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					MIGHTY MITESSM FUND


EQUITY FUND


BALANCED FUND


INTERMEDIATE BOND FUND


SMALLCAP EQUITY FUND


INCOME FUND




COMMENTARY
     JUNE 30, 2009
                                                       GAMCO WESTWOOD FUNDS

                                                      Westwood Mighty Mites SM Fund
To Our Shareholders,                                           Let’s Talk Investments                         economic downturn and the recent
                                                                                                              bankruptcy filings by Chrysler and GM
In the second calendar quarter of 2009,                        The following are stock specifics on
                                                                                                              have resulted in a sharp decline in new
the net asset value per Class AAA                              selected holdings of our Fund. Favorable
                                                                                                              car sales. These factors should continue
Shares of the GAMCO Westwood                                   earnings prospects do not necessarily
                                                                                                              to fuel consumer demand for
Mighty MitesSM Fund increased 16.11%;                          translate into higher stock prices, but
                                                                                                              replacement parts as Americans seek to
the Russell 2000 Index appreciated                             they do express a positive trend that we
                                                                                                              keep their cars longer.
20.69%, the Russell Microcap Index                             believe will develop over time.
was up 27.35%, and the Lipper Small                            Individual securities mentioned are not        Coachmen Industries, Inc. (1.0%)
Cap Value Average gained 23.37%.                               necessarily representative of the entire       (COHM.PK - $1.31 - Pink Sheets) manu-
                                                               portfolio. For the following holdings, the     factures and markets modular housing
COMMENTARY                                                     percentage of net assets and their share       in the United States. Its systems–built
Following the worst bear market since                          prices are presented as of June 30, 2009.      housing includes modular single
the 1930s, the recent stock market rally                       The top five              contributors   to    family homes, multi-family dwellings,
appears to reflect improving credit                            performance:                                   and military housing. The company
markets and a general bottoming of                                                                            finalized the sale of its RV division that
economic activity. Further evidence that                       Standard Motor Products, Inc. (1.2% of net     had been a drain on earnings and is
business activity has begun to recover                         assets as of June 30, 2009) (SMP - $8.27 -     presently in the process of redeploying
from the slowing economy will be                               NYSE) engages in the manufacture,              its assets to create shareholder value.
needed for the rally to continue.                              distribution, and marketing of auto-
Nonetheless, micro-cap equities remain                         motive replacement parts throughout            Lifeway Foods, Inc. (1.1%) (LWAY - $12.90
attractively priced relative to any period                     the world. It operates in two business         - Nasdaq) produces dairy and non-dairy
                                                               segments: Engine Management and                health foods. Kefir, a yogurt like
in the last twenty years. The market
                                                               Temperature Control. The Engine                beverage, is its most recognizable and
downturn and forced selling by retail
                                                               Management segment manufactures                profitable product. Since its founding in
and institutional investors have afforded
                                                               ignition and emission parts, ignition          1986, the company has continually
us an excellent opportunity to seek out
                                                               wires, battery cables, and fuel system         expanded its product line. It has experi-
inefficiently priced equities. Our
                                                               parts. The Temperature Control segment         enced strong growth in revenue and
investment approach is bottom up,
                                                               engages in the manufacture and reman-          income as its appeal to health-oriented
fundamental, research driven, as we                                                                           consumers continues to grow.
seek companies selling at a discount to                        ufacture of air conditioner compressors,
their private market value or earnings                         air conditioning and heating parts, and        Amicas, Inc. (1.1%) (AMCS - $2.78 -
growth prospects.                                              engine cooling system parts. The               Nasdaq) provides radiology and medical

                                                         Average Annual Returns Through June 30, 2009 (a)
                                                                                                                                                Since
                                                                                                                                             Inception
                                                                Quarter     6 Months         1 Year     3 Year       5 Year       10 Year     (5/11/98)
 Mighty MitesSM Fund Class AAA . . . . . . . . . . 16.11%                     4.21%          (14.34)%    (1.13)%      3.76%        7.57%       9.34%
 Russell Microcap Index . . . . . . . . . . . . . . . . . . . . 27.35         5.97           (24.46)    (13.69)       (5.20)       N/A         N/A
 Russell 2000 Index . . . . . . . . . . . . . . . . . . . . . . . . 20.69     2.64           (25.01)     (9.89)       (1.71)       2.38        1.84
 Lipper Small Cap Value Average. . . . . . . . . . . . 23.37                  4.70           (24.24)    (10.71)       (1.70)       5.25        3.24
 The Fund’s expense ratio is 1.77% in the current prospectus. The Fund’s Class AAA Shares do not have a sales charge.
 (a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share
     price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When
     shares are redeemed, they may be worth more or less than their original cost. The Adviser reimbursed expenses through September 30, 2005 to limit
     the expense ratio. Had such limitation not been in place, returns would have been lower. Performance returns for periods of less than one year are
     not annualized. Current performance may be higher or lower than the performance data presented. Visit www.gabelli.com for performance
     information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses
     of the Fund before investing. The prospectus contains more information about this and other matters and should be read carefully
     before investing. See page 15 for further details about additional classes of shares.
     The Russell Microcap™ Index and the Russell 2000 Index are unmanaged indicators of stock market performance, while the Lipper Small Cap
     Value Fund Average reflects the average performance of mutual funds classified in this particular category. Investing in small capitalization
     securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large
     capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index.
 (b) Inception date for the Russell Microcap™ Index is July 1, 2000.

                                                                                     2
imaging information management               The company continues to struggle            paid $250 per subscriber versus the
systems. The acquisition of Emageon,         despite a reduction in head count.           $1,600 per subscriber paid by AT&T.
Inc. in February expanded Amicas’                                                         The inexpensive cost of its subscriber
                                             Matrixx Initiatives, Inc. (0.1%) (MTXX -     base combined with Atlantic’s oper-
presence in large integrated delivery
                                             $5.59 - Nasdaq) engages in the devel-        ating expertise should enable it to
networks. It built on this with its launch
                                             opment, production, marketing, and           continue its rapid growth.
in June of Amicas patient services and
                                             sale of over-the-counter healthcare
Amicas payer services, a suite of trans-
                                             products. Its major product is Zicam, a      Youbet.com, Inc. (0.3%) (UBET - $3.30 -
actional services designed to dramati-
                                             homeopathic cold remedy sold in nasal        Nasdaq) headquartered in Burbank, CA,
cally reduce the time it takes providers
                                             gels, pumps, swabs, and in chewable          is a platform for newly freed up racing
to convert receivables into cash while
                                             form. On June 16, the FDA issued a           content from tracks around the country,
reducing total cost of operations.                                                        which is being offered to potential
                                             recall notice for Zicam products that
Neogen Corporation (1.2%) (NEOG -            accounted for 40 percent of Matrixx’s        online horse racing customers. The
$28.98 - Nasdaq) operates in two             sales last year because the products         company’s online website enables its
segments: Food Testing and Animal            contain zinc that could damage the           customers to wager on horse races at
Safety, engaging in the development,         nerves in the nose needed for smell. The     approximately 150 tracks. It is earnings
manufacture, and sale of various             company should be issuing details on         positive and has $0.43 in cash per share.
products for food safety testing and         the impact the recall had on its earnings    IMAX Corporation (0.3%) (IMAX - $8.12
animal health applications. The Food         in its quarterly report for June 30, 2009.   - Nasdaq) had a recent change in the
Testing segment primarily offers diag-       Herley Industries, Inc. (1.2%) (HRLY -       company’s business plan that makes it
nostic test kits and complementary           $10.97 - Nasdaq) engages in the design,      an attractive investment. It has moved
products that detect unintended              development, and manufacture of              from selling equipment to signing joint
substances in food and animal feed. The      microwave technology for the defense,        venture agreements. Going digital has
Animal Safety segment engages in the         aerospace, and medical industries            reduced the capital expenditure cost of
development, manufacturing, and              worldwide. Early in 2009, Herley             installing an IMAX screen to $500,000.
marketing of pharmaceuticals, vaccines,      announced that it had retained Jefferies     Both studios and exhibitors are inter-
veterinary instruments, and diagnostic       & Company to explore strategic alter-        ested in entering into partnerships with
products to veterinaries. Neogen’s           natives.    In    June,    management        the company. To date, 50 screens have
dominance in a market niche and its          announced that it had not identified a       been installed and the backlog stands at
strong growth in sales and earnings          potential buyer and was continuing to        150 screens. The company anticipates
make it an attractive long-term holding.     concentrate on growing revenues and          that it will be cash flow positive by year
                                             earnings. It is anticipated that this will   end 2009.
The    top   three      detractors     to
performance:                                 be reflected in future earnings reports.     Conclusion
Edgewater Technology, Inc. (0.5%)            Some new names to the portfolio              The past market volatility and
(EDGW - $2.58 - Nasdaq) operates as a        include:                                     constrained liquidity conditions have
technology    consulting    company                                                       created attractive equity valuations
                                             Atlantic Tele-Network, Inc. (0.2%) (ATNI
primarily in North America. Its                                                           across a wide range of industries and
                                             - $39.29 - Nasdaq) provides wireless and
                                                                                          companies. We continue to uncover
consulting activities consist of             wireline telecommunications services
                                                                                          excellent values for the portfolio and
providing business solutions, enter-         in North America and the Caribbean. In
                                                                                          stand to reap the rewards in the next
prise performance management solu-           June 2009, Atlantic announced that it
                                                                                          market recovery.
tions, and analytical solutions. The         was purchasing licenses from Verizon
consulting business has been severely        wireless and over 800,000 subscribers        We hope to earn your confidence and
impacted by the economic downturn.           in various rural areas. The company          trust.

