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, 2012

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

Semiannual Report

March 31, 2012

GAMCO WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																					Class A Shares
	Average Annual Returns – March 31, 2012 (a)																					Average Annual Returns – March 31, 2012 (a)(b)(e)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge			1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge
Mighty Mites		(1.37	)%		5.25	%		9.60	%		11.23	%		1.48	%		1.48	%		None			(5.50	)%		4.19	%		8.89	%		10.72	%		1.73	%		1.73	%		4.00	%
SmallCap Equity		(6.39	)		2.77			5.07			6.74			1.69			1.50			None			(10.34	)		1.69			4.43			6.32			1.94			1.75			4.00
Income		4.73			(0.09	)		7.33			6.98			2.75			2.00			None			0.17			(1.13	)		6.63			6.49			3.00			2.25			4.00
Equity		3.86			0.44			4.48			9.72			1.52			1.52			None			(0.44	)		(0.59	)		3.80			9.33			1.77			1.77			4.00
Balanced		4.63			2.66			5.01			8.54			1.22			1.22			None			0.20			1.57			4.33			8.06			1.47			1.47			4.00
Intermediate Bond		5.38			4.97			4.57			5.52			1.40			1.00			None			0.92			3.98			4.04			5.25			1.50			1.10			4.00
	Class B Shares																					Class C Shares
	Average Annual Returns – March 31, 2012 (a)(c)(e)																					Average Annual Returns – March 31, 2012 (a)(d)(e)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge			1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge
Mighty Mites		(7.15	)%		4.10	%		8.76	%		10.58	%		2.23	%		2.23	%		5.00	%		(3.03	)%		4.51	%		8.79	%		10.61	%		2.23	%		2.23	%		1.00	%
SmallCap Equity		Class B Shares have been discontinued.																					(8.04	)		2.01			4.21			6.14			2.44			2.25			1.00
Income		Class B Shares have been discontinued.																					2.94			(0.83	)		6.62			6.51			3.50			2.75			1.00
Equity		Class B Shares have been discontinued.																					2.03			(0.31	)		3.70			9.28			2.27			2.27			1.00
Balanced		(1.15	)		1.50			4.22			8.00			1.97			1.97			5.00			2.87			1.90			4.23			8.03			1.97			1.97			1.00
Intermediate Bond		(0.49	)		3.83			3.79			5.09			2.15			1.75			5.00			3.50			4.51			3.81			5.12			2.15			1.75			1.00
	Class I Shares
	Average Annual Returns – March 31, 2012 (a)(e)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge
Mighty Mites		(1.09	)%		5.48	%		9.72	%		11.32	%		1.23	%		1.23	%		None
SmallCap Equity		(6.17	)		2.98			5.18			6.81			1.44			1.25			None
Income		4.87			0.12			7.44			7.06			2.50			1.75			None
Equity		4.05			0.67			4.60			9.77			1.27			1.27			None
Balanced		4.90			2.87			5.12			8.60			0.97			0.97			None
Intermediate Bond		5.53			5.16			4.67			5.57			1.15			0.75			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. The gross expense ratios and expense ratios after Adviser reimbursement are those ratios in the current prospectus dated January 27, 2012. See pages 26-31, respectively, for the expense ratios for the six months ended March 31, 2012. For the SmallCap Equity, Income, and Intermediate Bond Funds (and for the Mighty Mites Fund through September 30, 2005), Teton Advisors, LLC (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, 2013 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 these 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 gradually 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 Mites	05/11/98	11/26/01		06/06/01	08/03/01	01/11/08
SmallCap Equity	04/15/97	11/26/01		—	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, 2012.

		Overall Rating		3 Year Rating		5 Year Rating		10 Year Rating
FUND	Morningstar Category	Stars	# of Funds	Stars	# of Funds	Stars	# of Funds	Stars	# of Funds
GAMCO Westwood Mighty Mites AAA	Small Blend	««««	585	«««	585	«««««	493	«««««	304
GAMCO Westwood Mighty Mites A	Small Blend	««««	585	««	585	«««««	493	«««««	304
GAMCO Westwood Mighty Mites B	Small Blend	««««	585	««	585	«««««	493	«««««	304
GAMCO Westwood Mighty Mites C	Small Blend	««««	585	««	585	«««««	493	«««««	304
GAMCO Westwood Mighty Mites I	Small Blend	«««	585	«««	585	«««««	493	«««««	304
GAMCO Westwood SmallCap Equity AAA	Small Blend	««	585	««««	585	««	493	«	304
GAMCO Westwood SmallCap Equity A	Small Blend	««	585	««««	585	««	493	«	304
GAMCO Westwood SmallCap Equity C	Small Blend	««	585	««««	585	««	493	«	304
GAMCO Westwood SmallCap Equity I	Small Blend	««««	585	««««	585	«««	493	«	304
GAMCO Westwood Income AAA	Large Value	««««	1098	«««	1098	««««	973	«««««	570
GAMCO Westwood Income A	Large Value	«««	1098	««	1098	«««	973	«««««	570
GAMCO Westwood Income C	Large Value	««««	1098	«««	1098	««««	973	«««««	570
GAMCO Westwood Income I	Large Value	«««	1098	«««	1098	««««	973	«««««	570
GAMCO Westwood Equity AAA	Large Blend	«««	1578	«	1578	«««	1387	««««	843
GAMCO Westwood Equity A	Large Blend	««	1578	«	1578	««	1387	«««	843
GAMCO Westwood Equity C	Large Blend	««	1578	«	1578	««	1387	«««	843
GAMCO Westwood Equity I	Large Blend	«	1578	«	1578	«««	1387	««««	843
GAMCO Westwood Balanced AAA	Moderate Allocation	«««	839	«	839	«««	749	«««	404
GAMCO Westwood Balanced A	Moderate Allocation	«««	839	«	839	«««	749	«««	404
GAMCO Westwood Balanced B	Moderate Allocation	«««	839	«	839	«««	749	«««	404
GAMCO Westwood Balanced C	Moderate Allocation	«««	839	«	839	«««	749	«««	404
GAMCO Westwood Balanced I	Moderate Allocation	«	839	«	839	«««	749	««««	404
GAMCO Westwood Intermediate Bond AAA	Intermediate-Term Bond	««	1013	«	1013	««	869	««	589
GAMCO Westwood Intermediate Bond A	Intermediate-Term Bond	«	1013	«	1013	««	869	«	589
GAMCO Westwood Intermediate Bond B	Intermediate-Term Bond	«	1013	«	1013	««	869	«	589
GAMCO Westwood Intermediate Bond C	Intermediate-Term Bond	«	1013	«	1013	««	869	«	589
GAMCO Westwood Intermediate Bond I	Intermediate-Term Bond	«	1013	«	1013	««	869	««	589

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. 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. ^© 2012 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, Inc. is the investment manager for all GAMCO Westwood Funds. Investors should carefully consider the investment objectives, risks, sales charges and expenses of a fund before investing. Each Fund’s prospectus contains information about these and other matters and should be read carefully before investing and is available by calling 800-WESTWOOD, online at www.tetonadv.com or from your financial adviser. Distributed by G.distributors, LLC, 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, 2011 through March 31, 2012

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 Account Value 10/01/11		Ending Account Value 03/31/12		Annualized Expense Ratio			Expenses Paid During Period*
The GAMCO Westwood Mighty Mites Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,208.80		1.48	%	$	8.22
Class A	$	1,000.00	$	1,207.40		1.73	%	$	9.60
Class B	$	1,000.00	$	1,203.50		2.23	%	$	12.35
Class C	$	1,000.00	$	1,204.50		2.23	%	$	12.36
Class I	$	1,000.00	$	1,209.70		1.23	%	$	6.83
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.70		1.48	%	$	7.51
Class A	$	1,000.00	$	1,016.44		1.73	%	$	8.77
Class B	$	1,000.00	$	1,013.93		2.23	%	$	11.29
Class C	$	1,000.00	$	1,013.93		2.23	%	$	11.29
Class I	$	1,000.00	$	1,018.95		1.23	%	$	6.24
The GAMCO Westwood SmallCap Equity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,298.10		1.50	%	$	8.66
Class A	$	1,000.00	$	1,296.50		1.75	%	$	10.10
Class C	$	1,000.00	$	1,293.10		2.25	%	$	12.97
Class I	$	1,000.00	$	1,300.30		1.25	%	$	7.23
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.60		1.50	%	$	7.61
Class A	$	1,000.00	$	1,016.34		1.75	%	$	8.87
Class C	$	1,000.00	$	1,013.83		2.25	%	$	11.39
Class I	$	1,000.00	$	1,018.85		1.25	%	$	6.34
The GAMCO Westwood Income Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,163.80		2.00	%	$	10.88
Class A	$	1,000.00	$	1,162.70		2.25	%	$	12.23
Class C	$	1,000.00	$	1,159.20		2.75	%	$	14.93
Class I	$	1,000.00	$	1,165.30		1.75	%	$	9.52
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,015.08		2.00	%	$	10.13
Class A	$	1,000.00	$	1,013.83		2.25	%	$	11.39
Class C	$	1,000.00	$	1,011.31		2.75	%	$	13.90
Class I	$	1,000.00	$	1,016.34		1.75	%	$	8.87
The GAMCO Westwood Equity Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,264.60		1.56	%	$	8.88
Class A	$	1,000.00	$	1,263.70		1.81	%	$	10.30
Class C	$	1,000.00	$	1,259.30		2.31	%	$	13.12
Class I	$	1,000.00	$	1,265.10		1.31	%	$	7.46
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,017.29		1.56	%	$	7.91
Class A	$	1,000.00	$	1,016.04		1.81	%	$	9.17
Class C	$	1,000.00	$	1,013.52		2.31	%	$	11.69
Class I	$	1,000.00	$	1,018.55		1.31	%	$	6.65
The GAMCO Westwood Balanced Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,162.20		1.26	%	$	6.85
Class A	$	1,000.00	$	1,160.10		1.51	%	$	8.20
Class B	$	1,000.00	$	1,157.70		2.01	%	$	10.90
Class C	$	1,000.00	$	1,158.80		2.01	%	$	10.91
Class I	$	1,000.00	$	1,163.80		1.01	%	$	5.49
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,018.80		1.26	%	$	6.39
Class A	$	1,000.00	$	1,017.55		1.51	%	$	7.66
Class B	$	1,000.00	$	1,015.03		2.01	%	$	10.18
Class C	$	1,000.00	$	1,015.03		2.01	%	$	10.18
Class I	$	1,000.00	$	1,020.06		1.01	%	$	5.13
The GAMCO Westwood Intermediate Bond Fund
Actual Fund Return
Class AAA	$	1,000.00	$	1,013.80		1.00	%	$	5.06
Class A	$	1,000.00	$	1,011.60		1.10	%	$	5.56
Class B	$	1,000.00	$	1,009.10		1.75	%	$	8.84
Class C	$	1,000.00	$	1,009.40		1.75	%	$	8.84
Class I	$	1,000.00	$	1,014.00		0.75	%	$	3.80
Hypothetical 5% Return
Class AAA	$	1,000.00	$	1,020.11		1.00	%	$	5.08
Class A	$	1,000.00	$	1,019.61		1.10	%	$	5.58
Class B	$	1,000.00	$	1,016.34		1.75	%	$	8.87
Class C	$	1,000.00	$	1,016.34		1.75	%	$	8.87
Class I	$	1,000.00	$	1,021.37		0.75	%	$	3.81

* 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 (184 days), then divided by 366.

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2012:

GAMCO Westwood Mighty Mites Fund

U.S. Government Obligations	14.5%
Health Care	10.0%
Diversified Industrial	8.3%
Financial Services	7.0%
Electronics	5.8%
Equipment and Supplies	5.1%
Business Services	4.2%
Consumer Products	3.9%
Automotive: Parts and Accessories	3.4%
Computer Software and Services	3.4%
Food and Beverage	3.3%
Broadcasting	2.9%
Retail	2.3%
Restaurants	2.3%
Aviation: Parts and Services	2.3%
Machinery	2.2%
Specialty Chemicals	1.9%
Publishing	1.7%
Hotels and Gaming	1.5%
Energy and Utilities: Services	1.3%
Metals and Mining	1.2%
Real Estate	1.2%
Commercial Services	1.0%
Telecommunications	1.0%
Energy and Utilities: Natural Gas	1.0%

Educational Services	1.0%
Energy and Utilities: Water	0.7%
Building and Construction	0.7%
Energy and Utilities: Oil	0.7%
Semiconductors	0.6%
Automotive	0.5%
Manufactured Housing and Recreational Vehicles	0.4%
Consumer Services	0.4%
Energy and Utilities: Integrated	0.4%
Entertainment	0.4%
Transportation	0.3%
Environmental Control	0.3%
Communications Equipment	0.3%
Aerospace and Defense	0.3%
Agriculture	0.2%
Paper and Forest Products	0.1%
Energy and Utilities: Electric	0.1%
Closed-End Business Development Company	0.1%
Cable	0.0%
Energy and Utilities: Alternative Energy	0.0%
Airlines	0.0%
Computer Hardware	0.0%
Other Assets and Liabilities (Net)	(0.2)%
	100.0%

GAMCO Westwood SmallCap Equity Fund

Financial Services	14.0%
Electronics	11.3%
Energy and Utilities	9.0%
Computer Software and Services	7.9%
Health Care	7.2%
Retail	6.4%
Diversified Industrial	6.1%
Semiconductors	5.6%
Business Services	5.6%
Building and Construction	3.7%
Equipment and Supplies	3.6%
Aerospace	3.4%
Computer Hardware	2.6%
U.S. Government Obligations	2.2%
Machinery	1.9%

Metals and Mining	1.8%
Consumer Products	1.5%
Specialty Chemicals	1.3%
Telecommunications	1.2%
Commercial Services	1.0%
Entertainment	0.8%
Automotive: Parts and Accessories	0.5%
Automotive	0.4%
Publishing	0.4%
Aviation: Parts and Services	0.3%
Communications Equipment	0.1%
Other Assets and Liabilities (Net)	0.2%
	100.0%

GAMCO Westwood Income Fund

Health Care	13.8%
Financial Services	12.8%
Food and Beverage	12.6%
U.S. Government Obligations	8.7%
Energy and Utilities: Oil	5.5%
Specialty Chemicals	4.8%
Energy and Utilities: Services	4.5%
Energy and Utilities: Natural Gas	4.1%
Diversified Industrial	3.8%
Telecommunications	3.8%
Banking	3.6%
Electronics	3.5%
Energy and Utilities: Water	3.5%

Paper and Forest Products	2.9%
Consumer Products	2.2%
Wireless Communications	2.2%
Real Estate Investment Trusts	1.6%
Retail	1.6%
Energy and Utilities: Integrated	0.9%
Computer Hardware	0.9%
Metals and Mining	0.8%
Agriculture	0.5%
Other Assets and Liabilities (Net)	1.4%
	100.0%

5

Summary of Portfolio Holdings (Continued) (Unaudited)

GAMCO Westwood Equity Fund

Health Care	18.5%
Financial Services	11.1%
Banking	8.2%
Energy: Oil	7.9%
Energy: Natural Gas	6.1%
Retail	6.0%
Computer Software and Services	5.1%
Energy: Integrated	4.1%
Entertainment	4.0%
Aerospace	3.1%
Electronics	3.1%
Telecommunications	3.0%
Machinery	2.9%

Food and Beverage	2.2%
Consumer Products	2.2%
Automotive	2.1%
Diversified Industrial	2.0%
Computer Hardware	2.0%
Cable and Satellite	2.0%
Specialty Chemicals	2.0%
Transportation	2.0%
Mutual Funds	1.1%
Other Assets and Liabilities (Net)	(0.7)%
	100.0%

GAMCO Westwood Balanced Fund

Health Care	11.4%
U.S. Government Obligations	10.9%
Banking	9.1%
Financial Services	8.2%
Energy: Oil	7.3%
U.S. Government Agency Obligations	6.9%
Energy: Natural Gas	4.8%
Computer Software and Services	4.0%
Retail	3.9%
Electronics	3.8%
Energy: Integrated	2.9%
Diversified Industrial	2.8%
Entertainment	2.6%
Mutual Funds	2.5%
Telecommunications	2.5%

Transportation	2.4%
Food and Beverage	2.2%
Aerospace	2.0%
Specialty Chemicals	1.6%
Machinery	1.6%
Consumer Products	1.4%
Automotive	1.4%
Cable and Satellite	1.2%
Computer Hardware	1.1%
Metals and Mining	0.8%
Wireless Communications	0.8%
Real Estate Investment Trusts	0.7%
Other Assets and Liabilities (Net)	(0.8)%
	100.0%

GAMCO Westwood Intermediate Bond Fund

Corporate Bonds	39.6%
U.S. Government Agency Obligations	27.7%
U.S. Government Obligations	28.4%
Short-Term Investments	8.3%

Other Assets and Liabilities (Net)	(4.0)%
	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. 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 Fund

Schedule of Investments — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 85.5%
		Aerospace and Defense — 0.3%
	188,188	Innovative Solutions & Support Inc.†	$	948,332	$	829,909
	157,229	Kratos Defense & Security Solutions Inc.†		1,672,720		839,603
				2,621,052		1,669,512
		Agriculture — 0.2%
	225	J.G. Boswell Co.		144,675		168,750
	59,000	Limoneira Co.		1,213,541		996,510
				1,358,216		1,165,260
		Airlines — 0.0%
	225,000	AMR Corp.†		86,373		110,700
	6,000	Pinnacle Airlines Corp.†		15,179		8,100
				101,552		118,800
		Automotive — 0.5%
	26,200	Lithia Motors Inc., Cl. A		462,577		686,440
	66,500	Sonic Automotive Inc., Cl. A		849,600		1,191,015
	95,000	Wabash National Corp.†		178,679		983,250
				1,490,856		2,860,705
		Automotive: Parts and Accessories — 3.3%
	5,000	China Automotive Systems Inc.†		25,813		34,200
	105,000	Dana Holding Corp.		624,230		1,627,500
	24,000	Federal-Mogul Corp.†		359,877		413,040
	300,548	Midas Inc.†		2,702,180		3,450,291
	136,600	Modine Manufacturing Co.†		1,052,167		1,206,178
	22,500	Puradyn Filter Technologies Inc.†.		6,760		3,150
	20,438	Shiloh Industries Inc.		209,477		194,774
	27,200	Spartan Motors Inc.		137,501		143,888
	279,900	Standard Motor Products Inc.		2,532,152		4,965,426
	163,293	Strattec Security Corp.		3,338,879		3,821,056
	95,032	Superior Industries International Inc.		1,535,346		1,856,925
	40,000	Tenneco Inc.†		124,690		1,486,000
	50,000	The Pep Boys - Manny, Moe & Jack		642,490		746,000
				13,291,562		19,948,428
		Aviation: Parts and Services — 2.3%
	13,500	Astronics Corp.†		207,652		471,960
	1,350	Astronics Corp., Cl. B†		20,537		51,239
	82,974	Ducommun Inc.†		1,715,352		987,391
	1,178,800	GenCorp Inc.†		5,109,654		8,369,480
	115,301	Kaman Corp.		2,016,335		3,914,469
				9,069,530		13,794,539
		Broadcasting — 2.9%
	654,200	Acme Communications Inc.		700,101		542,986
	546,900	Beasley Broadcast Group Inc., Cl. A†(a)		2,910,328		2,351,670
	60,000	Crown Media Holdings Inc., Cl. A†		309,557		95,400
	3,700	Cumulus Media Inc., Cl. A†		2,201		12,913
	73,800	Entercom Communications Corp., Cl. A†		57,010		478,962
	15,000	Equity Media Holdings Corp.†		44,866		26
	188,761	Fisher Communications Inc.†		3,939,043		5,798,738
	924	Granite Broadcasting Corp.†(b)		24,780		0
	617,500	Gray Television Inc.†		406,570		1,167,075
	30,832	Gray Television Inc., Cl. A†		52,106		50,873
	148,604	LIN TV Corp., Cl. A†		281,803		601,845
	863,929	Media General Inc., Cl. A†		3,741,404		4,440,595
	318,132	Salem Communications Corp., Cl. A		1,186,326		1,498,402

