nvq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04719

The GAMCO Westwood Funds

(Exact name of registrant as specified in charter)

One Corporate Center
Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: December 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

GAMCO Westwood Mighty Mitessm Fund
Schedule of Investments — December 31, 2009 (Unaudited)


Shares/			Market
Units			Value
		COMMON STOCKS — 72.9%

		Aerospace — 1.3%
	203,800	Herley Industries Inc.†	$	2,830,782
	41,500	Innovative Solutions & Support Inc.†		190,485

				3,021,267

		Agriculture — 0.1%
	225	J.G. Boswell Co.		122,063
	792	Limoneira Co.		114,840

				236,903

		Auto Manufacturers — 0.4%
	486,900	Wabash National Corp.†		920,241

		Automotive: Parts and Accessories — 3.7%
	400	Amerityre Corp.†		124
	100,000	Dana Holding Corp.†		1,084,000
	20,000	Federal-Mogul Corp.†		346,000
	172,400	Midas Inc.†		1,456,780
	83,000	Modine Manufacturing Co.†		982,720
	6,000	Puradyn Filter Technologies Inc.†		1,368
	213,000	Standard Motor Products Inc.†		1,814,760
	70,300	Strattec Security Corp.†		1,300,550
	65,000	Superior Industries International Inc.		994,500
	40,000	Tenneco Inc.†		709,200

				8,690,002

		Aviation: Parts and Services — 2.5%
	548,800	GenCorp Inc.†		3,841,600
	90,015	Kaman Corp.		2,078,446

				5,920,046

		Broadcasting — 3.2%
	190,000	Acme Communications Inc.†		95,000
	36,400	Beasley Broadcast Group Inc., Cl. A†		129,220
	47,600	Crown Media Holdings Inc., Cl. A†		69,020
	5,000	Cumulus Media Inc., Cl. A†		11,400
	75,000	Entercom Communications Corp., Cl. A†		530,250
	15,000	Equity Media Holdings Corp.†		75
	85,108	Fisher Communications Inc.†		1,383,005
	924	Granite Broadcasting Corp.†		0
	590,000	Gray Television Inc.†		890,900
	110,000	LIN TV Corp., Cl. A†		490,600
	385,000	Media General Inc., Cl. A†		3,018,400
	126,700	Salem Communications Corp., Cl. A†		758,933
	50,000	Sinclair Broadcast Group Inc., Cl. A†		201,500
	20,000	Young Broadcasting Inc., Cl. A†		100

				7,578,403

		Building and Construction — 0.2%
	1,000	Layne Christensen Co.†		28,710
	160,000	Material Sciences Corp.†		283,200
	7,000	The Monarch Cement Co.		217,140

				529,050

		Business Services — 3.6%
	577,800	AMICAS Inc.†		3,143,232
	28,000	ANC Rental Corp.†		11
	89,000	Ascent Media Corp., Cl. A†		2,272,170
	90,000	Bowne & Co. Inc.		601,200
	21,500	Cenveo Inc.†		188,125
	103	Chazak Value Corp.† (a)		0
	67,650	EDGAR Online Inc.†		101,475
	270,000	Edgewater Technology Inc.†		810,000
	2,000	Liquidity Services Inc.†		20,140
	137,500	Stamps.com Inc.†		1,237,500
	1,000	StarTek Inc.†		7,480
	33,000	Trans-Lux Corp.†		23,430

				8,404,763

		Cable — 0.0%
	90,000	Adelphia Communications Corp., Cl. A† (a)		0
	90,000	Adelphia Communications Corp., Cl. A, Escrow† (a)		0
	90,000	Adelphia Recovery Trust†		900
	10,000	Outdoor Channel Holdings Inc.†		58,000

				58,900

		Closed-End Business Development Company — 0.2%
	33,100	MVC Capital Inc.		390,580

		Closed-End Funds — 0.3%
	90,843	KKR & Company (Guernsey) LP†		772,166

		Communications Equipment — 0.3%
	19,500	Communications Systems Inc.		242,580
	10,830	Sycamore Networks Inc.		226,455
	35,750	Symmetricom Inc.†		185,900
	4,000	Technical Communications Corp.†		16,400
	40,000	ViewCast.com Inc.†		7,600

				678,935

		Computer Software and Services — 1.4%
	150,000	Furmanite Corp.†		571,500
	1,910	Gemalto NV†		83,511
	142,500	Global Sources Ltd.†		890,625
	39,000	GSE Systems Inc.†		213,720
	36,000	Mercury Computer Systems Inc.†		396,360
	400	MTS Systems Corp.		11,496
	68,500	Phoenix Technologies Ltd.†		188,375
	55,700	PLATO Learning Inc.†		242,852
	834	Prosoft Learning Corp.† (a)		0
	850,000	StorageNetworks Inc., Escrow† (a)		25,500
	70,000	Tier Technologies Inc., Cl. B†		560,000
	3,000	Tyler Technologies Inc.†		59,730

				3,243,669

		Consumer Products — 1.3%
	18,000	Adams Golf Inc.†		53,640
	58,000	Heelys Inc.†		126,440
	3,000	Johnson Outdoors Inc., Cl. A		29,310
	15,300	Lakeland Industries Inc.†		122,400
	40,000	Marine Products Corp.		197,200
	10,000	MarineMax Inc.†		91,900
	300	National Presto Industries Inc.		32,769
	59,300	Oil-Dri Corp. of America		919,150
	22,550	PC Group Inc.†		7,234
	187,665	Schiff Nutrition International Inc.		1,467,540
	41,530	Syratech Corp.†		1,250

				3,048,833

		Consumer Services — 0.5%
	212,200	1-800-FLOWERS.COM Inc., Cl. A†		562,330
	27,000	Bowlin Travel Centers Inc.†		30,240
	1,100	Collectors Universe Inc.		10,285
	35,000	TiVo Inc.†		356,300

See accompanying notes to schedule of investments.

GAMCO Westwood Mighty Mitessm Fund
Schedule of Investments (Continued) — December 31, 2009 (Unaudited)


			Market
Shares			Value
		COMMON STOCKS (Continued)

		Consumer Services (Continued)
	10,000	Valassis Communications Inc.†	$	182,600

				1,141,755

		Diversified Industrial — 4.1%
	23,300	Ampco-Pittsburgh Corp.		734,649
	70,800	Brush Engineered Materials Inc.†		1,312,632
	200	Burnham Holdings Inc., Cl. A		1,900
	40,000	Chase Corp.		472,400
	13,800	Graham Corp.		285,660
	167,500	Griffon Corp.†		2,046,850
	25,000	Haulotte Group SA		226,142
	125,000	Hawk Corp., Cl. A†		2,201,250
	167,800	Katy Industries Inc.†		293,650
	437,500	Magnetek Inc.†		673,750
	31,500	Myers Industries Inc.		286,650
	31,200	National Patent Development Corp.†		49,920
	10,000	Park-Ohio Holdings Corp.†		56,500
	2,000	Quixote Corp.†		12,740
	13,000	RWC Inc.†		37,700
	75,219	Stamford Industrial Group Inc.†		2,332
	77,848	Tech/Ops Sevcon Inc.†		185,278
	34,200	Twin Disc Inc.		357,048
	157,300	WHX Corp.†		377,520

				9,614,571

		Educational Services — 0.1%
	7,100	Universal Technical Institute Inc.†		143,420

		Electronics — 7.5%
	24,000	A123 Systems Inc.†		538,560
	50,000	Alliance Semiconductor Corp.		11,000
	67,800	Bel Fuse Inc., Cl. A		1,318,032
	7,000	Bel Fuse Inc., Cl. B		150,430
	79,500	BTU International Inc.†		504,825
	391,500	California Micro Devices Corp.†		1,843,965
	175,500	CTS Corp.		1,688,310
	2,000	GSI Group Inc.†		1,730
	51,300	IMAX Corp.†		682,290
	157,900	IntriCon Corp.†		478,437
	168,300	LeCroy Corp.†		614,295
	50,000	Merrimac Industries Inc.†		795,500
	10,800	Mesa Laboratories Inc.		284,580
	75,000	Methode Electronics Inc.		651,000
	69,500	MoSys Inc.†		272,440
	63,000	Newport Corp.†		578,970
	33,800	Park Electrochemical Corp.		934,232
	70,000	Pericom Semiconductor Corp.†		807,100
	2,000	Schmitt Industries Inc.†		7,000
	20,000	SIRIT Inc.†		5,450
	207,300	Stoneridge Inc.†		1,867,773
	134,900	Ultra Clean Holdings Inc.†		942,951
	71,700	Ultralife Corp.†		309,744
	49,000	Ultratech Inc.†		728,140
	65,500	Zoran Corp.†		723,775
	110,000	Zygo Corp.†		740,300

