growth despite a weak global economy.
Average Annual Returns Through September 30, 2009*
Since | ||||||||||||||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | 10 Year | 15 Year | 20 Year | (1/2/87) | ||||||||||||||||||||||||||||
Equity Fund Class AAA | 11.88 | % | 6.93 | % | (15.15 | )% | (5.17 | )% | 3.02 | % | 3.11 | % | 8.57 | % | 8.62 | % | 9.58 | % | ||||||||||||||||||
S&P 500 Index | 15.59 | 19.27 | (6.91 | ) | (5.43 | ) | 1.01 | (0.15 | ) | 7.62 | 7.99 | 9.17 | ||||||||||||||||||||||||
Lipper Large Cap Value Average | 16.26 | 17.60 | (7.92 | ) | (6.95 | ) | 0.65 | 2.04 | 7.04 | 7.66 | 8.53 |
The Fund’s Class AAA expense ratio is 1.49% in the current prospectus. See page 32 for the expense ratios for the year ended September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
* | Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and reinvestment of dividends 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. 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. Performance returns for periods of less than one year are not annualized. 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. See page 2 for further details about additional classes of shares. The S&P 500 Index is an unmanaged indicator of stock market performance. The Lipper Large Cap Value Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. |
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN
THE EQUITY FUND CLASS AAA AND THE S&P 500 INDEX (Unaudited)
THE EQUITY FUND CLASS AAA AND THE S&P 500 INDEX (Unaudited)
* | Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
4
Balanced Fund
For the twelve months ended September 30, 2009, the GAMCO Westwood Balanced Fund’s Class AAA Shares posted a return of (5.6)% versus a return of 2.7% for the Lipper Mixed-Asset Target Allocation Moderate Fund Average. The balanced benchmark comprised of 60% S&P 500 Stock and 40% Barclays Capital Indices** returned 0.4%.
The GAMCO Westwood Balanced Fund is designed to provide exposure to equities with reduced overall risk through investment in short-to-intermediate fixed income securities. In a reversal of 2008, a year in which high quality stocks led, a renewed appetite for risk led investors to seek out the most beaten down low-priced securities they could find –regardless of highly leveraged balanced sheets and lack of profits, resulting in a very strong “low quality” rally in the major stock indices. Renewed hope for a turn in the economy primarily benefited economically sensitive sectors, such as Technology and Consumer Discretionary. The Financial Services sector was the worst performer for the fiscal year as a whole as a result of the problems faced by the majority of banks during the credit crisis.
The bond portion typically invests in high quality notes with lower interest rate sensitivity than the typical bond index, with the objective of dampening the volatility of equity holdings. Top contributing fixed income holdings for the fiscal year were intermediate term notes maturing in 2013 through 2017 and issued by General Electric Company (0.9% of the net assets as of September 30, 2009), Bank of America Corp. (1.0%), Fannie Mae (1.9%), Freddie Mac (2.0%), and Burlington Northern (0.8%). The bottom five holdings all mature in 2009 or 2010 and were issued by: Fannie Mae (2.1%), Freddie Mac (2.3%), Occidental Petroleum (0.8%), U.S. Treasury (0.8%), and a U.S. TIPS (1.3%).
Average Annual Returns Through September 30, 2009*
Since | ||||||||||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | 10 Year | 15 Year | (10/1/91) | |||||||||||||||||||||||||
Balanced Fund Class AAA | 8.13 | % | 6.35 | % | (5.56 | )% | (0.58 | )% | 4.01 | % | 4.33 | % | 7.93 | % | 8.55 | % | ||||||||||||||||
60% S&P 500 and 40% Barclays Capital Indices** | 11.02 | 13.46 | 0.44 | (0.76 | ) | 2.57 | 2.44 | 7.29 | 7.43 | |||||||||||||||||||||||
Barclays Capital Government/Corporate Bond Index** | 4.16 | 4.74 | 11.46 | 6.25 | 4.92 | 6.32 | 6.80 | 6.76 | ||||||||||||||||||||||||
Lipper Mixed-Asset Target Allocation Moderate Fund Average | 11.58 | 18.89 | 2.73 | (0.92 | ) | 2.70 | 2.80 | 6.26 | 6.66 |
The Fund’s Class AAA expense ratio is 1.23% in the current prospectus. See page 33 for the expense ratios for the year ended September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
* | Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and reinvestment of dividends 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. The Adviser reimbursed expenses in years prior to 1998 to limit the expense ratio. Had such limitation not been in place, returns would have been lower. 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. Performance returns for periods of less than one year are not annualized. 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. See page 2 for further details about additional classes of shares. The S&P 500 Index is an unmanaged indicator of stock market performance and the Barclays Government/Corporate Bond Index** is a market value weighted index that tracks the total return performance of fixed rate, publicly placed, dollar denominated obligations. The Lipper Mixed-Asset Target Allocation Moderate Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. |
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE BALANCED FUND CLASS AAA,
THE S&P 500 INDEX, AND A COMPOSITE OF 60% OF THE S&P 500 INDEX AND 40% OF
THE BARCLAYS CAPITAL GOVERNMENT/CORPORATE BOND INDEX** (Unaudited)
THE S&P 500 INDEX, AND A COMPOSITE OF 60% OF THE S&P 500 INDEX AND 40% OF
THE BARCLAYS CAPITAL GOVERNMENT/CORPORATE BOND INDEX** (Unaudited)
* | Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
** | As of October 31, 2008, the name of the Lehman Brothers Government/Corporate Bond Index changed to the Barclays Capital Government/Corporate Bond Index. |
5
Intermediate Bond Fund
For the twelve months ended September 30, 2009 the GAMCO Westwood Intermediate Bond Fund’s Class AAA Shares posted a return of 9.0% compared to returns of 11.7% and 11.5% for the Lipper Intermediate Investment Grade Debt Fund Average and the Barclays Capital Government/Corporate Bond Index**, respectively.
Across the maturity spectrum, Treasury interest rates/yields for maturities of ten or less years ended the fiscal year below 4.0% and those of three years or less under 1.5%, reflecting the Federal Reserve’s lowering of the Federal Funds rate to nearly 0%. Short Treasuries, relative to longer maturity Treasuries, appeal to those who expect future inflation, as do Treasury Inflation-Protected Securities (TIPS).
Action in the bond market during the fiscal year paralleled that in the equity market, with the most risky securities markedly outperforming. In the case of the bond market, this entailed taking duration and/or credit risk. Long (maturity greater than 10 years) bonds returned 18.36% versus 10.01% for intermediate notes (1 to 10 years) and long corporate bonds returned 27.26%; corporate notes and bonds outperformed government securities 21.77% to 6.74%; A and Baa rated corporate securities comprise nearly one-third of the BCG/C index and returned 21.69% and 20.77%, respectively; Aaa or Aa rated debt comprised 9.74% of the BCG/C Index and returned 8.08% and 16.38%, respectively.
The Intermediate Bond Fund underperformed in this environment because, as a matter of risk control policy, we do not compound duration and credit risk. Thus, the Fund held significantly lower percentages of A and Baa rated securities, and U.S. Treasury bonds rather than corporate bonds comprised the majority of long maturity holdings. The top five performing securities were all intermediate finance or agency notes maturing in 2013 through 2017 and issued by: Merrill Lynch & Co. (1.8% of the net assets as of September 30, 2009), General Electric Co. (1.7%), Bank of America Corp. (2.0%), and Fannie Mae (6.8%). The bottom five performers all had positive returns and included two 2010 agency notes (4.1)% and three 30 year MBS issued by Ginnie Mae and Fannie Mae (2.6%).
6
Average Annual Returns Through September 30, 2009*
Since | ||||||||||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | 10 Year | 15 Year | (10/1/91) | |||||||||||||||||||||||||
Intermediate Bond Fund Class AAA | 2.82 | % | 3.69 | % | 8.95 | % | 5.40 | % | 4.13 | % | 5.29 | % | 5.64 | % | 5.71 | % | ||||||||||||||||
Barclays Capital Government/Corporate Bond Index** | 4.16 | 4.74 | 11.46 | 6.25 | 4.92 | 6.32 | 6.80 | 6.76 | ||||||||||||||||||||||||
Lipper Intermediate Investment Grade Debt Fund Average | 5.94 | 11.69 | 11.65 | 4.63 | 3.87 | 5.37 | 5.98 | 6.18 |
The Fund’s Class AAA gross expense ratio is 1.76% in the current prospectus. The net expense ratio is 1.00%, after contractual reimbursements by the Adviser in place through January 31, 2011. See page 34 for the expense ratios for the year ended September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
* | 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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. 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. Performance returns for periods of less than one year are not annualized. 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. See page 2 for further details about additional classes of shares. The Barclays Capital Government/Corporate Bond Index** is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations, while the Lipper Intermediate Investment Grade Debt Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. |
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE
INTERMEDIATE BOND FUND CLASS AAA AND
THE BARCLAYS CAPITAL GOVERNMENT/CORPORATE BOND INDEX** (Unaudited)
INTERMEDIATE BOND FUND CLASS AAA AND
THE BARCLAYS CAPITAL GOVERNMENT/CORPORATE BOND INDEX** (Unaudited)
* | Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. | |
** | As of October 31, 2008, the name of the Lehman Brothers Government/Corporate Bond Index changed to the Barclays Capital Government/Corporate Bond Index. |
7
SmallCap Equity Fund
For the twelve months ended September 30, 2009, the GAMCO Westwood SmallCap Equity Fund’s Class AAA Shares, total return was (3.3)%, compared with declines of 9.6% and 5.0% for the Russell 2000 Index and Lipper Small Cap Growth Average, respectively.
Among companies held in the portfolio, we witnessed drastic inventory reduction from mid 2008 into early 2009. Not surprisingly, the economic downturn coincided with a period of inventory destocking and cost cutting that appears to have abated. Along with an improving economy, many of the companies today are restocking inventories, especially companies in the technology industry, which appear to be leading the economic recovery. Tech spending in the U.S. is expected to grow 4% in 2010 and 10% in 2011.
Perhaps the most significant recent development for the portfolio holdings of smaller capitalization companies has been the wave of merger activity, a sign of renewed confidence in the economy by strategic acquirers. Much of the recent takeover activity has occurred in the technology sector where our portfolio is weighted heavily. Many larger technology companies have strong balance sheets and the cash flow to finance acquisitions, with smaller companies as potential beneficiaries. Among recent strategic acquisitions of companies we own: Varian Semiconductor Equipment Associates Inc., (1.01%) of net assets as of September 30, 2009, a test and measurement company being acquired by Agilent Technologies, Inc. and the acquisition by Baker Hughes, Inc. of BJ Services Co., (0.33%), a provider of pressure pumping services to natural gas exploration companies.
Among the best performing stocks for the fiscal year ended September 30, 2009 were:
Veeco Instruments, Inc. (1.00%), Zoran Corp. (0.87%) and Vishay Intertechnology, Inc. (1.88%).
Average Annual Returns Through September 30, 2009*
Since | ||||||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | 10 Year | (4/15/97) | ||||||||||||||||||||||
SmallCap Equity Fund Class AAA | 25.95 | % | 44.28 | % | (3.25 | )% | (2.11 | )% | 5.26 | % | (0.27 | )% | 5.04 | % | ||||||||||||||
Russell 2000 Index | 19.28 | 22.43 | (9.55 | ) | (4.57 | ) | 2.41 | 4.88 | 6.08 |
The Fund’s Class AAA gross expense ratio is 2.62% in the current prospectus. The net expense ratio is 1.51%, after contractual reimbursements by the Adviser in place through January 31, 2011. See page 35 for the expense ratios for the year ended September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
* | Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and reinvestment of dividends 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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. 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. Performance returns for periods of less than one year are not annualized. 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. See page 2 for further details about additional classes of shares. The Russell 2000 Index is an unmanaged index of the 2,000 smallest common stocks in the Russell 3000 Index, which contains the 3,000 largest stocks in the U.S. based on total market capitalization. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index. |
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE SMALLCAP EQUITY FUND
CLASS AAA, THE RUSSELL 2000 INDEX, AND THE RUSSELL 2000 GROWTH INDEX (Unaudited)
CLASS AAA, THE RUSSELL 2000 INDEX, AND THE RUSSELL 2000 GROWTH INDEX (Unaudited)
* | Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
8
Income Fund
The GAMCO Westwood Income Fund’s Class AAA Shares, total return for the twelve months ended September 30, 2009 was (8.1%) versus a decline of 6.4% for the Lipper Equity Income Fund Average and a 0.4% increase of a stock/bond blend comprised of a 50% blend of each of the 10 Year Treasury Note Index and the S&P 500 Index.
Among the better performing stocks for the fiscal year ended September 30, 2009 were:
Apple Inc. (3.52% of net assets as of September 30, 2009), E.I. du Pont de Nemours and Co. (3.05%), and ConAgra Foods Inc. (2.88%).
Our weaker performing stocks during the year were: AT&T Inc. (4.10%), Kraft Foods Inc. (3.49%), and Verizon Communications Inc. (3.45%).
During the next two quarters, the economy will benefit from general inventory replacement that was held back at the beginning of this year as businesses and individuals delayed purchases, from the ramp up in automobile production to replace cars sold out of inventory in the Cash for Clunkers program, and from the low interest rates which the government is helping to engineer with its massive purchases of Treasury Bills and mortgage backed securities. We expect that this will add six to seven points of Gross Domestic Product Growth, which will show up in the fourth calendar quarter of this year and the first quarter of next year.
Against that, we have consumers and businesses deleveraging, a shortfall of credit available from banks and credit card companies for those who do want to borrow, and structural damage to employment, as jobs lost to the scaled back real estate, construction, and retail sectors take several years to recover. We are uncomfortable placing a higher multiple on earnings that lack top line growth and that are derived primarily from cost cutting, nor do we want to attribute higher values to the cash flow and earnings streams from equities because of unnatural and unsustainably low interest rates.
We continue to look for companies selling at good long-term value that can generate cash flow and earnings.
Average Annual Returns Through September 30, 2009*
Since | ||||||||||||||||||||||||||||
Year to | Inception | |||||||||||||||||||||||||||
Quarter | Date | 1 Year | 3 Year | 5 Year | 10 Year | (9/30/97) | ||||||||||||||||||||||
Income Fund Class AAA | 12.59 | % | 12.48 | % | (8.14 | )% | (6.14 | )% | 1.33 | % | 9.16 | % | 6.07 | % | ||||||||||||||
Blended Index** | 9.08 | 6.44 | 0.38 | 0.98 | 3.02 | 2.99 | 4.32 | |||||||||||||||||||||
10 Year Treasury Note Index | 2.58 | (6.39 | ) | 7.66 | 7.40 | 5.03 | 6.14 | 5.96 | ||||||||||||||||||||
S&P 500 Index | 15.59 | 19.27 | (6.91 | ) | (5.43 | ) | 1.01 | (0.15 | ) | 2.67 |
The Fund’s Class AAA gross expense ratio is 2.48% in the current prospectus. The net expense ratio is 1.51%, after contractual reimbursements by the Adviser in place through January 31, 2011. See page 36 for the expense ratios for the year ended September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
* | 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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. 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. Performance returns for periods of less than one year are not annualized. 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. See page 2 for further details about additional classes of shares. The Standard & Poor’s (“S&P”) 500 Index is an unmanaged indicator of stock market performance. The 10 Year Treasury Note Index is unmanaged index tracking U.S. Treasury Notes with a 10 year maturity. Dividends are considered reinvested. You cannot invest directly in an index. | |
** | The Blended Index consists of a 50% blend of each of the 10 Year Treasury Note Index and the S&P 500 Index. |
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE
INCOME FUND CLASS AAA, THE BLENDED INDEX, AND THE S&P 500 INDEX (Unaudited)
INCOME FUND CLASS AAA, THE BLENDED INDEX, AND THE S&P 500 INDEX (Unaudited)
* | Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
9
GAMCO Westwood Funds | ||
Disclosure of Fund Expenses (Unaudited) | ||
For the Six Month Period from April 1, 2009 through September 30, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended September 30, 2009.
Beginning | Ending | Annualized | Expenses | |||||||||||||
Account Value | Account Value | Expense | Paid During | |||||||||||||
04/01/09 | 09/30/09 | Ratio | Period* | |||||||||||||
GAMCO Westwood Mighty MitesSM Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,375.10 | 1.63 | % | $ | 9.71 | ||||||||
Class A | $ | 1,000.00 | $ | 1,374.60 | 1.87 | % | $ | 11.13 | ||||||||
Class B | $ | 1,000.00 | $ | 1,370.00 | 2.33 | % | $ | 13.84 | ||||||||
Class C | $ | 1,000.00 | $ | 1,370.20 | 2.37 | % | $ | 14.08 | ||||||||
Class I | $ | 1,000.00 | $ | 1,377.00 | 1.39 | % | $ | 8.28 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,016.90 | 1.63 | % | $ | 8.24 | ||||||||
Class A | $ | 1,000.00 | $ | 1,015.69 | 1.87 | % | $ | 9.45 | ||||||||
Class B | $ | 1,000.00 | $ | 1,013.39 | 2.33 | % | $ | 11.76 | ||||||||
Class C | $ | 1,000.00 | $ | 1,013.19 | 2.37 | % | $ | 11.96 | ||||||||
Class I | $ | 1,000.00 | $ | 1,018.10 | 1.39 | % | $ | 7.03 | ||||||||
GAMCO Westwood Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,255.30 | 1.55 | % | $ | 8.76 | ||||||||
Class A | $ | 1,000.00 | $ | 1,254.50 | 1.80 | % | $ | 10.17 | ||||||||
Class B | $ | 1,000.00 | $ | 1,250.40 | 2.30 | % | $ | 12.98 | ||||||||
Class C | $ | 1,000.00 | $ | 1,250.40 | 2.30 | % | $ | 12.98 | ||||||||
Class I | $ | 1,000.00 | $ | 1,254.90 | 1.30 | % | $ | 7.35 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,017.30 | 1.55 | % | $ | 7.84 | ||||||||
Class A | $ | 1,000.00 | $ | 1,016.04 | 1.80 | % | $ | 9.10 | ||||||||
Class B | $ | 1,000.00 | $ | 1,013.54 | 2.30 | % | $ | 11.61 | ||||||||
Class C | $ | 1,000.00 | $ | 1,013.54 | �� | 2.30 | % | $ | 11.61 | |||||||
Class I | $ | 1,000.00 | $ | 1,018.55 | 1.30 | % | $ | 6.58 | ||||||||
GAMCO Westwood Balanced Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,170.00 | 1.26 | % | $ | 6.85 | ||||||||
Class A | $ | 1,000.00 | $ | 1,167.70 | 1.51 | % | $ | 8.21 | ||||||||
Class B | $ | 1,000.00 | $ | 1,164.50 | 2.01 | % | $ | 10.91 | ||||||||
Class C | $ | 1,000.00 | $ | 1,164.50 | 2.01 | % | $ | 10.91 | ||||||||
Class I | $ | 1,000.00 | $ | 1,170.20 | 1.01 | % | $ | 5.49 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,018.75 | 1.26 | % | $ | 6.38 | ||||||||
Class A | $ | 1,000.00 | $ | 1,017.50 | 1.51 | % | $ | 7.64 | ||||||||
Class B | $ | 1,000.00 | $ | 1,014.99 | 2.01 | % | $ | 10.15 | ||||||||
Class C | $ | 1,000.00 | $ | 1,014.99 | 2.01 | % | $ | 10.15 | ||||||||
Class I | $ | 1,000.00 | $ | 1,020.00 | 1.01 | % | $ | 5.11 | ||||||||
GAMCO Westwood Intermediate Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,037.50 | 1.00 | % | $ | 5.11 | ||||||||
Class A | $ | 1,000.00 | $ | 1,037.00 | 1.10 | % | $ | 5.62 | ||||||||
Class B | $ | 1,000.00 | $ | 1,033.70 | 1.75 | % | $ | 8.92 | ||||||||
Class C | $ | 1,000.00 | $ | 1,034.00 | 1.75 | % | $ | 8.92 | ||||||||
Class I | $ | 1,000.00 | $ | 1,038.80 | 0.75 | % | $ | 3.83 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,020.05 | 1.00 | % | $ | 5.06 | ||||||||
Class A | $ | 1,000.00 | $ | 1,019.55 | 1.10 | % | $ | 5.57 | ||||||||
Class B | $ | 1,000.00 | $ | 1,016.29 | 1.75 | % | $ | 8.85 | ||||||||
Class C | $ | 1,000.00 | $ | 1,016.29 | 1.75 | % | $ | 8.85 | ||||||||
Class I | $ | 1,000.00 | $ | 1,021.31 | 0.75 | % | $ | 3.80 | ||||||||
GAMCO Westwood SmallCap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,664.30 | 1.50 | % | $ | 10.02 | ||||||||
Class A | $ | 1,000.00 | $ | 1,662.30 | 1.75 | % | $ | 11.68 | ||||||||
Class B | $ | 1,000.00 | $ | 1,658.10 | 2.25 | % | $ | 14.99 | ||||||||
Class C | $ | 1,000.00 | $ | 1,658.10 | 2.25 | % | $ | 14.99 | ||||||||
Class I | $ | 1,000.00 | $ | 1,666.70 | 1.25 | % | $ | 8.36 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,017.55 | 1.50 | % | $ | 7.59 | ||||||||
Class A | $ | 1,000.00 | $ | 1,016.29 | 1.75 | % | $ | 8.85 | ||||||||
Class B | $ | 1,000.00 | $ | 1,013.79 | 2.25 | % | $ | 11.36 | ||||||||
Class C | $ | 1,000.00 | $ | 1,013.79 | 2.25 | % | $ | 11.36 | ||||||||
Class I | $ | 1,000.00 | $ | 1,018.80 | 1.25 | % | $ | 6.33 | ||||||||
GAMCO Westwood Income Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,293.70 | 1.50 | % | $ | 8.62 | ||||||||
Class A | $ | 1,000.00 | $ | 1,293.10 | 1.75 | % | $ | 10.06 | ||||||||
Class B | $ | 1,000.00 | $ | 1,289.30 | 2.25 | % | $ | 12.91 | ||||||||
Class C | $ | 1,000.00 | $ | 1,289.40 | 2.25 | % | $ | 12.91 | ||||||||
Class I | $ | 1,000.00 | $ | 1,297.10 | 1.25 | % | $ | 7.20 | ||||||||
Hypothetical 5% Return | ||||||||||||||||
Class AAA | $ | 1,000.00 | $ | 1,017.55 | 1.50 | % | $ | 7.59 | ||||||||
Class A | $ | 1,000.00 | $ | 1,016.29 | 1.75 | % | $ | 8.85 | ||||||||
Class B | $ | 1,000.00 | $ | 1,013.79 | 2.25 | % | $ | 11.36 | ||||||||
Class C | $ | 1,000.00 | $ | 1,013.79 | 2.25 | % | $ | 11.36 | ||||||||
Class I | $ | 1,000.00 | $ | 1,018.80 | 1.25 | % | $ | 6.33 |
* | 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. |
10
Summary of Portfolio Holdings (Unaudited)
The following tables present portfolio holdings as a percent of net assets as of September 30, 2009:
GAMCO Westwood Mighty MitesSM Fund
U.S. Government Obligations | 34.4 | % | ||
Health Care | 9.0 | % | ||
Electronics | 6.5 | % | ||
Specialty Chemicals | 4.2 | % | ||
Equipment and Supplies | 4.2 | % | ||
Financial Services | 3.4 | % | ||
Automotive: Parts and Accessories | 3.3 | % | ||
Broadcasting | 3.2 | % | ||
Business Services | 3.1 | % | ||
Diversified Industrial | 2.9 | % | ||
Publishing | 2.7 | % | ||
Aviation: Parts and Services | 2.0 | % | ||
Telecommunications | 1.8 | % | ||
Hotels and Gaming | 1.8 | % | ||
Computer Software and Services | 1.7 | % | ||
Retail | 1.5 | % | ||
Energy and Utilities: Water | 1.3 | % | ||
Food and Beverage | 1.3 | % | ||
Machinery | 1.2 | % | ||
Consumer Products | 1.2 | % | ||
Aerospace | 1.1 | % | ||
Manufactured Housing and Recreational Vehicles | 1.1 | % | ||
Restaurants | 1.0 | % | ||
Real Estate | 0.9 | % | ||
Energy and Utilities: Natural Gas | 0.8 | % | ||
Energy and Utilities: Integrated | 0.6 | % | ||
Energy and Utilities: Electric | 0.5 | % | ||
Energy and Utilities: Services | 0.5 | % | ||
Transportation | 0.4 | % | ||
Closed-End Funds | 0.4 | % | ||
Entertainment | 0.4 | % | ||
Energy and Utilities: Oil | 0.4 | % | ||
Consumer Services | 0.3 | % | ||
Metals and Mining | 0.3 | % | ||
Building and Construction | 0.3 | % | ||
Communications Equipment | 0.2 | % | ||
Environmental Control | 0.2 | % | ||
Closed-End Business Development Company | 0.1 | % | ||
Agriculture | 0.1 | % | ||
Paper and Forest Products | 0.1 | % | ||
Educational Services | 0.0 | % | ||
Cable | 0.0 | % | ||
Other Assets and Liabilities (Net) | (0.4 | )% | ||
100.0 | % | |||
GAMCO Westwood Equity Fund
Energy: Oil | 13.4 | % | ||
Health Care | 9.9 | % | ||
Financial Services | 8.7 | % | ||
Banking | 6.8 | % | ||
Computer Software and Services | 6.3 | % | ||
Energy: Integrated | 5.1 | % | ||
Communications Equipment | 5.0 | % | ||
Consumer Products | 4.6 | % | ||
Retail | 4.4 | % | ||
Cable and Satellite | 4.1 | % | ||
Diversified Industrial | 3.5 | % | ||
Specialty Chemicals | 3.3 | % | ||
Business Services | 3.1 | % | ||
Telecommunications | 3.1 | % | ||
Energy: Natural Gas | 2.5 | % | ||
Machinery | 2.4 | % | ||
Aviation: Parts and Services | 2.0 | % | ||
Electronics | 1.3 | % | ||
Restaurants | 1.3 | % | ||
Computer Hardware | 1.3 | % | ||
Metals and Mining | 1.3 | % | ||
Automotive | 1.2 | % | ||
Transportation | 1.2 | % | ||
Food and Beverage | 1.2 | % | ||
Entertainment | 1.2 | % | ||
Aerospace | 1.1 | % | ||
Mutual Funds | 1.0 | % | ||
Other Assets and Liabilities (Net) | (0.3 | )% | ||
100.0 | % | |||
GAMCO Westwood Balanced Fund
U.S. Government Agency Obligations | 14.2 | % | ||
U.S. Government Obligations | 11.8 | % | ||
Energy: Oil | 9.8 | % | ||
Banking | 6.2 | % | ||
Health Care | 5.8 | % | ||
Financial Services | 5.7 | % | ||
Mutual Funds | 5.7 | % | ||
Computer Software and Services | 4.4 | % | ||
Diversified Industrial | 2.9 | % | ||
Communications Equipment | 2.9 | % | ||
Consumer Products | 2.7 | % | ||
Retail | 2.6 | % | ||
Cable and Satellite | 2.4 | % | ||
Energy: Natural Gas | 2.3 | % | ||
Telecommunications | 2.2 | % | ||
Specialty Chemicals | 1.9 | % | ||
Business Services | 1.9 | % | ||
Energy: Integrated | 1.9 | % | ||
Transportation | 1.5 | % | ||
Machinery | 1.5 | % | ||
Utilities | 1.5 | % | ||
Food and Beverage | 1.4 | % | ||
Metals and Mining | 1.3 | % | ||
Electronics | 1.3 | % | ||
Aviation: Parts and Services | 1.2 | % | ||
Automotive | 0.7 | % | ||
Restaurants | 0.7 | % | ||
Computer Hardware | 0.7 | % | ||
Entertainment | 0.7 | % | ||
Aerospace | 0.6 | % | ||
Wireless Communications | 0.6 | % | ||
Other Assets and Liabilities (Net) | (1.0 | )% | ||
100.0 | % | |||
11
Summary of Portfolio Holdings (Continued) (Unaudited)
GAMCO Westwood Intermediate Bond Fund
U.S. Government Agency Obligations | 36.0 | % | ||
Corporate Bonds | 35.2 | % | ||
U.S. Government Obligations | 24.4 | % | ||
Common Stocks | 3.8 | % | ||
Other Assets and Liabilities (Net) | 0.6 | % | ||
100.0 | % | |||
GAMCO Westwood SmallCap Equity Fund
Electronics | 17.5 | % | ||
Semiconductors | 12.9 | % | ||
Financial Services | 12.3 | % | ||
Computer Software and Services | 7.1 | % | ||
Energy and Utilities | 6.8 | % | ||
Equipment and Supplies | 5.2 | % | ||
Health Care | 4.8 | % | ||
Retail | 4.1 | % | ||
Business Services | 3.8 | % | ||
Diversified Industrial | 3.8 | % | ||
Specialty Chemicals | 3.6 | % | ||
Machinery | 2.6 | % | ||
Consumer Products | 2.2 | % | ||
Aerospace | 2.1 | % | ||
U.S. Government Obligations | 1.8 | % | ||
Computer Hardware | 1.6 | % | ||
Publishing | 1.4 | % | ||
Communications Equipment | 1.2 | % | ||
Entertainment | 1.0 | % | ||
Building and Construction | 0.7 | % | ||
Food and Beverage | 0.6 | % | ||
Metals and Mining | 0.6 | % | ||
Automotive: Parts and Accessories | 0.5 | % | ||
Educational Services | 0.5 | % | ||
Aviation: Parts and Services | 0.4 | % | ||
Transportation | 0.4 | % | ||
Restaurants | 0.3 | % | ||
Consumer Services | 0.3 | % | ||
Home Furnishings | 0.2 | % | ||
Telecommunications | 0.1 | % | ||
Other Assets and Liabilities (Net) | (0.4 | )% | ||
100.0 | % | |||
GAMCO Westwood Income Fund
Financial Services | 24.9 | % | ||
Food and Beverage | 13.9 | % | ||
Telecommunications | 7.5 | % | ||
Health Care | 7.2 | % | ||
Energy and Utilities: Oil | 6.9 | % | ||
Energy and Utilities: Services | 5.7 | % | ||
U.S. Government Obligations | 5.1 | % | ||
Banking | 4.8 | % | ||
Computer Hardware | 3.5 | % | ||
Diversified Industrial | 3.3 | % | ||
Energy and Utilities: Natural Gas | 3.1 | % | ||
Specialty Chemicals | 3.0 | % | ||
Electronics | 3.0 | % | ||
Broadcasting | 2.5 | % | ||
Energy and Utilities: Water | 2.5 | % | ||
Retail | 1.5 | % | ||
Energy and Utilities: Integrated | 1.0 | % | ||
Computer Software and Services | 0.6 | % | ||
Agriculture | 0.6 | % | ||
Other Assets and Liabilities (Net) | (0.6 | )% | ||
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 June 30, 2009. 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 twelve 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; and (iii) visiting the SEC’s website at www.sec.gov.