Shares			Cost		Market Value
	50,000	Sinclair Broadcast Group Inc., Cl. A	$	89,853	$	553,000
				13,745,948		17,592,485
		Building and Construction — 0.7%
	595,000	Huttig Building Products Inc.†		571,046		862,750
	176,000	Material Sciences Corp.†		327,125		1,452,000
	55,774	MYR Group Inc.†		1,297,156		996,124
	25,200	The Monarch Cement Co.		656,961		656,460
				2,852,288		3,967,334
		Business Services — 4.2%
	27,700	ACCO Brands Corp.†		350,854		343,757
	28,000	ANC Rental Corp.†(b)		840		3
	241,000	Ascent Capital Group Inc., Cl. A†		6,356,530		11,396,890
	16,000	Cenveo Inc.†		56,125		54,080
	103	Chazak Value Corp.†(b)		0		0
	51,100	EDGAR Online Inc.†		98,631		43,435
	657,889	Edgewater Technology Inc.†(a)		2,000,320		2,578,925
	50,000	Fortegra Financial Corp.†		394,500		418,000
	105,236	GP Strategies Corp.†		958,211		1,841,630
	16,000	Intermec Inc.†		128,974		123,680
	343,000	Internap Network Services Corp.†		2,155,556		2,517,620
	7,000	Keynote Systems Inc.		132,421		138,320
	1,500	Liquidity Services Inc.†		7,976		67,200
	290,900	Pure Technologies Ltd.†		1,343,932		1,201,572
	47,595	SearchMedia Holdings Ltd.†		262,020		83,291
	175,438	Stamps.com Inc.†		1,576,772		4,891,211
	175,000	Trans-Lux Corp.†		79,616		108,500
				15,903,278		25,808,114
		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		63
	22,500	Outdoor Channel Holdings Inc.		158,571		164,475
				174,321		164,538
		Closed-End Business Development Company — 0.1%
	45,000	MVC Capital Inc.		499,586		590,850
		Commercial Services — 1.0%
	27,800	ICF International Inc.†		658,922		705,286
	32,029	KAR Auction Services Inc.†		443,660		519,190
	20,000	Macquarie Infrastructure Co. LLC		363,599		659,800
	33,000	McGrath Rentcorp		889,126		1,059,630
	30,000	Pendrell Corp.†		48,782		78,300
	208,375	PRGX Global Inc.†		1,229,747		1,310,679
	830,000	Swisher Hygiene Inc.†		854,510		2,030,377
				4,488,346		6,363,262
		Communications Equipment — 0.3%
	4,900	Communications Systems Inc.		53,589		64,337
	20,000	Sycamore Networks Inc.†		281,495		354,800
	265,077	Symmetricom Inc.†		1,459,762		1,529,494
	3,000	Technical Communications Corp.		18,350		35,310
	30,000	ViewCast.com Inc.†.		14,100		4,200
				1,827,296		1,988,141
		Computer Hardware — 0.0%
	50,000	Dot Hill Systems Corp.†		147,720		75,500
		Computer Software and Services — 3.4%
	226,900	Callidus Software Inc.†		1,384,954		1,772,089

See accompanying notes to financial statements.

7

GAMCO Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Computer Software and Services (Continued)
	16,000	Cinedigm Digital Cinema Corp., Cl. A†	$	27,077	$	27,040
	102,538	Computer Task Group Inc.†		957,516		1,570,882
	3,511	Daegis Inc.†		6,827		5,934
	30,204	Dynamics Research Corp.†		424,811		291,167
	70,000	EarthLink Inc.		528,346		559,300
	30,000	Emulex Corp.†		230,745		311,400
	676,000	FalconStor Software Inc.†		2,500,359		2,528,240
	446,900	Furmanite Corp.†		2,653,089		2,869,098
	1,910	Gemalto NV		10,942		126,070
	443,237	Global Sources Ltd.†		3,238,335		2,730,340
	45,300	GSE Systems Inc.†		245,965		108,267
	153,000	Guidance Software Inc.†		955,578		1,690,650
	320,000	Harris Interactive Inc.†		360,794		425,600
	437,709	Lionbridge Technologies Inc.†		1,558,896		1,260,602
	107,900	Mercury Computer Systems Inc.†		1,571,961		1,429,675
	4,400	MTS Systems Corp.		166,619		233,596
	154,831	Official Payments Holdings Inc.†		884,484		784,993
	115,096	Pervasive Software Inc.†		754,855		689,425
	37,600	Rimage Corp.		472,573		376,376
	51,541	Schawk Inc.		793,623		644,778
	1,000	Trident Microsystems Inc.†		1,836		330
	3,800	Tyler Technologies Inc.†		39,378		145,958
				19,769,563		20,581,810
		Consumer Products — 3.9%
	244,289	A. T. Cross Co., Cl. A†		2,436,018		2,941,240
	18,000	Adams Golf Inc.†		122,578		193,140
	2,000	Brunswick Corp.		30,085		51,500
	29,000	Callaway Golf Co.		191,165		196,040
	600,000	Eastman Kodak Co.†		318,075		191,400
	56,000	Heelys Inc.†		210,095		123,200
	4,300	Johnson Outdoors Inc., Cl. A†		33,657		82,130
	119,376	Kid Brands Inc.†		869,672		322,315
	11,400	Lakeland Industries Inc.†		109,829		117,135
	560,020	Marine Products Corp.		3,446,310		3,332,119
	15,500	MarineMax Inc.†		73,003		127,565
	200	National Presto Industries Inc.		5,745		15,172
	126,390	Oil-Dri Corp. of America		2,236,322		2,690,843
	22,550	PC Group Inc.†		36,025		440
	900,039	Schiff Nutrition International Inc.†		6,414,627		11,061,479
	62,900	Steinway Musical Instruments Inc.†		1,226,627		1,572,500
	41,530	Syratech Corp.†		10,383		29
	157,917	The Wet Seal Inc., Cl. A†		580,500		544,814
	122,200	ValueVision Media Inc., Cl. A†		562,046		252,954
				18,912,762		23,816,015
		Consumer Services — 0.4%
	485,500	1-800-FLOWERS.COM Inc., Cl. A†		1,407,277		1,471,065
	27,000	Bowlin Travel Centers Inc.†		30,327		37,800
	800	Collectors Universe Inc.		1,329		13,792
	175,000	Stewart Enterprises Inc., Cl. A		1,023,574		1,062,250
	3,500	Valassis Communications Inc.†		4,639		80,500
				2,467,146		2,665,407
		Diversified Industrial — 8.3%
	54,000	American Railcar Industries Inc.†		726,623		1,269,540
	204,300	Ampco-Pittsburgh Corp.		5,105,609		4,112,559
	155,800	Burnham Holdings Inc., Cl. A(a)		2,247,662		2,391,530
	125,197	Chase Corp.		1,755,172		1,971,853
	127,300	Columbus McKinnon Corp.†		2,109,769		2,073,717
	153,000	FormFactor Inc.†		1,319,055		853,740

Shares			Cost		Market Value
	49,300	Graham Corp.	$	701,770	$	1,079,177
	261,603	Griffon Corp.		2,725,759		2,799,152
	393,800	Handy & Harman Ltd.†		2,383,052		5,686,472
	25,000	Haulotte Group SA†		134,090		287,080
	237,600	Katy Industries Inc.†		294,870		142,560
	13,564	L.B. Foster Co., Cl. A		430,775		386,710
	127,003	Lawson Products Inc.		2,538,894		1,919,015
	163,449	Lydall Inc.†		1,506,227		1,665,545
	60,255	Magnetek Inc.†		1,157,679		1,159,306
	307,900	Myers Industries Inc.		2,828,673		4,541,525
	408,525	National Patent Development Corp.†		639,996		1,217,405
	211,475	Park-Ohio Holdings Corp.†		3,728,120		4,240,074
	2,500	Raven Industries Inc.		126,243		152,525
	13,700	RWC Inc.†		238,058		125,013
	374,935	Sevcon Inc.†(a)		1,932,073		2,523,313
	82,500	Standex International Corp.		2,442,710		3,398,175
	380,000	Techprecision Corp.†		765,168		285,000
	70,083	Tredegar Corp.		1,288,325		1,372,926
	163,968	Twin Disc Inc.		3,462,078		4,277,925
	62,990	Vishay Precision Group Inc.†		1,040,457		934,142
				43,628,907		50,865,979
		Educational Services — 1.0%
	500	Archipelago Learning Inc.†		5,496		5,560
	357,000	Corinthian Colleges Inc.†		1,907,664		1,477,980
	326,119	Universal Technical Institute Inc.		6,032,935		4,301,510
	108,500	Voyager Learning Co., Escrow(b)		0		0
				7,946,095		5,785,050
		Electronics — 5.8%
	10,000	A123 Systems Inc.†		114,330		11,200
	37,500	Alliance Semiconductor Corp.†		99,246		5,250
	45,451	Ballantyne Strong Inc.†		205,439		241,799
	107,300	Bel Fuse Inc., Cl. A		2,027,088		2,089,131
	1,800	Bel Fuse Inc., Cl. B		36,012		31,806
	73,950	BTU International Inc.†		296,355		228,505
	17,139	CSR plc, ADR†		251,601		251,601
	301,500	CTS Corp.		2,343,352		3,171,780
	25,000	Daktronics Inc.		237,588		222,250
	101,867	Dialight plc		1,243,483		1,499,002
	85,949	Electro Scientific Industries Inc.		1,085,665		1,290,094
	46,400	IMAX Corp.†		189,037		1,134,016
	4,000	Iteris Inc.†		5,620		5,960
	233,300	LeCroy Corp.†		976,997		2,423,987
	52,500	Mesa Laboratories Inc.		1,311,455		2,589,300
	72,800	Methode Electronics Inc.		363,791		675,584
	75,000	MOCON Inc.		1,121,749		1,219,500
	69,500	MoSys Inc.†		130,660		275,915
	63,800	Newport Corp.†		399,295		1,130,536
	51,200	Park Electrochemical Corp.		1,104,059		1,547,776
	70,000	Pericom Semiconductor Corp.†		699,279		566,300
	668,271	Pulse Electronics Corp.		3,164,262		1,677,360
	14,000	Rofin-Sinar Technologies Inc.†		363,867		369,180
	78,000	Schmitt Industries Inc.†		211,687		256,620
	265,200	Stoneridge Inc.†		1,373,924		2,622,828
	32,000	Texas Industries Inc.		1,059,186		1,120,320
	134,900	Ultra Clean Holdings†		287,575		1,017,146
	229,650	Ultralife Corp.†		1,293,272		1,189,587
	87,800	Ultratech Inc.†		1,451,993		2,544,444
	209,000	Zygo Corp.†		1,654,584		4,090,130
				25,102,451		35,498,907
		Energy and Utilities: Alternative Energy — 0.0%
	77,590	China Hydroelectric Corp., ADR†		462,866		156,732

See accompanying notes to financial statements.

8

GAMCO Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Electric — 0.1%
	20,000	Central Vermont Public Service Corp.	$	626,060	$	704,000
		Energy and Utilities: Integrated — 0.4%
	600	CH Energy Group Inc.		32,363		40,038
	295,300	Headwaters Inc.†		1,153,924		1,234,354
	30,000	MGE Energy Inc.		1,046,636		1,331,700
				2,232,923		2,606,092
		Energy and Utilities: Natural Gas — 1.0%
	71,554	Abraxas Petroleum Corp.†		291,491		223,248
	22,342	American DG Energy Inc.†		57,459		47,812
	34,500	Chesapeake Utilities Corp.		946,099		1,418,640
	80,507	Corning Natural Gas Corp.		857,412		1,368,610
	41,290	Delta Natural Gas Co. Inc.		1,154,988		1,569,020
	95,800	Gastar Exploration Ltd.†		406,048		286,442
	1,000	Midway Energy Ltd.†		4,810		4,401
	3,000	Piedmont Natural Gas Co. Inc.		101,218		93,210
	35,400	RGC Resources Inc.		401,299		651,360
	20,300	U.S. Energy Corp.†		85,659		64,148
	10,582	Whitecap Resources Inc.†		89,261		93,891
				4,395,744		5,820,782
		Energy and Utilities: Oil — 0.7%
	194,844	Callon Petroleum Co.†		1,328,335		1,225,569
	24,333	Halcon Resources Corp.†		137,637		228,247
	10,900	Mitcham Industries Inc.†		173,694		244,814
	63,600	Tesco Corp.†		543,737		902,484
	197,600	Triangle Petroleum Corp.†		1,473,400		1,363,440
				3,656,803		3,964,554
		Energy and Utilities: Services — 1.3%
	68,120	Archer Ltd.†		257,554		169,261
	83,300	Dawson Geophysical Co.†		2,457,054		2,861,355
	20,000	Flotek Industries Inc.†		199,476		240,400
	24,690	Gulf Island Fabrication Inc.		677,075		722,676
	76,044	Layne Christensen Co.†		1,989,522		1,691,979
	70,100	Pike Electric Corp.†		661,297		576,923
	90,000	RPC Inc.		173,633		954,900
	9,500	Subsea 7 SA, ADR†		32,064		250,705
	10,000	TGC Industries Inc.†		77,992		99,200
	81,500	Union Drilling Inc.†		669,757		453,140
				7,195,424		8,020,539
		Energy and Utilities: Water — 0.7%
	6,000	Artesian Resources Corp., Cl. A		73,322		112,740
	42,174	Cadiz Inc.†		513,311		388,001
	5,000	California Water Service Group		55,553		91,050
	65,000	Consolidated Water Co. Ltd.		699,457		514,150
	40,000	Energy Recovery Inc.†		202,556		92,000
	11,200	Middlesex Water Co.		187,867		211,568
	99,300	SJW Corp.		2,338,311		2,395,116
	28,500	The York Water Co.		398,710		493,050
				4,469,087		4,297,675
		Entertainment — 0.4%
	40,500	Canterbury Park Holding Corp.†		414,930		411,885
	1,802	Chestnut Hill Ventures†(b)		67,956		154,160
	252,500	Dover Motorsports Inc.†		513,680		373,700
	674,641	Entravision Communications Corp., Cl. A		1,575,361		1,153,636
	2,000	LodgeNet Interactive Corp.†		5,393		7,000
	1,900	RealD Inc.†		16,072		25,650
	15,000	Triple Crown Media Inc.†(b)		274		3
				2,593,666		2,126,034

Shares			Cost		Market Value
		Environmental Control — 0.3%
	7,500	BioteQ Environmental Technologies Inc.†	$	12,419	$	1,316
	319,800	Casella Waste Systems Inc., Cl. A†		1,659,961		1,992,354
	300	Sharps Compliance Corp.†		759		1,104
				1,673,139		1,994,774
		Equipment and Supplies — 5.1%
	1,000	AZZ Inc.		34,894		51,640
	784,100	Capstone Turbine Corp.†		1,449,977		799,782
	127,500	CIRCOR International Inc.		4,034,055		4,241,925
	284,549	Core Molding Technologies Inc.†		954,655		2,617,851
	285,090	Federal Signal Corp.†		1,844,921		1,585,100
	308,804	Gerber Scientific Inc., Escrow†(b)		0		3,088
	8,500	Gildemeister AG†		61,536		166,477
	6,000	GrafTech International Ltd.†		37,988		71,640
	590,000	Interpump Group SpA		4,162,140		5,032,142
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		294,551
	87,500	Met-Pro Corp.		949,826		924,000
	11,800	Mine Safety Appliances Co.		367,269		484,744
	17,903	Powell Industries Inc.†		634,070		613,178
	258,566	SL Industries Inc.†(a)		2,502,973		5,060,137
	700	SRS Labs Inc.†		3,850		4,865
	36,992	The Eastern Co.		547,632		739,840
	44,063	The Gorman-Rupp Co.		1,138,066		1,285,758
	15,000	The Greenbrier Companies Inc.†		216,179		296,850
	270,836	The L.S. Starrett Co., Cl. A		3,157,817		3,507,326
	48,979	Titan Machinery Inc.†		775,358		1,381,208
	142,000	TransAct Technologies Inc.†		636,670		1,114,700
	55,500	Vicor Corp.		409,310		444,000
	27,000	WaterFurnace Renewable Energy Inc.		544,223		548,960
	300	Watts Water Technologies Inc., Cl. A		4,589		12,225
				24,576,115		31,281,987
		Financial Services — 7.0%
	49,400	Anchor Bancorp.†		508,737		419,900
	45,500	BBCN Bancorp Inc.†		386,836		506,415
	16,100	Berkshire Bancorp Inc.†		219,414		111,251
	3,900	Berkshire Hills Bancorp Inc.		78,058		89,388
	75	Burke & Herbert Bank and Trust Co.		95,726		167,400
	40,000	Capital Financial Holdings Inc.†		35,200		2,240
	6,791	Capitol Federal Financial Inc.		75,244		80,541
	29,000	Crazy Woman Creek Bancorp Inc.†		501,616		245,050
	28,866	Edelman Financial Group Inc.		177,619		190,804
	449,010	Epoch Holding Corp.		3,534,805		10,722,359
	173	Farmers & Merchants Bank of Long Beach		754,992		738,710
	10,202	Fidelity Southern Corp.		66,404		68,761
	183,600	Flushing Financial Corp.		2,555,541		2,471,256
	10	Guaranty Corp., Cl. A†		137,500		352,000
	121,710	Hallmark Financial Services†		1,036,129		960,292
	6,600	Hampden Bancorp Inc.		75,984		79,530
	227	Hampton Roads Bankshares Inc.†		18,089		688
	16,000	Hancock Holding Co.		200,587		568,160
	39,900	Heritage Financial Group Inc.		414,190		471,618
	66,137	Hudson Valley Holding Corp.		1,248,858		1,066,790
	175,723	JMP Group Inc.		1,462,799		1,296,836
	30,000	Kaiser Federal Financial Group Inc.		300,000		419,700

See accompanying notes to financial statements.