				17,480,829

		Energy and Utilities: Electric — 0.6%
	37,000	Maine & Maritimes Corp.		1,287,600

		Energy and Utilities: Integrated — 0.1%
	6,000	MGE Energy Inc.		214,440
	95,200	Progress Energy Inc., CVO†		14,280

				228,720

		Energy and Utilities: Natural Gas — 1.3%
	31,500	Chesapeake Utilities Corp.		1,009,575
	44,500	Corning Natural Gas Corp.		854,400
	16,000	Delta Natural Gas Co. Inc.		457,760
	3,000	Evergreen Energy Inc.†		1,029
	31,200	PetroCorp Escrow Shares† (a)		1,872
	16,500	RGC Resources Inc.		487,575
	20,300	U.S. Energy Corp.†		120,379

				2,932,590

		Energy and Utilities: Oil — 0.4%
	63,600	Tesco Corp.†		821,076

		Energy and Utilities: Services — 0.5%
	9,500	Acergy SA, ADR		148,295
	39,800	Allis-Chalmers Energy Inc.†		150,046
	3,000	Covanta Holding Corp.†		54,270
	17,000	Dawson Geophysical Co.†		392,870
	40,000	RPC Inc.		416,000

				1,161,481

		Energy and Utilities: Water — 1.7%
	6,000	Artesian Resources Corp., Cl. A		109,860
	8,700	Cadiz Inc.†		104,139
	2,500	California Water Service Group		92,050
	40,000	Consolidated Water Co. Ltd.		571,600
	35,000	Energy Recovery Inc.†		240,800
	8,500	Middlesex Water Co.		149,855
	72,800	Pennichuck Corp.		1,538,264
	39,800	SJW Corp.		898,286
	10,000	The York Water Co.		145,100

				3,849,954

		Entertainment — 1.2%
	22,000	Canterbury Park Holding Corp.†		159,060
	1,802	Chestnut Hill Ventures† (a)		60,790
	210,000	Dover Motorsports Inc.		438,900
	2,000	LodgeNet Entertainment Corp.†		11,060
	60,000	Triple Crown Media Inc.†		78
	771,300	Youbet.com Inc.†		2,213,631

				2,883,519

		Environmental Control — 0.2%
	10,000	BioteQ Environmental Technologies Inc.†		11,570
	120,000	Casella Waste Systems Inc., Cl. A†		482,400
	500	Sharps Compliance Corp.†		4,800

				498,770

		Equipment and Supplies — 4.2%
	170,000	Baldwin Technology Co. Inc., Cl. A†		221,000
	20,000	Capstone Turbine Corp.†		25,800
	30,100	CIRCOR International Inc.		757,918
	202,400	Core Molding Technologies Inc.†		584,936
	6,100	Fedders Corp.† (a)		0
	1,000	Genoil Inc.†		124
	160,000	Gerber Scientific Inc.†		808,000
	8,500	Gildemeister AG		138,058
	8,000	GrafTech International Ltd.†		124,400
	18,048	Interpump Group SpA†		95,988
	75,600	L.S. Starrett Co., Cl. A		666,036
	20,000	Maezawa Kyuso Industries Co. Ltd.		284,748

See accompanying notes to schedule of investments.

GAMCO Westwood Mighty Mitessm Fund
Schedule of Investments (Continued) — December 31, 2009 (Unaudited)


			Market
Shares			Value
		COMMON STOCKS (Continued)

		Equipment and Supplies (Continued)
	75,000	Met-Pro Corp.	$	796,500
	9,000	Mine Safety Appliances Co.		238,770
	186,500	SL Industries Inc.†		1,562,870
	1,000	SRS Labs Inc.†		7,330
	4,000	The Eastern Co.		53,720
	320,000	TransAct Technologies Inc.†		2,220,800
	50,000	Vicor Corp.†		465,000
	24,000	WaterFurnace Renewable Energy Inc.		595,726
	500	Watts Water Technologies Inc., Cl. A		15,460

				9,663,184

		Financial Services — 4.0%
	16,100	Berkshire Bancorp Inc.†		96,600
	75	Burke & Herbert Bank and Trust Co.		135,750
	40,000	Capital Financial Holdings Inc.†		5,600
	29,000	Crazy Woman Creek Bancorp Inc.		424,125
	305,000	Epoch Holding Corp.		3,187,250
	20	Farmers & Merchants Bank of Long Beach		75,900
	9,195	Fidelity Southern Corp.†		33,102
	60,000	Flushing Financial Corp.		675,600
	10	Guaranty Corp., Cl. A†		31,000
	5,000	Hampton Roads Bankshares Inc.		8,650
	51,750	Hudson Valley Holding Corp.		1,276,155
	15,000	Meadowbrook Insurance Group Inc.		111,000
	28,500	Nara Bancorp Inc.†		323,190
	11,055	New York Community Bancorp Inc.		160,408
	5,697	Northrim BanCorp Inc.		96,165
	25,000	Oritani Financial Corp.		343,250
	5,000	Provident New York Bancorp		42,200
	45,000	Pzena Investment Management Inc., Cl. A†		366,300
	3,600	Seacoast Banking Corp. of Florida		5,868
	116	Sunwest Bank†		278,400
	55,000	SWS Group Inc.		665,500
	1,060	TIB Financial Corp.†		689
	10,000	Tree.com Inc.†		91,500
	1,700	Value Line Inc.		42,687
	52,339	Whitney Holding Corp.		476,808
	38,100	Wilshire Bancorp Inc.		312,039

				9,265,736

		Food and Beverage — 1.5%
	1,000	Andrew Peller Ltd., Cl. A		7,458
	18,000	Boston Beer Co. Inc., Cl. A†		838,800
	4,000	Genesee Corp., Cl. A† (a)		0
	30,100	Genesee Corp., Cl. B† (a)		0
	1,100	Hanover Foods Corp., Cl. A		113,713
	2,000	J & J Snack Foods Corp.		79,920
	113,300	Lifeway Foods Inc.†		1,346,004
	15,000	MGP Ingredients Inc.†		114,750
	7,000	Rock Field Co. Ltd.		91,169
	3,000	Scheid Vineyards Inc., Cl. A†		50,250
	1,000	The Inventure Group Inc.†		2,360
	240,000	Tingyi (Cayman Islands) Holding Corp.		594,320
	280,000	Vitasoy International Holdings Ltd.		196,456
	17,000	Willamette Valley Vineyards Inc.†		55,250

				3,490,450

		Health Care — 8.2%
	4,000	AFP Imaging Corp.†		200
	30,000	AngioDynamics Inc.†		482,400
	12,800	ArthroCare Corp.†		303,360
	228,500	BioLase Technology Inc.†		434,150
	10,000	Boiron SA		427,341
	1,000	Bruker Corp.†		12,060
	12,000	Cantel Medical Corp.†		242,160
	64,500	Cepheid Inc.†		804,960
	500,000	Continucare Corp.†		2,185,000
	100	CPEX Pharmaceuticals Inc.†		1,129
	13,000	Crucell NV, ADR†		262,340
	75,000	Cutera Inc.†		638,250
	60,000	Cynosure Inc., Cl. A†		689,400
	120,000	Del Global Technologies Corp.†		75,600
	5,000	DexCom Inc.†		40,400
	1,000	Elite Pharmaceuticals Inc.†		110
	60,300	Exactech Inc.†		1,043,793
	28,700	Heska Corp.†		15,139
	73,400	Home Diagnostics Inc.†		447,740
	1,000	ICU Medical Inc.†		36,440
	10,000	Indevus Pharmaceuticals Inc., Escrow† (a)		11,000
	11,000	InfuSystems Holdings Inc.†		24,200
	5,000	Inverness Medical Innovations Inc.†		207,550
	119,700	IRIS International Inc.†		1,479,492
	10,000	Matrixx Initiatives Inc.†		42,200
	71,000	Medical Nutrition USA Inc.†		139,160
	60,000	Micrus Endovascular Corp.†		900,600
	95,000	Neogen Corp.†		2,242,950
	2,500	NMT Medical Inc.†		6,175
	40,000	Opko Health Inc.†		73,200
	21,500	Orthofix International NV†		665,855
	489,900	OTIX Global Inc.†		406,568
	78,800	Pain Therapeutics Inc.†		422,368
	17,000	Palomar Medical Technologies Inc.†		171,360
	10,000	PreMD Inc.†		700
	22,000	Quidel Corp.†		303,160
	63,000	Rochester Medical Corp.†		701,190
	37,415	RTI Biologics Inc.†		143,673
	213,900	Strategic Diagnostics Inc.†		295,182
	95,000	Syneron Medical Ltd.†		992,750
	2,000	Targanta Therapeutics Corp., Escrow† (a)		1,280
	1,000	ThermoGenesis Corp.†		571
	79,400	United-Guardian Inc.		911,512
	30,600	Vascular Solutions Inc.†		256,734
	19,000	Young Innovations Inc.		470,820

				19,012,222

		Hotels and Gaming — 1.4%
	400	Churchill Downs Inc.		14,940
	256,000	Dover Downs Gaming & Entertainment Inc.		967,680
	2,000	Florida Gaming Corp.†		9,000
	15,000	Full House Resorts Inc.†		52,200
	4,000	Gaylord Entertainment Co.†		79,000
	46,000	Morgans Hotel Group Co.†		208,380
	8,500	Multimedia Games Inc.†		51,085
	21,500	Pinnacle Entertainment Inc.†		193,070
	140,600	Sonesta International Hotels Corp., Cl. A		1,479,112
	24,000	The Marcus Corp.		307,680

				3,362,147

		Machinery — 1.0%
	170,000	Flow International Corp.†		523,600
	23,000	Key Technology Inc.†		268,180
	6,000	Lindsay Corp.		239,100
	25,000	Tennant Co.		654,750
	15,000	The Middleby Corp.†		735,300

				2,420,930

See accompanying notes to schedule of investments.

