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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-04719

The GAMCO Westwood Funds

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2011

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

Mighty Mites^SM Fund

SmallCap Equity Fund

Income Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semi Annual Report

March 31, 2011

GAMCO WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																			Class A Shares
	Average Annual Returns – March 31, 2011 (a)																			Average Annual Returns – March 31, 2011 (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		24.64	%		9.20	%		10.75	%		12.28	%		1.58	%		1.58	%	None		19.37	%		8.10	%		10.08	%		11.74	%		1.83	%		1.83	%		4.00	%
SmallCap Equity		32.39			6.71			5.73			7.75			1.99			1.50		None		26.84			5.60			5.13			7.31			2.24			1.75			4.00
Income		14.32			1.23			8.99			7.15			3.19			2.00		None		9.57			0.18			8.30			6.65			3.44			2.25			4.00
Equity		11.89			2.27			3.69			9.97			1.54			1.54		None		7.13			1.19			3.00			9.56			1.79			1.79			4.00
Balanced		9.09			3.69			4.45			8.75			1.24			1.24		None		4.34			2.58			3.76			8.25			1.49			1.49			4.00
Intermediate Bond		3.97			4.89			4.44			5.53			1.49			1.02		None		(0.32	)		3.95			3.92			5.26			1.59			1.12			4.00

	Class B Shares																					Class C Shares
	Average Annual Returns – March 31, 2011 (a)(c)(e)																					Average Annual Returns – March 31, 2011 (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		18.64	%		8.09	%		9.94	%		11.64	%		2.33	%		2.33	%		5.00	%		22.67	%		8.42	%		9.97	%		11.66	%		2.33	%		2.33	%		1.00	%
SmallCap Equity		26.45			5.61			4.96			7.19			2.74			2.25			5.00			30.48			5.94			4.92			7.16			2.74			2.25			1.00
Income	Class B Shares have been discontinued.																						12.47			0.46			8.37			6.70			3.94			2.75			1.00
Equity	Class B Shares have been discontinued.																						10.06			1.52			2.93			9.54			2.29			2.29			1.00
Balanced		3.20			2.52			3.65			8.22			1.99			1.99			5.00			7.27			2.92			3.71			8.25			1.99			1.99			1.00
Intermediate Bond		(1.82	)		3.79			3.63			5.12			2.24			1.77			5.00			2.18			4.19			3.70			5.15			2.24			1.77			1.00

	Class I Shares
	Average Annual Returns – March 31, 2011 (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		24.89	%		9.37	%		10.84	%		12.35	%		1.33	%		1.33	%	None
SmallCap Equity		32.74			6.88			5.81			7.81			1.74			1.25		None
Income		14.77			1.41			9.09			7.23			2.94			1.75		None
Equity		12.19			2.46			3.79			10.01			1.29			1.29		None
Balanced		9.30			3.84			4.53			8.79			0.99			0.99		None
Intermediate Bond		4.22			5.05			4.52			5.57			1.24			0.77		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 SmallCap Equity, Income, and Intermediate Bond 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, 2012 and are renewable annually by the Adviser. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains 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)	Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.
(d)	Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.
(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
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		01/11/08
Equity		01/02/87		01/28/94		—		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

2

Morningstar^® Ratings Based on Risk Adjusted returns as of March 31, 2011.

Overall Rating

3 Year Rating

5 Year Rating

10 Year Rating

Morningstar

# of

# of

# of

# of

FUND

Category

Stars

Funds

Stars

Funds

Stars

Funds

Stars

Funds

GAMCO Westwood Mighty MitesSM AAA

Small Blend

*****

577

*****

577

*****

487

*****

285

GAMCO Westwood Mighty MitesSM A

Small Blend

*****

577

*****

577

*****

487

*****

285

GAMCO Westwood Mighty MitesSM B

Small Blend

*****

577

*****

577

*****

487

*****

285

GAMCO Westwood Mighty MitesSM C

Small Blend

*****

577

*****

577

*****

487

*****

285

GAMCO Westwood Mighty MitesSM I

Small Blend

*****

577

*****

577

*****

487

*****

285

GAMCO Westwood SmallCap Equity AAA

Small Blend

**

577

***

577

****

487

*

285

GAMCO Westwood SmallCap Equity A

Small Blend

***

577

***

577

***

487

*

285

GAMCO Westwood SmallCap Equity I

Small Blend

***

577

***

577

****

487

*

285

GAMCO Westwood Income AAA

Large Value

****

1120

****

1120

****

945

*****

522

GAMCO Westwood Income A

Large Value

***

1120

***

1120

***

945

*****

522

GAMCO Westwood Income C

Large Value

***

1120

****

1120

***

945

*****

522

GAMCO Westwood Income I

Large Value

****

1120

****

1120

****

945

*****

522

GAMCO Westwood Equity AAA

Large Blend

***

1757

**

1757

***

1471

****

816

GAMCO Westwood Equity A

Large Blend

***

1757

*

1757

***

1471

***

816

GAMCO Westwood Equity C

Large Blend

***

1757

**

1757

***

1471

***

816

GAMCO Westwood Equity I

Large Blend

**

1757

**

1757

****

1471

****

816

GAMCO Westwood Balanced AAA

Moderate Allocation

***

932

**

932

***

734

***

408

GAMCO Westwood Balanced A

Moderate Allocation

***

932

**

932

***

734

***

408

GAMCO Westwood Balanced B

Moderate Allocation

***

932

**

932

***

734

***

408

GAMCO Westwood Balanced C

Moderate Allocation

***

932

**

932

***

734

***

408

GAMCO Westwood Balanced I

Moderate Allocation

***

932

***

932

****

734

***

408

GAMCO Westwood Intermediate Bond AAA

Intermediate-Term Bond

**

1021

**

1021

**

873

**

563

GAMCO Westwood Intermediate Bond A

Intermediate-Term Bond

**

1021

**

1021

**

873

*

563

GAMCO Westwood Intermediate Bond B

Intermediate-Term Bond

*

1021

*

1021

**

873

*

563

GAMCO Westwood Intermediate Bond C

Intermediate-Term Bond

**

1021

**

1021

**

873

*

563

GAMCO Westwood Intermediate Bond I

Intermediate-Term Bond

**

1021

**

1021

***

873

**

563

The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with its three, five and ten year (if applicable) Morningstar Rating metrics. Data presented reflects past performance, which is no guarantee of future results. Ratings are for Class AAA, A, B, C, or I shares; other classes may have different performance characteristics. Unrated classes of fund shares are not listed. For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure (including the effects of sales charges, loads, and redemption fees) that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Strong relative performance is not indicative of positive fund returns. ^© 2010 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Teton Advisors is the investment manager for all GAMCO Westwood Funds. Investors should carefully consider the investment objectives, risks, sales charges and expenses of the Funds before investing. Each Fund’s prospectus contains this and other information about each Fund and is available, by calling 800-WESTWOOD, online at www.tetonadv.com or from your financial adviser. The prospectus should be read carefully before investing. Distributed by Gabelli & Company, One Corporate Center, Rye, NY 10580. Call 800-WESTWOOD for a prospectus.

3

GAMCO Westwood Funds
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2010 through March 31, 2011	Expense Table

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

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

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

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

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

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

	Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During
	10/01/10		03/31/11		Ratio			Period*
GAMCO Westwood Mighty MitesSM Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,184.90		1.41	%	$	7.68
Class A	$	1,000.00	$	1,183.50		1.66	%	$	9.04
Class B	$	1,000.00	$	1,180.70		2.16	%	$	11.74
Class C	$	1,000.00	$	1,180.60		2.16	%	$	11.74
Class I	$	1,000.00	$	1,186.20		1.16	%	$	6.32
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.90		1.41	%	$	7.09
Class A	$	1,000.00	$	1,016.65		1.66	%	$	8.35
Class B	$	1,000.00	$	1,014.16		2.16	%	$	10.85
Class C	$	1,000.00	$	1,014.16		2.16	%	$	10.85
Class I	$	1,000.00	$	1,019.15		1.16	%	$	5.84
GAMCO Westwood SmallCap Equity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,333.80		1.50	%	$	8.73
Class A	$	1,000.00	$	1,332.30		1.75	%	$	10.18
Class B	$	1,000.00	$	1,329.10		2.25	%	$	13.07
Class C	$	1,000.00	$	1,329.60		2.25	%	$	13.07
Class I	$	1,000.00	$	1,335.30		1.25	%	$	7.28
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.45		1.50	%	$	7.54
Class A	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class B	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class C	$	1,000.00	$	1,013.71		2.25	%	$	11.30
Class I	$	1,000.00	$	1,018.70		1.25	%	$	6.29
GAMCO Westwood Income Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,140.10		1.67	%	$	8.91
Class A	$	1,000.00	$	1,139.40		1.79	%	$	9.55
Class C	$	1,000.00	$	1,135.10		2.42	%	$	12.88
Class I	$	1,000.00	$	1,142.80		1.43	%	$	7.64
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,016.60		1.67	%	$	8.40
Class A	$	1,000.00	$	1,016.01		1.79	%	$	9.00
Class C	$	1,000.00	$	1,012.86		2.42	%	$	12.14
Class I	$	1,000.00	$	1,017.80		1.43	%	$	7.19
GAMCO Westwood Equity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,170.90		1.55	%	$	8.39
Class A	$	1,000.00	$	1,169.40		1.80	%	$	9.74
Class C	$	1,000.00	$	1,168.10		2.30	%	$	12.43
Class I	$	1,000.00	$	1,172.50		1.30	%	$	7.04
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.20		1.55	%	$	7.80
Class A	$	1,000.00	$	1,015.96		1.80	%	$	9.05
Class C	$	1,000.00	$	1,013.46		2.30	%	$	11.55
Class I	$	1,000.00	$	1,018.45		1.30	%	$	6.54
GAMCO Westwood Balanced Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,100.00		1.24	%	$	6.49
Class A	$	1,000.00	$	1,098.20		1.49	%	$	7.79
Class B	$	1,000.00	$	1,096.00		1.99	%	$	10.40
Class C	$	1,000.00	$	1,096.60		1.99	%	$	10.40
Class I	$	1,000.00	$	1,101.50		0.99	%	$	5.19
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.75		1.24	%	$	6.24
Class A	$	1,000.00	$	1,017.50		1.49	%	$	7.49
Class B	$	1,000.00	$	1,015.01		1.99	%	$	10.00
Class C	$	1,000.00	$	1,015.01		1.99	%	$	10.00
Class I	$	1,000.00	$	1,020.00		0.99	%	$	4.99
GAMCO Westwood Intermediate Bond Fund
Actual Fund Return
Class AAA	$	1,000.00	$	988.20		1.00	%	$	4.96
Class A	$	1,000.00	$	987.70		1.10	%	$	5.45
Class B	$	1,000.00	$	984.50		1.75	%	$	8.66
Class C	$	1,000.00	$	984.20		1.75	%	$	8.66
Class I	$	1,000.00	$	989.50		0.75	%	$	3.72
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,019.95		1.00	%	$	5.04
Class A	$	1,000.00	$	1,019.45		1.10	%	$	5.54
Class B	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class C	$	1,000.00	$	1,016.21		1.75	%	$	8.80
Class I	$	1,000.00	$	1,021.19		0.75	%	$	3.78

* 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 (182 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of total net assets as of March 31, 2011:

GAMCO Westwood Mighty Mites^SM Fund

U.S. Government Obligations	29.5	%
Health Care	7.7	%
Diversified Industrial	5.4	%
Electronics	5.3	%
Computer Software and Services	4.7	%
Equipment and Supplies	4.5	%
Financial Services	3.7	%
Business Services	3.1	%
Automotive: Parts and Accessories	3.0	%
Broadcasting	2.9	%
Consumer Products	2.9	%
Specialty Chemicals	2.5	%
Publishing	2.0	%
Food and Beverage	2.0	%
Restaurants	1.7	%
Machinery	1.7	%
Hotels and Gaming	1.6	%
Retail	1.5	%
Aviation: Parts and Services	1.3	%
Metals and Mining	1.3	%
Commercial Services	1.2	%
Educational Services	1.1	%
Energy and Utilities: Water	1.0	%
Energy and Utilities: Services	0.9	%
Real Estate	0.9	%
Energy and Utilities: Natural Gas	0.8	%
Semiconductors	0.7	%
Telecommunications	0.6	%
Energy and Utilities: Oil	0.6	%
Building and Construction	0.5	%
Communications Equipment	0.4	%
Energy and Utilities: Integrated	0.4	%
Consumer Services	0.4	%
Manufactured Housing and Recreational Vehicles	0.4	%
Entertainment	0.4	%
Aerospace	0.3	%
Environmental Control	0.3	%
Transportation	0.2	%
Automotive	0.2	%
Agriculture	0.1	%
Energy and Utilities: Alternative Energy	0.1	%
Paper and Forest Products	0.1	%
Closed-end Business Development Company	0.1	%
Energy and Utilities: Electric	0.1	%
Computer Hardware	0.0	%
Cable	0.0	%
Airlines	0.0	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

GAMCO Westwood SmallCap Equity Fund

Financial Services	14.9	%
Electronics	12.2	%
Semiconductors	9.2	%
Energy and Utilities	8.8	%
U.S. Government Obligations	7.0	%
Health Care	6.3	%
Equipment and Supplies	5.4	%
Computer Software and Services	5.2	%
Business Services	4.7	%
Diversified Industrial	3.4	%
Retail	2.8	%
Machinery	2.8	%
Aerospace	2.6	%
Metals and Mining	2.2	%
Computer Hardware	1.7	%
Specialty Chemicals	1.6	%
Automotive	1.5	%
Building and Construction	1.4	%
Telecommunications	1.2	%
Consumer Products	1.2	%
Commercial Services	0.9	%
IT Services	0.7	%
Publishing	0.6	%
Communications Equipment	0.6	%
Entertainment	0.5	%
Food Products	0.5	%
Automotive: Parts and Accessories	0.5	%
Aviation: Parts and Services	0.3	%
Health Care Providers and Services	0.3	%
Food and Beverage	0.2	%
Restaurants	0.2	%
Transportation	0.1	%
Consumer Services	0.1	%
Real Estate	0.1	%
Other Assets and Liabilities (Net)	(1.7	)%
	100.0	%

GAMCO Westwood Income Fund

Financial Services	18.8	%
Food and Beverage	13.4	%
Health Care	9.6	%
Energy and Utilities: Oil	8.4	%
Energy and Utilities: Services	6.9	%
Specialty Chemicals	5.8	%
Diversified Industrial	4.5	%
Telecommunications	4.4	%
Computer Hardware	3.8	%
Banking	3.6	%
Energy and Utilities: Water	3.4	%
Energy and Utilities: Natural Gas	3.0	%
Electronics	3.0	%
Paper and Forest Products	2.8	%
Automotive	2.3	%
Consumer Products	2.2	%
Retail	1.4	%
Energy and Utilities: Integrated	0.9	%
Agriculture	0.7	%
Computer Software and Services	0.5	%
Other Assets and Liabilities (Net)	0.6	%
	100.0	%

5

Summary of Portfolio Holdings (Continued) (Unaudited)

GAMCO Westwood Equity Fund

Health Care	14.0	%
Financial Services	12.1	%
Energy: Oil	8.3	%
Banking	7.8	%
Energy: Natural Gas	6.1	%
Retail	6.0	%
Computer Hardware	4.9	%
Energy: Integrated	4.1	%
Specialty Chemicals	4.1	%
Aerospace	4.1	%
Diversified Industrial	4.0	%
Computer Software and Services	3.0	%
Telecommunications	3.0	%
Electronics	3.0	%
Entertainment	2.1	%
Transportation	2.0	%
Consumer Products	2.0	%
Cable and Satellite	2.0	%
Automotive	1.9	%
Machinery	1.1	%
Broadcasting	1.1	%
Communications Equipment	1.0	%
Food and Beverage	0.9	%
Mutual Funds	0.0	%
Other Assets and Liabilities (Net)	1.4	%
	100.0	%

GAMCO Westwood Balanced Fund

U.S. Government Obligations	11.4	%
U.S. Government Agency Obligations	10.8	%
Health Care	8.4	%
Financial Services	8.3	%
Banking	8.2	%
Energy: Oil	6.8	%
Energy: Natural Gas	4.7	%
Retail	3.9	%
Mutual Funds	3.5	%
Diversified Industrial	3.5	%
Computer Hardware	3.1	%
Energy: Integrated	2.9	%
Specialty Chemicals	2.6	%
Aerospace	2.6	%
Electronics	2.6	%
Computer Software and Services	2.5	%
Telecommunications	2.4	%
Transportation	2.2	%
Consumer Products	1.6	%
Food and Beverage	1.3	%
Cable and Satellite	1.3	%
Entertainment	1.2	%
Automotive	1.1	%
Machinery	0.8	%
Metals and Mining	0.7	%
Wireless Communications	0.7	%
Broadcasting	0.7	%
Real Estate Investment Trusts	0.6	%
Communications Equipment	0.6	%
Other Assets and Liabilities (Net)	(1.0	)%
	100.0	%

GAMCO Westwood Intermediate Bond Fund

Corporate Bonds	42.5	%
U.S. Government Agency Obligations	27.4	%
U.S. Government Obligations	25.6	%
Short-term Investments	3.7	%
Other Assets and Liabilities (Net)	0.8	%
	100.0	%

The GAMCO Westwood Funds (the “Funds”) file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended December 31, 2010. 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 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.

6

GAMCO Westwood Mighty Mites^SM Fund

Schedule of Investments — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 70.5%
		Aerospace — 0.3%
	47,389	Ducommun Inc.	$	1,026,577	$	1,132,597
	150,100	Innovative Solutions & Support Inc.†		790,524		878,085
				1,817,101		2,010,682
		Agriculture — 0.1%
	225	J.G. Boswell Co.		144,675		184,500
	27,200	Limoneira Co.		605,893		644,640
				750,568		829,140
		Airlines — 0.0%
	5,000	AirTran Holdings Inc.†		36,675		37,250
	8,000	Pinnacle Airlines Corp.†		20,239		46,000
				56,914		83,250
		Automotive — 0.2%
	100,000	Wabash National Corp.†		190,947		1,158,000
		Automotive: Parts and Accessories — 2.9%
	105,000	Dana Holding Corp.†		624,230		1,825,950
	22,000	Federal-Mogul Corp.†		329,317		547,800
	295,748	Midas Inc.†		2,668,897		2,268,387
	100,800	Modine Manufacturing Co.†		695,373		1,626,912
	17,500	Puradyn Filter Technologies Inc.†		5,335		5,513
	313,036	Standard Motor Products Inc.		2,823,285		4,329,288
	146,800	Strattec Security Corp.		2,956,262		4,919,268
	71,532	Superior Industries International Inc.		1,129,654		1,834,080
	40,000	Tenneco Inc.†		124,690		1,698,000
	40,000	The Pep Boys — Manny, Moe & Jack		499,816		508,400
				11,856,859		19,563,598
		Aviation: Parts and Services — 1.3%
	9,200	Astronics Corp.†		116,038		231,564
	938,800	GenCorp Inc.†		3,898,153		5,614,024
	91,600	Kaman Corp.		1,228,018		3,224,320
				5,242,209		9,069,908
		Broadcasting — 2.9%
	400,100	Acme Communications Inc.†		577,329		500,125
	535,000	Beasley Broadcast Group Inc., Cl. A† (a)		2,910,218		3,926,900
	49,900	Crown Media Holdings Inc., Cl. A†		349,798		115,768
	5,000	Cumulus Media Inc., Cl. A†		3,580		21,700
	73,800	Entercom Communications Corp., Cl. A†		57,010		813,276
	15,000	Equity Media Holdings Corp.†		44,866		12
	162,908	Fisher Communications Inc.†		3,199,752		5,063,181
	924	Granite Broadcasting Corp.† (b)		24,780		0
	618,400	Gray Television Inc.†		406,945		1,280,088
	30,832	Gray Television Inc., Cl. A†		52,106		59,814
	110,000	LIN TV Corp., Cl. A†		125,349		652,300
	765,000	Media General Inc., Cl. A†		3,400,410		5,263,200
	313,332	Salem Communications Corp., Cl. A		1,172,610		1,174,995
	50,000	Sinclair Broadcast Group Inc., Cl. A		89,853		627,000
				12,414,606		19,498,359
		Building and Construction — 0.5%
	500,000	Huttig Building Products Inc.†		480,276		490,000
	40,000	Layne Christensen Co.†		1,058,071		1,380,000
	177,400	Material Sciences Corp.†		329,145		1,279,054
	15,800	The Monarch Cement Co.		414,034		398,950
				2,281,526		3,548,004
		Business Services — 3.1%
	28,000	ANC Rental Corp.† (b)		840		3
	235,000	Ascent Media Corp., Cl. A†		6,101,246		11,479,750
	21,500	Cenveo Inc.†		58,614		140,395
	103	Chazak Value Corp.† (b)		0		0
	67,500	EDGAR Online Inc.†		131,159		88,425
	622,189	Edgewater Technology Inc.†		1,888,171		1,984,783
	98,736	GP Strategies Corp.†		876,570		1,342,810
	3,000	Intermec Inc.†		34,993		32,370
	140,000	Internap Network Services Corp.†		763,018		919,800
	2,000	Liquidity Services Inc.†		10,853		35,720
	228,400	Pure Technologies Ltd.†		1,040,722		1,123,742
	58,300	S1 Corp.†		334,041		389,444
	51,700	SearchMedia Holdings Ltd.†		285,149		99,264
	250,787	Stamps.com Inc.		2,082,764		3,348,006
	42,000	Trans-Lux Corp.†		32,676		6,300
				13,640,816		20,990,812
		Cable — 0.0%
	90,000	Adelphia Communications Corp., Cl. A† (b)		15,750		0
	90,000	Adelphia Communications Corp., Cl. A, Escrow† (b)		0		0
	90,000	Adelphia Recovery Trust†		0		1,350
	160,000	Mediacom Communications Corp., Cl. A† (b)		0		14,400
	12,500	Outdoor Channel Holdings Inc.†		90,231		93,250
					��
				105,981		109,000
		Closed-End Business Development Company — 0.1%
	45,000	MVC Capital Inc.		499,586		617,400
		Commercial Services — 1.2%
	18,000	ICF International Inc.†		417,773		369,720
	20,000	KAR Auction Services Inc.†		279,398		306,800
	20,000	Macquarie Infrastructure Co. LLC†		363,599		477,200
	208,375	PRGX Global Inc.†		1,229,747		1,264,836
	935,000	Swisher Hygiene Inc.†		949,891		5,718,979
				3,240,408		8,137,535
		Communications Equipment — 0.4%
	53,134	Communications Systems Inc.		557,388		820,389
	20,830	Sycamore Networks Inc.		294,441		508,877
	243,377	Symmetricom Inc.†		1,335,624		1,491,901
	4,000	Technical Communications Corp.		25,077		39,560
	30,000	ViewCast.com Inc.†		14,100		9,000
	3,000	XETA Technologies Inc.†		16,215		16,410
				2,242,845		2,886,137
		Computer Hardware — 0.0%
	50,000	Dot Hill Systems Corp.†		147,720		141,500
		Computer Software and Services — 4.7%
	2,753,100	ADPT Corp.†		8,291,329		8,094,114
	15,000	Answers Corp.†		160,440		156,000
	192,000	Callidus Software Inc.†		1,187,541		1,319,040
	10,000	Cinedigm Digital Cinema Corp., Cl. A†		18,399		17,900

See accompanying notes to financial statements.