9

GAMCO Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	90,843	KKR & Co. LP	$	265,210	$	1,347,202
	148,462	Meadowbrook Insurance Group Inc.		1,429,095		1,385,150
	90,000	Medallion Financial Corp.		695,704		1,004,400
	11,055	New York Community Bancorp Inc.		143,811		153,775
	28,500	Newport Bancorp Inc.†		356,595		381,188
	5,697	Northrim BanCorp Inc.		119,035		122,599
	40,000	Oritani Financial Corp.		412,856		587,200
	6,000	Provident New York Bancorp.		70,885		50,760
	45,300	Pzena Investment Management Inc., Cl. A		204,676		265,005
	391,238	Steel Excel Inc.†		11,270,971		10,954,664
	11	Sunwest Bank†		311,201		292,050
	252,504	SWS Group Inc.		2,009,517		1,444,323
	10,500	The Ziegler Companies Inc.†		202,341		224,438
	220	TIB Financial Corp.†		3,300		2,847
	7,500	Tree.com Inc.†		61,967		57,000
	55,000	Trustco Bank Corp NY		253,000		314,050
	45,900	Washington Trust Bancorp Inc.		1,029,683		1,108,026
	87,100	Westfield Financial Inc.		746,912		688,961
	38,100	Wilshire Bancorp Inc.†		330,044		184,023
	100,000	WisdomTree Investments Inc.†		402,626		837,000
	30,000	Xenith Bankshares Inc.†		127,500		127,200
				34,331,257		42,561,550
		Food and Beverage — 3.3%
	2,300	Andrew Peller Ltd., Cl. A		22,063		23,497
	200	Annie’s Inc.†		3,800		6,968
	41,600	Calavo Growers Inc.		914,279		1,114,048
	102,000	Caribou Coffee Co. Inc.†		1,047,861		1,901,280
	35,000	Crumbs Bake Shop Inc.†		320,834		128,450
	15,000	Diamond Foods Inc.		362,393		342,300
	24,000	Feihe International Inc.†		213,983		75,840
	1,100	Hanover Foods Corp., Cl. A		110,881		100,100
	62,400	Inventure Foods Inc.†		282,704		309,504
	2,000	J & J Snack Foods Corp.		28,830		104,920
	228,300	Lifeway Foods Inc.†		2,213,439		2,111,775
	16,800	MGP Ingredients Inc.		78,687		90,384
	32,000	Peet’s Coffee & Tea Inc.†		1,338,707		2,358,400
	7,800	Rock Field Co. Ltd.		125,557		150,968
	5,900	Scheid Vineyards Inc., Cl. A†		89,940		62,009
	275,000	Smart Balance Inc.†		1,422,228		1,817,750
	162,000	Snyders-Lance Inc.		3,484,478		4,187,700
	4,000	Spartan Stores Inc.		80,124		72,480
	19,500	The Boston Beer Co. Inc., Cl. A†		526,832		2,082,405
	48,000	The Hain Celestial Group Inc.†		989,778		2,102,880
	270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		780,563
	280,000	Vitasoy International Holdings Ltd.		133,057		216,701
	23,000	Willamette Valley Vineyards Inc.†		88,087		71,990
				14,272,329		20,212,912
		Health Care — 9.9%
	32,960	Accuray Inc.†		244,893		232,698
	5,000	Alere Inc.†		94,541		130,050
	55,000	AngioDynamics Inc.†		720,930		673,750
	12,800	ArthroCare Corp.†		140,635		343,680
	349,148	BioLase Technology Inc.†		471,417		946,190
	73,000	Bio-Reference Laboratories Inc.†		1,565,371		1,716,230
	10,000	Boiron SA		166,957		338,628
	700	Bruker Corp.†		4,186		10,717
	404,139	Cantel Medical Corp.		6,049,965		10,139,848
	19,000	Cardica Inc.†		77,646		40,660
	105,000	CardioNet Inc.†		544,934		323,400

Shares			Cost		Market Value
	63,600	Cardiovascular Systems Inc.†	$	578,752	$	588,300
	62,500	Cepheid Inc.†		595,116		2,614,375
	116,800	Cutera Inc.†		963,672		998,640
	60,000	Cynosure Inc., Cl. A†		508,551		1,071,600
	3,700	DexCom Inc.†		41,173		38,591
	21,963	DGT Holdings Corp.†		314,640		218,093
	118,300	Exactech Inc.†		1,966,090		1,875,055
	19,870	Heska Corp.		169,276		226,121
	1,000	ICU Medical Inc.†		27,679		49,160
	10,000	Indevus Pharmaceuticals Inc., Escrow†(b)		0		11,000
	552,900	InfuSystems Holdings Inc.†		1,464,327		1,072,626
	172,500	IntriCon Corp.†		678,398		1,197,150
	594,045	IRIS International Inc.†		6,132,492		8,025,548
	195,597	LeMaitre Vascular Inc.		1,336,627		1,152,066
	2,000	MAKO Surgical Corp.†		63,214		84,300
	50,000	Meridian Bioscience Inc.		949,833		969,000
	41,476	Metropolitan Health Networks Inc.†		219,129		388,630
	88,500	Neogen Corp.†		542,924		3,457,695
	1,800	NMT Medical Inc.†		5,643		6
	1,000	Nutraceutical International Corp.†		11,755		14,560
	44,612	Omnicell Inc.†		732,122		678,549
	50,000	Opko Health Inc.†		108,408		236,500
	17,500	Orthofix International NV†		279,401		657,650
	132,800	Pain Therapeutics Inc.†		596,896		476,752
	210,600	Palomar Medical Technologies Inc.†		2,909,292		1,967,004
	1,500	Par Pharmaceutical Companies Inc.†		45,368		58,095
	10,000	PreMD Inc.†		18,320		18
	152,561	Quidel Corp.†		1,733,466		2,802,546
	444,738	Rochester Medical Corp.†		4,878,817		4,362,880
	84,400	RTI Biologics Inc.†		499,719		312,280
	37,000	Skilled Healthcare Group Inc., Cl. A†		344,535		283,420
	213,900	Strategic Diagnostics Inc.†		207,526		402,132
	146,500	SurModics Inc.†		1,715,093		2,251,705
	95,000	Syneron Medical Ltd.†		819,192		1,018,400
	2,000	Targanta Therapeutics Corp., Escrow†(b)		0		1,280
	500	ThermoGenesis Corp.†		1,140		445
	14,000	Transcend Services Inc.†		409,122		410,900
	125,000	Trinity Biotech plc, ADR		1,105,442		1,333,750
	82,400	United-Guardian Inc.		729,252		1,512,040
	5,500	Utah Medical Products Inc.		152,568		171,050
	139,831	Vascular Solutions Inc.†		1,396,454		1,508,776
	28,800	Young Innovations Inc.		592,009		890,496
				45,924,908		60,285,035
		Hotels and Gaming — 1.5%
	66,540	Churchill Downs Inc.		2,282,157		3,719,586
	262,000	Dover Downs Gaming & Entertainment Inc.		1,276,035		660,240
	2,500	Florida Gaming Corp.†		6,252		8,313
	4,000	Gaylord Entertainment Co.†		55,334		123,200
	313,822	Morgans Hotel Group Co.†		2,444,604		1,553,419
	8,500	Multimedia Games Holding Co. Inc.†		76,734		93,160
	124,500	Pinnacle Entertainment Inc.†		1,278,197		1,432,995
	114,000	The Marcus Corp.		1,322,114		1,430,700
				8,741,427		9,021,613
		Machinery — 2.2%
	70,000	Astec Industries Inc.†		2,182,046		2,553,600
	11,000	DXP Enterprises Inc.†		140,765		478,390
	134,000	Flow International Corp.†		210,750		538,680
	143,000	Global Power Equipment Group Inc.†		3,353,592		3,961,100

See accompanying notes to financial statements.

10

GAMCO Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	6,000	Hardinge Inc.	$	54,215	$	56,760
	108,111	Key Technology Inc.†		1,948,398		1,429,227
	6,000	Lindsay Corp.		180,673		397,620
	50,300	Tennant Co.		1,073,836		2,213,200
	14,800	The Middleby Corp.†		464,969		1,497,464
				9,609,244		13,126,041
		Manufactured Housing and Recreational Vehicles — 0.4%
	14,159	Arctic Cat Inc.†		190,725		606,430
	17,000	Cavco Industries Inc.†		453,180		791,860
	47,000	Nobility Homes Inc.†		472,786		364,250
	60,083	Skyline Corp.		756,267		459,635
	52,000	Winnebago Industries Inc.†		541,322		509,600
				2,414,280		2,731,775
		Metals and Mining — 1.2%
	87,400	5N Plus Inc.†		315,355		318,949
	650,000	Alkane Resources Ltd.†		704,489		986,389
	20,000	Camino Minerals Corp.†		3,744		2,907
	100,000	Duluth Metals Ltd.†		298,512		227,580
	100,000	La Mancha Resources Inc.†		224,376		318,813
	178,300	Materion Corp.†		3,773,991		5,122,559
	600,000	Tanami Gold NL†		556,226		512,746
				5,876,693		7,489,943
		Paper and Forest Products — 0.1%
	11,149	Keweenaw Land Association Ltd.†		986,940		836,064
		Publishing — 1.7%
	171,300	Belo Corp., Cl. A		348,288		1,228,221
	143,571	Cambium Learning Group Inc.†		545,692		380,463
	920,000	Il Sole 24 Ore SpA†		1,702,435		934,368
	1,140,000	Journal Communications Inc., Cl. A†		2,774,202		6,418,200
	145,000	The E.W. Scripps Co., Cl. A†		533,809		1,431,150
				5,904,426		10,392,402
		Real Estate — 1.2%
	7,000	Bresler & Reiner Inc.†		130,140		6,475
	14,100	Capital Properties Inc., Cl. A		173,352		131,835
	6,000	Capital Properties Inc., Cl. B(b)(c)		0		56,100
	92,000	Cohen & Steers Inc.		1,883,016		2,934,800
	88,000	Griffin Land & Nurseries Inc.		2,433,367		2,324,080
	1,360	Gyrodyne Co. of America Inc.†		31,334		135,979
	6,700	Holobeam Inc.†		121,257		137,685
	129,500	Reading International Inc., Cl. A†		651,432		603,470
	49,300	Reading International Inc., Cl. B†		399,567		330,310
	2,508	Royalty LLC†(b)(c)		0		7,550
	16,000	Tejon Ranch Co.†		461,146		458,240
				6,284,611		7,126,524
		Restaurants — 2.3%
	16,099	Biglari Holdings Inc.†		4,566,193		6,485,482
	90,500	Denny’s Corp.†		293,666		365,620
	134,143	Famous Dave’s of America Inc.†		1,286,234		1,557,400
	183,200	Nathan’s Famous Inc.†		2,660,081		3,883,840
	55,000	The Cheesecake Factory Inc.†		1,590,523		1,616,450
				10,396,697		13,908,792
		Retail — 2.3%
	45,000	Aaron’s Inc.†		831,035		1,165,500
	79,000	Big 5 Sporting Goods Corp.		992,914		619,360
	3,000	Casual Male Retail Group Inc.†		13,320		10,080

Shares			Cost		Market Value
	20,000	Charming Shoppes Inc.†	$	91,899	$	118,000
	290,000	Coldwater Creek Inc.†		832,807		336,400
	178,300	HOT Topic Inc.		1,060,959		1,809,745
	169,200	Ingles Markets Inc., Cl. A		2,729,615		2,984,688
	305,071	Krispy Kreme Doughnuts Inc.†		1,912,625		2,227,018
	8,300	Lumber Liquidators Holdings Inc.†		133,564		208,413
	15,800	Movado Group Inc.		196,770		387,890
	28,000	Pier 1 Imports Inc.†		293,203		509,040
	20,000	Roundy’s Inc.†		175,798		214,000
	74,300	Rush Enterprises Inc., Cl. A†		1,185,555		1,576,646
	57,500	Rush Enterprises Inc., Cl. B†		623,178		999,925
	43,800	The Bon-Ton Stores Inc.		325,617		404,712
	300,000	The Great Atlantic & Pacific Tea Co. Inc.†(b)		51,490		1,950
	20,000	Village Super Market Inc., Cl. A		538,753		631,800
				11,989,102		14,205,167
		Semiconductors — 0.6%
	236,160	Cascade Microtech Inc.†		1,323,037		1,150,099
	127,500	Entegris Inc.†		627,307		1,190,850
	1,319	GSI Group Inc.†		10,601		15,907
	93,700	IXYS Corp.†		991,052		1,236,840
	50,000	Rubicon Ltd.†		34,834		14,329
				2,986,831		3,608,025
		Specialty Chemicals — 1.9%
	11,009	A. Schulman Inc.		250,598		297,463
	41,000	Chemtura Corp.†		624,011		696,180
	742,800	Ferro Corp.†		3,676,322		4,412,232
	267,226	General Chemical Group Inc.†(a)		59,859		3,113
	25,000	Hawkins Inc.		366,472		930,000
	700	KMG Chemicals Inc.		2,289		12,635
	2,000	Minerals Technologies Inc.		116,940		130,820
	270,000	Omnova Solutions Inc.†		509,785		1,822,500
	223,000	Zep Inc.		3,088,531		3,211,200
				8,694,807		11,516,143
		Telecommunications — 1.0%
	67,200	Atlantic Tele-Network Inc.		2,627,830		2,443,392
	350,000	Cincinnati Bell Inc.†		1,096,913		1,407,000
	75	Consolidated Communications Holdings Inc.		1,336		1,472
	1,000	Electronic Systems Technology Inc.		705		457
	71,600	HickoryTech Corp.		690,182		740,344
	80	Horizon Telecom Inc., Cl. A		9,250		4,960
	250	Horizon Telecom Inc., Cl. B		28,589		14,250
	56,100	New ULM Telecom Inc.		547,403		434,775
	400	North State Telecommunications Corp., Cl. A		31,368		34,400
	500(d)	Otelco Inc., IDS		9,074		6,425
	7,788	Preformed Line Products Co.		338,590		510,114
	35,800	Shenandoah Telecommunications Co.		297,399		399,170
	500	SureWest Communications		5,393		11,275
	34,700	TeleCommunication Systems Inc., Cl. A†		171,287		96,466
	17,875	Windstream Corp.		179,823		209,316
				6,035,142		6,313,816
		Transportation — 0.3%
	8,200	PHI Inc.†		130,182		183,352
	95,255	Providence and Worcester Railroad Co.		1,282,818		1,406,916
	19,000	RailAmerica Inc.†		304,541		407,740

See accompanying notes to financial statements.

11

GAMCO Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Transportation (Continued)
	3,000	Trailer Bridge Inc.†	$	7,995	$	465
				1,725,536		1,998,473
		TOTAL COMMON STOCKS		413,454,532		521,628,080
		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	20,000	Jungheinrich AG Pfd		229,855		654,983
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Cv. Pfd., Ser. 2003 †(b)		7,625		13,170
		RIGHTS — 0.1%
		Health Care — 0.1%
	300,000	Adolor Corp., expire 07/01/19†(b)		0		156,000
	200,000	Clinical Data Inc., CVR, expire 04/14/18†(b)		0		190,000
		TOTAL RIGHTS		0		346,000
		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
		Metals and Mining — 0.0%
	6,667	Duluth Metals Ltd., expire 01/18/13†(b)		0		0
		TOTAL WARRANTS		0		0
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 14.5%
	$88,577,000	U.S. Treasury Bills, 0.020% to 0.130%††, 04/19/12 to 09/20/12		88,555,553		88,557,024
		TOTAL INVESTMENTS — 100.2%	$	502,247,565		611,199,257
		Other Assets and Liabilities (Net) — (0.2)%				(1,373,413	)
		NET ASSETS — 100.0%			$	609,825,844

(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, 2012, the market value of fair valued securities amounted to $594,304 or 0.10% of net assets.

(c) At March 31, 2012, the Fund held investments in restricted and illiquid securities amounting to $63,650 or 0.01% of net assets, which were valued under methods approved by the Board of Trustees as follows:

Acquisition Shares		Issuer	Acquisition Date		Acquisition Cost		03/31/12 Carrying Value Per Unit
	6,000	Capital Properties Inc., Cl. B		11/20/03		—	$	9.3500
	2,508	Royalty LLC		09/09/03		—		3.0104

(d) Denoted in units.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

CVR Contingent Value Right

IDS Income Deposit Securities

See accompanying notes to financial statements.