                                              Top Ten Holdings (Percent of Net Assets)
                                                        June 30, 2009

                         Epoch Holding Corp. 1.6%                        Amicas Inc. 1.1%
                         Neogen Corp. 1.2%                               Lifeway Foods Inc. 1.1%
                         Ascent Media Corp., Cl. A 1.2%                  Transact Technologies Inc. 1.1%
                         Standard Motor Products Inc. 1.2%               ZEP Inc. 1.0%
                         Herley Industries Inc. 1.2%                     Hawk Corp., Cl. A 1.0%

                                                            Sincerely,




              Mario Gabelli, CFA                                                 Walter K. Walsh
              Co-Portfolio Manager and                                           Co-Portfolio Manager
              Chief Investment Officer – Value Portfolios
August 17, 2009                                                  3
                                                                   Westwood Equity Fund
To Our Shareholders,                                           rates near zero while continuing to             assets as of June 30, 2009), which lagged
For the three month period ended                               purchase mortgage backed securities and         in an environment where more economi-
June 30, 2009, The GAMCO Westwood                              Treasury bonds in an attempt to lower           cally sensitive stocks were favored. In
Equity Fund’s Class AAA Shares were                            mortgage rates. The best performing             addition, Thermo Fisher Scientific was
up 12.20%. The Standard & Poor’s                               sectors in the benchmark included               weak after reporting lower than expected
(“S&P”) 500 Index and the average                              Financial Services, as the big banks            revenues and a reduction in guidance.
Large Cap Value Fund monitored by                              posted sizeable gains, as well as Producer
                                                                                                               Our positions in Merck, Amgen, and
                                                               Durables and Technology, which bene-
Lipper rose 15.92% and 16.28%,                                                                                 Thermo Fisher Scientific were liquidated.
                                                               fited from the belief that the economy is
respectively, over the same period.
                                                               in recovery mode. The worst performers          Relative performance was aided by
Market Commentary                                              were the defensive Health Care and              security selection in the Consumer Staples
The low quality, high beta rally that                          Utilities sectors, which lagged the market      and Producer Durables sectors. The best
began in March carried over into the                           as investors rotated capital into more          performing stocks included Wells Fargo
second quarter, allowing stocks to post                        aggressive, economically sensitive stocks.      (2.6%), PNC Financial (1.2%), and JP
an impressive double-digit gain.                                                                               Morgan Chase (3.0%), which all rallied as
                                                               Performance Drivers
Improving economic data, referred to as                                                                        a result of improved confidence in large
“green shoots,” gave investors confi-                          The GAMCO Westwood Equity Fund
                                                                                                               U.S. banks. In addition, Union Pacific
dence that the worst of the recession is                       underperformed the benchmark S&P 500
                                                                                                               (2.7%) was bid higher after reporting
behind us, and they sought out the most                        index primarily due to security selection
aggressive securities in the market in                                                                         margin expansion despite a significant
                                                               in the Technology and Consumer
order to benefit fully from this newfound                                                                      decline in volumes during first quarter of
                                                               Discretionary sectors as well as an over-
optimism. The government’s release of                                                                          2009, while Microsoft (2.5%) rose after
                                                               weight to Utilities. Technology and
bank “stress test” results were also                                                                           disclosing plans to reduce spending in
                                                               Consumer Discretionary are sectors that
perceived positively, as the amount of                                                                         order to improve earnings growth.
                                                               were heavily impacted by the low quality,
capital deemed necessary to be raised by                                                                       Sincerely,
                                                               high beta rally, and the portfolio’s focus
the nation’s major banks was quickly
                                                               on high quality stocks led to relative
acquired through public market
offerings. There were even a number of                         underperformance during the month of
banks who were allowed to repay TARP                           April, when “junk” stocks posted their
funds to the government. In addition,                          largest gains. The worst performing secu-       Susan M. Byrne
the Federal Reserve remained com-                              rities during the quarter included Merck,       Portfolio Manager
mitted to keeping short term interest                          Amgen, and Wal-Mart Stores (1.2% of net         August 17, 2009
                                                                    Top Ten Holdings (Percent of Net Assets)
                                                                              June 30, 2009
                               JPMorgan Chase & Co. 3.0%                             Union Pacific Corp. 2.7%
                               Exxon Mobil Corp. 3.0%                                International Business Machines Corp. 2.6%
                               Chevron Corp. 2.8%                                    ACE Ltd. 2.6%
                               Becton, Dickinson and Co. 2.8%                        Dominion Resources Inc. 2.6%
                               United Technologies Corp. 2.7%                        ITT Corp. 2.6%

                                                           Average Annual Returns Through June 30, 2009*
                                                                                                                                              Since
                                                                                                                                            Inception
                                                Quarter              6 Months     1 Year    3 Year    5 Year    10 Year   15 Year    20 Year (1/2/87)
 Equity Fund Class AAA. . . . . . . . . . . . . 12.20%                (4.43)%    (30.36)%   (7.48)%   0.93%      1.17%     8.38%      8.55%   9.14%
 S&P 500 Index . . . . . . . . . . . . . . . . . . . . . . 15.92       3.19      (26.20)    (8.22)    (2.24)    (2.22)      6.92      7.76     8.58
 Lipper Large Cap Value Average. . . . . . 16.28                       0.92      (26.95)    (9.96)    (2.40)    (0.62)      6.20      7.27     7.86
 The Fund’s expense ratio is 1.49% in the current prospectus. The Fund’s Class AAA Shares do not have a sales charge.
 * Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share
   price and reinvestment of dividends and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares
   are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data
   presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year
   are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before
   investing. The prospectus contains more information about this and other matters and should be read carefully before investing. See
   page 15 for further details about additional classes of shares. The S&P 500 Index is an unmanaged indicator of stock market performance. The Lipper
   Large Cap Value Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered
   reinvested. You cannot invest directly in an index.

                                                                                    4
                                                                Westwood Balanced Fund
To Our Shareholders,                                             product of its percentage of the port-           market to add intermediate-maturity
For the quarter ended June 30, 2009, the                         folio times its return. Top contributors         issues from JPMorgan (0.4%) and
GAMCO Westwood Balanced Fund                                     primarily were from the top-                     Southern Company (0.4%). As in the
Class AAA Shares posted a return of                              performing Finance sector and                    Intermediate Bond Fund, the Anadarko
8.20% versus an average return of                                included three issues in common with             floating rate note 1.72% due September
12.42% for the average Lipper Mixed-                             the Intermediate Bond Fund: Bank of              2009 was swapped into a fixed rate
Asset Target Allocation Moderate Fund                            America Corp (0.9% of net assets as of           Anadarko note 5.95% due September
tracked by Lipper Analytical Services.                           June 30, 2009), Citicorp (0.9%), and             2016 (0.8%). This swap took advantage
                                                                 ACE INA Holdings (0.6%). Rounding                of steeper yield and credit curves,
The Fund, net of fees and expenses,                              out the top five were General Electric           promising increased compensation for
lagged the return of the benchmark: 60%                          Company 5.0% due 2014 (0.9%) and                 extending maturity, and increased
S&P 500 Stock Index/40% Barclays                                 BHP Billiton Finance 5.5% due 2014               coupon income.
Capital Government/Credit Bond Index.                            (0.6%) (a first quarter 2009 purchase).
The Fund is designed to provide                                                                                   Sincerely,
exposure to equities while reducing                              Detractors included three Treasury notes
overall risk via the inclusion of short-to-                      maturing in 2016 (1.3%), 2015 (1.2%), and
intermediate fixed income securities. The                        2012 (1.2%), and two U.S. Agency notes
Equity Fund strategy comments apply to                           due in 2016 – a FNMA 5.0% (1.3%) and a
                                                                 FHLMC 5.25% (1.3%), reflecting the               Susan M. Byrne
the equity portion of the Balanced Fund.
                                                                 remarkably strong performance of credit          Co-Portfolio Manager
The bond portion typically invests in
high quality notes with lower interest                           sectors over government sectors during
rate sensitivity than the typical bond                           the second quarter.
index, with the objective of dampening                           New Fixed Income Holdings: The Fund
the volatility of equity holdings.                               used cash from maturing securities to            Mark Freeman, CFA
Top and Bottom Fixed Income                                      take advantage of the diversification            Co-Portfolio Manager
Contributors: Recall that the contri-                            opportunity afforded by new corporate
bution of a security (or a sector) is the                        issuance and an active corporate                 August 17, 2009