12
GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments — September 30, 2009
Schedule of Investments — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS — 65.9% | ||||||||||||
Aerospace — 1.1% | ||||||||||||
175,000 | Herley Industries Inc.† | $ | 2,253,266 | $ | 2,283,750 | |||||||
1,500 | Innovative Solutions & Support Inc.† | 14,767 | 7,515 | |||||||||
2,268,033 | 2,291,265 | |||||||||||
Agriculture — 0.1% | ||||||||||||
225 | �� | J.G. Boswell Co. | 144,675 | 108,450 | ||||||||
792 | Limoneira Co. | 196,267 | 106,148 | |||||||||
340,942 | 214,598 | |||||||||||
Automotive: Parts and Accessories — 3.2% | ||||||||||||
400 | Amerityre Corp.† | 1,486 | 160 | |||||||||
70,000 | Dana Holding Corp.† | 353,050 | 476,700 | |||||||||
115,000 | Midas Inc.† | 1,174,090 | 1,081,000 | |||||||||
83,000 | Modine Manufacturing Co. | 410,461 | 769,410 | |||||||||
6,000 | Puradyn Filter Technologies Inc.† | 3,217 | 1,794 | |||||||||
212,000 | Standard Motor Products Inc. | 1,639,973 | 3,222,400 | |||||||||
46,000 | Strattec Security Corp. | 635,816 | 655,960 | |||||||||
2,000 | Superior Industries International Inc. | 29,520 | 28,400 | |||||||||
40,000 | Tenneco Inc.† | 124,690 | 521,600 | |||||||||
4,372,303 | 6,757,424 | |||||||||||
Aviation: Parts and Services — 2.0% | ||||||||||||
435,000 | GenCorp Inc.† | 1,125,423 | 2,331,600 | |||||||||
90,015 | Kaman Corp. | 1,171,359 | 1,978,530 | |||||||||
30,000 | The Fairchild Corp., Cl. A† | 73,933 | 360 | |||||||||
2,370,715 | 4,310,490 | |||||||||||
Broadcasting — 3.2% | ||||||||||||
160,000 | Acme Communications Inc.† | 342,317 | 88,000 | |||||||||
33,000 | Beasley Broadcast Group Inc., Cl. A† | 208,066 | 121,770 | |||||||||
20,000 | Citadel Broadcasting Corp.† | 30,916 | 1,240 | |||||||||
47,600 | Crown Media Holdings Inc., Cl. A† | 353,574 | 74,256 | |||||||||
5,000 | Cumulus Media Inc., Cl. A† | 3,580 | 8,650 | |||||||||
75,000 | Entercom Communications Corp., Cl. A† | 57,937 | 382,500 | |||||||||
15,000 | Equity Media Holdings Corp.† | 44,866 | 90 | |||||||||
53,800 | Fisher Communications Inc.† | 1,125,387 | 978,084 | |||||||||
924 | Granite Broadcasting Corp.† (a) | 24,780 | 0 | |||||||||
590,000 | Gray Television Inc.† | 350,978 | 1,368,800 | |||||||||
110,000 | LIN TV Corp., Cl. A† | 125,349 | 520,300 | |||||||||
340,000 | Media General Inc., Cl. A | 666,848 | 2,907,000 | |||||||||
52,000 | Salem Communications Corp., Cl. A† | 142,091 | 117,520 | |||||||||
50,000 | Sinclair Broadcast Group Inc., Cl. A | 89,853 | 179,000 | |||||||||
20,000 | Young Broadcasting Inc., Cl. A† | 2,677 | 200 | |||||||||
3,569,219 | 6,747,410 | |||||||||||
Building and Construction — 0.3% | ||||||||||||
4,000 | Huttig Building Products Inc.† | 13,358 | 3,280 | |||||||||
160,000 | Material Sciences Corp.† | 259,197 | 312,000 | |||||||||
6,600 | The Monarch Cement Co. | 157,699 | 214,170 | |||||||||
430,254 | 529,450 | |||||||||||
Business Services — 3.1% | ||||||||||||
595,000 | AMICAS Inc.† | 1,537,218 | 2,142,000 | |||||||||
28,000 | ANC Rental Corp.† | 840 | 3 | |||||||||
75,000 | Ascent Media Corp., Cl. A† | 1,775,297 | 1,920,000 | |||||||||
38,000 | Cenveo Inc.† | 48,265 | 262,960 | |||||||||
103 | Chazak Value Corp.† (a) | 0 | 0 | |||||||||
61,650 | EDGAR Online Inc.† | 123,159 | 120,217 | |||||||||
266,600 | Edgewater Technology Inc.† | 882,075 | 783,804 | |||||||||
2,000 | Liquidity Services Inc.† | 10,853 | 20,640 | |||||||||
130,000 | Stamps.com Inc.† | 1,143,724 | 1,202,500 | |||||||||
1,000 | StarTek Inc.† | 12,029 | 8,680 | |||||||||
32,000 | Trans-Lux Corp.† | 22,772 | 40,480 | |||||||||
5,556,232 | 6,501,284 | |||||||||||
Cable — 0.0% | ||||||||||||
90,000 | Adelpha Communications Corp., Cl. A† (a) | 15,750 | 0 | |||||||||
90,000 | Adelpha Communications Corp., Cl. A, Escrow† (a) | 0 | 0 | |||||||||
90,000 | Adelpha Recovery Trust† | 0 | 270 | |||||||||
9,000 | Outdoor Channel Holdings Inc.† | 67,460 | 58,860 | |||||||||
83,210 | 59,130 | |||||||||||
Closed-End Business Development Company – 0.1% | ||||||||||||
32,000 | MVC Capital Inc. | 315,131 | 280,960 | |||||||||
Closed-End Funds — 0.4% | ||||||||||||
90,843 | KKR Private Equity Investors LP† | 265,210 | 849,382 | |||||||||
Communications Equipment — 0.2% | ||||||||||||
19,500 | Communications Systems Inc. | 188,089 | 227,760 | |||||||||
35,750 | Symmetricom Inc.† | 138,458 | 185,185 | |||||||||
4,000 | Technical Communications Corp.† | 25,077 | 17,000 | |||||||||
40,000 | ViewCast.com Inc.† | 18,600 | 7,600 | |||||||||
370,224 | 437,545 | |||||||||||
Computer Software and Services — 1.7% | ||||||||||||
150,000 | Furmanite Corp.† | 894,898 | 646,500 | |||||||||
1,910 | Gemalto NV† | 10,942 | 89,063 | |||||||||
120,000 | Global Sources Ltd.† | 828,027 | 824,400 | |||||||||
39,000 | GSE Systems Inc.† | 215,982 | 242,580 | |||||||||
36,000 | Mercury Computer Systems Inc.† | 208,756 | 354,960 | |||||||||
80,000 | MSC.Software Corp.† | 609,008 | 672,800 | |||||||||
400 | MTS Systems Corp. | 10,336 | 11,684 | |||||||||
30,000 | NYFIX Inc.† | 49,550 | 49,500 | |||||||||
33,500 | Phoenix Technologies Ltd.† | 125,253 | 122,275 | |||||||||
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 | 593,600 | |||||||||
2,000 | Tyler Technologies Inc.† | 8,050 | 34,180 | |||||||||
3,319,772 | 3,667,042 | |||||||||||
Consumer Products — 1.2% | ||||||||||||
18,000 | Adams Golf Inc.† | 122,578 | 58,500 | |||||||||
20,000 | Escada AG† | 23,123 | 21,365 | |||||||||
58,000 | Heelys Inc. | 225,356 | 122,960 | |||||||||
3,000 | Johnson Outdoors Inc., Cl. A | 17,417 | 27,000 | |||||||||
15,300 | Lakeland Industries Inc.† | 147,120 | 126,378 | |||||||||
40,000 | Marine Products Corp. | 170,187 | 221,200 | |||||||||
10,000 | MarineMax Inc.† | 35,053 | 78,100 | |||||||||
300 | National Presto Industries Inc. | 8,618 | 25,953 | |||||||||
53,200 | Oil-Dri Corp. of America | 767,798 | 771,400 | |||||||||
22,550 | PC Group Inc.† | 36,025 | 13,079 | |||||||||
187,665 | Schiff Nutrition International Inc. | 545,433 | 977,735 | |||||||||
41,530 | Syratech Corp.† | 10,383 | 1,227 | |||||||||
2,109,091 | 2,444,897 | |||||||||||
Consumer Services — 0.3% | ||||||||||||
145,000 | 1-800-FLOWERS.COM Inc., Cl. A† | 432,647 | 500,250 | |||||||||
27,000 | Bowlin Travel Centers Inc.† | 32,855 | 25,650 | |||||||||
1,100 | Collectors Universe Inc.† | 3,530 | 6,182 | |||||||||
10,000 | Valassis Communications Inc.† | 13,253 | 178,800 | |||||||||
482,285 | 710,882 | |||||||||||
Diversified Industrial — 2.9% | ||||||||||||
14,000 | Ampco-Pittsburgh Corp. | 242,281 | 372,260 | |||||||||
43,000 | Brush Engineered Materials Inc.† | 721,485 | 1,051,780 | |||||||||
200 | Burnham Holdings Inc., Cl. A | 3,294 | 2,090 | |||||||||
42,800 | Chase Corp. | 524,094 | 500,760 | |||||||||
15,700 | Graham Corp. | 124,787 | 244,135 | |||||||||
50,000 | Griffon Corp.† | 470,127 | 503,500 | |||||||||
25,000 | Haulotte Group SA | 134,090 | 257,917 |
See accompanying notes to financial statements.
13
GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS (Continued) | ||||||||||||
Diversified Industrial (Continued) | ||||||||||||
120,000 | Hawk Corp., Cl. A† | $ | 1,832,181 | $ | 1,646,400 | |||||||
161,000 | Katy Industries Inc.† | 411,731 | 225,400 | |||||||||
374,600 | Magnetek Inc.† | 852,885 | 584,376 | |||||||||
18,000 | Myers Industries Inc. | 168,066 | 193,860 | |||||||||
31,000 | National Patent Development Corp.† | 73,360 | 48,980 | |||||||||
10,000 | Park-Ohio Holdings Corp.† | 43,544 | 87,200 | |||||||||
12,500 | RWC Inc.† | 229,928 | 56,250 | |||||||||
150,219 | Stamford Industrial Group Inc.† | 429,614 | 9,163 | |||||||||
70,048 | Tech/Ops Sevcon Inc. | 315,005 | 240,965 | |||||||||
110,000 | WHX Corp.† | 724,018 | 211,200 | |||||||||
7,300,490 | 6,236,236 | |||||||||||
Educational Services — 0.0% | ||||||||||||
4,200 | Universal Technical Institute Inc.† | 57,517 | 82,740 | |||||||||
Electronics — 6.5% | ||||||||||||
25,000 | A123 Systems Inc.† | 337,500 | 533,000 | |||||||||
50,000 | Alliance Semiconductor Corp. | 157,908 | 13,000 | |||||||||
35,000 | Bel Fuse Inc., Cl. A | 574,806 | 647,850 | |||||||||
7,000 | Bel Fuse Inc., Cl. B | 146,875 | 133,210 | |||||||||
79,500 | BTU International Inc.† | 329,264 | 489,720 | |||||||||
322,000 | California Micro Devices Corp.† | 718,476 | 1,036,840 | |||||||||
174,000 | CTS Corp. | 1,111,722 | 1,618,200 | |||||||||
2,000 | GSI Group Inc.† | 7,080 | 1,500 | |||||||||
57,000 | IMAX Corp.† | 227,751 | 536,370 | |||||||||
157,900 | IntriCon Corp.† | 617,724 | 516,333 | |||||||||
175,000 | LeCroy Corp.† | 524,467 | 708,750 | |||||||||
3,300 | Mesa Laboratories Inc. | 74,285 | 75,537 | |||||||||
75,000 | Methode Electronics Inc. | 384,225 | 650,250 | |||||||||
69,500 | MoSys Inc.† | 130,660 | 173,750 | |||||||||
63,000 | Newport Corp.† | 384,910 | 551,880 | |||||||||
33,000 | Park Electrochemical Corp. | 606,153 | 813,450 | |||||||||
70,000 | Pericom Semiconductor Corp.† | 699,279 | 686,700 | |||||||||
2,000 | Schmitt Industries Inc.† | 9,284 | 8,350 | |||||||||
20,000 | SIRIT Inc.† | 11,714 | 2,989 | |||||||||
205,000 | Stoneridge Inc.† | 882,442 | 1,451,400 | |||||||||
134,900 | Ultra Clean Holdings Inc.† | 287,575 | 696,084 | |||||||||
46,700 | Ultralife Corp.† | 444,212 | 283,002 | |||||||||
45,400 | Ultratech Inc.† | 555,725 | 600,642 | |||||||||
65,500 | Zoran Corp.† | 499,552 | 754,560 | |||||||||
108,600 | Zygo Corp.† | 653,951 | 736,308 | |||||||||
10,377,540 | 13,719,675 | |||||||||||
Energy and Utilities: Electric — 0.5% | ||||||||||||
30,000 | Maine & Maritimes Corp. | 1,087,073 | 1,078,500 | |||||||||
Energy and Utilities: Integrated — 0.6% | ||||||||||||
83,800 | Florida Public Utilities Co. | 863,965 | 1,018,170 | |||||||||
6,000 | MGE Energy Inc. | 189,291 | 218,880 | |||||||||
95,200 | Progress Energy Inc., CVO† | 10,472 | 21,896 | |||||||||
1,063,728 | 1,258,946 | |||||||||||
Energy and Utilities: Natural Gas — 0.8% | ||||||||||||
44,500 | Corning Natural Gas Corp. | 689,709 | 689,750 | |||||||||
14,500 | Delta Natural Gas Co. Inc. | 327,664 | 384,250 | |||||||||
3,000 | Evergreen Energy Inc.† | 11,060 | 1,860 | |||||||||
31,200 | PetroCorp Escrow Shares† (a) | 0 | 1,872 | |||||||||
16,500 | RGC Resources Inc. | 363,162 | 454,410 | |||||||||
20,300 | U.S. Energy Corp.† | 85,659 | 79,170 | |||||||||
1,477,254 | 1,611,312 | |||||||||||
Energy and Utilities: Oil — 0.4% | ||||||||||||
75,400 | Parallel Petroleum Corp.† | 237,872 | 239,018 | |||||||||
63,600 | Tesco Corp.† | 543,737 | 507,528 | |||||||||
781,609 | 746,546 | |||||||||||
Energy and Utilities: Services — 0.5% | ||||||||||||
9,500 | Acergy SA, ADR | 32,064 | 119,985 | |||||||||
3,000 | Covanta Holding Corp.† | 38,471 | 51,000 | |||||||||
17,000 | Dawson Geophysical Co.† | 298,475 | 465,460 | |||||||||
40,000 | RPC Inc. | 173,633 | 419,200 | |||||||||
542,643 | 1,055,645 | |||||||||||
Energy and Utilities: Water — 1.3% | ||||||||||||
4,500 | Artesian Resources Corp., Cl. A | 48,063 | 75,690 | |||||||||
7,000 | Cadiz Inc.† | 73,014 | 81,900 | |||||||||
2,500 | California Water Service Group | 55,552 | 97,350 | |||||||||
40,000 | Consolidated Water Co. Ltd. | 450,805 | 653,200 | |||||||||
20,000 | Energy Recovery Inc.† | 127,528 | 116,400 | |||||||||
8,500 | Middlesex Water Co. | 137,355 | 128,180 | |||||||||
54,700 | Pennichuck Corp. | 1,150,521 | 1,190,272 | |||||||||
16,500 | SJW Corp. | 290,135 | 377,025 | |||||||||
10,000 | The York Water Co. | 140,000 | 138,600 | |||||||||
2,472,973 | 2,858,617 | |||||||||||
Entertainment — 0.4% | ||||||||||||
20,000 | Canterbury Park Holding Corp.† | 182,736 | 141,500 | |||||||||
1,802 | Chestnut Hill Ventures† (a) | 67,956 | 60,790 | |||||||||
210,000 | Dover Motorsports Inc. | 442,922 | 315,000 | |||||||||
2,000 | LodgeNet Entertainment Corp.† | 9,988 | 15,100 | |||||||||
60,000 | Triple Crown Media Inc.† | 16,280 | 450 | |||||||||
132,000 | Youbet.com Inc.† | 176,747 | 277,200 | |||||||||
896,629 | 810,040 | |||||||||||
Environmental Control — 0.2% | ||||||||||||
10,000 | BioteQ Environmental Technologies Inc.† | 16,559 | 8,686 | |||||||||
110,000 | Casella Waste Systems Inc., Cl. A† | 361,158 | 323,400 | |||||||||
500 | Sharps Compliance Corp.† | 1,265 | 4,925 | |||||||||
378,982 | 337,011 | |||||||||||
Equipment and Supplies — 4.2% | ||||||||||||
170,000 | Baldwin Technology Co. Inc., Cl. A† | 348,385 | 314,500 | |||||||||
20,000 | Capstone Turbine Corp.† | 31,920 | 26,400 | |||||||||
20,000 | CIRCOR International Inc. | 494,987 | 565,200 | |||||||||
155,000 | Core Molding Technologies Inc.† | 388,029 | 509,950 | |||||||||
6,100 | Fedders Corp.† (a) | 1,645 | 0 | |||||||||
1,000 | Genoil Inc.† | 225 | 168 | |||||||||
160,000 | Gerber Scientific Inc.† | 582,820 | 956,800 | |||||||||
8,500 | Gildemeister AG | 61,536 | 118,539 | |||||||||
8,000 | GrafTech International Ltd.† | 49,988 | 117,600 | |||||||||
18,048 | Interpump Group SpA† | 77,968 | 115,613 | |||||||||
65,026 | L.S. Starrett Co., Cl. A | 803,229 | 676,270 | |||||||||
20,000 | Maezawa Kyuso Industries Co. Ltd. | 108,117 | 325,294 | |||||||||
70,800 | Met-Pro Corp. | 776,007 | 686,052 | |||||||||
9,000 | Mine Safety Appliances Co. | 294,989 | 247,590 | |||||||||
175,400 | SL Industries Inc.† | 1,139,265 | 1,403,200 | |||||||||
1,000 | SRS Labs Inc.† | 5,500 | 7,310 | |||||||||
4,000 | The Eastern Co. | 41,635 | 63,600 | |||||||||
320,000 | TransAct Technologies Inc.† | 1,836,512 | 1,696,000 | |||||||||
50,000 | Vicor Corp.† | 319,379 | 386,000 | |||||||||
24,000 | WaterFurnace Renewable Energy Inc. | 474,797 | 605,688 | |||||||||
500 | Watts Water Technologies Inc., Cl. A | 7,648 | 15,125 | |||||||||
7,844,581 | 8,836,899 | |||||||||||
Financial Services — 3.4% | ||||||||||||
4,000 | Bank of Florida Corp.† | 32,893 | 9,480 | |||||||||
16,100 | Berkshire Bancorp Inc. | 219,414 | 109,963 | |||||||||
75 | Burke & Herbert Bank and Trust Co. | 95,726 | 126,562 | |||||||||
40,000 | Capital Financial Holdings Inc.† | 35,200 | 9,390 | |||||||||
29,000 | Crazy Woman Creek Bancorp Inc. | 501,616 | 427,025 |
See accompanying notes to financial statements.