12

GAMCO Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 97.6%
		Aerospace — 3.4%
	27,550	AAR Corp.	$	689,974	$	502,787
	1,450	Curtiss-Wright Corp.		52,051		53,664
	31,300	Hexcel Corp.†		673,332		751,513
	4,250	Kaman Corp.		86,127		144,288
				1,501,484		1,452,252
		Automotive — 0.4%
	1,100	Navistar International Corp.†		47,320		44,495
	11,900	Wabash National Corp.†		103,366		123,165
				150,686		167,660
		Automotive: Parts and Accessories — 0.5%
	11,950	Federal-Mogul Corp.†		238,385		205,659
		Aviation: Parts and Services — 0.3%
	11,650	Ducommun Inc.†		265,277		138,635
		Building and Construction — 3.7%
	24,950	Aegion Corp.†		450,870		444,858
	22,150	Dycom Industries Inc.†		377,293		517,424
	28,900	MYR Group Inc.†		697,090		516,154
	7,200	USG Corp.†		54,067		123,840
				1,579,320		1,602,276
		Business Services — 5.6%
	26,250	ABM Industries Inc.		573,018		637,875
	18,350	Convergys Corp.†		228,537		244,972
	20,600	Fortegra Financial Corp.†		154,977		172,216
	15,650	FTI Consulting Inc.†		582,970		587,188
	6,500	G & K Services Inc., Cl. A		202,105		222,300
	3,400	GP Strategies Corp.†		31,260		59,500
	2,600	Healthcare Services Group Inc.		34,194		55,302
	35,250	PRGX Global Inc.†		241,372		221,723
	3,400	Tetra Tech Inc.†		77,339		89,624
	3,800	The Brink’s Co.		93,492		90,706
				2,219,264		2,381,406
		Commercial Services — 1.0%
	23,800	Checkpoint Systems Inc.†		339,801		268,464
	1,900	ICF International Inc.†		43,343		48,203
	7,050	KAR Auction Services Inc.†		106,221		114,281
				489,365		430,948
		Communications Equipment — 0.1%
	7,400	Symmetricom Inc.†		33,099		42,698
		Computer Hardware — 2.6%
	5,650	NCR Corp.†		73,443		122,662
	55,700	QLogic Corp.†		886,325		989,232
				959,768		1,111,894
		Computer Software and Services — 7.9%
	13,200	Akamai Technologies Inc.†		365,458		484,440
	4,200	Belden Inc.		115,390		159,222
	3,700	Bottomline Technologies Inc.†		64,560		103,378
	14,900	Callidus Software Inc.†		89,702		116,369
	7,200	Dynamics Research Corp.†		101,372		69,408
	6,850	Evolving Systems Inc.		48,122		38,291
	2,300	Fair Isaac Corp.		64,642		100,970
	30,200	Heartland Payment Systems Inc.		602,726		870,968
	4,500	Mercury Computer Systems Inc.†		46,655		59,625
	34,900	Netscout Systems Inc.†		534,478		709,866
	11,300	Official Payments Holdings Inc.†		59,538		57,291
	6,500	Parametric Technology Corp.†		130,972		181,610
	18,200	Progress Software Corp.†		389,603		429,884
				2,613,218		3,381,322
		Consumer Products — 1.5%
	15,350	A. T. Cross Co., Cl. A†		177,795		184,814
	10,700	Hanesbrands Inc.†		318,254		316,078

Shares			Cost		Market Value
	5,550	Knoll Inc.	$	75,751	$	92,352
	2,500	True Religion Apparel Inc.†		70,370		68,500
				642,170		661,744
		Diversified Industrial — 6.1%
	22,300	Badger Meter Inc.		766,919		757,977
	9,950	Barnes Group Inc.		236,203		261,784
	26,060	Columbus McKinnon Corp.†		455,435		424,517
	11,200	Furmanite Corp.†		73,702		71,904
	4,438	Griffon Corp.		39,072		47,487
	5,300	Itron Inc.†		209,608		240,673
	5,750	Kaydon Corp.		213,968		146,683
	9,150	Kennametal Inc.		364,622		407,450
	11,500	Sealed Air Corp.		258,162		222,065
	2,000	Tredegar Corp.		29,227		39,180
				2,646,918		2,619,720
		Electronics — 11.3%
	7,600	Avnet Inc.†		224,479		276,564
	13,800	Ballantyne Strong Inc.†		69,873		73,416
	54,550	Electro Scientific Industries Inc.		857,773		818,795
	19,000	General Cable Corp.†		655,260		552,520
	8,950	International Rectifier Corp.†		164,942		206,476
	39,750	LeCroy Corp.†		333,640		413,003
	3,400	Molex Inc.		67,472		95,608
	28,300	Newport Corp.†		433,078		501,476
	4,900	Park Electrochemical Corp.		112,092		148,127
	48,000	Pulse Electronics Corp.		235,076		120,480
	42,900	Radisys Corp.†		323,767		317,460
	22,100	TTM Technologies Inc.†		309,114		253,929
	8,800	Ultralife Corp.†		40,911		45,584
	9,250	Vishay Intertechnology Inc.†		68,499		112,480
	19,200	Woodward Inc.		637,772		822,336
	2,150	Zebra Technologies Corp., Cl. A†		69,502		88,537
				4,603,250		4,846,791
		Energy and Utilities — 9.0%
	4,000	Approach Resources Inc.†		69,014		147,800
	18,000	Comstock Resources Inc.†		320,597		284,940
	3,800	Energy XXI Bermuda Ltd.†		130,901		137,218
	23,400	EXCO Resources Inc.		292,720		155,142
	37,900	Goodrich Petroleum Corp.†		671,719		720,858
	6,850	Gulf Island Fabrication Inc.		208,510		200,499
	23,250	Key Energy Services Inc.†		343,452		359,213
	14,050	Matrix Service Co.†		160,432		196,841
	36,900	Newpark Resources Inc.†		290,711		302,211
	21,900	Patterson-UTI Energy Inc.		604,068		378,651
	30,450	PetroQuest Energy Inc.†		244,216		186,963
	13,950	Pike Electric Corp.†		129,588		114,809
	45,650	Pioneer Drilling Co.†		528,514		401,720
	4,100	Tesco Corp.†		47,285		58,179
	36,550	Union Drilling Inc.†		338,820		203,218
				4,380,547		3,848,262
		Entertainment — 0.8%
	18,200	RealD Inc.†		226,377		245,700
	5,850	Take-Two Interactive Software Inc.†		60,870		90,002
				287,247		335,702
		Equipment and Supplies — 3.6%
	4,800	CIRCOR International Inc.		180,935		159,696
	12,700	Crown Holdings Inc.†		478,908		467,741
	8,750	GrafTech International Ltd.†		129,069		104,475
	2,600	IDEX Corp.		79,086		109,538
	13,150	Mine Safety Appliances Co.		442,466		540,202
	4,300	Moog Inc., Cl. A†		141,973		184,427
				1,452,437		1,566,079
		Financial Services — 14.0%
	6,550	Anchor Bancorp.†		63,001		55,675

See accompanying notes to financial statements.

13

GAMCO Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	3,800	BankUnited Inc.	$	95,897	$	95,000
	17,750	BBCN Bancorp Inc.†		132,734		197,557
	5,500	Berkshire Hills Bancorp Inc.		127,344		126,060
	12,400	Boston Private Financial Holdings Inc.		92,995		122,884
	26,650	Brown & Brown Inc.		615,115		633,737
	11,300	Cardinal Financial Corp.		116,212		127,690
	6,800	Columbia Banking System Inc.		123,020		154,904
	1,900	Epoch Holding Corp.		22,356		45,372
	8,250	Fidelity National Financial Inc., Cl. A.		130,322		148,747
	4,600	Financial Institutions Inc.		74,699		74,382
	28,295	First Niagara Financial Group Inc .		339,265		278,423
	17,000	Flushing Financial Corp.		224,333		228,820
	12,200	Glacier Bancorp Inc.		171,175		182,268
	4,600	HF Financial Corp.		39,339		55,154
	9,084	Hudson Valley Holding Corp.		154,186		146,525
	25,300	Janus Capital Group Inc.		215,355		225,423
	13,850	KBW Inc.		271,801		256,225
	7,200	Knight Capital Group Inc., Cl. A†		93,741		92,664
	13,400	Meadowbrook Insurance Group Inc.		132,850		125,022
	5,650	National Penn Bancshares Inc.		33,634		50,003
	5,650	OceanFirst Financial Corp.		74,640		80,456
	3,500	Old National Bancorp.		38,711		45,990
	17,650	Oriental Financial Group Inc.		211,863		213,565
	11,650	Sterling Bancorp.		117,820		111,724
	11,900	Stifel Financial Corp.†		399,127		450,296
	3,650	SVB Financial Group†		155,859		234,841
	9,900	Texas Capital Bancshares Inc.†		250,364		342,738
	4,350	The Navigators Group Inc.†		213,679		205,494
	16,900	Trustco Bank Corp NY		78,099		96,499
	5,750	Umpqua Holdings Corp.		58,252		77,970
	10,327	Valley National Bancorp.		132,518		133,735
	15,400	Washington Federal Inc.		248,813		259,028
	8,800	Washington Trust Bancorp Inc.		186,131		212,432
	3,550	Westfield Financial Inc.		31,456		28,081
	16,700	Xenith Bankshares Inc.†		68,855		70,808
				5,535,561		5,986,192
		Health Care — 7.2%
	13,900	AMN Healthcare Services Inc.†		94,980		84,234
	10,850	AngioDynamics Inc.†		150,794		132,912
	5,800	ArthroCare Corp.†		181,067		155,730
	2,500	ICU Medical Inc.†		100,058		122,900
	13,050	Omnicare Inc.		411,023		464,189
	6,450	Omnicell Inc.†		81,656		98,105
	27,450	Patterson Companies Inc.		839,032		916,830
	5,025	Rochester Medical Corp.†		46,889		49,295
	6,700	STERIS Corp.		220,029		211,854
	3,650	Teleflex Inc.		219,464		223,198
	4,500	Thoratec Corp.†		123,853		151,695
	20,200	VCA Antech Inc.†		389,793		468,842
				2,858,638		3,079,784
		Machinery — 1.9%
	7,500	Briggs & Stratton Corp.		132,559		134,475
	18,050	Flow International Corp.†		53,927		72,561
	3,700	Lydall Inc.†		28,884		37,703
	17,800	Trinity Industries Inc.		508,013		586,510
				723,383		831,249
		Metals and Mining — 1.8%
	6,950	Carpenter Technology Corp.		341,808		362,998
	18,800	Globe Specialty Metals Inc.		338,110		279,556

Shares			Cost		Market Value
	9,500	Titanium Metals Corp.	$	141,452	$	128,820
				821,370		771,374
		Publishing — 0.4%
	1,900	Meredith Corp.		54,171		61,674
	11,550	The Dolan Co.†		103,126		105,220
				157,297		166,894
		Retail — 6.4%
	26,550	American Eagle Outfitters Inc.		357,793		456,394
	25,750	Ethan Allen Interiors Inc.		482,049		651,990
	6,200	Lumber Liquidators Holdings Inc.† .		95,490		155,682
	28,000	Office Depot Inc.†		119,072		96,600
	19,500	Penske Automotive Group Inc.		391,741		480,285
	9,800	Rush Enterprises Inc., Cl. A†		166,083		207,956
	14,700	Stage Stores Inc.		232,167		238,728
	36,850	The Jones Group Inc.		434,827		462,836
				2,279,222		2,750,471
		Semiconductors — 5.6%
	34,700	ATMI Inc.†		660,158		808,510
	12,200	Brooks Automation Inc.		87,503		150,426
	12,200	Cascade Microtech Inc.†		64,194		59,414
	26,300	Cohu Inc.		345,698		299,031
	59,500	FormFactor Inc.†		512,249		332,010
	20,000	Intersil Corp., Cl. A		214,230		224,000
	19,700	ON Semiconductor Corp.†		156,836		177,497
	20,000	Ultra Clean Holdings†		76,754		150,800
	7,200	Ultratech Inc.†		188,073		208,656
				2,305,695		2,410,344
		Specialty Chemicals — 1.3%
	28,269	Ferro Corp.†		301,077		167,918
	17,300	PolyOne Corp.		196,239		249,120
	10,200	Zep Inc.		179,010		146,880
				676,326		563,918
		Telecommunications — 1.2%
	5,550	Atlantic Tele-Network Inc.		195,797		201,798
	30,500	Sierra Wireless Inc.†		303,730		223,260
	33,400	TeleCommunication Systems Inc., Cl. A†		152,115		92,852
				651,642		517,910
		TOTAL COMMON STOCKS		40,071,569		41,871,184
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.2%
	$935,000	U.S. Treasury Bills, 0.010% to 0.110%††, 04/12/12 to 08/16/12		934,680		934,703
		TOTAL INVESTMENTS — 99.8%	$	41,006,249		42,805,887
		Other Assets and Liabilities (Net) — 0.2%				64,679
		NET ASSETS — 100.0%			$	42,870,566

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

14

GAMCO Westwood Income Fund

Schedule of Investments — March 31, 2012 (Unaudited)

Shares				Cost		Market Value
		COMMON STOCKS — 85.1%
		Agriculture — 0.5%
	1,000	Archer-Daniels-Midland Co.		$	28,410	$	31,660
		Banking — 3.6%
	4,000	Bank of America Corp.			49,700		38,280
	4,000	U.S. Bancorp.			131,903		126,720
	4,802	Valley National Bancorp.			81,798		62,186
					263,401		227,186
		Computer Hardware — 0.9%
	100	Apple Inc.†			9,113		59,947
		Consumer Products — 2.2%
	2,200	Tupperware Brands Corp.			107,630		139,700
		Diversified Industrial — 3.8%
	6,000	General Electric Co.			94,338		120,420
	2,000	Honeywell International Inc.			78,538		122,100
					172,876		242,520
		Electronics — 3.5%
	8,000	Intel Corp.			188,828		224,880
		Energy and Utilities: Integrated — 0.9%
	1,334	FirstEnergy Corp.			50,482		60,817
		Energy and Utilities: Natural Gas — 4.1%
	1,500	Enterprise Products Partners LP			66,903		75,705
	6,000	Spectra Energy Corp.			155,279		189,300
					222,182		265,005
		Energy and Utilities: Oil — 5.5%
	1,500	Chevron Corp.			127,333		160,860
	2,500	ConocoPhillips			200,189		190,025
					327,522		350,885
		Energy and Utilities: Services — 4.5%
	5,000	Halliburton Co.			180,373		165,950
	1,000	Noble Corp			48,772		37,470
	1,500	Transocean Ltd.			107,798		82,050
					336,943		285,470
		Energy and Utilities: Water — 3.5%
	6,500	American Water Works Co. Inc.			113,655		221,195
		Financial Services — 8.0%
	800	BlackRock Inc.			126,144		163,920
	2,700	Citigroup Inc.			121,500		98,685
	1,000	JPMorgan Chase & Co.			40,890		45,980
	6,000	Wells Fargo & Co.			193,140		204,840
					481,674		513,425
		Food and Beverage — 12.6%
	7,000	ConAgra Foods Inc.			174,145		183,820
	6,522	General Mills Inc.	��		193,302		257,293
	6,000	Kraft Foods Inc., Cl. A			196,380		228,060
	2,000	PepsiCo Inc.			107,960		132,700
					671,787		801,873
		Health Care — 13.8%
	2,000	Abbott Laboratories.			105,100		122,580

Shares			Cost		Market Value
	2,000	AstraZeneca plc, ADR.	$	85,794	$	88,980
	3,783	Bristol-Myers Squibb Co.		99,310		127,676
	1,500	Johnson & Johnson		85,403		98,940
	2,520	Mead Johnson Nutrition Co.		107,163		207,850
	2,000	Merck & Co. Inc.		70,774		76,800
	6,940	Pfizer Inc		146,422		157,260
				699,966		880,086
		Metals and Mining — 0.8%
	1,000	Newmont Mining Corp.		53,974		51,270
		Paper and Forest Products — 2.9%
	5,200	International Paper Co.		149,403		182,520
		Real Estate Investment Trusts — 1.6%
	5,000	Starwood Property Trust Inc.		89,451		105,100
		Retail — 1.6%
	2,000	The Home Depot Inc.		79,247		100,620
		Specialty Chemicals — 4.8%
	1,000	Air Products & Chemicals Inc.		78,554		91,800
	4,000	E. I. du Pont de Nemours and Co.		198,318		211,600
				276,872		303,400
		Telecommunications — 3.8%
	4,000	AT&T Inc.		128,045		124,920
	3,000	Verizon Communications Inc.		118,791		114,690
				246,836		239,610
		Wireless Communications — 2.2%
	5,000	Vodafone Group plc, ADR		140,743		138,350
		TOTAL COMMON STOCKS		4,710,995		5,425,519
		PREFERRED STOCKS — 4.8%
		Financial Services — 4.8%
	12,000	Bank One Capital Trust VI, 7.200% Pfd.		305,738		306,600
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 8.7%
	$553,000	U.S. Treasury Bills, 0.015% to 0.110%††, 04/19/12 to 08/23/12		552,880		552,886
		TOTAL INVESTMENTS — 98.6%	$	5,569,613		6,285,005
		Other Assets and Liabilities (Net) — 1.4%				87,386
		NET ASSETS — 100.0%			$	6,372,391

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

See accompanying notes to financial statements.

15

GAMCO Westwood Equity Fund

Schedule of Investments — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.6%
		Aerospace — 3.1%
	12,900	General Dynamics Corp.	$	996,800	$	946,602
	24,200	The Boeing Co.		1,490,889		1,799,754
				2,487,689		2,746,356
		Automotive — 2.1%
	70,600	General Motors Co.†		2,359,455		1,810,890
		Banking — 8.2%
	178,200	Bank of America Corp.		1,563,150		1,705,374
	46,300	CIT Group Inc.†		1,679,761		1,909,412
	38,384	JPMorgan Chase & Co.		1,426,805		1,764,896
	51,900	Wells Fargo & Co.		1,347,192		1,771,866
				6,016,908		7,151,548
		Cable and Satellite — 2.0%
	58,600	Comcast Corp., Cl. A		1,047,314		1,758,586
		Computer Hardware — 2.0%
	106,800	Dell Inc.†		1,716,793		1,772,880
		Computer Software and Services — 5.1%
	82,300	Microsoft Corp.		2,243,450		2,654,175
	61,500	Oracle Corp.		1,643,968		1,793,340
				3,887,418		4,447,515
		Consumer Products — 2.2%
	21,480	Philip Morris International Inc.		1,004,073		1,903,343
		Diversified Industrial — 2.0%
	29,200	Honeywell International Inc.		1,169,018		1,782,660
		Electronics — 3.1%
	63,000	Intel Corp.		1,359,811		1,770,930
	24,800	TE Connectivity Ltd.		901,730		911,400
				2,261,541		2,682,330
		Energy: Integrated — 4.1%
	45,400	American Electric Power Co. Inc.		1,572,016		1,751,532
	54,800	CONSOL Energy Inc.		1,955,293		1,868,680
				3,527,309		3,620,212
		Energy: Natural Gas — 6.1%
	17,006	Apache Corp.		1,295,641		1,708,083
	38,400	EQT Corp.		1,702,357		1,851,264
	30,200	Sempra Energy		1,553,877		1,810,792
				4,551,875		5,370,139
		Energy: Oil — 7.9%
	22,500	Anadarko Petroleum Corp.		1,159,413		1,762,650
	16,600	Chevron Corp.		1,118,645		1,780,184
	54,400	Marathon Oil Corp.		1,530,877		1,724,480
	17,910	Occidental Petroleum Corp.		1,355,575		1,705,569
				5,164,510		6,972,883
		Entertainment — 4.0%
	40,200	The Walt Disney Co.		1,277,611		1,759,956
	47,300	Time Warner Inc.		1,406,808		1,785,575
				2,684,419		3,545,531
		Financial Services — 11.1%
	25,400	ACE Ltd.		1,147,750		1,859,280

Shares			Cost		Market Value
	38,400	Aflac Inc.	$	1,891,811	$	1,766,016
	23,300	American International Group Inc.†		693,010		718,339
	30,700	Ameriprise Financial Inc.		1,302,118		1,753,891
	7,200	Franklin Resources Inc.		800,147		893,016
	48,100	MetLife Inc.		1,950,930		1,796,535
	16,400	The Travelers Companies Inc.		820,526		970,880
				8,606,292		9,757,957
		Food and Beverage — 2.2%
	29,700	PepsiCo Inc.		1,813,334		1,970,595
		Health Care — 18.5%
	46,000	Abbott Laboratories		2,434,478		2,819,340
	29,600	Baxter International Inc.		1,669,959		1,769,488
	32,400	Covidien plc		1,364,143		1,771,632
	36,100	Johnson & Johnson		2,172,156		2,381,156
	47,700	Merck & Co. Inc.		1,589,255		1,831,680
	80,500	Pfizer Inc.		1,338,451		1,824,130
	43,900	St. Jude Medical Inc.		1,613,154		1,945,209
	42,200	Teva Pharmaceutical Industries Ltd., ADR		2,195,455		1,901,532
				14,377,051		16,244,167
		Machinery — 2.9%
	10,900	Deere & Co.		476,173		881,810
	59,100	Xylem Inc.		1,581,283		1,640,025
				2,057,456		2,521,835
		Retail — 6.0%
	38,900	CVS Caremark Corp.		1,161,952		1,742,720
	53,400	Walgreen Co.		1,778,954		1,788,366
	28,900	Wal-Mart Stores Inc.		1,564,012		1,768,680
				4,504,918		5,299,766
		Specialty Chemicals — 2.0%
	50,100	The Dow Chemical Co.		1,675,394		1,735,464
		Telecommunications — 3.0%
	83,600	AT&T Inc.		2,267,694		2,610,828
		Transportation — 2.0%
	16,100	Union Pacific Corp.		899,376		1,730,428
		TOTAL COMMON STOCKS		74,079,837		87,435,913
		SHORT-TERM INVESTMENTS — 1.1%
		Mutual Funds — 1.1%
	1,002,690	Dreyfus Treasury & Agency Cash Management Fund, 0.120%*		1,002,690		1,002,690
		TOTAL INVESTMENTS — 100.7%	$	75,082,527		88,438,603
		Other Assets and Liabilities (Net) — (0.7)%				(629,638	)
		NET ASSETS — 100.0%			$	87,808,965

† Non-income producing security.