                                                                  Top Ten Holdings (Percent of Net Assets)
                                                                            June 30, 2009
                            FNMA 6.1%                                                           JPMorgan Chase & Co. 2.3%
                            FHLMC 2.4%                                                          AT&T Inc. 2.0%
                            International Business Machines Corp. 2.4%                          Exxon Mobil Corp. 2.0%
                            Occidental Petroleum Corp. 2.3%                                     Chevron Corp. 1.9%
                            Anadarko Petroleum Corp. 2.3%                                       Wal-Mart Stores Inc. 1.7%


                                                            Average Annual Returns Through June 30, 2009*
                                                                                                                                                   Since
                                                                                                                                                 Inception
                                                                         Quarter   6 Months 1 Year      3 Year      5 Year     10 Year   15 Year (10/1/91)
 Balanced Fund Class AAA . . . . . . . . . . . . . . . . . .              8.20%      (1.65)% (17.03)%   (2.10)%      2.89%      3.03%      7.93%    8.20%
 60% S&P 500 and 40% Barclay Indices . . . . . . . . .                   10.30        2.12   (13.62)    (2.47)       0.58       1.05      6.78      6.91
 Barclay Government/Corporate Bond Index . . .                            1.85        0.55     5.26      6.16        4.80       5.95      6.55      6.61
 Lipper Mixed-Asset Target Allocation
   Moderate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . .   12.42       6.50    (15.53)    (3.32)       0.53      1.34       5.62     6.11
 The Fund’s expense ratio is 1.23% in the current prospectus. The Fund’s Class AAA Shares do not have a sales charge.
 * Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share
   price and reinvestment of dividends and are net of expenses. Investment returns and the principal value of an investment will fluctuate.When shares
   are redeemed, they may be worth more or less than their original cost. The Adviser reimbursed expenses in years prior to 1998 to limit the expense
   ratio. Had such limitation not been in place, returns would have been lower. Current performance may be lower or higher than the performance data
   presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year
   are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before
   investing. The prospectus contains more information about this and other matters and should be read carefully before investing. See
   page 15 for further details about additional classes of shares. The S&P 500 Index is an unmanaged indicator of stock market performance and the
   Barclays Government/Corporate Bond Index is a market value weighted index that tracks the total return performance of fixed rate, publicly placed,
   dollar denominated obligations. The Lipper Mixed-Asset Target Allocation Moderate Fund Average reflects the average performance of mutual funds
   classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

                                                                                       5
                                        Westwood Intermediate Bond Fund
To Our Shareholders,                               the worst performing sector in the first             Co. 5.0% due January 2015 (1.6% of net
For the three months ended June 30, 2009,          quarter, corporate bonds issued by                   assets as of June 30, 2009) and followed
the GAMCO Westwood Intermediate                    financial companies were the top                     by Bank of America Corp 5.375% due
Bond Fund’s Class AAA Shares posted,               performers in the second quarter,                    June 2014 (1.8%), Citigroup Inc. 6.5% due
net of all fees and expenses, a return of          generating a gain of just under 15%.                 January 2011 (1.5%), ACE INA Holdings
                                                   Corporate bonds outside the financial                5.6% due May 2015 (1.1%), and industrial
0.91% and the Barclay Government/
                                                   sector were also strong, up over 10% for             issue CSX Corp 6.25% due April 2015
Corporate Bond Index (BGCB) rose                   the period. Asset backed securities                  (0.8%).
1.85% for the same period.                         enjoyed another solid quarter, while                 Detractors to performance (those
As was the case in the first quarter of 2009,      mortgages posted modestly positive                   contributing the least to return, consid-
Treasury yields continued to move higher           returns. Treasury bonds were the worst               ering both percentage invested and
in the second quarter, while credit                performers, with the 30 year bond                    return) included one Yankee note and 4
spreads and other risk premiums steadily           registering a double digit loss for the              Treasuries: World Bank 8.625% due
declined. On the economic front, several           second consecutive quarter                           October 2016 (2.2%), longer-dated Treas-
reports added support to the view that             Performance Drivers                                  ury securities maturing in 2023 (2.1%)
the economy was contracting at a slower                                                                 and 2031 (1.1%), and Treasury notes
rate in the second quarter, which                  The Fund’s second quarter return on                  maturing in 2015 (2.1%) and 2018 (1.8%).
investors took as a sign that positive             Class AAA shares of 0.91%, net of all
                                                   fees and expenses, lagged the 1.85%                  New Holdings: The Fund used cash
growth would return in the second half of                                                               from maturating securities to take
2009. This view, along with record                 return of the Barclay Global
                                                   Government Credit Bond Index                         advantage of the diversification oppor-
issuance by the U.S. Treasury, was more                                                                 tunity afforded by new corporate
                                                   (BCGC). The primary drivers of port-
than enough to offset any action taken by          folio underperformance were: (1) being               issuance and an active corporate market
the Federal Reserve to keep Treasury               underweight long maturity corporate                  to add intermediate maturity issues from
yields from rising and prices from                 bonds (long dated financial bonds                    Hewlett-Packard Co (1.3%), Anadarko
declining. On a more positive note for             returned nearly 23%), and (2) holding                (1.3%), Berkshire Hathaway (2.1%),
credit securities, investors showed a              high quality corporate securities                    JPMorgan (1.3%), and Southern Co.
strong appetite for risk, resulting in a           during a quarter when Baa rated bonds                (1.0%). New U.S. Government purchases
sharp decline in risk premiums across all          returned nearly 13% and long maturity                were a Treasury Inflation-Protected
sectors of the income market place. New            Baa bonds 16.4%. However, the Fund                   security (TIP) due in 2019 (1.8%) and a
issues by corporations met strong                  benefited from being underweight long                Freddie Mac note due in 2016 (1.4%).
demand, allowing many companies to                 maturity U.S. Government securities,                 Sincerely,
raise capital at attractive levels.                and from a marked underweight
For the second quarter, overall returns            position in the worst performing index
were positive for the income markets,              sector – U.S. Treasury securities –
but the distribution of underlying                 accompanied by a marked overweight
returns was unusually wide, ranging                in the stronger U.S. Agency sector.                  Mark Freeman, CFA
from highly positive for the most spec-            Perhaps not surprisingly, 4 of the top 5             Portfolio Manager
ulative credits to sharply negative for            contributing securities were financial
long duration Treasuries. After being              services issues, led by Merrill Lynch &              August 17, 2009

                                                    Top Ten Holdings (Percent of Net Assets)
                                                              June 30, 2009
                FNMA 19.4%                                   U.S. Treasury Bonds 3.3%
                U.S. Treasury Notes 16.1%                    International Bank For Reconstruction & Development 2.2%
                FHLMC 5.9%                                   Bank Of America Corp. 1.9%
                FHLB 4.9%                                    General Electric Co. 1.7%
                GNMA, Pools 3.8%                             Merrill Lynch & Co. Inc. 1.7%
                                                Average Annual Returns Through June 30, 2009*                                               Since
                                                                                                                                          Inception
                                                                       Quarter 6 Months 1 Year     3 Year    5 Year    10 Year    15 Year (10/1/91)
 Intermediate Bond Fund Class AAA . . . . . . . . . . . 0.91%                    0.85%  5.81%       5.55%    4.10%      5.01%      5.62%    5.63%
 Barclay Government/Corporate Bond Index . . . . . 1.85                          0.55   5.26        6.16     4.80       5.95       6.55     6.61
 Lipper Intermediate Investment Grade
    Debt Fund Average . . . . . . . . . . . . . . . . . . . . . . . . . 5.12     5.38   2.12        3.89     3.26       4.84         0.06        5.93
 The Fund’s gross expense ratio is 1.76% in the current prospectus. The net expense ratio is 1.00%, after contractual reimbursements by
 the Adviser in place through September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
 * Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price
   and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate.When shares are
   redeemed, they may be worth more or less than their original cost. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation
   not been in place, returns would have been lower. Current performance may be lower or higher than the performance data presented. Visit
   www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one year are not
   annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The
   prospectus contains more information about this and other matters and should be read carefully before investing. See page 15 for further
   details about additional classes of shares. The Barclays Government/Corporate Bond Index is a market value weighted index that tracks the performance
   of fixed rate, publicly placed, dollar denominated obligations, while the Lipper Intermediate Investment Grade Debt Fund Average reflects the average
   performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index.