7

GAMCO Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Computer Software and Services (Continued)
	87,938	Computer Task Group Inc.†	$	766,258	$	1,168,696
	6,000	Emulex Corp.†		67,834		64,020
	600,000	FalconStor Software Inc.†		2,232,151		2,730,000
	351,100	Furmanite Corp.†		2,025,658		2,808,800
	1,910	Gemalto NV		10,942		93,941
	310,208	Global Sources Ltd.†		2,228,018		3,607,719
	45,300	GSE Systems Inc.†		245,965		102,378
	235,000	Harris Interactive Inc.†		276,114		231,710
	75,600	interCLICK Inc.†		373,621		532,980
	91,129	Kratos Defense & Security Solutions Inc.†		1,124,602		1,297,677
	250,000	L-1 Identity Solutions Inc.†		2,933,660		2,945,000
	3,000	Lawson Software Inc.†		36,585		36,300
	332,394	Lionbridge Technologies Inc.†		1,213,805		1,140,111
	4,100	Magma Design Automation Inc.†		11,864		27,962
	92,700	Mercury Computer Systems Inc.†		1,294,258		1,961,532
	400	MTS Systems Corp.		10,336		18,220
	239,500	NaviSite Inc.†		1,307,072		1,314,855
	37,700	Schawk Inc.		613,292		732,888
	154,831	Tier Technologies Inc.†		878,492		851,571
	10,000	Trident Microsystems Inc.†		19,494		11,500
	3,800	Tyler Technologies Inc.†		39,378		90,098
				27,367,108		31,355,012
		Consumer Products — 2.9%
	134,670	A. T. Cross Co., Cl. A†		1,347,357		1,435,582
	18,000	Adams Golf Inc.†		122,578		98,100
	29,000	Callaway Golf Co.		191,165		197,780
	57,000	Heelys Inc.†		214,205		131,100
	4,300	Johnson Outdoors Inc., Cl. A†		33,657		65,317
	128,000	Kid Brands Inc.†		1,163,466		940,800
	15,300	Lakeland Industries Inc.†		147,120		136,476
	453,723	Marine Products Corp.†		2,857,504		3,598,023
	12,500	MarineMax Inc.†		51,551		123,250
	300	National Presto Industries Inc.		8,618		33,804
	79,090	Oil-Dri Corp. of America		1,281,456		1,684,617
	22,550	PC Group Inc.†		36,025		4,115
	30,000	RC2 Corp.†		845,113		843,000
	823,240	Schiff Nutrition International Inc.		5,691,570		7,499,716
	58,400	Steinway Musical Instruments Inc.†		1,096,857		1,297,064
	41,530	Syratech Corp.†		10,383		1,053
	291,800	The Wet Seal Inc., Cl. A†		1,105,394		1,248,904
				16,204,019		19,338,701
		Consumer Services — 0.4%
	440,500	1-800-FLOWERS.COM Inc., Cl. A†		1,246,021		1,453,650
	33,800	Bowlin Travel Centers Inc.†		41,186		55,770
	1,100	Collectors Universe Inc.		2,704		15,587
	120,000	Stewart Enterprises Inc., Cl. A		701,161		916,800
	3,500	Valassis Communications Inc.†		4,639		101,990
				1,995,711		2,543,797
		Diversified Industrial — 5.4%
	44,200	American Railcar Industries Inc.†		571,194		1,103,232
	195,391	Ampco-Pittsburgh Corp.		4,880,878		5,388,884
	78,600	Burnham Holdings Inc., Cl. A		1,136,739		1,204,545
	119,397	Chase Corp.		1,668,037		2,204,069
	120,720	China Wind Systems Inc.†		536,358		394,754
	47,800	Graham Corp.		673,691		1,144,332
	336,403	Griffon Corp.†		3,708,690		4,416,971
	376,800	Handy & Harman Ltd.†		2,201,555		4,529,136
	25,000	Haulotte Group SA†		134,090		508,418
	193,300	Katy Industries Inc.†		452,241		110,181
	20,000	Lydall Inc.†		144,517		177,800
	552,557	Magnetek Inc.†		1,102,168		1,215,625
	287,900	Myers Industries Inc.		2,599,918		2,858,847
	408,525	National Patent Development Corp.†		639,996		620,958
	51,500	Park-Ohio Holdings Corp.†		762,087		1,063,990
	13,700	RWC Inc.†		238,058		126,725
	25,100	Stamford Industrial Group Inc.†		92,108		48
	55,000	Standex International Corp.		1,650,136		2,083,950
	280,800	Tech/Ops Sevcon Inc.† (a)		1,358,390		1,585,116
	46,083	Tredegar Corp.		895,767		994,471
	106,568	Twin Disc Inc.		1,320,116		3,433,621
	77,207	Vishay Precision Group Inc.†		1,315,682		1,209,834
				28,082,416		36,375,507
		Educational Services — 1.1%
	325,000	Corinthian Colleges Inc.†		1,839,563		1,436,500
	301,519	Universal Technical Institute Inc.		5,614,605		5,864,545
	108,500	Voyager Learning Co., Escrow† (b)		0		0
				7,454,168		7,301,045
		Electronics — 5.3%
	27,000	A123 Systems Inc.†		353,170		171,450
	50,000	Alliance Semiconductor Corp.		156,408		15,500
	45,451	Ballantyne Strong Inc.†		205,439		325,884
	100,300	Bel Fuse Inc., Cl. A		1,870,022		2,406,197
	1,800	Bel Fuse Inc., Cl. B		36,012		39,618
	73,950	BTU International Inc.†		296,355		813,450
	264,500	CTS Corp.		1,997,985		2,856,600
	26,867	Dialight plc		293,760		321,097
	78,149	Electro Scientific Industries Inc.†		984,884		1,356,667
	49,300	IMAX Corp.†		199,628		1,576,614
	169,500	IntriCon Corp.†		664,727		671,220
	216,700	LeCroy Corp.†		755,533		2,897,279
	51,500	Mesa Laboratories Inc.		1,278,929		1,543,970
	75,000	Methode Electronics Inc.		384,225		906,000
	69,500	MoSys Inc.†		130,660		417,695
	63,800	Newport Corp.†		399,295		1,137,554
	51,300	Park Electrochemical Corp.		1,098,915		1,654,425
	70,000	Pericom Semiconductor Corp.†		699,279		725,900
	502,300	Pulse Electronics Corp.		2,429,665		3,038,915
	75,600	Schmitt Industries Inc.†		203,516		313,740
	208,300	Stoneridge Inc.†		910,658		3,045,346
	134,900	Ultra Clean Holdings Inc.†		287,575		1,394,866
	185,150	Ultralife Corp.†		1,072,722		936,859
	82,900	Ultratech Inc.†		1,353,070		2,437,260
	2,500	Universal Display Corp.†		70,448		137,600
	116,400	Zoran Corp.†		847,383		1,209,396
	204,000	Zygo Corp.†		1,594,969		2,982,480
				20,575,232		35,333,582
		Energy and Utilities: Alternative Energy — 0.1%
	89,590	China Hydroelectric Corp., ADR†		536,631		650,423

See accompanying notes to financial statements.

8

GAMCO Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Electric — 0.1%
	105,080	Comverge Inc.†	$	831,654	$	489,673
		Energy and Utilities: Integrated — 0.4%
	229,600	Headwaters Inc.†		901,950		1,354,640
	30,500	MGE Energy Inc.		1,062,659		1,234,945
	95,200	Progress Energy Inc., CVO†		10,472		13,804
				1,975,081		2,603,389
		Energy and Utilities: Natural Gas — 0.8%
	15,242	American DG Energy Inc.†		45,802		33,228
	35,500	Chesapeake Utilities Corp.		969,521		1,477,510
	53,671	Corning Natural Gas Corp.		857,412		1,281,663
	35,000	Delta Natural Gas Co. Inc.		957,694		1,103,550
	95,800	Gastar Exploration Ltd.†		406,048		465,588
	17,700	RGC Resources Inc.		401,299		607,110
	20,300	U.S. Energy Corp.†		85,659		127,078
				3,723,435		5,095,727
		Energy and Utilities: Oil — 0.6%
	46,400	Bronco Drilling Co. Inc.†		405,575		524,320
	40,700	Callon Petroleum Co.†		287,403		316,239
	39,500	Gulf Island Fabrication Inc.		1,016,935		1,270,715
	73,000	RAM Energy Resources Inc.†		137,638		151,840
	63,600	Tesco Corp.†		543,737		1,396,020
	55,000	Triangle Petroleum Corp.†		346,997		456,500
				2,738,285		4,115,634
		Energy and Utilities: Services — 0.9%
	800	Covanta Holding Corp.		13,498		13,664
	87,848	Dawson Geophysical Co.†		2,513,852		3,854,770
	60,000	RPC Inc.		173,633		1,519,200
	67,620	Seawell Ltd.†		256,348		467,083
	9,500	Subsea 7 SA, ADR		32,064		240,160
	10,000	TGC Industries Inc.†		77,992		77,700
	700	Union Drilling Inc.†		4,515		7,175
				3,071,902		6,179,752
		Energy and Utilities: Water — 1.0%
	6,000	Artesian Resources Corp., Cl. A		73,323		116,940
	42,174	Cadiz Inc.†		513,311		514,101
	2,500	California Water Service Group		55,553		92,925
	40,000	Consolidated Water Co. Ltd.		450,805		436,000
	35,000	Energy Recovery Inc.†		210,777		111,300
	8,500	Middlesex Water Co.		137,355		154,615
	82,200	Pennichuck Corp.		1,769,062		2,341,878
	99,300	SJW Corp.		2,338,311		2,298,795
	28,500	The York Water Co.		398,710		496,185
				5,947,207		6,562,739
		Entertainment — 0.4%
	31,100	Canterbury Park Holding Corp.†		310,005		376,932
	1,802	Chestnut Hill Ventures† (b)		67,956		82,092
	237,500	Dover Motorsports Inc.†		495,954		475,000
	531,441	Entravision Communications Corp., Cl. A†		1,276,874		1,440,205
	1,500	LodgeNet Interactive Corp.†		4,488		5,460
	60,000	Triple Crown Media Inc.†		16,280		180
				2,171,557		2,379,869
		Environmental Control — 0.3%
	10,000	BioteQ Environmental Technologies Inc.†		16,559		7,427
	274,000	Casella Waste Systems Inc., Cl. A†		1,371,004		1,964,580
	300	Sharps Compliance Corp.†		759		1,416
				1,388,322		1,973,423
		Equipment and Supplies — 4.5%
	1,000	AZZ Inc.		34,894		45,600
	177,500	Baldwin Technology Co. Inc., Cl. A†		357,962		285,775
	271,500	Capstone Turbine Corp.†		436,300		491,415
	58,500	CIRCOR International Inc.		1,747,317		2,750,670
	278,549	Core Molding Technologies Inc.†		904,951		2,116,972
	225,000	Federal Signal Corp.		1,494,046		1,464,750
	700	Genoil Inc.†		158		134
	299,600	Gerber Scientific Inc.†		1,516,601		2,804,256
	8,500	Gildemeister AG		61,536		192,136
	8,000	GrafTech International Ltd.†		49,988		165,040
	564,600	Interpump Group SpA†		4,026,294		4,788,882
	158,313	L.S. Starrett Co., Cl. A		1,839,306		2,222,715
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		279,394
	83,700	Met-Pro Corp.		909,408		996,030
	11,800	Mine Safety Appliances Co.		367,269		432,706
	202,900	SL Industries Inc.†		1,471,924		3,715,099
	700	SRS Labs Inc.†		3,850		5,978
	33,492	The Eastern Co.		483,875		640,367
	12,000	The Gorman-Rupp Co.		359,951		472,680
	12,000	The Greenbrier Cos. Inc.†		149,918		340,560
	36,379	Titan Machinery Inc.†		503,585		918,570
	266,000	TransAct Technologies Inc.†		1,492,952		3,178,700
	55,500	Vicor Corp.		409,310		915,195
	26,000	WaterFurnace Renewable Energy Inc.		521,940		653,285
	500	Watts Water Technologies Inc., Cl. A		7,648		19,095
				19,259,100		29,896,004
		Financial Services — 3.7%
	49,400	Anchor Bancorp.†		508,737		528,580
	16,100	Berkshire Bancorp Inc.†		219,414		99,659
	3,900	Berkshire Hills Bancorp Inc.		78,058		81,315
	75	Burke & Herbert Bank and Trust Co.		95,726		180,375
	40,000	Capital Financial Holdings Inc.†		35,200		2,800
	6,791	Capitol Federal Financial Inc.		75,244		76,534
	38,000	CNA Surety Corp.†		827,734		959,880
	29,000	Crazy Woman Creek Bancorp Inc.†		501,616		311,750
	413,000	Epoch Holding Corp.		2,770,792		6,517,140
	42	Farmers & Merchants Bank of Long Beach		203,006		177,030
	10,546	Fidelity Southern Corp.†		69,325		84,368
	172,600	Flushing Financial Corp.		2,414,747		2,571,740
	10	Guaranty Corp., Cl. A†		137,500		75,000
	64,649	Hallmark Financial Services†		580,440		541,759
	6,600	Hampden Bancorp Inc.		75,984		87,648
	5,674	Hampton Roads Bankshares Inc.†		18,089		4,823
	39,900	Heritage Financial Group Inc.		414,190		507,927
	60,125	Hudson Valley Holding Corp.		1,248,867		1,322,750
	87,273	JMP Group Inc.		725,143		751,420
	30,000	Kaiser Federal Financial Group Inc.		300,000		369,000

See accompanying notes to financial statements.

9

GAMCO Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	90,843	KKR & Co. LP	$	265,210	$	1,490,734
	79,162	Meadowbrook Insurance Group Inc.		709,881		819,327
	90,000	Medallion Financial Corp.		695,704		791,100
	46,500	Nara Bancorp Inc.†		400,243		447,330
	11,055	New York Community Bancorp Inc.		143,811		190,809
	28,500	Newport Bancorp Inc.†		356,595		397,005
	5,697	Northrim BanCorp Inc.		119,035		108,756
	40,000	Oritani Financial Corp.		412,856		507,200
	8,300	Provident New York Bancorp		105,316		85,656
	45,000	Pzena Investment Management Inc., Cl. A		203,004		317,700
	28,866	Sanders Morris Harris Group Inc.		177,619		231,217
	116	Sunwest Bank†		322,722		319,290
	82,456	SWS Group Inc.		871,686		500,508
	8,500	The Ziegler Companies Inc.†		163,481		154,318
	250	TIB Financial Corp.†		5,178		4,895
	7,500	Tree.com Inc.†		61,967		44,250
	36,600	Washington Trust Bancorp Inc.		819,774		868,884
	87,100	Westfield Financial Inc.		746,912		789,126
	40,039	Whitney Holding Corp.		207,806		545,331
	38,100	Wilshire Bancorp Inc.†		330,044		186,690
	100,000	WisdomTree Investments Inc.†		402,626		568,000
	30,000	Xenith Bankshares Inc.†		127,500		128,100
				18,948,782		24,747,724
		Food and Beverage — 2.0%
	1,000	Andrew Peller Ltd., Cl. A		9,614		9,541
	19,300	Boston Beer Co. Inc., Cl. A†		485,730		1,787,566
	16,000	Calavo Growers Inc.		362,638		349,600
	132,900	Caribou Coffee Co. Inc.†		1,259,942		1,351,593
	35,000	Feihe International Inc.†		305,571		301,350
	1,100	Hanover Foods Corp., Cl. A		110,881		99,632
	700	Inventure Foods Inc.†		1,862		2,716
	2,000	J & J Snack Foods Corp.		28,830		94,140
	231,425	Lifeway Foods Inc.†		2,245,078		2,411,449
	15,000	MGP Ingredients Inc.		69,302		130,800
	30,000	Peet’s Coffee & Tea Inc.†		1,228,197		1,442,700
	7,800	Rock Field Co. Ltd.		125,557		128,281
	5,500	Scheid Vineyards Inc., Cl. A†		95,382		50,050
	45,000	Smart Balance Inc.†		187,124		206,550
	131,700	Snyders-Lance Inc.		2,871,747		2,614,245
	48,000	The Hain Celestial Group Inc.†		989,778		1,549,440
	270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		660,200
	280,000	Vitasoy International Holdings Ltd.		133,057		228,577
	19,300	Willamette Valley Vineyards Inc.†		89,008		60,795
				10,993,085		13,479,225
		Health Care — 7.7%
	5,000	Alere Inc.†		94,541		195,700
	29,000	AngioDynamics Inc.†		366,776		438,480
	150,000	Animal Health International Inc.†		633,765		630,000
	12,800	ArthroCare Corp.†		140,635		426,752
	69,100	Bio-Reference Laboratories Inc.†		1,494,774		1,550,604
	338,855	BioLase Technology Inc.†		473,052		1,650,224
	10,000	Boiron SA		166,957		422,324
	1,000	Bruker Corp.†		5,980		20,850
	223,326	Cantel Medical Corp.		4,890,381		5,750,645
	14,000	Cardica Inc.†		66,719		49,840
	105,000	CardioNet Inc.†		544,934		502,950
	62,500	Cepheid Inc.†		595,116		1,751,250
	702,300	Continucare Corp.†		1,967,747		3,757,305
	103,800	Cutera Inc.†		858,374		889,566
	60,000	Cynosure Inc., Cl. A†		508,551		833,400
	5,000	DexCom Inc.†		65,375		77,600
	20,163	DGT Holdings Corp.†		295,791		193,565
	1,000	Elite Pharmaceuticals Inc.†		2,690		78
	108,300	Exactech Inc.†		1,812,890		1,900,665
	4,870	Heska Corp.†		59,840		31,655
	73,600	Hooper Holmes Inc.†		69,670		54,464
	1,300	ICU Medical Inc.†		34,815		56,914
	10,000	Indevus Pharmaceuticals Inc., Escrow† (b)		0		11,000
	473,000	InfuSystems Holdings Inc.†		1,268,317		1,277,100
	486,401	IRIS International Inc.†		5,120,761		4,387,337
	172,913	LeMaitre Vascular Inc.		1,184,413		1,177,538
	91,700	Neogen Corp.†		559,479		3,794,546
	1,800	NMT Medical Inc.†		5,643		306
	50,000	Opko Health Inc.†		108,408		186,500
	17,500	Orthofix International NV†		279,401		568,050
	117,800	Pain Therapeutics Inc.†		536,167		1,126,168
	157,300	Palomar Medical Technologies Inc.†		2,200,032		2,335,905
	10,000	PreMD Inc.†		18,320		41
	152,561	Quidel Corp.†		1,733,466		1,824,630
	402,290	Rochester Medical Corp.†		4,498,306		4,618,289
	84,400	RTI Biologics Inc.†		499,719		241,384
	24,000	Skilled Healthcare Group Inc., Cl. A†		259,360		345,360
	213,900	Strategic Diagnostics Inc.†		207,526		481,275
	120,900	SurModics Inc.†		1,417,581		1,511,250
	95,000	Syneron Medical Ltd.†		819,192		1,238,800
	2,000	Targanta Therapeutics Corp., Escrow† (b)		0		1,280
	500	ThermoGenesis Corp.†		1,140		1,045
	200,000	TomoTherapy Inc.†		915,760		914,000
	101,000	Trinity Biotech plc, ADR†		860,693		947,380
	82,900	United-Guardian Inc.		734,019		1,236,039
	137,331	Vascular Solutions Inc.†		1,369,271		1,498,281
	23,300	Young Innovations Inc.		433,256		731,620
				40,179,603		51,639,955
		Hotels and Gaming — 1.6%
	53,540	Churchill Downs Inc.		1,698,594		2,221,910
	256,000	Dover Downs Gaming & Entertainment Inc.		1,261,527		919,040
	2,500	Florida Gaming Corp.†		6,252		8,437
	4,000	Gaylord Entertainment Co.†		55,334		138,720
	192,922	Morgans Hotel Group Co.†		1,564,870		1,890,636
	8,500	Multimedia Games Inc.†		76,734		48,705
	26,500	Pinnacle Entertainment Inc.†		200,316		360,930
	211,473	Sonesta International Hotels Corp., Cl. A (a)		3,418,145		4,057,110
	106,000	The Marcus Corp.		1,257,478		1,155,400
				9,539,250		10,800,888
		Machinery — 1.7%
	35,000	Astec Industries Inc.†		1,066,959		1,305,150
	11,000	DXP Enterprises Inc.†		140,765		253,880
	134,000	Flow International Corp.†		210,750		588,260
	146,400	Global Power Equipment Group Inc.†		3,434,289		4,026,000

See accompanying notes to financial statements.