14
GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS (Continued) | ||||||||||||
Financial Services (Continued) | ||||||||||||
297,410 | Epoch Holding Corp. | $ | 1,301,279 | $ | 2,602,338 | |||||||
20 | Farmers & Merchants Bank of Long Beach | 112,115 | 78,400 | |||||||||
9,150 | Fidelity Southern Corp.† | 61,269 | 29,006 | |||||||||
60,000 | Flushing Financial Corp. | 825,394 | 684,000 | |||||||||
10 | Guaranty Corp., Cl. A† | 137,500 | 31,000 | |||||||||
5,458 | Hampton Roads Bankshares Inc. | 95,436 | 15,719 | |||||||||
17,000 | Meadowbrook Insurance Group Inc. | 103,447 | 125,800 | |||||||||
25,800 | Nara Bancorp Inc. | 193,515 | 179,310 | |||||||||
11,055 | New York Community Bancorp Inc. | 143,811 | 126,248 | |||||||||
5,697 | Northrim BanCorp Inc. | 119,035 | 86,879 | |||||||||
25,000 | Oritani Financial Corp. | 382,931 | 341,000 | |||||||||
7,967 | Patriot National Bancorp Inc. | 91,659 | 16,731 | |||||||||
5,000 | Provident New York Bancorp | 74,850 | 47,750 | |||||||||
45,000 | Pzena Investment Management Inc., Cl. A† | 203,004 | 367,650 | |||||||||
8,000 | Seacoast Banking Corp. of Florida | 79,022 | 20,160 | |||||||||
116 | Sunwest Bank† | 322,722 | 182,700 | |||||||||
55,000 | SWS Group Inc. | 751,557 | 792,000 | |||||||||
1,061 | TIB Financial Corp.† | 7,773 | �� | 1,644 | ||||||||
10,000 | Tree.com Inc.† | 82,623 | 75,500 | |||||||||
700 | Value Line Inc. | 21,132 | 21,609 | |||||||||
52,339 | Whitney Holding Corp. | 253,146 | 499,314 | |||||||||
38,100 | Wilshire Bancorp Inc. | 330,044 | 279,654 | |||||||||
6,578,113 | 7,286,832 | |||||||||||
Food and Beverage — 1.3% | ||||||||||||
1,000 | Andrew Peller Ltd., Cl. A | 9,614 | 7,472 | |||||||||
18,000 | Boston Beer Co. Inc., Cl. A† | 407,598 | 667,440 | |||||||||
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 | 108,554 | |||||||||
2,000 | J & J Snack Foods Corp. | 28,830 | 86,380 | |||||||||
90,000 | Lifeway Foods Inc.† | 775,026 | 989,100 | |||||||||
15,000 | MGP Ingredients Inc.† | 69,302 | 65,400 | |||||||||
7,000 | Rock Field Co. Ltd. | 113,721 | 98,958 | |||||||||
2,000 | Scheid Vineyards Inc., Cl. A† | 53,044 | 37,300 | |||||||||
1,000 | The Inventure Group Inc.† | 2,660 | 2,830 | |||||||||
240,000 | Tingyi (Cayman Islands) Holding Corp. | 314,418 | 495,481 | |||||||||
280,000 | Vitasoy International Holdings Ltd. | 133,057 | 168,721 | |||||||||
17,000 | Willamette Valley Vineyards Inc.† | 80,870 | 70,550 | |||||||||
2,117,067 | 2,798,186 | |||||||||||
Health Care — 9.0% | ||||||||||||
4,000 | AFP Imaging Corp.† | 8,715 | 400 | |||||||||
32,000 | AngioDynamics Inc.† | 352,016 | 440,960 | |||||||||
11,000 | ArthroCare Corp.† | 101,714 | 224,290 | |||||||||
200,000 | Aspect Medical Systems Inc.† | 2,386,980 | 2,396,000 | |||||||||
240,000 | BioLase Technology Inc.† | 374,187 | 542,400 | |||||||||
10,000 | Boiron SA | 166,957 | 365,839 | |||||||||
1,000 | Bruker Corp.† | 5,980 | 10,670 | |||||||||
62,000 | Cepheid Inc.† | 594,358 | 819,640 | |||||||||
490,000 | Continucare Corp.† | 1,009,578 | 1,479,800 | |||||||||
100 | CPEX Pharmaceuticals Inc.† | 1,490 | 994 | |||||||||
5,000 | Crucell NV, ADR† | 111,421 | 114,450 | |||||||||
75,000 | Cutera Inc.† | 600,172 | 648,750 | |||||||||
60,000 | Cynosure Inc., Cl. A† | 508,551 | 699,000 | |||||||||
120,000 | Del Global Technologies Corp.† | 216,585 | 57,600 | |||||||||
5,000 | DexCom Inc.† | 65,375 | 39,650 | |||||||||
1,000 | Elite Pharmaceuticals Inc.† | 2,690 | 86 | |||||||||
41,100 | Exactech Inc.† | 601,478 | 646,914 | |||||||||
28,700 | Heska Corp.† | 48,800 | 12,628 | |||||||||
53,400 | Home Diagnostics Inc.† | 332,682 | 360,984 | |||||||||
100,000 | I-Flow Corp.† | 663,150 | 1,139,000 | |||||||||
1,000 | ICU Medical Inc.† | 23,786 | 36,860 | |||||||||
10,000 | Indevus Pharmaceuticals Inc., Escrow† (a) | 0 | 11,000 | |||||||||
6,000 | InfuSystems Holdings Inc.† | 18,750 | 12,900 | |||||||||
5,000 | Inverness Medical Innovations Inc.† | 94,541 | 193,650 | |||||||||
59,900 | Medical Nutrition USA Inc.† | 102,372 | 113,810 | |||||||||
60,000 | Micrus Endovascular Corp.† | 646,482 | 777,000 | |||||||||
65,000 | Neogen Corp.† | 589,484 | 2,098,850 | |||||||||
2,500 | NMT Medical Inc.† | 7,858 | 5,150 | |||||||||
38,000 | Opko Health Inc.† | 73,719 | 86,640 | |||||||||
22,000 | Orthofix International NV† | 347,811 | 646,580 | |||||||||
404,000 | OTIX Global Inc.† | 672,110 | 383,800 | |||||||||
75,000 | Pain Therapeutics Inc.† | 504,248 | 379,500 | |||||||||
27,000 | Palomar Medical Technologies Inc.† | 250,976 | 437,670 | |||||||||
10,000 | PreMD Inc.† | 18,320 | 450 | |||||||||
22,000 | Quidel Corp.† | 105,245 | 357,060 | |||||||||
40,000 | Rochester Medical Corp.† | 488,731 | 481,600 | |||||||||
37,415 | RTI Biologics Inc.† | 321,817 | 162,755 | |||||||||
213,900 | Strategic Diagnostics Inc.† | 207,526 | 376,464 | |||||||||
95,000 | Syneron Medical Ltd.† | 819,192 | 1,083,950 | |||||||||
2,000 | Targanta Therapeutics Corp., Escrow† (a) | 0 | 1,280 | |||||||||
1,000 | ThermoGenesis Corp.† | 2,520 | 620 | |||||||||
76,000 | United-Guardian Inc. | 649,959 | 715,160 | |||||||||
30,600 | Vascular Solutions Inc.† | 261,608 | 253,062 | |||||||||
18,500 | Young Innovations Inc. | 300,249 | 486,735 | |||||||||
14,660,183 | 19,102,601 | |||||||||||
Hotels and Gaming — 1.8% | ||||||||||||
400 | Churchill Downs Inc. | 11,315 | 15,400 | |||||||||
256,000 | Dover Downs Gaming & Entertainment Inc. | 1,261,527 | 1,459,200 | |||||||||
2,000 | Florida Gaming Corp.† | 6,950 | 12,550 | |||||||||
15,000 | Full House Resorts Inc.† | 16,621 | 40,650 | |||||||||
2,000 | Gaylord Entertainment Co.† | 16,435 | 40,200 | |||||||||
40,000 | Morgans Hotel Group Co.† | 166,364 | 216,800 | |||||||||
8,500 | Multimedia Games Inc.† | 76,734 | 43,520 | |||||||||
18,000 | Pinnacle Entertainment Inc.† | 121,513 | 183,420 | |||||||||
138,100 | Sonesta International Hotels Corp., Cl. A | 2,196,552 | 1,726,250 | |||||||||
14,000 | The Marcus Corp | 172,577 | 179,060 | |||||||||
4,046,588 | 3,917,050 | |||||||||||
Machinery — 1.2% | ||||||||||||
180,000 | Flow International Corp.† | 282,919 | 466,200 | |||||||||
23,000 | Key Technology Inc.† | 688,073 | 247,250 | |||||||||
6,000 | Lindsay Corp. | 180,673 | 236,280 | |||||||||
27,000 | Tennant Co. | 302,771 | 784,620 | |||||||||
16,143 | The Middleby Corp.† | 506,386 | 888,026 | |||||||||
1,960,822 | 2,622,376 | |||||||||||
Manufactured Housing and Recreational Vehicles — 1.1% | ||||||||||||
10,100 | Cavco Industries Inc.† | 200,951 | 358,550 | |||||||||
1,169,000 | Coachmen Industries Inc.† | 1,732,633 | 1,578,150 | |||||||||
17,000 | Nobility Homes Inc. | 217,888 | 154,360 | |||||||||
12,000 | Palm Harbor Homes Inc.† | 111,574 | 34,680 | |||||||||
6,200 | Skyline Corp. | 193,213 | 139,872 | |||||||||
2,456,259 | 2,265,612 | |||||||||||
Metals and Mining — 0.3% | ||||||||||||
116,600 | 5N Plus Inc.† | 420,658 | 683,928 | |||||||||
2,000 | Uranium Resources Inc.† | 10,915 | 2,300 | |||||||||
431,573 | 686,228 | |||||||||||
Paper and Forest Products — 0.1% | ||||||||||||
900 | Keweenaw Land Association Ltd. | 168,666 | 147,375 | |||||||||
Publishing — 2.7% | ||||||||||||
170,000 | Belo Corp., Cl. A | 316,759 | 919,700 | |||||||||
15,000 | II Sole 24 Ore | 45,534 | 52,352 | |||||||||
819,800 | Journal Communications Inc., Cl. A | 1,383,594 | 3,016,864 |
See accompanying notes to financial statements.
15
GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS (Continued) | ||||||||||||
Publishing (Continued) | ||||||||||||
200,000 | PRIMEDIA Inc. | $ | 358,561 | $ | 504,000 | |||||||
120,000 | The E.W. Scripps Co., Cl. A† | 318,320 | 900,000 | |||||||||
85,000 | Voyager Learning Co.† | 210,994 | 403,750 | |||||||||
2,633,762 | 5,796,666 | |||||||||||
Real Estate — 0.9% | ||||||||||||
8,700 | Bresler & Reiner Inc.† | 233,986 | 31,103 | |||||||||
7,000 | Capital Properties Inc., Cl. A | 105,410 | 52,360 | |||||||||
6,000 | Capital Properties Inc., Cl. B† (a)(b) | 0 | 44,880 | |||||||||
28,000 | Cohen & Steers Inc. | 413,270 | 672,000 | |||||||||
17,000 | Griffin Land & Nurseries Inc. | 456,245 | 544,000 | |||||||||
4,500 | Gyrodyne Co. of America Inc.† | 90,938 | 188,955 | |||||||||
2,600 | Holobeam Inc.† | 55,150 | 41,925 | |||||||||
58,000 | Reading International Inc., Cl. A† | 339,274 | 238,380 | |||||||||
25,100 | Reading International Inc., Cl. B† | 218,078 | 150,851 | |||||||||
2,508 | Royalty LLC† (a)(b) | 0 | 7,970 | |||||||||
1,912,351 | 1,972,424 | |||||||||||
Restaurants — 1.0% | ||||||||||||
100,777 | Nathan’s Famous Inc.† | 1,244,202 | 1,489,484 | |||||||||
40,000 | The Steak n Shake Co.† | 431,786 | 470,800 | |||||||||
13,600 | Western Sizzlin Corp.† | 189,451 | 192,440 | |||||||||
1,865,439 | 2,152,724 | |||||||||||
Retail — 1.5% | ||||||||||||
115,000 | Coldwater Creek Inc.† | 361,885 | 943,000 | |||||||||
387,000 | CoolBrands International Inc.† | 273,788 | 300,014 | |||||||||
75,900 | Ingles Markets Inc., Cl. A | 1,208,290 | 1,201,497 | |||||||||
7,000 | Movado Group Inc. | 85,044 | 101,710 | |||||||||
2,000 | The Bon-Ton Stores Inc. | 16,761 | 14,560 | |||||||||
60,300 | The Great Atlantic & Pacific Tea Co. Inc.† | 361,315 | 537,273 | |||||||||
4,000 | Village Super Market Inc., Cl. A | 88,308 | 117,880 | |||||||||
2,395,391 | 3,215,934 | |||||||||||
Specialty Chemicals — 4.2% | ||||||||||||
450,000 | Ferro Corp. | 1,579,645 | 4,005,000 | |||||||||
267,226 | General Chemical Group Inc.† | 59,859 | 7,616 | |||||||||
50,000 | Hawkins Inc. | 683,733 | 1,168,000 | |||||||||
1,000 | KMG Chemicals Inc. | 3,270 | 11,170 | |||||||||
250,000 | Omnova Solutions Inc.† | 358,826 | 1,620,000 | |||||||||
130,000 | Zep Inc. | 1,416,016 | 2,112,500 | |||||||||
4,101,349 | 8,924,286 | |||||||||||
Telecommunications — 1.8% | ||||||||||||
1,000 | Ambient Corp.† | 280 | 183 | |||||||||
19,000 | Applied Signal Technology Inc. | 315,349 | 442,130 | |||||||||
12,000 | Atlantic Tele-Network Inc. | 448,367 | 641,040 | |||||||||
175 | Consolidated Communications Holdings Inc. | 3,117 | 2,802 | |||||||||
110,000 | D&E Communications Inc. | 999,898 | 1,263,900 | |||||||||
2,000 | Electronic Systems Technology Inc.† | 1,410 | 660 | |||||||||
50,000 | HickoryTech Corp. | 469,986 | 427,500 | |||||||||
80 | Horizon Telecom Inc., Cl. A | 9,250 | 6,080 | |||||||||
350 | Horizon Telecom Inc., Cl. B† | 39,964 | 19,950 | |||||||||
1,400 | Lexcom Inc., Cl. B, Non-Voting | 78,659 | 104,300 | |||||||||
50,800 | New Ulm Telecom Inc. | 515,500 | 279,400 | |||||||||
10,000 | PNV Inc.† | 3 | 20 | |||||||||
7,788 | Preformed Line Products Co. | 338,590 | 311,909 | |||||||||
18,000 | Shenandoah Telecommunications Co. | 94,686 | 323,100 | |||||||||
33,000 | Sycamore Networks Inc.† | 107,085 | 99,660 | |||||||||
200 | Virgin Media Inc. | 4,648 | 2,784 | |||||||||
3,426,792 | 3,925,418 | |||||||||||
Transportation — 0.4% | ||||||||||||
8,200 | PHI Inc.† | 130,182 | 171,544 | |||||||||
8,000 | Pinnacle Airlines Corp.† | 20,239 | 53,600 | |||||||||
61,048 | Providence and Worcester Railroad Co. | 848,072 | 627,573 | |||||||||
400 | Trailer Bridge Inc.† | 4,452 | 2,160 | |||||||||
1,002,945 | 854,877 | |||||||||||
TOTAL COMMON STOCKS | 109,890,940 | 140,102,515 | ||||||||||
PREFERRED STOCKS — 0.1% | ||||||||||||
Automotive: Parts and Accessories — 0.1% | ||||||||||||
15,000 | Jungheinrich AG Pfd. | 121,895 | 301,598 | |||||||||
CONVERTIBLE PREFERRED STOCKS — 0.0% | ||||||||||||
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 — 0.0% | ||||||||||||
2,000 | Seneca Foods Corp., Cv. Pfd., Ser. 2003 (a)† | 30,500 | 54,800 | |||||||||
TOTAL CONVERTIBLE PREFERRED STOCKS | 44,349 | 54,800 | ||||||||||
WARRANTS — 0.0% | ||||||||||||
Broadcasting — 0.0% | ||||||||||||
63 | Granite Broadcasting Corp., Ser. A, expire 06/04/12† (a) | 0 | 0 | |||||||||
63 | Granite Broadcasting Corp., Ser. B, expire 06/04/12† (a) | 0 | 1 | |||||||||
0 | 1 | |||||||||||
Business Services — 0.0% | ||||||||||||
1,666 | Avalon Digital Marketing Systems Inc., expire 11/11/11† (a)(b) | 0 | 0 | |||||||||
TOTAL WARRANTS | 0 | 1 | ||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
U.S. GOVERNMENT OBLIGATIONS — 34.4% | ||||||||||||
$ | 73,068,000 | U.S. Treasury Bills, 0.066% to 0.427%††, 10/01/09 to 03/25/10 | 73,045,610 | 73,052,406 | ||||||||
TOTAL INVESTMENTS — 100.4% | $ | 183,102,794 | 213,511,320 | |||||||||
Other Assets and Liabilities (Net) — (0.4)% | (933,622 | ) | ||||||||||
NET ASSETS — 100.0% | $ | 212,577,698 | ||||||||||
(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 September 30, 2009, the market value of fair valued securities amounted to $208,093 or 0.10% of net assets. | |
(b) | At September 30, 2009, the Fund held investments in restricted and illiquid securities amounting to $52,850 or 0.02% of net assets, which were valued under methods approved by the Board of Trustees, as follows: |
09/30/09 | ||||||||||||||||
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 | — | 7.4800 | ||||||||||||
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 | — | 3.1778 |
(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 September 30, 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.
16
GAMCO Westwood Equity Fund
Schedule of Investments — September 30, 2009
Schedule of Investments — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS — 100.3% | ||||||||||||
Aerospace — 1.1% | ||||||||||||
30,600 | Raytheon Co. | $ | 1,291,950 | $ | 1,467,882 | |||||||
Automotive — 1.2% | ||||||||||||
38,600 | Cummins Inc. | 1,799,141 | 1,729,666 | |||||||||
Aviation: Parts and Services — 2.0% | ||||||||||||
46,000 | United Technologies Corp. | 2,961,070 | 2,802,780 | |||||||||
Banking — 6.8% | ||||||||||||
104,900 | Bank of America Corp. | 1,762,652 | 1,774,908 | |||||||||
97,084 | JPMorgan Chase & Co. | 2,325,829 | 4,254,221 | |||||||||
126,500 | Wells Fargo & Co. | 2,026,209 | 3,564,770 | |||||||||
6,114,690 | 9,593,899 | |||||||||||
Business Services — 3.1% | ||||||||||||
23,700 | FedEx Corp. | 1,856,972 | 1,782,714 | |||||||||
12,800 | MasterCard Inc., Cl. A | 2,049,414 | 2,587,520 | |||||||||
3,906,386 | 4,370,234 | |||||||||||
Cable and Satellite — 4.1% | ||||||||||||
161,400 | Comcast Corp., Cl. A | 2,624,512 | 2,726,046 | |||||||||
109,600 | The DIRECTV Group Inc.† | 2,686,268 | 3,022,768 | |||||||||
5,310,780 | 5,748,814 | |||||||||||
Communications Equipment — 5.0% | ||||||||||||
147,300 | Cisco Systems Inc.† | 3,226,404 | 3,467,442 | |||||||||
232,200 | Corning Inc. | 3,696,834 | 3,554,982 | |||||||||
6,923,238 | 7,022,424 | |||||||||||
Computer Hardware — 1.3% | ||||||||||||
14,800 | International Business Machines Corp. | 1,502,024 | 1,770,228 | |||||||||
Computer Software and Services — 6.3% | ||||||||||||
77,800 | CA Inc. | 1,695,069 | 1,710,822 | |||||||||
74,800 | eBay Inc.† | 1,663,894 | 1,766,028 | |||||||||
105,000 | EMC Corp.† | 1,473,615 | 1,789,200 | |||||||||
71,500 | Microsoft Corp. | 1,492,031 | 1,851,135 | |||||||||
84,500 | Oracle Corp. | 1,561,649 | 1,760,980 | |||||||||
7,886,258 | 8,878,165 | |||||||||||
Consumer Products — 4.6% | ||||||||||||
43,700 | NIKE Inc., Cl. B | 2,361,190 | 2,827,390 | |||||||||
74,680 | Philip Morris International Inc. | 3,641,775 | 3,639,903 | |||||||||
6,002,965 | 6,467,293 | |||||||||||
Diversified Industrial — 3.5% | ||||||||||||
104,100 | General Electric Co. | 1,749,908 | 1,709,322 | |||||||||
47,400 | Honeywell International Inc. | 1,866,670 | 1,760,910 | |||||||||
27,600 | ITT Corp. | 1,170,616 | 1,439,340 | |||||||||
4,787,194 | 4,909,572 | |||||||||||
Electronics — 1.3% | ||||||||||||
91,600 | Intel Corp. | 1,696,319 | 1,792,612 | |||||||||
Energy: Integrated — 5.1% | ||||||||||||
35,900 | Exelon Corp. | 2,236,210 | 1,781,358 | |||||||||
64,600 | FPL Group Inc. | 3,389,449 | 3,567,858 | |||||||||
44,000 | PG&E Corp. | 1,704,456 | 1,781,560 | |||||||||
7,330,115 | 7,130,776 | |||||||||||
Energy: Natural Gas — 2.5% | ||||||||||||
38,706 | Apache Corp. | 2,860,041 | 3,554,372 | |||||||||
Energy: Oil — 13.4% | ||||||||||||
55,900 | Anadarko Petroleum Corp. | 2,340,718 | 3,506,607 | |||||||||
60,000 | Chevron Corp. | 4,385,818 | 4,225,800 | |||||||||
38,400 | ConocoPhillips | 2,145,551 | 1,734,144 | |||||||||
20,200 | Devon Energy Corp. | 1,363,591 | 1,360,066 | |||||||||
61,800 | Exxon Mobil Corp. | 3,294,376 | 4,240,098 | |||||||||
47,010 | Occidental Petroleum Corp. | 3,017,113 | 3,685,584 | |||||||||
16,547,167 | 18,752,299 | |||||||||||
Entertainment — 1.2% | ||||||||||||
61,500 | The Walt Disney Co. | 1,604,371 | 1,688,790 | |||||||||
Financial Services — 8.7% | ||||||||||||
69,400 | ACE Ltd. | 3,782,210 | 3,710,124 | |||||||||
7,000 | Ameriprise Financial Inc. | 254,650 | 254,310 | |||||||||
38,300 | BB&T Corp. | 832,170 | 1,043,292 | |||||||||
8,900 | BlackRock Inc. | 1,479,125 | 1,929,698 | |||||||||
45,000 | MetLife Inc. | 1,668,890 | 1,713,150 | |||||||||
72,000 | The Travelers Companies Inc. | 2,875,699 | 3,544,560 | |||||||||
10,892,744 | 12,195,134 | |||||||||||
Food and Beverage — 1.2% | ||||||||||||
69,100 | Sysco Corp. | 1,573,916 | 1,717,135 | |||||||||
Health Care — 9.9% | ||||||||||||
24,900 | Becton, Dickinson and Co. | 1,581,652 | 1,736,775 | |||||||||
79,500 | Bristol-Myers Squibb Co. | 1,735,257 | 1,790,340 | |||||||||
42,600 | Covidien plc | 1,889,597 | 1,842,876 | |||||||||
59,400 | Johnson & Johnson | 3,910,096 | 3,616,866 | |||||||||
55,200 | Merck & Co. Inc. | 1,644,165 | 1,745,976 | |||||||||
189,000 | Pfizer Inc. | 3,038,875 | 3,127,950 | |||||||||
13,799,642 | 13,860,783 | |||||||||||
Machinery — 2.4% | ||||||||||||
79,600 | Deere & Co. | 3,227,688 | 3,416,432 | |||||||||
Metals and Mining — 1.3% | ||||||||||||
37,200 | Nucor Corp. | 1,745,693 | 1,748,772 | |||||||||
Mutual Funds — 1.0% | ||||||||||||
1,340,053 | Dreyfus Treasury Cash Management Fund | 1,340,053 | 1,340,053 | |||||||||
Restaurants — 1.3% | ||||||||||||
53,000 | Yum! Brands Inc. | 1,908,738 | 1,789,280 | |||||||||
Retail — 4.4% | ||||||||||||
96,600 | CVS Caremark Corp. | 3,085,071 | 3,452,484 | |||||||||
129,200 | The Gap Inc. | 2,278,794 | 2,764,880 | |||||||||
5,363,865 | 6,217,364 | |||||||||||
Specialty Chemicals — 3.3% | ||||||||||||
85,300 | E. I. du Pont de Nemours and Co. | 2,737,117 | 2,741,542 | |||||||||
23,100 | Praxair Inc. | 1,751,164 | 1,887,039 | |||||||||
4,488,281 | 4,628,581 | |||||||||||
Telecommunications — 3.1% | ||||||||||||
159,300 | AT&T Inc. | 5,187,384 | 4,302,693 | |||||||||
Transportation — 1.2% | ||||||||||||
29,600 | Union Pacific Corp. | 1,335,870 | 1,727,160 | |||||||||
TOTAL COMMON STOCKS | 129,387,583 | 140,623,193 | ||||||||||
TOTAL INVESTMENTS — 100.3% | $ | 129,387,583 | 140,623,193 | |||||||||
Other Assets and Liabilities (Net) — (0.3)% | (413,994 | ) | ||||||||||
NET ASSETS — 100.0% | $ | 140,209,199 | ||||||||||
† | Non-income producing security. |
See accompanying notes to financial statements.
17
GAMCO Westwood Balanced Fund
Schedule of Investments — September 30, 2009
Schedule of Investments — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS — 63.9% | ||||||||||||
Aerospace — 0.6% | ||||||||||||
17,100 | Raytheon Co. | $ | 651,976 | $ | 820,287 | |||||||
Automotive — 0.7% | ||||||||||||
22,400 | Cummins Inc. | 1,040,249 | 1,003,744 | |||||||||
Aviation: Parts and Services — 1.2% | ||||||||||||
25,500 | United Technologies Corp. | 1,493,838 | 1,553,715 | |||||||||
Banking — 4.0% | ||||||||||||
58,500 | Bank of America Corp. | 982,992 | 989,820 | |||||||||
55,896 | JPMorgan Chase & Co. | 1,228,484 | 2,449,363 | |||||||||
72,100 | Wells Fargo & Co. | 1,102,293 | 2,031,778 | |||||||||
3,313,769 | 5,470,961 | |||||||||||
Business Services — 1.9% | ||||||||||||
13,000 | FedEx Corp. | 1,018,925 | 977,860 | |||||||||
7,700 | MasterCard Inc., Cl. A | 1,231,827 | 1,556,555 | |||||||||
2,250,752 | 2,534,415 | |||||||||||
Cable and Satellite — 2.4% | ||||||||||||
90,700 | Comcast Corp., Cl. A | 1,467,923 | 1,531,923 | |||||||||
63,100 | The DIRECTV Group Inc.† | 1,548,565 | 1,740,298 | |||||||||
3,016,488 | 3,272,221 | |||||||||||
Communications Equipment — 2.9% | ||||||||||||
82,700 | Cisco Systems Inc.† | 1,777,636 | 1,946,758 | |||||||||
130,000 | Corning Inc. | 2,067,796 | 1,990,300 | |||||||||
3,845,432 | 3,937,058 | |||||||||||
Computer Hardware — 0.7% | ||||||||||||
8,300 | International Business Machines Corp. | 841,475 | 992,763 | |||||||||
Computer Software and Services — 3.8% | ||||||||||||
43,500 | CA Inc. | 948,060 | 956,565 | |||||||||
43,500 | eBay Inc.† | 968,720 | 1,027,035 | |||||||||
64,200 | EMC Corp.† | 830,766 | 1,093,968 | |||||||||
41,800 | Microsoft Corp. | 861,760 | 1,082,202 | |||||||||
46,580 | Oracle Corp. | 848,766 | 970,727 | |||||||||
4,458,072 | 5,130,497 | |||||||||||
Consumer Products — 2.7% | ||||||||||||
24,500 | NIKE Inc., Cl. B | 1,280,689 | 1,585,150 | |||||||||
41,820 | Philip Morris International Inc. | 1,969,191 | 2,038,307 | |||||||||
3,249,880 | 3,623,457 | |||||||||||
Diversified Industrial — 2.0% | ||||||||||||
58,500 | General Electric Co. | 983,432 | 960,570 | |||||||||
26,600 | Honeywell International Inc. | 1,046,718 | 988,190 | |||||||||
15,390 | ITT Corp. | 553,314 | 802,589 | |||||||||
2,583,464 | 2,751,349 | |||||||||||
Electronics — 0.7% | ||||||||||||
51,500 | Intel Corp. | 952,937 | 1,007,855 | |||||||||
Energy: Integrated — 1.5% | ||||||||||||
35,900 | FPL Group Inc. | 1,841,451 | 1,982,757 | |||||||||
Energy: Natural Gas — 1.5% | ||||||||||||
21,555 | Apache Corp. | 1,642,415 | 1,979,396 | |||||||||
Energy: Oil — 7.9% | ||||||||||||
30,800 | Anadarko Petroleum Corp. | 1,306,365 | 1,932,084 | |||||||||
34,300 | Chevron Corp. | 2,496,939 | 2,415,749 | |||||||||
22,000 | ConocoPhillips | 961,319 | 993,520 | |||||||||
12,500 | Devon Energy Corp. | 777,794 | 841,625 | |||||||||
34,100 | Exxon Mobil Corp. | 1,823,867 | 2,339,601 | |||||||||
28,200 | Occidental Petroleum Corp. | 1,683,236 | 2,210,880 | |||||||||
9,049,520 | 10,733,459 | |||||||||||
Entertainment — 0.7% | ||||||||||||
34,600 | The Walt Disney Co. | 896,516 | 950,116 | |||||||||
Financial Services — 5.1% | ||||||||||||
38,900 | ACE Ltd. | 1,895,475 | 2,079,594 | |||||||||
3,900 | Ameriprise Financial Inc. | 141,877 | 141,687 | |||||||||
22,000 | BB&T Corp. | 480,518 | 599,280 | |||||||||
4,900 | BlackRock Inc. | 824,797 | 1,062,418 | |||||||||
25,200 | MetLife Inc. | 931,824 | 959,364 | |||||||||
42,100 | The Travelers Companies Inc. | 1,670,892 | 2,072,583 | |||||||||
5,945,383 | 6,914,926 | |||||||||||
Food and Beverage — 0.7% | ||||||||||||
39,500 | Sysco Corp. | 900,072 | 981,575 | |||||||||
Health Care — 5.8% | ||||||||||||
13,900 | Becton, Dickinson and Co. | 887,134 | 969,525 | |||||||||
44,300 | Bristol-Myers Squibb Co. | 967,041 | 997,636 | |||||||||
23,800 | Covidien plc | 933,981 | 1,029,588 | |||||||||
33,000 | Johnson & Johnson | 2,158,486 | 2,009,370 | |||||||||
34,700 | Merck & Co. Inc. | 1,033,365 | 1,097,561 | |||||||||
105,800 | Pfizer Inc. | 1,699,012 | 1,750,990 | |||||||||
7,679,019 | 7,854,670 | |||||||||||
Machinery — 1.5% | ||||||||||||
46,600 | Deere & Co. | 1,879,875 | 2,000,072 | |||||||||
Metals and Mining — 0.7% | ||||||||||||
20,900 | Nucor Corp. | 980,854 | 982,509 | |||||||||
Mutual Funds — 5.7% | ||||||||||||
7,717,101 | Dreyfus Treasury Cash Management Fund | 7,717,101 | 7,717,101 | |||||||||
Restaurants — 0.7% | ||||||||||||
29,500 | Yum! Brands Inc. | 1,070,791 | 995,920 | |||||||||
Retail — 2.6% | ||||||||||||
56,200 | CVS Caremark Corp. | 1,730,383 | 2,008,588 | |||||||||
72,400 | The Gap Inc. | 1,282,239 | 1,549,360 | |||||||||
3,012,622 | 3,557,948 | |||||||||||
Specialty Chemicals — 1.9% | ||||||||||||
49,800 | E. I. du Pont de Nemours and Co. | 1,597,905 | 1,600,572 | |||||||||
12,600 | Praxair Inc. | 953,257 | 1,029,294 | |||||||||
2,551,162 | 2,629,866 | |||||||||||
Telecommunications — 1.8% | ||||||||||||
90,600 | AT&T Inc. | 2,924,070 | 2,447,106 | |||||||||
Transportation — 0.7% | ||||||||||||
16,700 | Union Pacific Corp. | 737,949 | 974,445 | |||||||||
Utilities — 1.5% | ||||||||||||
20,000 | Exelon Corp. | 1,135,610 | 992,400 | |||||||||
24,500 | PG&E Corp. | 923,233 | 992,005 | |||||||||
2,058,843 | 1,984,405 | |||||||||||
TOTAL COMMON STOCKS | 78,585,975 | 86,784,593 | ||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
CORPORATE BONDS — 11.1% | ||||||||||||
Banking — 2.2% | ||||||||||||
$ | 1,250,000 | Bank of America Corp., | ||||||||||
5.375%, 06/15/14 | 1,281,899 | 1,293,134 | ||||||||||
1,125,000 | Citigroup Inc., | |||||||||||
5.500%, 10/15/14 | 1,129,275 | 1,124,595 | ||||||||||
500,000 | JPMorgan Chase & Co., | |||||||||||
6.300%, 04/23/19 | 496,568 | 546,853 | ||||||||||
2,907,742 | 2,964,582 | |||||||||||
See accompanying notes to financial statements.