* Current yield.

ADR American Depositary Receipt

See accompanying notes to financial statements.

16

GAMCO Westwood Balanced Fund

Schedule of Investments — March 31, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 62.2%
		Aerospace — 2.0%
	8,800	General Dynamics Corp.	$	659,025	$	645,744
	17,400	The Boeing Co.		1,074,936		1,294,038
				1,733,961		1,939,782
		Automotive — 1.4%
	54,800	General Motors Co.†		1,774,536		1,405,620
		Banking — 4.9%
	129,500	Bank of America Corp.		885,809		1,239,315
	28,900	CIT Group Inc.†		1,003,113		1,191,836
	25,796	JPMorgan Chase & Co.		913,038		1,186,100
	34,800	Wells Fargo & Co.		884,874		1,188,072
				3,686,834		4,805,323
		Cable and Satellite — 1.2%
	40,700	Comcast Corp., Cl. A		729,884		1,221,407
		Computer Hardware — 1.1%
	67,800	Dell Inc.†		1,086,930		1,125,480
		Computer Software and Services — 3.2%
	55,700	Microsoft Corp.		1,526,436		1,796,325
	45,800	Oracle Corp.		1,222,245		1,335,528
				2,748,681		3,131,853
		Consumer Products — 1.4%
	16,220	Philip Morris International Inc.		750,357		1,437,254
		Diversified Industrial — 1.5%
	23,700	Honeywell International Inc.		967,617		1,446,885
		Electronics — 2.0%
	46,600	Intel Corp.		949,650		1,309,926
	18,800	TE Connectivity Ltd.		674,832		690,900
				1,624,482		2,000,826
		Energy: Integrated — 2.4%
	29,300	American Electric Power Co. Inc.		1,005,094		1,130,394
	35,700	CONSOL Energy Inc.		1,272,006		1,217,370
				2,277,100		2,347,764
		Energy: Natural Gas — 3.7%
	12,255	Apache Corp.		926,171		1,230,892
	24,300	EQT Corp.		1,075,370		1,171,503
	20,900	Sempra Energy		1,076,643		1,253,164
				3,078,184		3,655,559
		Energy: Oil — 4.9%
	15,100	Anadarko Petroleum Corp.		746,651		1,182,934
	11,600	Chevron Corp.		786,540		1,243,984
	39,700	Marathon Oil Corp.		1,108,335		1,258,490
	12,500	Occidental Petroleum Corp.		933,711		1,190,375
				3,575,237		4,875,783
		Entertainment — 2.6%
	27,500	The Walt Disney Co.		791,601		1,203,950
	36,300	Time Warner Inc.		1,078,478		1,370,325
				1,870,079		2,574,275
		Financial Services — 7.1%
	17,400	ACE Ltd.		725,149		1,273,680
	28,000	Aflac Inc.		1,290,834		1,287,720
	15,700	American International Group Inc.†		466,941		484,031
	22,000	Ameriprise Financial Inc.		933,858		1,256,860
	6,600	Franklin Resources Inc.		705,447		818,598
	32,600	MetLife Inc.		1,264,392		1,217,610
	10,800	The Travelers Companies Inc.		539,559		639,360
				5,926,180		6,977,859

Shares			Cost		Market Value
		Food and Beverage — 1.2%
	18,600	PepsiCo Inc.	$	1,138,287	$	1,234,110
		Health Care — 11.4%
	31,900	Abbott Laboratories		1,692,376		1,955,151
	20,400	Baxter International Inc.		1,147,541		1,219,512
	23,100	Covidien plc		984,310		1,263,108
	22,800	Johnson & Johnson		1,405,663		1,503,888
	31,600	Merck & Co. Inc.		1,047,791		1,213,440
	61,800	Pfizer Inc.		1,012,967		1,400,388
	32,700	St. Jude Medical Inc.		1,190,808		1,448,937
	29,200	Teva Pharmaceutical Industries Ltd., ADR		1,483,481		1,315,752
				9,964,937		11,320,176
		Machinery — 1.6%
	7,000	Deere & Co.		308,549		566,300
	35,890	Xylem Inc.		981,099		995,948
				1,289,648		1,562,248
		Retail — 3.9%
	30,800	CVS Caremark Corp.		914,379		1,379,840
	34,600	Walgreen Co.		1,154,523		1,158,754
	21,300	Wal-Mart Stores Inc.		1,154,714		1,303,560
				3,223,616		3,842,154
		Specialty Chemicals — 1.6%
	45,600	The Dow Chemical Co.		1,483,052		1,579,584
		Telecommunications — 1.9%
	59,300	AT&T Inc.		1,660,264		1,851,939
		Transportation — 1.2%
	11,000	Union Pacific Corp.		611,778		1,182,280
		TOTAL COMMON STOCKS		51,201,644		61,518,161
Principal Amount
		CORPORATE BONDS — 18.3%
		Banking — 4.2%
	$1,250,000	Bank of America Corp., 5.375%, 06/15/14		1,265,805		1,307,100
	750,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		774,700		807,481
	1,125,000	Citigroup Inc., 5.500%, 10/15/14		1,127,309		1,207,739
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		768,942		867,892
				3,936,756		4,190,212
		Computer Software and Services — 0.8%
	750,000	Oracle Corp., 4.950%, 04/15/13		750,095		785,606
		Diversified Industrial — 1.3%
	1,200,000	General Electric Co., 5.000%, 02/01/13		1,201,797		1,243,970
		Electronics — 1.8%
	1,000,000	Intel Corp., 3.300%, 10/01/21		1,040,230		1,035,252
	750,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13		749,400		776,618
				1,789,630		1,811,870

See accompanying notes to financial statements.

17

GAMCO Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Energy: Integrated — 0.5%
	$ 500,000	The Southern Co., 4.150%, 05/15/14	$	499,772	$	534,459
		Energy: Natural Gas — 1.1%
	1,000,000	Apache Corp., 5.250%, 04/15/13		1,002,825		1,048,536
		Energy: Oil — 2.4%
	1,000,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		984,765		1,154,040
	500,000	Marathon Oil Corp., 5.900%, 03/15/18		501,917		584,454
	500,000	XTO Energy Inc., 6.500%, 12/15/18		559,536		637,585
				2,046,218		2,376,079
		Financial Services — 1.1%
	950,000	ACE INA Holdings Inc., 5.600%, 05/15/15		964,326		1,071,734
		Food and Beverage — 1.0%
	950,000	Anheuser-Busch Companies LLC, 4.375%, 01/15/13		948,198		976,796
		Metals and Mining — 0.8%
	750,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		752,650		820,717
		Real Estate Investment Trusts — 0.7%
	700,000	Vornado Realty LP, 4.250%, 04/01/15		698,156		734,459
		Telecommunications — 0.6%
	500,000	AT&T Inc., 6.700%, 11/15/13		500,645		547,178
		Transportation — 1.2%
	1,000,000	Burlington Northern Santa Fe LLC, Deb., 5.650%, 05/01/17		989,330		1,164,949
		Wireless Communications — 0.8%
	750,000	Vodafone Group plc, 4.150%, 06/10/14		759,059		802,692
		TOTAL CORPORATE BONDS		16,839,457		18,109,257
Shares
		SHORT-TERM INVESTMENTS — 2.5%
		Mutual Funds — 2.5%
	2,493,884	Dreyfus Treasury & Agency Cash Management Fund, 0.120%*		2,493,884		2,493,884

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.9%
		Federal Home Loan Mortgage Corp. — 3.0%
	$1,250,000	5.125%, 07/15/12	$	1,249,252	$	1,268,237
	1,500,000	3.750%, 03/27/19		1,495,702		1,685,733
				2,744,954		2,953,970
		Federal National Mortgage Association — 3.9%
	1,250,000	4.375%, 09/15/12		1,264,257		1,274,006
	1,500,000	5.000%, 04/15/15		1,527,909		1,696,329
	775,000	5.375%, 06/12/17		819,105		934,263
				3,611,271		3,904,598
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		6,356,225		6,858,568
		U.S. GOVERNMENT OBLIGATIONS — 10.9%
		U.S. Treasury Bills — 2.1%
	2,100,000	U.S. Treasury Bills, 0.097% to 0.135%††, 04/05/12 to 10/18/12		2,099,399		2,099,215
		U.S. Treasury Inflation Indexed Notes — 4.0%
	1,200,000	2.500%, 07/15/16		1,350,912		1,572,701
	900,000	2.125%, 01/15/19		966,506		1,137,153
	1,000,000	1.375%, 01/15/20		1,091,690		1,203,983
				3,409,108		3,913,837
		U.S. Treasury Notes — 4.8%
	1,000,000	0.625%, 07/31/12		1,001,756		1,001,797
	750,000	0.750%, 08/15/13		750,191		754,893
	1,000,000	0.250%, 12/15/14		996,564		994,141
	1,000,000	3.625%, 08/15/19		1,019,921		1,135,078
	750,000	3.375%, 11/15/19		838,068		837,422
				4,606,500		4,723,331
		TOTAL U.S. GOVERNMENT OBLIGATIONS		10,115,007		10,736,383
		TOTAL INVESTMENTS — 100.8%	$	87,006,217		99,716,253
		Other Assets and Liabilities (Net) — (0.8)%				(820,460	)
		NET ASSETS — 100.0%			$	98,895,793

† Non-income producing security.

†† Represents annualized yield at date of purchase.

* Current yield.

ADR American Depositary Receipt

See accompanying notes to financial statements.

18

GAMCO Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2012 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 39.6%
		Aerospace — 1.1%
	$ 200,000	The Boeing Co., 6.000%, 03/15/19	$	204,173	$	246,205
		Banking — 4.9%
	300,000	Bank of America Corp., 5.375%, 06/15/14		303,793		313,704
	225,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		225,806		242,244
	250,000	Citigroup Inc., 5.500%, 10/15/14		250,513		268,386
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		198,992		231,438
				979,104		1,055,772
		Computer Hardware — 1.8%
	375,000	Hewlett-Packard Co., 1.550%, 05/30/14		369,465		377,919
		Computer Software and Services — 1.9%
	250,000	Microsoft Corp., 1.625%, 09/25/15		249,841		257,655
	150,000	Oracle Corp., 4.950%, 04/15/13		149,988		157,121
				399,829		414,776
		Consumer Products — 0.8%
	150,000	Philip Morris International Inc., 6.875%, 03/17/14		150,345		168,267
		Diversified Industrial — 1.2%
	250,000	General Electric Co., 5.000%, 02/01/13		250,374		259,161
		Electronics — 2.3%
	200,000	Arrow Electronics Inc., 6.000%, 04/01/20		199,819		217,948
	275,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13		277,235		284,760
				477,054		502,708
		Energy and Utilities: Electric Integrated — 2.3%
	275,000	Dominion Resources Inc., 6.400%, 06/15/18		323,888		337,145
	150,000	The Southern Co., 4.150%, 05/15/14		149,931		160,338
				473,819		497,483
		Energy and Utilities: Natural Gas — 1.0%
	200,000	Apache Corp., 5.250%, 04/15/13		199,903		209,707
		Energy and Utilities: Oil — 3.9%
	200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		196,956		230,808
	125,000	Marathon Oil Corp., 5.900%, 03/15/18		125,479		146,114
	200,000	Total Capital SA, 3.000%, 06/24/15		210,342		207,790
	200,000	XTO Energy Inc., 6.500%, 12/15/18		223,814		255,034
				756,591		839,746

Principal Amount			Cost		Market Value
		Financial Services — 5.3%
	$ 175,000	ACE INA Holdings Inc., 5.600%, 05/15/15	$	174,675	$	197,425
	300,000	Berkshire Hathaway Finance Corp., 5.125%, 09/15/12		303,632		306,280
	260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16		287,804		344,003
	275,000	Merrill Lynch & Co. Inc., MTN, Series C, 5.000%, 01/15/15		275,092		287,079
				1,041,203		1,134,787
		Food and Beverage — 5.0%
	250,000	Anheuser-Busch Companies LLC, 4.375%, 01/15/13		249,527		257,051
	275,000	Bottling Group LLC, 5.125%, 01/15/19		322,471		321,663
	200,000	Dr Pepper Snapple Group Inc., 2.350%, 12/21/12		199,987		202,335
	250,000	Kraft Foods Inc., 5.375%, 02/10/20		253,726		289,482
				1,025,711		1,070,531
		Health Care — 1.5%
	325,000	Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/21		330,880		329,521
		Metals and Mining — 1.0%
	200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		200,707		218,858
		Real Estate Investment Trusts — 1.2%
	250,000	Vornado Realty LP, 4.250%, 04/01/15		249,415		262,307
		Semiconductors — 1.7%
	350,000	Intel Corp., 3.300%, 10/01/21		349,208		362,338
		Telecommunications — 0.9%
	175,000	AT&T Inc., 6.700%, 11/15/13		175,227		191,512
		Transportation — 1.8%
	200,000	Burlington Northern Santa Fe LLC, Deb., 5.650%, 05/01/17		199,426		232,990
	125,000	CSX Corp., 6.250%, 04/01/15		124,966		144,170
				324,392		377,160
		TOTAL CORPORATE BONDS		7,957,400		8,518,758
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.7%
		Federal Home Loan Bank — 1.4%
	250,000	5.375%, 05/18/16		250,787		295,744
		Federal Home Loan Mortgage Corp. — 5.9%
	250,000	5.125%, 07/15/12		250,888		253,647
	225,000	5.000%, 07/15/14		237,755		248,229
	325,000	5.250%, 04/18/16		350,666		380,444
	350,000	3.750%, 03/27/19		345,727		393,338
				1,185,036		1,275,658

See accompanying notes to financial statements.

19

GAMCO Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2012 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
		Federal National Mortgage Association — 19.0%
	$  250,000	4.375%, 09/15/12	$	252,861	$	254,801
	375,000	4.375%, 03/15/13		383,018		389,858
	800,000	0.750%, 12/18/13		803,438		805,863
	750,000	2.750%, 02/05/14		775,694		783,698
	500,000	2.625%, 11/20/14		526,031		527,676
	300,000	5.000%, 04/15/15		306,397		339,266
	500,000	2.375%, 07/28/15		525,608		527,579
	275,000	5.375%, 06/12/17		290,650		331,513
	48,097	Pool #745122, 5.500%, 09/01/20.		47,886		52,574
	50,834	Pool #255554, 5.500%, 01/01/35.		51,360		55,784
				3,962,943		4,068,612
		Government National Mortgage Association — 1.4%
	27,310	Pool #562288, 6.000%, 12/15/33.		27,673		30,999
	54,488	Pool #604946, 5.500%, 01/15/34.		55,018		61,155
	44,205	Pool #604970, 5.500%, 01/15/34.		44,528		49,614
	70,295	Pool #003747, 5.000%, 08/20/35.		69,728		77,601
	74,890	Pool #550728, 5.500%, 11/15/35.		74,943		83,914
				271,890		303,283
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		5,670,656		5,943,297
		U.S. GOVERNMENT OBLIGATIONS — 28.4%
		U.S. Treasury Bills — 5.1%
	1,100,000	U.S. Treasury Bills, 0.097% to 0.135%††, 04/05/12 to 10/18/12		1,099,568		1,099,434

Principal Amount			Cost		Market Value
		U.S. Treasury Inflation Indexed Notes — 8.9%
	$  275,000	2.500%, 07/15/16	$	309,589	$	360,411
	300,000	1.375%, 07/15/18		296,927		361,126
	275,000	2.125%, 01/15/19		296,161		347,463
	300,000	1.375%, 01/15/20		334,346		361,195
	350,000	2.500%, 01/15/29		391,575		488,381
				1,628,598		1,918,576
		U.S. Treasury Notes — 11.7%
	800,000	0.625%, 07/31/12		801,032		801,438
	200,000	1.375%, 01/15/13		201,361		201,859
	800,000	0.750%, 08/15/13		802,697		805,219
	275,000	3.500%, 02/15/18		275,278		309,074
	350,000	3.375%, 11/15/19		340,041		390,797
				2,420,409		2,508,387
		U.S. Treasury Bonds — 2.7%
	250,000	7.125%, 02/15/23		293,711		366,485
	150,000	5.375%, 02/15/31		166,737		201,773
				460,448		568,258
		TOTAL U.S. GOVERNMENT OBLIGATIONS		5,609,023		6,094,655
Shares
		SHORT-TERM INVESTMENTS — 8.3%
		Mutual Funds — 8.3%
	1,779,702	Dreyfus Treasury & Agency Cash Management Fund, 0.120%*		1,779,702		1,779,702
		TOTAL INVESTMENTS — 104.0%	$	21,016,781		22,336,412
		Other Assets and Liabilities (Net) — (4.0)%				(864,828	)
		NET ASSETS — 100.0%			$	21,471,584

† Represents annualized yield at date of purchase.