10

GAMCO Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

						Market
Shares				Cost		Value
			COMMON STOCKS (Continued)
			Machinery (Continued)
	6,000		Hardinge Inc.	$	54,215	$	82,200
	63,911		Key Technology Inc.†		1,233,907		1,291,641
	6,000		Lindsay Corp.		180,673		474,120
	46,300		Tennant Co.		927,753		1,946,452
	14,800		The Middleby Corp.†		464,969		1,379,656
					7,714,280		11,347,359
			Manufactured Housing and Recreational Vehicles — 0.4%
	1,212,300		All American Group Inc.†		1,748,372		276,404
	15,500		Cavco Industries Inc.†		401,106		699,980
	38,300		Nobility Homes Inc.†		408,896		352,360
	25,300		Skyline Corp.		559,803		507,265
	42,000		Winnebago Industries Inc.†		461,483		561,540
					3,579,660		2,397,549
			Metals and Mining — 1.3%
	87,400		5N Plus Inc.†		315,355		835,686
	650,000		Alkane Resources Ltd.†		704,489		1,280,785
	100,000		Allana Potash Corp.†		197,161		189,789
	20,000		Camino Minerals Corp.†		3,744		7,014
	100,000	(c)	Duluth Metals Ltd.†		298,512		271,274
	142,800		Materion Corp.†		2,892,831		5,826,240
	600,000		Tanami Gold NL†		556,226		546,137
					4,968,318		8,956,925
			Paper and Forest Products — 0.1%
	6,749		Keweenaw Land Association Ltd.†		619,836		632,719
			Publishing — 2.0%
	171,300		Belo Corp., Cl. A†		348,288		1,509,153
	133,571		Cambium Learning Group Inc.†		511,753		454,141
	863,800		Il Sole 24 Ore SpA†		1,655,253		1,615,907
	1,126,000		Journal Communications Inc., Cl. A†		2,699,482		6,756,000
	373,089		PRIMEDIA Inc.		1,240,801		1,816,943
	145,000		The E.W. Scripps Co., Cl. A†		533,809		1,435,500
					6,989,386		13,587,644
			Real Estate — 0.9%
	7,000		Bresler & Reiner Inc.†		130,140		7,700
	14,100		Capital Properties Inc., Cl. A		173,352		183,159
	6,000		Capital Properties Inc., Cl. B (b)(d)		0		77,940
	78,000		Cohen & Steers Inc.		1,576,930		2,315,040
	70,900		Griffin Land & Nurseries Inc.		1,958,784		2,281,562
	1,900		Gyrodyne Co. of America Inc.†		49,716		139,650
	6,300		Holobeam Inc.†		113,939		119,700
	124,500		Reading International Inc., Cl. A†		627,682		628,725
	39,800		Reading International Inc., Cl. B†		336,054		288,550
	2,508		Royalty LLC† (b)(d)		0		7,550
					4,966,597		6,049,576
			Restaurants — 1.7%
	15,279		Biglari Holdings Inc.†		4,249,234		6,471,420
	80,500		Denny’s Corp.†		252,176		326,830
	95,105		Famous Dave’s of America Inc.†		888,321		930,127
	155,229		Nathan’s Famous Inc.†		2,127,230		2,682,357
	43,000		The Cheesecake Factory Inc.†		1,265,428		1,293,870
					8,782,389		11,704,604
			Retail — 1.5%
	41,000		Aaron’s Inc.†		726,779		1,039,760
	70,000		Big 5 Sporting Goods Corp.		943,564		834,400
	243,400		Coldwater Creek Inc.†		854,521		642,576
	79,800		Hot Topic Inc.		499,225		454,860
	129,200		Ingles Markets Inc., Cl. A		2,050,344		2,559,452
	125,071		Krispy Kreme Doughnuts Inc.†		844,969		880,500
	13,800		Movado Group Inc.†		168,084		202,584
	28,000		Pier 1 Imports Inc.†		293,203		284,200
	60,900		Rush Enterprises Inc., Cl. A†		955,468		1,205,820
	57,500		Rush Enterprises Inc., Cl. B†		623,178		999,925
	21,800		The Bon-Ton Stores Inc.†		178,394		337,900
	330,000		The Great Atlantic & Pacific Tea Co. Inc.†		61,465		75,900
	11,300		Village Super Market Inc., Cl. A		295,331		328,830
					8,494,525		9,846,707
			Semiconductors — 0.7%
	122,400		Advanced Analogic Technologies Inc.†		474,312		462,672
	135,975		Cascade Microtech Inc.†		690,498		840,325
	100,000		Conexant Systems Inc.†		219,500		238,000
	132,700		Entegris Inc.†		656,924		1,163,779
	89,500		Entropic Communications Inc.†		491,413		756,275
	1,319		GSI Group Inc.†		10,602		13,587
	93,700		IXYS Corp.†		991,052		1,258,391
					3,534,301		4,733,029
			Specialty Chemicals — 2.5%
	9,109		A. Schulman Inc.		217,352		225,174
	10,000		Chemtura Corp.†		165,169		172,000
	558,500		Ferro Corp.†		2,228,966		9,265,515
	267,226		General Chemical Group Inc.†		59,859		3,340
	30,000		Hawkins Inc.		429,913		1,232,400
	1,000		KMG Chemicals Inc.		3,270		19,660
	270,000		Omnova Solutions Inc.†		509,785		2,124,900
	202,500		Zep Inc.		2,741,477		3,525,525
					6,355,791		16,568,514
			Telecommunications — 0.6%
	45,200		Atlantic Tele-Network Inc.		1,776,694		1,680,988
	150,000		Cincinnati Bell Inc.†		420,006		402,000
	75		Consolidated Communications Holdings Inc.		1,336		1,405
	1,500		Electronic Systems Technology Inc.†		1,058		885
	60,000		HickoryTech Corp.		563,742		545,400
	80		Horizon Telecom Inc., Cl. A		9,250		7,200
	350		Horizon Telecom Inc., Cl. B		39,964		24,500
	30,000		ICO Global Communications (Holdings) Ltd.†		48,782		80,100
	56,100		New Ulm Telecom Inc.		547,403		314,160
	400		North State Telephone Co., Cl. A		31,368		31,800
	500		Otelco Inc., IDS		9,074		9,690
	7,788		Preformed Line Products Co.		338,590		538,696
	18,500		Shenandoah Telecommunications Co.		104,466		334,110
	500		SureWest Communications†		5,393		7,190
	17,875		Windstream Corp.		179,823		230,051
					4,076,949		4,208,175

See accompanying notes to financial statements.

11

GAMCO Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Transportation — 0.2%
	1,000	K-Sea Transportation Partners LP†	$	8,125	$	8,180
	8,200	PHI Inc.†		130,182		188,600
	82,200	Providence and Worcester Railroad Co.		1,108,795		1,374,795
	1,000	Trailer Bridge Inc.†		5,382		3,810
				1,252,484		1,575,385
		TOTAL COMMON STOCKS		338,805,150		473,113,580
		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	20,000	Jungheinrich AG Pfd.		229,855		803,549
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Zero Coupon Cv. Pfd., Ser. 2003 (b)†		7,625		14,935
		RIGHTS — 0.0%
		Equipment and Supplies — 0.0%
	8,500	Gildemeister AG, expire 04/11/11†		0		5,674
		WARRANTS — 0.0%
		Broadcasting — 0.0%
	63	Granite Broadcasting Corp., Ser. A, expire 06/04/12† (b)		0		0
	63	Granite Broadcasting Corp., Ser. B, expire 06/04/12† (b)		0		0
				0		0
		TOTAL WARRANTS		0		0
Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 29.5%
$	198,431,000	U.S. Treasury Bills, 0.115% to 0.210%††, 04/07/11 to 09/22/11		198,336,905		198,353,593
		TOTAL INVESTMENTS — 100.1%	$	537,379,535		672,291,331
		Other Assets and Liabilities (Net) — (0.1)%				(792,527	)
		NET ASSETS — 100.0%			$	671,498,804

(a)	Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.
(b)	Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2011, the market value of fair valued securities amounted to $209,200 or 0.03% of net assets.
(c)	Denoted in units.
(d)	At March 31, 2011, the Fund held investments in restricted and illiquid securities amounting to $85,490 or 0.01% of net assets, which were valued under methods approved by the Board of Trustees, as follows:

							03/31/11
							Carrying
Acquisition			Acquisition		Acquisition		Value
Shares		Issuer	Date		Cost		Per Unit
	6,000	Capital Properties Inc., Cl. B		11/20/03		—	$	12.9900
	2,508	Royalty LLC		09/09/03		—		3.0104

†	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.

12

GAMCO Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 94.7%
		Aerospace — 2.6%
	10,000	AAR Corp.†	$	219,569	$	277,200
	1,500	Curtiss-Wright Corp.		56,908		52,710
	700	Esterline Technologies Corp.†		19,504		49,504
	12,200	Hexcel Corp.†		199,873		240,218
	4,600	Kaman Corp.		82,901		161,920
				578,755		781,552
		Automotive — 1.5%
	2,400	AutoNation Inc.†		44,468		84,888
	500	Group 1 Automotive Inc.		16,425		21,400
	1,100	Navistar International Corp.†		41,893		76,263
	3,700	Penske Automotive Group Inc.†		63,090		74,074
	6,900	Rush Enterprises Inc., Cl. A†		86,636		136,620
	6,100	Wabash National Corp.†		44,638		70,638
				297,150		463,883
		Automotive: Parts and Accessories — 0.5%
	1,900	Federal-Mogul Corp.†		24,695		47,310
	4,300	Midas Inc.†		54,734		32,981
	600	Monro Muffler Brake Inc.		12,436		19,788
	1,600	Superior Industries International Inc.		22,818		41,024
				114,683		141,103
		Aviation: Parts and Services — 0.3%
	2,000	Astronics Corp.†		18,913		50,340
	2,100	Ducommun Inc.		40,426		50,190
				59,339		100,530
		Building and Construction — 1.4%
	2,600	Chicago Bridge & Iron Co., NV		50,128		105,716
	8,300	Dycom Industries Inc.†		110,715		143,922
	1,400	Insituform Technologies Inc., Cl. A†		20,052		37,450
	5,700	MYR Group Inc.†		137,940		136,344
	900	NCI Building Systems Inc.†		11,629		11,403
				330,464		434,835
		Business Services — 4.7%
	5,500	ABM Industries Inc.		139,602		139,645
	600	Alliance Data Systems Corp.†		24,717		51,534
	1,050	Ascent Media Corp., Cl. A†		24,024		51,293
	5,200	Convergys Corp.†		65,494		74,672
	7,043	Edgewater Technology Inc.†		47,384		22,467
	10,200	FTI Consulting Inc.†		354,329		390,966
	4,800	G & K Services Inc., Cl. A		136,886		159,600
	6,600	GP Strategies Corp.†		34,196		89,760
	3,000	Healthcare Services Group Inc.		34,839		52,740
	1,200	Kforce Inc.†		13,629		21,960
	3,000	MDC Partners Inc., Cl. A		17,240		50,310
	18,400	PRGX Global Inc.†		111,942		111,688
	2,200	Schawk Inc.		25,150		42,768
	3,600	Tetra Tech Inc.†		81,412		88,884
	12,100	Tier Technologies Inc.†		83,081		66,550
				1,193,925		1,414,837
		Commercial Services — 0.9%
	5,500	Checkpoint Systems Inc.†		118,396		123,640
	2,000	ICF International Inc.†		44,927		41,080
	6,100	KAR Auction Services Inc.†		79,424		93,574
				242,747		258,294
		Communications Equipment — 0.6%
	5,400	Harmonic Inc.†		28,608		50,652
	2,200	Plantronics Inc.		33,352		80,564
	7,900	Symmetricom Inc.†		32,176		48,427
				94,136		179,643
		Computer Hardware — 1.7%
	4,200	Cray Inc.†		25,738		27,090
	6,000	NCR Corp.†		64,440		113,040
	20,900	QLogic Corp.†		330,147		387,695
				420,325		527,825
		Computer Software and Services — 5.2%
	1,600	Akamai Technologies Inc.†		34,693		60,800
	2,000	AOL Inc.†		47,985		39,060
	4,600	Avid Technology Inc.†		74,691		102,580
	4,000	Bottomline Technologies Inc.†		60,672		100,560
	2,500	Cadence Design Systems Inc.†		14,093		24,375
	11,000	Callidus Software Inc.†		68,478		75,570
	2,700	Dynamics Research Corp.†		29,252		44,145
	1,600	Evolving Systems Inc.		11,504		11,584
	5,600	Fair Isaac Corp.		117,149		177,016
	6,500	Lawson Software Inc.†		43,285		78,650
	29,600	Magma Design Automation Inc.†		59,927		201,872
	4,900	Mercury Computer Systems Inc.†		38,143		103,684
	7,700	Parametric Technology Corp.†		110,109		173,173
	3,900	Progress Software Corp.†		57,332		113,451
	900	Rovi Corp.†		15,567		48,285
	8,900	S1 Corp.†		46,727		59,452
	1,900	Teradata Corp.†		39,636		96,330
	12,600	THQ Inc.†		128,128		57,456
				997,371		1,568,043
		Consumer Products — 1.2%
	7,700	A. T. Cross Co., Cl. A†		76,012		82,082
	3,000	Cinemark Holdings Inc.		56,277		58,050
	3,400	Cineplex Inc.		81,808		81,221
	5,900	Knoll Inc.		68,581		123,664
	300	The Warnaco Group Inc.†		8,475		17,157
				291,153		362,174
		Consumer Services — 0.1%
	3,400	TiVo Inc.†		30,661		29,784
		Diversified Industrial — 3.4%
	2,500	A.M. Castle & Co.†		25,591		47,200
	5,750	Barnes Group Inc.		122,162		120,060
	5,760	Columbus McKinnon Corp.†		116,181		106,330
	4,381	Federal Signal Corp.		52,055		28,520
	6,400	Furmanite Corp.†		30,986		51,200
	4,788	Griffon Corp.†		41,704		62,866
	3,200	Kaydon Corp.		115,189		125,408
	3,800	Kennametal Inc.		153,414		148,200
	700	Lawson Products Inc.		12,648		16,128
	7,100	RSC Holdings Inc.†		84,314		102,098
	5,600	Sealed Air Corp.		119,933		149,296
	700	Texas Industries Inc.		23,737		31,661
	2,600	Tredegar Corp.		36,867		56,108
				934,781		1,045,075
		Electronics — 12.2%
	2,100	Analogic Corp.		82,989		118,755
	3,600	Avnet Inc.†		77,517		122,724
	14,800	Ballantyne Strong Inc.†		75,510		106,116

See accompanying notes to financial statements.

13

GAMCO Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Electronics — (Continued)
	800	Coherent Inc.†	$	14,414	$	46,488
	24,700	Electro Scientific Industries Inc.†		350,035		428,792
	2,200	FARO Technologies Inc.†		49,512		88,000
	6,200	General Cable Corp.†		212,244		268,460
	7,500	International Rectifier Corp.†		102,298		247,950
	3,600	IXYS Corp.†		23,882		48,348
	25,300	LeCroy Corp.†		150,987		338,261
	1,600	Littelfuse Inc.		27,951		91,360
	7,100	Molex Inc.		127,140		178,352
	10,950	Newport Corp.†		107,424		195,239
	2,200	OSI Systems Inc.†		46,594		82,566
	5,300	Park Electrochemical Corp.		117,965		170,925
	27,500	Pulse Electronics Corp.		129,130		166,375
	7,400	Radisys Corp.†		61,848		64,084
	11,800	TTM Technologies Inc.†		122,530		214,288
	3,300	Ultralife Corp.†		12,908		16,698
	17,100	Vishay Intertechnology Inc.†		95,865		303,354
	6,800	Woodward Inc.		213,202		235,008
	4,700	Zebra Technologies Corp., Cl. A†		109,207		184,428
				2,311,152		3,716,571
		Energy and Utilities — 8.8%
	9,400	Brigham Exploration Co.†		123,481		349,492
	1,000	Flint Energy Services Ltd.†		11,308		17,411
	1,000	GeoResources Inc.†		21,931		31,270
	6,100	Global Industries Ltd.†		55,722		59,719
	9,700	Goodrich Petroleum Corp.†		206,539		215,534
	3,300	Gulf Island Fabrication Inc.		73,016		106,161
	6,700	Key Energy Services Inc.†		96,056		104,185
	15,200	Matrix Service Co.†		164,869		211,280
	21,500	Newpark Resources Inc.†		136,895		168,990
	8,000	Patterson-UTI Energy Inc.		199,486		235,120
	11,600	Petrohawk Energy Corp.†		233,596		284,664
	2,600	PetroQuest Energy Inc.†		20,150		24,336
	15,100	Pike Electric Corp.†		143,874		143,752
	19,400	Pioneer Drilling Co.†		184,614		267,720
	4,400	Rowan Companies Inc.†		80,133		194,392
	3,300	Superior Energy Services Inc.†		56,408		135,300
	4,300	Tesco Corp.†		38,672		94,385
	500	Unit Corp.†		16,134		30,975
				1,862,884		2,674,686
		Entertainment — 0.5%
	1,600	Discovery Communications Inc., Cl. A†		19,468		63,840
	6,350	Take-Two Interactive Software Inc.†		54,091		97,599
				73,559		161,439
		Equipment and Supplies — 5.4%
	1,700	AZZ Inc.		56,528		77,520
	1,900	CIRCOR International Inc.		79,904		89,338
	6,500	Crown Holdings Inc.†		217,022		250,770
	14,000	Gerber Scientific Inc.†		89,535		131,040
	2,400	GrafTech International Ltd.†		28,504		49,512
	4,000	IDEX Corp.		112,163		174,600
	11,100	Mine Safety Appliances Co.		332,709		407,037
	1,600	Mueller Industries Inc.		54,335		58,592
	1,850	Robbins & Myers Inc.		36,264		85,081
	1,800	Tennant Co.		44,744		75,672
	2,500	The Greenbrier Cos. Inc.†		32,375		70,950
	1,300	The Toro Co.		49,446		86,086
	1,200	Titan Machinery Inc.†		13,234		30,300
	3,400	Vicor Corp.		31,099		56,066
				1,177,862		1,642,564
		Financial Services — 14.9%
	6,000	Anchor Bancorp.†		60,000		64,200
	3,000	Astoria Financial Corp.		42,740		43,110
	1,000	BankUnited Inc.		27,000		28,710
	1,000	Berkshire Hills Bancorp Inc.		22,854		20,850
	7,700	Boston Private Financial Holdings Inc.		55,319		54,439
	1,600	Brookline Bancorp Inc.		15,947		16,848
	10,400	Brown & Brown Inc.		234,969		268,320
	3,700	Cardinal Financial Corp.		29,674		43,142
	1,400	Citizens & Northern Corp.		22,229		23,534
	4,200	Columbia Banking System Inc.		59,989		80,514
	10,000	Cowen Group Inc., Cl. A†		50,000		40,100
	1,900	Epoch Holding Corp.		17,511		29,982
	6,850	FBR Capital Markets Corp.†		35,763		24,523
	1,100	Fidelity National Financial Inc., Cl. A		15,729		15,543
	5,000	Financial Institutions Inc.		81,750		87,500
	9,000	First Horizon National Corp.		109,294		100,890
	25,000	First Niagara Financial Group Inc.		300,000		339,500
	10,800	Flushing Financial Corp.		145,696		160,920
	5,000	HF Financial Corp.		40,000		55,800
	8,845	Hudson Valley Holding Corp.		167,809		194,590
	700	IBERIABANK Corp.		33,331		42,091
	2,500	Investors Bancorp Inc.†		22,438		37,225
	6,300	KBW Inc.		163,541		164,997
	6,700	Knight Capital Group Inc., Cl. A†		99,269		89,780
	3,900	Meadowbrook Insurance Group Inc.		22,850		40,365
	12,600	Nara Bancorp Inc.†		94,500		121,212
	6,000	National Penn Bancshares Inc.		31,500		46,440
	3,950	NewAlliance Bancshares Inc.		48,300		58,618
	1,400	Newport Bancorp Inc.†		16,870		19,502
	3,800	Old National Bancorp		41,329		40,736
	12,800	Oriental Financial Group Inc.		155,635		160,640
	2,600	Orrstown Financial Services Inc.		70,200		72,800
	6,100	Sterling Bancorp		65,989		61,061
	2,900	Stifel Financial Corp.†		149,137		208,191
	2,900	SVB Financial Group†		78,942		165,097
	6,200	Texas Capital Bancshares Inc.†		145,575		161,138
	20,000	The Bancorp Inc.†		165,000		184,600
	4,200	The NASDAQ OMX Group Inc.†		83,624		108,528
	4,200	The Navigators Group Inc.†		201,054		216,300
	6,200	Umpqua Holdings Corp.		60,759		70,928
	8,550	Valley National Bancorp		110,429		119,358
	1,000	Washington Banking Co.		9,000		14,100
	12,400	Washington Federal Inc.		201,213		215,016
	9,300	Washington Trust Bancorp Inc.		185,189		220,782
	4,300	Webster Financial Corp.		52,272		92,149
	3,750	Westfield Financial Inc.		35,041		33,975
	400	WSFS Financial Corp.		11,024		18,840
	15,000	Xenith Bankshares Inc.†		63,750		64,050
				3,952,034		4,541,534
		Food and Beverage — 0.2%
	2,200	The Cheesecake Factory Inc.†		34,683		66,198
		Food Products — 0.5%
	12,700	Viterra Inc.		134,051		154,051

See accompanying notes to financial statements.