18
GAMCO Westwood Balanced Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Principal | Market | |||||||||||
Amount | Cost | Value | ||||||||||
CORPORATE BONDS (Continued) | ||||||||||||
Computer Software and Services — 0.6% | ||||||||||||
$ | 750,000 | Oracle Corp., | ||||||||||
4.950%, 04/15/13 | $ | 750,308 | $ | 812,395 | ||||||||
Diversified Industrial — 0.9% | ||||||||||||
1,200,000 | General Electric Co., | |||||||||||
5.000%, 02/01/13 | 1,206,797 | 1,266,850 | ||||||||||
Electronics — 0.6% | ||||||||||||
750,000 | Koninklijke Philips Electronics NV, | |||||||||||
4.625%, 03/11/13 | 747,924 | 790,845 | ||||||||||
Energy: Integrated — 0.4% | ||||||||||||
500,000 | The Southern Co., | |||||||||||
4.150%, 05/15/14 | 499,526 | 517,052 | ||||||||||
Energy: Natural Gas — 0.8% | ||||||||||||
1,000,000 | Apache Corp., | |||||||||||
5.250%, 04/15/13 | 999,923 | 1,073,646 | ||||||||||
Energy: Oil — 1.9% | ||||||||||||
1,000,000 | Anadarko Petroleum Corp., | |||||||||||
5.950%, 09/15/16 | 977,899 | 1,066,567 | ||||||||||
500,000 | Marathon Oil Corp., | |||||||||||
5.900%, 03/15/18 | 502,547 | 523,421 | ||||||||||
1,005,000 | Occidental Petroleum Corp., MTN, | |||||||||||
4.250%, 03/15/10 | 1,005,271 | 1,021,830 | ||||||||||
2,485,717 | 2,611,818 | |||||||||||
Financial Services — 0.6% | ||||||||||||
750,000 | ACE INA Holdings Inc., | |||||||||||
5.600%, 05/15/15 | 747,798 | 812,642 | ||||||||||
Food and Beverage — 0.7% | ||||||||||||
950,000 | Anheuser-Busch Companies, Inc., | |||||||||||
4.375%, 01/15/13 | 942,865 | 975,833 | ||||||||||
Metals and Mining — 0.6% | ||||||||||||
750,000 | BHP Billiton Finance USA Ltd., | |||||||||||
5.500%, 04/01/14 | 755,603 | 829,686 | ||||||||||
Telecommunications — 0.4% | ||||||||||||
500,000 | AT&T Corp., | |||||||||||
6.700%, 11/15/13 | 501,529 | 566,994 | ||||||||||
Transportation — 0.8% | ||||||||||||
1,000,000 | Burlington Northern Santa Fe Corp., Deb., | |||||||||||
5.650%, 05/01/17 | 985,120 | 1,077,600 | ||||||||||
Wireless Communications — 0.6% | ||||||||||||
750,000 | Vodafone Group plc, | |||||||||||
4.150%, 06/10/14 | 768,581 | 771,011 | ||||||||||
TOTAL CORPORATE BONDS | 14,299,433 | 15,070,954 | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.2% | ||||||||||||
Federal Home Loan Bank — 0.9% | ||||||||||||
1,250,000 | 4.500%, 10/09/09 | 1,251,075 | 1,251,075 | |||||||||
Federal Home Loan Mortgage Corp. — 6.2% | ||||||||||||
1,500,000 | 4.125%, 11/30/09 | 1,502,779 | 1,509,451 | |||||||||
1,500,000 | 4.750%, 12/08/10 | 1,496,183 | 1,573,401 | |||||||||
1,250,000 | 2.125%, 03/23/12 | 1,264,886 | 1,273,920 | |||||||||
1,250,000 | 5.125%, 07/15/12 | 1,243,127 | 1,372,429 | |||||||||
1,500,000 | 5.250%, 04/18/16 | 1,482,633 | 1,675,468 | |||||||||
1,000,000 | 3.750%, 03/27/19 | 1,002,345 | 1,002,472 | |||||||||
7,991,953 | 8,407,141 | |||||||||||
Federal National Mortgage Association — 7.1% | ||||||||||||
1,250,000 | 2.500%, 04/09/10 | 1,251,016 | 1,264,496 | |||||||||
1,500,000 | 4.250%, 08/15/10 | 1,486,980 | 1,549,302 | |||||||||
1,250,000 | 3.375%, 05/19/11 | 1,297,622 | 1,304,151 | |||||||||
1,500,000 | 5.375%, 11/15/11 | 1,504,885 | 1,635,961 | |||||||||
1,250,000 | 4.375%, 09/15/12 | 1,341,366 | 1,344,783 | |||||||||
1,500,000 | 5.000%, 04/15/15 | 1,548,339 | 1,666,611 | |||||||||
775,000 | 5.375%, 06/12/17 | 837,231 | 876,912 | |||||||||
9,267,439 | 9,642,216 | |||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | 18,510,467 | 19,300,432 | ||||||||||
U.S. GOVERNMENT OBLIGATIONS — 11.8% | ||||||||||||
U.S. Treasury Bills — 0.8% | ||||||||||||
1,000,000 | U.S. Treasury Bill, | |||||||||||
0.265%††, 03/11/10 | 998,817 | 999,374 | ||||||||||
U.S. Treasury Inflation Indexed Notes — 5.9% | ||||||||||||
1,500,000 | 0.875%, 04/15/10 | 1,715,396 | 1,707,879 | |||||||||
1,500,000 | 0.625%, 04/15/13 | 1,433,582 | 1,526,931 | |||||||||
900,000 | 1.250%, 04/15/14 | 914,529 | 931,600 | |||||||||
1,200,000 | 2.500%, 07/15/16 | 1,286,878 | 1,373,269 | |||||||||
1,500,000 | 1.375%, 07/15/18 | 1,410,078 | 1,485,424 | |||||||||
900,000 | 2.125%, 01/15/19 | 924,883 | 949,330 | |||||||||
7,685,346 | 7,974,433 | |||||||||||
U.S. Treasury Notes — 5.1% | ||||||||||||
1,000,000 | 2.625%, 05/31/10 | 1,000,321 | 1,015,860 | |||||||||
1,500,000 | 3.375%, 11/30/12 | 1,497,636 | 1,588,712 | |||||||||
1,500,000 | 4.000%, 02/15/15 | 1,478,249 | 1,616,720 | |||||||||
1,500,000 | 5.125%, 05/15/16 | 1,507,746 | 1,711,407 | |||||||||
1,000,000 | 3.625%, 08/15/19 | 1,025,629 | 1,026,719 | |||||||||
6,509,581 | 6,959,418 | |||||||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | 15,193,744 | 15,933,225 | ||||||||||
TOTAL INVESTMENTS — 101.0% | $ | 126,589,619 | 137,089,204 | |||||||||
Other Assets and Liabilities (Net) — (1.0)% | (1,355,754 | ) | ||||||||||
NET ASSETS — 100.0% | $ | 135,733,450 | ||||||||||
† | Non-income producing security. | |
†† | Represents annualized yield at date of purchase. | |
MTN | Medium Term Note |
See accompanying notes to financial statements.
19
GAMCO Westwood Intermediate Bond Fund
Schedule of Investments — September 30, 2009
Schedule of Investments — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS — 3.8% | ||||||||||||
Mutual Funds — 3.8% | ||||||||||||
589,949 | Dreyfus Treasury Cash Management Fund | $ | 589,949 | $ | 589,949 | |||||||
Principal | ||||||||||||
Amount | ||||||||||||
CORPORATE BONDS — 35.2% | ||||||||||||
Aerospace — 1.5% | ||||||||||||
$ | 200,000 | The Boeing Co., | ||||||||||
6.000%, 03/15/19 | 205,323 | 224,753 | ||||||||||
Banking — 6.2% | ||||||||||||
300,000 | Bank of America Corp., | |||||||||||
5.375%, 06/15/14 | 307,656 | 310,352 | ||||||||||
175,000 | Barclays Bank plc, Ser. 1, | |||||||||||
5.000%, 09/22/16 | 174,775 | 177,493 | ||||||||||
250,000 | Citigroup Inc., | |||||||||||
5.500%, 10/15/14 | 250,950 | 249,910 | ||||||||||
200,000 | JPMorgan Chase & Co., | |||||||||||
6.300%, 04/23/19 | 198,729 | 218,741 | ||||||||||
932,110 | 956,496 | |||||||||||
Computer Hardware — 1.3% | ||||||||||||
200,000 | Hewlett-Packard Co., | |||||||||||
2.250%, 05/27/11 | 201,754 | 203,817 | ||||||||||
Computer Software and Services — 1.0% | ||||||||||||
150,000 | Oracle Corp., | |||||||||||
4.950%, 04/15/13 | 149,962 | 162,479 | ||||||||||
Consumer Products — 1.1% | ||||||||||||
150,000 | Philip Morris International Inc., | |||||||||||
6.875%, 03/17/14 | 150,727 | 171,521 | ||||||||||
Diversified Industrial — 1.7% | ||||||||||||
250,000 | General Electric Co., | |||||||||||
5.000%, 02/01/13 | 251,416 | 263,927 | ||||||||||
Electronics — 2.3% | ||||||||||||
150,000 | Arrow Electronics Inc., | |||||||||||
6.000%, 04/01/20 | 149,666 | 150,172 | ||||||||||
200,000 | Koninklijke Philips Electronics NV, | |||||||||||
4.625%, 03/11/13 | 199,462 | 210,892 | ||||||||||
349,128 | 361,064 | |||||||||||
Energy and Utilities: Electric Integrated — 1.0% | ||||||||||||
150,000 | The Southern Co., | |||||||||||
4.150%, 05/15/14 | 149,858 | 155,116 | ||||||||||
Energy and Utilities: Natural Gas — 1.4% | ||||||||||||
200,000 | Apache Corp., | |||||||||||
5.250%, 04/15/13 | 199,688 | 214,729 | ||||||||||
Energy and Utilities: Oil — 3.7% | ||||||||||||
200,000 | Anadarko Petroleum Corp., | |||||||||||
5.950%, 09/15/16 | 195,580 | 212,213 | ||||||||||
125,000 | Marathon Oil Corp., | |||||||||||
5.900%, 03/15/18 | 125,637 | 130,855 | ||||||||||
225,000 | Occidental Petroleum Corp., MTN, | |||||||||||
4.250%, 03/15/10 | 225,000 | 228,768 | ||||||||||
546,217 | 571,836 | |||||||||||
Financial Services — 7.3% | ||||||||||||
175,000 | ACE INA Holdings Inc., | |||||||||||
5.600%, 05/15/15 | 174,485 | 189,616 | ||||||||||
300,000 | Berkshire Hathaway Inc., | |||||||||||
5.125%, 09/15/12 | 323,110 | 325,968 | ||||||||||
260,000 | International Bank for Reconstruction & Development, | |||||||||||
8.625%, 10/15/16 | 302,576 | 340,578 | ||||||||||
275,000 | Merrill Lynch & Co. Inc., MTN, Series C, | |||||||||||
5.000%, 01/15/15 | 275,164 | 277,988 | ||||||||||
1,075,335 | 1,134,150 | |||||||||||
Food and Beverage — 1.7% | ||||||||||||
250,000 | Anheuser-Busch Companies, Inc., | |||||||||||
4.375%, 01/15/13 | 248,127 | 256,798 | ||||||||||
Metals and Mining — 1.4% | ||||||||||||
200,000 | BHP Billiton Finance USA Ltd., | |||||||||||
5.500%, 04/01/14 | 201,494 | 221,250 | ||||||||||
Telecommunications — 1.3% | ||||||||||||
175,000 | AT&T Corp., | |||||||||||
6.700%, 11/15/13 | 175,536 | 198,448 | ||||||||||
Transportation — 2.3% | ||||||||||||
200,000 | Burlington Northern Santa Fe Corp., Deb., | |||||||||||
5.650%, 05/01/17 | 199,200 | 215,520 | ||||||||||
125,000 | CSX Corp., | |||||||||||
6.250%, 04/01/15 | 124,943 | 138,380 | ||||||||||
324,143 | 353,900 | |||||||||||
TOTAL CORPORATE BONDS | 5,160,818 | 5,450,284 | ||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 36.0% | ||||||||||||
Federal Home Loan Bank — 4.7% | ||||||||||||
275,000 | 4.500%, 10/09/09 | 275,236 | 275,236 | |||||||||
175,000 | 3.875%, 01/15/10 | 174,437 | 176,817 | |||||||||
250,000 | 5.375%, 05/18/16 | 251,190 | 282,629 | |||||||||
700,863 | 734,682 | |||||||||||
Federal Home Loan Mortgage Corp. — 9.0% | ||||||||||||
275,000 | 2.125%, 03/23/12 | 278,275 | 280,262 | |||||||||
250,000 | 5.125%, 07/15/12 | 258,293 | 274,486 | |||||||||
225,000 | 5.000%, 07/15/14 | 250,937 | 250,034 | |||||||||
325,000 | 5.250%, 04/18/16 | 365,000 | 363,018 | |||||||||
200,000 | 5.500%, 07/18/16 | 221,846 | 227,154 | |||||||||
1,374,351 | 1,394,954 | |||||||||||
Federal National Mortgage Association — 18.8% | ||||||||||||
300,000 | 2.500%, 04/09/10 | 300,244 | 303,479 | |||||||||
325,000 | 4.250%, 08/15/10 | 326,205 | 335,682 | |||||||||
350,000 | 3.375%, 05/19/11 | 360,488 | 365,162 | |||||||||
350,000 | 5.375%, 11/15/11 | 359,270 | 381,724 | |||||||||
250,000 | 4.375%, 09/15/12 | 268,336 | 268,957 | |||||||||
375,000 | 4.375%, 03/15/13 | 403,397 | 407,091 | |||||||||
300,000 | 5.000%, 04/15/15 | 311,092 | 333,322 | |||||||||
275,000 | 5.375%, 06/12/17 | 297,082 | 311,163 | |||||||||
92,154 | Pool #745122, | |||||||||||
5.500%, 09/01/20 | 91,901 | 98,410 | ||||||||||
96,571 | Pool #255554, | |||||||||||
5.500%, 01/01/35 | 97,885 | 101,495 | ||||||||||
2,815,900 | 2,906,485 | |||||||||||
Government National Mortgage Association — 3.5% | ||||||||||||
52,681 | Pool #562288, | |||||||||||
6.000%, 12/15/33 | 53,573 | 56,196 | ||||||||||
96,625 | Pool #604946, | |||||||||||
5.500%, 01/15/34 | 97,840 | 102,000 | ||||||||||
87,384 | Pool #604970, | |||||||||||
5.500%, 01/15/34 | 88,245 | 92,244 | ||||||||||
125,893 | Pool #003747, | |||||||||||
5.000%, 08/20/35 | 124,807 | 130,865 | ||||||||||
154,771 | Pool #550728, | |||||||||||
5.500%, 11/15/35 | 155,021 | 163,186 | ||||||||||
519,486 | 544,491 | |||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | 5,410,600 | 5,580,612 | ||||||||||
See accompanying notes to financial statements.
20
GAMCO Westwood Intermediate Bond Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Principal | Market | |||||||||||
Amount | Cost | Value | ||||||||||
U.S. GOVERNMENT OBLIGATIONS — 24.4% | ||||||||||||
U.S. Treasury Bills — 1.9% | ||||||||||||
$ | 300,000 | U.S. Treasury Bill, | ||||||||||
0.265%††, 03/11/10 | $ | 299,645 | $ | 299,812 | ||||||||
U.S. Treasury Inflation Indexed Notes — 11.5% | ||||||||||||
275,000 | 0.875%, 04/15/10 | 314,574 | 313,111 | |||||||||
325,000 | 0.625%, 04/15/13 | 310,212 | 330,835 | |||||||||
225,000 | 1.250%, 04/15/14 | 228,644 | 232,900 | |||||||||
275,000 | 2.500%, 07/15/16 | 294,911 | 314,708 | |||||||||
300,000 | 1.375%, 07/15/18 | 280,812 | 297,085 | |||||||||
275,000 | 2.125%, 01/15/19 | 284,387 | 290,073 | |||||||||
1,713,540 | 1,778,712 | |||||||||||
U.S. Treasury Notes — 7.7% | ||||||||||||
300,000 | 2.000%, 09/30/10 | 300,225 | 304,746 | |||||||||
300,000 | 4.250%, 08/15/15 | 298,936 | 326,813 | |||||||||
250,000 | 5.125%, 05/15/16 | 254,411 | 285,235 | |||||||||
275,000 | 3.500%, 02/15/18 | 275,380 | 280,951 | |||||||||
1,128,952 | 1,197,745 | |||||||||||
U.S. Treasury Bonds — 3.3% | ||||||||||||
250,000 | 7.125%, 02/15/23 | 300,851 | 335,313 | |||||||||
150,000 | 5.375%, 02/15/31 | 168,079 | 178,266 | |||||||||
468,930 | 513,579 | |||||||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | 3,611,067 | 3,789,848 | ||||||||||
TOTAL INVESTMENTS — 99.4% | $ | 14,772,434 | 15,410,693 | |||||||||
Other Assets and Liabilities (Net) — 0.6% | 95,402 | |||||||||||
NET ASSETS — 100.0% | $ | 15,506,095 | ||||||||||
†† | Represents annualized yield at date of purchase. | |
MTN | Medium Term Note |
See accompanying notes to financial statements.
21
GAMCO Westwood SmallCap Equity Fund
Schedule of Investments — September 30, 2009
Schedule of Investments — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS — 98.6% | ||||||||||||
Aerospace — 2.1% | ||||||||||||
2,400 | AAR Corp.† | $ | 37,301 | $ | 52,656 | |||||||
700 | Esterline Technologies Corp.† | 19,504 | 27,447 | |||||||||
1,800 | Herley Industries Inc.† | 22,411 | 23,490 | |||||||||
3,500 | Hexcel Corp.† | 57,698 | 40,040 | |||||||||
4,600 | Kaman Corp. | 82,901 | 101,108 | |||||||||
219,815 | 244,741 | |||||||||||
Automotive: Parts and Accessories — 0.5% | ||||||||||||
4,300 | Midas Inc.† | 54,734 | 40,420 | |||||||||
1,600 | Superior Industries International Inc. | 22,818 | 22,720 | |||||||||
77,552 | 63,140 | |||||||||||
Aviation: Parts and Services — 0.4% | ||||||||||||
1,300 | Astronics Corp.† | 12,328 | 12,220 | |||||||||
2,100 | Ducommun Inc. | 40,426 | 39,711 | |||||||||
52,754 | 51,931 | |||||||||||
Building and Construction — 0.7% | ||||||||||||
2,600 | Chicago Bridge & Iron Co., NV | 50,128 | 48,568 | |||||||||
1,400 | Insituform Technologies Inc., Cl. A† | 20,052 | 26,796 | |||||||||
500 | KBR Inc. | 11,785 | 11,645 | |||||||||
81,965 | 87,009 | |||||||||||
Business Services — 3.8% | ||||||||||||
600 | Alliance Data Systems Corp.† | 24,717 | 36,648 | |||||||||
1,050 | Ascent Media Corp., Cl. A† | 24,024 | 26,880 | |||||||||
6,854 | Bowne & Co. Inc. | 66,165 | 52,776 | |||||||||
7,043 | Edgewater Technology Inc.† | 47,384 | 20,706 | |||||||||
4,381 | Federal Signal Corp. | 52,055 | 31,499 | |||||||||
6,600 | GP Strategies Corp.† | 34,196 | 49,434 | |||||||||
2,000 | Healthcare Services Group Inc. | 34,839 | 36,720 | |||||||||
9,700 | LECG Corp.† | 32,369 | 34,047 | |||||||||
3,000 | MDC Partners Inc., Cl. A† | 17,240 | 22,320 | |||||||||
3,500 | Mine Safety Appliances Co. | 89,677 | 96,285 | |||||||||
1,500 | RSC Holdings Inc.† | 12,232 | 10,905 | |||||||||
1,000 | Tetra Tech Inc.† | 21,549 | 26,530 | |||||||||
456,447 | 444,750 | |||||||||||
Communications Equipment — 1.2% | ||||||||||||
400 | CommScope Inc.† | 12,728 | 11,972 | |||||||||
3,300 | Plantronics Inc. | 57,431 | 88,473 | |||||||||
7,900 | Symmetricom Inc.† | 32,176 | 40,922 | |||||||||
102,335 | 141,367 | |||||||||||
Computer Hardware — 1.6% | ||||||||||||
2,400 | Electronics for Imaging Inc.† | 35,161 | 27,048 | |||||||||
3,200 | Logitech International SA† | 45,023 | 58,816 | |||||||||
6,100 | QLogic Corp.† | 82,172 | 104,920 | |||||||||
162,356 | 190,784 | |||||||||||
Computer Software and Services — 7.1% | ||||||||||||
2,400 | Akamai Technologies Inc.† | 39,581 | 47,232 | |||||||||
2,500 | Avid Technology Inc.† | 35,985 | 35,225 | |||||||||
2,500 | Cadence Design Systems Inc.† | 14,093 | 18,350 | |||||||||
1,600 | Evolving Systems Inc.† | 11,504 | 11,120 | |||||||||
3,300 | Fair Isaac Corp. | 58,674 | 70,917 | |||||||||
6,500 | Lawson Software Inc.† | 43,285 | 40,560 | |||||||||
29,100 | Magma Design Automation Inc.† | 79,912 | 60,819 | |||||||||
4,900 | Mercury Computer Systems Inc.† | 38,143 | 48,314 | |||||||||
4,500 | Omnicell Inc.† | 49,118 | 50,130 | |||||||||
7,700 | Parametric Technology Corp.† | 110,109 | 106,414 | |||||||||
17,300 | Phoenix Technologies Ltd.† | 73,432 | 63,145 | |||||||||
2,500 | PLATO Learning Inc.† | 11,075 | 10,800 | |||||||||
2,100 | Progress Software Corp.† | 45,427 | 47,565 | |||||||||
8,600 | Saba Software Inc.† | 26,510 | 36,206 | |||||||||
3,000 | Safeguard Scientifics Inc.† | 18,366 | 32,910 | |||||||||
1,900 | Teradata Corp.† | 39,635 | 52,288 | |||||||||
6,900 | THQ Inc.† | 101,188 | 47,196 | |||||||||
5,500 | Tier Technologies Inc., Cl. B† | 49,736 | 46,640 | |||||||||
845,773 | 825,831 | |||||||||||
Consumer Products — 2.2% | ||||||||||||
3,000 | Callaway Golf Co. | 23,059 | 22,830 | |||||||||
1,400 | Jarden Corp. | 26,156 | 39,298 | |||||||||
2,600 | Kid Brands Inc.† | 7,807 | 16,120 | |||||||||
4,400 | Knoll Inc. | 52,034 | 45,892 | |||||||||
2,000 | Pactiv Corp.† | 44,181 | 52,100 | |||||||||
300 | The Warnaco Group Inc.† | 8,475 | 13,158 | |||||||||
6,900 | The Wet Seal Inc., Cl. A† | 23,184 | 26,082 | |||||||||
1,000 | Tupperware Brands Corp. | 26,283 | 39,920 | |||||||||
211,179 | 255,400 | |||||||||||
Consumer Services — 0.3% | ||||||||||||
2,800 | TiVo Inc.† | 27,164 | 29,008 | |||||||||
Diversified Industrial — 3.8% | ||||||||||||
2,200 | Barnes Group Inc. | 51,784 | 37,598 | |||||||||
1,700 | Brush Engineered Materials Inc.† | 25,979 | 41,582 | |||||||||
1,860 | Columbus McKinnon Corp.† | 47,224 | 28,179 | |||||||||
4,788 | Griffon Corp.† | 41,704 | 48,215 | |||||||||
700 | Kaydon Corp. | 22,111 | 22,694 | |||||||||
4,800 | Littelfuse Inc.† | 121,550 | 125,952 | |||||||||
3,100 | Sealed Air Corp. | 59,827 | 60,853 | |||||||||
600 | Terex Corp.† | 11,966 | 12,438 | |||||||||
700 | Texas Industries Inc. | 23,737 | 29,393 | |||||||||
2,600 | Tredegar Corp. | 36,867 | 37,700 | |||||||||
442,749 | 444,604 | |||||||||||
Educational Services — 0.5% | ||||||||||||
1,200 | Corinthian Colleges Inc.† | 15,858 | 22,272 | |||||||||
7,700 | Princeton Review Inc.† | 45,424 | 32,340 | |||||||||
61,282 | 54,612 | |||||||||||
Electronics — 17.5% | ||||||||||||
800 | Analogic Corp. | 23,250 | 29,616 | |||||||||
3,600 | Avnet Inc.† | 77,517 | 93,492 | |||||||||
3,150 | BTU International Inc.† | 28,037 | 19,404 | |||||||||
2,100 | Coherent Inc.† | 53,544 | 48,972 | |||||||||
4,850 | CTS Corp. | 45,480 | 45,105 | |||||||||
3,800 | Electro Scientific Industries Inc.† | 56,804 | 50,882 | |||||||||
1,400 | FARO Technologies Inc.† | 34,061 | 24,052 | |||||||||
10,300 | International Rectifier Corp.† | 150,741 | 200,747 | |||||||||
8,300 | Keithley Instruments Inc. | 50,798 | 45,982 | |||||||||
23,100 | LeCroy Corp.† | 135,431 | 93,555 | |||||||||
28,200 | Merix Corp.† | 45,418 | 84,882 | |||||||||
1,800 | MKS Instruments Inc.† | 38,742 | 34,722 | |||||||||
7,800 | Molex Inc. | 143,256 | 162,864 | |||||||||
11,550 | Newport Corp.† | 107,655 | 101,178 | |||||||||
2,200 | OSI Systems Inc.† | 46,594 | 40,238 | |||||||||
4,100 | Park Electrochemical Corp. | 87,292 | 101,065 | |||||||||
6,600 | Pericom Semiconductor Corp.† | 58,279 | 64,746 | |||||||||
7,400 | Radisys Corp.† | 61,848 | 64,306 | |||||||||
5,000 | Trident Microsystems Inc.† | 8,650 | 12,950 | |||||||||
10,100 | TTM Technologies Inc.† | 96,025 | 115,847 | |||||||||
3,600 | Varian Semiconductor Equipment Associates Inc.† | 92,093 | 118,224 | |||||||||
27,900 | Vishay Intertechnology Inc.† | 194,801 | 220,410 | |||||||||
6,800 | Zebra Technologies Corp., Cl. A† | 177,124 | 176,324 | |||||||||
8,800 | Zoran Corp.† | 69,265 | 101,376 | |||||||||
1,882,705 | 2,050,939 | |||||||||||
See accompanying notes to financial statements.