                                                                           6
                                                     Westwood SmallCap Equity Fund
To Our Shareholders,                                             business outlooks as inventory               conditions have improved and the
                                                                 destocking gave way to restocking,           economic recession appears to be
The GAMCO Westwood SmallCap
                                                                 especially among companies in the            easing. The flood of liquidity provided
Equity Fund Class AAA Shares were up
                                                                 technology industry. While the               to the system by the Federal Reserve
32.14% for the quarter ended June 30,
                                                                 economic downturn is among the               has significantly narrowed credit
2009 versus a rise of 20.69% for the
                                                                 steepest on record, better inventory         spreads. High yield spreads, for
Russell 2000 Index.
                                                                 management and strong balance sheets         example, have narrowed from 2200
COMMENTARY                                                       have cushioned the economic impact           basis points to 1100 basis points, versus
                                                                 for many of our companies, which are         10 year U.S. Treasuries. Moreover,
Our portfolio performed handsomely                               today witnessing some stabilization in       inflation adjusted broad money growth
during the quarter as we took                                    end demand. As the U.S. economy              is expanding at a 9% pace, the fastest
advantage of cheap equity valuations                             enters a renewed expansion cycle, we         rate in nearly 50 years. That liquidity in
created in the March bear market sell                            would expect cost reductions to lead to      the system has improved dramatically
off. Given our fundamental, bottom up,                           significant operating margin leverage        is evidenced by banks decreasing their
value driven investment philosophy,                              and stock price appreciation.                demand for short-term funding from
we continuously upgraded the quality                                                                          the     Federal    Reserve’s     lending
of portfolio holdings by adding to posi-                         During the quarter ended in June, our
                                                                                                              programs. Corporations also have
tions on a conviction weighted basis.                            oil and gas exploration and service
                                                                                                              greater accessibility to the credit
Over the previous nine months,                                   companies appreciated dramatically as
                                                                                                              markets. Yields on BBB-rated bonds
equities were pummeled by forced                                 oil prices doubled to $70 per barrel.
                                                                                                              have fallen from 10% to 8% over the
liquidations of hedge funds along with                           Despite a declining rig count, depletion
                                                                                                              past six months. The Moody’s Baa yield
redemptions by institutional and retail                          of global oil and gas reserves should
                                                                                                              has tumbled to 7.23% in early June
investors succumbing to financial                                ultimately lead to higher exploration
                                                                                                              from a 2008 high of 9.54%. The
panic. In some cases we were able to                             budgets and increased demand for
                                                                                                              corporate bond market has historically
purchase stocks of companies selling at                          energy services. The narrowing of
                                                                                                              been among the best leading indicators
discounts to the net cash position on                            credit market spreads and firming up
                                                                                                              of economic recovery.
their balance sheets. During this                                of energy and industrial commodity
turbulent period, we met and spoke                               prices suggest the Fed has averted the
                                                                                                              Let’s Talk Investments
with numerous company manage-                                    potential collapse of the economy
ments to affirm our belief in the                                through its massive injection of             The following are stock specifics on
viability of their enterprises. More                             liquidity into the financial system.         selected holdings of our Fund.
recently, the managements of our port-                           Stocks have rallied mightily, more than      Favorable earnings prospects do not
folio holdings offered more positive                             40%, from their March lows, as credit        necessarily translate into higher stock
                                                            Average Annual Returns Through June 30, 2009*
                                                                                                                                                  Since
                                                                                                                                               Inception
                                                                Quarter   6 Months       1 Year     3 Year        5 Year        10 Year         (4/15/97)
 SmallCap Equity Fund Class AAA . . . . .                        32.14%    14.55%        (26.90)%   (9.90)%        0.76%         (2.13)%          3.18%
 Russell 2000 Index . . . . . . . . . . . . . . . . . . . . .    20.69      2.64         (25.01)    (9.89)        (1.71)          2.38            4.68
 Russell 2000 Growth Index . . . . . . . . . . . . .             23.38     11.36         (24.85)    (7.83)        (1.32)         (0.89)           2.41
 Lipper Small Cap Growth Average . . . . . .                     21.20     11.42         (26.93)    (9.42)        (2.36)          0.78            4.52
 The Fund’s gross expense ratio is 2.62% in the current prospectus. The net expense ratio is 1.51%, after contractual reimbursements by
 the Adviser in place through September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
 Teton Advisors, Inc. (formerly Gabelli Advisers, Inc.) assumed portfolio management responsibilities on July 1, 2007 from Westwood Management
 Corporation, previously the subadviser.
 * Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price
   and reinvestment of dividends and are net of expenses. Investment returns and the principal value of an investment will fluctuate.When shares are
   redeemed, they may be worth more or less than their original cost. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not
   been in place, returns would have been lower. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com
   for performance information as of the most recent month end. Performance returns for periods of less than one year are not annualized. Investors should
   carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains more
   information about this and other matters and should be read carefully before investing. See page 15 for further details about additional classes
   of shares. The Russell 2000 Index is an unmanaged index of the 2,000 smallest common stocks in the Russell 3000 Index, which contains the 3,000 largest
   stocks in the U.S. based on total market capitalization. The Russell 2000 Growth Index includes Russell 2000 companies with higher price to value ratios
   and higher growth values. The Lipper Small Cap Growth Fund Average reflects the average performance of mutual funds classified in this particular
   category. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more
   abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index.

                                                                                     7
prices, but they do express a positive       operating execution in a difficult           use market pullbacks as opportunities
trend that we believe will develop over      retailing environment.                       to build existing positions. Because this
time. Individual securities mentioned                                                     recession has been the worst since the
                                             Among the portfolio’s disappoint-
are not necessarily representative of the                                                 1930s, corporate managements will
                                             ments were Olin Corp. (0.4%), ACI
entire portfolio. For the following                                                       likely be restrained in their forward
                                             Worldwide, Inc. (0.2%) and Tredegar
holdings, the percentage of net assets                                                    profit guidance. This should allow for
                                             Corp. (0.4%).
and their share prices are presented as                                                   further upward revision in analyst
of June 30, 2009.                            Olin Corp (OLN - $11.89 - NYSE) a            earnings estimates. While we believe
                                             producer of specialty chemicals such as      we are in the early phase of the next
Among the best performing stocks this
                                             Chlor Alkali, which is used in the           bull market cycle, driven mainly by
quarter were: Entegris, Inc. (1.4% of net
                                             manufacture of chlorine and caustic          monetary and fiscal stimulus, signif-
assets as of June 30, 2009), Vishay
                                             soda, and Winchester ammunition,             icant economic headwinds will,
Intertechnology, Inc. (2.3%), and J.
                                             declined 15% during the quarter.             nonetheless, continue to pose formi-
Crew Group, Inc. (1.0%).
                                             During the quarter, customer order           dable challenges over the next few
Entegris, Inc. (ENTG - $2.72 - Nasdaq), a    destocking and the lagged effects of         years as high unemployment creates a
producer of filtration, wafer handling       higher raw material prices impacted          drag on economic recovery. The
and specialty materials for the semicon-     the company.                                 savings rate among U.S. consumers has
ductor industry, appreciated 216%                                                         risen from zero to close to 6% and will
                                             ACI Worldwide, Inc. (ACIW - $13.96 -
during the quarter as concerns over                                                       likely climb until unemployment
                                             Nasdaq) which develops and installs
acquisition related debt were allayed                                                     peaks. Moreover, the inventory of
                                             software products and services used for
during management’s first quarter                                                         unsold homes should be a drag for
                                             electronic payments, declined 25%
conference call held during the second                                                    some time.
                                             during the quarter as the company was
quarter. The company has reduced its         unable to translate its large customer       Nonetheless, we believe the cheap
cost structure and favorably renego-         backlog into revenues. We would              equity valuations among small capital-
tiated terms of its bank revolver. The       expect operating margin improvement          ization companies that stand to deliver
company has earnings power in excess         once banking industry customer delays        above average earnings growth, will
of 40 cents per share.                       convert into revenues.                       afford investors the opportunity for
Vishay Intertechnology Inc. (VSH - $6.79 -                                                significant wealth creation. We believe
                                             Tredegar Corp. (TG - $13.32 - NYSE) is a
NYSE), a broad line producer of inte-                                                     our portfolio is well positioned to
                                             manufacturer of plastic films and
grated circuits and passive components                                                    participate in the market recovery.
                                             aluminum extrusion to such end
to end markets such as telecom,              markets as: personal hygiene and pack-       We appreciate your confidence and
computer and automotive, appreciated         aging, medical and industrial. The           trust.
95% during the quarter. We believe           stock declined 18% in the June quarter,
Vishay has further upside potential          after outperforming in prior quarters.       Sincerely,
given its potential earnings per share of    Given the aging of the population, we
80 cents.                                    would expect Tredegar to benefit from
J.Crew Group Inc. (JCG - $27.02 - NYSE),     increased demand for plastic liners
a retailer of women’s and men’s              used for urinary incontinence diapers
apparel, shoes and accessories, appre-       and other personal hygiene products.         Nicholas F. Galluccio
ciated 105% during the quarter as it                                                      Portfolio Manager
reported comparable sales declines           Conclusion                                   President and CEO
better than Wall Street expectations.        We believe that the late June sell-off in    Teton Advisors, Inc.
Under the leadership of CEO Millard          equity markets was a pause in an
Drexler, we would expect excellent           upward trend and we are inclined to          August 17, 2009



                                               Top Ten Holdings (Percent of Net Assets)
                                                         June 30, 2009

                Vishay Intertechnology Inc. 2.3%                         Entegris, Inc. 1.4%
                International Rectifier Corp. 2.0%                       Integrated Device Technology Inc. 1.4%
                Zebra Technologies Corp. 1.7%                            Petrohawk Energy Corp. 1.4%
                Varian Inc. 1.7%                                         Pride International Inc. 1.4%
                Molex Inc. 1.6%                                          Veeco Instruments Inc. 1.3%




                                                                8
                                                                    Westwood Income Fund
To Our Shareholders,                                                government loans and loan guarantees         The Fund is managed with the
                                                                    enacted last year helped to restore          objective of providing a high level
Stock and bond markets worldwide
                                                                    confidence and played an important           of current income as well as
rallied broadly in the second quarter in
                                                                    role in stabilizing the financial system.    capital appreciation. As of March
relief that economic disaster was
averted. The strong rebounds that                                   We believe that, after we get through        31st, the Fund had 76% invested in
started from the market lows posted in                              this difficult market, we could be in for    common stocks, 16% invested in
March continued through mid June.                                   a longer period of expansion and             preferred stocks, and the balance
The Standard & Poor’s (“S&P”) 500                                   returns that are more like the historical    in corporate and government bonds.
and the Dow Jones Industrial Average                                yields from the stock market. The long-      The common stock portion of the Fund
rose 15.9% and 12.0%, respectively,                                 term return on the stock market, as          is generally invested in higher
tremendously strong gains and their                                 calculated by S&P, from 1926 through         yielding stocks, but the individual
best quarter since 1998.                                            March 2009, has been an average              stocks will be purchased with a total
                                                                    annual rate of 9.5%, and we expect that      return objective, which will consist of
In the second quarter, the government                                                                            capital appreciation potential, a high
                                                                    the next decade will bring annual
released the results of its “stress tests,”
                                                                    returns that are much closer to that         dividend yield, or a combination of the
designed to reveal how much more
                                                                    than the almost completely flat – or         two.
capital would be needed if the
                                                                    zero return – that the S&P 500 has
economy continued to deteriorate,                                                                                All ten industry sectors in the S&P 500
                                                                    returned over the ten years ended June
which confirmed that most financial                                                                              rose during the quarter, led by the
institutions would muddle through. By                               30th. We will continue to work dili-
                                                                                                                 financial shares, which rose 36%.
quarter end, nearly all major financial                             gently on your behalf.
                                                                                                                 Stocks of banks, brokers, credit
institutions, with the most notable                                                                              card     issuers,    and      insurance
                                                                    Performance
exceptions of Citigroup and Bank of                                                                              companies continued their rebound
America (2.4% of net assets as of June                              The GAMCO Westwood Income Fund               from the very low levels of the March
30, 2009), had announced they would                                 Class AAA Shares rose 14.90% in the          9th market closing lows of the year.
repay their loans from the government                               second quarter, along with increases in      The next top two performing sectors in
under the Troubled Asset Relief                                     The Lipper Equity Income Fund                the quarter were the technology sector,
Program (or TARP), passed last fall.                                Average and the S&P 500 of 15.92% and        up 20%, followed by the industrials,
Without question, the various                                       15.49%, respectively.                        up 19%.



                                                              Average Annual Returns Through June 30, 2009*
                                                                                                                                                Since
                                                                                                                                             Inception
                                                                   Quarter   6 Months       1 Year    3 Year         5 Year      10 Year      (9/30/97)
 Income Fund Class AAA . . . . . . . . . . . . . . . 14.90%                   (0.10)%   (23.29)%       (8.59)%       0.14%        6.73%        5.14%
 Blended Index** . . . . . . . . . . . . . . . . . . . . . . . .    4.86      (2.78)     (9.39)         0.01          1.64        1.84         3.67
 10 Year Treasury Note Index . . . . . . . . . . . . .             (6.19)     (8.74)      7.41          8.23          5.53        5.91         5.87
 S&P 500 Index . . . . . . . . . . . . . . . . . . . . . . . . .   15.92       3.19     (26.20)        (8.22)        (2.24)      (2.22)        1.47
 Lipper Equity Income Fund Average . . . . .                       15.49       1.23     (24.52)        (7.84)        (0.92)       0.38         2.37
 The Fund’s gross expense ratio is 2.48% in the current prospectus. The net expense ratio is 1.51%, after contractual reimbursements by
 the Adviser in place through September 30, 2009. The Fund’s Class AAA Shares do not have a sales charge.
 Teton Advisors, Inc. (formerly Gabelli Advisers, Inc.) assumed portfolio management responsibilities on July 1, 2007 from Westwood Management
 Corporation, previously the subadviser.
   * Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share
     price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate.When
     shares are redeemed, they may be worth more or less than their original cost. The Adviser reimbursed expenses to limit the expense ratio. Had
     such limitation not been in place, returns would have been lower. Current performance may be lower or higher than the performance data
     presented. Visit www.gabelli.com for performance information as of the most recent month end. Performance returns for periods of less than one
     year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before
     investing. The prospectus contains more information about this and other matters and should be read carefully before investing.
     See page 15 for further details about additional classes of shares. The Standard & Poor’s (“S&P”) 500 Index is an unmanaged indicator of stock
     market performance. The 10 Year Treasury Note Index is unmanaged index tracking U.S. Treasury Notes with a 10 year maturity. Dividends are
     considered reinvested. You cannot invest directly in an index.
 ** The Blended Index consists of a 50% blend of each of the 10 Year Treasury Note Index and the S&P 500 Index.


                                                                                        9
By far and away, the big winner of the      interest rates help banks to repair their     How should we interpret the strong
year so far has been the technology         balance sheets and resume lending,            advance in the stock market? The stock
sector, with a 25% gain through June        and to encourage consumers to                 market is a forward looking barometer.
30th. By contrast, the other two top        purchase cars and homes, and busi-            With the second quarter rise, it is
performing sectors of the second            nesses to borrow and hire. Housing            tempting to think that the recession is
quarter, the financials and the indus-      sales and the decline in home prices          just about over and we might start in
trials, are still working through dismal    have stabilized. However, unlike a            on a recovery that will boost profits for
returns in the first quarter and through    more traditional cycle, this one was          years. We think it is more likely that the
June 30th are still down 4% and 6%,         accompanied by tremendous excess              rise in the market has been due to the
respectively. Other sector performances     homebuilding and buying in the past           relief from taking the worst case
for the quarter were the consumer           few years. So it will be a long time          depression scenario off the table, and
discretionary stocks gaining 18%, the       before the housing industry plays any         that we are back to the levels in the
materials stocks gaining 16%, energy        role in creating jobs or activity to assist   market and the economy where we
stocks gaining 11%, and utilities           in a recovery. (Certainly low interest        would have been if the first quarter’s
gaining 10%.                                rates have been around for a long time.)      contraction had not occurred. We think
                                            Both businesses and consumers will            there is a good possibility, or even like-
The three industry groups with the          continue to reduce borrowing for a            lihood, that we are still in for a longer
lowest quarterly returns were the           while longer.                                 period of economic weakness and
consumer stocks with a gain of 10%, the                                                   rising unemployment, perhaps lasting
                                            Likewise, auto sales had fallen so low
health care stocks with a gain of 9%,                                                     another year.
                                            in the first quarter that they appeared
and telecommunications stocks with a
                                            to be at bottom levels, but in the
gain of 4%.                                                                               Let’s Talk Stocks
                                            “recovery” quarters ahead, with
                                            General Motors and Chrysler emerging          The following are stock specifics on
Second Quarter Review
                                            from bankruptcy with major elements           selected holdings of our Fund.
Along with the improvement in the           being dismantled and sold, these              Favorable earnings prospects do not
stock and bond markets over the past        companies and their dealerships will          necessarily translate into higher stock
few months, the economy thawed from         continue to be a source of layoffs. In        prices, but they do express a positive
the frozen state of paralysis that had      addition, banks are still weighed down        trend that we believe will develop over
gripped businesses and consumers            by large and, in some cases, increasing       time. Individual securities mentioned
until March. Consumer confidence            losses     from    home      mortgages,       are not necessarily representative of the
stabilized after falling to the lowest      commercial mortgages, and credit              entire portfolio. For the following
level since record keeping began in         cards, and despite record low interest        holdings, the percentage of net assets
1967, but remained low. Personal            rates, are unlikely to expand their low       and their share prices are presented as
income improved, due to boosts from         level of lending activity within the next     of June 30, 2009.
government transfers in the form of tax     few quarters.
refunds and one time Social Security                                                      American Water Works (2.4% of net assets
bonuses. The Conference Board               We had hoped in the second quarter            as of June 30, 2009) (AWK - $19.11 -
Leading Economic Index rose for three       that “less bad” or “less worse”               NYSE) is a water utility with unique
months in a row through June.               economic numbers would indicate that          growth opportunities. The shares offer
                                            the transition to better and even good        investors a 4.6% dividend yield and the
Despite these improvements, consumer        times was emerging. However, at               likelihood of consistent annual
spending remains weak. Manu-                midyear it is clear that these numbers,       dividend increases. We expect solid
facturing also remains weak, and the        while no longer the worst that could          growth in earnings over the near term
operating rate is below 70%. Capital        happen, are bad and will continue to be       (2008-2011) due to increases in rates as
spending plans remain low, as do            bad. Unemployment, which formerly             American Water Works is allowed to
business plans to hire. State and local     was a lagging indicator but which is          realize a return on its past investments.
governments’ layoffs are lagging            now more of a coincident indicator, is        During the 2003-2006 period few rate
business layoffs, so this has a while to    still rising. De-leveraging has a long        increases were requested. Now,
continue. What we have seen in the          way to go: U.S. household debt at the         subsidiaries currently have $300
second quarter is a return from the         end of 2008 was 97% of GDP, a third           million in revenue requests pending
anticipation of a depression-like fall in   higher than in the 1990s. Over the past       decisions, creating a greater certainty of
the first quarter to a more normal reces-   several years, consumers have                 rate base growth than typically
sionary economy.                            borrowed to monetize assets such as           achieved in the regulated electric and
The government has been doing its best      their homes, and it will take a while to      gas utility sector. We also believe the
to fight this recession by lowering         rebuild savings and wealth. Therefore         company has as greater opportunity for
interest rates and injecting spending.      spending levels will remain low during        customer growth through consoli-
The intention is to have the lower          that time.                                    dation and privatization opportunities.