14

GAMCO Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Health Care — 6.3%
	4,700	AngioDynamics Inc.†	$	61,900	$	71,064
	1,100	ArthroCare Corp.†		28,958		36,674
	1,000	Assisted Living Concepts Inc., Cl. A†		28,102		39,140
	5,300	Community Health Systems Inc.†		177,028		211,947
	3,600	Continucare Corp.†		8,964		19,260
	1,200	Cynosure Inc., Cl. A†		9,468		16,668
	1,900	ICU Medical Inc.†		66,515		83,182
	2,700	Kindred Healthcare Inc.†		49,813		64,476
	4,500	Omnicare Inc.		114,257		134,955
	5,900	Omnicell Inc.†		68,687		89,916
	14,800	Patterson Companies Inc.		440,968		476,412
	500	PSS World Medical Inc.†		8,155		13,575
	5,375	Rochester Medical Corp.†		55,049		61,705
	1,000	STERIS Corp.		29,319		34,540
	1,100	Syneron Medical Ltd.��		9,144		14,344
	1,000	Teleflex Inc.		50,031		57,980
	4,900	Thoratec Corp.†		132,376		127,057
	7,900	VCA Antech Inc.†		174,617		198,922
	3,300	Zoll Medical Corp.†		85,529		147,873
				1,598,880		1,899,690
		Health Care Providers and Services — 0.3%
	10,500	AMN Healthcare Services Inc.†		58,279		90,930
		IT Services — 0.7%
	12,000	Heartland Payment Systems Inc.		207,081		210,360
		Machinery — 2.8%
	3,500	DXP Enterprises Inc.†		43,739		80,780
	1,150	Dynamic Materials Corp.		33,061		32,142
	19,400	Flow International Corp.†		83,064		85,166
	1,200	Gardner Denver Inc.		38,672		93,636
	4,000	Lydall Inc.†		35,570		35,560
	6,500	The Manitowoc Co. Inc.		43,760		142,220
	10,600	Trinity Industries Inc.		258,094		388,702
				535,960		858,206
		Metals and Mining — 2.2%
	2,700	5N Plus Inc.†		12,937		25,816
	3,000	AK Steel Holding Corp.		49,650		47,340
	3,900	Carpenter Technology Corp.		163,157		166,569
	6,500	Century Aluminum Co.†		112,542		121,420
	950	Franco-Nevada Corp.		21,629		34,874
	9,300	Globe Specialty Metals Inc.		134,166		211,668
	1,700	Materion Corp.†		25,979		69,360
				520,060		677,047
		Publishing — 0.6%
	8,500	Belo Corp., Cl. A†		17,711		74,885
	3,900	Journal Communications Inc., Cl. A†		18,539		23,400
	1,900	Meredith Corp.		52,935		64,448
	2,500	The Dolan Co.†		27,630		30,350
				116,815		193,083
		Real Estate — 0.1%
	1,200	Kennedy-Wilson Holdings Inc.†		11,926		13,032
		Restaurants — 0.2%
	5,700	Denny’s Corp.†		13,949		23,142
	5,200	Morton’s Restaurant Group Inc.†		33,000		37,492
				46,949		60,634
		Retail — 2.8%
	12,500	American Eagle Outfitters Inc.		188,254		198,625
	4,700	Ethan Allen Interiors Inc.		90,254		102,930
	3,300	Foot Locker Inc.		46,557		65,076
	3,900	Saks Inc.†		7,341		44,109
	4,100	Stage Stores Inc.		67,492		78,802
	19,200	The Jones Group Inc.		267,200		264,000
	6,900	The Wet Seal Inc., Cl. A†		23,184		29,532
	1,900	Williams-Sonoma Inc.		25,114		76,950
				715,396		860,024
		Semiconductors — 9.2%
	23,700	Advanced Analogic Technologies Inc.†		98,170		89,586
	10,600	Advanced Energy Industries Inc.†		162,653		173,310
	5,600	Atmel Corp.†		28,728		76,328
	11,700	ATMI Inc.†		195,242		220,896
	13,000	Brooks Automation Inc.†		88,776		178,490
	13,000	Cascade Microtech Inc.†		74,326		80,340
	7,950	Cohu Inc.		116,546		122,112
	16,600	Entegris Inc.†		32,145		145,582
	27,500	FormFactor Inc.†		354,590		283,250
	15,000	FSI International Inc.†		23,016		65,700
	18,500	Integrated Device Technology Inc.†		142,640		136,345
	5,000	Kulicke & Soffa Industries Inc.†		10,089		46,750
	4,100	Microsemi Corp.†		41,022		84,911
	1,800	MKS Instruments Inc.		38,742		59,940
	10,600	ON Semiconductor Corp.†		69,162		104,622
	6,600	Pericom Semiconductor Corp.†		58,279		68,442
	6,950	PLX Technology Inc.†		45,126		25,367
	47,600	Rubicon Ltd.†		44,541		41,767
	13,000	Silicon Image Inc.†		34,880		116,610
	6,000	STEC Inc.†		69,593		120,540
	12,800	Ultra Clean Holdings Inc.†		24,331		132,352
	1,550	Ultratech Inc.†		20,411		45,570
	5,700	Varian Semiconductor Equipment Associates Inc.†		153,064		277,419
	1,900	Veeco Instruments Inc.†		62,119		96,596
				1,988,191		2,792,825
		Specialty Chemicals — 1.6%
	3,200	Arch Chemicals Inc.		96,125		133,088
	3,969	Ferro Corp.†		49,408		65,846
	4,400	H.B. Fuller Co.		99,098		94,512
	2,700	Olin Corp.		60,345		61,884
	2,200	Valspar Corp.		45,355		86,020
	2,650	Zep Inc.		41,708		46,137
				392,039		487,487
		Telecommunications — 1.2%
	5,400	Atlantic Tele-Network Inc.		210,729		200,826
	6,700	Sierra Wireless Inc.†		72,655		73,231
	20,900	TeleCommunication Systems Inc., Cl. A†		85,605		86,108
	5,800	UTStarcom Inc.†		12,875		13,630
				381,864		373,795
		Transportation — 0.1%
	1,600	Marten Transport Ltd.		35,539		35,680
		TOTAL COMMON STOCKS		21,740,694		28,817,414

See accompanying notes to financial statements.

15

GAMCO Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS — 7.0%
$	2,150,000	U.S. Treasury Bills, 0.125% to 0.160%††, 06/16/11 to 09/22/11	$	2,148,889	$	2,149,098
		TOTAL INVESTMENTS — 101.7%	$	23,889,583		30,966,512
		Other Assets and Liabilities (Net) — (1.7)%				(529,727	)
		NET ASSETS — 100.0%			$	30,436,785

†	Non-income producing security.
††	Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

16

GAMCO Westwood Income Fund

Schedule of Investments — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 86.3%
		Agriculture — 0.7%
	1,000	Archer-Daniels-Midland Co.	$	28,410	$	36,010
		Automotive — 2.3%
	4,000	General Motors Co.†		132,000		124,120
		Banking — 3.6%
	2,000	Bank of America Corp.		27,640		26,660
	4,000	U.S. Bancorp		131,903		105,720
	4,574	Valley National Bancorp		81,811		63,853
				241,354		196,233
		Computer Hardware — 3.8%
	500	Apple Inc.†		45,563		174,225
	200	International Business Machines Corp.		25,251		32,614
				70,814		206,839
		Computer Software and Services — 0.5%
	1,000	EMC Corp.†		12,780		26,550
		Consumer Products — 2.2%
	2,000	Tupperware Brands Corp.		96,142		119,420
		Diversified Industrial — 4.5%
	6,000	General Electric Co.		94,338		120,300
	2,000	Honeywell International Inc.		78,538		119,420
				172,876		239,720
		Electronics — 3.0%
	8,000	Intel Corp.		188,828		161,360
		Energy and Utilities: Integrated — 0.9%
	1,334	FirstEnergy Corp.		50,482		49,478
		Energy and Utilities: Natural Gas — 3.0%
	6,000	Spectra Energy Corp.		155,279		163,080
		Energy and Utilities: Oil — 8.4%
	1,500	Chevron Corp.		127,333		161,145
	2,500	ConocoPhillips		200,189		199,650
	1,000	Devon Energy Corp.		47,078		91,770
				374,600		452,565
		Energy and Utilities: Services — 6.9%
	5,000	Halliburton Co.		180,373		249,200
	1,000	Noble Corp.		48,914		45,620
	1,000	Transocean Ltd.†		82,810		77,950
				312,097		372,770
		Energy and Utilities: Water — 3.4%
	6,500	American Water Works Co. Inc.		113,655		182,325
		Financial Services — 5.7%
	1	Alleghany Corp.†		104		106
	27,000	Citigroup Inc.†		121,500		119,340
	6,000	Wells Fargo & Co.		193,140		190,200
				314,744		309,646
		Food and Beverage — 13.4%
	7,000	ConAgra Foods Inc.		174,145		166,250
	6,522	General Mills Inc.		193,302		238,379
	6,000	Kraft Foods Inc., Cl. A		196,380		188,160
	2,000	PepsiCo Inc.		107,960		128,820
				671,787		721,609
		Health Care — 9.6%
	2,883	Bristol-Myers Squibb Co.		70,582		76,198
	1,500	Johnson & Johnson		85,403		88,875
	2,520	Mead Johnson Nutrition Co.		107,163		145,984
	2,000	Merck & Co. Inc.		70,774		66,020
	6,940	Pfizer Inc.		146,422		140,951
				480,344		518,028
		Paper and Forest Products — 2.8%
	5,000	International Paper Co.		144,201		150,900
		Retail — 1.4%
	2,000	The Home Depot Inc.		79,247		74,120
		Specialty Chemicals — 5.8%
	1,000	Air Products & Chemicals Inc.		78,554		90,180
	4,000	E. I. du Pont de Nemours and Co.		198,318		219,880
				276,872		310,060
		Telecommunications — 4.4%
	4,000	AT&T Inc.		128,045		122,400
	3,000	Verizon Communications Inc.		118,791		115,620
				246,836		238,020
		TOTAL COMMON STOCKS		4,163,348		4,652,853
		PREFERRED STOCKS — 8.5%
		Financial Services — 8.5%
	12,000	Bank One Capital Trust VI, 7.200% Pfd.		305,738		308,280
	5,900	Wells Fargo Capital Trust IV, 7.000% Pfd.		150,504		148,975
				456,242		457,255
		TOTAL PREFERRED STOCKS		456,242		457,255
Principal
Amount
		CORPORATE BONDS — 4.6%
		Financial Services — 4.6%
$	250,000	American Express Credit Corp., MTN, 0.414%, 06/16/11 (a)		250,000		250,061
		TOTAL INVESTMENTS — 99.4%	$	4,869,590		5,360,169
		Other Assets and Liabilities (Net) — 0.6%				33,162
		NET ASSETS — 100.0%			$	5,393,331

(a)	Floating rate security. The rate disclosed is that in effect at March 31, 2011.
†	Non-income producing security.
MTN	Medium Term Note

See accompanying notes to financial statements.

17

GAMCO Westwood Equity Fund

Schedule of Investments — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 98.6%
		Aerospace — 4.1%
	14,900	General Dynamics Corp.	$	1,151,680	$	1,140,744
	23,300	Raytheon Co.		988,478		1,185,271
	31,000	The Boeing Co.		1,894,390		2,291,830
				4,034,548		4,617,845
		Automotive — 1.9%
	69,900	General Motors Co.†		2,463,312		2,168,997
		Banking — 7.8%
	157,600	Bank of America Corp.		2,399,667		2,100,808
	74,084	JPMorgan Chase & Co.		2,134,433		3,415,272
	107,100	Wells Fargo & Co.		2,169,434		3,395,070
				6,703,534		8,911,150
		Broadcasting — 1.1%
	51,100	CBS Corp., Cl. B, Non-Voting		1,014,101		1,279,544
		Cable and Satellite — 2.0%
	92,500	Comcast Corp., Cl. A		1,606,538		2,286,600
		Communications Equipment — 1.0%
	52,900	Corning Inc.		823,599		1,091,327
		Computer Hardware — 4.9%
	149,000	Dell Inc.†		2,165,249		2,161,990
	14,200	International Business Machines Corp.		1,636,084		2,315,594
	100,500	Xerox Corp.		1,011,501		1,070,325
				4,812,834		5,547,909
		Computer Software and Services — 3.0%
	88,900	Microsoft Corp.		2,471,963		2,254,504
	35,000	Oracle Corp.		638,744		1,167,950
				3,110,707		3,422,454
		Consumer Products — 2.0%
	34,880	Philip Morris International Inc.		1,666,724		2,289,174
		Diversified Industrial — 4.0%
	39,500	Honeywell International Inc.		1,575,221		2,358,545
	37,600	ITT Corp.		1,758,739		2,257,880
				3,333,960		4,616,425
		Electronics — 3.0%
	53,400	Intel Corp.		1,008,192		1,077,078
	66,200	TE Connectivity Ltd.		2,397,109		2,305,084
				3,405,301		3,382,162
		Energy: Integrated — 4.1%
	64,200	American Electric Power Co. Inc.		2,199,923		2,255,988
	53,500	Dominion Resources Inc.		2,011,385		2,391,450
				4,211,308		4,647,438
		Energy: Natural Gas — 6.1%
	17,406	Apache Corp.		1,291,302		2,278,794
	46,500	EQT Corp.		1,962,500		2,320,350
	43,900	Sempra Energy		2,266,128		2,348,650
				5,519,930		6,947,794
		Energy: Oil — 8.3%
	30,100	Anadarko Petroleum Corp.		1,489,886		2,465,792
	22,100	Chevron Corp.		1,528,097		2,374,203
	27,500	Exxon Mobil Corp.		2,009,523		2,313,575
	22,010	Occidental Petroleum Corp.		1,252,122		2,299,825
				6,279,628		9,453,395
		Entertainment — 2.1%
	56,000	The Walt Disney Co.		1,667,672		2,413,040
		Financial Services — 12.1%
	35,100	ACE Ltd.		1,694,663		2,270,970
	42,300	Aflac Inc.		2,064,394		2,232,594
	18,300	Ameriprise Financial Inc.		778,063		1,117,764
	19,000	Franklin Resources Inc.		2,052,467		2,376,520
	76,600	MetLife Inc.		2,972,252		3,426,318
	36,400	The Allstate Corp.		1,152,605		1,156,792
	19,600	The Travelers Companies Inc.		758,554		1,165,808
				11,472,998		13,746,766
		Food and Beverage — 0.9%
	36,300	Sysco Corp.		827,956		1,005,510
		Health Care — 14.0%
	50,000	Abbott Laboratories		2,602,990		2,452,500
	45,500	Bristol-Myers Squibb Co.		1,090,057		1,202,565
	43,000	Covidien plc		1,666,740		2,233,420
	56,900	Johnson & Johnson		3,568,661		3,371,325
	30,300	Merck & Co. Inc.		941,316		1,000,203
	168,400	Pfizer Inc.		2,742,747		3,420,204
	45,500	Teva Pharmaceutical Industries Ltd., ADR		2,438,596		2,282,735
				15,051,107		15,962,952
		Machinery — 1.1%
	13,400	Deere & Co.		589,822		1,298,326
		Retail — 6.0%
	68,000	CVS Caremark Corp.		1,979,162		2,333,760
	100,800	The Gap Inc.		1,898,934		2,284,128
	41,800	Wal-Mart Stores Inc.		2,270,021		2,175,690
				6,148,117		6,793,578
		Specialty Chemicals — 4.1%
	42,100	E. I. du Pont de Nemours and Co.		1,324,109		2,314,237
	61,200	The Dow Chemical Co.		2,051,263		2,310,300
				3,375,372		4,624,537
		Telecommunications — 3.0%
	111,500	AT&T Inc.		3,128,891		3,411,900
		Transportation — 2.0%
	23,300	Union Pacific Corp.		1,236,408		2,291,089
		TOTAL COMMON STOCKS		92,484,367		112,209,912
		SHORT-TERM INVESTMENTS — 0.0%
		Mutual Funds — 0.0%
	49,204	Dreyfus Treasury & Agency Cash Management Fund, 0.110% *		49,204		49,204
		TOTAL INVESTMENTS — 98.6%	$	92,533,571		112,259,116
		Other Assets and Liabilities (Net) — 1.4%				1,563,170
		NET ASSETS — 100.0%			$	113,822,286

†	Non-income producing security.
*	Current yield.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