22
GAMCO Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS (Continued) | ||||||||||||
Energy and Utilities — 6.8% | ||||||||||||
2,000 | BJ Services Co. | $ | 29,237 | $ | 38,860 | |||||||
10,100 | Brigham Exploration Co.† | 75,327 | 91,708 | |||||||||
1,000 | Flint Energy Services Ltd.† | 11,308 | 11,675 | |||||||||
2,600 | Goodrich Petroleum Corp.† | 72,565 | 67,106 | |||||||||
800 | Helix Energy Solutions Group Inc.† | 9,128 | 11,984 | |||||||||
1,000 | Matrix Service Co.† | 11,295 | 10,870 | |||||||||
5,000 | Petrohawk Energy Corp.† | 106,380 | 121,050 | |||||||||
4,400 | Pride International Inc.† | 79,634 | 133,936 | |||||||||
1,000 | Rosetta Resources Inc.† | 8,860 | 14,690 | |||||||||
4,400 | Rowan Companies Inc. | 80,133 | 101,508 | |||||||||
293 | Seahawk Drilling Inc.† | 5,077 | 9,109 | |||||||||
8,300 | Southwest Water Co. | 44,569 | 40,836 | |||||||||
3,900 | Superior Energy Services Inc.† | 66,083 | 87,828 | |||||||||
4,300 | Tesco Corp.† | 38,672 | 34,314 | |||||||||
500 | Unit Corp.† | 16,134 | 20,625 | |||||||||
654,402 | 796,099 | |||||||||||
Entertainment — 1.0% | ||||||||||||
2,000 | Discovery Communications Inc., Cl. A† | 24,335 | 57,780 | |||||||||
400 | International Speedway Corp., Cl. A | 10,316 | 11,028 | |||||||||
4,100 | Take-Two Interactive Software Inc.† | 37,126 | 45,961 | |||||||||
71,777 | 114,769 | |||||||||||
Equipment and Supplies — 5.2% | ||||||||||||
900 | Advanced Energy Industries Inc.† | 11,673 | 12,816 | |||||||||
2,150 | Cohu Inc. | 31,867 | 29,154 | |||||||||
14,000 | Gerber Scientific Inc.† | 89,535 | 83,720 | |||||||||
2,400 | GrafTech International Ltd.† | 28,504 | 35,280 | |||||||||
4,000 | IDEX Corp. | 112,163 | 111,800 | |||||||||
2,200 | John Bean Technologies Corp. | 21,994 | 39,974 | |||||||||
1,850 | Robbins & Myers Inc. | 36,264 | 43,438 | |||||||||
200 | Teleflex Inc. | 8,824 | 9,662 | |||||||||
2,300 | Tennant Co. | 66,269 | 66,838 | |||||||||
6,500 | The Manitowoc Co. Inc. | 43,760 | 61,555 | |||||||||
2,200 | The Toro Co. | 87,811 | 87,494 | |||||||||
1,750 | Vicor Corp.† | 17,181 | 13,510 | |||||||||
200 | Watsco Inc. | 7,210 | 10,782 | |||||||||
563,055 | 606,023 | |||||||||||
Financial Services — 12.3% | ||||||||||||
1,000 | Berkshire Hills Bancorp Inc. | 22,854 | 21,940 | |||||||||
1,600 | Brookline Bancorp Inc. | 15,947 | 15,552 | |||||||||
1,100 | Brown & Brown Inc. | 19,701 | 21,076 | |||||||||
3,700 | Cardinal Financial Corp. | 29,674 | 30,451 | |||||||||
2,300 | Climate Exchange plc† | 28,896 | 30,399 | |||||||||
2,500 | Columbia Banking System Inc. | 31,582 | 41,375 | |||||||||
1,750 | Danvers Bancorp Inc. | 20,319 | 23,782 | |||||||||
1,100 | Eastern Virginia Bankshares Inc. | 9,627 | 9,086 | |||||||||
1,900 | Epoch Holding Corp. | 17,511 | 16,625 | |||||||||
6,850 | FBR Capital Markets Corp.† | 35,763 | 40,621 | |||||||||
25,000 | First Niagara Financial Group Inc. | 300,000 | 308,250 | |||||||||
600 | Hancock Holding Co. | 24,234 | 22,542 | |||||||||
700 | IBERIABANK Corp. | 33,330 | 31,892 | |||||||||
2,500 | Investors Bancorp Inc.† | 22,438 | 26,525 | |||||||||
1,300 | KBW Inc.† | 30,256 | 41,886 | |||||||||
2,000 | Knight Capital Group Inc., Cl. A† | 32,743 | 43,500 | |||||||||
3,900 | Meadowbrook Insurance Group Inc. | 22,850 | 28,860 | |||||||||
5,100 | Nara Bancorp Inc. | 30,970 | 35,445 | |||||||||
6,000 | National Penn Bancshares Inc. | 31,500 | 36,660 | |||||||||
3,950 | NewAlliance Bancshares Inc. | 48,300 | 42,265 | |||||||||
2,000 | Old National Bancorp | 20,000 | 22,400 | |||||||||
4,100 | Sterling Bancorp | 44,849 | 29,602 | |||||||||
3,800 | Sterling Bancshares Inc. | 30,353 | 27,778 | |||||||||
2,900 | SVB Financial Group† | 78,942 | 125,483 | |||||||||
6,200 | Umpqua Holdings Corp. | 60,759 | 65,720 | |||||||||
5,000 | Valley National Bancorp | 64,134 | 61,450 | |||||||||
1,300 | Waddell & Reed Financial Inc., Cl. A | 30,690 | 36,985 | |||||||||
3,900 | Washington Trust Bancorp Inc. | 73,111 | 68,328 | |||||||||
4,300 | Webster Financial Corp. | 52,272 | 53,621 | |||||||||
3,750 | Westfield Financial Inc. | 35,041 | 31,763 | |||||||||
3,300 | Whitney Holding Corp. | 30,612 | 31,482 | |||||||||
400 | WSFS Financial Corp. | 11,024 | 10,656 | |||||||||
1,340,282 | 1,434,000 | |||||||||||
Food and Beverage — 0.6% | ||||||||||||
3,600 | Smart Balance Inc.† | 21,576 | 22,104 | |||||||||
2,800 | The Cheesecake Factory Inc.† | 44,199 | 51,856 | |||||||||
65,775 | 73,960 | |||||||||||
Health Care — 4.8% | ||||||||||||
2,350 | AMN Healthcare Services Inc.† | 28,301 | 22,348 | |||||||||
4,700 | AngioDynamics Inc.† | 61,900 | 64,766 | |||||||||
1,000 | Assisted Living Concepts Inc., Cl. A† | 28,102 | 20,720 | |||||||||
13,400 | Clarient Inc.† | 53,394 | 56,414 | |||||||||
3,600 | Continucare Corp.† | 8,964 | 10,872 | |||||||||
200 | Covance Inc.† | 7,760 | 10,830 | |||||||||
1,200 | Cynosure Inc., Cl. A† | 9,468 | 13,980 | |||||||||
3,900 | Home Diagnostics Inc.† | 30,526 | 26,364 | |||||||||
2,700 | Kindred Healthcare Inc.† | 49,813 | 43,821 | |||||||||
800 | Natus Medical Inc.† | 8,676 | 12,344 | |||||||||
300 | NBTY Inc.† | 8,697 | 11,874 | |||||||||
2,800 | Omnicare Inc. | 73,851 | 63,056 | |||||||||
1,700 | Perrigo Co. | 47,751 | 57,783 | |||||||||
1,500 | PharMerica Corp.† | 33,426 | 27,855 | |||||||||
500 | PSS World Medical Inc.† | 8,155 | 10,915 | |||||||||
2,175 | Rochester Medical Corp.† | 24,766 | 26,187 | |||||||||
2,000 | SonoSite Inc.† | 40,155 | 52,920 | |||||||||
2,400 | Sun Healthcare Group Inc.† | 39,554 | 20,736 | |||||||||
1,100 | Syneron Medical Ltd.† | 9,144 | 12,551 | |||||||||
572,403 | 566,336 | |||||||||||
Home Furnishings — 0.2% | ||||||||||||
1,300 | Ethan Allen Interiors Inc. | 16,130 | 21,450 | |||||||||
Machinery — 2.6% | ||||||||||||
2,000 | Bucyrus International Inc. | 48,204 | 71,240 | |||||||||
1,150 | Dynamic Materials Corp. | 33,061 | 22,954 | |||||||||
19,400 | Flow International Corp.† | 83,064 | 50,246 | |||||||||
1,800 | Gardner Denver Inc.† | 68,527 | 62,784 | |||||||||
4,000 | Lydall Inc.† | 35,570 | 21,040 | |||||||||
4,400 | Trinity Industries Inc. | 100,296 | 75,636 | |||||||||
368,722 | 303,900 | |||||||||||
Metals and Mining — 0.6% | ||||||||||||
2,700 | 5N Plus Inc.† | 12,937 | 15,837 | |||||||||
950 | Franco-Nevada Corp. | 21,629 | 24,925 | |||||||||
2,800 | Red Back Mining Inc.† | 20,753 | 31,461 | |||||||||
55,319 | 72,223 | |||||||||||
Publishing — 1.4% | ||||||||||||
10,800 | Belo Corp., Cl. A | 33,064 | 58,428 | |||||||||
3,900 | Journal Communications Inc., Cl. A | 18,539 | 14,352 | |||||||||
1,900 | Meredith Corp. | 52,935 | 56,886 | |||||||||
1,400 | Scholastic Corp. | 15,994 | 34,076 | |||||||||
120,532 | 163,742 | |||||||||||
See accompanying notes to financial statements.
23
GAMCO Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — September 30, 2009
Schedule of Investments (Continued) — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS (Continued) | ||||||||||||
Restaurants — 0.3% | ||||||||||||
5,700 | Denny’s Corp.† | $ | 13,949 | $ | 15,162 | |||||||
5,200 | Morton’s Restaurant Group Inc.† | 33,000 | 22,152 | |||||||||
46,949 | 37,314 | |||||||||||
Retail — 4.1% | ||||||||||||
3,900 | American Eagle Outfitters Inc. | 54,453 | 65,754 | |||||||||
3,700 | AnnTaylor Stores Corp.† | 60,125 | 58,793 | |||||||||
2,700 | HSN Inc.† | 25,553 | 43,956 | |||||||||
2,400 | J. Crew Group Inc.† | 73,926 | 85,968 | |||||||||
7,300 | Saks Inc.† | 24,476 | 49,786 | |||||||||
6,300 | Ticketmaster Entertainment Inc.† | 26,103 | 73,647 | |||||||||
1,600 | Tiffany & Co. | 44,151 | 61,648 | |||||||||
1,900 | Williams-Sonoma Inc. | 25,114 | 38,437 | |||||||||
333,901 | 477,989 | |||||||||||
Semiconductors — 12.9% | ||||||||||||
11,200 | Advanced Analogic Technologies Inc.† | 51,735 | 44,464 | |||||||||
5,100 | ATMI Inc.† | 74,595 | 92,565 | |||||||||
13,000 | Brooks Automation Inc.† | 88,776 | 100,490 | |||||||||
2,850 | California Micro Devices Corp.† | 8,835 | 9,177 | |||||||||
8,900 | Cascade Microtech Inc.† | 49,271 | 45,301 | |||||||||
36,000 | Entegris Inc.† | 97,560 | 178,200 | |||||||||
4,300 | FormFactor Inc.† | 67,732 | 102,856 | |||||||||
34,900 | FSI International Inc.† | 27,731 | 40,484 | |||||||||
18,500 | Integrated Device Technology Inc.† | 142,640 | 125,060 | |||||||||
9,000 | Kulicke & Soffa Industries Inc.† | 21,142 | 54,270 | |||||||||
6,600 | Microsemi Corp.† | 90,928 | 104,214 | |||||||||
5,900 | MoSys Inc.† | 23,810 | 14,750 | |||||||||
10,600 | ON Semiconductor Corp.† | 69,162 | 87,450 | |||||||||
6,950 | PLX Technology Inc.† | 45,126 | 23,422 | |||||||||
7,000 | RF Micro Devices Inc.† | 6,344 | 38,010 | |||||||||
2,300 | Rovi Corp.† | 37,574 | 77,280 | |||||||||
7,600 | Silicon Image Inc.† | 35,551 | 18,468 | |||||||||
950 | Silicon Laboratories Inc.† | 30,015 | 44,042 | |||||||||
2,300 | Silicon Motion Technology Corp., ADR† | 8,888 | 9,154 | |||||||||
22,200 | Ultra Clean Holdings Inc.† | 80,701 | 114,552 | |||||||||
1,550 | Ultratech Inc.† | 20,411 | 20,507 | |||||||||
5,000 | Veeco Instruments Inc.† | 44,970 | 116,600 | |||||||||
4,400 | Verigy Ltd.† | 78,755 | 51,128 | |||||||||
1,202,252 | 1,512,444 | |||||||||||
Specialty Chemicals — 3.6% | ||||||||||||
2,800 | American Vanguard Corp. | 30,782 | 23,268 | |||||||||
2,700 | Arch Chemicals Inc. | 78,367 | 80,973 | |||||||||
5,569 | Ferro Corp. | 77,811 | 49,564 | |||||||||
4,400 | H.B. Fuller Co. | 99,098 | 91,960 | |||||||||
2,700 | Olin Corp. | 60,345 | 47,088 | |||||||||
6,300 | Penford Corp. | 60,874 | 45,171 | |||||||||
2,200 | Valspar Corp. | 45,355 | 60,522 | |||||||||
1,650 | Zep Inc. | 23,848 | 26,813 | |||||||||
476,480 | 425,359 | |||||||||||
Telecommunications — 0.1% | ||||||||||||
1,600 | Harmonic Inc.† | 11,168 | 10,688 | |||||||||
Transportation — 0.4% | ||||||||||||
1,600 | Atlas Air Worldwide Holdings Inc.† | 35,722 | 51,152 | |||||||||
TOTAL COMMON STOCKS | 10,558,945 | 11,551,564 | ||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
U.S. GOVERNMENT OBLIGATIONS — 1.8% | ||||||||||||
$ | 210,000 | U.S. Treasury Bill, 0.145%††, 11/12/09 | 209,964 | 209,964 | ||||||||
TOTAL INVESTMENTS — 100.4% | $ | 10,768,909 | 11,761,528 | |||||||||
Other Assets and Liabilities (Net) — (0.4)% | (49,615 | ) | ||||||||||
NET ASSETS — 100.0% | $ | 11,711,913 | ||||||||||
† | Non-income producing security. | |
†† | Represents annualized yield at date of purchase. | |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
24
GAMCO Westwood Income Fund
Schedule of Investments — September 30, 2009
Schedule of Investments — September 30, 2009
Market | ||||||||||||
Shares | Cost | Value | ||||||||||
COMMON STOCKS — 79.8% | ||||||||||||
Agriculture — 0.6% | ||||||||||||
1,000 | Archer-Daniels-Midland Co. | $ | 28,410 | $ | 29,220 | |||||||
Banking — 4.8% | ||||||||||||
9,000 | U.S. Bancorp | 297,267 | 196,740 | |||||||||
4,357 | Valley National Bancorp | 81,828 | 53,548 | |||||||||
379,095 | 250,288 | |||||||||||
Computer Hardware — 3.5% | ||||||||||||
1,000 | Apple Inc.† | 91,126 | 185,370 | |||||||||
Computer Software and Services — 0.6% | ||||||||||||
2,000 | EMC Corp.† | 25,560 | 34,080 | |||||||||
Diversified Industrial — 3.3% | ||||||||||||
6,000 | General Electric Co. | 94,338 | 98,520 | |||||||||
2,000 | Honeywell International Inc. | 78,538 | 74,300 | |||||||||
172,876 | 172,820 | |||||||||||
Electronics — 3.0% | ||||||||||||
8,000 | Intel Corp. | 188,828 | 156,560 | |||||||||
Energy and Utilities: Integrated — 1.0% | ||||||||||||
2,000 | Allegheny Energy Inc. | 50,482 | 53,040 | |||||||||
Energy and Utilities: Natural Gas — 3.1% | ||||||||||||
8,500 | Spectra Energy Corp. | 221,225 | 160,990 | |||||||||
Energy and Utilities: Oil — 6.9% | ||||||||||||
1,000 | BP plc, ADR | 75,428 | 53,230 | |||||||||
1,500 | Chevron Corp. | 127,333 | 105,645 | |||||||||
3,000 | ConocoPhillips | 240,082 | 135,480 | |||||||||
1,000 | Devon Energy Corp. | 47,079 | 67,330 | |||||||||
489,922 | 361,685 | |||||||||||
Energy and Utilities: Services — 5.7% | ||||||||||||
5,000 | Halliburton Co. | 180,373 | 135,600 | |||||||||
3,000 | National Oilwell Varco Inc.† | 158,890 | 129,390 | |||||||||
1,000 | Noble Corp. | 48,914 | 37,960 | |||||||||
388,177 | 302,950 | |||||||||||
Energy and Utilities: Water — 2.5% | ||||||||||||
6,500 | American Water Works Co. Inc. | 113,655 | 129,610 | |||||||||
Financial Services — 11.7% | ||||||||||||
507 | Alleghany Corp.† | 139,672 | 131,080 | |||||||||
10,000 | Discover Financial Services | 110,731 | 162,300 | |||||||||
1,500 | State Street Corp. | 71,844 | 78,900 | |||||||||
2,500 | The Bank of New York Mellon Corp. | 86,260 | 72,475 | |||||||||
6,000 | Wells Fargo & Co. | 193,140 | 169,080 | |||||||||
601,647 | 613,835 | |||||||||||
Food and Beverage — 13.9% | ||||||||||||
7,000 | ConAgra Foods Inc. | 174,145 | 151,760 | |||||||||
3,761 | General Mills Inc. | 221,761 | 242,133 | |||||||||
7,000 | Kraft Foods Inc., Cl. A | 231,325 | 183,890 | |||||||||
2,000 | PepsiCo Inc. | 107,960 | 117,320 | |||||||||
1,000 | The Hershey Co. | 36,022 | 38,860 | |||||||||
771,213 | 733,963 | |||||||||||
Health Care — 7.2% | ||||||||||||
2,000 | Bristol-Myers Squibb Co. | 46,340 | 45,040 | |||||||||
1,500 | Johnson & Johnson | 85,403 | 91,335 | |||||||||
3,000 | Pfizer Inc. | 76,960 | 49,650 | |||||||||
4,000 | Wyeth | 201,908 | 194,320 | |||||||||
410,611 | 380,345 | |||||||||||
Retail — 1.5% | ||||||||||||
3,000 | The Home Depot Inc. | 118,871 | 79,920 | |||||||||
Specialty Chemicals — 3.0% | ||||||||||||
5,000 | E. I. du Pont de Nemours and Co. | 250,408 | 160,700 | |||||||||
Telecommunications — 7.5% | ||||||||||||
8,000 | AT&T Inc. | 270,305 | 216,080 | |||||||||
6,000 | Verizon Communications Inc. | 250,348 | 181,620 | |||||||||
520,653 | 397,700 | |||||||||||
TOTAL COMMON STOCKS | 4,822,759 | 4,203,076 | ||||||||||
PREFERRED STOCKS — 11.0% | ||||||||||||
Broadcasting — 2.5% | ||||||||||||
6,000 | CBS Corp., 7.250% Pfd. | 151,216 | 133,920 | |||||||||
Financial Services — 8.5% | ||||||||||||
12,000 | Bank One Capital Trust VI, 7.200% Pfd. | 305,738 | 297,120 | |||||||||
5,900 | Wells Fargo Capital Trust IV, 7.000% Pfd. | 150,504 | 149,329 | |||||||||
456,242 | 446,449 | |||||||||||
TOTAL PREFERRED STOCKS | 607,458 | 580,369 | ||||||||||
Principal | ||||||||||||
Amount | ||||||||||||
CORPORATE BONDS — 4.7% | ||||||||||||
Financial Services — 4.7% | ||||||||||||
$ | 250,000 | American Express Credit Corp., MTN, 0.401%, 06/16/11 (a) | 250,000 | 244,298 | ||||||||
U.S. GOVERNMENT OBLIGATIONS — 5.1% | ||||||||||||
270,000 | U.S. Treasury Bill, 0.172%††, 11/12/09 | 269,946 | 269,946 | |||||||||
TOTAL INVESTMENTS — 100.6% | $ | 5,950,163 | 5,297,689 | |||||||||
Other Assets and Liabilities (Net) — (0.6)% | (31,671 | ) | ||||||||||
NET ASSETS — 100.0% | $ | 5,266,018 | ||||||||||
(a) | Floating rate security. The rate disclosed is that in effect at September 30, 2009. | |
† | Non-income producing security. | |
†† | Represents annualized yield at date of purchase. | |
ADR | American Depositary Receipt MTN Medium Term Note |
See accompanying notes to financial statements.
25
GAMCO Westwood Funds
Statements of Assets and Liabilities
September 30, 2009
Statements of Assets and Liabilities
September 30, 2009
Mighty | Equity | Balanced | Intermediate | SmallCap | Income | |||||||||||||||||||
MitesSM Fund | Fund | Fund | Bond Fund | Equity Fund | Fund | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Investments, at value (cost $183,102,794, $129,387,583, $126,589,619, $14,772,434, $10,768,909, and $5,950,163, respectively) | $ | 213,511,320 | $ | 140,623,193 | $ | 137,089,204 | $ | 15,410,693 | $ | 11,761,528 | $ | 5,297,689 | ||||||||||||
Cash | 4,162 | — | 28 | — | 2,787 | — | ||||||||||||||||||
Receivable for Fund shares sold | 1,702,363 | 131,799 | 293,179 | 402 | 18,138 | 236 | ||||||||||||||||||
Receivable for investments sold | 438,900 | 4,990,666 | 3,024,684 | — | — | — | ||||||||||||||||||
Dividends and interest receivable | 84,817 | 215,128 | 655,458 | 145,000 | 5,751 | 4,789 | ||||||||||||||||||
Prepaid expenses | 31,397 | 26,589 | 27,151 | 21,194 | 19,740 | 27,435 | ||||||||||||||||||
Total Assets | 215,772,959 | 145,987,375 | 141,089,704 | 15,577,289 | 11,807,944 | 5,330,149 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Payable to custodian | — | — | — | — | — | 23,408 | ||||||||||||||||||
Payable for investments purchased | 2,633,438 | 5,325,330 | 4,920,971 | — | 45,877 | — | ||||||||||||||||||
Payable for Fund shares redeemed | 190,982 | 185,808 | 223,089 | 27,313 | 5,949 | 2,644 | ||||||||||||||||||
Distributions payable | — | — | — | 6,270 | — | — | ||||||||||||||||||
Payable for investment advisory fees | 163,737 | 115,845 | 83,649 | 3,599 | 545 | 4,472 | ||||||||||||||||||
Payable for distribution fees | 49,816 | 30,715 | 31,933 | 3,583 | 2,935 | 1,238 | ||||||||||||||||||
Payable for accounting fees | 7,500 | 7,500 | 7,500 | — | — | — | ||||||||||||||||||
Payable for custodian fees | 13,785 | 125 | 168 | 138 | 6,801 | 84 | ||||||||||||||||||
Payable for legal and audit fees | 37,790 | 35,060 | 34,893 | 24,094 | 24,928 | 23,379 | ||||||||||||||||||
Payable for shareholder communications expenses | 35,653 | 33,427 | 25,139 | 1,755 | 2,453 | 2,586 | ||||||||||||||||||
Payable for shareholder services fees | 52,143 | 41,084 | 25,631 | 4,190 | 3,689 | 3,467 | ||||||||||||||||||
Other accrued expenses | 10,417 | 3,282 | 3,281 | 252 | 2,854 | 2,853 | ||||||||||||||||||
Total Liabilities | 3,195,261 | 5,778,176 | 5,356,254 | 71,194 | 96,031 | 64,131 | ||||||||||||||||||
Net Assets | $ | 212,577,698 | $ | 140,209,199 | $ | 135,733,450 | $ | 15,506,095 | $ | 11,711,913 | $ | 5,266,018 | ||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Paid-in capital | $ | 183,019,049 | $ | 171,111,009 | $ | 147,779,134 | $ | 14,751,589 | $ | 19,185,153 | $ | 8,523,335 | ||||||||||||
Accumulated net investment income/(loss) | 741 | 972,793 | 23,573 | 4,361 | (6 | ) | (6,871 | ) | ||||||||||||||||
Accumulated net realized gain/(loss) on investments and foreign currency transactions | (850,685 | ) | (43,110,213 | ) | (22,568,842 | ) | 111,886 | (8,465,853 | ) | (2,597,972 | ) | |||||||||||||
Net unrealized appreciation/depreciation on investments | 30,408,526 | 11,235,610 | 10,499,585 | 638,259 | 992,619 | (652,474 | ) | |||||||||||||||||
Net unrealized appreciation on foreign currency translations | 67 | — | — | — | — | — | ||||||||||||||||||
Net Assets | $ | 212,577,698 | $ | 140,209,199 | $ | 135,733,450 | $ | 15,506,095 | $ | 11,711,913 | $ | 5,266,018 | ||||||||||||
Shares of Beneficial Interest: | ||||||||||||||||||||||||
Class AAA: | ||||||||||||||||||||||||
Net assets | $ | 170,181,290 | $ | 132,313,956 | $ | 123,323,461 | $ | 13,949,523 | $ | 8,856,247 | $ | 4,869,418 | ||||||||||||
Shares of beneficial interest outstanding, at $0.001 par value; unlimited number of shares authorized | 12,617,557 | 17,145,407 | 12,786,201 | 1,211,419 | 763,558 | 699,184 | ||||||||||||||||||
Net Asset Value, offering, and redemption price per share | $ | 13.49 | $ | 7.72 | $ | 9.65 | $ | 11.52 | $ | 11.60 | $ | 6.96 | ||||||||||||
Class A: | ||||||||||||||||||||||||
Net assets | $ | 16,187,119 | $ | 6,131,441 | $ | 5,995,155 | $ | 522,848 | $ | 2,199,815 | $ | 76,884 | ||||||||||||
Shares of beneficial interest outstanding, at $0.001 par value; unlimited number of shares authorized | 1,215,615 | 797,671 | 618,997 | 45,438 | 191,779 | 10,673 | ||||||||||||||||||
Net Asset Value and redemption price per share | $ | 13.32 | $ | 7.69 | $ | 9.69 | $ | 11.51 | $ | 11.47 | $ | 7.20 | ||||||||||||
Maximum offering price per share (NAV÷.96, based on maximum sales charge of 4.00% of the offering price) | $ | 13.88 | $ | 8.01 | $ | 10.09 | $ | 11.99 | $ | 11.95 | $ | 7.50 | ||||||||||||
Class B: | ||||||||||||||||||||||||
Net assets | $ | 115,432 | $ | 6,032 | $ | 104,844 | $ | 129,824 | $ | 4,964 | $ | 76.4 | ||||||||||||
Shares of beneficial interest outstanding, at $0.001 par value; unlimited number of shares authorized | 9,167 | 800 | 10,735 | 11,279 | 451 | 10.4 | ||||||||||||||||||
Net Asset Value and offering price per share (a) | $ | 12.59 | $ | 7.54 | $ | 9.77 | $ | 11.51 | $ | 11.01 | $ | 7.35 | ||||||||||||
Class C: | ||||||||||||||||||||||||
Net assets | $ | 13,566,232 | $ | 1,066,919 | $ | 4,859,185 | $ | 581,832 | $ | 345,189 | $ | 261,180 | ||||||||||||
Shares of beneficial interest outstanding, at $0.001 par value; unlimited number of shares authorized | 1,084,707 | 142,420 | 497,101 | 53,111 | 31,638 | 33,904 | ||||||||||||||||||
Net Asset Value and offering price per share (a) | $ | 12.51 | $ | 7.49 | $ | 9.78 | $ | 10.96 | $ | 10.91 | $ | 7.70 | ||||||||||||
Class I: | ||||||||||||||||||||||||
Net assets | $ | 12,527,625 | $ | 690,851 | $ | 1,450,805 | $ | 322,068 | $ | 305,698 | $ | 58,460 | ||||||||||||
Shares of beneficial interest outstanding, at $0.001 par value; unlimited number of shares authorized | 924,340 | 89,322 | 150,507 | 27,956 | 26,249 | 8,391 | ||||||||||||||||||
Net Asset Value, offering, and redemption price per share | $ | 13.55 | $ | 7.73 | $ | 9.64 | $ | 11.52 | $ | 11.65 | $ | 6.97 | ||||||||||||
(a) Redemption price varies based on the length of time held.