                                                               10
Intel Corp. (2.7%) (INTC - $16.55 -        in Pepsi and Frito Lay, the longer-term      with a shutdown of auto production for
Nasdaq) recently introduced consumer       growth outlook is compelling. Earlier        a couple of months. It is estimated that
ultra low voltage mobile processors        this year, the company made an offer         this boost from the replacement of
that are creating a new personal           for the balance of the Pepsi Bottling        inventories, along with the resumption
computer segment of ultra thin, full       Group and PepsiAmericas that it does         of auto production, could lead to a
function notebooks. Ultra-thin note-       not own, and as a result, Pepsi is           swing in Gross Domestic Product
books are now shipping in the market       trading at an historically high discount     (“GDP”) of as much as 6% to 7%,
and we believe that they will further      to the market. However, this deal could      implying the GDP looping from a
invigorate the notebook category and       produce tremendous cost savings and          negative 1% in the second quarter to a
become a significant contributor to        therefore higher earnings growth. Pepsi      positive GDP in the third quarter.
Intel’s future profits. The company has    offers a good dividend yield and we          However, it is possible that growth will
taken significant steps to improve its     believe there is considerable upside to      return to the almost recessionary lows
efficiency and reduce costs resulting in   the shares over the next few years.          after that.
cost savings of $800 million in 2008,      Wyeth (3.7%) (WYE - $45.39 - NYSE)           Due to the many economic stimulus
and further spending reductions are        develops, manufactures, and markets          programs, we now have a tremendous
expected in 2009 of $700 million over      vaccines, biotechnology products,            amount of debt, which will carry an
the 2008 level.                            nutritionals, and non-prescription           annual cost to service and will have to
Johnson & Johnson (1.4%) (JNJ - $56.80 -   medicines. Under the terms of a merger       be repaid some day. Other large
NYSE) is the largest and most diver-       agreement, Pfizer, the number one            political, environmental, and economic
sified health care company in the          drug maker, will acquire all of the          initiatives, such as the energy “cap and
world. The company’s leading posi-         outstanding shares of Wyeth for $33.00       trade” and the universal health care
tions across pharmaceuticals, medical      in cash and 0.985 shares of Pfizer’s         plan, potentially loom on the near
devices, and consumer health care          stock per share of Wyeth. This deal is       horizon. Both of these programs
make it a steady performer and             subject to regulatory and shareholder        address good long-term goals.
defensive name in these challenging        approvals and is expected to close in        However, efforts to sell them are being
times. Johnson & Johnson’s strong cash     the third quarter of 2009.                   accompanied by unrealistic long-term
flow and credit rating will allow the                                                   projections of what they will cost. In the
company to make accretive acquisi-         Looking Ahead                                latest     example      of    this,    the
tions at attractive prices during the                                                   Congressional         Budget        Office,
                                           The government has done its best to
downturn, while continuing to repur-                                                    Congress’ own chief budget score-
                                           launch an interest rate and government
chase stock. With a reasonable valu-                                                    keeper, put a damper on the current
                                           spending led recovery, and this should
ation of 11x earnings, and a 3.3%                                                       health care proposal with its analysis,
                                           continue to work in the short term, as it
dividend yield, JNJ should be able to                                                   concluding that it will not reduce the
                                           already has. The question of sustain-
weather a very difficult 2009 before                                                    trajectory of health care spending, and
                                           ability remains, however, when we get
returning to approximately 10%                                                          in fact could actually escalate costs.
                                           past the third quarter, into the fourth
earnings growth in 2010.                   quarter and even into the beginning of       There is concern that the government is
Kraft Foods Inc. (3.7%) (KFT - $25.34 -    next year, and to this question there are    operating as if it does not matter where
NYSE) continues to reinvest in its         yet no positive answers. To achieve a        the money that it is shoveling out goes.
products to reinvigorate sales growth.     sustainable recovery, we need business       The government announces a new
However, it also continues to struggle     confidence to improve, jobs to be            program each week with very little
to expand margins in key categories as     created, and consumers to have income        work done to foster incentives to facil-
it absorbs higher input costs and          and the desire to spend. As of yet, we       itate or build longer-term non-infla-
spends heavily to support its brands       are still looking for signs that we are on   tionary growth, savings, investing, or
through marketing and new product          our way to a sustainable recovery out        creating businesses or jobs. The private
development. The company is dealing        of this recession. We may be through         sector has to be the primary creator of
with weaker consumer spending,             the worst of the layoffs, but the unem-      new jobs and growth and so far the
commodity, and currency volatility,        ployment outlook is still pretty awful       new programs do not address this. The
and the integration of the Danone          and there is a growing realization that      stabilization is being achieved with a
biscuit business. New product inno-        unemployment will continue to climb          very high cost of trillions of dollars of
vation and execution improvements          for another year.                            government debt, and lessened confi-
should gradually improve operating                                                      dence in America’s economy, future
                                           We do have some positives coming
results over the next year.                                                             growth, and the dollar as a store of
                                           from the thaw of the atmosphere that
                                                                                        value.
PepsiCo Inc. (2.3%) (PEP - $54.96 -        froze consumer and business spending
NYSE) could experience double digit        on even normal replacement goods and         We are combining an unprecedented
earnings growth over the next few          helped lead to the bankruptcies of           amount of government spending with
years. With its global blue chip brands    Chrysler and General Motors together         a lack of any real or thoughtful analysis


                                                              11
of the longer-term impact, and this has       multiple of earnings as we encounter
the potential to be graded with an “F”        higher taxes, increased regulation, and
by a lower dollar and higher interest         potentially higher inflation and interest
rates, which would compound our               rates in the next few years. We continue
problems in financing our debt longer         to look for companies selling at good        Mario J. Gabelli, CFA
term. Of course, right now and for the                                                     Portfolio Manager &
                                              long-term value, which can generate
foreseeable future, perhaps the next                                                       Chief Investment Officer –
                                              cash flow and earnings, and we partic-
year or so, the excess capacity in the                                                     Value Portfolios
                                              ularly like those that have a history of
U.S. and worldwide makes any pick up
                                              paying out earnings in dividends.
in inflation unlikely.
                                                                                           August 12, 2009
As we start in on the second half of this
                                              Sincerely,
year, we hope that it will be less volatile
than the first. The market appears to be
reasonably priced, with some earnings
recovery showing up in the initial
reports of second quarter corporate
earnings. We do not expect investors to       Barbara G. Marcin, CFA
be willing to pay a much higher               Portfolio Manager




                                              Top Ten Holdings (Percent of Net Assets)
                                                        June 30, 2009

            Anadarko Petroleum Corp., 5.790%, 09/15/09 6.2%                    Verizon Communications Inc. 3.8%
            Bank One Capital Trust VI, 7.200% Pfd. 5.7%                        Wyeth 3.7%
            American Express Credit Corp., Mtn, 5.368%, 06/16/11 4.8%          Kraft Foods Inc. 3.7%
            General Mills Inc. 4.3%                                            U.S. Bancorp 3.3%
            AT&T Inc. 4.1%                                                     Wells Fargo & Co. 3.0%




Minimum Initial Investment                    distributor, or brokers that have            The Funds’ daily net asset values are
                                              entered into selling agreements with         available in the financial press and each
Each Fund, other than the Mighty
                                              the distributor specifically with respect    evening after 6:00 PM (Eastern Time) by
MitesSM Fund, has a minimum initial
                                              to Class I Shares.                           calling 800-GABELLI (800-422-3554).
investment requirement for regular
                                                                                           Please call us during the business day for
accounts of $1,000; there are no subse-
                                                                                           further information. Thank you for
quent investment minimums; no initial
                                              www.gabelli.com                              investing in the GAMCO Westwood
minimum is required for those estab-
                                                                                           Funds. We look forward to serving your
lishing an Automatic Investment Plan;         Please visit us on the Internet. Our         investment objectives in the years ahead.
and all of the GAMCO Westwood                 homepage at www.gabelli.com contains
Funds are available through financial         information about GAMCO Investors,           e-delivery
intermediaries including the no trans-        Inc., the Gabelli Mutual Funds, IRAs,
action fee programs at many major             401(k)s, current and historical quarterly    We are pleased to offer electronic
brokerage firms. The minimum initial          reports, closing prices, and other current   delivery of Gabelli fund documents.
investment for the Mighty MitesSM             news. We welcome your comments and           Direct shareholders of our open-end
Fund is $10,000 for all accounts. There       questions via e-mail at info@gabelli.com.    mutual funds can now elect to receive
are no subsequent investment                                                               their Annual, Semiannual, and
minimums. The minimum investment              You may sign up for our e-mail alerts at     Quarterly Fund Reports, Manager
for each Fund’s Class I Shares is             www.gabelli.com and receive early            Commentaries, and Prospectuses via e-
$500,000, which shares are purchased          notice of quarterly report availability,     delivery. For more information or to
by institutions directly through Gabelli      news events, media sightings, and            sign up for e-delivery, please visit our
& Company, Inc., the Fund’s                   mutual fund prices and performance.          website at www.gabelli.com.



                                                                 12
                           Nasdaq Symbols (Cusip) Table

GAMCO Westwood Funds   Class AAA    Class A      Class B    Class C   Class I
Mighty MitesSM         WEMMX        WMMAX       WMMBX       WMMCX     WEIMX
Equity                  WESWX       WEECX       361439300   WEQCX     WEEIX
Balanced                WEBAX       WEBCX        WBCBX      WBCCX     WBBIX
Intermediate Bond       WEIBX       WEAIX        WEBIX      WECIX     WEIIX
SmallCap Equity         WESCX       WESAX        WESBX      WWSCX     WWSIX
Income                  WESRX       WEIAX       361439730   WEICX     WESIX




                                        13
                                     G A B E L L I FA M I LY O F F U N D S
VALUE ________________________________________              AGGRESSIVE GROWTH _________________________                GAMCO Gold Fund
Gabelli Asset Fund                                          GAMCO Global Growth Fund                                   Seeks to invest in a global portfolio of equity
Seeks to invest primarily in a diversified portfolio of     Seeks capital appreciation through a disciplined           securities of gold mining and related companies. The
common stocks selling at significant discounts to           investment program focusing on the globalization and       Fund’s objective is long-term capital appreciation.
their private market value. The Fund’s primary              interactivity of the world’s marketplace. The Fund         Investment in gold stocks is considered speculative
objective is growth of capital. (Multiclass)                invests in companies at the forefront of accelerated       and is affected by a variety of worldwide economic,
              Portfolio Manager: Mario J. Gabelli, CFA      growth. The Fund’s primary objective is capital            financial, and political factors. (Multiclass)
                                                            appreciation. (Multiclass)            Team Managed                               Portfolio Manager: Caesar Bryan
Gabelli Blue Chip Value Fund
Seeks long term growth of capital through investment        MICRO-CAP ___________________________________              Gabelli Utilities Fund
primarily in the common stocks of established               GAMCO Westwood Mighty MitesSM Fund                         Seeks to provide a high level of total return through a
companies which are temporarily out of favor. The           Seeks to invest in micro-cap companies that have           combination of capital appreciation and current
fund’s objective is to identify a catalyst or sequence of   market capitalizations of $300 million or less. The        income. (Multiclass)                    Team Managed
events that will return the company to a higher value.      Fund’s primary objective is long-term capital
(Multiclass)                                                appreciation. (Multiclass)           Team Managed          MERGER AND ARBITRAGE _____________________
               Portfolio Manager: Barbara Marcin, CFA                                                                  Gabelli ABC Fund
                                                            EQUITY INCOME _______________________________              Seeks to invest in securities with attractive oppor-
GAMCO Westwood Equity Fund                                  Gabelli Equity Income Fund                                 tunities for appreciation or investment income. The
Seeks to invest primarily in the common stock of well       Seeks to invest primarily in equity securities with        Fund’s primary objective is total return in various market
seasoned companies that have recently reported              above average market yields. The Fund pays monthly         conditions without excessive risk of capital loss.
positive earnings surprises and are trading below           dividends and seeks a high level of total return with an   (No-load)      Portfolio Manager: Mario J. Gabelli, CFA
Westwood’s proprietary growth rate estimates. The           emphasis on income. (Multiclass)
Fund’s primary objective is capital appreciation.                         Portfolio Manager: Mario J. Gabelli, CFA     Gabelli Enterprise Mergers and Acquisitions Fund
(Multiclass)       Portfolio Manager: Susan M. Byrne                                                                   Seeks to invest in securities believed to be likely
                                                            GAMCO Westwood Balanced Fund                               acquisition targets within 12–18 months or in arbitrage
FOCUSED VALUE ______________________________                Seeks to invest in a balanced and diversified portfolio    transactions of publicly announced mergers or other
Gabelli Value Fund                                          of stocks and bonds. The Fund’s primary objective is       corporate reorganizations. The Fund’s primary objective
Seeks to invest in securities of companies believed to      both capital appreciation and current income.              is capital appreciation. (Multiclass)
be undervalued. The Fund’s primary objective is long-       (Multiclass)                                                              Portfolio Manager: Mario J. Gabelli, CFA
term capital appreciation. (Multiclass)                                Co-Portfolio Managers: Susan M. Byrne
                                                                                                Mark Freeman, CFA
              Portfolio Manager: Mario J. Gabelli, CFA                                                                 CONTRARIAN _________________________________
                                                            GAMCO Westwood Income Fund                                 GAMCO Mathers Fund
SMALL CAP VALUE ____________________________                Seeks to provide a high level of current income as well    Seeks long-term capital appreciation in various market
Gabelli Small Cap Fund                                      as long-term capital appreciation by investing in          conditions without excessive risk of capital loss.
Seeks to invest primarily in common stock of smaller        income producing equity and fixed income securities.       (No-load) Portfolio Manager: Henry Van der Eb, CFA
companies (market capitalizations at the time of            (Multiclass) Portfolio Manager: Barbara Marcin, CFA
investment of $2 billion or less) believed to have rapid                                                               Comstock Capital Value Fund
                                                                                ____________________________
revenue and earnings growth potential. The Fund’s SPECIALTY EQUITY                                                     Seeks capital appreciation and current income. The
primary objective is capital appreciation. (Multiclass) GAMCO Global Convertible Securities Fund                       Fund may use either long or short positions to achieve
              Portfolio Manager: Mario J. Gabelli, CFA Seeks to invest principally in bonds and preferred              its objective. (Multiclass)
                                                         stocks which are convertible into common stock of                             Portfolio Manager: Martin Weiner, CFA
GAMCO Westwood SmallCap Equity Fund                      foreign and domestic companies. The Fund’s primary
Seeks to invest primarily in smaller capitalization objective is total return through a combination of                 FIXED INCOME ________________________________
equity securities – market caps of $2.5 billion or less. current income and capital appreciation. (Multiclass)         GAMCO Westwood Intermediate Bond Fund
The Fund’s primary objective is long-term capital                                                  Team Managed
                                                                                                                       Seeks to invest in a diversified portfolio of bonds with
appreciation. (Multiclass)                               GAMCO Global Opportunity Fund                                 various maturities. The Fund’s primary objective is
               Portfolio Manager: Nicholas F. Galluccio Seeks to invest in common stock of companies which             total return. (Multiclass)
                                                         have rapid growth in revenues and earnings and                               Portfolio Manager: Mark Freeman, CFA
Gabelli Woodland Small Cap Value Fund                    potential for above average capital appreciation or are
Seeks to invest primarily in the common stocks of undervalued. The Fund’s primary objective is capital
smaller companies (market capitalizations generally appreciation. (Multiclass)                    Team Managed         CASH MANAGEMENT-MONEY MARKET __________
less than $3.0 billion) believed to be undervalued with                                                                Gabelli U.S. Treasury Money Market Fund
shareholder oriented management teams that are Gabelli SRI Green Fund                                                  Seeks to invest exclusively in short-term U.S. Treasury
employing strategies to grow the company’s value. Seeks to invest in common and preferred stocks                       securities. The Fund’s primary objective is to provide
The Fund’s primary objective is capital appreciation. meeting guidelines for social responsibility (avoiding           high current income consistent with the preservation
(Multiclass) Portfolio Manager: Elizabeth M. Lilly, CFA defense contractors and manufacturers of alcohol,              of principal and liquidity. (No-load)
                                                         abortifacients, gaming, and tobacco products) and                           Co-Portfolio Managers: Judith A. Raneri
                                                         sustainability (companies engaged in climate change,                                                 Ronald S. Eaker
GROWTH ______________________________________
                                                         energy security and independence, natural resource
GAMCO Growth Fund
                                                         shortages, organic living, and urbanization). The Fund’s      An investment in the above Money Market Fund is
Seeks to invest primarily in large cap stocks believed
                                                         primary objective is capital appreciation. (Multiclass)       neither insured nor guaranteed by the Federal
to have favorable, yet undervalued, prospects for                Co-Portfolio Managers: Christopher C. Desmarais
earnings growth. The Fund’s primary objective is                                                                       Deposit Insurance Corporation or any government
                                                                                        John M. Segrich, CFA           agency. Although the Fund seeks to preserve the
capital appreciation. (Multiclass)
               Portfolio Manager: Howard F. Ward, CFA SECTOR ______________________________________                    value of your investment at $1.00 per share, it is
                                                         GAMCO Global Telecommunications Fund                          possible to lose money by investing in the Fund.
GAMCO International Growth Fund                          Seeks to invest in telecommunications companies
Seeks to invest in the equity securities of foreign throughout the world – targeting undervalued                       The Funds may invest in foreign securities which
issuers with long-term capital appreciation potential. companies with strong earnings and cash flow                    involve risks not ordinarily associated with
The Fund offers investors global diversification. dynamics. The Fund’s primary objective is capital                    investments in domestic issues, including currency
(Multiclass)          Portfolio Manager: Caesar Bryan appreciation. (Multiclass)                  Team Managed         fluctuation, economic, and political risks.