GAMCO Westwood Mighty Mitessm Fund
Schedule of Investments (Continued) — December 31, 2009 (Unaudited)


			Market
Shares			Value
		COMMON STOCKS (Continued)

		Manufactured Housing and Recreational Vehicles — 1.0%
	12,000	Cavco Industries Inc.†	$	431,040
	1,170,300	Coachmen Industries Inc.†		1,345,845
	21,600	Nobility Homes Inc.†		225,720
	8,000	Palm Harbor Homes Inc.†		16,560
	14,300	Skyline Corp.		263,120
	7,000	Winnebago Industries Inc.†		85,400

				2,367,685

		Metals and Mining — 0.3%
	116,600	5N Plus Inc.†		663,355
	20,000	Canplats Resources Corp.†		98,102
	2,000	Uranium Resources Inc.†		1,540

				762,997

		Paper and Forest Products — 0.1%
	900	Keweenaw Land Association Ltd.		155,700

		Publishing — 2.9%
	165,000	Belo Corp., Cl. A		897,600
	68,803	Cambium Learning Group Inc.†		269,708
	23,800	Il Sole 24 Ore		65,473
	1,020,000	Journal Communications Inc., Cl. A		3,967,800
	200,000	PRIMEDIA Inc.		722,000
	120,000	The E.W. Scripps Co., Cl. A†		835,200

				6,757,781

		Real Estate — 0.9%
	8,700	Bresler & Reiner Inc.†		16,965
	7,000	Capital Properties Inc., Cl. A		64,750
	6,000	Capital Properties Inc., Cl. B (a)(b)		55,500
	28,000	Cohen & Steers Inc.		639,520
	21,000	Griffin Land & Nurseries Inc.		611,730
	4,700	Gyrodyne Co. of America Inc.†		188,024
	2,600	Holobeam Inc.†		39,715
	64,500	Reading International Inc., Cl. A†		261,225
	25,700	Reading International Inc., Cl. B†		154,200
	2,508	Royalty LLC† (a)(b)		996

				2,032,625

		Restaurants — 2.5%
	106,277	Nathan’s Famous Inc.†		1,621,787
	12,579	The Steak n Shake Co.†		4,077,154
	17,000	Western Sizzlin Corp.†		152,150

				5,851,091

		Retail — 1.7%
	120,000	Coldwater Creek Inc.†		535,200
	496,900	CoolBrands International Inc.†		579,641
	84,000	Ingles Markets Inc., Cl. A		1,270,920
	7,800	Movado Group Inc.		75,816
	20,000	Rush Enterprises Inc., Cl. A†		237,800
	35,000	Rush Enterprises Inc., Cl. B†		367,500
	7,000	The Bon-Ton Stores Inc.		68,670
	60,300	The Great Atlantic & Pacific Tea Co. Inc.†		710,937
	5,000	Village Super Market Inc., Cl. A		136,600

				3,983,084

		Semiconductors — 0.1%
	14,800	Amtech Systems Inc.†		163,096

		Specialty Chemicals — 4.1%
	557,500	Ferro Corp.		4,593,800
	267,226	General Chemical Group Inc.†		4,676
	47,000	Hawkins Inc.		1,026,010
	16,000	ICO Inc.		116,960
	1,000	KMG Chemicals Inc.		14,950
	240,000	Omnova Solutions Inc.†		1,471,200
	130,000	Zep Inc.		2,251,600

				9,479,196

		Telecommunications — 1.9%
	387,500	Adaptec Inc.†		1,298,125
	1,000	Ambient Corp.†		149
	18,000	Applied Signal Technology Inc.		347,220
	12,000	Atlantic Tele-Network Inc.		660,120
	175	Consolidated Communications Holdings Inc.		3,063
	2,000	Electronic Systems Technology Inc.†		940
	55,000	HickoryTech Corp.		485,650
	80	Horizon Telecom Inc., Cl. A		6,080
	350	Horizon Telecom Inc., Cl. B†		27,125
	55,100	New Ulm Telecom Inc.		301,673
	10,000	PNV Inc.†		20
	7,788	Preformed Line Products Co.		341,114
	18,000	Shenandoah Telecommunications Co.		366,300
	100	Virgin Media Inc.		1,683
	53,875	Windstream Corp.		592,086

				4,431,348

		Transportation — 0.4%
	8,200	PHI Inc.†		169,330
	8,000	Pinnacle Airlines Corp.†		55,040
	64,000	Providence and Worcester Railroad Co.		688,000
	400	Trailer Bridge Inc.†		1,900

				914,270

		TOTAL COMMON STOCKS		169,651,585

		PREFERRED STOCKS — 0.2%
		Automotive: Parts and Accessories — 0.2%
	20,000	Jungheinrich AG Pfd.		384,191

		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Business Services — 0.0%
	150	Interep National Radio Sales Inc., 4.000% Cv. Pfd., Ser. A† (a)(b)(c)		0

		Food and Beverage — 0.0%
	2,000	Seneca Foods Corp., Zero Coupon Cv. Pfd., Ser. 2003 † (a)		47,740

		TOTAL CONVERTIBLE PREFERRED STOCKS		47,740

		WARRANTS — 0.0%
		Broadcasting — 0.0%
	63	Granite Broadcasting Corp., Ser. A, expire 06/04/12† (a)		0
	63	Granite Broadcasting Corp., Ser. B, expire 06/04/12† (a)		0

				0

		Business Services — 0.0%
	1,666	Avalon Digital Marketing Systems Inc., expire 11/11/11† (a)(b)		0

		TOTAL WARRANTS		0

See accompanying notes to schedule of investments.

GAMCO Westwood Mighty Mitessm Fund
Schedule of Investments (Continued) — December 31, 2009 (Unaudited)


Principal			Market
Amount			Value
		U.S. GOVERNMENT OBLIGATIONS — 26.9%


		U.S. Treasury Bills — 24.4%
$	56,871,000	U.S. Treasury Bills, 0.041% to 0.279%††, 01/28/10 to 06/24/10	$	56,852,500


		U.S. Treasury Cash Management Bills — 2.5%
	5,700,000	U.S. Treasury Cash Management Bills, 0.101% to 0.162%††, 04/01/10 to 06/10/10		5,697,860


		TOTAL U.S. GOVERNMENT OBLIGATIONS		62,550,360


		TOTAL INVESTMENTS — 100.0% (Cost $196,352,347)	$	232,633,876

		Aggregate book cost	$	196,352,347

		Gross unrealized appreciation	$	46,340,374
		Gross unrealized depreciation		(10,058,845	)

		Net unrealized appreciation/depreciation	$	36,281,529


(a)		Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At December 31, 2009, the market value of fair valued securities amounted to $204,678 or 0.09% of total investments.

(b)		At December 31, 2009, the Fund held investments in restricted and illiquid securities amounting to $56,496 or 0.02% of total investments, which were valued under methods approved by the Board of Trustees as follows:

(c)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2009, the market value of the Rule 144A security amounted to $0 or 0.00% of total investments.