* Current yield.

MTN Medium Term Note

See accompanying notes to financial statements.

20

GAMCO Westwood Funds

Statements of Assets and Liabilities

March 31, 2012 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Assets:
Investments, at value (cost $490,594,350, $41,006,249, $5,569,613, $75,082,527, $87,006,217, and $21,016,781, respectively)	$	596,290,569		$	42,805,887		$	6,285,005		$	88,438,603		$	99,716,253		$	22,336,412
Investments in affiliates, at value (cost $11,653,215)		14,908,688			—			—			—			—			—
Cash		69,628			—			—			—			—			—
Receivable for Fund shares sold		2,134,337			245,225			111,171			35,275			70,932			54,237
Receivable for investments sold		196,401			—			—			178,244			306,213			—
Dividends and interest receivable		191,147			19,251			9,596			141,256			453,262			176,018
Prepaid expenses		42,872			30,501			22,002			31,187			31,862			26,434
Other assets.		—			—			2,806			2,623			3,179			4
Total Assets		613,833,642			43,100,864			6,430,580			88,827,188			100,581,701			22,593,105
Liabilities:
Payable to custodian		—			62,956			37,922			—			—			—
Payable for investments purchased		2,134,176			—			—			693,010			1,507,263			1,080,570
Payable for Fund shares redeemed		790,512			95,143			—			159,044			35,690			841
Distributions payable		—			—			—			—			—			4,081
Payable for investment advisory fees		517,185			31,504			1,016			79,768			64,946			5,682
Payable for distribution fees		191,051			15,003			1,915			20,990			25,447			5,612
Payable for accounting fees		7,500			—			—			7,500			7,500			—
Payable for legal and audit fees		38,541			16,042			12,922			20,904			20,905			15,653
Payable for shareholder communications expenses		67,321			3,698			3,078			19,297			13,511			3,026
Payable for shareholder services fees		211,440			5,549			647			17,553			10,512			1,025
Other accrued expenses		50,072			403			689			157			134			5,031
Total Liabilities		4,007,798			230,298			58,189			1,018,223			1,685,908			1,121,521
Net Assets	$	609,825,844		$	42,870,566		$	6,372,391		$	87,808,965		$	98,895,793		$	21,471,584
Net Assets Consist of:
Paid-in capital	$	498,936,905		$	43,716,853		$	8,200,500		$	92,522,775		$	91,959,021		$	20,147,621
Accumulated net investment income/(loss)		(5,009,628	)		(84,109	)		(376	)		179,129			(6,018	)		4,515
Accumulated net realized gain/(loss) on investments and foreign currency transactions		6,946,960			(2,561,816	)		(2,543,125	)		(18,249,015	)		(5,767,246	)		(183	)
Net unrealized appreciation on investments		108,951,692			1,799,638			715,392			13,356,076			12,710,036			1,319,631
Net unrealized depreciation on foreign currency translations.		(85	)		—			—			—			—			—
Net Assets	$	609,825,844		$	42,870,566		$	6,372,391		$	87,808,965		$	98,895,793		$	21,471,584
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$356,727,697			$24,694,414			$5,053,582			$82,076,806			$86,749,734			$10,867,673
Shares of beneficial interest outstanding.		20,322,658			1,520,873			572,525			8,388,819			7,632,345			912,765
Net Asset Value, offering, and redemption price per share		$17.55			$16.24			$8.83			$9.78			$11.37			$11.91
Class A:
Net assets		$76,902,236			$6,302,420			$175,098			$3,478,527			$4,748,021			$1,381,721
Shares of beneficial interest outstanding		4,461,692			394,897			19,181			356,190			415,955			116,171
Net Asset Value and redemption price per share		$17.24			$15.96			$9.13			$9.77			$11.41			$11.89
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$17.96			$16.63			$9.51			$10.18			$11.89			$12.39
Class B:
Net assets		$3,438			$—			$—			$—			$39,214			$5,210
Shares of beneficial interest outstanding		214.3			—			—			—			3,403			437.8
Net Asset Value and offering price per share(a)		$16.04			$—			$—			$—			$11.52			$11.90
Class C:
Net assets		$93,485,475			$7,791,185			$1,038,270			$873,462			$5,029,182			$1,665,533
Shares of beneficial interest outstanding		5,854,883			520,760			105,915			91,709			436,335			147,218
Net Asset Value and offering price per share(a)		$15.97			$14.96			$9.80			$9.52			$11.53			$11.31
Class I:
Net assets		$82,706,998			$4,082,547			$105,441			$1,380,170			$2,329,642			$7,551,447
Shares of beneficial interest outstanding		4,666,310			248,718			11,940			141,066			205,073			633,991
Net Asset Value, offering, and redemption price per share		$17.72			$16.41			$8.83			$9.78			$11.36			$11.91

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

See accompanying notes to financial statements.

21

GAMCO Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2012 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Investment Income:
Dividends – unaffiliated (net of foreign withholding taxes of $2,590, $483, $0, $7,762, $4,970, and $0, respectively)	$	2,342,805		$	275,961		$	98,695		$	1,166,890		$	748,544		$	593
Dividends – affiliated		52,735			—			—			—			—			—
Interest		29,893			355			85			—			603,881			272,270
Total Investment Income		2,425,433			276,316			98,780			1,166,890			1,352,425			272,863
Expenses:
Investment advisory fees		2,946,775			219,772			29,002			459,808			363,919			63,783
Distribution fees – Class AAA		458,488			35,698			6,283			107,732			107,285			21,833
Distribution fees – Class A		180,282			15,100			177			9,268			11,377			2,192
Distribution fees – Class B		17			—			—			—			187			29
Distribution fees – Class C		444,558			34,107			2,997			4,194			23,625			10,827
Accounting fees		22,500			—			—			22,500			22,500			—
Custodian fees		73,228			24,707			2,317			10,984			11,647			2,496
Legal and audit fees		47,106			13,579			10,881			19,573			19,883			12,559
Registration expenses		41,399			20,290			19,695			25,133			24,935			17,213
Shareholder communications expenses		119,411			7,533			2,217			18,809			15,165			2,607
Shareholder services fees		375,649			11,808			3,911			46,292			31,657			5,565
Trustees’ fees		28,422			2,148			263			4,490			4,588			978
Tax expense		382			—			—			—			—			—
Miscellaneous expenses		20,044			4,759			3,870			6,893			7,241			3,146
Total Expenses		4,758,261			389,501			81,613			735,676			644,009			143,228
Less:
Expenses reimbursed by Adviser (See Note 3)		—			(29,878	)		(21,399	)		—			—			(28,619	)
Advisory fee reduction on unsupervised assets (Note 3)		(57,030	)		—			—			—			—			—
Custodian fee credits		—			—			—			(10,984	)		(11,647	)		—
Total Reimbursements, Reductions, and Credits		(57,030	)		(29,878	)		(21,399	)		(10,984	)		(11,647	)		(28,619	)
Net Expenses		4,701,231			359,623			60,214			724,692			632,362			114,609
Net Investment Income/(Loss)		(2,275,798	)		(83,307	)		38,566			442,198			720,063			158,254
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments – unaffiliated		10,737,615			(79,119	)		118,042			4,230,453			1,523,861			(202	)
Net realized gain on investments – affiliated		1,900			—			—			—			—			—
Net realized loss on foreign currency transactions		(59	)		(29	)		—			—			—			—
Net realized gain/(loss) on investments and foreign currency transactions		10,739,456			(79,148	)		118,042			4,230,453			1,523,861			(202	)
Net change in unrealized appreciation/depreciation:
on investments.		100,366,562			11,004,030			783,538			16,622,961			11,864,342			100,119
on foreign currency translations		(1	)		21			—			—			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		100,366,561			11,004,051			783,538			16,622,961			11,864,342			100,119
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		111,106,017			10,924,903			901,580			20,853,414			13,388,203			99,917
Net Increase in Net Assets Resulting from Operations	$	108,830,219		$	10,841,596		$	940,146		$	21,295,612		$	14,108,266		$	258,171

See accompanying notes to financial statements.

22

GAMCO Westwood Funds

Statements of Changes in Net Assets

	Mighty Mites Fund						SmallCap Equity Fund
	For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011
Operations:
Net investment loss	$	(2,275,798	)	$	(5,315,868	)	$	(83,307	)	$	(277,042	)
Net realized gain/(loss) on investments and foreign currency transactions		10,739,456			16,440,651			(79,148	)		2,331,289
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		100,366,561			(55,728,318	)		11,004,051			(11,142,044	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		108,830,219			(44,603,535	)		10,841,596			(9,087,797	)
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		(7,982,992	)		(7,450,321	)		(853,019	)		—
Class A		(1,539,747	)		(1,501,930	)		(145,888	)		—
Class B		(73	)		(2,195	)		—			—
Class C		(2,052,934	)		(1,401,220	)		(169,511	)		—
Class I		(1,171,844	)		(685,228	)		(44,102	)		—
		(12,747,590	)		(11,040,894	)		(1,212,520	)		—
Total Distributions to Shareholders		(12,747,590	)		(12,397,766	)		(1,212,520	)		—
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		46,745,969			253,257,034			7,345,956			38,636,054
Class A		9,292,904			63,679,119			2,115,527			5,475,623
Class B		—			3,399			—			—
Class C		8,639,248			60,838,781			1,382,837			6,599,251
Class I		35,662,626			49,088,183			3,171,532			667,710
		100,340,747			426,866,516			14,015,852			51,378,638
Proceeds from reinvestment of distributions
Class AAA		6,581,486			7,225,290			471,504			—
Class A		1,292,227			1,326,762			137,257			—
Class B		73			2,195			—			—
Class C		1,539,337			1,059,902			138,549			—
Class I		739,601			420,004			44,074			—
		10,152,724			10,034,153			791,384			—
Cost of shares redeemed
Class AAA		(102,359,965	)		(142,889,080	)		(18,354,769	)		(13,681,559	)
Class A		(9,803,388	)		(42,628,667	)		(2,268,540	)		(3,035,396	)
Class B*		(6,817	)		(77,183	)		—			(7,381	)
Class C		(10,525,464	)		(12,427,131	)		(610,300	)		(491,456	)
Class I		(16,917,470	)		(13,080,698	)		(306,391	)		(1,086,703	)
		(139,613,104	)		(211,102,759	)		(21,540,000	)		(18,302,495	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(29,119,633	)		225,797,910			(6,732,764	)		33,076,143
Redemption Fees		1,599			10,418			789			1,107
Net Increase in Net Assets		66,964,595			168,807,027	��		2,897,101			23,989,453
Net Assets:
Beginning of period		542,861,249			374,054,222			39,973,465			15,984,012
End of period	$	609,825,844		$	542,861,249		$	42,870,566		$	39,973,465
Undistributed net investment income		—			—			—			—

* SmallCap Equity Fund’s Class B Shares were fully redeemed and closed on May 3, 2011.

See accompanying notes to financial statements.

23

GAMCO Westwood Funds

Statements of Changes in Net Assets (Continued)

	Income Fund						Equity Fund
	For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011
Operations:
Net investment income	$	38,566		$	57,013		$	442,198		$	769,194
Net realized gain on investments		118,042			32,007			4,230,453			12,130,146
Net change in unrealized appreciation/depreciation on investments		783,538			75,804			16,622,961			(14,272,846	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		940,146			164,824			21,295,612			(1,373,506	)
Distributions to Shareholders:
Net investment income
Class AAA		(39,647	)		(48,541	)		(805,081	)		(588,343	)
Class A		(711	)		(1,450	)		(22,470	)		(16,239	)
Class C		(2,617	)		(200	)		—			—
Class I		(929	)		(880	)		(14,267	)		(7,652	)
Total Distributions to Shareholders		(43,904	)		(51,071	)		(841,818	)		(612,234	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		1,889,159			1,108,637			1,403,322			5,519,516
Class A		118,394			30,861			104,887			818,942
Class C		527,310			368,371			117,190			94,732
Class I		10,279			36,697			242,801			1,638,720
		2,545,142			1,544,566			1,868,200			8,071,910
Proceeds from reinvestment of distributions
Class AAA		37,317			45,374			740,520			543,647
Class A		597			1,429			21,380			15,625
Class C		2,616			163			—			—
Class I		920			789			14,257			7,644
		41,450			47,755			776,157			566,916
Cost of shares redeemed
Class AAA		(2,326,602	)		(1,414,492	)		(18,550,222	)		(24,852,941	)
Class A		—			(342,556	)		(927,234	)		(4,081,784	)
Class B*		—			—			—			(7,254	)
Class C		(13,309	)		(21,841	)		(249,129	)		(251,745	)
Class I		(11,781	)		(316	)		(410,044	)		(1,262,218	)
		(2,351,692	)		(1,779,205	)		(20,136,629	)		(30,455,942	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		234,900			(186,884	)		(17,492,272	)		(21,817,116	)
Redemption Fees		—			52			—			—
Net Increase/(Decrease) in Net Assets		1,131,142			(73,079	)		2,961,522			(23,802,856	)
Net Assets:
Beginning of period		5,241,249			5,314,328			84,847,443			108,650,299
End of period	$	6,372,391		$	5,241,249		$	87,808,965		$	84,847,443
Undistributed net investment income		—		$	4,962		$	179,129		$	578,749

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

See accompanying notes to financial statements.

24

GAMCO Westwood Funds

Statements of Changes in Net Assets (Continued)

	Balanced Fund						Intermediate Bond Fund
	For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011
Operations:
Net investment income	$	720,063		$	1,851,828		$	158,254		$	411,424
Net realized gain/(loss) on investments		1,523,861			10,519,771			(202	)		126,815
Net change in unrealized appreciation/depreciation on investments		11,864,342			(11,383,178	)		100,119			(114,746	)
Net Increase in Net Assets Resulting from Operations		14,108,266			988,421			258,171			423,493
Distributions to Shareholders:
Net investment income
Class AAA		(669,122	)		(1,696,462	)		(136,203	)		(380,579	)
Class A		(29,560	)		(71,218	)		(9,127	)		(12,938	)
Class B		(146	)		(398	)		(23	)		(384	)
Class C		(18,794	)		(44,960	)		(8,686	)		(14,227	)
Class I		(17,848	)		(39,011	)		(4,215	)		(3,686	)
		(735,470	)		(1,852,049	)		(158,254	)		(411,814	)
Net realized gain
Class AAA		—			—			(104,674	)		(28,090	)
Class A		—			—			(7,970	)		(887	)
Class B		—			—			(30	)		(64	)
Class C		—			—			(13,285	)		(1,914	)
Class I		—			—			(732	)		(334	)
		—			—			(126,691	)		(31,289	)
Total Distributions to Shareholders		(735,470	)		(1,852,049	)		(284,945	)		(443,103	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		10,885,563			12,270,171			3,981,330			4,691,931
Class A		470,176			240,458			806,879			627,660
Class B		—			2,800			—			—
Class C		310,775			619,606			816,509			2,336,655
Class I		686,775			1,019,973			7,432,931			94,434
		12,353,289			14,153,008			13,037,649			7,750,680
Proceeds from reinvestment of distributions
Class AAA		645,871			1,636,576			140,241			259,105
Class A		25,202			62,979			14,708			10,138
Class B		146			332			51			314
Class C		16,753			38,862			20,976			13,841
Class I		17,687			38,936			1,898			3,988
		705,659			1,777,685			177,874			287,386
Cost of shares redeemed
Class AAA		(13,529,734	)		(43,102,456	)		(10,189,326	)		(5,027,808	)
Class A		(687,241	)		(1,055,724	)		(279,015	)		(284,419	)
Class B		(206	)		(53,292	)		(2,734	)		(30,170	)
Class C		(271,186	)		(1,244,361	)		(1,404,603	)		(1,816,362	)
Class I		(472,100	)		(930,553	)		(9,115	)		(96,549	)
		(14,960,467	)		(46,386,386	)		(11,884,793	)		(7,255,308	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(1,901,519	)		(30,455,693	)		1,330,730			782,758
Net Increase/(Decrease) in Net Assets		11,471,277			(31,319,321	)		1,303,956			763,148
Net Assets:
Beginning of period		87,424,516			118,743,837			20,167,628			19,404,480
End of period	$	98,895,793		$	87,424,516		$	21,471,584		$	20,167,628
Undistributed net investment income		—		$	9,389		$	4,515		$	4,515

See accompanying notes to financial statements.