  To receive a prospectus, call 800-GABELLI (422-3554). Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund
              before investing. The prospectus contains more information about this and other matters and should be read carefully before investing.
                                              GAMCO WESTWOOD FUNDS
                                                              (Unaudited)
                                             Class AAA Shares                Class A Shares
                                   ——––—–——————––———————————————— ——––—–——————————————————————
                                               Average Annual Returns – June 30, 2009 (a)                            Average Annual Returns – June 30, 2009 (a)(b)(e)
                                                                                         Current                                                                  Current
                                                                                         Expense                                                                  Expense
                                                                                        Ratio after                                                              Ratio after
                                                                                 Gross   Adviser Maximum                                                Gross     Adviser      Maximum
                                                                      Since     Expense Reimburse-   Sales                                     Since   Expense   Reimburse-      Sales
                                    1 Year      5 Year    10 Year   Inception    Ratio    ments     Charge       1 Year   5 Year   10 Year   Inception  Ratio      ments        Charge
                                   ——––—–——————––———————————————— ——––—–——————————————————————
Mighty MitesSM . . . . .           (14.34)%     3.76%      7.57%     9.34%      1.77%    1.77%        None      (17.91)% 2.71%      6.95%     8.77%     2.02%      2.02%        4.00%
Equity . . . . . . . . . . . . .   (30.36)      0.93       1.17      9.14       1.49     1.49         None      (33.32)  (0.13)     0.50      8.74      1.74       1.74         4.00
Balanced . . . . . . . . . . .     (17.03)      2.89       3.03      8.20       1.23     1.23         None      (20.54)   1.80      2.36      7.69      1.48       1.48         4.00
Intermediate Bond . .                5.81       4.10       5.01      5.63       1.76     1.00         None        1.40    3.14      4.50      5.33      1.86       1.10         4.00
SmallCap Equity . . .              (26.90)      0.76      (2.13)     3.18       2.62     1.51         None      (30.04)  (0.27)    (2.65)     2.73      2.87       1.76         4.00
Income . . . . . . . . . . . .     (23.29)      0.14       6.73      5.14       2.48     1.51         None      (26.61)  (0.91)     6.07      4.59      2.73       1.76         4.00


                                              Class B Shares                 Class C Shares
                                   ——––—–——————––———————————————— ——––—–——————————————————————
                                             Average Annual Returns – June 30, 2009 (a)(c)(e)                        Average Annual Returns – June 30, 2009 (a)(d)(e)
                                                                                         Current                                                                  Current
                                                                                         Expense                                                                  Expense
                                                                                        Ratio after                                                              Ratio after
                                                                                 Gross   Adviser Maximum                                                Gross     Adviser      Maximum
                                                                      Since     Expense Reimburse-   Sales                                     Since   Expense   Reimburse-      Sales
                                    1 Year      5 Year    10 Year   Inception    Ratio    ments     Charge       1 Year   5 Year   10 Year   Inception  Ratio      ments        Charge
                                   ——––—–——————––———————————————— ——––—–——————————————————————
Mighty MitesSM . . . . .           (19.21)%      2.64%     6.93%     8.76%      2.52%    2.52%         5.00%    (15.84)% 3.01%      6.94%     8.77%     2.52%      2.52%        1.00%
Equity . . . . . . . . . . . . .   (34.37)      (0.23)     0.54      8.75       2.24     2.24          5.00     (31.58)   0.19      0.54      8.75      2.24       2.24         1.00
Balanced . . . . . . . . . . .     (21.78)       1.75      2.39      7.70       1.98     1.98          5.00     (18.45)   2.13      2.44      7.73      1.98       1.98         1.00
Intermediate Bond . .               (0.07)       2.97      4.33      5.24       2.51     1.75          5.00       4.06    3.38      4.40      5.28      2.51       1.75         1.00
SmallCap Equity . . .              (31.05)      (0.37)    (2.71)     2.68       3.37     2.26          5.00     (28.15)  (0.34)    (2.76)     2.64      3.37       2.26         1.00
Income . . . . . . . . . . . .     (27.85)      (1.21)     6.09      4.60       3.23     2.26          5.00     (24.77)  (0.62)     6.25      4.73      3.23       2.26         1.00
                                              Class I Shares
                                   ——––—–——————––————————————————
                                              Average Annual Returns – June 30, 2009 (a)(e)
                                                                                         Current
                                                                                         Expense
                                                                                        Ratio after
                                                                                 Gross   Adviser Maximum
                                                                      Since     Expense Reimburse-   Sales
                                    1 Year      5 Year    10 Year   Inception    Ratio    ments     Charge
                                   ——––—–——————––————————————————
Mighty MitesSM . . . . .           (14.16)%     3.85%      7.61%     9.39%      1.52%    1.52%        None
Equity . . . . . . . . . . . . .   (30.18)      1.02       1.22      9.17       1.24     1.24         None
Balanced . . . . . . . . . . .     (16.83)      2.97       3.07      8.22       0.98     0.98         None
Intermediate Bond . .                6.17       4.17       5.04      5.65       1.53     0.75         None
SmallCap Equity . . .              (26.72)      0.83      (2.10)     3.20       2.40     1.26         None
Income . . . . . . . . . . . .     (23.14)      0.21       6.76      5.17       2.26     1.26         None
(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and
    reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are
    redeemed, they may be worth more or less than their original cost. For the Intermediate Bond, SmallCap Equity, and Income Funds (and for the Mighty
    MitesSM Fund through September 30, 2005), the Adviser reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns
    would have been lower. The contractual expense limitations are in effect through January 31, 2010 and are renewable annually by the Adviser. Current
    performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month
    end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus
    contains more information about this and other matters and should be read carefully before investing.
(b) Includes the effect of the maximum 4.0% sales charge at the beginning of the period.
(c) Performance results include the deferred sales charges for the Class B Shares upon redemption at the end of the one year and five year periods of 5% and
    2%, respectively, of the Fund’s net asset values (“NAV”) per share at the time of purchase or sale, whichever is lower. Class B Shares are not available for
    new purchases.
(d) Performance results include the deferred sales charge for the Class C Shares upon redemption at the end of the one year period of 1% of the Fund’s NAV per
    share at the time of purchase or sale, whichever is lower.
(e) The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C
    Shares, and Class I Shares. The performance for the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with
    these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The
    inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class B Shares, Class C Shares, and Class I Shares after which
    shares remained continuously outstanding are listed below.
                                                    Class AAA Shares            Class A Shares           Class B Shares                  Class C Shares              Class I Shares
       Mighty MitesSM . . . . . . . . . .                05/11/98                 11/26/01                     06/06/01                      08/03/01                  01/11/08
       Equity . . . . . . . . . . . . . . . . . .        01/02/87                 01/28/94                     03/27/01                      02/13/01                  01/11/08
       Balanced . . . . . . . . . . . . . . . .          10/01/91                 04/06/93                     03/27/01                      09/25/01                  01/11/08
       Intermediate Bond . . . . . . .                   10/01/91                 07/26/01                     03/27/01                      10/22/01                  01/11/08
       SmallCap Equity . . . . . . . . .                 04/15/97                 11/26/01                     03/27/01                      11/26/01                  01/11/08
       Income . . . . . . . . . . . . . . . . .          09/30/97                 05/09/01                     11/26/01                      11/26/01                  01/11/08
                                                                                                 15
                           GAMCO WESTWOOD FUNDS

                                        GAMCO Westwood Mighty MitesSM Fund
                                           GAMCO Westwood Equity Fund
                                          GAMCO Westwood Balanced Fund
                                       GAMCO Westwood Intermediate Bond Fund
                                       GAMCO Westwood SmallCap Equity Fund
                                          GAMCO Westwood Income Fund

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


                                                              Board of Trustees
                   ANTHONY J. COLAVITA                                            WERNER J. ROEDER, MD
                   Attorney-at-Law                                                Medical Director
                   Anthony J. Colavita, P.C.                                      Lawrence Hospital

                   JAMES P. CONN                                                  SALVATORE J. ZIZZA
                   Former Chief Investment Officer                                Chairman
                   Financial Security Assurance                                   Zizza & Co., Ltd.
                   Holdings Ltd.
                                                                    Officers
                   BRUCE N. ALPERT                                                AGNES MULLADY
                   President and Secretary                                        Treasurer

                   PETER D. GOLDSTEIN
                   Chief Compliance Officer

                                                             Investment Adviser
                                                             Teton Advisors, Inc.
                                                                Distributor
                                                          Gabelli & Company, Inc.
                                                               Custodian
                                                      The Bank of New York Mellon
                                                             Legal Counsel
                                                 Paul, Hastings, Janofsky & Walker LLP

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



This report is submitted for the information of the shareholders of the GAMCO Westwood Funds. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus.
GABWWQ209SC

				
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