†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt

CVO		Contingent Value Obligation

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS — 98.9%

		Aerospace — 1.9%
	2,400	AAR Corp.†	$	55,152
	700	Esterline Technologies Corp.†		28,539
	1,800	Herley Industries Inc.†		25,002
	3,500	Hexcel Corp.†		45,430
	4,600	Kaman Corp.		106,214

				260,337

		Automotive — 0.6%
	700	AutoNation Inc.†		13,405
	400	Navistar International Corp.†		15,460
	1,500	Penske Automotive Group Inc.†		22,770
	2,100	Rush Enterprises Inc., Cl. A†		24,969

				76,604

		Automotive: Parts and Accessories — 0.9%
	1,900	Federal-Mogul Corp.†		32,870
	4,300	Midas Inc.†		36,335
	400	Monro Muffler Brake Inc.		13,376
	1,600	Superior Industries International Inc.		24,480
	1,300	The Pep Boys — Manny, Moe & Jack		10,998

				118,059

		Aviation: Parts and Services — 0.4%
	1,300	Astronics Corp.†		11,115
	2,100	Ducommun Inc.		39,291

				50,406

		Building and Construction — 0.7%
	2,600	Chicago Bridge & Iron Co., NV†		52,572
	1,400	Insituform Technologies Inc., Cl. A†		31,808
	500	KBR Inc.		9,500

				93,880

		Business Services — 3.5%
	600	Alliance Data Systems Corp.†		38,754
	1,050	Ascent Media Corp., Cl. A†		26,807
	8,854	Bowne & Co. Inc.		59,145
	3,200	Convergys Corp.†		34,400
	7,043	Edgewater Technology Inc.†		21,129
	4,381	Federal Signal Corp.		26,374
	6,600	GP Strategies Corp.†		49,698
	2,000	Healthcare Services Group Inc.		42,920
	1,200	Kforce Inc.†		15,000
	3,000	MDC Partners Inc., Cl. A†		25,020
	3,500	Mine Safety Appliances Co.		92,855
	1,500	RSC Holdings Inc.†		10,560
	1,000	Tetra Tech Inc.†		27,170

				469,832

		Communications Equipment — 1.2%
	1,300	CommScope Inc.†		34,489
	3,300	Plantronics Inc.		85,734
	7,900	Symmetricom Inc.†		41,080

				161,303

		Computer Hardware — 0.9%
	818	Electronics for Imaging Inc.†		10,642
	6,100	QLogic Corp.†		115,107

				125,749

		Computer Software and Services — 8.7%
	4,800	Akamai Technologies Inc.†		121,584
	2,000	AOL Inc.†		46,560
	2,500	Avid Technology Inc.†		31,900
	2,500	Cadence Design Systems Inc.†		14,975
	2,700	CDC Software Corp., ADR†		26,082
	4,200	Cray Inc.†		26,964
	1,600	Evolving Systems Inc.†		10,000
	3,300	Fair Isaac Corp.		70,323
	6,500	Lawson Software Inc.†		43,225
	29,600	Magma Design Automation Inc.†		68,376
	4,900	Mercury Computer Systems Inc.†		53,949
	6,000	NCR Corp.†		66,780
	4,500	Omnicell Inc.†		52,605
	7,700	Parametric Technology Corp.†		125,818
	2,200	PC-Tel Inc.†		13,024
	17,300	Phoenix Technologies Ltd.†		47,575
	2,500	PLATO Learning Inc.†		10,900
	2,600	Progress Software Corp.†		75,946
	8,600	Saba Software Inc.†		35,604
	3,000	Safeguard Scientifics Inc.†		30,930
	2,200	Schawk Inc.		29,920
	1,000	STEC Inc.†		16,340
	500	Sykes Enterprises Inc.†		12,735
	1,900	Teradata Corp.†		59,717
	6,900	THQ Inc.†		34,776
	5,500	Tier Technologies Inc., Cl. B†		44,000

				1,170,608

		Consumer Products — 1.8%
	3,000	Callaway Golf Co.		22,620
	900	Jarden Corp.		27,819
	2,600	Kid Brands Inc.†		11,388
	4,400	Knoll Inc.		45,452
	2,000	Pactiv Corp.†		48,280
	300	The Warnaco Group Inc.†		12,657
	6,900	The Wet Seal Inc., Cl. A†		23,805
	1,000	Tupperware Brands Corp.		46,570

				238,591

		Consumer Services — 0.3%
	2,800	1-800-FLOWERS.COM Inc., Cl. A†		7,420
	2,800	TiVo Inc.†		28,504

				35,924

		Diversified Industrial — 3.9%
	2,500	A.M. Castle & Co.		34,225
	2,200	Barnes Group Inc.		37,180
	1,700	Brush Engineered Materials Inc.†		31,518
	1,860	Columbus McKinnon Corp.†		25,408
	4,788	Griffon Corp.†		58,509
	700	Kaydon Corp.		25,032
	700	Lawson Products Inc.		12,355
	4,800	Littelfuse Inc.†		154,320
	3,100	Sealed Air Corp.		67,766
	600	Terex Corp.†		11,886
	700	Texas Industries Inc.		24,493
	2,600	Tredegar Corp.		41,132

				523,824

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS (Continued)

		Educational Services — 0.4%
	1,200	Corinthian Colleges Inc.†	$	16,524
	7,700	Princeton Review Inc.†		31,262

				47,786

		Electronics — 16.1%
	800	Analogic Corp.		30,808
	3,600	Avnet Inc.†		108,576
	3,150	BTU International Inc.†		20,003
	2,100	Coherent Inc.†		62,433
	4,850	CTS Corp.		46,657
	5,600	Electro Scientific Industries Inc.†		60,592
	1,400	FARO Technologies Inc.†		30,016
	700	General Cable Corp.†		20,594
	10,300	International Rectifier Corp.†		227,836
	8,300	Keithley Instruments Inc.		38,595
	23,100	LeCroy Corp.†		84,315
	1,800	MKS Instruments Inc.†		31,338
	7,800	Molex Inc.		168,090
	11,550	Newport Corp.†		106,144
	2,200	OSI Systems Inc.†		60,016
	4,100	Park Electrochemical Corp.		113,324
	6,600	Pericom Semiconductor Corp.†		76,098
	7,400	Radisys Corp.†		70,670
	5,000	Trident Microsystems Inc.†		9,300
	10,100	TTM Technologies Inc.†		116,453
	3,300	Ultralife Corp.†		14,256
	3,600	Varian Semiconductor Equipment Associates Inc.†		129,168
	27,900	Vishay Intertechnology Inc.†		232,965
	500	Woodward Governor Co.		12,885
	6,800	Zebra Technologies Corp., Cl. A†		192,848
	8,800	Zoran Corp.†		97,240

				2,161,220

		Energy and Utilities — 7.4%
	2,000	BJ Services Co.		37,200
	10,100	Brigham Exploration Co.†		136,855
	1,000	Flint Energy Services Ltd.†		9,227
	2,600	Goodrich Petroleum Corp.†		63,310
	800	Helix Energy Solutions Group Inc.†		9,400
	7,500	Matrix Service Co.†		79,875
	5,000	Petrohawk Energy Corp.†		119,950
	5,200	Pike Electric Corp.†		48,256
	4,400	Pride International Inc.†		140,404
	1,000	Rosetta Resources Inc.†		19,930
	4,400	Rowan Companies Inc.†		99,616
	293	Seahawk Drilling Inc.†		6,604
	8,300	Southwest Water Co.		48,887
	3,900	Superior Energy Services Inc.†		94,731
	4,300	Tesco Corp.†		55,513
	500	Unit Corp.†		21,250

				991,008

		Entertainment — 1.0%
	2,000	Discovery Communications Inc., Cl. A†		61,340
	400	International Speedway Corp., Cl. A		11,380
	6,350	Take-Two Interactive Software Inc.†		63,817

				136,537

		Equipment and Supplies — 5.2%
	900	Advanced Energy Industries Inc.†		13,572
	1,200	AZZ Inc.†		39,240
	3,250	Cohu Inc.		45,338
	1,000	Crown Holdings Inc.†		25,580
	14,000	Gerber Scientific Inc.†		70,700
	2,400	GrafTech International Ltd.†		37,320
	4,000	IDEX Corp.		124,600
	800	John Bean Technologies Corp.		13,608
	1,850	Robbins & Myers Inc.		43,512
	200	Teleflex Inc.		10,778
	2,300	Tennant Co.		60,237
	6,500	The Manitowoc Co. Inc.		64,805
	2,200	The Toro Co.		91,982
	2,200	Titan Machinery Inc.†		25,388
	1,750	Vicor Corp.†		16,275
	200	Watsco Inc.		9,796

				692,731

		Financial Services — 13.5%
	1,000	Berkshire Hills Bancorp Inc.		20,680
	1,600	Brookline Bancorp Inc.		15,856
	1,100	Brown & Brown Inc.		19,767
	3,700	Cardinal Financial Corp.		32,338
	2,300	Climate Exchange plc†		23,627
	3,300	Columbia Banking System Inc.		53,394
	10,000	Cowen Group Inc., Cl. A†		59,200
	1,750	Danvers Bancorp Inc.		22,732
	1,100	Eastern Virginia Bankshares Inc.		7,810
	1,900	Epoch Holding Corp.		19,855
	6,850	FBR Capital Markets Corp.†		42,333
	25,000	First Niagara Financial Group Inc.		347,750
	600	Hancock Holding Co.		26,274
	5,000	HF Financial Corp.		47,000
	2,750	Hudson Valley Holding Corp.		67,815
	700	IBERIABANK Corp.		37,667
	2,500	Investors Bancorp Inc.†		27,350
	1,300	KBW Inc.†		35,568
	2,000	Knight Capital Group Inc., Cl. A†		30,800
	3,900	Meadowbrook Insurance Group Inc.		28,860
	17,600	Nara Bancorp Inc.†		199,584
	6,000	National Penn Bancshares Inc.		34,740
	3,950	NewAlliance Bancshares Inc.		47,439
	2,000	Old National Bancorp		24,860
	4,100	Sterling Bancorp		29,274
	2,900	SVB Financial Group†		120,901
	1,300	The NASDAQ OMX Group Inc.†		25,766
	6,200	Umpqua Holdings Corp.		83,142
	5,000	Valley National Bancorp		70,650
	1,300	Waddell & Reed Financial Inc., Cl. A		39,702
	1,000	Washington Banking Co.		11,940
	3,900	Washington Trust Bancorp Inc.		60,762
	4,300	Webster Financial Corp.		51,041
	3,750	Westfield Financial Inc.		30,937
	400	WSFS Financial Corp.		10,252