25

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
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)(b)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(c)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)(b)			Operating Expenses Net of Waivers/ Reimburse- ments/ Reductions			Operating Expenses Before Waivers/ Reimburse- ments/ Reductions			Portfolio Turnover Rate††
Mighty Mites Fund
Class AAA
2012(d)	$	14.85	$	(0.05	)	$	3.10		$	3.05			—		$	(0.35	)		—		$	(0.35	)	$	0.00	$	17.55		20.9	%	$	356,728		(0.65	)%(e)		1.48	%(e)		1.50	%(e)(f)		7	%
2011		15.81		(0.14	)		(0.34	)		(0.48	)	$	(0.06	)		(0.42	)		—			(0.48	)		0.00		14.85		(3.3	)		344,800		(0.79	)		1.46			1.48	(f)		20
2010		13.49		(0.10	)		2.42			2.32			—			(0.00	)(c)		—			(0.00	)(c)		0.00		15.81		17.2			261,810		(0.67	)		1.55			1.58	(f)		27
2009		13.41		(0.08	)		0.47			0.39			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		13.49		3.5			170,181		(0.69	)		1.65			1.66	(f)		32
2008		17.05		(0.00	)(c)		(2.11	)		(2.11	)		(0.06	)		(1.47	)		—			(1.53	)		0.00		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		17.05		23.9			48,252		0.48			1.64			1.64			21
Class A
2012(d)	$	14.61	$	(0.07	)	$	3.05		$	2.98			—		$	(0.35	)		—		$	(0.35	)	$	0.00	$	17.24		20.7	%	$	76,902		(0.90	)%(e)		1.73	%(e)		1.75	%(e)(f)		7	%
2011		15.57		(0.18	)		(0.32	)		(0.50	)	$	(0.04	)		(0.42	)		—			(0.46	)		0.00		14.61		(3.5	)		64,457		(1.04	)		1.71			1.73	(f)		20
2010		13.32		(0.13	)		2.38			2.25			—			(0.00	)(c)		—			(0.00	)(c)		0.00		15.57		16.9			48,464		(0.91	)		1.80			1.83	(f)		27
2009		13.26		(0.10	)		0.47			0.37			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		13.32		3.4			16,187		(0.90	)		1.90			1.91	(f)		32
2008		16.94		(0.04	)		(2.10	)		(2.14	)		(0.07	)		(1.47	)		—			(1.54	)		0.00		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		16.94		23.8			2,246		2.13			1.89			1.89			21
Class B
2012(d)	$	13.66	$	(0.11	)	$	2.84		$	2.73			—		$	(0.35	)		—		$	(0.35	)	$	0.00	$	16.04		20.4	%	$	3		(1.45	)%(e)		2.23	%(e)		2.25	%(e)(f)		7	%
2011		14.64		(0.20	)		(0.36	)		(0.56	)		—			(0.42	)		—			(0.42	)		0.00		13.66		(4.1	)		10		(1.29	)		2.21			2.23	(f)		20
2010		12.59		(0.19	)		2.24			2.05			—			(0.00	)(c)		—			(0.00	)(c)		0.00		14.64		16.3			77		(1.41	)		2.30			2.33	(f)		27
2009		12.63		(0.14	)		0.41			0.27			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		12.59		2.8			116		(1.34	)		2.40			2.41	(f)		32
2008		16.21		(0.10	)		(2.01	)		(2.11	)		—			(1.47	)		—			(1.47	)		0.00		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		16.21		23.0			422		(0.40	)		2.39			2.39			21
Class C
2012(d)	$	13.59	$	(0.11	)	$	2.84		$	2.73			—		$	(0.35	)		—		$	(0.35	)	$	0.00	$	15.97		20.5	%	$	93,486		(1.40	)%(e)		2.23	%(e)		2.25	%(e)(f)		7	%
2011		14.55		(0.25	)		(0.29	)		(0.54	)		—			(0.42	)		—			(0.42	)		0.00		13.59		(4.0	)		79,827		(1.57	)		2.21			2.23	(f)		20
2010		12.51		(0.19	)		2.23			2.04			—			(0.00	)(c)		—			(0.00	)(c)		0.00		14.55		16.3			40,297		(1.41	)		2.30			2.33	(f)		27
2009		12.55		(0.15	)		0.42			0.27			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		12.51		2.8			13,566		(1.42	)		2.40			2.41	(f)		32
2008		16.13		(0.10	)		(2.00	)		(2.10	)	$	(0.01	)		(1.47	)		—			(1.48	)		0.00		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		16.13		23.2			2,041		0.65			2.39			2.39			21
Class I
2012(d)	$	14.98	$	(0.03	)	$	3.12		$	3.09			—		$	(0.35	)		—		$	(0.35	)	$	0.00	$	17.72		21.0	%	$	82,707		(0.41	)%(e)		1.23	%(e)		1.25	%(e)(f)		7	%
2011		15.92		(0.10	)		(0.33	)		(0.43	)	$	(0.09	)		(0.42	)		—			(0.51	)		0.00		14.98		(3.0	)		53,767		(0.57	)		1.21			1.23	(f)		20
2010		13.55		(0.06	)		2.43			2.37			—			(0.00	)(c)		—			(0.00	)(c)		0.00		15.92		17.5			23,406		(0.41	)		1.30			1.33	(f)		27
2009		13.44		(0.06	)		0.48			0.42			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		13.55		3.7			12,528		(0.48	)		1.40			1.41	(f)		32
2008(g)		13.96		0.03			(0.55	)		(0.52	)		—			—			—			—			0.00		13.44		(3.7	)		893		0.26	(e)		1.46	(e)		1.46	(e)		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%. 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 acquisition of the net assets of the B.B. Micro-Cap Growth Fund.

(a) Due to capital share activity, net investment income (loss), per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.

(b) Per share data is calculated using the average shares outstanding method.

(c) Amount represents less than $0.005 per share.

(d) For the six months ended March 31, 2012, unaudited.

(e) Annualized.

(f) Before advisory fee reduction on unsupervised assets totaling 0.02%, 0.02%, 0.03%, and 0.01% of net assets for the six months ended March 31, 2012 and the years ended September 31, 2011, 2010, and 2009, respectively.

(g) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

26

GAMCO Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																		Ratios to Average Net Assets/Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss)  on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements††			Operating Expenses Before Waivers/ Reimbursements†††			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2012(c)	$	12.85	$	(0.02	)	$	3.78		$	3.76			—		$	(0.37	)	$	(0.37	)	$	0.00	$	16.24		29.8	%	$	24,695		(0.27	)%(d)		1.50	%(d)(e)		1.64	%(d)		15	%
2011		13.36		(0.12	)		(0.39	)		(0.51	)		—			—			—			0.00		12.85		(3.8	)		28,843		(0.73	)		1.50	(e)		1.69			52
2010		11.60		(0.10	)		1.86			1.76			—			—			—			0.00		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
Class A
2012(c)	$	12.65	$	(0.04	)	$	3.72		$	3.68			—		$	(0.37	)	$	(0.37	)	$	0.00	$	15.96		29.7	%	$	6,302		(0.48	)%(d)		1.75	%(d)(e)		1.89	%(d)		15	%
2011		13.18		(0.16	)		(0.37	)		(0.53	)		—			—			—			0.00		12.65		(4.0	)		4,965		(0.98	)		1.75	(e)		1.94			52
2010		11.47		(0.13	)		1.84			1.71			—			—			—			0.00		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
Class C
2012(c)	$	11.91	$	(0.07	)	$	3.49		$	3.42			—		$	(0.37	)	$	(0.37	)	$	0.00	$	14.96		29.3	%	$	7,791		(0.95	)%(d)		2.25	%(d)(e)		2.39	%(d)		15	%
2011		12.47		(0.22	)		(0.34	)		(0.56	)		—			—			—			0.00		11.91		(4.5	)		5,406		(1.50	)		2.25	(e)		2.44			52
2010		10.91		(0.18	)		1.74			1.56			—			—			—			0.00		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
Class I
2012(c)	$	12.96	$	0.01		$	3.81		$	3.82			—		$	(0.37	)	$	(0.37	)	$	0.00	$	16.41		30.0	%	$	4,083		0.17	%(d)		1.25	%(d)(e)		1.39	%(d)		15	%
2011		13.45		(0.07	)		(0.42	)		(0.49	)		—			—			—			0.00		12.96		(3.6	)		759		(0.46	)		1.25	(e)		1.44			52
2010		11.65		(0.08	)		1.88			1.80			—			—			—			0.00		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, and 2007 would have been 1.50%, 1.51%, and 1.50% (Class AAA), 1.75%, 1.76%, and 1.75% (Class A), 2.25%, 2.26%, and 2.25% (Class C), and 1.25% and 1.26% (Class I), respectively. For the six months ended March 31, 2012 and the years ended September 30, 2011 and 2010, there were no Custodian Fee Credits.

††† The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, ratios for the years ended September 30, 2009, 2008, and 2007 would have been 2.80%, 2.55%, and 2.03% (Class AAA), 3.05%, 2.80%, and 2.28% (Class A), 3.55%, 3.30%, and 2.78% (Class C), and 2.55% and 2.30% (Class I), respectively. For the six months ended March 31, 2012 and the years ended September 30, 2011 and 2010, there were no Custodian Fee Credits.

(a) Per share data is calculated using the average shares outstanding method.

(b) Amount represents less than $0.005 per share.

(c) For the six months ended March 31, 2012, unaudited.

(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 C), and 1.25% (Class I), respectively. For the years ended September 30, 2011, 2010, and 2009, the effect of interest expense was minimal. For the six months ended March 31, 2012, there was no interest expense.

(f) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

27

GAMCO Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders																					Ratios to Average Net Assets/Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses Net of Waivers/ Reimbursements††(c)			Operating Expenses Before Waivers/ Reimbursements†††			Portfolio Turnover Rate
Income Fund
Class AAA
2012(d)	$	7.65	$	0.06	$	1.19		$	1.25		$	(0.07	)		—			—		$	(0.07	)		—	$	8.83		16.4	%	$	5,054		1.42	%(e)		2.00	%(e)		2.74	%(e)		7	%
2011		7.53		0.09		0.11			0.20			(0.08	)		—			—			(0.08	)	$	0.00		7.65		2.6			4,665		1.08			1.84			2.74			14
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
Class A
2012(d)	$	7.91	$	0.05	$	1.23		$	1.28		$	(0.06	)		—			—		$	(0.06	)		—	$	9.13		16.3	%	$	175		1.06	%(e)		2.25	%(e)		2.99	%(e)		7	%
2011		7.79		0.08		0.10			0.18			(0.06	)		—			—			(0.06	)	$	0.00		7.91		2.2			47		0.98			1.89			3.15			14
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
Class C
2012(d)	$	8.49	$	0.03	$	1.32		$	1.35		$	(0.04	)		—			—		$	(0.04	)		—	$	9.80		15.9	%	$	1,038		0.58	%(e)		2.75	%(e)		3.49	%(e)		7	%
2011		8.36		0.02		0.13			0.15			(0.02	)		—			—			(0.02	)	$	0.00		8.49		1.8			437		0.19			2.62			3.47			14
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
Class I
2012(d)	$	7.65	$	0.07	$	1.19		$	1.26		$	(0.08	)		—			—		$	(0.08	)		—	$	8.83		16.5	%	$	105		1.62	%(e)		1.75	%(e)		2.49	%(e)		7	%
2011		7.53		0.10		0.12			0.22			(0.10	)		—			—			(0.10	)	$	0.00		7.65		2.9			92		1.26			1.61			2.48			14
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, and 2007 would have been 1.50%, 1.51%, and 1.50% (Class AAA), 1.75%, 1.76%, and 1.75% (Class A), 2.25%, 2.26%, and 2.25% (Class C), and 1.25% and 1.26% (Class I), respectively. For the six months ended March 31, 2012 and the years ended September 30, 2011 and 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, and 2007 would have been 2.93%, 2.41%, and 1.94% (Class AAA), 3.18%, 2.66%, and 2.19% (Class A), 3.68%, 3.16%, and 2.68% (Class C), and 2.68% and 2.16% (Class I), respectively. For the six months ended March 31, 2012 and the years ended September 30, 2011 and 2010, there were no Custodian Fee Credits.

(a) Per share data is calculated using the average shares outstanding method.

(b) Amount represents less than $0.005 per share.

(c) The Fund incurred interest expense of $1,169 and $4,188 during the years ended September 30, 2009 and September 30, 2008, respectively. All of the interest expense for 2009 and a portion of this interest expense in 2008 was paid for by prior 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 years ended September 30, 2011, 2010, and 2007, the effect of interest expense was minimal. For the six months ended March 31, 2012, there was no interest expense.

(d) For the six months ended March 31, 2012, unaudited.

(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.

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
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses††			Portfolio Turnover Rate
Equity Fund
Class AAA
2012(b)	$	7.81	$	0.04		$	2.01		$	2.05		$	(0.08	)		—		$	(0.08	)	$	9.78		26.5	%%	$	82,077			0.97	%(c)		1.58	%(c)(d)		20	%
2011		8.17		0.07			(0.38	)		(0.31	)		(0.05	)		—			(0.05	)		7.81		(3.8	)		79,328			0.73			1.54	(d)		38
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
Class A
2012(b)	$	7.78	$	0.03		$	2.01		$	2.04		$	(0.05	)		—		$	(0.05	)	$	9.77		26.4	%	$	3,479			0.74	%(c)		1.83	%(c)(d)		20	%
2011		8.13		0.04			(0.37	)		(0.33	)		(0.02	)		—			(0.02	)		7.78		(4.0	)		3,445			0.44			1.79	(d)		38
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
Class C
2012(b)	$	7.56	$	0.01		$	1.95		$	1.96			—			—			—		$	9.52		25.9	%	$	873			0.24	%(c)		2.33	%(c)(d)		20	%
2011		7.91		(0.00	)(e)		(0.35	)		(0.35	)		—			—			—			7.56		(4.4	)		816			(0.02	)		2.29	(d)		38
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
Class I
2012(b)	$	7.83	$	0.06		$	2.00		$	2.06		$	(0.11	)		—		$	(0.11	)	$	9.78		26.5	%	$	1,380			1.23	%(c)		1.33	%(c)(d)		20	%
2011		8.19		0.10			(0.39	)		(0.29	)		(0.07	)		—			(0.07	)		7.83		(3.6	)		1,258			1.07			1.29	(d)		38
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, 2012 and the years ended September 30, 2011, 2010, 2009, 2008, and 2007 would have been 1.56%, 1.52%, 1.54%, 1.57%, 1.47%, and 1.47% (Class AAA), 1.81%, 1.77%, 1.79%, 1.82%, 1.72%, and 1.72% (Class A), 2.31%, 2.27%, 2.29%, 2.32%, 2.22%, and 2.22% (Class C), and 1.31%, 1.27%, 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, 2012, unaudited.

(c) Annualized.

(d) The Fund incurred interest expense of $325, $1,854, and $106 during the years ended September 30, 2011, 2010, and 2009, respectively. This interest expense was paid for by prior years Custodian Fee Credits. The effect of interest expense was minimal. For the six months ended March 31, 2012, there was no interest expense.

(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.

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
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss)  on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses††			Portfolio Turnover Rate
Balanced Fund
Class AAA
2012(b)	$	9.86	$	0.08	$	1.51		$	1.59		$	(0.08	)		—		$	(0.08	)	$	11.37		16.2	%	$	86,750		1.53	%(c)		1.28	%(c)		18	%
2011		10.13		0.18		(0.27	)		(0.09	)		(0.18	)		—			(0.18	)		9.86		(1.0	)		76,941		1.65			1.24			24
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
Class A
2012(b)	$	9.90	$	0.07	$	1.51		$	1.58		$	(0.07	)		—		$	(0.07	)	$	11.41		16.0	%	$	4,748		1.29	%(c)		1.53	%(c)		18	%
2011		10.17		0.15		(0.26	)		(0.11	)		(0.16	)		—			(0.16	)		9.90		(1.2	)		4,298		1.40			1.49			24
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
Class B
2012(b)	$	9.99	$	0.04	$	1.53		$	1.57		$	(0.04	)		—		$	(0.04	)	$	11.52		15.8	%	$	39		0.78	%(c)		2.03	%(c)		18	%
2011		10.25		0.09		(0.26	)		(0.17	)		(0.09	)		—			(0.09	)		9.99		(1.7	)		34		0.83			1.99			24
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
Class C
2012(b)	$	9.99	$	0.04	$	1.54		$	1.58		$	(0.04	)		—		$	(0.04	)	$	11.53		15.9	%	$	5,029		0.78	%(c)		2.03	%(c)		18	%
2011		10.26		0.10		(0.27	)		(0.17	)		(0.10	)		—			(0.10	)		9.99		(1.7	)		4,318		0.90			1.99			24
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
Class I
2012(b)	$	9.85	$	0.10	$	1.51		$	1.61		$	(0.10	)		—		$	(0.10	)	$	11.36		16.4	%	$	2,330		1.78	%(c)		1.03	%(c)		18	%
2011		10.12		0.21		(0.27	)		(0.06	)		(0.21	)		—			(0.21	)		9.85		(0.7	)		1,834		1.92			0.99			24
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, 2012 and the years ended September 30, 2011, 2010, 2009, 2008, and 2007 would have been 1.26%, 1.22%, 1.24%, 1.25%, 1.21%, and 1.19% (Class AAA), 1.51%, 1.47%, 1.49%, 1.50%, 1.46%, and 1.44% (Class A), 2.01%, 1.97%, 1.99%, 2.00%, 1.96%, and 1.94% (Class B and Class C), and 1.01%, 0.97%, 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, 2012, 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.

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
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss)  on Investments			Total From Investment Operations		Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses Net of Waivers/ Reimbursements††			Operating Expenses Before Waivers/ Reimbursements†††			Portfolio Turnover Rate
Intermediate Bond Fund
Class AAA
2012(b)	$	11.91	$	0.09	$	0.07		$	0.16	$	(0.09	)	$	(0.07	)	$	(0.16	)	$	11.91		1.4	%	$	10,868		1.56	%(c)		1.00	%(c)		1.27	%(c)		2	%
2011		11.90		0.29		0.03			0.32		(0.29	)		(0.02	)		(0.31	)		11.91		2.7			16,959		2.45			1.00			1.39			16
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
Class A
2012(b)	$	11.91	$	0.09	$	0.05		$	0.14	$	(0.09	)	$	(0.07	)	$	(0.16	)	$	11.89		1.2	%	$	1,382		1.46	%(c)		1.10	%(c)		1.37	%(c)		2	%
2011		11.90		0.27		0.04			0.31		(0.28	)		(0.02	)		(0.30	)		11.91		2.6			842		2.33			1.10			1.49			16
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
Class B
2012(b)	$	11.91	$	0.05	$	0.06		$	0.11	$	(0.05	)	$	(0.07	)	$	(0.12	)	$	11.90		0.9	%	$	5		0.80	%(c)		1.75	%(c)		2.02	%(c)		2	%
2011		11.90		0.20		0.03			0.23		(0.20	)		(0.02	)		(0.22	)		11.91		2.0			8		1.71			1.75			2.14			16
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
Class C
2012(b)	$	11.32	$	0.05	$	0.06		$	0.11	$	(0.05	)	$	(0.07	)	$	(0.12	)	$	11.31		0.9	%	$	1,666		0.80	%(c)		1.75	%(c)		2.02	%(c)		2	%
2011		11.32		0.17		0.04			0.21		(0.19	)		(0.02	)		(0.21	)		11.32		1.9			2,234		1.51			1.75			2.14			16
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
Class I
2012(b)	$	11.92	$	0.14	$	0.03		$	0.17	$	(0.11	)	$	(0.07	)	$	(0.18	)	$	11.91		1.4	%	$	7,551		2.36	%(c)		0.75	%(c)		1.02	%(c)		2	%
2011		11.91		0.32		0.03			0.35		(0.32	)		(0.02	)		(0.34	)		11.92		3.0			125		2.68			0.75			1.14			16
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, and 2007 would have been 1.00%, 1.00%, 1.00%, and 1.00% (Class AAA), 1.10%, 1.10%, 1.10%, and 1.10% (Class A), 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, 2012 and the year ended September 30, 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, and 2007 would have been 1.47%, 1.54%, 1.69%, and 1.54% (Class AAA), 1.57%, 1.64%, 1.79%, and 1.64% (Class A), 2.22%, 2.29%, 2.44%, and 2.29% (Class B and Class C), and 1.22%, 1.29%, and 1.44% (Class I), respectively. For the six months ended March 31, 2012 and the year ended September 30, 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, 2012, 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.

31

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 Fund (“Mighty Mites 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 SmallCap Equity Fund, 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 Fund seeks to provide long-term capital appreciation by investing primarily in companies with a market capitalization of $500 million or less at the time of initial investment.

• SmallCap Equity Fund seeks to provide long-term capital appreciation by investing primarily in companies with a market capitalization between $100 million and $2.5 billion at the time of initial investment.

• 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.

32

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 the 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, 2012 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/12
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Broadcasting	$	17,592,485		—	$	0	$	17,592,485
Business Services		25,808,111		—		3		25,808,114
Cable		164,538		—		0		164,538
Consumer Products		23,815,986	$	29		—		23,816,015
Diversified Industrial		50,740,966		125,013		—		50,865,979
Educational Services		5,785,050		—		0		5,785,050
Entertainment		1,971,871		—		154,163		2,126,034
Equipment and Supplies		31,278,899		—		3,088		31,281,987
Financial Services		42,209,550		352,000		—		42,561,550
Health Care		60,272,755		—		12,280		60,285,035
Real Estate		7,062,874		56,100		7,550		7,126,524
Retail		14,203,217		—		1,950		14,205,167
Telecommunications		6,294,606		4,960		14,250		6,313,816
Other Industries(a)		233,695,786		—		—		233,695,786
Total Common Stocks		520,896,694		538,102		193,284		521,628,080
Preferred Stocks(a)		654,983		—		—		654,983
Convertible Preferred Stocks(a)		—		13,170		—		13,170
Rights(a)		—		—		346,000		346,000
Warrants(a)		—		—		0		0
U.S. Government Obligations		—		88,557,024		—		88,557,024
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	521,551,677	$	89,108,296	$	539,284	$	611,199,257
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	41,871,184		—		—	$	41,871,184
U.S. Government Obligations		—	$	934,703		—		934,703
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	41,871,184	$	934,703		—	$	42,805,887
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	5,425,519		—		—	$	5,425,519
Preferred Stocks(a)		306,600		—		—		306,600
U.S. Government Obligations		—	$	552,886		—		552,886
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	5,732,119	$	552,886		—	$	6,285,005
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	87,435,913		—		—	$	87,435,913
Short-Term Investments		1,002,690		—		—		1,002,690
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	88,438,603		—		—	$	88,438,603

33

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/12
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	61,518,161		—		—	$	61,518,161
Corporate Bonds(a)		—	$	18,109,257		—		18,109,257
Short-Term Investments		2,493,884		—		—		2,493,884
U.S. Government Agency Obligations		—		6,858,568		—		6,858,568
U.S. Government Obligations		—		10,736,383		—		10,736,383
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	64,012,045	$	35,704,208		—	$	99,716,253
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)		—	$	8,518,758		—	$	8,518,758
U.S. Government Agency Obligations		—		5,943,297		—		5,943,297
U.S. Government Obligations		—		6,094,655		—		6,094,655
Short-Term Investments	$	1,779,702		—		—		1,779,702
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,779,702	$	20,556,710		—	$	22,336,412

(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, 2012. The Funds’ policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments held at March 31, 2012 or September 30, 2011 for SmallCap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers into and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

Securities Sold Short. The Mighty Mites 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 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 Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Mighty Mites 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 Fund on the ex-dividend date and interest expense is recorded on the accrual basis. At March 31, 2012, there were no short sales outstanding for the Mighty Mites 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 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.

34

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Foreign Securities. The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than 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 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 Fund held as of March 31, 2012, 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, 2012, the Mighty Mites 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, 2012, 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.

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

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

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

Currently included in the Statements of Operations for the six months ended March 31, 2012 are custodian fee expenses that were paid for by custodian fee credits as follows:

	Mighty Mites Fund		SmallCap Equity Fund		Income Fund		Equity Fund			Balanced Fund			Intermediate Bond Fund
Expenses paid for by custodian fee credits:
Custodian fee expense.	$	—	$	—	$	—	$	(10,984	)	$	(11,647	)	$	—

35

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Distributions to Shareholders.  Distributions from net investment income are declared and paid annually for the Mighty Mites 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, 2011 was as follows:

	Mighty Mites Fund		SmallCap Equity Fund		Income Fund		Equity Fund		Balanced Fund		Intermediate Bond Fund
Distributions paid from:
Ordinary Income (inclusive of short-term capital gains)	$	7,833,559	$	—	$	51,071	$	612,234	$	1,852,049	$	411,814
Net long-term capital gains		4,564,207		—		—		—		—		31,289
Total distributions paid	$	12,397,766	$	—	$	51,071	$	612,234	$	1,852,049	$	443,103

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

At September 30, 2011, the Funds had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010 . In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2011:

Expiring in Fiscal Year	Mighty Mites Fund		SmallCap Equity Fund		Income Fund		Equity Fund		Balanced Fund		Intermediate Bond Fund
2016	$	—	$	210	$	—	$	—	$	—	$	—
2017		—		585,663		1,094,920		—		—		—
2018		—		—		1,503,326		21,626,325		6,176,716		—
2019		—		—		62,767		—		—		—

Under the current tax law, capital losses related to securities realized after October 31 and prior to a fund’s fiscal year end may be treated as occurring on the first day of the following year. For the year ended September 30, 2011, the Mighty Mites Fund and SmallCap Equity Fund deferred currency losses of $542 and $801, respectively.

36

The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at March 31, 2012:

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	503,304,847		$	41,540,030		$	5,569,769		$	75,484,833		$	87,866,828		$	21,016,781
Gross unrealized appreciation	$	137,468,321		$	4,551,734		$	848,385		$	14,615,564		$	13,513,519		$	1,391,756
Gross unrealized depreciation		(29,573,911	)		(3,285,877	)		(133,149	)		(1,661,794	)		(1,664,094	)		(72,125	)
Net unrealized appreciation/depreciation	$	107,894,410		$	1,265,857		$	715,236		$	12,953,770		$	11,849,425		$	1,319,631

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, 2012, the Funds did not incur any interest or penalties. As of March 31, 2012, 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, 2008 through September 30, 2011 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 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 a 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, 2012, the Mighty Mites 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 $57,030.

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, 2013. For the six months ended March 31, 2012, the Adviser waived fees or reimbursed expenses in the amounts of $29,878, $21,399, and $28,619 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%, 2.00%, and 1.00%, respectively, and for Class A of 1.75%, 2.25%, and 1.10%, respectively, and for Class B (for the Intermediate Bond Fund only) and Class C (for the SmallCap Equity, Income, and Intermediate Bond Funds only) of 2.25%, 2.75%, and 1.75%, respectively, and for Class I of 1.25%, 1.75%, and 0.75%, respectively, of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2012, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are $160,302, $157,897, and $177,395 for the SmallCap Equity, Income, and Intermediate Bond Funds, respectively.

	For the year ended September 30, 2010, expiring September 30, 2012		For the year ended September 30, 2011, expiring September 30, 2013		For the six months ended March 31, 2012, expiring September 30, 2014		Total
SmallCap Equity Fund	$	70,274	$	60,150	$	29,878	$	160,302
Income Fund		87,278		49,220		21,399		157,897
Intermediate Bond Fund		81,582		67,194		28,619		177,395

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

37

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 $9,000 plus $2,000 for each Board meeting attended, and they are reimbursed by the Trust for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended, the Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Trustee receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for attending 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 for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Funds, 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 during the six months ended March 31, 2012, other than short-term securities, are as follows:

	Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
Mighty Mites Fund	$	35,421,761	$	38,385,187		—		—
SmallCap Equity Fund		6,339,267		13,083,068		—		—
Income Fund		684,541		371,595		—		—
Equity Fund		17,558,871		34,535,830		—		—
Balanced Fund.		13,427,223		14,663,813	$	2,838,114	$	3,000,000
Intermediate Bond Fund		1,233,308		—		1,320,984		400,000

6.  Transactions with Affiliates.   During the six months ended March 31, 2012, the Mighty Mites Fund and the Income Fund paid brokerage commissions on security trades of $39,874 and $264 respectively, to Gabelli & Company, Inc. (“Gabelli & Co.”), an affiliate of the Funds. Additionally, the Distributor and its predecessor distributor, Gabelli & Co., retained a total of $36,687 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2012, the Mighty Mites 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, 2012 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund.

7.   Shares of Beneficial Interest.   The Funds, except for the SmallCap Equity Fund, Income Fund, and Equity Fund that no longer offer 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 the Distributor, through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge solely to certain institutions, directly through the Distributor, or brokers that have entered in to selling agreements specifically with respect to Class I Shares. 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 the Distributor.

The Mighty Mites Fund, 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 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 Fund, SmallCap Equity Fund, and Income Fund during the six months ended March 31, 2012 amounted to $1,599, $789, and $0, respectively, and the year ended September 30, 2011 amounted to $10,418, $1,107, and $52, respectively.

38

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (Unaudited)			For the Year Ended September 30, 2011
	Mighty Mites Fund						SmallCap Equity Fund						Income Fund
Class AAA
Shares sold.		2,839,059			14,701,924			488,807			2,341,059			249,151			134,471
Shares issued upon reinvestment of distributions		427,647			445,730			34,341			—			4,587			5,654
Shares redeemed.		(6,158,468	)		(8,496,034	)		(1,247,210	)		(877,330	)		(290,943	)		(170,633	)
Net increase/(decrease) in Class AAA Shares		(2,891,762	)		6,651,620			(724,062	)		1,463,729			(37,205	)		(30,508	)
Class A
Shares sold.		569,742			3,765,987			140,811			331,023			13,127			3,772
Shares issued upon reinvestment of distributions		85,465			83,026			10,167			—			68			179
Shares redeemed.		(606,387	)		(2,548,840	)		(148,717	)		(204,593	)		—			(41,726	)
Net increase/(decrease) in Class A Shares		48,820			1,300,173			2,261			126,430			13,195			(37,775	)
Class B
Shares sold.		—			209			—			—			—			—
Shares issued upon reinvestment of distributions		5			146			—			—			—			—
Shares redeemed.		(519	)		(4,916	)		—			(441	)*		—			—
Net decrease in Class B Shares		(514	)		(4,561	)		—			(441	)		—			—
Class C
Shares sold.		573,943			3,846,639			99,024			415,018			55,652			42,287
Shares issued upon reinvestment of distributions		109,718			71,039			10,935			—			287			19
Shares redeemed.		(702,886	)		(813,157	)		(43,265	)		(34,016	)		(1,511	)		(2,396	)
Net increase/(decrease) in Class C Shares		(19,225	)		3,104,521			66,694			381,002			54,428			39,910
Class I
Shares sold.		2,050,968			2,863,434			206,231			40,970			1,242			4,674
Shares issued upon reinvestment of distributions		47,624			25,752			3,180			—			113			98
Shares redeemed.		(1,022,724	)		(768,626	)		(19,240	)		(65,947	)		(1,354	)		(41	)
Net increase/(decrease) in Class I Shares		1,075,868			2,120,560			190,171			(24,977	)		1			4,731
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold.		157,013			610,765			1,013,589			1,128,520			333,618			397,169
Shares issued upon reinvestment of distributions		89,435			65,103			60,174			154,208			11,798			22,028
Shares redeemed.		(2,011,036	)		(2,765,936	)		(1,247,396	)		(4,021,810	)		(856,293	)		(427,000	)
Net decrease in Class AAA Shares		(1,764,588	)		(2,090,068	)		(173,633	)		(2,739,082	)		(510,877	)		(7,803	)
Class A
Shares sold.		11,981			89,981			41,990			22,244			67,664			53,130
Shares issued upon reinvestment of distributions		2,585			1,876			2,344			5,917			1,239			861
Shares redeemed.		(101,102	)		(463,101	)		(62,561	)		(99,023	)		(23,410	)		(24,184	)
Net increase/(decrease) in Class A Shares		(86,536	)		(371,244	)		(18,227	)		(70,862	)		45,493			29,807
Class B
Shares sold.		—			—			—			253			—			—
Shares issued upon reinvestment of distributions		—			—			13			31			4			27
Shares redeemed.		—			(791	)**		(18	)		(4,887	)		(228	)		(2,593	)
Net decrease in Class B Shares		—			(791	)		(5	)		(4,603	)		(224	)		(2,566	)
Class C
Shares sold.		13,088			11,113			27,904			58,562			72,069			206,062
Shares issued upon reinvestment of distributions		—			—			1,542			3,614			1,860			1,234
Shares redeemed.		(29,290	)		(29,449	)		(25,116	)		(114,884	)		(123,966	)		(161,650	)
Net increase/(decrease) in Class C Shares		(16,202	)		(18,336	)		4,330			(52,708	)		(50,037	)		45,646
Class I
Shares sold.		25,320			180,607			61,053			92,692			624,084			7,954
Shares issued upon reinvestment of distributions		1,724			916			1,636			3,667			159			339
Shares redeemed.		(46,725	)		(148,140	)		(43,800	)		(84,939	)		(766	)		(8,295	)
Net increase/(decrease) in Class I Shares		(19,681	)		33,383			18,889			11,420			623,477			(2	)

* SmallCap Equity Fund’s Class B Shares were fully redeemed on May 3, 2011.

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

39

GAMCO Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 Fund’s transactions in the securities of these issuers during the six months ended March 31, 2012 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividends		Net Change In Unrealized Appreciation		Realized Gain		Value at March 31, 2012		Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc., Cl. A.		545,000		1,900		—			546,900		—	$	262,101		—	$	2,351,670		8.89	%
Burnham Holdings Inc., Cl. A*		142,400		13,400		—			155,800	$	52,735		56,356		—		2,391,530		5.40	%
Edgewater Technology Inc		632,589		25,300		—			657,889		—		1,021,492		—		2,578,925		5.79	%
General Chemical Group Inc.*		267,226		—		—			267,226		—		56,519		—		3,113		8.59	%
Sevcon Inc		314,954		59,981		—			374,935		—		171,355		—		2,523,313		10.81	%
SL Industries Inc		232,916		25,780		(130	)		258,566		—		696,687	$	1,900		5,060,137		5.67	%
Total										$	52,735	$	2,264,510	$	1,900	$	14,908,688

* Security was not affiliated at September 30, 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, Gabelli Funds, LLC, an affiliate of the Adviser (by virtue of common ownerships) entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading 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. Under the terms of the settlement, Gabelli Funds, LLC without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York against the Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC, alleging violations of certain federal securities laws arising from the same matter. The officer, who also is an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, including these Funds, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by Gabelli Funds, LLC did not have, and the resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreements.

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.

40

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

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

What do we do to protect your personal information?

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

GABELLI/GAMCO FAMILY OF FUNDS

VALUE                                                              

Gabelli Asset Fund

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

Team Managed

Gabelli Dividend Growth Fund (formerly Gabelli Blue Chip Value Fund)

Seeks to invest at least 80% of its net assets in dividend paying stocks.    (Multiclass)

Portfolio Manager:  Barbara G. Marcin, CFA

GAMCO Westwood Equity Fund

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

Team Managed

FOCUSED VALUE                                              

Gabelli Focus Five Fund (formerly Gabelli Woodland Small Cap Value Fund)

Seeks to invest up to 50% of its net assets in the equity securities of five companies with the remaining net assets invested in ten to twenty other companies or in short-term high grade investments or cash and cash equivalents.    (Multiclass)

Team Managed

Gabelli Value Fund

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

Team Managed

SMALL CAP                                                      

Gabelli Small Cap Growth Fund

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

Portfolio Manager:  Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

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

Portfolio Manager:  Nicholas F. Galluccio

GROWTH                                                          

GAMCO Growth Fund

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

Portfolio Manager:  Howard F.Ward, CFA

GAMCO International Growth Fund

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

Portfolio Manager:  Caesar Bryan

AGGRESSIVE GROWTH                                    

GAMCO Global Growth Fund

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

MICRO-CAP                                                      

GAMCO Westwood Mighty Mites^SM Fund

Seeks to invest in micro-cap companies that have market capitalizations of $500 million or less. The Fund’s primar y objective is long-term capital appreciation.     (Multiclass) Team Managed

EQUITY INCOME                                                

Gabelli Equity Income Fund

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

Portfolio Manager:  Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

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

Team Managed

GAMCO Westwood Income Fund

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

Portfolio Manager:  Barbara G. Marcin, CFA

SPECIALTY EQUITY                                           

GAMCO Vertumnus Fund

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

Portfolio Manager:  Mario J. Gabelli, CFA

GAMCO Global Opportunity Fund

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

Team Managed

Gabelli SRI Green Fund

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

SECTOR                                                            

GAMCO Global Telecommunications Fund

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

(Multiclass) Team Managed

Gabelli Gold Fund (formerly GAMCO Gold Fund)

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

Portfolio Manager:  Caesar Bryan

Gabelli Utilities Fund

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

Portfolio Manager:  Mario J. Gabelli, CFA

MERGER AND ARBITRAGE                                

Gabelli ABC Fund

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

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

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

Portfolio Manager:  Mario J. Gabelli, CFA

CONTRARIAN                                                   

GAMCO Mathers Fund

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

Portfolio Manager:  Henry Van der Eb, CFA

Comstock Capital Value Fund

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

Portfolio Managers:  Charles L. Minter   

Martin Weiner, CFA

FIXED INCOME                                                 

GAMCO Westwood Intermediate Bond Fund

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

Portfolio Manager: Mark R. Freeman, CFA

CASH MANAGEMENT-MONEY MARKET             

Gabelli U.S. Treasury Money Market Fund

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

Co-Portfolio Managers: Judith A. Raneri 

Ronald S. Eaker

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

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

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

Distributed by G. distributors, LLC, One Corporate Center, Rye, NY 10580.

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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 President, Anthony J. Colavita, P.C.	WERNER J. ROEDER, MD Medical Director, Lawrence Hospital
JAMES P. CONN Former Chief Investment Officer, Financial Security Assurance Holdings Ltd.	SALVATORE J. ZIZZA Chairman, Zizza & Associates Corp.
Officers
BRUCE N. ALPERT President, Secretary, and Acting Chief Compliance Officer	AGNES MULLADY Treasurer

Investment Adviser

Teton Advisors, Inc.

Custodian

The Bank of New York Mellon

Distributor

G.distributors, LLC

Legal Counsel

Paul Hastings LLP

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

GABWWQ112SAR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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

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

Date        6/8/12                                                                                                 

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

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

Date        6/8/12                                                                                                 

By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer

Date        6/8/12                                                                                                 

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