18

GAMCO Westwood Balanced Fund

Schedule of Investments — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 61.1%
		Aerospace — 2.6%
	8,900	General Dynamics Corp.	$	687,941	$	681,384
	14,100	Raytheon Co.		506,276		717,267
	22,000	The Boeing Co.		1,347,224		1,626,460
				2,541,441		3,025,111
		Automotive — 1.1%
	42,000	General Motors Co.†		1,478,357		1,303,260
		Banking — 4.9%
	109,400	Bank of America Corp.		1,655,876		1,458,302
	47,696	JPMorgan Chase & Co.		1,195,039		2,198,786
	65,500	Wells Fargo & Co.		1,304,465		2,076,350
				4,155,380		5,733,438
		Broadcasting — 0.7%
	31,100	CBS Corp., Cl. B, Non-Voting		617,229		778,744
		Cable and Satellite — 1.3%
	63,100	Comcast Corp., Cl. A		1,109,842		1,559,832
		Communications Equipment — 0.6%
	34,300	Corning Inc.		542,534		707,609
		Computer Hardware — 3.1%
	89,600	Dell Inc.†		1,300,320		1,300,096
	9,400	International Business Machines Corp.		1,040,899		1,532,858
	74,900	Xerox Corp.		763,879		797,685
				3,105,098		3,630,639
		Computer Software and Services — 1.8%
	56,100	Microsoft Corp.		1,505,984		1,422,696
	21,780	Oracle Corp.		390,559		726,799
				1,896,543		2,149,495
		Consumer Products — 1.6%
	27,820	Philip Morris International Inc.		1,272,269		1,825,827
		Diversified Industrial — 2.4%
	24,100	Honeywell International Inc.		959,161		1,439,011
	22,990	ITT Corp.		1,064,808		1,380,550
				2,023,969		2,819,561
		Electronics — 1.9%
	41,500	Intel Corp.		772,931		837,055
	39,600	TE Connectivity Ltd.		1,433,953		1,378,872
				2,206,884		2,215,927
		Energy: Integrated — 2.4%
	39,300	American Electric Power Co. Inc.		1,336,155		1,381,002
	33,200	Dominion Resources Inc.		1,239,473		1,484,040
				2,575,628		2,865,042
		Energy: Natural Gas — 3.8%
	12,655	Apache Corp.		938,839		1,656,793
	28,200	EQT Corp.		1,189,587		1,407,180
	27,100	Sempra Energy		1,398,529		1,449,850
				3,526,955		4,513,823
		Energy: Oil — 4.9%
	19,300	Anadarko Petroleum Corp.		962,887		1,581,056
	13,300	Chevron Corp.		914,631		1,428,819
	16,700	Exxon Mobil Corp.		1,146,479		1,404,971
	13,200	Occidental Petroleum Corp.		639,332		1,379,268
				3,663,329		5,794,114
		Entertainment — 1.2%
	33,700	The Walt Disney Co.		926,566		1,452,133
		Financial Services — 7.4%
	24,600	ACE Ltd.		1,072,327		1,591,620
	27,100	Aflac Inc.		1,322,282		1,430,338
	11,000	Ameriprise Financial Inc.		467,680		671,880
	13,200	Franklin Resources Inc.		1,402,690		1,651,056
	46,100	MetLife Inc.		1,780,409		2,062,053
	21,800	The Allstate Corp.		690,272		692,804
	11,700	The Travelers Companies Inc.		452,589		695,916
				7,188,249		8,795,667
		Food and Beverage — 0.5%
	23,100	Sysco Corp.		526,894		639,870
		Health Care — 8.4%
	30,300	Abbott Laboratories		1,583,237		1,486,215
	27,400	Bristol-Myers Squibb Co.		653,900		724,182
	25,700	Covidien plc		970,931		1,334,858
	35,700	Johnson & Johnson		2,270,988		2,115,225
	22,900	Merck & Co. Inc.		693,104		755,929
	107,200	Pfizer Inc.		1,737,312		2,177,232
	27,500	Teva Pharmaceutical Industries Ltd., ADR		1,493,597		1,379,675
				9,403,069		9,973,316
		Machinery — 0.8%
	10,100	Deere & Co.		449,473		978,589
		Retail — 3.9%
	46,700	CVS Caremark Corp.		1,332,084		1,602,744
	74,900	The Gap Inc.		1,372,905		1,697,234
	25,700	Wal-Mart Stores Inc.		1,395,735		1,337,685
				4,100,724		4,637,663
		Specialty Chemicals — 2.6%
	28,600	E. I. du Pont de Nemours and Co.		904,240		1,572,142
	39,600	The Dow Chemical Co.		1,322,364		1,494,900
				2,226,604		3,067,042
		Telecommunications — 1.9%
	72,900	AT&T Inc.		2,119,490		2,230,740
		Transportation — 1.3%
	15,800	Union Pacific Corp.		829,342		1,553,614
		TOTAL COMMON STOCKS		58,485,869		72,251,056
		SHORT-TERM INVESTMENTS — 3.5%
		Mutual Funds — 3.5%
	4,168,299	Dreyfus Treasury & Agency Cash Management Fund, 0.110% *		4,168,299		4,168,299

Principal
Amount
		CORPORATE BONDS — 14.2%
		Banking — 3.3%
$	1,250,000	Bank of America Corp., 5.375%, 06/15/14	1,272,489	1,338,605
	500,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16	511,496	530,724
	1,125,000	Citigroup Inc., 5.500%, 10/15/14	1,128,140	1,214,401
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19	771,172	831,491
			3,683,297	3,915,221
		Computer Software and Services — 0.7%
	750,000	Oracle Corp., 4.950%, 04/15/13	750,184	808,342

See accompanying notes to financial statements.

19

GAMCO Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

Principal					Market
Amount			Cost		Value
		CORPORATE BONDS (Continued)
		Diversified Industrial — 1.1%
$	1,200,000	General Electric Co., 5.000%, 02/01/13	$	1,203,876	$	1,279,050
		Electronics — 0.7%
	750,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13		748,788		793,751
		Energy: Integrated — 0.5%
	500,000	Southern Co., 4.150%, 05/15/14		499,670		529,371
		Energy: Natural Gas — 0.9%
	1,000,000	Apache Corp., 5.250%, 04/15/13		999,956		1,079,171
		Energy: Oil — 1.9%
	1,000,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		981,887		1,088,655
	500,000	Marathon Oil Corp., 5.900%, 03/15/18		502,180		562,592
	500,000	XTO Energy Inc., 6.500%, 12/15/18		567,044		604,089
				2,051,111		2,255,336
		Financial Services — 0.9%
	950,000	ACE INA Holdings Inc., 5.600%, 05/15/15		968,634		1,042,040
		Food and Beverage — 0.8%
	950,000	Anheuser-Busch Companies Inc., 4.375%, 01/15/13		945,984		998,665
		Metals and Mining — 0.7%
	750,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		753,880		832,324
		Real Estate Investment Trusts — 0.6%
	700,000	Vornado Realty LP, 4.250%, 04/01/15		697,640		717,417
		Telecommunications — 0.5%
	500,000	AT&T Inc., 6.700%, 11/15/13		501,017		563,163
		Transportation — 0.9%
	1,000,000	Burlington Northern Santa Fe LLC, Deb., 5.650%, 05/01/17		987,570		1,114,931
		Wireless Communications — 0.7%
	750,000	Vodafone Group plc, 4.150%, 06/10/14		762,986		795,714
		TOTAL CORPORATE BONDS		15,554,593		16,724,496
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.8%
		Federal Home Loan Mortgage Corp. — 5.2%
	1,500,000	2.125%, 03/23/12		1,508,223		1,525,814
	1,250,000	5.125%, 07/15/12		1,246,696		1,325,896
	1,500,000	5.250%, 04/18/16		1,485,557		1,699,539
	1,500,000	3.750%, 03/27/19		1,495,178		1,548,867
				5,735,654		6,100,116
		Federal National Mortgage Association — 5.6%
	1,250,000	3.375%, 05/19/11		1,253,890		1,253,890
	1,500,000	5.375%, 11/15/11		1,501,484		1,547,613
	1,250,000	4.375%, 09/15/12		1,295,547		1,318,384
	1,500,000	5.000%, 04/15/15		1,536,361		1,670,406
	775,000	5.375%, 06/12/17		826,599		884,873
				6,413,881		6,675,166
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		12,149,535		12,775,282
		U.S. GOVERNMENT OBLIGATIONS — 11.4%
		U.S. Treasury Bills — 0.8%
	1,000,000	U.S. Treasury Bill, 0.426%††, 04/07/11		999,929		999,929
		U.S. Treasury Inflation Indexed Notes — 5.3%
	900,000	1.250%, 04/15/14		939,936		1,001,531
	1,200,000	2.500%, 07/15/16		1,313,741		1,486,638
	1,500,000	1.375%, 07/15/18		1,457,027		1,633,002
	900,000	2.125%, 01/15/19		941,754		1,031,251
	1,000,000	1.375%, 01/15/20		1,071,462		1,069,062
				5,723,920		6,221,484
		U.S. Treasury Notes — 5.3%
	1,500,000	3.375%, 11/30/12		1,498,726		1,569,258
	750,000	0.750%, 08/15/13		750,329		746,309
	1,500,000	4.000%, 02/15/15		1,484,601		1,629,375
	1,000,000	3.625%, 08/15/19		1,022,281		1,033,906
	1,250,000	3.375%, 11/15/19		1,210,463		1,263,868
				5,966,400		6,242,716
		TOTAL U.S. GOVERNMENT OBLIGATIONS		12,690,249		13,464,129
		TOTAL INVESTMENTS — 101.0%	$	103,048,545		119,383,262
		Other Assets and Liabilities (Net) — (1.0)%				(1,144,785	)
		NET ASSETS — 100.0%			$	118,238,477

†	Non-income producing security.
††	Represents annualized yield at date of purchase.
*	Current yield.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

20

GAMCO Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2011 (Unaudited)

					Market
Shares			Cost		Value
		SHORT-TERM INVESTMENTS — 3.7%
		Mutual Funds — 3.7%
	610,036	Dreyfus Treasury & Agency Cash Management Fund, 0.110% *	$	610,036	$	610,036

Principal
Amount
		CORPORATE BONDS — 42.5%
		Aerospace — 1.4%
$	200,000	The Boeing Co., 6.000%, 03/15/19	204,653	230,490
		Banking — 6.4%
	300,000	Bank of America Corp., 5.375%, 06/15/14	305,397	321,265
	225,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16	225,967	238,826
	250,000	Citigroup Inc., 5.500%, 10/15/14	250,698	269,867
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19	198,882	221,731
			980,944	1,051,689
		Computer Hardware — 1.2%
	200,000	Hewlett-Packard Co., 2.250%, 05/27/11	200,166	200,166
		Computer Software and Services — 2.5%
	250,000	Microsoft Corp., 1.625%, 09/25/15	249,824	242,296
	150,000	Oracle Corp., 4.950%, 04/15/13	149,977	161,669
			399,801	403,965
		Consumer Products — 1.1%
	150,000	Philip Morris International Inc., 6.875%, 03/17/14	150,506	172,276
		Diversified Industrial — 1.6%
	250,000	General Electric Co., 5.000%, 02/01/13	250,807	266,469
		Electronics — 2.6%
	200,000	Arrow Electronics Inc., 6.000%, 04/01/20	199,801	212,035
	200,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13	199,709	211,667
			399,510	423,702
		Energy and Utilities: Electric Integrated — 2.9%
	275,000	Dominion Resources Inc., 6.400%, 06/15/18	330,932	314,430
	150,000	Southern Co., 4.150%, 05/15/14	149,901	158,811
			480,833	473,241
		Energy and Utilities: Natural Gas — 1.3%
	200,000	Apache Corp., 5.250%, 04/15/13	199,813	215,834
		Energy and Utilities: Oil — 3.7%
	200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16	196,379	217,731
	125,000	Marathon Oil Corp., 5.900%, 03/15/18	125,545	140,648
	200,000	XTO Energy Inc., 6.500%, 12/15/18	226,818	241,636
			548,742	600,015
		Financial Services — 6.9%
	175,000	ACE INA Holdings Inc., 5.600%, 05/15/15	174,599	191,955
	300,000	Berkshire Hathaway Finance Corp., 5.125%, 09/15/12	311,570	317,771
	260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16	293,967	333,562
	275,000	Merrill Lynch & Co. Inc., MTN, Series C, 5.000%, 01/15/15	275,122	291,187
			1,055,258	1,134,475
		Food and Beverage — 4.5%
	250,000	Anheuser-Busch Companies Inc., 4.375%, 01/15/13	248,946	262,807
	200,000	Dr Pepper Snapple Group Inc., 2.350%, 12/21/12	199,960	203,992
	250,000	Kraft Foods Inc., 5.375%, 02/10/20	254,104	264,402
			703,010	731,201
		Metals and Mining — 1.4%
	200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14	201,035	221,953
		Real Estate Investment Trusts — 1.6%
	250,000	Vornado Realty LP, 4.250%, 04/01/15	249,236	256,221
		Telecommunications — 1.2%
	175,000	AT&T Inc., 6.700%, 11/15/13	175,357	197,107
		Transportation — 2.2%
	200,000	Burlington Northern Santa Fe LLC, Deb., 5.650%, 05/01/17	199,332	222,986
	125,000	CSX Corp., 6.250%, 04/01/15	124,956	141,446
			324,288	364,432
		TOTAL CORPORATE BONDS	6,523,959	6,943,236
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.4%
		Federal Home Loan Bank — 1.7%
	250,000	5.375%, 05/18/16	250,955	284,860
		Federal Home Loan Mortgage Corp. — 10.1%
	400,000	2.125%, 03/23/12	402,451	406,884
	250,000	5.125%, 07/15/12	253,945	265,179
	225,000	5.000%, 07/15/14	243,142	249,711
	325,000	5.250%, 04/18/16	356,546	368,233
	350,000	3.750%, 03/27/19	345,204	361,402
			1,601,288	1,651,409
		Federal National Mortgage Association — 13.3%
	350,000	3.375%, 05/19/11	350,859	350,859
	250,000	4.375%, 09/15/12	259,141	263,677
	375,000	4.375%, 03/15/13	391,304	400,760
	350,000	2.750%, 02/05/14	362,302	363,898
	300,000	5.000%, 04/15/15	308,338	334,081
	275,000	5.375%, 06/12/17	293,309	313,987
	62,235	Pool #745122, 5.500%, 09/01/20	62,005	67,629
	67,329	Pool #255554, 5.500%, 01/01/35	68,116	72,427
			2,095,374	2,167,318

See accompanying notes to financial statements.

21

GAMCO Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2011 (Unaudited)

Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
		Government National Mortgage Association — 2.3%
$	34,528	Pool #562288, 6.000%, 12/15/33	$	35,040	$	38,209
	67,336	Pool #604946, 5.500%, 01/15/34		68,071		73,372
	58,113	Pool #604970, 5.500%, 01/15/34		58,599		63,322
	87,031	Pool #003747, 5.000%, 08/20/35		86,309		92,824
	95,728	Pool #550728, 5.500%, 11/15/35		95,831		104,159
				343,850		371,886
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		4,291,467		4,475,473
		U.S. GOVERNMENT OBLIGATIONS — 25.6%
		U.S. Treasury Bills — 2.1%
	350,000	U.S. Treasury Bill, 0.426%††, 04/07/11		349,975		349,975
		U.S. Treasury Inflation Indexed Notes — 10.0%
	225,000	1.250%, 04/15/14		234,991		250,383
	275,000	2.500%, 07/15/16		301,068		340,688
	300,000	1.375%, 07/15/18		287,755		326,600
	275,000	2.125%, 01/15/19		288,996		315,104
	350,000	2.500%, 01/15/29		382,343		407,716
				1,495,153		1,640,491
		U.S. Treasury Notes — 10.4%
	300,000	0.625%, 07/31/12		300,598		300,728
	350,000	1.375%, 01/15/13		355,414		354,197
	400,000	0.750%, 08/15/13		400,175		398,031
	275,000	3.500%, 02/15/18		275,320		286,322
	350,000	3.375%, 11/15/19		338,929		353,883
				1,670,436		1,693,161
		U.S. Treasury Bonds — 3.1%
	250,000	7.125%, 02/15/23		296,686		331,602
	150,000	5.375%, 02/15/31		167,294		171,563
				463,980		503,165
		TOTAL U.S. GOVERNMENT OBLIGATIONS		3,979,544		4,186,792
		TOTAL INVESTMENTS — 99.2%	$	15,405,006		16,215,537
		Other Assets and Liabilities (Net) — 0.8%				127,706
		NET ASSETS — 100.0%			$	16,343,243

††	Represents annualized yield at date of purchase.
*	Current yield.
MTN	Medium Term Note

See accompanying notes to financial statements.

22

GAMCO Westwood Funds
Statements of Assets and Liabilities
March 31, 2011 (Unaudited)

	Mighty			SmallCap			Income			Equity			Balanced			Intermediate
	MitesSM Fund			Equity Fund			Fund			Fund			Fund			Bond Fund
Assets:
Investments, at value (cost $529,692,782, $23,889,583, $4,869,590, $92,533,571, $103,048,545, and $15,405,006, respectively)	$	662,722,205		$	30,966,512		$	5,360,169		$	112,259,116		$	119,383,262		$	16,215,537
Investments in affiliates, at value (cost $7,686,753)		9,569,126			—			—			—			—			—
Cash		2,370			32,056			41,210			—			—			—
Receivable for Fund shares issued		5,169,523			670,840			36			95,383			345,580			2,609
Receivable for investments sold		45,054			—			196,681			2,480,961			823,313			—
Dividends and interest receivable		147,141			11,843			7,496			169,963			569,861			151,897
Prepaid expenses		67,774			26,523			23,518			39,524			37,964			26,840
Total Assets		677,723,193			31,707,774			5,629,110			115,044,947			121,159,980			16,396,883
Liabilities:
Payable for investments purchased		4,479,125			1,017,255			202,921			799,926			1,689,030			—
Payable for Fund shares redeemed		798,823			189,682			—			191,176			1,041,260			118
Distributions payable		—			—			—			—			—			12,766
Payable for investment advisory fees		532,649			19,808			431			96,237			75,333			1,918
Payable for distribution fees		197,358			8,875			1,204			25,658			29,008			3,867
Payable for accounting fees		7,500			—			—			7,500			7,500			—
Payable for legal and audit fees		75,550			25,935			24,944			31,897			33,000			24,772
Payable for shareholder communications expenses		63,501			3,038			2,069			30,175			23,596			2,917
Payable for shareholder services fees		67,159			4,316			2,876			39,002			21,751			3,553
Other accrued expenses		2,724			2,080			1,334			1,090			1,025			3,729
Total Liabilities		6,224,389			1,270,989			235,779			1,222,661			2,921,503			53,640
Net Assets	$	671,498,804		$	30,436,785		$	5,393,331		$	113,822,286		$	118,238,477		$	16,343,243
Net Assets Consist of:
Paid-in capital	$	529,292,882		$	28,276,593		$	7,561,609		$	119,948,296		$	113,271,766		$	15,415,693
Accumulated net investment income/(loss)		(5,964,275	)		(94,844	)		376			170,377			12,782			4,905
Accumulated net realized gain/(loss) on investments and foreign currency transactions		13,258,360			(4,821,894	)		(2,659,233	)		(26,021,932	)		(11,380,788	)		112,114
Net unrealized appreciation on investments		134,911,796			7,076,929			490,579			19,725,545			16,334,717			810,531
Net unrealized appreciation on foreign currency		41			1			—			—			—			—
Net Assets	$	671,498,804		$	30,436,785		$	5,393,331		$	113,822,286		$	118,238,477		$	16,343,243
Shares of Beneficial Interest each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	444,192,860		$	19,487,097		$	5,172,537		$	106,418,922		$	106,398,044		$	15,095,590
Shares of beneficial interest outstanding		24,408,507			1,093,428			606,178			11,188,813			9,624,260			1,301,423
Net Asset Value, offering, and redemption price per share	$	18.20		$	17.82		$	8.53		$	9.51		$	11.06		$	11.60
Class A:
Net assets	$	89,344,942		$	5,905,154		$	47,487		$	5,425,568		$	4,971,451		$	529,640
Shares of beneficial interest outstanding		4,985,710			336,189			5,380			572,175			447,795			45,669
Net Asset Value and redemption price per share	$	17.92		$	17.56		$	8.83		$	9.48		$	11.10		$	11.60
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	18.67		$	18.29		$	9.20		$	9.88		$	11.56		$	12.08
Class B:
Net assets	$	45,249		$	7,372		$	—		$	—		$	42,396		$	30,306
Shares of beneficial interest outstanding		2,690			441			—			—			3,784			2,613
Net Asset Value and offering price per share(a)	$	16.82		$	16.72		$	—		$	—		$	11.20		$	11.60
Class C:
Net assets	$	90,105,962		$	4,200,071		$	101,687		$	1,041,848		$	5,053,206		$	564,564
Shares of beneficial interest outstanding		5,391,607			253,320			10,734			112,786			450,908			51,193
Net Asset Value and offering price per share(a)	$	16.71		$	16.58		$	9.47		$	9.24		$	11.21		$	11.03
Class I:
Net assets	$	47,809,791		$	837,091		$	71,620		$	935,948		$	1,773,380		$	123,143
Shares of beneficial interest outstanding		2,609,047			46,608			8,390			98,338			160,496			10,607
Net Asset Value, offering, and redemption price per share	$	18.32		$	17.96		$	8.54		$	9.52		$	11.05		$	11.61

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

See accompanying notes to financial statements.