				1,807,666

		Food and Beverage — 0.6%
	3,600	Smart Balance Inc.†		21,600
	2,800	The Cheesecake Factory Inc.†		60,452

				82,052

		Health Care — 4.7%
	4,700	AngioDynamics Inc.†		75,576
	1,000	Assisted Living Concepts Inc., Cl. A†		26,370
	16,700	Clarient Inc.†		44,255
	3,600	Continucare Corp.†		15,732
	200	Covance Inc.†		10,914

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS (Continued)

		Health Care (Continued)
	1,200	Cynosure Inc., Cl. A†	$	13,788
	5,600	Home Diagnostics Inc.†		34,160
	2,700	Kindred Healthcare Inc.†		49,842
	800	Natus Medical Inc.†		11,832
	300	NBTY Inc.†		13,062
	2,800	Omnicare Inc.		67,704
	1,700	Perrigo Co.		67,728
	1,500	PharMerica Corp.†		23,820
	500	PSS World Medical Inc.†		11,285
	2,175	Rochester Medical Corp.†		24,208
	2,000	SonoSite Inc.†		47,260
	500	STERIS Corp.		13,985
	2,400	Sun Healthcare Group Inc.†		22,008
	1,100	Syneron Medical Ltd.†		11,495
	1,600	Zoll Medical Corp.†		42,752

				627,776

		Home Furnishings — 0.1%
	1,300	Ethan Allen Interiors Inc.		17,446

		Machinery — 2.6%
	1,700	Bucyrus International Inc.		95,829
	1,150	Dynamic Materials Corp.		23,057
	19,400	Flow International Corp.†		59,752
	1,800	Gardner Denver Inc.		76,590
	4,000	Lydall Inc.†		20,840
	4,400	Trinity Industries Inc.		76,736

				352,804

		Metals and Mining — 0.6%
	2,700	5N Plus Inc.†		15,361
	950	Franco-Nevada Corp.		25,525
	2,800	Red Back Mining Inc.†		40,159

				81,045

		Publishing — 1.2%
	10,800	Belo Corp., Cl. A		58,752
	3,900	Journal Communications Inc., Cl. A		15,171
	1,900	Meredith Corp.		58,615
	900	Scholastic Corp.		26,847

				159,385

		Real Estate — 0.1%
	1,200	Kennedy-Wilson Holdings Inc.†		10,740

		Restaurants — 0.2%
	5,700	Denny’s Corp.†		12,483
	5,200	Morton’s Restaurant Group Inc.†		15,132

				27,615

		Retail — 3.7%
	3,900	American Eagle Outfitters Inc.		66,222
	3,700	AnnTaylor Stores Corp.†		50,468
	2,700	HSN Inc.†		54,513
	1,700	J. Crew Group Inc.†		76,058
	7,300	Saks Inc.†		47,888
	1,100	Stage Stores Inc.		13,596
	6,300	Ticketmaster Entertainment Inc.†		76,986
	1,600	Tiffany & Co.		68,800
	1,900	Williams-Sonoma Inc.		39,482

				494,013

		Semiconductors — 12.2%
	15,000	Advanced Analogic Technologies Inc.†		59,100
	5,100	ATMI Inc.†		94,962
	13,000	Brooks Automation Inc.†		111,540
	8,900	Cascade Microtech Inc.†		40,050
	36,000	Entegris Inc.†		190,080
	4,300	Entropic Communications Inc.†		13,201
	4,300	FormFactor Inc.†		93,568
	21,400	FSI International Inc.†		62,916
	18,500	Integrated Device Technology Inc.†		119,695
	3,600	IXYS Corp.†		26,712
	9,000	Kulicke & Soffa Industries Inc.†		48,510
	6,600	Microsemi Corp.†		117,150
	5,900	MoSys Inc.†		23,128
	10,600	ON Semiconductor Corp.†		93,386
	6,950	PLX Technology Inc.†		22,449
	2,300	Rovi Corp.†		73,301
	7,600	Silicon Image Inc.†		19,608
	950	Silicon Laboratories Inc.†		45,923
	12,300	Silicon Motion Technology Corp., ADR†		41,943
	22,200	Ultra Clean Holdings Inc.†		155,178
	1,550	Ultratech Inc.†		23,033
	3,000	Veeco Instruments Inc.†		99,120
	4,400	Verigy Ltd.†		56,628

				1,631,181

		Specialty Chemicals — 3.3%
	2,800	American Vanguard Corp.		23,240
	2,700	Arch Chemicals Inc.		83,376
	5,569	Ferro Corp.		45,889
	4,400	H.B. Fuller Co.		100,100
	2,700	Olin Corp.		47,304
	6,300	Penford Corp.		54,747
	2,200	Valspar Corp.		59,708
	1,650	Zep Inc.		28,578

				442,942

		Telecommunications — 0.8%
	10,400	Harmonic Inc.†		65,832
	1,200	Polycom Inc.†		29,964
	5,800	UTStarcom Inc.†		12,702

				108,498

		Transportation — 0.4%
	1,600	Atlas Air Worldwide Holdings Inc.†		59,600

		TOTAL COMMON STOCKS		13,257,162


Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.1%
$	145,000	U.S. Treasury Bill, 0.132%††, 05/13/10		144,939


		TOTAL INVESTMENTS — 100.0% (Cost $11,782,254)	$	13,402,101

		Aggregate book cost	$	11,782,254

		Gross unrealized appreciation	$	2,437,291
		Gross unrealized depreciation		(817,444	)

		Net unrealized appreciation/depreciation	$	1,619,847


†		Non-income producing security.

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS — 78.0%

		Agriculture — 0.6%
	1,000	Archer-Daniels-Midland Co.	$	31,310

		Banking — 3.3%
	5,000	U.S. Bancorp		112,550
	4,357	Valley National Bancorp		61,564

				174,114

		Computer Hardware — 3.2%
	800	Apple Inc.†		168,688

		Computer Software and Services — 0.7%
	2,000	EMC Corp.†		34,940

		Diversified Industrial — 3.2%
	6,000	General Electric Co.		90,780
	2,000	Honeywell International Inc.		78,400

				169,180

		Electronics — 3.1%
	8,000	Intel Corp.		163,200

		Energy and Utilities: Integrated — 0.9%
	2,000	Allegheny Energy Inc.		46,960

		Energy and Utilities: Natural Gas — 3.3%
	8,500	Spectra Energy Corp.		174,335

		Energy and Utilities: Oil — 7.6%
	1,000	BP plc, ADR		57,970
	1,500	Chevron Corp.		115,485
	3,000	ConocoPhillips		153,210
	1,000	Devon Energy Corp.		73,500

				400,165

		Energy and Utilities: Services — 6.2%
	5,000	Halliburton Co.		150,450
	3,000	National Oilwell Varco Inc.		132,270
	1,000	Noble Corp.		40,700

				323,420

		Energy and Utilities: Water — 2.8%
	6,500	American Water Works Co. Inc.		145,665

		Financial Services — 10.6%
	506	Alleghany Corp.†		139,656
	8,000	Discover Financial Services		117,680
	1,500	State Street Corp.		65,310
	2,500	The Bank of New York Mellon Corp.		69,925
	6,000	Wells Fargo & Co.		161,940

				554,511

		Food and Beverage — 14.8%
	7,000	ConAgra Foods Inc.		161,350
	3,761	General Mills Inc.		266,317
	7,000	Kraft Foods Inc., Cl. A		190,260
	2,000	PepsiCo Inc.		121,600
	1,000	The Hershey Co.		35,790

				775,317

		Health Care — 5.8%
	1,383	Bristol-Myers Squibb Co.		34,924
	1,500	Johnson & Johnson		96,615
	1,021	Mead Johnson Nutrition Co. Cl. A		44,606
	6,940	Pfizer Inc.		126,239

				302,384

		Retail — 1.7%
	3,000	The Home Depot Inc.		86,790

		Specialty Chemicals — 3.2%
	5,000	E. I. du Pont de Nemours and Co.		168,350

		Telecommunications — 7.0%
	6,000	AT&T Inc.		168,180
	6,000	Verizon Communications Inc.		198,780