See accompanying notes to financial statements.
26
GAMCO Westwood Funds
Statements of Operations
For the Year Ended September 30, 2009
Statements of Operations
For the Year Ended September 30, 2009
Mighty | Equity | Balanced | Intermediate | SmallCap | Income | |||||||||||||||||||
MitesSM Fund | Fund | Fund | Bond Fund | Equity Fund | Fund | |||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Dividends (net of foreign taxes of $12,235, $0, $444, $0, $44, and $0, respectively) | $ | 956,358 | $ | 3,714,059 | $ | 2,320,865 | $ | 17,352 | $ | 61,545 | $ | 204,923 | ||||||||||||
Interest | 130,463 | — | 1,808,332 | 479,003 | 259 | 10,311 | ||||||||||||||||||
Total Investment Income | 1,086,821 | 3,714,059 | 4,129,197 | 496,355 | 61,804 | 215,234 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Investment advisory fees | 1,124,825 | 1,336,672 | 995,535 | 84,926 | 75,965 | 53,105 | ||||||||||||||||||
Distribution fees — Class AAA | 227,961 | 319,096 | 305,911 | 31,707 | 15,448 | 12,344 | ||||||||||||||||||
Distribution fees — Class A | 39,217 | 22,948 | 27,186 | 1,685 | 5,385 | 314 | ||||||||||||||||||
Distribution fees — Class B | 1,206 | 56 | 908 | 1,114 | 37 | 1 | ||||||||||||||||||
Distribution fees — Class C | 68,348 | 8,039 | 35,448 | 5,335 | 1,622 | 2,453 | ||||||||||||||||||
Accounting fees | 45,000 | 45,000 | 45,000 | — | — | — | ||||||||||||||||||
Custodian fees | 67,010 | 25,928 | 27,408 | 6,968 | 26,244 | 5,740 | ||||||||||||||||||
Interest expense | 669 | 106 | — | — | 146 | 1,169 | ||||||||||||||||||
Legal and audit fees | 62,846 | 57,198 | 57,539 | 31,690 | 30,171 | 29,233 | ||||||||||||||||||
Registration expenses | 47,055 | 48,348 | 41,111 | 33,039 | 30,621 | 33,928 | ||||||||||||||||||
Shareholder communications expenses | 76,071 | 73,526 | 57,025 | 5,986 | 7,127 | 4,089 | ||||||||||||||||||
Shareholder services fees | 150,897 | 172,412 | 107,203 | 14,777 | 13,874 | 12,394 | ||||||||||||||||||
Trustees’ fees | 5,665 | 9,014 | 8,607 | 857 | 484 | 373 | ||||||||||||||||||
Miscellaneous expenses | 9,998 | 21,542 | 20,856 | 10,482 | 9,252 | 9,076 | ||||||||||||||||||
Total Expenses | 1,926,768 | 2,139,885 | 1,729,737 | 228,566 | 216,376 | 164,219 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Expense reimbursements (see Note 3) | — | — | — | (76,402 | ) | (98,769 | ) | (75,817 | ) | |||||||||||||||
Advisory fee reduction on unsupervised assets | (10,584 | ) | — | — | — | — | — | |||||||||||||||||
Custodian fee credits | (63 | ) | (25,291 | ) | (26,385 | ) | (6,166 | ) | (14 | ) | (6,909 | ) | ||||||||||||
Total Reimbursements, Reductions, and Credits | (10,647 | ) | (25,291 | ) | (26,385 | ) | (82,568 | ) | (98,783 | ) | (82,726 | ) | ||||||||||||
Net Expenses | 1,916,121 | 2,114,594 | 1,703,352 | 145,998 | 117,593 | 81,493 | ||||||||||||||||||
Net Investment Income/(Loss) | (829,300 | ) | 1,599,465 | 2,425,845 | 350,357 | (55,789 | ) | 133,741 | ||||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: | ||||||||||||||||||||||||
Net realized gain/(loss) on investments | (583,118 | ) | (41,056,788 | ) | (21,628,326 | ) | 114,658 | (1,381,938 | ) | (1,616,053 | ) | |||||||||||||
Net realized loss on foreign currency transactions | (207 | ) | — | — | — | (5 | ) | — | ||||||||||||||||
Net realized gain/(loss) on investments and foreign currency transactions | (583,325 | ) | (41,056,788 | ) | (21,628,326 | ) | 114,658 | (1,381,943 | ) | (1,616,053 | ) | |||||||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||||||||||||||
investments | 32,115,590 | 11,795,997 | 10,332,535 | 719,082 | 1,432,916 | 541,202 | ||||||||||||||||||
foreign currency translations | (328 | ) | — | — | (27 | ) | — | — | ||||||||||||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 32,115,262 | 11,795,997 | 10,332,535 | 719,055 | 1,432,916 | 541,202 | ||||||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency | 31,531,937 | (29,260,791 | ) | (11,295,791 | ) | 833,713 | 50,973 | (1,074,851 | ) | |||||||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ | 30,702,637 | $ | (27,661,326 | ) | $ | (8,869,946 | ) | $ | 1,184,070 | $ | (4,816 | ) | $ | (941,110 | ) | ||||||||
See accompanying notes to financial statements.
27
GAMCO Westwood Funds
Statements of Changes in Net Assets
Statements of Changes in Net Assets
Mighty MitesSMFund | Equity Fund | |||||||||||||||
For the Year Ended September 30, | For the Year Ended September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income/(loss) | $ | (829,300 | ) | $ | (48,604 | ) | $ | 1,599,465 | $ | 1,373,858 | ||||||
Net realized gain/(loss) on investments and foreign currency transactions | (583,325 | ) | 1,925,120 | (41,056,788 | ) | (1,553,069 | ) | |||||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 32,115,262 | (10,388,513 | ) | 11,795,997 | (32,856,852 | ) | ||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | 30,702,637 | (8,511,997 | ) | (27,661,326 | ) | (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 | (1,293,374 | ) | (4,398,562 | ) | — | (23,536,496 | ) | |||||||||
Class A | (152,184 | ) | (427,184 | ) | — | (594,524 | ) | |||||||||
Class B | (3,722 | ) | (37,625 | ) | — | (2,963 | ) | |||||||||
Class C | (115,030 | ) | (219,499 | ) | — | (43,046 | ) | |||||||||
Class I | (48,549 | ) | — | — | — | |||||||||||
(1,612,859 | ) | (5,082,870 | ) | — | (24,177,029 | ) | ||||||||||
Return of capital | ||||||||||||||||
Class AAA | (84,422 | ) | — | — | — | |||||||||||
Class A | (9,933 | ) | — | — | — | |||||||||||
Class B | (243 | ) | — | — | — | |||||||||||
Class C | (7,508 | ) | — | — | — | |||||||||||
Class I | (3,169 | ) | — | — | — | |||||||||||
(105,275 | ) | — | — | — | ||||||||||||
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 | 88,795,321 | 31,088,927 | 42,434,854 | 56,113,757 | ||||||||||||
Class A | 12,427,143 | 7,562,274 | 3,882,541 | 7,236,476 | ||||||||||||
Class B | — | 15 | — | — | ||||||||||||
Class C | 10,392,401 | 3,724,307 | 465,564 | 717,153 | ||||||||||||
Class I | 11,532,568 | 963,567 | 162,767 | 984,430 | ||||||||||||
123,147,433 | 43,339,090 | 46,945,726 | 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 | (40,415,394 | ) | (15,832,340 | ) | (50,965,061 | ) | (45,590,193 | ) | ||||||||
Class A | (3,947,787 | ) | (2,956,021 | ) | (2,341,995 | ) | (4,355,199 | ) | ||||||||
Class B | (49,442 | ) | (197,245 | ) | (4,814 | ) | (5,786 | ) | ||||||||
Class C | (2,878,564 | ) | (595,613 | ) | (65,151 | ) | (172,081 | ) | ||||||||
Class I | (2,878,916 | ) | (43,498 | ) | (152,961 | ) | (77,851 | ) | ||||||||
(50,170,103 | ) | (19,624,717 | ) | (53,529,982 | ) | (50,201,110 | ) | |||||||||
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions | 115,916,353 | 28,503,725 | (5,018,540 | ) | 38,803,813 | |||||||||||
Redemption Fees | 1,613 | 1,648 | — | — | ||||||||||||
Net Increase/(Decrease) in Net Assets | 144,902,469 | 14,714,344 | (34,361,319 | ) | (19,212,298 | ) | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 67,675,229 | 52,960,885 | 174,570,518 | 193,782,816 | ||||||||||||
End of period | $ | 212,577,698 | $ | 67,675,229 | $ | 140,209,199 | $ | 174,570,518 | ||||||||
Undistributed net investment income | $ | 741 | — | $ | 972,793 | $ | 1,094,396 | |||||||||
See accompanying notes to financial statements.
28
GAMCO Westwood Funds
Statements of Changes in Net Assets (Continued)
Statements of Changes in Net Assets (Continued)
Balanced Fund | Intermediate Bond Fund | |||||||||||||||
For the Year Ended September 30, | For the Year Ended September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,425,845 | $ | 2,784,981 | $ | 350,357 | $ | 365,893 | ||||||||
Net realized gain/(loss) on investments | (21,628,326 | ) | 150,087 | 114,658 | 42,191 | |||||||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | 10,332,535 | (16,151,151 | ) | 719,055 | (75,649 | ) | ||||||||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (8,869,946 | ) | (13,216,083 | ) | 1,184,070 | 332,435 | ||||||||||
Distributions to Shareholders: | ||||||||||||||||
Net investment income | ||||||||||||||||
Class AAA | (2,263,081 | ) | (2,719,978 | ) | (318,721 | ) | (329,078 | ) | ||||||||
Class A | (87,731 | ) | (91,923 | ) | (11,565 | ) | (2,394 | ) | ||||||||
Class B | (998 | ) | (1,568 | ) | (1,976 | ) | (1,579 | ) | ||||||||
Class C | (40,735 | ) | (13,621 | ) | (9,425 | ) | (28,066 | ) | ||||||||
Class I | (27,686 | ) | (16,935 | ) | (9,566 | ) | (4,776 | ) | ||||||||
(2,420,231 | ) | (2,844,025 | ) | (351,253 | ) | (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 | (3,141,577 | ) | (14,445,630 | ) | (351,253 | ) | (365,893 | ) | ||||||||
Shares of Beneficial Interest Transactions: | ||||||||||||||||
Proceeds from shares issued | ||||||||||||||||
Class AAA | 35,730,717 | 35,309,365 | 5,535,519 | 3,653,273 | ||||||||||||
Class A | 1,844,474 | 1,374,427 | 727,724 | 156,785 | ||||||||||||
Class B | 29,853 | — | 104,859 | — | ||||||||||||
Class C | 4,458,581 | 782,745 | 686,880 | 3,323,184 | ||||||||||||
Class I | 166,080 | 1,660,440 | 183,455 | 396,494 | ||||||||||||
42,229,705 | 39,126,977 | 7,238,437 | 7,529,736 | |||||||||||||
Proceeds from reinvestment of distributions | ||||||||||||||||
Class AAA | 2,730,085 | 13,358,522 | 228,051 | 236,256 | ||||||||||||
Class A | 103,837 | 441,381 | 9,148 | 1,560 | ||||||||||||
Class B | 887 | 10,778 | 739 | 230 | ||||||||||||
Class C | 38,787 | 69,575 | 7,845 | 21,145 | ||||||||||||
Class I | 34,744 | 16,935 | 9,566 | 4,776 | ||||||||||||
2,908,340 | 13,897,191 | 255,349 | 263,967 | |||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class AAA | (41,553,262 | ) | (36,401,407 | ) | (3,061,654 | ) | (2,809,664 | ) | ||||||||
Class A | (1,201,273 | ) | (696,633 | ) | (339,799 | ) | (125,247 | ) | ||||||||
Class B | (39,781 | ) | (48,649 | ) | (30,651 | ) | (46,518 | ) | ||||||||
Class C | (1,291,065 | ) | (256,624 | ) | (621,790 | ) | (2,850,287 | ) | ||||||||
Class I | (125,179 | ) | (42,169 | ) | (254,421 | ) | (30,597 | ) | ||||||||
(44,210,560 | ) | (37,445,482 | ) | (4,308,315 | ) | (5,862,313 | ) | |||||||||
Net Increase in Net Assets from Shares of Beneficial Interest Transactions | 927,485 | 15,578,686 | 3,185,471 | 1,931,390 | ||||||||||||
Net Increase/(Decrease) in Net Assets | (11,084,038 | ) | (12,083,027 | ) | 4,018,288 | 1,897,932 | ||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 146,817,488 | 158,900,515 | 11,487,807 | 9,589,875 | ||||||||||||
End of period | $ | 135,733,450 | $ | 146,817,488 | $ | 15,506,095 | $ | 11,487,807 | ||||||||
Undistributed net investment income | $ | 23,573 | $ | 14,702 | $ | 4,361 | — | |||||||||
See accompanying notes to financial statements.
29
GAMCO Westwood Funds
Statements of Changes in Net Assets (Continued)
Statements of Changes in Net Assets (Continued)
SmallCap Equity Fund | Income Fund | |||||||||||||||
For the Year Ended September 30, | For the Year Ended September 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income/(loss) | $ | (55,789 | ) | $ | (24,309 | ) | $ | 133,741 | $ | 313,764 | ||||||
Net realized loss on investments | (1,381,943 | ) | (267,244 | ) | (1,616,053 | ) | (1,026,115 | ) | ||||||||
Net change in unrealized appreciation/depreciation on investments | 1,432,916 | (1,837,044 | ) | 541,202 | (1,440,749 | ) | ||||||||||
Net Decrease in Net Assets Resulting from Operations | (4,816 | ) | (2,128,597 | ) | (941,110 | ) | (2,153,100 | ) | ||||||||
Distributions to Shareholders: | ||||||||||||||||
Net investment income | ||||||||||||||||
Class AAA | — | — | (141,171 | ) | (385,568 | ) | ||||||||||
Class A | — | — | (1,948 | ) | (2,392 | ) | ||||||||||
Class B | — | — | (2 | ) | (2 | ) | ||||||||||
Class C | — | — | (5,077 | ) | (10,506 | ) | ||||||||||
Class I | — | — | (1,776 | ) | (3,014 | ) | ||||||||||
— | — | (149,974 | ) | (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 | — | — | (16,388 | ) | (27,456 | ) | ||||||||||
Class A | — | — | (226 | ) | (170 | ) | ||||||||||
Class B | — | — | (0 | )* | (1 | ) | ||||||||||
Class C | — | — | (590 | ) | (748 | ) | ||||||||||
Class I | — | — | (206 | ) | (214 | ) | ||||||||||
— | — | (17,410 | ) | (28,589 | ) | |||||||||||
Total Distributions to Shareholders | — | — | (167,384 | ) | (711,475 | ) | ||||||||||
Shares of Beneficial Interest Transactions: | ||||||||||||||||
Proceeds from shares issued | ||||||||||||||||
Class AAA | 2,709,256 | 5,087,091 | 456,273 | 2,284,562 | ||||||||||||
Class A | 1,701,476 | 619,158 | 63,868 | 41,454 | ||||||||||||
Class B | — | — | — | 1 | ||||||||||||
Class C | 244,375 | 22,221 | 63,682 | 120,035 | ||||||||||||
Class I | 182,232 | 219,169 | 5,781 | 138,846 | ||||||||||||
4,837,339 | 5,947,639 | 589,604 | 2,584,898 | |||||||||||||
Proceeds from reinvestment of distributions | ||||||||||||||||
Class AAA | — | — | 145,555 | 650,580 | ||||||||||||
Class A | — | — | 1,627 | 4,565 | ||||||||||||
Class C | — | — | 5,366 | 16,924 | ||||||||||||
Class I | — | — | 1,982 | 3,229 | ||||||||||||
— | — | 154,530 | 675,298 | |||||||||||||
Cost of shares redeemed | ||||||||||||||||
Class AAA | (2,069,312 | ) | (3,379,770 | ) | (1,963,238 | ) | (10,789,585 | ) | ||||||||
Class A | (451,556 | ) | (522,719 | ) | (49,724 | ) | (56,240 | ) | ||||||||
Class B | — | (605 | ) | — | (2,007 | ) | ||||||||||
Class C | (92,865 | ) | (69,343 | ) | (82,933 | ) | (119,039 | ) | ||||||||
Class I | (66,658 | ) | (42,115 | ) | (46,981 | ) | (5,959 | ) | ||||||||
(2,680,391 | ) | (4,014,552 | ) | (2,142,876 | ) | (10,972,830 | ) | |||||||||
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions | 2,156,948 | 1,933,087 | (1,398,742 | ) | (7,712,634 | ) | ||||||||||
Net Increase/(Decrease) in Net Assets | 2,152,132 | (195,510 | ) | (2,507,236 | ) | (10,577,209 | ) | |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 9,559,781 | 9,755,291 | 7,773,254 | 18,350,463 | ||||||||||||
End of period | $ | 11,711,913 | $ | 9,559,781 | $ | 5,266,018 | $ | 7,773,254 | ||||||||
Undistributed net investment income | — | — | — | — | ||||||||||||
* | Amount represents less than $1.00. |
See accompanying notes to financial statements.
30
GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Operating Performance | Distributions to Shareholders | Ratios to Average Net Assets/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | Before | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Waivers/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | Net of | Reimburse- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Realized and | Total | Net | Asset | Assets, | Net | Waivers/ | ments/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Investment | Unrealized | From | Net | Realized | Return | Value, | End of | Investment | Reimburse- | Reductions/ | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | Beginning | Income | Gain (Loss) on | Investment | Investment | Gain on | of | Total | Redemption | End of | Total | Period | Income | ments/ | Custodian | Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30 | of Period | (Loss)(a)(b) | Investments | Operations | Income | Investments | Capital | Distributions | Fees(a) | Period | Return† | (in 000’s) | (Loss)(b) | Reductions | Fee Credits(c) | Rate†† | ||||||||||||||||||||||||||||||||||||||||||||||||
Mighty Mites SM Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 13.41 | $ | (0.08 | ) | $ | 0.47 | $ | 0.39 | — | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | 0.00 | (d) | $ | 13.49 | 3.5 | % | $ | 170,181 | (0.69 | )% | 1.65 | % | 1.66 | %(e)(f) | 32 | % | ||||||||||||||||||||||||||||
2008 | 17.05 | (0.00 | )(d) | (2.11 | ) | (2.11 | ) | $ | (0.06 | ) | (1.47 | ) | — | (1.53 | ) | 0.00 | (d) | 13.41 | (13.2 | ) | 55,808 | (0.01 | ) | 1.71 | 1.71 | (e) | 18 | |||||||||||||||||||||||||||||||||||||
2007 | 16.01 | 0.08 | 3.42 | 3.50 | — | (2.46 | ) | — | (2.46 | ) | 0.00 | (d) | 17.05 | 23.9 | 48,252 | 0.48 | 1.64 | 1.64 | (e) | 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 | (e) | 4 | |||||||||||||||||||||||||||||||||||||||||||
2005 | 15.07 | (0.02 | ) | 2.97 | 2.95 | — | (1.29 | ) | — | (1.29 | ) | 0.00 | (d) | 16.73 | 20.4 | 46,497 | (0.13 | ) | 1.50 | 1.74 | 9 | |||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 13.26 | $ | (0.10 | ) | $ | 0.47 | $ | 0.37 | — | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | 0.00 | (d) | $ | 13.32 | 3.4 | % | $ | 16,187 | (0.90 | )% | 1.90 | % | 1.91 | %(e)(f) | 32 | % | ||||||||||||||||||||||||||||
2008 | 16.94 | (0.04 | ) | (2.10 | ) | (2.14 | ) | $ | (0.07 | ) | (1.47 | ) | — | (1.54 | ) | 0.00 | (d) | 13.26 | (13.5 | ) | 6,134 | (0.27 | ) | 1.96 | 1.96 | (e) | 18 | |||||||||||||||||||||||||||||||||||||
2007 | 15.94 | 0.36 | 3.10 | 3.46 | — | (2.46 | ) | — | (2.46 | ) | 0.00 | (d) | 16.94 | 23.8 | 2,246 | 2.13 | 1.89 | 1.89 | (e) | 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 | (e) | 4 | |||||||||||||||||||||||||||||||||||||||||||
2005 | 15.08 | (0.06 | ) | 2.97 | 2.91 | — | (1.29 | ) | — | (1.29 | ) | 0.00 | (d) | 16.70 | 20.1 | 41 | (0.41 | ) | 1.75 | 2.00 | 9 | |||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 12.63 | $ | (0.14 | ) | $ | 0.41 | $ | 0.27 | — | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | 0.00 | (d) | $ | 12.59 | 2.8 | % | $ | 116 | (1.34 | )% | 2.40 | % | 2.41 | %(e)(f) | 32 | % | ||||||||||||||||||||||||||||
2008 | 16.21 | (0.10 | ) | (2.01 | ) | (2.11 | ) | — | (1.47 | ) | — | (1.47 | ) | 0.00 | (d) | 12.63 | (13.9 | ) | 169 | (0.73 | ) | 2.46 | 2.46 | (e) | 18 | |||||||||||||||||||||||||||||||||||||||
2007 | 15.43 | (0.06 | ) | 3.30 | 3.24 | — | (2.46 | ) | — | (2.46 | ) | 0.00 | (d) | 16.21 | 23.0 | 422 | (0.40 | ) | 2.39 | 2.39 | (e) | 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 | (e) | 4 | |||||||||||||||||||||||||||||||||||||||||||
2005 | 14.82 | (0.14 | ) | 2.92 | 2.78 | — | (1.29 | ) | — | (1.29 | ) | 0.00 | (d) | 16.31 | 19.6 | 433 | (0.89 | ) | 2.25 | 2.49 | 9 | |||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 12.55 | $ | (0.15 | ) | $ | 0.42 | $ | 0.27 | — | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | 0.00 | (d) | $ | 12.51 | 2.8 | % | $ | 13,566 | (1.42 | )% | 2.40 | % | 2.41 | %(e)(f) | 32 | % | ||||||||||||||||||||||||||||
2008 | 16.13 | (0.10 | ) | (2.00 | ) | (2.10 | ) | $ | (0.01 | ) | (1.47 | ) | — | (1.48 | ) | 0.00 | (d) | 12.55 | (13.9 | ) | 4,671 | (0.78 | ) | 2.46 | 2.46 | (e) | 18 | |||||||||||||||||||||||||||||||||||||
2007 | 15.35 | 0.10 | 3.14 | 3.24 | — | (2.46 | ) | — | (2.46 | ) | 0.00 | (d) | 16.13 | 23.2 | 2,041 | 0.65 | 2.39 | 2.39 | (e) | 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 | (e) | 4 | |||||||||||||||||||||||||||||||||||||||||||
2005 | 14.77 | (0.14 | ) | 2.90 | 2.76 | — | (1.29 | ) | — | (1.29 | ) | 0.00 | (d) | 16.24 | 19.5 | 327 | (0.91 | ) | 2.25 | 2.49 | 9 | |||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 13.44 | $ | (0.06 | ) | $ | 0.48 | $ | 0.42 | — | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | 0.00 | (d) | $ | 13.55 | 3.7 | % | $ | 12,528 | (0.48 | )% | 1.40 | % | 1.41 | %(e)(f) | 32 | % | ||||||||||||||||||||||||||||
2008(g) | 13.96 | 0.03 | (0.55 | ) | (0.52 | ) | — | — | — | — | 0.00 | (d) | 13.44 | (3.7 | ) | 893 | 0.26 | (h) | 1.46 | (h) | 1.46 | (e)(h) | 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 year ended September 30, 2007 would have been 23%. The portfolio turnover rate for the years ended 2006 and 2005 would have been as shown. Also, for the year ended September 30, 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) | Amount represents less than $0.005 per share. | |
(e) | The Fund incurred interest expense during the 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 years ended September 30, 2009, 2008, and 2007, the effect of interest expense was minimal. | |
(f) | Before reduction of custodian fee credits and advisory fee reduction on unsupervised assets totaling 0.01% of net assets. | |
(g) | From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008. | |
(h) | Annualized. |
See accompanying notes to financial statements.
31
GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Operating Performance | Distributions to Shareholders | Ratios to Average Net Assets/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 | $ | 9.21 | $ | 0.08 | $ | (1.48 | ) | $ | (1.40 | ) | $ | (0.09 | ) | — | $ | (0.09 | ) | — | $ | 7.72 | (15.2 | )% | $ | 132,314 | 1.21 | % | 1.59 | % | 1.57 | % | 111 | % | ||||||||||||||||||||||||||||
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 | )(b) | 11.08 | 20.0 | 178,394 | 0.69 | 1.51 | 1.49 | 59 | |||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 9.11 | $ | 0.06 | $ | (1.43 | ) | $ | (1.37 | ) | $ | (0.05 | ) | — | $ | (0.05 | ) | — | $ | 7.69 | (15.0 | )% | $ | 6,131 | 0.89 | % | 1.84 | % | 1.82 | % | 111 | % | ||||||||||||||||||||||||||||
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 | )(b) | 11.05 | 19.6 | 2,267 | 0.59 | 1.76 | 1.74 | 59 | |||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 8.95 | $ | 0.04 | $ | (1.45 | ) | $ | (1.41 | ) | — | — | — | — | $ | 7.54 | (15.8 | )% | $ | 6 | 0.57 | % | 2.34 | % | 2.32 | % | 111 | % | ||||||||||||||||||||||||||||||||
2008 | 12.36 | (0.00 | )(b) | (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 | )(b) | 1.75 | 1.75 | — | — | — | $ | (0.00 | )(b) | 10.96 | 19.0 | 30 | (0.01 | ) | 2.26 | 2.24 | 59 | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 8.95 | $ | 0.02 | $ | (1.44 | ) | $ | (1.42 | ) | $ | (0.04 | ) | — | $ | (0.04 | ) | — | $ | 7.49 | (15.8 | )% | $ | 1,067 | 0.37 | % | 2.34 | % | 2.32 | % | 111 | % | ||||||||||||||||||||||||||||
2008 | 12.36 | (0.00 | )(b) | (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 | )(b) | 10.97 | 19.1 | 149 | (0.06 | ) | 2.26 | 2.24 | 59 | |||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 9.23 | $ | 0.10 | $ | (1.49 | ) | $ | (1.39 | ) | $ | (0.11 | ) | — | $ | (0.11 | ) | — | $ | 7.73 | (15.0 | )% | $ | 691 | 1.44 | % | 1.34 | % | 1.32 | % | 111 | % | ||||||||||||||||||||||||||||
2008(c) | 10.35 | 0.07 | (1.19 | ) | (1.12 | ) | — | — | — | — | 9.23 | (10.8 | ) | 797 | 1.00 | (d) | 1.24 | (d) | 1.22 | (d) | 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 years ended September 30, 2007, 2006, and 2005 would have been as shown. | |
(a) | Per share data is calculated using the average shares outstanding method. | |
(b) | Amount represents less than $0.005 per share. | |
(c) | From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008. | |
(d) | Annualized. |
See accompanying notes to financial statements.
32
GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Operating Performance | Distributions to Shareholders | Ratios to Average Net Assets/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 | $ | 10.47 | $ | 0.17 | $ | (0.77 | ) | $ | (0.60 | ) | $ | (0.17 | ) | $ | (0.05 | ) | $ | (0.22 | ) | — | $ | 9.65 | (5.6 | )% | $ | 123,323 | 1.86 | % | 1.27 | % | 1.25 | % | 89 | % | ||||||||||||||||||||||||||
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 | (b) | 12.74 | 12.8 | 144,572 | 1.67 | 1.25 | 1.22 | 56 | |||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.51 | $ | 0.14 | $ | (0.76 | ) | $ | (0.62 | ) | $ | (0.15 | ) | $ | (0.05 | ) | $ | (0.20 | ) | — | $ | 9.69 | (5.8 | )% | $ | 5,995 | 1.61 | % | 1.52 | % | 1.50 | % | 89 | % | ||||||||||||||||||||||||||
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 | (b) | 12.74 | 12.6 | 5,658 | 1.42 | 1.50 | 1.47 | 56 | |||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.60 | $ | 0.10 | $ | (0.78 | ) | $ | (0.68 | ) | $ | (0.10 | ) | $ | (0.05 | ) | $ | (0.15 | ) | — | $ | 9.77 | (6.3 | )% | $ | 105 | 1.13 | % | 2.02 | % | 2.00 | % | 89 | % | ||||||||||||||||||||||||||
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 | (b) | 12.76 | 12.0 | 138 | 0.93 | 2.00 | 1.97 | 56 | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.61 | $ | 0.10 | $ | (0.77 | ) | $ | (0.67 | ) | $ | (0.11 | ) | $ | (0.05 | ) | $ | (0.16 | ) | — | $ | 9.78 | (6.2 | )% | $ | 4,859 | 1.06 | % | 2.02 | % | 2.00 | % | 89 | % | ||||||||||||||||||||||||||
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 | (b) | 12.78 | 12.0 | 982 | 0.92 | 2.00 | 1.97 | 56 | |||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.46 | $ | 0.19 | $ | (0.77 | ) | $ | (0.58 | ) | $ | (0.19 | ) | $ | (0.05 | ) | $ | (0.24 | ) | — | $ | 9.64 | (5.3 | )% | $ | 1,451 | 2.07 | % | 1.02 | % | 1.00 | % | 89 | % | ||||||||||||||||||||||||||
2008(c) | 11.33 | 0.17 | (0.87 | ) | (0.70 | ) | (0.17 | ) | — | (0.17 | ) | — | 10.46 | (6.2 | ) | 1,490 | 2.14 | (d) | 0.98 | (d) | 0.96 | (d) | 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 year ended September 30, 2005 would have been 55%. The portfolio turnover rate for the years ended 2007 and 2006 would have been as shown. | |
(a) | Per share data is calculated using the average shares outstanding method. | |
(b) | Amount represents less than $0.005 per share. | |
(c) | From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008. | |
(d) | Annualized. |
See accompanying notes to financial statements.
33
GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Operating Performance | Distributions to Shareholders | Ratios to Average Net Assets/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 | Total | Redemption | End of | Total | Period | Investment | Reimburse- | Custodian | Custodian | Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||
September 30 | of Period | Income(a) | Investments | Operations | Income | Investments | Distributions | Fees(a) | Period | Return† | (in 000’s) | Income | ments | Fee Credits | Fee Credits(b) | Rate†† | ||||||||||||||||||||||||||||||||||||||||||||||||
Intermediate Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.84 | $ | 0.28 | $ | 0.68 | $ | 0.96 | $ | (0.28 | ) | — | $ | (0.28 | ) | — | $ | 11.52 | 9.0 | % | $ | 13,949 | 2.51 | % | 1.04 | % | 1.00 | % | 1.58 | % | 18 | % | ||||||||||||||||||||||||||||||||
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 | (c) | 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 | )(c) | 10.93 | 1.7 | 10,272 | 3.10 | 1.04 | 1.00 | 1.79 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.84 | $ | 0.27 | $ | 0.67 | $ | 0.94 | $ | (0.27 | ) | — | $ | (0.27 | ) | — | $ | 11.51 | 8.7 | % | $ | 523 | 2.40 | % | 1.14 | % | 1.10 | % | 1.68 | % | 18 | % | ||||||||||||||||||||||||||||||||
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 | (c) | 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 | )(c) | 10.93 | 1.6 | 58 | 3.00 | 1.14 | 1.10 | 1.88 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.84 | $ | 0.20 | $ | 0.67 | $ | 0.87 | $ | (0.20 | ) | — | $ | (0.20 | ) | — | $ | 11.51 | 8.0 | % | $ | 130 | 1.77 | % | 1.79 | % | 1.75 | % | 2.33 | % | 18 | % | ||||||||||||||||||||||||||||||||
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 | (c) | 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 | )(c) | 10.93 | 0.9 | 381 | 2.34 | 1.79 | 1.75 | 2.53 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.31 | $ | 0.19 | $ | 0.65 | $ | 0.84 | $ | (0.19 | ) | — | $ | (0.19 | ) | — | $ | 10.96 | 8.3 | % | $ | 582 | 1.76 | % | 1.79 | % | 1.75 | % | 2.33 | % | 18 | % | ||||||||||||||||||||||||||||||||
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 | )(c) | 10.82 | 1.4 | 0.1 | 2.50 | 1.79 | 1.75 | 2.90 | 33 | ||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 10.85 | $ | 0.31 | $ | 0.67 | $ | 0.98 | $ | (0.31 | ) | — | $ | (0.31 | ) | — | $ | 11.52 | 9.1 | % | $ | 322 | 2.75 | % | 0.79 | % | 0.75 | % | 1.33 | % | 18 | % | ||||||||||||||||||||||||||||||||
2008(d) | 11.09 | 0.28 | (0.25 | ) | 0.03 | (0.27 | ) | — | (0.27 | ) | — | 10.85 | 0.2 | 363 | 3.57 | (e) | 0.84 | (e) | 0.75 | (e) | 1.53 | (e) | 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 years ended September 30, 2007, 2006, and 2005 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) | Amount represents less than $0.005 per share. | |
(d) | From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008. | |
(e) | Annualized. |
See accompanying notes to financial statements.
34
GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Operating Performance | Distributions to Shareholders | Ratios to Average Net Assets/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | Net of | Before | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | Expenses | Waivers/ | Waivers/ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset | Net | Realized and | Total | Asset | Assets, | Net | Net of | Reimburse- | Reimburse- | |||||||||||||||||||||||||||||||||||||||||||||||||||
Value, | Investment | Unrealized | From | Net | Value, | End of | Investment | Waivers/ | ments/ | ments/ | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | Beginning | Income | Gain (Loss) on | Investment | Investment | Total | Redemption | End of | Total | Period | Income | Reimburse- | Custodian | Custodian | Turnover | |||||||||||||||||||||||||||||||||||||||||||||
September 30 | of Period | (Loss)(a) | Investments | Operations | Income | Distributions | Fees(a) | Period | Return† | (in 000’s) | (Loss) | ments | Fee Credits | Fee Credits(b) | Rate†† | |||||||||||||||||||||||||||||||||||||||||||||
SmallCap Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class AAA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 11.99 | $ | (0.06 | ) | $ | (0.33 | ) | $ | (0.39 | ) | — | — | — | $ | 11.60 | (3.3 | )% | $ | 8,856 | (0.68 | )% | 1.50 | % | 1.50 | %(c) | 2.80 | % | 55 | % | ||||||||||||||||||||||||||||||
2008 | 14.99 | (0.03 | ) | (2.97 | ) | (3.00 | ) | — | — | — | 11.99 | (20.0 | ) | 8,491 | (0.23 | ) | 1.58 | 1.51 | (c) | 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 | )(d) | 11.29 | 24.3 | 8,702 | (0.10 | ) | 1.56 | 1.50 | 2.37 | 108 | |||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 11.88 | $ | (0.09 | ) | $ | (0.32 | ) | $ | (0.41 | ) | — | — | — | $ | 11.47 | (3.5 | )% | $ | 2,200 | (0.98 | )% | 1.75 | % | 1.75 | %(c) | 3.05 | % | 55 | % | ||||||||||||||||||||||||||||||
2008 | 14.89 | (0.06 | ) | (2.95 | ) | (3.01 | ) | — | — | — | 11.88 | (20.2 | ) | 703 | (0.49 | ) | 1.83 | 1.76 | (c) | 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 | )(d) | 11.25 | 24.0 | 131 | (0.35 | ) | 1.81 | 1.75 | 2.69 | 108 | |||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 11.46 | $ | (0.12 | ) | $ | (0.33 | ) | $ | (0.45 | ) | — | — | — | $ | 11.01 | (3.9 | )% | $ | 5 | (1.43 | )% | 2.25 | % | 2.25 | %(c) | 3.55 | % | 55 | % | ||||||||||||||||||||||||||||||
2008 | 14.44 | (0.12 | ) | (2.86 | ) | (2.98 | ) | — | — | — | 11.46 | (20.6 | ) | 5 | (0.97 | ) | 2.33 | 2.26 | (c) | 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 | )(d) | 10.93 | 23.4 | 10 | (0.81 | ) | 2.31 | 2.25 | 3.17 | 108 | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 11.36 | $ | (0.12 | ) | $ | (0.33 | ) | $ | (0.45 | ) | — | — | — | $ | 10.91 | (4.0 | )% | $ | 345 | (1.43 | )% | 2.25 | % | 2.25 | %(c) | 3.55 | % | 55 | % | ||||||||||||||||||||||||||||||
2008 | 14.31 | (0.12 | ) | (2.83 | ) | (2.95 | ) | — | — | — | 11.36 | (20.6 | ) | 196 | (0.94 | ) | 2.33 | 2.26 | (c) | 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 | )(d) | 10.87 | 20.9 | 0.1 | (1.40 | ) | 2.31 | 2.25 | 2.73 | 108 | |||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 12.00 | $ | (0.04 | ) | $ | (0.31 | ) | $ | (0.35 | ) | — | — | — | $ | 11.65 | (2.9 | )% | $ | 306 | (0.47 | )% | 1.25 | % | 1.25 | %(c) | 2.55 | % | 55 | % | ||||||||||||||||||||||||||||||
2008(e) | 12.92 | (0.01 | ) | (0.91 | ) | (0.92 | ) | — | — | — | 12.00 | (7.1 | ) | 165 | (0.06 | )(f) | 1.36 | (f) | 1.26 | (c)(f) | 2.40 | (f) | 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 years ended September 30, 2007, 2006, and 2005 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) | The Fund incurred interest expense of $682 during the 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 year ended September 30, 2009, the effect of interest expense was minimal. | |
(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. | |
(f) | Annualized. |
See accompanying notes to financial statements.
35
GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
Operating Performance | Distributions to Shareholders | Ratios to Average Net Assets/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 | Return | Value, | End of | Net | Waivers/ | ments/ | ments/ | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended | Beginning | Investment | (Loss) on | Investment | Investment | Gain on | 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 | $ | 7.85 | $ | 0.16 | $ | (0.85 | ) | $ | (0.69 | ) | $ | (0.18 | ) | — | $ | (0.02 | ) | $ | (0.20 | ) | — | $ | 6.96 | (8.1 | )% | $ | 4,869 | 2.57 | % | 1.63 | % | 1.50 | %(c) | 3.06 | % | 14 | % | |||||||||||||||||||||||||||||||
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 | (c) | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 8.12 | $ | 0.08 | $ | (0.81 | ) | $ | (0.73 | ) | $ | (0.17 | ) | — | $ | (0.02 | ) | $ | (0.19 | ) | — | $ | 7.20 | (8.4 | )% | $ | 77 | 1.28 | % | 1.88 | % | 1.75 | %(c) | 3.31 | % | 14 | % | |||||||||||||||||||||||||||||||
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 | (c) | 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 | (d) | 16.76 | 24.6 | 93 | 1.87 | 1.87 | 1.75 | 3.03 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 8.27 | $ | 0.09 | $ | (0.86 | ) | $ | (0.77 | ) | $ | (0.13 | ) | — | $ | (0.02 | ) | $ | (0.15 | ) | — | $ | 7.35 | (8.8 | )% | $ | 0.1 | 1.35 | % | 2.38 | % | 2.25 | %(c) | 3.81 | % | 14 | % | |||||||||||||||||||||||||||||||
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 | (c) | 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 | (d) | 16.86 | 23.9 | 2 | 1.14 | 2.37 | 2.25 | 3.18 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 8.65 | $ | 0.11 | $ | (0.91 | ) | $ | (0.80 | ) | $ | (0.13 | ) | — | $ | (0.02 | ) | $ | (0.15 | ) | — | $ | 7.70 | (8.8 | )% | $ | 261 | 1.68 | % | 2.38 | % | 2.25 | %(c) | 3.81 | % | 14 | % | |||||||||||||||||||||||||||||||
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 | (c) | 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 | (d) | 17.26 | 23.9 | 16 | 1.56 | 2.37 | 2.25 | 3.41 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | $ | 7.85 | $ | 0.19 | $ | (0.85 | ) | $ | (0.66 | ) | $ | (0.20 | ) | — | $ | (0.02 | ) | $ | (0.22 | ) | — | $ | 6.97 | (7.8 | )% | $ | 59 | 3.13 | % | 1.38 | % | 1.25 | %(c) | 2.81 | % | 14 | % | |||||||||||||||||||||||||||||||
2008(e) | 9.14 | 0.18 | (1.18 | ) | (1.00 | ) | (0.27 | ) | — | (0.02 | ) | (0.29 | ) | — | 7.85 | (11.2 | ) | 118 | 2.82 | (f) | 1.36 | (f) | 1.26 | (c)(f) | 2.26 | (f) | 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 to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the years ended September 30, 2007, 2006, and 2005 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) | The Fund incurred interest expense of $1,169 and $4,188 during the years ended September 30, 2009 and September 30, 2008, respectively. All of the interest expense for 2009 and a portion of this interest expense in 2008 was paid for by prior year custodian fee credits. This would impact the ratios of operating expenses to the average net assets by 0.02% 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 1.48% and 1.50% (Class AAA), 1.73 and 1.75% (Class A), 2.23% and 2.25% (Class B and Class C), and 1.23% and 1.25% (Class I), respectively. | |
(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. | |
(f) | Annualized. |
See accompanying notes to financial statements.
36
GAMCO Westwood Funds
Notes to Financial Statements
Notes to Financial Statements
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 MitesSM Fund (“Mighty MitesSM 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 MitesSM 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 sixty 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 sixty 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.
The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:
• | Level 1 — quoted prices in active markets for identical securities; |
37
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
• | 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 September 30, 2009 is as follows:
Valuation Inputs | ||||||||||||||||
Level 1 | Level 2 Other Significant | Level 3 Significant | Total Market Value | |||||||||||||
Quoted Prices | Observable Inputs | Unobservable Inputs | at 9/30/09 | |||||||||||||
MIGHTY MITESSM FUND | ||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||
Common Stocks | ||||||||||||||||
Broadcasting | $ | 6,747,410 | — | $ | 0 | $ | 6,747,410 | |||||||||
Business Services | 6,501,284 | — | 0 | 6,501,284 | ||||||||||||
Cable | 59,130 | — | 0 | 59,130 | ||||||||||||
Computer Software and Services | 3,641,542 | — | 25,500 | 3,667,042 | ||||||||||||
Energy and Utilities: Natural Gas | 1,609,440 | — | 1,872 | 1,611,312 | ||||||||||||
Entertainment | 749,250 | — | 60,790 | 810,040 | ||||||||||||
Equipment and Supplies | 8,836,899 | — | 0 | 8,836,899 | ||||||||||||
Food and Beverage | 2,798,186 | — | 0 | 2,798,186 | ||||||||||||
Health Care | 19,090,321 | — | 12,280 | 19,102,601 | ||||||||||||
Real Estate | 1,919,574 | $ | 44,880 | 7,970 | 1,972,424 | |||||||||||
Other Industries (a) | 87,996,187 | — | — | 87,996,187 | ||||||||||||
Total Common Stocks | 139,949,223 | 44,880 | 108,412 | 140,102,515 | ||||||||||||
Preferred Stocks (a) | 301,598 | — | — | 301,598 | ||||||||||||
Convertible Preferred Stocks | ||||||||||||||||
Business Services | — | — | 0 | 0 | ||||||||||||
Food and Beverage | — | 54,800 | — | 54,800 | ||||||||||||
Total Convertible Preferred Stocks | — | 54,800 | 0 | 54,800 | ||||||||||||
Warrants | ||||||||||||||||
Broadcasting | 0 | — | 1 | 1 | ||||||||||||
Other Industries (a) | 0 | — | — | 0 | ||||||||||||
Total Warrants | 0 | — | 1 | 1 | ||||||||||||
U.S. Government Obligations | — | 73,052,406 | — | 73,052,406 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES | $ | 140,250,821 | $ | 73,152,086 | $ | 108,413 | $ | 213,511,320 | ||||||||
EQUITY FUND | ||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||
Common Stocks (a) | $ | 140,623,193 | — | — | $ | 140,623,193 | ||||||||||
BALANCED FUND | ||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||
Common Stocks (a) | $ | 86,784,593 | — | — | $ | 86,784,593 | ||||||||||
Corporate Bonds | — | $ | 15,070,954 | — | 15,070,954 | |||||||||||
U.S. Government Agency Obligations | — | 19,300,432 | — | 19,300,432 | ||||||||||||
U.S. Government Obligations | — | 15,933,225 | — | 15,933,225 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES | $ | 86,784,593 | $ | 50,304,611 | — | $ | 137,089,204 | |||||||||
INTERMEDIATE BOND FUND | ||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||
Common Stocks (a) | $ | 589,949 | — | — | $ | 589,949 | ||||||||||
Corporate Bonds | — | $ | 5,450,284 | — | 5,450,284 | |||||||||||
U.S. Government Agency Obligations | — | 5,580,612 | — | 5,580,612 | ||||||||||||
U.S. Government Obligations | — | 3,789,848 | — | 3,789,848 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES | $ | 589,949 | $ | 14,820,744 | — | $ | 15,410,693 | |||||||||
SMALLCAP EQUITY FUND | ||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||
Common Stocks (a) | $ | 11,551,564 | — | — | $ | 11,551,564 | ||||||||||
U.S. Government Obligations | — | $ | 209,964 | — | 209,964 | |||||||||||
TOTAL INVESTMENTS IN SECURITIES | $ | 11,551,564 | $ | 209,964 | — | $ | 11,761,528 | |||||||||
INCOME FUND | ||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||
Common Stocks (a) | $ | 4,203,076 | — | — | $ | 4,203,076 | ||||||||||
Preferred Stocks (a) | 580,369 | — | — | 580,369 | ||||||||||||
Corporate Bonds | — | $ | 244,298 | — | 244,298 | |||||||||||
U.S. Government Obligations | — | 269,946 | — | 269,946 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES | $ | 4,783,445 | $ | 514,244 | — | $ | 5,297,689 | |||||||||
(a) | Security and industry classifications for these categories are detailed in the Schedule of Investments. |
38
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
There were no Level 3 investments held at September 30, 2008 or September 30, 2009 for Equity Fund, Balanced Fund, Intermediate Bond Fund, SmallCap Equity Fund, and Income Fund.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Net change | ||||||||||||||||||||||||||||||||
in unrealized | ||||||||||||||||||||||||||||||||
appreciation/ | ||||||||||||||||||||||||||||||||
depreciation | ||||||||||||||||||||||||||||||||
Change in | during the | |||||||||||||||||||||||||||||||
Balance | Accrued | Realized | unrealized | Net | Transfers in | Balance | period on Level 3 | |||||||||||||||||||||||||
as of | discounts/ | gain/ | appreciation/ | purchases/ | and/or out | as of | investments held | |||||||||||||||||||||||||
MIGHTY MITESSM FUND | 9/30/08 | (premiums) | (loss) | depreciation† | (sales) | of Level 3 | 9/30/09 | at 9/30/09† | ||||||||||||||||||||||||
INVESTMENTS IN SECURITIES: | ||||||||||||||||||||||||||||||||
ASSETS (Market Value): | ||||||||||||||||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||||||||||
Broadcasting | $ | — | $ | — | $ | — | $ | (6,468 | ) | $ | — | $ | 6,468 | $ | 0 | $ | (6,468 | ) | ||||||||||||||
Business Services | 0 | — | — | — | — | — | 0 | — | ||||||||||||||||||||||||
Cable | 0 | — | — | — | — | — | 0 | — | ||||||||||||||||||||||||
Computer Software and Services | 25,500 | — | — | — | — | 0 | 25,500 | — | ||||||||||||||||||||||||
Energy and Utilities: Integrated | 31,416 | — | — | — | — | (31,416 | ) | — | — | |||||||||||||||||||||||
Energy and Utilities: Natural Gas | 1,872 | — | — | — | — | — | 1,872 | — | ||||||||||||||||||||||||
Entertainment | 50,733 | — | — | 10,057 | — | — | 60,790 | 10,057 | ||||||||||||||||||||||||
Equipment and Supplies | 0 | — | — | — | — | — | 0 | — | ||||||||||||||||||||||||
Food and Beverage | 0 | — | — | — | — | — | 0 | — | ||||||||||||||||||||||||
Health Care | — | — | — | 12,280 | 0 | — | 12,280 | 12,280 | ||||||||||||||||||||||||
Real Estate | 3,985 | — | — | 3,985 | — | — | 7,970 | 3,985 | ||||||||||||||||||||||||
Telecommunications | 0 | — | 0 | — | 0 | — | — | — | ||||||||||||||||||||||||
Total Common Stocks | 113,506 | — | 0 | 19,854 | 0 | (24,948 | ) | 108,412 | 19,854 | |||||||||||||||||||||||
Convertible Preferred Stocks | ||||||||||||||||||||||||||||||||
Business Services | 0 | — | — | — | — | — | 0 | — | ||||||||||||||||||||||||
Warrants | ||||||||||||||||||||||||||||||||
Broadcasting | 16 | — | — | (22 | ) | — | 7 | 1 | (22 | ) | ||||||||||||||||||||||
Business Services | 0 | — | — | — | — | 0 | — | — | ||||||||||||||||||||||||
Total Warrants | 16 | — | — | (22 | ) | — | 7 | 1 | (22 | ) | ||||||||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES | $ | 113,522 | $ | — | $ | 0 | $ | 19,832 | $ | 0 | $ | (24,941 | ) | $ | 108,413 | $ | 19,832 | |||||||||||||||
† | Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations. |
Securities Sold Short. The Mighty MitesSM 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 MitesSM 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 MitesSM Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Mighty MitesSM 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 MitesSM Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The Mighty MitesSM Fund did not hold any short positions as of September 30, 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.
39
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
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 inability 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 MitesSM 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 year ended September 30, 2009, the Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis point. For the year ended September 30, 2009, the Mighty MitesSM Fund’s and Intermediate Bond Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 1 and 2 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.
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 Statements of Operations as of September 30, 2009 are interest expense and custodian fee expense that were paid for by prior year custodian fee credits as follows:
Mighty | Equity | Balanced | Intermediate | SmallCap | Income | |||||||||||||||||||
Mites SM Fund | Fund | Fund | Bond Fund | Equity Fund | Fund | |||||||||||||||||||
Expenses paid for by prior year custodian fee credits: | ||||||||||||||||||||||||
Interest expense | — | $ | 106 | — | — | — | $ | 1,169 | ||||||||||||||||
Custodian fee expense | — | 25,185 | $ | 26,385 | $ | 6,166 | — | 5,740 |
40
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty MitesSM Fund, Equity Fund, and SmallCap Equity Fund, and quarterly for the Balanced Fund and Income Fund. 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 for federal income tax purposes 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. For the year ended September 30, 2009, the following reclassifications were made to increase/decrease such amounts with offsetting adjustments to paid-in capital. These reclassifications were primarily the recharacterization of shareholders distributions and net operating losses.
Accumulated Undistributed | Accumulated Net Realized | |||||||||||
Net Investment Income (Loss) | Gain (Loss) on Investments | Paid-in Capital | ||||||||||
Mighty MitesSM Fund | $ | 831,251 | $ | (84,988 | ) | $ | (746,263 | ) | ||||
Equity Fund | (39,615 | ) | 39,616 | (1 | ) | |||||||
Balanced Fund | 3,257 | (3,257 | ) | — | ||||||||
Intermediate Bond Fund | 6,563 | (6,563 | ) | — | ||||||||
SmallCap Equity Fund | 55,783 | 1,155 | (56,938 | ) | ||||||||
Income Fund | 18,893 | 31,767 | (50,660 | ) |
The tax character of distributions paid during the years ended September 30, 2009 and September 30, 2008 was as follows:
Mighty MitesSM Fund | Equity Fund | Balanced Fund | ||||||||||||||||||||||
Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Ordinary Income (inclusive of short-term capital gains) | $ | 197,333 | $ | 309,345 | $ | 1,681,453 | $ | 7,333,641 | $ | 2,402,273 | $ | 6,145,203 | ||||||||||||
Net long-term capital gains | 1,415,526 | 4,969,687 | — | 17,646,407 | 739,304 | 8,300,427 | ||||||||||||||||||
Return of capital | 105,275 | — | — | — | — | — | ||||||||||||||||||
Total distributions paid | $ | 1,718,134 | $ | 5,279,032 | $ | 1,681,453 | $ | 24,980,048 | $ | 3,141,577 | $ | 14,445,630 | ||||||||||||
Intermediate Bond Fund | SmallCap Equity Fund | Income Fund | ||||||||||||||||||||||
Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Ordinary Income (inclusive of short-term capital gains) | $ | 344,690 | $ | 365,893 | — | — | $ | 149,974 | $ | 430,203 | ||||||||||||||
Net long-term capital gains | 6,563 | — | — | — | — | 252,683 | ||||||||||||||||||
Return of capital | — | — | — | — | 17,410 | 28,589 | ||||||||||||||||||
Total distributions paid | $ | 351,253 | $ | 365,893 | — | — | $ | 167,384 | $ | 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. At September 30, 2009, the components of accumulated earnings/losses on a tax basis were as follows:
Mighty | Equity | Balanced | Intermediate | SmallCap | Income | |||||||||||||||||||
MitesSM Fund | Fund | Fund | Bond Fund | Equity Fund | Fund | |||||||||||||||||||
Undistributed ordinary income | — | $ | 972,793 | $ | 23,573 | $ | 4,361 | — | — | |||||||||||||||
Undistributed long-term capital gain | — | — | — | 111,886 | — | — | ||||||||||||||||||
Accumulated capital loss carryforward | — | (4,107,081 | ) | (2,011,632 | ) | — | $ | (7,402,233 | ) | $ | (1,094,920 | ) | ||||||||||||
Unrealized appreciation/depreciation | $ | 29,818,095 | 9,666,060 | 9,289,939 | 638,259 | 893,840 | (652,626 | ) | ||||||||||||||||
Post-October losses | (203,087 | ) | (37,433,582 | ) | (19,347,564 | ) | — | (964,847 | ) | (1,502,900 | ) | |||||||||||||
Other temporary differences* | (56,359 | ) | — | — | — | — | (6,871 | ) | ||||||||||||||||
Total accumulated earnings | $ | 29,558,649 | $ | (30,901,810 | ) | $ | (12,045,684 | ) | $ | 754,506 | $ | (7,473,240 | ) | $ | (3,257,317 | ) | ||||||||
* | Other temporary differences are primarily due to wash sale losses related to the reorganization of BB Micro-Cap Growth Fund and Mighty MitesSM Fund and basis adjustments to hybrid income. |
41
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2009:
Mighty | Equity | Balanced | Intermediate | SmallCap | Income | |||||||||||||||||||
Expiring in Fiscal Year | MitesSM Fund | Fund | Fund | Bond Fund | Equity Fund | Fund | ||||||||||||||||||
2010 | — | — | — | — | $ | 1,970,874 | — | |||||||||||||||||
2011 | — | — | — | — | 4,845,486 | — | ||||||||||||||||||
2012 | — | — | — | — | — | — | ||||||||||||||||||
2013 | — | — | — | — | — | — | ||||||||||||||||||
2014 | — | — | — | — | — | — | ||||||||||||||||||
2015 | — | — | — | — | — | — | ||||||||||||||||||
2016 | — | — | — | — | 210 | — | ||||||||||||||||||
2017 | — | $ | 4,107,081 | $ | 2,011,631 | — | 585,663 | $ | 1,094,920 |
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, 2009, the Mighty MitesSM Fund, Equity Fund, Balanced Fund, SmallCap Equity Fund, and Income Fund deferred capital losses of $201,832, $37,433,582, $19,347,564, $964,847, and $1,502,900, respectively, and the Mighty MitesSM Fund deferred currency losses of $1,255.
At September 30, 2009, the difference between book and tax basis unrealized appreciation/depreciation is primarily attributable to the tax basis deferral of losses on wash sales for tax purposes. Additionally, Mighty MitesSM Fund and Equity Fund have basis adjustments due to investments in publicly traded partnerships.
The following summarizes the tax cost of investments and the related unrealized appreciation/depreciation at September 30, 2009:
Mighty | Equity | Balanced | Intermediate | SmallCap | Income | |||||||||||||||||||
MitesSM Fund | Fund | Fund | Bond Fund | Equity Fund | Fund | |||||||||||||||||||
Aggregate cost of investments | $ | 183,693,292 | $ | 130,957,133 | $ | 127,799,265 | $ | 14,772,434 | $ | 10,867,688 | $ | 5,950,315 | ||||||||||||
Gross unrealized appreciation | $ | 39,788,720 | $ | 14,274,031 | $ | 11,673,781 | $ | 643,647 | $ | 1,746,102 | $ | 243,648 | ||||||||||||
Gross unrealized depreciation | (9,970,692 | ) | (4,607,971 | ) | (2,383,842 | ) | (5,388 | ) | (852,262 | ) | (896,274 | ) | ||||||||||||
Net unrealized appreciation/depreciation | $ | 29,818,028 | $ | 9,666,060 | $ | 9,289,939 | $ | 638,259 | $ | 893,840 | $ | (652,626 | ) | |||||||||||
Management has analyzed the Funds’ tax positions taken on federal income and excise tax returns for all open tax years (current and prior three tax years) and has concluded that no provision for federal income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
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 MitesSM Fund, Equity Fund, SmallCap Equity Fund, and Income Fund, 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 Fund, SmallCap Equity Fund, and Income Fund 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 year ended September 30, 2009, the Adviser waived fees or reimbursed expenses in the amounts of $76,402, $98,769, and $75,817 for the Intermediate Bond Fund, SmallCap Equity Fund, and Income Fund, respectively.
The Intermediate Bond Fund, SmallCap Equity Fund, and Income Fund 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.
42
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
At September 30, 2009, the cumulative unreimbursed amounts, which may be recovered by the Adviser within the next two fiscal years:
Recovered by Fiscal | Recovered by Fiscal | |||||||||||
Year End 2010 | Year End 2011 | Total | ||||||||||
Intermediate Bond Fund | $ | 80,804 | $ | 76,402 | $ | 157,206 | ||||||
SmallCap Equity Fund | 92,150 | 98,769 | 190,919 | |||||||||
Income Fund | 100,688 | 75,817 | 176,505 |
The Adviser has a Subadvisory Agreement with Westwood Management Corp. (the “Subadviser”) for the Equity Fund, Balanced Fund, and Intermediate Bond Fund. 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 an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended. Each Trustee is reimbursed by the Trust 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. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.
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 sales of securities for the year ended September 30, 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 MitesSM Fund | $ | 51,318,061 | $ | 14,620,133 | — | $ | 9,058,058 | |||||||||
Equity Fund | 149,628,532 | 150,736,033 | — | — | ||||||||||||
Balanced Fund | 105,579,300 | 101,906,391 | $ | 13,219,412 | 14,137,443 | |||||||||||
Intermediate Bond Fund | 2,379,831 | 1,344,703 | 4,543,361 | 861,265 | ||||||||||||
SmallCap Equity Fund | 6,413,745 | 4,414,783 | — | — | ||||||||||||
Income Fund | 773,628 | 2,242,230 | — | 550,000 |
6. Transactions with Affiliates. During the year ended September 30, 2009, the Mighty MitesSM Fund, SmallCap Equity Fund, and the Income Fund paid brokerage commissions on security trades of $156,658, $36, and $4,267, respectively, to Gabelli & Company. Additionally, Gabelli & Company informed the Trust that it retained $52,474 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 year ended September 30, 2009, the Mighty MitesSM Fund, Equity Fund, and Balanced Fund each paid or accrued $45,000 to the Adviser in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the year ended September 30, 2009 for the Intermediate Bond Fund, SmallCap Equity Fund, and Income Fund.
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 Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Company, or through selected broker/dealers, 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. Class I Shares were first issued on January 11, 2008.
43
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
Only the Mighty MitesSM 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 MitesSM Fund. The redemption fees retained by the Mighty MitesSM Fund during the years ended September 30, 2009 and September 30, 2008 amounted to $1,613 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 MitesSM Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the Mighty MitesSM 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.
Transactions in shares of beneficial interest were as follows:
Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Mighty MitesSMFund | Equity Fund | Balanced Fund | ||||||||||||||||||||||
Class AAA | ||||||||||||||||||||||||
Shares issued in connection with the Reorganization (see Note 9) | 4,198,136 | — | — | — | — | — | ||||||||||||||||||
Shares sold | 7,785,753 | 2,166,550 | 6,213,830 | 5,414,384 | 3,966,708 | 3,119,951 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 114,319 | 278,799 | 214,761 | 2,161,815 | 305,230 | 1,161,782 | ||||||||||||||||||
Shares redeemed | (3,642,911 | ) | (1,112,323 | ) | (7,524,253 | ) | (4,365,986 | ) | (4,679,971 | ) | (3,187,808 | ) | ||||||||||||
Net increase/(decrease) in Class AAA Shares | 8,455,297 | 1,333,026 | (1,095,662 | ) | 3,210,213 | (408,033 | ) | 1,093,925 | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 1,096,555 | 512,592 | 576,810 | 687,378 | 205,597 | 121,163 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 13,791 | 29,244 | 3,019 | 56,338 | 11,556 | 38,218 | ||||||||||||||||||
Shares redeemed | (357,199 | ) | (211,974 | ) | (339,586 | ) | (466,916 | ) | (134,455 | ) | (60,036 | ) | ||||||||||||
Net increase in Class A Shares | 753,147 | 329,862 | 240,243 | 276,800 | 82,698 | 99,345 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | — | — | — | — | 3,190 | — | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 394 | 2,672 | — | 183 | 98 | 923 | ||||||||||||||||||
Shares redeemed | (4,624 | ) | (15,293 | ) | (643 | ) | (613 | ) | (4,394 | ) | (4,320 | ) | ||||||||||||
Net decrease in Class B Shares | (4,230 | ) | (12,621 | ) | (643 | ) | (430 | ) | (1,106 | ) | (3,397 | ) | ||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 988,773 | 273,898 | 69,307 | 68,244 | 501,603 | 68,632 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 9,275 | 13,882 | 502 | 4,010 | 4,285 | 5,962 | ||||||||||||||||||
Shares redeemed | (285,572 | ) | (42,079 | ) | (9,620 | ) | (15,903 | ) | (139,637 | ) | (22,434 | ) | ||||||||||||
Net increase in Class C Shares | 712,476 | 245,701 | 60,189 | 56,351 | 366,251 | 52,160 | ||||||||||||||||||
Class I* | ||||||||||||||||||||||||
Shares sold | 1,102,323 | 69,523 | 24,086 | 93,718 | 18,594 | 144,924 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 1,997 | — | 1,329 | — | 3,883 | 1,528 | ||||||||||||||||||
Shares redeemed | (246,385 | ) | (3,118 | ) | (22,407 | ) | (7,404 | ) | (14,400 | ) | (4,022 | ) | ||||||||||||
Net increase in Class I Shares | 857,935 | 66,405 | 3,008 | 86,314 | 8,077 | 142,430 | ||||||||||||||||||
Intermediate Bond Fund | SmallCap Equity Fund | Income Fund | ||||||||||||||||||||||
Class AAA | ||||||||||||||||||||||||
Shares sold | 495,853 | 330,244 | 291,836 | 388,615 | 73,786 | 250,721 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 20,315 | 21,484 | — | — | 25,741 | 72,035 | ||||||||||||||||||
Shares redeemed | (273,157 | ) | (254,620 | ) | (236,421 | ) | (258,998 | ) | (328,356 | ) | (1,145,352 | ) | ||||||||||||
Net increase/(decrease) in Class AAA Shares | 243,011 | 97,108 | 55,415 | 129,617 | (228,829 | ) | (822,596 | ) | ||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 65,718 | 14,161 | 188,907 | 48,394 | 11,452 | 4,279 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 813 | 142 | — | — | 280 | 485 | ||||||||||||||||||
Shares redeemed | (30,392 | ) | (11,382 | ) | (56,260 | ) | (41,501 | ) | (7,384 | ) | (5,979 | ) | ||||||||||||
�� | ||||||||||||||||||||||||
Net increase/(decrease) in Class A Shares | 36,139 | 2,921 | 132,647 | 6,893 | 4,348 | (1,215 | ) | |||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | 9,510 | — | — | — | — | — | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 65 | 21 | — | — | — | — | ||||||||||||||||||
Shares redeemed | (2,713 | ) | (4,207 | ) | — | (49 | ) | — | (202 | ) | ||||||||||||||
Net increase/(decrease) in Class B Shares | 6,862 | (4,186 | ) | — | (49 | ) | — | (202 | ) | |||||||||||||||
44
GAMCO Westwood Funds
Notes to Financial Statements (Continued)
Notes to Financial Statements (Continued)
Year Ended September 30, | Year Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||||||
Intermediate Bond Fund | SmallCap Equity Fund | Income Fund | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 64,466 | 315,668 | 27,074 | 1,724 | 8,822 | 12,578 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 736 | 2,007 | — | — | 881 | 1,699 | ||||||||||||||||||
Shares redeemed | (58,414 | ) | (272,816 | ) | (12,713 | ) | (5,253 | ) | (12,725 | ) | (12,793 | ) | ||||||||||||
Net increase/(decrease) in Class C Shares | 6,788 | 44,859 | 14,361 | (3,529 | ) | (3,022 | ) | 1,484 | ||||||||||||||||
Class I* | ||||||||||||||||||||||||
Shares sold | 16,543 | 35,870 | 19,535 | 16,978 | 946 | 15,310 | ||||||||||||||||||
Shares issued upon reinvestment of distributions | 854 | 436 | — | — | 345 | 373 | ||||||||||||||||||
Shares redeemed | (22,963 | ) | (2,784 | ) | (7,039 | ) | (3,225 | ) | (7,880 | ) | (703 | ) | ||||||||||||
Net increase/(decrease) in Class I Shares | (5,566 | ) | 33,522 | 12,496 | 13,753 | (6,589 | ) | 14,980 | ||||||||||||||||
* | From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2009. |
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 MitesSM Fund.
On March 27, 2009, the Mighty MitesSM 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 MitesSM 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 MitesSM Fund. The net assets of the Mighty MitesSM 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 MitesSM Fund were the following components:
Paid In | Net Unrealized | |||||||||||
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 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 Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.
11. Subsequent Events. Management has evaluated the impact of all subsequent events on the Funds through November 23, 2009, the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
45
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
The GAMCO Westwood Funds:
The GAMCO Westwood Funds:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of GAMCO Westwood Mighty MitesSM Fund, GAMCO Westwood Equity Fund, GAMCO Westwood Balanced Fund, GAMCO Westwood Intermediate Bond Fund, GAMCO Westwood SmallCap Equity Fund, and GAMCO Westwood Income Fund (constituting The GAMCO Westwood Funds, hereafter referred to as the “Funds”) at September 30, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
New York, NY
November 23, 2009
New York, NY
November 23, 2009
46
2009 Tax Notice to Shareholders (Unaudited)
U.S. Government Income: — The percentage of the ordinary income dividend paid by the Mighty MitesSM Fund, Equity Fund, Balanced Fund, Intermediate Bond Fund, and Income Fund (collectively, the “Funds”) during the year ended September 30, 2009 which was derived from U.S. Treasury securities was 0.00%, 0.00%, 9.10%, 19.07%, and 0.06%, respectively. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Funds did not meet this strict requirement in 2009. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser for the applicability of the information provided as to your specific situation.
Mighty MitesSM Fund — For the year ended September 30, 2009, the Fund paid to shareholders ordinary income dividends (comprised of short-term capital gains) totaling $0.04, $0.04, $0.04, $0.04, and $0.04 per share for Class AAA, Class A, Class B, Class C, and Class I Shares, respectively, and long-term capital gains totaling $1,415,526. The distributions of long-term capital gains have been designated as a capital gain dividend by the Funds’ Board of Trustees. For the year ended September 30, 2009, 100% of the ordinary income dividend qualifies for the dividends received deductions available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Equity Fund — For the year ended September 30, 2009, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.09, $0.05, $0.04, and $0.11 per share for Class AAA, Class A, Class C, and Class I Shares, respectively. For the year ended September 30, 2009, 100% of the ordinary income dividend qualifies for the dividends received deductions available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.48% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
Balanced Fund — For the year ended September 30, 2009, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.17, $0.15, $0.10, $0.11, and $0.19 per share for Class AAA, Class A, Class B, Class C, and Class I Shares, respectively, and long-term capital gains totaling $739,304. The distributions of long-term capital gains have been designated as a capital gain dividend by the Funds’ Board of Trustees. For the year ended September 30, 2009, 88.35% of the ordinary income dividend qualifies for the dividends received deductions available to corporations. The Fund designates 91.43% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 44.96% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
Intermediate Bond Fund — For the year ended September 30, 2009, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.28, $0.27, $0.20, $0.19, and $0.31 per share for Class AAA, Class A, Class B, Class C, and Class I Shares, respectively, and long-term capital gains totaling $6,563. The distributions of long-term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the year ended September 30, 2009, the Fund designates 100% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
Income Fund — For the year ended September 30, 2009, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.18, $0.17, $0.13, $0.13, and $0.20 per share for Class AAA, Class A, Class B, Class C, and Class I Shares, respectively. For the year ended September 30, 2009, 100% of the ordinary income dividend qualifies for the dividends received deductions available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 4.26% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder. |
47
GAMCO Westwood Funds
Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Agreements (Unaudited)
In determining whether to approve the continuance of each of the Agreements, the Board considered the following information:
1) The nature, extent, and quality of services provided by the Adviser and the Sub-Adviser.
The Board reviewed in detail the nature and extent of the services provided by the Adviser and the Sub-Adviser under the Agreements and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services including, for each Fund, net asset value determinations, yield calculations, and monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Adviser provided certain non-advisory and compliance services, including services under the Funds’ Rule 38a-1 compliance program.
The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Funds that were affiliated with the Adviser and that the Adviser further provided a substantial level of services to shareholders of the Funds who had invested through various programs offered by third party financial intermediaries (“Participating Organizations”). The Board evaluated these factors based on its direct experience with the Adviser and Sub-Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, PNCGIS, to assist it in performing certain of its administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through PNCGIS, and by the Sub-Adviser, had not diminished over the past year, and that the quality of service continued to be high. The Board reviewed the personnel responsible for providing services to the Funds and concluded, based on their experience and interaction with the Adviser and Sub-Adviser, that (i) the Adviser and Sub-Adviser were able to retain quality personnel, (ii) the Adviser, Sub-Adviser, and their agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Agreements, (iii) the Adviser and Sub-Adviser were responsive to requests of the Board, (iv) the scope and depth of the Adviser’s and Sub-Adviser’s resources were adequate, and (v) the Adviser and Sub-Adviser had kept the Board apprised of developments relating to each Fund and the industry in general. The Board also focused on the Adviser’s reputation and long-standing relationship with the Funds. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds.
2) The performance of the Funds, the Adviser, and the Sub-Adviser.
The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with its Lipper peer group, and against each Fund’s broad based securities market benchmarks as reflected in each Fund’s prospectuses and annual report. The Board also considered rankings and ratings of the Funds issued by Lipper over the short, intermediate, and long term. The Board considered each Fund’s one, three, five, and, where available, ten year average annual total return for the periods ended June 30, 2009, but placed greatest emphasis on a Fund’s longer-term performance. The peer groups considered by the Board were developed by Lipper and were comprised of funds of comparable size within the same Lipper peer group category (the “Peer Group”), regardless of asset size or primary channel of distribution. Each Fund’s performance against the performance Peer Group (the “Performance Peer Group”) was considered by the Board as providing an objective comparative benchmark against which each Fund’s performance could be assessed. In general, the Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Funds’ shareholders the total return performance that was available in the marketplace, given each Fund’s investment objectives, strategies, limitations, and restrictions. In reviewing the Funds’ performance, the Board noted that the Equity Fund’s performance was below the median for the one year period and above the median for the three year, five year and ten year periods; the Balanced Fund’s performance was below the median for the one year period and was above the median for the three year, five year, and ten year periods; the SmallCap Equity Fund’s performance was below the median for the one year and ten year periods, at the median for the three year period and above the median for the five year period; the Mighty MitesSM Fund’s performance was above the median for the one year, three year, five year and ten year periods; the Income Fund’s performance was above the median for the one year and three year periods; and the Intermediate Bond Fund’s performance was below the median for the one year and three year periods, at the median for the five year period, and above the median for the ten year period. The Board also noted that the Income Fund had changed its investment objective in 2005 and therefore only had three years of Peer Group performance data for comparison purposes. The Board Members concluded that the Funds’ performance was reasonable in comparison with that of the Performance Peer Groups.
48
In connection with its assessment of the performance of the Adviser and the Sub-Adviser, the Board considered the Adviser’s and Sub-Adviser’s financial condition and whether they had the resources necessary to continue to carry out their responsibilities under the Agreements. The Board concluded that the Adviser and Sub-Adviser had the financial resources necessary to continue to perform their obligations under the Agreements and to continue to provide the high quality services that they have provided to the Funds to date.
3) The cost of the advisory services and the profits to the Adviser and Sub-Adviser and their affiliates from the relationship with the Funds.
In connection with the Board’s consideration of the cost of the advisory and sub-advisory services and the profits to the Adviser, Sub-Adviser, and their affiliates from their relationships with the Fund, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each Fund against comparative Lipper expense peer groups (“Expense Peer Group”). The Board also considered comparative non-management fee expenses and comparative total fund expenses of the Funds and each Expense Peer Group. The Board considered this information as useful in assessing whether the Adviser and Sub-Adviser were providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that the SmallCap Equity Fund, the Income Fund, and the Intermediate Bond Fund operated pursuant to a Waiver and Expense Reimbursement Agreement with the Adviser wherein the Adviser had agreed to waive a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund’s total operating expenses to the level set forth in the respective Fund’s prospectus. The Board noted that the advisory fee and expense ratio for all of the Funds, except the Intermediate Bond Fund, were higher than average when compared with those of their Expense Peer Groups. The Board further noted that although the Intermediate Bond Fund’s advisory fee was lower than average, its expense ratio was higher than average when compared with its Expense Peer Group. The Board also reviewed the fees charged by the Adviser and Sub-Adviser to provide similar advisory services to other registered investment companies with similar investment objectives and to separate accounts, noting that in some cases the fees charged by the Adviser or Sub-Adviser were higher and, in other cases lower, than the fees charged to the Funds. In evaluating this information, the Board considered the difference in services provided by the Adviser and Sub-Adviser to these other accounts. In particular, the Board considered the differences in risks involved in managing separate accounts and the Funds from a compliance and regulatory perspective.
The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Funds and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2008. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to each of the Funds. With respect to the Fund analysis, the Board received an analysis based on each Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Funds to the Adviser under either analysis was not excessive.
4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.
With respect to the Board’s consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Funds at higher asset levels. The Board also reviewed data from the Expense Peer Group to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.
5) Other Factors.
In addition to the above factors, the Board also discussed other benefits received by the Adviser and Sub-Adviser from their management of the Funds. The Board considered that the Adviser and Sub-Adviser did not use soft dollars in connection with their management of the Funds. Lastly, the Board confirmed with the Adviser that the working relationship with the Sub-Adviser remained professional and effective despite the recent negotiation with them regarding the rights to the “Westwood” name, and that all parties continued to execute their Agreements with the Funds, consistent with those obligations and at the highest quality of service.
Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee and, with respect to the Equity Fund, the Balanced Fund, and the Intermediate Bond Fund, the sub-advisory fee, was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement and, with respect to the Equity Fund, the Balanced Fund, and the Intermediate Bond Fund, the Sub-Advisory agreements. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all-important or controlling.
49
GAMCO Westwood Funds
Additional Fund Information (Unaudited)
Additional Fund Information (Unaudited)
The business and affairs of the Trust are managed under the direction of its Board of Trustees. Information pertaining to the Trustees and officers of the Trust is set forth below. The Trust’s Statement of Additional Information includes additional information about the GAMCO Westwood Funds’ Trustees and is available, without charge, upon request, by calling 800-GABELLI (800-422-3554) or by writing to the GAMCO Westwood Funds at One Corporate Center, Rye, NY 10580-1422.
Term of | Number of | |||||||||
Name, Position(s), | Office and | Funds in Fund | ||||||||
Address1 | Length of | Complex Overseen | Principal Occupation(s) | Other Directorships | ||||||
and Age | Time Served2 | by Trustee | During Past Five Years | Held by Trustee3 | ||||||
INDEPENDENT TRUSTEES4: | ||||||||||
Anthony J. Colavita Trustee Age: 73 | Since 1994 | 36 | President of the law firm of Anthony J. Colavita, P.C. | — | ||||||
James P. Conn Trustee Age: 71 | Since 1994 | 18 | Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998) | — | ||||||
Werner J. Roeder, M.D. Trustee Age: 69 | Since 1994 | 22 | Medical Director of Lawrence Hospital and practicing private physician | — | ||||||
Salvatore J. Zizza Trustee Age: 63 | Since 2004 | 28 | Chairman of Zizza & Company, Ltd. (consulting) | Director of Hollis-Eden Pharmaceuticals (biotechnology); Director of Trans-Lux Corporation (business services) | ||||||
OFFICERS: | ||||||||||
Bruce N. Alpert President and Secretary Age: 57 | Since 1994 | — | Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988 and an officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex; President of Teton Advisors, Inc., 1998 through 2008; Chairman of Teton Advisors, Inc. since 2008; Senior Vice President of GAMCO Investors, Inc. since 2008 | — | ||||||
Agnes Mullady Treasurer Age: 51 | Since 2006 | — | Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/ GAMCO Funds complex; Senior Vice President of U.S. Trust Company, N.A. and Treasurer and Chief Financial Officer of Excelsior Funds from 2004 through 2005; Chief Financial Officer of AMIC Distribution Partners from 2002 through 2004 | — | ||||||
Peter D. Goldstein Chief Compliance Officer Age: 56 | Since 2004 | — | Director of Regulatory Affairs at GAMCO Investors, Inc. since 2004; Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex | — |
1 | Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted. | |
2 | Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Amended By-Laws and Amended and Restated Declaration of Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified. | |
3 | This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., public companies) or other investment companies registered under the Investment Company Act of 1940. | |
4 | Trustees who are not interested persons are considered “Independent” Trustees. |
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.
51
GAMCO WESTWOOD FUNDS
GAMCO Westwood Mighty MitesSM Fund
GAMCO Westwood Equity Fund
GAMCO Westwood Balanced Fund
GAMCO Westwood Intermediate Bond Fund
GAMCO Westwood SmallCap Equity Fund
GAMCO Westwood Income 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
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 | |
President | 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.
Teton Advisors, Inc.
Distributor
Gabelli & Company, Inc.
Gabelli & Company, Inc.
Custodian
The Bank of New York Mellon
The Bank of New York Mellon
Legal Counsel
Paul, Hastings, Janofsky & Walker LLP
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.
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. | ||
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. | ||
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant’s board of directors has determined that James P. Conn is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent.”
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $162,550 in 2008 and $160,500 in 2009. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 in 2008 and $0 in 2009. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $26,000 in 2008 and $26,000 in 2009. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2008 and $0 in 2009. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Advisers, Inc., and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. |
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) N/A
(c) 100%
(d) N/A
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%). |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 in 2008 and $0 in 2009. | ||
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. | ||
(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 | |||
Date 11/30/09 |
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 | |||
Date 11/30/09 | ||||
By (Signature and Title)* | /s/ Agnes Mullady | |||
Date 11/30/09 |
* Print the name and title of each signing officer under his or her signature.