23

GAMCO Westwood Funds
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)

	Mighty			SmallCap			Income			Equity			Balanced			Intermediate
	MitesSM Fund			Equity Fund			Fund			Fund			Fund			Bond Fund
Investment Income:
Dividends — unaffiliated (net of foreign withholding taxes of $2,129, $304, $0, $0, $277, and $0, respectively)	$	1,726,679		$	85,869		$	78,584		$	1,236,885		$	816,509		$	197
Dividends — affiliated		16,350			—			—			—			—			—
Interest		122,125			653			651			—			810,944			288,134
Total Investment Income		1,865,154			86,522			79,235			1,236,885			1,627,453			288,331
Expenses:
Investment advisory fees		2,575,099			105,686			26,965			559,723			446,890			51,218
Distribution fees — Class AAA		434,677			17,504			6,322			130,360			134,211			19,376
Distribution fees — Class A		173,543			10,882			438			14,156			12,571			883
Distribution fees — Class B		301			33			—			—			315			173
Distribution fees — Class C		316,874			7,901			484			5,298			24,825			4,397
Accounting fees		22,500			—			—			22,500			22,500			—
Custodian fees		41,808			6,792			2,707			10,441			10,099			3,465
Interest expense		—			3			15			205			—			11
Legal and audit fees		37,344			15,500			13,857			25,829			26,020			14,902
Registration expenses		38,853			17,251			20,492			25,373			25,168			17,958
Shareholder communications expenses		71,907			3,106			1,757			21,885			17,536			2,434
Shareholder services fees		234,311			7,929			2,724			60,067			39,917			5,419
Trustees’ fees		7,949			330			100			2,068			2,220			342
Miscellaneous expenses		16,797			4,591			3,947			8,529			8,922			6,365
Total Expenses		3,971,963			197,508			79,808			886,434			771,194			126,943
Less:
Expense reimbursements (See Note 3)		—			(29,077	)		(34,420	)		—			—			(38,081	)
Advisory fee reduction on unsupervised assets (See Note 3)		(55,554	)		—			—			—			—			—
Custodian fee credits		—			—			—			(10,371	)		(9,736	)		—
Total Reimbursements, Reductions, and Credits		(55,554	)		(29,077	)		(34,420	)		(10,371	)		(9,736	)		(38,081	)
Net Expenses		3,916,409			168,431			45,388			876,063			761,458			88,862
Net Investment Income/(Loss)		(2,051,255	)		(81,909	)		33,847			360,822			865,995			199,469
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		14,260,525			728,289			34,916			8,587,682			6,430,090			112,219
Net realized loss on foreign currency transactions		(60	)		(355	)		—			—			—			—
Net realized gain on investments and foreign currency transactions		14,260,465			727,934			34,916			8,587,682			6,430,090			112,219
Net change in unrealized appreciation/depreciation:
on investments		70,598,542			5,139,298			634,529			8,719,584			4,105,845			(523,727	)
on foreign currency translations		(69	)		1			—			—			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		70,598,473			5,139,299			634,529			8,719,584			4,105,845			(523,727	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		84,858,938			5,867,233			669,445			17,307,266			10,535,935			(411,508	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	82,807,683		$	5,785,324		$	703,292		$	17,668,088		$	11,401,930		$	(212,039	)

See accompanying notes to financial statements.

24

GAMCO Westwood Funds
Statements of Changes in Net Assets

	Mighty MitesSM Fund						SmallCap Equity Fund
	For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2011			September 30,			March 31, 2011			September 30,
	(Unaudited)			2010			(Unaudited)			2010
Operations:
Net investment loss	$	(2,051,255	)	$	(2,035,421	)	$	(81,909	)	$	(126,537	)
Net realized gain on investments and foreign currency transactions		14,260,465			10,978,383			727,934			1,082,077
Net change in unrealized appreciation on investments and foreign currency transactions		70,598,473			33,904,771			5,139,299			945,012
Net Increase in Net Assets Resulting from Operations		82,807,683			42,847,733			5,785,324			1,900,552
Distributions to Shareholders:
Net investment income
Class AAA		(1,069,974	)		—			—			—
Class A		(134,992	)		—			—			—
Class I		(151,906	)		—			—			—
		(1,356,872	)		—			—			—
Net realized gain
Class AAA		(7,450,321	)		(37,124	)		—			—
Class A		(1,501,929	)		(4,628	)		—			—
Class B		(2,195	)		(26	)		—			—
Class C		(1,401,229	)		(3,910	)		—			—
Class I		(685,228	)		(2,984	)		—			—
		(11,040,902	)		(48,672	)		—			—
Total Distributions to Shareholders		(12,397,774	)		(48,672	)		—			—
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		174,167,818			128,720,205			7,216,205			3,017,670
Class A		43,156,804			37,358,815			1,546,260			1,082,263
Class B		3,399			—			—			1,692
Class C		44,293,153			25,737,887			2,935,887			586,710
Class I		24,939,017			10,894,878			329,465			1,389,079
		286,560,191			202,711,785			12,027,817			6,077,414
Proceeds from reinvestment of distributions
Class AAA		7,225,290			33,740			—			—
Class A		1,326,762			3,921			—			—
Class B		2,195			26			—			—
Class C		1,059,902			2,929			—			—
Class I		420,005			1,751			—			—
		10,034,154			42,367			—			—
Cost of shares redeemed
Class AAA		(46,880,481	)		(68,496,152	)		(1,976,337	)		(2,689,387	)
Class A		(12,987,585	)		(9,881,228	)		(371,583	)		(218,956	)
Class B		(45,922	)		(50,832	)		—			(1,741	)
Class C		(4,002,682	)		(2,880,022	)		(66,555	)		(104,065	)
Class I		(5,648,583	)		(2,769,144	)		(946,210	)		(693,469	)
		(69,565,253	)		(84,077,378	)		(3,360,685	)		(3,707,618	)
Net Increase in Net Assets from Shares of Beneficial Interest Transactions		227,029,092			118,676,774			8,667,132			2,369,796
Redemption Fees		5,581			689			317			1,751
Net Increase in Net Assets		297,444,582			161,476,524			14,452,773			4,272,099
Net Assets:
Beginning of period		374,054,222			212,577,698			15,984,012			11,711,913
End of period	$	671,498,804		$	374,054,222		$	30,436,785		$	15,984,012
Undistributed net investment income		—			—			—			—

See accompanying notes to financial statements.

25

GAMCO Westwood Funds

Statements of Changes in Net Assets (Continued)

	Income Fund						Equity Fund
	For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2011			September 30,			March 31, 2011			September 30,
	(Unaudited)			2010			(Unaudited)			2010
Operations:
Net investment income	$	33,847		$	87,370		$	360,822		$	678,220
Net realized gain/(loss) on investments		34,916			(96,177	)		8,587,682			8,500,599
Net change in unrealized appreciation/depreciation on investments		634,529			508,524			8,719,584			(229,649	)
Net Increase in Net Assets Resulting from Operations		703,292			499,717			17,668,088			8,949,170
Distributions to Shareholders:
Net investment income
Class AAA		(31,435	)		(76,135	)		(588,343	)		(1,172,352	)
Class A		(1,358	)		(2,880	)		(16,239	)		(45,986	)
Class B		—			—			—			(17	)
Class C		(182	)		(604	)		—			(3,199	)
Class I		(491	)		(885	)		(7,652	)		(7,670	)
Total Distributions to Shareholders		(33,466	)		(80,504	)		(612,234	)		(1,229,224	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		535,271			449,585			3,835,690			12,835,644
Class A		14,629			288,780			452,465			1,187,734
Class C		960			13,137			49,423			171,700
Class I		9,266			14,274			73,390			640,637
		560,126			765,776			4,410,968			14,835,715
Proceeds from reinvestment of distributions
Class AAA		29,441			71,125			543,647			1,098,889
Class A		1,350			2,878			15,626			43,561
Class B		—			—			—			17
Class C		145			515			—			3,159
Class I		405			783			7,644			7,670
		31,341			75,301			566,917			1,153,296
Cost of shares redeemed
Class AAA		(843,220	)		(947,840	)		(13,797,287	)		(53,540,807	)
Class A		(330,577	)		(50,559	)		(2,548,698	)		(1,083,380	)
Class B		—			(79)	*		(7,254)	**		(88	)
Class C		(8,279	)		(190,868	)		(171,269	)		(309,984	)
Class I		(266	)		(22,634	)		(337,244	)		(333,598	)
		(1,182,342	)		(1,211,980	)		(16,861,752	)		(55,267,857	)
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions		(590,875	)		(370,903	)		(11,883,867	)		(39,278,846	)
Redemption Fees		52			—			—			—
Net Increase/(Decrease) in Net Assets		79,003			48,310			5,171,987			(31,558,900	)
Net Assets:
Beginning of period		5,314,328			5,266,018			108,650,299			140,209,199
End of period	$	5,393,331		$	5,314,328		$	113,822,286		$	108,650,299
Undistributed net investment income	$	376			—		$	170,377		$	421,789

*	Income Fund’s Class B Shares were fully redeemed and closed on December 1, 2009.
**	Equity Fund’s Class B Shares were fully redeemed and closed on March 1, 2011.

See accompanying notes to financial statements.

26

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

	Balanced Fund						Intermediate Bond Fund
	For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2011			September 30,			March 31, 2011			September 30,
	(Unaudited)			2010			(Unaudited)			2010
Operations:
Net investment income	$	865,995		$	1,805,394		$	199,469		$	397,954
Net realized gain on investments		6,430,090			4,758,237			112,219			33,821
Net change in unrealized appreciation/depreciation on investments		4,105,845			1,729,287			(523,727	)		695,999
Net Increase/(Decrease) in Net Assets Resulting from Operations		11,401,930			8,292,918			(212,039	)		1,127,774
Distributions to Shareholders:
Net investment income
Class AAA		(798,907	)		(1,688,728	)		(184,546	)		(368,264	)
Class A		(30,899	)		(67,141	)		(5,789	)		(10,734	)
Class B		(197	)		(763	)		(280	)		(1,479	)
Class C		(17,892	)		(35,350	)		(6,856	)		(14,335	)
Class I		(14,928	)		(27,648	)		(1,998	)		(3,841	)
		(862,823	)		(1,819,630	)		(199,469	)		(398,653	)
Net realized gain
Class AAA		—			—			(28,090	)		(103,560	)
Class A		—			—			(887	)		(3,757	)
Class B		—			—			(64	)		(903	)
Class C		—			—			(1,914	)		(4,280	)
Class I		—			—			(334	)		(780	)
		—			—			(31,289	)		(113,280	)
Total Distributions to Shareholders		(862,823	)		(1,819,630	)		(230,758	)		(511,933	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		6,524,689			12,228,366			1,600,038			4,725,121
Class A		105,146			210,320			178,166			287,448
Class B		—			13,292			—			—
Class C		332,343			1,095,718			161,930			1,558,481
Class I		290,755			895,950			87,383			140,294
		7,252,933			14,443,646			2,027,517			6,711,344
Proceeds from reinvestment of distributions
Class AAA		770,422			1,627,433			140,916			326,510
Class A		27,317			60,259			4,865			10,834
Class B		123			430			243			1,262
Class C		13,143			24,903			7,567			17,068
Class I		14,920			27,636			2,316			4,325
		825,925			1,740,661			155,907			359,999
Cost of shares redeemed
Class AAA		(17,177,065	)		(36,266,445	)		(3,283,045	)		(2,507,576	)
Class A		(739,304	)		(1,412,210	)		(127,678	)		(349,373	)
Class B		(45,882	)		(41,933	)		(7,412	)		(94,401	)
Class C		(703,832	)		(1,257,696	)		(1,296,869	)		(489,893	)
Class I		(457,242	)		(668,924	)		(86,860	)		(347,556	)
		(19,123,325	)		(39,647,208	)		(4,801,864	)		(3,788,799	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(11,044,467	)		(23,462,901	)		(2,618,440	)		3,282,544
Net Increase/(Decrease) in Net Assets		(505,360	)		(16,989,613	)		(3,061,237	)		3,898,385
Net Assets:
Beginning of period		118,743,837			135,733,450			19,404,480			15,506,095
End of period	$	118,238,477		$	118,743,837		$	16,343,243		$	19,404,480
Undistributed net investment income	$	12,782		$	9,610		$	4,905		$	4,905

See accompanying notes to financial statements.

27

GAMCO Westwood Funds
Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																						Ratios to Average Net Assets/Supplemental Data
																																					Operating
																																					Expenses			Operating
						Net																					Net					Net					Net of			Expenses
	Net Asset		Net			Realized and			Total						Net												Asset					Assets,		Net			Waivers/			Before
	Value,		Investment			Unrealized			From			Net			Realized												Value,					End of		Investment			Reimburse-			Waivers/			Portfolio
Period Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			Return of			Total			Redemption			End of		Total			Period		Income			ments/			Reimburse-			Turnover
September 30	of Period		(Loss)(a)(b)			Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)(b)			Reductions			ments(c)			Rate††
Mighty MitesSM Fund
Class AAA
2011(d)	$	15.81	$	(0.06	)	$	2.93		$	2.87		$	(0.06	)	$	(0.42	)		—		$	(0.48	)	$	0.00	(e)	$	18.20		18.5	%	$	444,193		(0.68)	%(f)		1.41	%(f)		1.43%	(f)(g)		14	%
2010		13.49		(0.10	)		2.42			2.32			—			(0.00	)(e)		—			(0.00	)(e)		0.00	(e)		15.81		17.2			261,810		(0.67	)		1.55			1.58	(g)		27
2009		13.41		(0.08	)		0.47			0.39			—			(0.29	)	$	(0.02	)		(0.31	)		0.00	(e)		13.49		3.5			170,181		(0.69	)		1.65			1.66	(g)		32
2008		17.05		(0.00	)(e)		(2.11	)		(2.11	)		(0.06	)		(1.47	)		—			(1.53	)		0.00	(e)		13.41		(13.2	)		55,808		(0.01	)		1.71			1.71			18
2007		16.01		0.08			3.42			3.50			—			(2.46	)		—			(2.46	)		0.00	(e)		17.05		23.9			48,252		0.48			1.64			1.64			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			4
Class A
2011(d)	$	15.57	$	(0.08	)	$	2.89		$	2.81		$	(0.04	)	$	(0.42	)		—		$	(0.46	)	$	0.00	(e)	$	17.92		18.4	%	$	89,345		(0.92)	%(f)		1.66	%(f)		1.68%	(f)(g)		14	%
2010		13.32		(0.13	)		2.38			2.25			—			(0.00	)(e)		—			(0.00	)(e)		0.00	(e)		15.57		16.9			48,464		(0.91	)		1.80			1.83	(g)		27
2009		13.26		(0.10	)		0.47			0.37			—			(0.29	)	$	(0.02	)		(0.31	)		0.00	(e)		13.32		3.4			16,187		(0.90	)		1.90			1.91	(g)		32
2008		16.94		(0.04	)		(2.10	)		(2.14	)		(0.07	)		(1.47	)		—			(1.54	)		0.00	(e)		13.26		(13.5	)		6,134		(0.27	)		1.96			1.96			18
2007		15.94		0.36			3.10			3.46			—			(2.46	)		—			(2.46	)		0.00	(e)		16.94		23.8			2,246		2.13			1.89			1.89			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			4
Class B
2011(d)	$	14.64	$	(0.09	)	$	2.69		$	2.60			—		$	(0.42	)		—		$	(0.42	)	$	0.00	(e)	$	16.82		18.1	%	$	45		(1.11)	%(f)		2.16	%(f)		2.18%	(f)(g)		14	%
2010		12.59		(0.19	)		2.24			2.05			—			(0.00	)(e)		—			(0.00	)(e)		0.00	(e)		14.64		16.3			77		(1.41	)		2.30			2.33	(g)		27
2009		12.63		(0.14	)		0.41			0.27			—			(0.29	)	$	(0.02	)		(0.31	)		0.00	(e)		12.59		2.8			116		(1.34	)		2.40			2.41	(g)		32
2008		16.21		(0.10	)		(2.01	)		(2.11	)		—			(1.47	)		—			(1.47	)		0.00	(e)		12.63		(13.9	)		169		(0.73	)		2.46			2.46			18
2007		15.43		(0.06	)		3.30			3.24			—			(2.46	)		—			(2.46	)		0.00	(e)		16.21		23.0			422		(0.40	)		2.39			2.39			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			4
Class C
2011(d)	$	14.55	$	(0.12	)	$	2.70		$	2.58			—		$	(0.42	)		—		$	(0.42	)	$	0.00	(e)	$	16.71		18.1	%	$	90,106		(1.48)	%(f)		2.16	%(f)		2.18%	(f)(g)		14	%
2010		12.51		(0.19	)		2.23			2.04			—			(0.00	)(e)		—			(0.00	)(e)		0.00	(e)		14.55		16.3			40,297		(1.41	)		2.30			2.33	(g)		27
2009		12.55		(0.15	)		0.42			0.27			—			(0.29	)	$	(0.02	)		(0.31	)		0.00	(e)		12.51		2.8			13,566		(1.42	)		2.40			2.41	(g)		32
2008		16.13		(0.10	)		(2.00	)		(2.10	)	$	(0.01	)		(1.47	)		—			(1.48	)		0.00	(e)		12.55		(13.9	)		4,671		(0.78	)		2.46			2.46			18
2007		15.35		0.10			3.14			3.24			—			(2.46	)		—			(2.46	)		0.00	(e)		16.13		23.2			2,041		0.65			2.39			2.39			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			4
Class I
2011(d)	$	15.92	$	(0.04	)	$	2.95		$	2.91		$	(0.09	)	$	(0.42	)		—		$	(0.51	)	$	0.00	(e)	$	18.32		18.6	%	$	47,810		(0.49)	%(f)		1.16	%(f)		1.18%	(f)(g)		14	%
2010		13.55		(0.06	)		2.43			2.37			—			(0.00	)(e)		—			(0.00	)(e)		0.00	(e)		15.92		17.5			23,406		(0.41	)		1.30			1.33	(g)		27
2009		13.44		(0.06	)		0.48			0.42			—			(0.29	)	$	(0.02	)		(0.31	)		0.00	(e)		13.55		3.7			12,528		(0.48	)		1.40			1.41	(g)		32
2008(h)		13.96		0.03			(0.55	)		(0.52	)		—			—			—			—			0.00	(e)		13.44		(3.7	)		893		0.26	(f)		1.46	(f)		1.46	(f)		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 year ended 2006 would have been as shown. Also, for the year ended September 30, 2009, the calculation of the portfolio turnover rate excluded from purchases the value of securities acquired in connection with the Fund’s Reorganization (see Note 9).
(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)	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, 2010, 2009, 2008, and 2007, the effect of interest expense was minimal. For the six months ended March 31, 2011, there was no interest expense.
(d)	For the six months ended March 31, 2011, unaudited.
(e)	Amount represents less than $0.005 per share.
(f)	Annualized.
(g)	Before advisory fee reduction on unsupervised assets totaling 0.02%, 0.03%, and 0.01% of net assets for the six months ended March 31, 2011 and the years ended September 30, 2010 and 2009, respectively.
(h)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

28

GAMCO Westwood Funds
Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																Ratios to Average Net Assets /Supplemental Data
																															Operating			Operating
						Net															Net					Net					Expenses			Expenses
	Net Asset		Net			Realized and			Total												Asset					Assets,		Net			Net of			Before
	Value,		Investment			Unrealized			From			Net									Value,					End of		Investment			Waivers/			Waivers/			Portfolio
Period Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Total			Redemption			End of		Total			Period		Income			Reimburse-			Reimburse-			Turnover
September 30	of Period		(Loss)(a)			Investments			Operations			Income			Distributions			Fees(a)			Period		Return†			(in 000’s)		(Loss)			ments††			ments†††			Rate
SmallCap Equity Fund
Class AAA
2011(b)	$	13.36	$	(0.05	)	$	4.51		$	4.46			—			—		$	0.00	(c)	$	17.82		33.4	%	$	19,487		(0.68)	%(d)		1.50%	(d)(e)		1.78	%(d)		13	%
2010		11.60		(0.10	)		1.86			1.76			—			—			0.00	(c)		13.36		15.2			10,435		(0.81	)		1.50	(e)		1.99			28
2009		11.99		(0.06	)		(0.33	)		(0.39	)		—			—			—			11.60		(3.3	)		8,856		(0.68	)		1.50	(e)		2.80			55
2008		14.99		(0.03	)		(2.97	)		(3.00	)		—			—			—			11.99		(20.0	)		8,491		(0.23	)		1.58	(e)		2.62			123
2007		12.51		(0.04	)		2.68			2.64		$	(0.16	)	$	(0.16	)		—			14.99		21.2			8,672		(0.28	)		1.71			2.24			90
2006		11.29		0.14			1.08			1.22			—			—			—			12.51		10.8			8,717		1.16			1.71			2.02			81
Class A
2011(b)	$	13.18	$	(0.07	)	$	4.45		$	4.38			—			—		$	0.00	(c)	$	17.56		33.2	%	$	5,905		(0.92)	%(d)		1.75%	(d)(e)		2.03	%(d)		13	%
2010		11.47		(0.13	)		1.84			1.71			—			—			0.00	(c)		13.18		14.9			3,509		(1.06	)		1.75	(e)		2.24			28
2009		11.88		(0.09	)		(0.32	)		(0.41	)		—			—			—			11.47		(3.5	)		2,200		(0.98	)		1.75	(e)		3.05			55
2008		14.89		(0.06	)		(2.95	)		(3.01	)		—			—			—			11.88		(20.2	)		703		(0.49	)		1.83	(e)		2.87			123
2007		12.45		(0.09	)		2.67			2.58		$	(0.14	)	$	(0.14	)		—			14.89		20.9			778		(0.62	)		1.96			2.49			90
2006		11.25		0.13			1.07			1.20			—			—			—			12.45		10.7			403		1.04			1.96			2.27			81
Class B
2011(b)	$	12.58	$	(0.11	)	$	4.25		$	4.14			—			—		$	0.00	(c)	$	16.72		32.9	%	$	8		(1.43)	%(d)		2.25%	(d)(e)		2.53	%(d)		13	%
2010		11.01		(0.19	)		1.76			1.57			—			—			0.00	(c)		12.58		14.3			6		(1.56	)		2.25	(e)		2.74			28
2009		11.46		(0.12	)		(0.33	)		(0.45	)		—			—			—			11.01		(3.9	)		5		(1.43	)		2.25	(e)		3.55			55
2008		14.44		(0.12	)		(2.86	)		(2.98	)		—			—			—			11.46		(20.6	)		5		(0.97	)		2.33	(e)		3.37			123
2007		12.03		(0.15	)		2.60			2.45		$	(0.04	)	$	(0.04	)		—			14.44		20.4			7		(1.05	)		2.46			2.99			90
2006		10.93		0.05			1.05			1.10			—			—			—			12.03		10.1			6		0.44			2.46			2.77			81
Class C
2011(b)	$	12.47	$	(0.11	)	$	4.22		$	4.11			—			—		$	0.00	(c)	$	16.58		33.0	%	$	4,200		(1.45)	%(d)		2.25%	(d)(e)		2.53	%(d)		13	%
2010		10.91		(0.18	)		1.74			1.56			—			—			0.00	(c)		12.47		14.3			911		(1.55	)		2.25	(e)		2.74			28
2009		11.36		(0.12	)		(0.33	)		(0.45	)		—			—			—			10.91		(4.0	)		345		(1.43	)		2.25	(e)		3.55			55
2008		14.31		(0.12	)		(2.83	)		(2.95	)		—			—			—			11.36		(20.6	)		196		(0.94	)		2.33	(e)		3.37			123
2007		11.97		(0.14	)		2.57			2.43		$	(0.09	)	$	(0.09	)		—			14.31		20.4			298		(1.04	)		2.46			2.99			90
2006		10.87		0.09			1.01			1.10			—			—			—			11.97		10.1			238		0.74			2.46			2.77			81
Class I
2011(b)	$	13.45	$	(0.03	)	$	4.54		$	4.51			—			—		$	0.00	(c)	$	17.96		33.5	%	$	837		(0.41)	%(d)		1.25%	(d)(e)		1.53	%(d)		13	%
2010		11.65		(0.08	)		1.88			1.80			—			—			0.00	(c)		13.45		15.5			1,123		(0.59	)		1.25	(e)		1.74			28
2009		12.00		(0.04	)		(0.31	)		(0.35	)		—			—			—			11.65		(2.9	)		306		(0.47	)		1.25	(e)		2.55			55
2008(f)		12.92		(0.01	)		(0.91	)		(0.92	)		—			—			—			12.00		(7.1	)		165		(0.06	)(d)		1.36	(d)(e)		2.40	(d)		123

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 1.50%, 1.51%, 1.50%, and 1.50% (Class AAA), 1.75%, 1.76%, 1.75%, and 1.75% (Class A), 2.25%, 2.26%, 2.25%, and 2.25% (Class B and Class C), and 1.25% and 1.26% (Class I) respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
†††	The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 2.80%, 2.55%, 2.03%, and 1.81% (Class AAA), 3.05%, 2.80%, 2.28%, and 2.06%,(Class A), 3.55%, 3.30%, 2.78%, and 2.56% (Class B and Class C), and 2.55% and 2.30% (Class I), respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	For the six months ended March 31, 2011, unaudited.
(c)	Amount represents less than $0.005 per share.
(d)	Annualized.
(e)	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 years Custodian Fee Credits. The impact to the ratios of operating expenses to the average net assets was minimal. If interest expense had not been incurred, the ratio of operating expenses to the average net assets would have been 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class B and Class C), and 1.25% (Class I), respectively. For the six months ended March 31, 2011 and the years ended September 30, 2010 and 2009 the effect of interest expense was minimal.
(f)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

29

GAMCO Westwood Funds
Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders																						Ratios to Average Net Assets/Supplemental Data
					Net																															Operating			Operating
					Realized and																					Net					Net					Expenses			Expenses
	Net Asset				Unrealized			Total						Net												Asset					Assets,					Net of			Before
	Value,		Net		Gain			From			Net			Realized												Value,					End of		Net			Waivers/			Waivers/			Portfolio
Period Ended	Beginning		Investment		(Loss) on			Investment			Investment			Gain on			Return of			Total			Redemption			End of		Total			Period		Investment			Reimburse-			Reimburse-			Turnover
September 30	of Period		Income(a)		Investments			Operations			Income			Investments			Capital			Distributions			Fees(a)			Period		Return†			(in 000’s)		Income			ments†† (b)			ments†††			Rate
Income Fund
Class AAA
2011(c)	$	7.53	$	0.05	$	1.00		$	1.05		$	(0.05	)		—			—		$	(0.05	)	$	0.00	(d)	$	8.53		14.0	%	$	5,172		1.27	%(e)		1.67	%(e)		2.94	%(e)		11	%
2010		6.96		0.13		0.56			0.69			(0.12	)		—			—			(0.12	)		—			7.53		9.9			4,822		1.73			1.50			3.19			10
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			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			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			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			2.02			141
Class A
2011(c)	$	7.79	$	0.04	$	1.04		$	1.08		$	(0.04	)		—			—		$	(0.04	)	$	0.00	(d)	$	8.83		13.9	%	$	47		1.07	%(e)		1.79	%(e)		3.24	%(e)		11	%
2010		7.20		0.10		0.59			0.69			(0.10	)		—			—			(0.10	)		—			7.79		9.7			341		1.29			1.75			3.44			10
2009		8.12		0.08		(0.81	)		(0.73	)		(0.17	)		—		$	(0.02	)		(0.19	)		—			7.20		(8.4	)		77		1.28			1.88			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			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			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			2.27			141
Class C
2011(c)	$	8.36	$	0.02	$	1.11		$	1.13		$	(0.02	)		—			—		$	(0.02	)	$	0.00	(d)	$	9.47		13.5	%	$	102		0.52	%(e)		2.42	%(e)		3.69	%(e)		11	%
2010		7.70		0.08		0.62			0.70			(0.04	)		—			—			(0.04	)		—			8.36		9.1			97		1.04			2.25			3.94			10
2009		8.65		0.11		(0.91	)		(0.80	)		(0.13	)		—		$	(0.02	)		(0.15	)		—			7.70		(8.8	)		261		1.68			2.38			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			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			2.94			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			2.77			141
Class I
2011(c)	$	7.53	$	0.06	$	1.01		$	1.07		$	(0.06	)		—			—		$	(0.06	)	$	0.00	(d)	$	8.54		14.3	%	$	72		1.49	%(e)		1.43	%(e)		2.69	%(e)		11	%
2010		6.97		0.14		0.56			0.70			(0.14	)		—			—			(0.14	)		—			7.53		10.1			54		1.97			1.25			2.94			10
2009		7.85		0.19		(0.85	)		(0.66	)		(0.20	)		—		$	(0.02	)		(0.22	)		—			6.97		(7.8	)		59		3.13			1.38			2.81			14
2008(f)		9.14		0.18		(1.18	)		(1.00	)		(0.27	)		—			(0.02	)		(0.29	)		—			7.85		(11.2	)		118		2.82	(e)		1.36	(e)		2.26	(e)		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.
††	The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 1.50%, 1.51%, 1.50%, and 1.50% (Class AAA), 1.75%, 1.76%, 1.75%, and 1.75% (Class A), 2.25%, 2.26%, 2.25%, and 2.25% (Class C), and 1.25% and 1.26% (Class I) respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
†††	The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 2.93%, 2.41%, 1.94%, and 1.87% (Class AAA), 3.18%, 2.66%, 2.19%, and 2.12% (Class A), 3.68%, 3.16%, 2.68%, and 2.62% (Class C), and 2.68% and 2.16% (Class I), respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	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 years 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 C), and 1.23% and 1.25% (Class I), respectively. For the six months ended March 31, 2011 and the years ended September 30, 2010 and 2007, the effect of interest expense was minimal. For the year ended September 30, 2006, there was no interest expense.
(c)	For the six months ended March 31, 2011, unaudited.
(d)	Amount represents less than $0.005 per share.
(e)	Annualized.
(f)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

30

GAMCO Westwood Funds
Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
						Net
						Realized
	Net Asset		Net			and			Total												Net					Net Assets,		Net
	Value,		Investment			Unrealized			From			Net			Net Realized						Asset Value,					End of		Investment						Portfolio
Period Ended	Beginning		Income			Gain (Loss) on			Investment			Investment			Gain on			Total			End of		Total			Period		Income			Operating			Turnover
September 30	of Period		(Loss)(a)			Investments			Operations			Income			Investments			Distributions			Period		Return†			(in 000’s)		(Loss)			Expenses††			Rate
Equity Fund
Class AAA
2011(b)	$	8.17	$	0.03		$	1.36		$	1.39		$	(0.05	)		—		$	(0.05	)	$	9.51		17.1	%	$	106,419		0.66	%(c)		1.57%	(c)(d)		21	%
2010		7.72		0.04			0.48			0.52			(0.07	)		—			(0.07	)		8.17		6.8			99,986		0.55			1.56	(d)		52
2009		9.21		0.08			(1.48	)		(1.40	)		(0.09	)		—			(0.09	)		7.72		(15.2	)		132,314		1.21			1.59	(d)		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			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			58
2006		11.08		0.06			1.42			1.48			(0.05	)		—			(0.05	)		12.51		13.4			169,404		0.55			1.54			73
Class A
2011(b)	$	8.13	$	0.02		$	1.35		$	1.37		$	(0.02	)		—		$	(0.02	)	$	9.48		16.9	%	$	5,425		0.38	%(c)		1.82%	(c)(d)		21	%
2010		7.69		0.02			0.48			0.50			(0.06	)		—			(0.06	)		8.13		6.5			6,616		0.31			1.81	(d)		52
2009		9.11		0.06			(1.43	)		(1.37	)		(0.05	)		—			(0.05	)		7.69		(15.0	)		6,131		0.89			1.84	(d)		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			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			58
2006		11.05		0.03			1.41			1.44			(0.04	)		—			(0.04	)		12.45		13.1			2,780		0.27			1.79			73
Class C
2011(b)	$	7.91	$	(0.00	)(e)	$	1.33		$	1.33			—			—			—		$	9.24		16.8	%	$	1,042		(0.09)	%(c)		2.32%	(c)(d)		21	%
2010		7.49		(0.02	)		0.46			0.44		$	(0.02	)		—		$	(0.02	)		7.91		5.9			999		(0.19	)		2.31	(d)		52
2009		8.95		0.02			(1.44	)		(1.42	)		(0.04	)		—			(0.04	)		7.49		(15.8	)		1,067		0.37			2.34	(d)		111
2008		12.36		(0.00	)(e)		(1.83	)		(1.83	)		—		$	(1.58	)		(1.58	)		8.95		(16.7	)		736		(0.02	)		2.24			71
2007		12.31		(0.05	)		2.12			2.07			—			(2.02	)		(2.02	)		12.36		18.8			320		(0.39	)		2.27			58
2006		10.97		(0.03	)		1.40			1.37			(0.03	)		—			(0.03	)		12.31		12.6			316		(0.28	)		2.29			73
Class I
2011(b)	$	8.19	$	0.04		$	1.36		$	1.40		$	(0.07	)		—		$	(0.07	)	$	9.52		17.3	%	$	936		0.89	%(c)		1.32%	(c)(d)		21	%
2010		7.73		0.06			0.49			0.55			(0.09	)		—			(0.09	)		8.19		7.1			1,043		0.81			1.31	(d)		52
2009		9.23		0.10			(1.49	)		(1.39	)		(0.11	)		—			(0.11	)		7.73		(15.0	)		691		1.44			1.34	(d)		111
2008(f)		10.35		0.07			(1.19	)		(1.12	)		—			—			—			9.23		(10.8	)		797		1.00	(c)		1.24	(c)		71

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the six months ended March 31, 2011 and the years ended September 30, 2010, 2009, 2008, 2007, and 2006 would have been 1.55%, 1.54%, 1.57%, 1.47%, 1.47%, and 1.50%, (Class AAA), 1.80%, 1.79%, 1.82%, 1.72%, 1.72%, and 1.75% (Class A), 2.30%, 2.29%, 2.32%, 2.22%, 2.22%, and 2.25% (Class C), and 1.30%, 1.29%, 1.32% and 1.22% (Class I), respectively.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	For the six months ended March 31, 2011, unaudited.
(c)	Annualized.
(d)	The Fund incurred interest expense of $205, $1,854, and $106 during the six months ended March 31, 2011 and years ended September 30, 2010 and 2009, respectively. This interest expense was paid for by prior years custodian fee credits. The effect of interest expense was minimal.
(e)	Amount represents less than $0.005 per share.
(f)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

31

GAMCO Westwood Funds
Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
					Net
					Realized
	Net Asset				and			Total												Net					Net Assets,
	Value,		Net		Unrealized			From			Net			Net Realized						Asset Value,					End of		Net						Portfolio
Period Ended	Beginning		Investment		Gain (Loss) on			Investment			Investment			Gain on			Total			End of		Total			Period		Investment			Operating			Turnover
September 30	of Period		Income(a)		Investments			Operations			Income			Investments			Distributions			Period		Return†			(in 000’s)		Income			Expenses††			Rate
Balanced Fund
Class AAA
2011(b)	$	10.13	$	0.08	$	0.93		$	1.01		$	(0.08	)		—		$	(0.08	)	$	11.06		10.0	%	$	106,398		1.49	%(c)		1.26	%(c)		13	%
2010		9.65		0.14		0.49			0.63			(0.15	)		—			(0.15	)		10.13		6.5			106,782		1.45			1.26			33
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			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			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			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			68
Class A
2011(b)	$	10.17	$	0.07	$	0.93		$	1.00		$	(0.07	)		—		$	(0.07	)	$	11.10		9.8	%	$	4,972		1.25	%(c)		1.51	%(c)		13	%
2010		9.69		0.12		0.48			0.60			(0.12	)		—			(0.12	)		10.17		6.2			5,136		1.20			1.51			33
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			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			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			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			68
Class B
2011(b)	$	10.25	$	0.04	$	0.94		$	0.98		$	(0.03	)		—		$	(0.03	)	$	11.20		9.6	%	$	42		0.69	%(c)		2.01	%(c)		13	%
2010		9.77		0.07		0.48			0.55			(0.07	)		—			(0.07	)		10.25		5.7			82		0.69			2.01			33
2009		10.60		0.10		(0.78	)		(0.68	)		(0.10	)	$	(0.05	)		(0.15	)		9.77		(6.3	)		105		1.13			2.02			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			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			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			68
Class C
2011(b)	$	10.26	$	0.04	$	0.95		$	0.99		$	(0.04	)		—		$	(0.04	)	$	11.21		9.7	%	$	5,053		0.74	%(c)		2.01	%(c)		13	%
2010		9.78		0.07		0.48			0.55			(0.07	)		—			(0.07	)		10.26		5.7			4,975		0.70			2.01			33
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			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			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			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			68
Class I
2011(b)	$	10.12	$	0.09	$	0.93		$	1.02		$	(0.09	)		—		$	(0.09	)	$	11.05		10.2	%	$	1,773		1.74	%(c)		1.01	%(c)		13	%
2010		9.64		0.17		0.48			0.65			(0.17	)		—			(0.17	)		10.12		6.8			1,769		1.70			1.01			33
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			89
2008(d)		11.33		0.17		(0.87	)		(0.70	)		(0.17	)		—			(0.17	)		10.46		(6.2	)		1,490		2.14	(c)		0.98	(c)		60

†	Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
††	The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the six months ended March 31, 2011 and the years ended September 30, 2010, 2009, 2008, 2007, and 2006 would have been 1.24%, 1.24%, 1.25%, 1.21%, 1.19%, and 1.27% (Class AAA), 1.49%, 1.49%, 1.50%, 1.46%, 1.44%, and 1.52% (Class A), 1.99%, 1.99%, 2.00%, 1.96%, 1.94%, and 2.02% (Class B and Class C), and 0.99%, 0.99%, 1.00%, and 0.96% (Class I), respectively.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	For the six months ended March 31, 2011, unaudited.
(c)	Annualized.
(d)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

32

GAMCO Westwood Funds
Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders																Ratios to Average Net Assets /Supplemental Data
																														Operating			Operating
					Net															Net					Net					Expenses			Expenses
	Net Asset				Realized and			Total						Net						Asset					Assets,					Net of			Before
	Value,		Net		Unrealized			From			Net			Realized						Value,					End of		Net			Waivers/			Waivers/			Portfolio
Period Ended	Beginning		Investment		Gain (Loss) on			Investment			Investment			Gain on			Total			End of		Total			Period		Investment			Reimburse-			Reimburse-			Turnover
September 30	of Period		Income (a)		Investments			Operations			Income			Investments			Distributions			Period		Return†			(in 000’s)		Income			ments††			ments†††			Rate
Intermediate Bond Fund
Class AAA
2011(b)	$	11.90	$	0.14	$	(0.28	)	$	(0.14	)	$	(0.14	)	$	(0.02	)	$	(0.16	)	$	11.60		(1.2	)%	$	15,096		2.38	%(c)		1.00	%(c)		1.45	%(c)		0	%
2010		11.52		0.27		0.46			0.73			(0.27	)		(0.08	)		(0.35	)		11.90		6.5			17,038		2.32			1.02			1.49			14
2009		10.84		0.28		0.68			0.96			(0.28	)		—			(0.28	)		11.52		9.0			13,949		2.51			1.04			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			1.76			32
2007		10.81		0.40		0.00	(d)		0.40			(0.41	)		—			(0.41	)		10.80		3.7			9,413		3.73			1.10			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			1.53			35
Class A																							��
2011(b)	$	11.90	$	0.13	$	(0.28	)	$	(0.15	)	$	(0.13	)	$	(0.02	)	$	(0.15	)	$	11.60		(1.2	)%	$	530		2.30	%(c)		1.10	%(c)		1.55	%(c)		0	%
2010		11.51		0.26		0.47			0.73			(0.26	)		(0.08	)		(0.34	)		11.90		6.4			487		2.23			1.12			1.59			14
2009		10.84		0.27		0.67			0.94			(0.27	)		—			(0.27	)		11.51		8.7			523		2.40			1.14			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			1.86			32
2007		10.81		0.39		0.00	(d)		0.39			(0.40	)		—			(0.40	)		10.80		3.7			69		3.64			1.20			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			1.63			35
Class B
2011(b)	$	11.90	$	0.09	$	(0.27	)	$	(0.18	)	$	(0.10	)	$	(0.02	)	$	(0.12	)	$	11.60		(1.6	)%	$	30		1.62	%(c)		1.75	%(c)		2.20	%(c)		0	%
2010		11.51		0.18		0.47			0.65			(0.18	)		(0.08	)		(0.26	)		11.90		5.8			38		1.59			1.77			2.24			14
2009		10.84		0.20		0.67			0.87			(0.20	)		—			(0.20	)		11.51		8.0			130		1.77			1.79			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			2.51			32
2007		10.81		0.32		0.00	(d)		0.32			(0.33	)		—			(0.33	)		10.80		3.0			93		2.97			1.85			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			2.28			35
Class C
2011(b)	$	11.32	$	0.09	$	(0.27	)	$	(0.18	)	$	(0.09	)	$	(0.02	)	$	(0.11	)	$	11.03		(1.6	)%	$	564		1.55	%(c)		1.75	%(c)		2.20	%(c)		0	%
2010		10.96		0.17		0.44			0.61			(0.17	)		(0.08	)		(0.25	)		11.32		5.7			1,716		1.50			1.77			2.24			14
2009		10.31		0.19		0.65			0.84			(0.19	)		—			(0.19	)		10.96		8.3			582		1.76			1.79			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			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			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			2.28			35
Class I
2011(b)	$	11.91	$	0.15	$	(0.28	)	$	(0.13	)	$	(0.15	)	$	(0.02	)	$	(0.17	)	$	11.61		(1.1	)%	$	123		2.60	%(c)		0.75	%(c)		1.20	%(c)		0	%
2010		11.52		0.30		0.47			0.77			(0.30	)		(0.08	)		(0.38	)		11.91		6.8			125		2.58			0.77			1.24			14
2009		10.85		0.31		0.67			0.98			(0.31	)		—			(0.31	)		11.52		9.1			322		2.75			0.79			1.33			18
2008(e)		11.09		0.28		(0.25	)		0.03			(0.27	)		—			(0.27	)		10.85		0.2			363		3.57	(c)		0.84	(c)		1.53	(c)		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.
††	The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2010, 2009, 2008, 2007 and 2006 would have been 1.00%, 1.00%, 1.00%, 1.00%, and 1.00% (Class AAA), 1.10%, 1.10%, 1.10%, 1.10%, and 1.10% (Class A), 1.75%, 1.75%, 1.75%, 1.75%, and 1.75% (Class B and Class C), and 0.75%, 0.75%, and 0.75% (Class I), respectively. For the six months ended March 31, 2011, there were no Custodian Fee Credits.
†††	The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2010, 2009, 2008, 2007, and 2006 would have been 1.47%, 1.54%, 1.69%, 1.54%, and 1.47% (Class AAA), 1.57%, 1.64%, 1.79%, 1.64%, and 1.57% (Class A), 2.22%, 2.29%, 2.44%, 2.29%, and 2.22% (Class B and Class C), and 1.22%, 1.29%, and 1.44% (Class I), respectively. For the six months ended March 31, 2011, there were no Custodian Fee Credits.
(a)	Per share data is calculated using the average shares outstanding method.
(b)	For the six months ended March 31, 2011, unaudited.
(c)	Annualized.
(d)	Amount represents less than $0.005 per share.
(e)	From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

33

GAMCO Westwood Funds
Notes to Financial Statements (Unaudited)

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

The investment objectives of each Fund are as follows:

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

• 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.

• Equity Fund seeks to provide capital appreciation. The Equity 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.

2. Significant Accounting Policies. The Trust’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of its 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”).

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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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.

34

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

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;

• 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 a Fund’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. 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 in securities by inputs used to value the Funds’ investments as of March 31, 2011 is as follows:

	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 3/31/11
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Broadcasting	$	19,498,359		—	$	0	$	19,498,359
Business Services		20,990,809		—		3		20,990,812
Cable		109,000		—		0		109,000
Consumer Products		19,337,648	$	1,053		—		19,338,701
Educational Services		7,301,045		—		0		7,301,045
Entertainment		2,297,777		—		82,092		2,379,869
Financial Services		24,672,724		75,000		—		24,747,724
Health Care		51,627,675		—		12,280		51,639,955
Real Estate		5,964,086		77,940		7,550		6,049,576
Other Industries (a)		321,058,539		—		—		321,058,539
Total Common Stocks		472,857,662		153,993		101,925		473,113,580
Preferred Stocks (a)		803,549		—		—		803,549
Convertible Preferred Stocks (a)		—		14,935		—		14,935
Rights (a)		5,674		—		—		5,674
Warrants (a)		—		—		0		0
U.S. Government Obligations		—		198,353,593		—		198,353,593
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	473,666,885	$	198,522,521	$	101,925	$	672,291,331
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	28,817,414		—		—	$	28,817,414
U.S. Government Obligations		—	$	2,149,098		—		2,149,098
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	28,817,414	$	2,149,098		—	$	30,966,512
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	4,652,853		—		—	$	4,652,853
Preferred Stocks (a)		457,255		—		—		457,255
Corporate Bonds		—	$	250,061		—		250,061
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	5,110,108	$	250,061		—	$	5,360,169
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	112,209,912		—		—	$	112,209,912
Short-Term Investments (a)		49,204		—		—		49,204
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	112,259,116		—		—	$	112,259,116
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	72,251,056		—		—	$	72,251,056
Short-Term Investments (a)		4,168,299		—		—		4,168,299
Corporate Bonds		—	$	16,724,496		—		16,724,496
U.S. Government Agency Obligations		—		12,775,282		—		12,775,282
U.S. Government Obligations		—		13,464,129		—		13,464,129
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	76,419,355	$	42,963,907		—	$	119,383,262

35

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

	Valuation Inputs (Continued)
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 3/31/11
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Short-Term Investments (a)	$	610,036		—		—	$	610,036
Corporate Bonds		—	$	6,943,236		—		6,943,236
U.S. Government Agency Obligations		—		4,475,473		—		4,475,473
U.S. Government Obligations		—		4,186,792		—		4,186,792
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	610,036	$	15,605,501		—	$	16,215,537

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Funds did not have significant transfers between Level 1 and Level 2 during the six months ended March 31, 2011.

There were no Level 3 investments held at March 31, 2011 or September 30, 2010 for SmallCap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:

																						Net change in
																						unrealized
																						appreciation/
																						depreciation
																						during the
																						period
								Change in														on Level 3
			Accrued					unrealized								Transfers		Transfers		Balance		investments
	Balance as		discounts/		Realized			appreciation/								into		out of		as of		held
MIGHTY MITESSM FUND	of 9/30/10		(premiums)		gain/(loss)			depreciation†			Purchases		Sales			Level 3 ††		Level 3 ††		3/31/11		at 3/31/11†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Broadcasting	$	1	$	—	$	—		$	(1	)	$	—	$	—		$	—	$	—	$	0	$	(1	)
Business Services		0		—		—			—			—		—			3		—		3		—
Cable		0		—		—			—			—		—			—		—		0		—
Educational Services		0		—		—			—			—		—			—		—		0		—
Entertainment		82,092		—		—			—			—		—			—		—		82,092		—
Health Care		12,280		—		—			—			—		—			—		—		12,280		—
Real Estate		1,413		—		—			6,137			—		—			—		—		7,550		6,137
Telecommunications		10		—		(3	)		(7	)		—		(0	)		—		—		—		—
Total Common Stocks		95,796		—		(3	)		6,129			—		(0	)		3		—		101,925		6,136
Warrants:
Broadcasting		—		—		—			—			—		—			0		—		0		—
TOTAL INVESTMENTS IN SECURITIES	$	95,796	$	—	$	(3	)	$	6,129		$	—	$	(0	)	$	3	$	—	$	101,925	$	6,136

†	Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.
††	The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.

In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Funds’ financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Funds’ financial statements.

36

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

Securities Sold Short. The Mighty Mites^SM Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Mighty Mites^SM Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Mighty Mites^SM Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Mighty Mites^SM Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Mighty Mites^SM Fund on the ex-dividend date and interest expense is recorded on the accrual basis. At March 31, 2011, there were no short sales outstanding for the Mighty Mites^SM Fund.

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 purchase trade date and subsequent sale trade date is included in realized gain/loss on investments.

Foreign Securities. The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the 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 securities of comparable U.S. issuers.

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

Restricted and Illiquid Securities. Each Fund may invest up to 10% (except for the Mighty Mites^SM Fund, SmallCap Equity Fund, and Income Fund which may invest up to 15%) of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted and illiquid securities the Mighty Mites^SM Fund held as of March 31, 2011, refer to its Schedule of Investments.

Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2011, the Mighty Mites^SM Fund’s, Equity Fund’s, Balanced Fund’s, and Intermediate Bond Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point for each of these four funds. During the six months ended March 31, 2011, the Income Fund and SmallCap Equity Fund held no investments in other investment companies.

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 from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

37

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

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

In calculating the net asset value (“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 March 31, 2011 are custodian fee expense and interest expense that were paid for by prior year custodian fee credits as follows:

	Mighty		SmallCap										Intermediate
	MitesSM		Equity		Income		Equity			Balanced			Bond
	Fund		Fund		Fund		Fund			Fund			Fund
Expenses paid for by prior year custodian fee credits:
Custodian fee expense	$	—	$	—	$	—	$	(10,166	)	$	—		$	—
Interest expense		—		—		—		(205	)		(9,735	)		—

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites^SM Fund, SmallCap Equity Fund, and Equity Fund, and quarterly for the Income Fund and Balanced 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 GAAP. 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.

The tax character of distributions paid during the year ended September 30, 2010 was as follows:

	Mighty		SmallCap								Intermediate
	MitesSM		Equity		Income		Equity		Balanced		Bond
	Fund		Fund		Fund		Fund		Fund		Fund
Distributions paid from:
Ordinary income (inclusive of short-term capital gains)	$	48,672	$	—	$	80,504	$	1,229,224	$	1,819,630	$	398,653
Net long-term capitals gains		—		—		—		—		—		113,280
Total distributions paid	$	48,672	$	—	$	80,504	$	1,229,224	$	1,819,630	$	511,933

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.

38

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

The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2010:

	Mighty		SmallCap								Intermediate
	MitesSM		Equity		Income		Equity		Balanced		Bond
	Fund		Fund		Fund		Fund		Fund		Fund
Expiring in Fiscal Year:
2011		—	$	4,845,486		—		—		—		—
2012		—		—		—		—		—		—
2013		—		—		—		—		—		—
2014		—		—		—		—		—		—
2015		—		—		—		—		—		—
2016		—		210		—		—		—		—
2017		—		585,663	$	1,094,920	$	4,107,080	$	2,011,631		—
2018		—		—		1,503,324		28,980,997		14,635,639		—

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

During the year ended September 30, 2010, the SmallCap Equity Fund utilized capital loss carryforwards of $135,125, and $1,835,749 of capital loss carryforwards expired.

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, 2010, the Income Fund deferred capital losses of $95,748 and the SmallCap Equity Fund deferred currency losses of $8.

The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at March 31, 2011:

	Mighty			SmallCap												Intermediate
	MitesSM			Equity			Income			Equity			Balanced			Bond
	Fund			Fund			Fund			Fund			Fund			Fund
Aggregate cost of investments	$	538,289,526		$	24,006,614		$	4,869,745		$	94,043,169		$	104,265,553		$	15,405,006
Gross unrealized appreciation	$	145,104,010		$	7,455,824		$	627,657		$	21,240,417		$	17,386,694		$	869,105
Gross unrealized depreciation		(11,102,205	)		(495,926	)		(137,233	)		(3,024,470	)		(2,268,985	)		(58,574	)
Net unrealized appreciation/depreciation	$	134,001,805		$	6,959,898		$	490,424		$	18,215,947		$	15,117,709		$	810,531

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended March 31, 2011, the Funds did not incur any income tax, interest, or penalties. As of March 31, 2011, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. Tax years ended September 30, 2007 through September 30, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the “Advisory Agreements”) with the Adviser which provide that the Funds will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites^SM Fund, SmallCap Equity Fund, Income Fund, and Equity 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.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Funds with respect to which the Adviser transferred dispositive and voting control to the Funds’ Proxy Voting Committee. During the six months ended March 31, 2011, the Mighty Mites^SM Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $55,554.

39

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

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund, in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangement continues until at least January 31, 2012. For the six months ended March 31, 2011, the Adviser waived fees or reimbursed expenses in the amounts of $29,077, $34,420, and $38,081 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund, respectively. In addition, the SmallCap Equity Fund, Income Fund, and Intermediate Bond 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 1.50%, 1.50%, and 1.00%, respectively, and for Class A of 1.75%, 1.75%, and 1.10%, respectively, and for Class B (for the SmallCap Equity and Intermediate Bond Funds only) and Class C of 2.25%, 2.25%, and 1.75%, respectively, and for Class I of 1.25%, 1.25%, and 0.75%, respectively, of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2011, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are $198,120, $197,515, and $196,065 for the SmallCap Equity, Income, and Intermediate Bond Funds, respectively.

	For the year		For the year		For the six months
	ended		ended		ended
	September 30, 2009,		September 30, 2010,		March 31, 2011,
	expiring		expiring		expiring
	September 30, 2011		September 30, 2012		September 30, 2013		Total
SmallCap Equity Fund	$	98,769	$	70,274	$	29,077	$	198,120
Income Fund		75,817		87,278		34,420		197,515
Intermediate Bond Fund		76,402		81,582		38,081		196,065

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 and they are reimbursed by the Trust for any out of pocket expenses incurred in attending meetings, all apportioned among the Funds. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Trustee each receive a $1,000 annual fee. 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 & Co.”), 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 & Co. 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 six months ended March 31, 2011, 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	$	149,176,577	$	50,369,174		—	$	137,000
SmallCap Equity Fund		9,953,171		2,604,377		—		—
Income Fund		591,133		855,946		—		—
Equity Fund		23,400,437		35,825,740		—		—
Balanced Fund		13,388,078		24,544,052	$	1,071,462		—
Intermediate Bond Fund		—		—		—		1,604,772

6.       Transactions with Affiliates. During the six months ended March 31, 2011, the Mighty Mites^SM Fund, and the Income Fund paid brokerage commissions on security trades of $130,112 and $906, respectively, to Gabelli & Co. Additionally, Gabelli & Co. informed the Trust that it retained $74,675 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

40

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

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between each Fund and the Adviser. During the six months ended March 31, 2011, the Mighty Mites^SM Fund, Equity Fund, and Balanced Fund each paid or accrued $22,500 to the Adviser in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2011 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund.

7. Shares of Beneficial Interest. The Funds, except for the Income Fund and Equity Fund that no longer offers Class B Shares, 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 & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers 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 Class B CDSC is equal to a percentage declining from 5% 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 & Co. Income Fund’s and Equity Fund’s Class B Shares were fully redeemed on December 1, 2009 and March 1, 2011, respectively and are not available for exchanges from other funds.

The Mighty Mites^SM Fund, and, since January 28, 2010, the SmallCap Equity Fund and Income Fund impose 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 respective Fund as an increase in paid-in capital. The redemption fees retained by the Mighty Mites^SM Fund during the six months ended March 31, 2011 and the year ended September 30, 2010 amounted to $5,581 and $689, respectively. Redemption fees retained by the SmallCap Equity Fund and Income Fund for the six months ended March 31, 2011 and for the period between January 28, 2010 and September 30, 2010 were $317, $52, $1,751 and $0, 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 Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the 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.

41

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

Transactions in shares of beneficial interest were as follows:

	For the Six			For the			For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2011			September 30,			March 31, 2011			September 30,			March 31, 2011			September 30,
	(Unaudited)			2010			(Unaudited)			2010			(Unaudited)			2010
	Mighty MitesSM Fund						SmallCap Equity Fund						Income Fund
Class AAA
Shares sold		10,136,531			8,736,054			432,129			232,247			65,113			61,267
Shares issued upon reinvestment of distributions		445,730			2,532			—			—			3,740			9,616
Shares redeemed		(2,736,554	)		(4,793,343	)		(119,907	)		(214,599	)		(102,913	)		(129,829	)
Net increase/(decrease) in Class AAA Shares		7,845,707			3,945,243			312,222			17,648			(34,060	)		(58,946	)
Class A
Shares sold		2,557,331			2,583,100			92,816			91,708			1,706			39,505
Shares issued upon reinvestment of distributions		83,026			298			—			—			170			378
Shares redeemed		(767,346	)		(686,314	)		(22,833	)		(17,281	)		(40,257	)		(6,795	)
Net increase/(decrease) in Class A Shares		1,873,011			1,897,084			69,983			74,427			(38,381	)		33,088
Class B*
Shares sold		209			—			—			133			—			—
Shares issued upon reinvestment of distributions		146			2			—			—			—			—
Shares redeemed		(2,954	)		(3,880	)		—			(143	)		—			(10	)
Net decrease in Class B Shares		(2,599	)		(3,878	)		—			(10	)		—			(10	)
Class C
Shares sold		2,806,813			1,898,393			184,823			50,161			108			1,464
Shares issued upon reinvestment of distributions		71,039			237			—			—			17			63
Shares redeemed		(255,832	)		(213,750	)		(4,567	)		(8,735	)		(968	)		(23,854	)
Net increase/(decrease) in Class C Shares		2,622,020			1,684,880			180,256			41,426			(843	)		(22,327	)
Class I
Shares sold		1,439,642			740,998			19,571			109,191			1,166			1,883
Shares issued upon reinvestment of distributions		25,751			131			—			—			51			106
Shares redeemed		(326,228	)		(195,587	)		(56,487	)		(51,916	)		(35	)		(3,172	)
Net increase/(decrease) in Class I Shares		1,139,165			545,542			(36,916	)		57,275			1,182			(1,183	)
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		425,463			1,629,832			606,757			1,229,228			136,937			408,397
Shares issued upon reinvestment of distributions		65,103			137,019			72,870			162,237			12,021			28,200
Shares redeemed		(1,545,228	)		(6,668,783	)		(1,600,427	)		(3,632,606	)		(278,980	)		(216,571	)
Net increase/(decrease) in Class AAA Shares		(1,054,662	)		(4,901,932	)		(920,800	)		(2,241,141	)		(130,022	)		220,026
Class A
Shares sold		50,017			147,529			9,797			21,197			15,380			24,621
Shares issued upon reinvestment of distributions		1,876			5,445			2,574			5,985			415			936
Shares redeemed		(293,688	)		(136,675	)		(69,620	)		(141,135	)		(10,997	)		(30,124	)
Net increase/(decrease) in Class A Shares		(241,795	)		16,299			(57,249	)		(113,953	)		4,798			(4,567	)
Class B**
Shares sold		—			—			—			1,335			—			—
Shares issued upon reinvestment of distributions		—			2			12			42			21			104
Shares redeemed		(791	)		(11	)		(4,239	)		(4,101	)		(636	)		(8,155	)
Net decrease in Class B Shares		(791	)		(9	)		(4,227	)		(2,724	)		(615	)		(8,051	)
Class C
Shares sold		6,005			21,984			30,804			109,432			14,570			141,211
Shares issued upon reinvestment of distributions		—			403			1,228			2,454			676			1,543
Shares redeemed		(19,466	)		(38,560	)		(65,837	)		(124,274	)		(115,662	)		(44,256	)
Net increase/(decrease) in Class C Shares		(13,461	)		(16,173	)		(33,805	)		(12,388	)		(100,416	)		98,498
Class I
Shares sold		8,256			78,474			26,732			89,745			7,361			12,158
Shares issued upon reinvestment of distributions		916			955			1,411			2,755			198			373
Shares redeemed		(38,198	)		(41,387	)		(42,411	)		(68,243	)		(7,468	)		(29,971	)
Net increase/(decrease) in Class I Shares		(29,026	)		38,042			(14,268	)		24,257			91			(17,440	)

*	Income Fund’s Class B Shares were fully redeemed on December 1, 2009.
**	Equity Fund’s Class B Shares were fully redeemed on March 1, 2011.

42

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

8. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites^SM Fund’s transactions in the securities of these issuers during the six months ended March 31, 2011 is set forth below:

													Percent
									Net Change In		Value at		Owned of
	Beginning		Shares		Ending		Dividend		Unrealized		March 31,		Shares
	Shares		Purchased		Shares		Income		Appreciation		2011		Outstanding
Beasley Broadcast Group Inc., Cl. A*		133,400		401,600		535,000		—	$	923,594	$	3,926,900		8.89	%
Corning Natural Gas Corp.**		53,671		—		—		—		—		—		—
Sonesta International Hotels Corp., Cl. A*		161,100		50,373		211,473	$	16,350		752,426		4,057,110		5.72	%
Tech/Ops Sevcon Inc.		252,300		28,500		280,800		—		131,132		1,585,116		8.36	%
Total							$	16,350	$	1,807,152	$	9,569,126

*	Security was not affiliated at September 30, 2010.
**	Security is no longer considered affiliated at March 31, 2011.

9. 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. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an 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 administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully 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, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid 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 acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did 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 Fund, the Global Growth Fund, and other funds in the Gabelli/ GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which allowed the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders. 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 on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements, other than the following:

Mighty Mites^SM  Fund

     At the Trust’s Board meeting on May 25, 2011, the Trustees approved a change in the Mighty Mites^SM Fund’s “Principal Investment Strategies” to increase the market capitalization of micro-cap companies from $300 million to $500 million.

Effective June 1, 2011, “The Mighty Mites^SM Fund primarily invests in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $500 million or less at the time the Mighty Mites^SM Fund’s initial investment”.

43

GAMCO WESTWOOD FUNDS

GAMCO Westwood Mighty Mites^SM Fund

GAMCO Westwood SmallCap Equity Fund

GAMCO Westwood Income Fund

GAMCO Westwood Equity Fund
GAMCO Westwood Balanced Fund
GAMCO Westwood Intermediate Bond Fund

One Corporate Center

Rye, New York 10580-1422

General and Account Information:

800-WESTWOOD [800-937-8966]
fax: 914-921-5118
website: www.tetonadv.com

e-mail: info@tetonadv.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	PETER D. GOLDSTEIN
President and Secretary	Chief Compliance Officer
AGNES MULLADY
Treasurer

Investment Adviser
Teton Advisors, Inc.

Distributor
Gabelli & Company, Inc.

Custodian
The Bank of New York Mellon

Legal Counsel
Paul, Hastings, Janofsky & Walker LLP

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

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

GABWWQ111SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Exhibits.

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

SIGNATURES

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

(registrant) The GAMCO Westwood Funds

By (Signature and Title)*	/s/ Bruce N. AlpertBruce N. Alpert, Principal Executive Officer
Date 6/6/11

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. AlpertBruce N. Alpert, Principal Executive Officer
Date 6/6/11
By (Signature and Title)*	/s/ Agnes MulladyAgnes Mullady, Principal Financial Officer and Treasurer
Date 6/6/11

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