				366,960

		TOTAL COMMON STOCKS		4,086,289

		PREFERRED STOCKS — 11.2%
		Broadcasting — 2.6%
	6,000	CBS Corp., 7.250% Pfd.		136,200

		Financial Services — 8.6%
	12,000	Bank One Capital Trust VI, 7.200% Pfd.		301,560
	5,900	Wells Fargo Capital Trust IV, 7.000% Pfd.		148,503

				450,063

		TOTAL PREFERRED STOCKS		586,263


Principal
Amount
		CORPORATE BONDS — 4.7%

		Financial Services — 4.7%
$	250,000	American Express Credit Corp., MTN, 0.393%, 06/16/11 (a)		246,723


		U.S. GOVERNMENT OBLIGATIONS — 6.1%
	320,000	U.S. Treasury Bill, 0.122%††, 05/13/10		319,866


		TOTAL INVESTMENTS — 100.0% (Cost $5,639,641)	$	5,239,141

		Aggregate book cost	$	5,639,641

		Gross unrealized appreciation	$	282,644
		Gross unrealized depreciation		(683,144	)

		Net unrealized appreciation/depreciation	$	(400,500	)


(a)		Floating rate security. The rate disclosed is that in effect at December 31, 2009.

†		Non-income producing security.

††		Represents annualized yield at date of purchase.

ADR		American Depositary Receipt

MTN		Medium Term Note

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS — 100.0%

		Aerospace — 1.0%
	27,200	Raytheon Co.	$	1,401,344

		Automotive — 1.2%
	36,800	Cummins Inc.		1,687,648

		Aviation: Parts and Services — 1.3%
	25,800	United Technologies Corp.		1,790,778

		Banking — 7.7%
	182,400	Bank of America Corp.		2,746,944
	101,584	JPMorgan Chase & Co.		4,233,005
	130,300	Wells Fargo & Co.		3,516,797

				10,496,746

		Business Services — 2.3%
	20,300	FedEx Corp.		1,694,035
	5,800	MasterCard Inc., Cl. A		1,484,684

				3,178,719

		Cable and Satellite — 4.0%
	158,900	Comcast Corp., Cl. A		2,679,054
	83,800	DIRECTV, Cl. A†		2,794,730

				5,473,784

		Communications Equipment — 5.1%
	144,200	Cisco Systems Inc.†		3,452,148
	180,900	Corning Inc.		3,493,179

				6,945,327

		Computer Hardware — 1.3%
	13,800	International Business Machines Corp.		1,806,420

		Computer Software and Services — 6.4%
	76,400	CA Inc.		1,715,944
	71,700	eBay Inc.†		1,687,818
	100,300	EMC Corp.†		1,752,241
	59,900	Microsoft Corp.		1,826,351
	72,500	Oracle Corp.		1,779,150

				8,761,504

		Consumer Products — 4.1%
	42,700	NIKE Inc., Cl. B		2,821,189
	56,880	Philip Morris International Inc.		2,741,047

				5,562,236

		Diversified Industrial — 5.7%
	175,700	General Electric Co.		2,658,341
	87,500	Honeywell International Inc.		3,430,000
	33,800	ITT Corp.		1,681,212

				7,769,553

		Electronics — 1.3%
	89,600	Intel Corp.		1,827,840

		Energy: Integrated — 3.8%
	46,700	Dominion Resources Inc.		1,817,564
	31,600	FPL Group Inc.		1,669,112
	38,800	PG&E Corp.		1,732,420

				5,219,096

		Energy: Natural Gas — 2.6%
	33,706	Apache Corp.		3,477,448

		Energy: Oil — 13.7%
	55,700	Anadarko Petroleum Corp.		3,476,794
	54,000	Chevron Corp.		4,157,460
	34,400	ConocoPhillips		1,756,808
	24,000	Devon Energy Corp.		1,764,000
	60,000	Exxon Mobil Corp.		4,091,400
	43,010	Occidental Petroleum Corp.		3,498,864

				18,745,326

		Entertainment — 1.3%
	54,100	The Walt Disney Co.		1,744,725

		Financial Services — 11.1%
	70,400	ACE Ltd.		3,548,160
	45,200	Ameriprise Financial Inc.		1,754,664
	6,200	BlackRock Inc.		1,439,640
	16,400	Franklin Resources Inc.		1,727,740
	94,100	MetLife Inc.		3,326,435
	67,100	The Travelers Companies Inc.		3,345,606

				15,142,245

		Food and Beverage — 1.3%
	63,100	Sysco Corp.		1,763,014

		Health Care — 9.9%
	23,000	Becton, Dickinson and Co.		1,813,780
	67,500	Bristol-Myers Squibb Co.		1,704,375
	37,600	Covidien plc		1,800,664
	42,800	Johnson & Johnson		2,756,748
	46,000	Merck & Co. Inc.		1,680,840
	206,200	Pfizer Inc.		3,750,778

				13,507,185

		Machinery — 2.5%
	63,100	Deere & Co.		3,413,079

		Metals and Mining — 1.4%
	39,300	Nucor Corp.		1,833,345

		Mutual Funds — 0.1%
	174,436	Dreyfus Treasury Cash Management Fund		174,436

		Retail — 3.2%
	53,200	CVS Caremark Corp.		1,713,572
	128,000	The Gap Inc.		2,681,600

				4,395,172

		Specialty Chemicals — 3.3%
	82,100	E. I. du Pont de Nemours and Co.		2,764,307
	21,300	Praxair Inc.		1,710,603

				4,474,910

		Telecommunications — 3.1%
	148,000	AT&T Inc.		4,148,440

		Transportation — 1.3%
	27,300	Union Pacific Corp.		1,744,470

		TOTAL COMMON STOCKS		136,484,790

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS — 63.5%

		Aerospace — 0.7%
	17,100	Raytheon Co.	$	880,992

		Automotive — 0.8%
	23,000	Cummins Inc.		1,054,780

		Aviation: Parts and Services — 0.8%
	14,800	United Technologies Corp.		1,027,268

		Banking — 4.5%
	104,200	Bank of America Corp.		1,569,252
	56,196	JPMorgan Chase & Co.		2,341,687
	78,100	Wells Fargo & Co.		2,107,919

				6,018,858

		Business Services — 1.4%
	13,000	FedEx Corp.		1,084,850
	3,300	MasterCard Inc., Cl. A		844,734

				1,929,584

		Cable and Satellite — 2.6%
	104,500	Comcast Corp., Cl. A		1,761,870
	51,200	DIRECTV, Cl. A†		1,707,520

				3,469,390

		Communications Equipment — 3.1%
	82,700	Cisco Systems Inc.†		1,979,838
	111,600	Corning Inc.		2,154,996

				4,134,834

		Computer Hardware — 0.8%
	8,300	International Business Machines Corp.		1,086,470

		Computer Software and Services — 3.9%
	46,500	CA Inc.		1,044,390
	43,500	eBay Inc.†		1,023,990
	56,100	EMC Corp.†		980,067
	33,200	Microsoft Corp.		1,012,268
	46,580	Oracle Corp.		1,143,073

				5,203,788

		Consumer Products — 2.3%
	24,500	NIKE Inc., Cl. B		1,618,715
	30,920	Philip Morris International Inc.		1,490,035

				3,108,750

		Diversified Industrial — 3.3%
	99,200	General Electric Co.		1,500,896
	50,000	Honeywell International Inc.		1,960,000
	19,290	ITT Corp.		959,485

				4,420,381

		Electronics — 0.8%
	51,500	Intel Corp.		1,050,600

		Energy: Integrated — 1.5%
	26,300	Dominion Resources Inc.		1,023,596
	19,200	FPL Group Inc.		1,014,144

				2,037,740

		Energy: Natural Gas — 1.6%
	21,555	Apache Corp.		2,223,829

		Energy: Oil — 8.4%
	31,300	Anadarko Petroleum Corp.		1,953,746
	34,300	Chevron Corp.		2,640,757
	22,000	ConocoPhillips		1,123,540
	14,700	Devon Energy Corp.		1,080,450
	34,100	Exxon Mobil Corp.		2,325,279
	28,200	Occidental Petroleum Corp.		2,294,070

				11,417,842

		Entertainment — 0.8%
	34,600	The Walt Disney Co.		1,115,850

		Financial Services — 6.5%
	39,900	ACE Ltd.		2,010,960
	27,900	Ameriprise Financial Inc.		1,083,078
	3,400	BlackRock Inc.		789,480
	9,200	Franklin Resources Inc.		969,220
	53,600	MetLife Inc.		1,894,760
	42,100	The Travelers Companies Inc.		2,099,106

				8,846,604

		Food and Beverage — 0.8%
	39,500	Sysco Corp.		1,103,630

		Health Care — 6.3%
	13,900	Becton, Dickinson and Co.		1,096,154
	44,300	Bristol-Myers Squibb Co.		1,118,575
	23,800	Covidien plc		1,139,782
	26,300	Johnson & Johnson		1,693,983
	34,700	Merck & Co. Inc.		1,267,938
	118,700	Pfizer Inc.		2,159,153

				8,475,585

		Machinery — 1.5%
	37,800	Deere & Co.		2,044,602

		Metals and Mining — 0.9%
	24,800	Nucor Corp.		1,156,920

		Mutual Funds — 2.8%
	3,837,800	Dreyfus Treasury Cash Management Fund		3,837,800

		Retail — 1.9%
	32,100	CVS Caremark Corp.		1,033,941
	72,500	The Gap Inc.		1,518,875

				2,552,816

		Specialty Chemicals — 2.0%
	49,800	E. I. du Pont de Nemours and Co.		1,676,766
	12,600	Praxair Inc.		1,011,906

				2,688,672

		Telecommunications — 1.9%
	90,600	AT&T Inc.		2,539,518

		Transportation — 0.8%
	16,700	Union Pacific Corp.		1,067,130

		Utilities — 0.8%
	24,500	PG&E Corp.		1,093,925

		TOTAL COMMON STOCKS		85,588,158

See accompanying notes to schedule of investments.

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


Principal			Market
Amount			Value
		CORPORATE BONDS — 11.1%

		Banking — 2.5%
$	1,250,000	Bank of America Corp., 5.375%, 06/15/14	$	1,295,938
	1,125,000	Citigroup Inc., 5.500%, 10/15/14		1,140,283
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		826,527

				3,262,748

		Computer Software and Services — 0.6%
	750,000	Oracle Corp., 4.950%, 04/15/13		805,406

		Diversified Industrial — 0.9%
	1,200,000	General Electric Co., 5.000%, 02/01/13		1,270,457

		Electronics — 0.6%
	750,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13		790,224

		Energy: Integrated — 0.4%
	500,000	The Southern Co., 4.150%, 05/15/14		514,686

		Energy: Natural Gas — 0.8%
	1,000,000	Apache Corp., 5.250%, 04/15/13		1,072,490

		Energy: Oil — 1.6%
	1,000,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		1,083,197
	500,000	Marathon Oil Corp., 5.900%, 03/15/18		527,524
	500,000	XTO Energy Inc., 6.500%, 12/15/18		572,339

				2,183,060

		Financial Services — 0.6%
	750,000	ACE INA Holdings Inc., 5.600%, 05/15/15		805,768

		Food and Beverage — 0.7%
	950,000	Anheuser-Busch Companies, Inc., 4.375%, 01/15/13		972,740

		Metals and Mining — 0.6%
	750,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		823,406

		Telecommunications — 0.4%
	500,000	AT&T Corp., 6.700%, 11/15/13		564,609

		Transportation — 0.8%
	1,000,000	Burlington Northern Santa Fe Corp., Deb., 5.650%, 05/01/17		1,065,980

		Wireless Communications — 0.6%
	750,000	Vodafone Group plc, 4.150%, 06/10/14		772,366

		TOTAL CORPORATE BONDS		14,903,940

		U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.7%

		Federal Home Loan Mortgage Corp. — 5.6%
	1,500,000	4.750%, 12/08/10		1,558,252
	1,500,000	2.125%, 03/23/12		1,523,813
	1,250,000	5.125%, 07/15/12		1,358,765
	1,500,000	5.250%, 04/18/16		1,652,280
	1,500,000	3.750%, 03/27/19		1,473,472

				7,566,582

		Federal National Mortgage Association — 7.1%
	1,250,000	2.500%, 04/09/10		1,257,862
	1,500,000	4.250%, 08/15/10		1,536,876
	1,250,000	3.375%, 05/19/11		1,294,471
	1,500,000	5.375%, 11/15/11		1,617,706
	1,250,000	4.375%, 09/15/12		1,339,343
	1,500,000	5.000%, 04/15/15		1,650,292
	775,000	5.375%, 06/12/17		860,620

				9,557,170

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		17,123,752

		U.S. GOVERNMENT OBLIGATIONS — 12.7%

		U.S. Treasury Bills — 0.7%
	1,000,000	U.S. Treasury Bill, 0.265%††, 03/11/10		999,936

		U.S. Treasury Inflation Indexed Notes — 6.0%
	1,500,000	0.875%, 04/15/10		1,719,629
	1,500,000	0.625%, 04/15/13		1,562,023
	900,000	1.250%, 04/15/14		951,331
	1,200,000	2.500%, 07/15/16		1,401,273
	1,500,000	1.375%, 07/15/18		1,509,215
	900,000	2.125%, 01/15/19		962,452

				8,105,923

		U.S. Treasury Notes — 6.0%
	1,000,000	2.625%, 05/31/10		1,010,196
	1,500,000	3.375%, 11/30/12		1,575,939
	1,500,000	4.000%, 02/15/15		1,594,689
	1,500,000	5.125%, 05/15/16		1,673,439
	1,000,000	3.625%, 08/15/19		983,438
	1,250,000	3.375%, 11/15/19		1,202,741

				8,040,442

		TOTAL U.S. GOVERNMENT OBLIGATIONS		17,146,301

		TOTAL INVESTMENTS — 100.0% (Cost $121,114,262)	$	134,762,151

		Aggregate book cost	$	121,114,262

		Gross unrealized appreciation	$	14,549,307
		Gross unrealized depreciation		(901,418	)

		Net unrealized appreciation/depreciation	$	13,647,889


†		Non-income producing security.

††		Represents annualized yield at date of purchase.

See accompanying notes to schedule of investments.

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


			Market
Shares			Value
		COMMON STOCKS — 6.0%

		Mutual Funds — 6.0%
	1,009,345	Dreyfus Treasury Cash Management Fund	$	1,009,345


Principal
Amount
		CORPORATE BONDS — 33.7%

		Aerospace — 1.3%
$	200,000	The Boeing Co., 6.000%, 03/15/19	217,419

		Banking — 5.7%
	300,000	Bank of America Corp., 5.375%, 06/15/14	311,025
	175,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16	179,071
	250,000	Citigroup Inc., 5.500%, 10/15/14	253,396
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19	220,407

			963,899

		Computer Hardware — 1.2%
	200,000	Hewlett-Packard Co., 2.250%, 05/27/11	202,910

		Computer Software and Services — 0.9%
	150,000	Oracle Corp., 4.950%, 04/15/13	161,081

		Consumer Products — 1.0%
	150,000	Philip Morris International Inc., 6.875%, 03/17/14	170,125

		Diversified Industrial — 1.6%
	250,000	General Electric Co., 5.000%, 02/01/13	264,679

		Electronics — 2.4%
	200,000	Arrow Electronics Inc., 6.000%, 04/01/20	198,247
	200,000	Koninklijke Philips Electronics NV, 4.625%, 03/11/13	210,726

			408,973

		Energy and Utilities: Electric Integrated — 0.9%
	150,000	The Southern Co., 4.150%, 05/15/14	154,406

		Energy and Utilities: Natural Gas — 1.3%
	200,000	Apache Corp., 5.250%, 04/15/13	214,498

		Energy and Utilities: Oil — 3.4%
	200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16	216,639
	125,000	Marathon Oil Corp., 5.900%, 03/15/18	131,881
	200,000	XTO Energy Inc., 6.500%, 12/15/18	228,935

			577,455

		Financial Services — 6.7%
	175,000	ACE INA Holdings Inc., 5.600%, 05/15/15	188,013
	300,000	Berkshire Hathaway Inc., 5.125%, 09/15/12	324,684
	260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16	332,442
	275,000	Merrill Lynch & Co. Inc., MTN, Series C, 5.000%, 01/15/15	279,991

			1,125,130

		Food and Beverage — 2.7%
	250,000	Anheuser-Busch Companies Inc., 4.375%, 01/15/13	255,984
	200,000	Dr Pepper Snapple Group Inc., 2.350%, 12/21/12	200,355

			456,339

		Metals and Mining — 1.3%
	200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14	219,575

		Telecommunications — 1.2%
	175,000	AT&T Corp., 6.700%, 11/15/13	197,613

		Transportation — 2.1%
	200,000	Burlington Northern Santa Fe Corp., Deb., 5.650%, 05/01/17	213,196
	125,000	CSX Corp., 6.250%, 04/01/15	137,836

			351,032

		TOTAL CORPORATE BONDS	5,685,134

		U.S. GOVERNMENT AGENCY OBLIGATIONS — 33.7%

		Federal Home Loan Bank — 2.7%
	175,000	3.875%, 01/15/10	174,942
	250,000	5.375%, 05/18/16	276,745

			451,687

		Federal Home Loan Mortgage Corp. — 11.0%
	400,000	2.125%, 03/23/12	406,350
	250,000	5.125%, 07/15/12	271,753
	225,000	5.000%, 07/15/14	247,437
	325,000	5.250%, 04/18/16	357,994
	200,000	5.500%, 07/18/16	223,941
	350,000	3.750%, 03/27/19	343,810

			1,851,285

		Federal National Mortgage Association — 17.0%
	300,000	2.500%, 04/09/10	301,887
	325,000	4.250%, 08/15/10	332,990
	350,000	3.375%, 05/19/11	362,452
	350,000	5.375%, 11/15/11	377,465
	250,000	4.375%, 09/15/12	267,868
	375,000	4.375%, 03/15/13	403,305
	300,000	5.000%, 04/15/15	330,059
	275,000	5.375%, 06/12/17	305,381
	87,863	Pool #745122, 5.500%, 09/01/20	93,681
	93,145	Pool #255554, 5.500%, 01/01/35	97,914

			2,873,002

See accompanying notes to schedule of investments.

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


Principal			Market
Amount			Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)

		Government National Mortgage Association — 3.0%
$	46,698	Pool #562288, 6.000%, 12/15/33	$	49,835
	92,568	Pool #604946, 5.500%, 01/15/34		97,606
	82,538	Pool #604970, 5.500%, 01/15/34		87,030
	117,616	Pool #003747, 5.000%, 08/20/35		121,437
	134,480	Pool #550728, 5.500%, 11/15/35		141,630

				497,538

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		5,673,512

		U.S. GOVERNMENT OBLIGATIONS — 26.6%

		U.S. Treasury Bills — 1.8%
	300,000	U.S. Treasury Bill, 0.265%††, 03/11/10		299,981

		U.S. Treasury Inflation Indexed Notes — 12.9%
	275,000	0.875%, 04/15/10		315,265
	325,000	0.625%, 04/15/13		338,438
	225,000	1.250%, 04/15/14		237,833
	275,000	2.500%, 07/15/16		321,125
	300,000	1.375%, 07/15/18		301,843
	275,000	2.125%, 01/15/19		294,082
	350,000	2.500%, 01/15/29		378,885

				2,187,471

		U.S. Treasury Notes — 9.0%
	300,000	2.000%, 09/30/10		303,656
	300,000	4.250%, 08/15/15		321,188
	250,000	5.125%, 05/15/16		278,907
	275,000	3.500%, 02/15/18		272,830
	350,000	3.375%, 11/15/19		336,768

				1,513,349

		U.S. Treasury Bonds — 2.9%
	250,000	7.125%, 02/15/23		320,703
	150,000	5.375%, 02/15/31		165,797

				486,500

		TOTAL U.S. GOVERNMENT OBLIGATIONS		4,487,301

		TOTAL INVESTMENTS — 100.0% (Cost $16,297,620)	$	16,855,292

		Aggregate book cost	$	16,297,620

		Gross unrealized appreciation	$	581,356
		Gross unrealized depreciation		(23,684	)

		Net unrealized appreciation/depreciation	$	557,672


††		Represents annualized yield at date of purchase.

MTN		Medium Term Note

See accompanying notes to schedule of investments.

GAMCO Westwood Funds

Notes to Schedules of Investments (Unaudited)

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

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

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

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

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

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

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

GAMCO WESTWOOD FUNDS
FAS 157
December 31, 2009


	Valuation Inputs
			Level 2 Other		Level 3
			Significant		Significant		Total Market
	Level 1		Unobservable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		12/31/09
MIGHTY MITES^SM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Business Services		—		—	$	0	$	0
Cable		—		—		0		0
Computer Software and Services	$	3,218,169		—		25,500		3,243,669
Energy and Utilities: Natural Gas		2,930,718		—		1,872		2,932,590
Entertainment		2,822,729		—		60,790		2,883,519
Equipment and Supplies		—		—		0		0
Food and Beverage		—		—		0		0
Health Care		18,999,942		—		12,280		19,012,222
Real Estate		1,976,129	$	55,500		996		2,032,625
Other Industries (a)		139,546,960		—		—		139,546,960

Total Common Stocks		169,494,647		55,500		101,438		169,651,585

Preferred Stocks (a)		384,191		—		—		384,191
Convertible Preferred Stocks:
Business Services		—		—		0		0
Food and Beverage		—		47,740		—		47,740

Total Convertible Preferred Stocks		—		47,740		0		47,740

Warrants (a)		—		0		—		0
U.S. Government Obligations		—		62,550,360		—		62,550,360

TOTAL INVESTMENTS IN SECURITIES	$	169,878,838	$	62,653,600	$	101,438	$	232,633,876


EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	136,484,790		—		—	$	136,484,790


BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	85,588,158		—		—	$	85,588,158
Corporate Bonds		—	$	14,903,940		—		14,903,940
U.S. Government Agency Obligations		—		17,123,752		—		17,123,752
U.S. Government Obligations		—		17,146,301		—		17,146,301

TOTAL INVESTMENTS IN SECURITIES	$	85,588,158	$	49,173,993		—	$	134,762,151


INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	1,009,345		—		—	$	1,009,345
Corporate Bonds		—	$	5,685,134		—		5,685,134
U.S. Government Agency Obligations		—		5,673,512		—		5,673,512
U.S. Government Obligations		—		4,487,301		—		4,487,301

TOTAL INVESTMENTS IN SECURITIES	$	1,009,345	$	15,845,947		—	$	16,855,292


SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	13,257,162		—		—	$	13,257,162
U.S. Government Obligations		—	$	144,939		—		144,939

TOTAL INVESTMENTS IN SECURITIES	$	13,257,162	$	144,939		—	$	13,402,101


INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	4,086,289		—		—	$	4,086,289
Preferred Stocks (a)		586,263		—		—		586,263
Corporate Bonds		—	$	246,723		—		246,723
U.S. Government Obligations		—		319,866		—		319,866

TOTAL INVESTMENTS IN SECURITIES	$	4,672,552	$	566,589		—	$	5,239,141


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

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

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

GAMCO Mighty Mites


							Change in										Net change in unrealized
			Accrued				unrealized			Net		Transfers in					appreciation/depreciation
	Balance as of		discounts/		Realized		appreciation/			purchases/		and/or out of			Balance as of		during the period on Level 3
	9/30/09		(premiums)		gain/(loss)		depreciation			(sales)		Level 3			12/31/09		investments held at 12/31/09

INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Broadcasting	$	0	$	—	$	—	$	—		$	—	$	(0	)	$	—	$	—
Business Services		0		—		—		—			—		—			0		—
Cable		0		—		—		—			—		—			0		—
Computer Software and Services		25,500		—		—		—			—		—			25,500		—
Energy and Utilities: Natural Gas		1,872		—		—		—			—		—			1,872		—
Entertainment		60,790		—		—		—			—		—			60,790		—
Equipment and Supplies		0		—		—		—			—		—			0		—
Food and Beverage		0		—		—		—			—		—			0		—
Health Care		12,280		—		—		—			—		—			12,280		—
Real Estate		7,970		—		—		(6,974	)		—		—			996		(6,974	)

Total Common Stocks		108,412		—		—		(6,974	)		—		(0	)		101,438		(6,974	)

Convertible Preferred Stocks:
Business Services		0		—		—		—			—		—			0		—
Warrants:
Broadcasting		1		—		—		—			—		(1	)		—		—

Total Warrants		1		—		—		—			—		(1	)		—		—

TOTAL INVESTMENTS IN SECURITIES	$	108,413	$	—	$	—	$	(6,974	)	$	—	$	(1	)	$	101,438	$	(6,974	)

2. Tax Information. The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2009:


	Mighty
Expiring in	Mites^SM		Equity		Balanced		Intermediate		SmallCap		Income
Fiscal Year	Fund		Fund		Fund		Bond Fund		Equity Fund		Fund

2010		—		—		—		—	$	1,970,874		—
2011		—		—		—		—		4,845,486		—
2012		—		—		—		—		—		—
2013		—		—		—		—		—		—
2014		—		—		—		—		—		—
2015		—		—		—		—		—		—
2016		—		—		—		—		210
2017		—	$	4,107,081	$	2,011,631		—		585,663	$	1,094,920

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

Under the current tax law, capital losses related to securities realized after October 31 and prior to the Funds’ fiscal year end may be treated as occurring on the first day of the following year. For the year ended September 30, 2009, the Mighty Mites^SM Fund, Equity Fund, Balanced Fund, SmallCap Equity Fund, and Income Fund deferred capital losses of $201,832, $37,433,582, $19,347,564, $964,847, and $1,502,900, respectively, and the Mighty Mites^SM Fund deferred currency losses of $1,255.

Item 2. Controls and Procedures.

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

	(b)		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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


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


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


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

1.		I have reviewed this report on Form N-Q of The GAMCO Westwood Funds;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: 3/1/10	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer



Date: 3/1/10	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer