N-CSRS 1 y90393nvcsrs.htm N-CSRS nvcsrs
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-04719
The GAMCO Westwood Funds
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)
registrant’s telephone number, including area code: 1-800-422-3554
Date of fiscal year end: September 30
Date of reporting period: March 31, 2011
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
(LOGO)
GAMCO WESTWOOD FUNDS
Mighty MitesSM Fund
SmallCap Equity Fund
Income Fund
Equity Fund

Balanced Fund
Intermediate Bond Fund
Semi Annual Report
March 31, 2011

 

 

GAMCO WESTWOOD FUNDS
(Unaudited)
                                                                                                                 
    Class AAA Shares   Class A Shares
    Average Annual Returns – March 31, 2011 (a)   Average Annual Returns – March 31, 2011 (a)(b)(e)
                                            Current                                                   Current    
                                            Expense                                                   Expense    
                                            Ratio after                                                   Ratio after    
                                    Gross   Adviser   Maximum                                   Gross   Adviser   Maximum
                            Since   Expense   Reimburse-   Sales                           Since   Expense   Reimburse-   Sales
    1 Year   5 Year   10 Year   Inception   Ratio   ments   Charge   1 Year   5 Year   10 Year   Inception   Ratio   ments   Charge
 
Mighty MitesSM
    24.64 %     9.20 %     10.75 %     12.28 %     1.58 %     1.58 %   None     19.37 %     8.10 %     10.08 %     11.74 %     1.83 %     1.83 %     4.00 %
SmallCap Equity
     32.39       6.71       5.73       7.75       1.99       1.50     None     26.84       5.60       5.13       7.31       2.24       1.75       4.00  
Income
     14.32       1.23       8.99       7.15       3.19       2.00     None     9.57       0.18       8.30       6.65       3.44       2.25       4.00  
Equity
     11.89       2.27       3.69       9.97       1.54       1.54     None     7.13       1.19       3.00       9.56       1.79       1.79       4.00  
Balanced
     9.09       3.69       4.45       8.75       1.24       1.24     None     4.34       2.58       3.76       8.25       1.49       1.49       4.00  
Intermediate Bond
     3.97       4.89       4.44       5.53       1.49       1.02     None     (0.32 )     3.95       3.92       5.26       1.59       1.12       4.00  
                                                                                                                 
    Class B Shares   Class C Shares
    Average Annual Returns – March 31, 2011 (a)(c)(e)   Average Annual Returns – March 31, 2011 (a)(d)(e)
                                            Current                                                   Current    
                                            Expense                                                   Expense    
                                            Ratio after                                                   Ratio after    
                                    Gross   Adviser   Maximum                                   Gross   Adviser   Maximum
                            Since   Expense   Reimburse-   Sales                           Since   Expense   Reimburse-   Sales
    1 Year   5 Year   10 Year   Inception   Ratio   ments   Charge   1 Year   5 Year   10 Year   Inception   Ratio   ments   Charge
 
Mighty MitesSM
    18.64 %     8.09 %     9.94 %     11.64 %     2.33 %     2.33 %     5.00 %     22.67 %     8.42 %     9.97 %     11.66 %     2.33 %     2.33 %     1.00 %
SmallCap Equity
     26.45       5.61       4.96       7.19       2.74       2.25       5.00       30.48       5.94       4.92       7.16       2.74       2.25       1.00  
Income   Class B Shares have been discontinued.
     12.47       0.46       8.37       6.70       3.94       2.75       1.00  
Equity   Class B Shares have been discontinued.
     10.06       1.52       2.93       9.54       2.29       2.29       1.00  
Balanced
     3.20       2.52       3.65       8.22       1.99       1.99       5.00       7.27       2.92       3.71       8.25       1.99       1.99       1.00  
Intermediate Bond
     (1.82 )     3.79       3.63       5.12       2.24       1.77       5.00       2.18       4.19       3.70       5.15       2.24       1.77       1.00  
                                                         
    Class I Shares
    Average Annual Returns – March 31, 2011 (a)(e)
                                            Current    
                                            Expense    
                                            Ratio after    
                                    Gross   Adviser   Maximum
                            Since   Expense   Reimburse-   Sales
    1 Year   5 Year   10 Year   Inception   Ratio   ments   Charge
     
Mighty MitesSM
    24.89 %     9.37 %     10.84 %     12.35 %     1.33 %     1.33 %   None
SmallCap Equity
     32.74       6.88       5.81       7.81       1.74       1.25     None
Income
     14.77       1.41       9.09       7.23       2.94       1.75     None
Equity
     12.19       2.46       3.79       10.01       1.29       1.29     None
Balanced
     9.30       3.84       4.53       8.79       0.99       0.99     None
Intermediate Bond
     4.22       5.05       4.52       5.57       1.24       0.77     None
 
(a)   Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. For the SmallCap Equity, Income, and Intermediate Bond Funds (and for the Mighty MitesSM Fund through September 30, 2005), the Adviser reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2012 and are renewable annually by the Adviser. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains information about this and other matters and should be read carefully before investing.
 
(b)   Includes the effect of the maximum 4.0% sales charge at the beginning of the period.
 
(c)   Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is reduced to 0% after six years.
 
(d)   Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.
 
(e)   The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares. The performance for the Class B Shares and Class C Shares would have been lower due to the additional expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class B Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.
                                         
    Class AAA Shares   Class A Shares   Class B Shares   Class C Shares   Class I Shares
Mighty MitesSM
    05/11/98       11/26/01       06/06/01       08/03/01       01/11/08  
SmallCap Equity
     04/15/97       11/26/01       03/27/01       11/26/01       01/11/08  
Income
     09/30/97       05/09/01       —       11/26/01       01/11/08  
Equity
     01/02/87       01/28/94       —       02/13/01       01/11/08  
Balanced
     10/01/91       04/06/93       03/27/01       09/25/01       01/11/08  
Intermediate Bond
     10/01/91       07/26/01       03/27/01       10/22/01       01/11/08  

2

 

Morningstar® Ratings Based on Risk Adjusted returns as of March 31, 2011.
                                                     
        Overall Rating   3 Year Rating   5 Year Rating   10 Year Rating
    Morningstar       # of       # of       # of       # of
FUND   Category   Stars   Funds   Stars   Funds   Stars   Funds   Stars   Funds
 
GAMCO Westwood Mighty MitesSM AAA
   Small Blend   *****     577     *****     577     *****     487     *****     285  
GAMCO Westwood Mighty MitesSM A
   Small Blend   *****     577     *****     577     *****     487     *****     285  
GAMCO Westwood Mighty MitesSM B
   Small Blend   *****     577     *****     577     *****     487     *****     285  
GAMCO Westwood Mighty MitesSM C
   Small Blend   *****     577     *****     577     *****     487     *****     285  
GAMCO Westwood Mighty MitesSM I
   Small Blend   *****     577     *****     577     *****     487     *****     285  
GAMCO Westwood SmallCap Equity AAA
   Small Blend   **     577     ***     577     ****     487     *     285  
GAMCO Westwood SmallCap Equity A
   Small Blend   ***     577     ***     577     ***     487     *     285  
GAMCO Westwood SmallCap Equity I
   Small Blend   ***     577     ***     577     ****     487     *     285  
GAMCO Westwood Income AAA
   Large Value   ****     1120     ****     1120     ****     945     *****     522  
GAMCO Westwood Income A
   Large Value   ***     1120     ***     1120     ***     945     *****     522  
GAMCO Westwood Income C
   Large Value   ***     1120     ****     1120     ***     945     *****     522  
GAMCO Westwood Income I
   Large Value   ****     1120     ****     1120     ****     945     *****     522  
GAMCO Westwood Equity AAA
   Large Blend   ***     1757     **     1757     ***     1471     ****     816  
GAMCO Westwood Equity A
   Large Blend   ***     1757     *     1757     ***     1471     ***     816  
GAMCO Westwood Equity C
   Large Blend   ***     1757     **     1757     ***     1471     ***     816  
GAMCO Westwood Equity I
   Large Blend   **     1757     **     1757     ****     1471     ****     816  
GAMCO Westwood Balanced AAA
   Moderate Allocation   ***     932     **     932     ***     734     ***     408  
GAMCO Westwood Balanced A
   Moderate Allocation   ***     932     **     932     ***     734     ***     408  
GAMCO Westwood Balanced B
   Moderate Allocation   ***     932     **     932     ***     734     ***     408  
GAMCO Westwood Balanced C
   Moderate Allocation   ***     932     **     932     ***     734     ***     408  
GAMCO Westwood Balanced I
   Moderate Allocation   ***     932     ***     932     ****     734     ***     408  
GAMCO Westwood Intermediate Bond AAA
   Intermediate-Term Bond   **     1021     **     1021     **     873     **     563  
GAMCO Westwood Intermediate Bond A
   Intermediate-Term Bond   **     1021     **     1021     **     873     *     563  
GAMCO Westwood Intermediate Bond B
   Intermediate-Term Bond   *     1021     *     1021     **     873     *     563  
GAMCO Westwood Intermediate Bond C
   Intermediate-Term Bond   **     1021     **     1021     **     873     *     563  
GAMCO Westwood Intermediate Bond I
   Intermediate-Term Bond   **     1021     **     1021     ***     873     **     563  
The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with its three, five and ten year (if applicable) Morningstar Rating metrics. Data presented reflects past performance, which is no guarantee of future results. Ratings are for Class AAA, A, B, C, or I shares; other classes may have different performance characteristics. Unrated classes of fund shares are not listed. For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure (including the effects of sales charges, loads, and redemption fees) that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Strong relative performance is not indicative of positive fund returns. © 2010 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Teton Advisors is the investment manager for all GAMCO Westwood Funds. Investors should carefully consider the investment objectives, risks, sales charges and expenses of the Funds before investing. Each Fund’s prospectus contains this and other information about each Fund and is available, by calling 800-WESTWOOD, online at www.tetonadv.com or from your financial adviser. The prospectus should be read carefully before investing. Distributed by Gabelli & Company, One Corporate Center, Rye, NY 10580. Call 800-WESTWOOD for a prospectus.

3

 

     
GAMCO Westwood Funds
    
Disclosure of Fund Expenses (Unaudited)
    
For the Six Month Period from October 1, 2010 through March 31, 2011
  Expense Table
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The Expense Table below illustrates your Fund’s costs in two ways:
Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.
Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case — because the hypothetical return used is not the Fund’s actual return — the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
                                 
    Beginning   Ending   Annualized   Expenses
    Account Value   Account Value   Expense   Paid During
    10/01/10   03/31/11   Ratio   Period*
 
GAMCO Westwood Mighty MitesSM Fund
                                
 
Actual Fund Return
                                
Class AAA
   $ 1,000.00     $ 1,184.90       1.41 %   $ 7.68  
Class A
   $ 1,000.00     $ 1,183.50       1.66 %   $ 9.04  
Class B
   $ 1,000.00     $ 1,180.70       2.16 %   $ 11.74  
Class C
   $ 1,000.00     $ 1,180.60       2.16 %   $ 11.74  
Class I
   $ 1,000.00     $ 1,186.20       1.16 %   $ 6.32  
Hypothetical 5% Return
                                
Class AAA
   $ 1,000.00     $ 1,017.90       1.41 %   $ 7.09  
Class A
   $ 1,000.00     $ 1,016.65       1.66 %   $ 8.35  
Class B
   $ 1,000.00     $ 1,014.16       2.16 %   $ 10.85  
Class C
   $ 1,000.00     $ 1,014.16       2.16 %   $ 10.85  
Class I
   $ 1,000.00     $ 1,019.15       1.16 %   $ 5.84  
 
GAMCO Westwood SmallCap Equity Fund
                                
 
Actual Fund Return
                                
Class AAA
   $ 1,000.00     $ 1,333.80       1.50 %   $ 8.73  
Class A
   $ 1,000.00     $ 1,332.30       1.75 %   $ 10.18  
Class B
   $ 1,000.00     $ 1,329.10       2.25 %   $ 13.07  
Class C
   $ 1,000.00     $ 1,329.60       2.25 %   $ 13.07  
Class I
   $ 1,000.00     $ 1,335.30       1.25 %   $ 7.28  
Hypothetical 5% Return
                                
Class AAA
   $ 1,000.00     $ 1,017.45       1.50 %   $ 7.54  
Class A
   $ 1,000.00     $ 1,016.21       1.75 %   $ 8.80  
Class B
   $ 1,000.00     $ 1,013.71       2.25 %   $ 11.30  
Class C
   $ 1,000.00     $ 1,013.71       2.25 %   $ 11.30  
Class I
   $ 1,000.00     $ 1,018.70       1.25 %   $ 6.29  
 
GAMCO Westwood Income Fund
                                
 
Actual Fund Return
                                
Class AAA
   $ 1,000.00     $ 1,140.10       1.67 %   $ 8.91  
Class A
   $ 1,000.00     $ 1,139.40       1.79 %   $ 9.55  
Class C
   $ 1,000.00     $ 1,135.10       2.42 %   $ 12.88  
Class I
   $ 1,000.00     $ 1,142.80       1.43 %   $ 7.64  
Hypothetical 5% Return
                                
Class AAA
   $ 1,000.00     $ 1,016.60       1.67 %   $ 8.40  
Class A
   $ 1,000.00     $ 1,016.01       1.79 %   $ 9.00  
Class C
   $ 1,000.00     $ 1,012.86       2.42 %   $ 12.14  
Class I
   $ 1,000.00     $ 1,017.80       1.43 %   $ 7.19  
 
GAMCO Westwood Equity Fund
                                
 
Actual Fund Return
                                
Class AAA
   $ 1,000.00     $ 1,170.90       1.55 %   $ 8.39  
Class A
   $ 1,000.00     $ 1,169.40       1.80 %   $ 9.74  
Class C
   $ 1,000.00     $ 1,168.10       2.30 %   $ 12.43  
Class I
   $ 1,000.00     $ 1,172.50       1.30 %   $ 7.04  
Hypothetical 5% Return
                                
Class AAA
   $ 1,000.00     $ 1,017.20       1.55 %   $ 7.80  
Class A
   $ 1,000.00     $ 1,015.96       1.80 %   $ 9.05  
Class C
   $ 1,000.00     $ 1,013.46       2.30 %   $ 11.55  
Class I
   $ 1,000.00     $ 1,018.45       1.30 %   $ 6.54  
 
GAMCO Westwood Balanced Fund
                                
 
Actual Fund Return
                                
Class AAA
   $ 1,000.00     $ 1,100.00       1.24 %   $ 6.49  
Class A
   $ 1,000.00     $ 1,098.20       1.49 %   $ 7.79  
Class B
   $ 1,000.00     $ 1,096.00       1.99 %   $ 10.40  
Class C
   $ 1,000.00     $ 1,096.60       1.99 %   $ 10.40  
Class I
   $ 1,000.00     $ 1,101.50       0.99 %   $ 5.19  
Hypothetical 5% Return
                                
Class AAA
   $ 1,000.00     $ 1,018.75       1.24 %   $ 6.24  
Class A
   $ 1,000.00     $ 1,017.50       1.49 %   $ 7.49  
Class B
   $ 1,000.00     $ 1,015.01       1.99 %   $ 10.00  
Class C
   $ 1,000.00     $ 1,015.01       1.99 %   $ 10.00  
Class I
   $ 1,000.00     $ 1,020.00       0.99 %   $ 4.99  
 
GAMCO Westwood Intermediate Bond Fund
                                
 
Actual Fund Return
                                
Class AAA
   $ 1,000.00     $ 988.20       1.00 %   $ 4.96  
Class A
   $ 1,000.00     $ 987.70       1.10 %   $ 5.45  
Class B
   $ 1,000.00     $ 984.50       1.75 %   $ 8.66  
Class C
   $ 1,000.00     $ 984.20       1.75 %   $ 8.66  
Class I
   $ 1,000.00     $ 989.50       0.75 %   $ 3.72  
Hypothetical 5% Return
                                
Class AAA
   $ 1,000.00     $ 1,019.95       1.00 %   $ 5.04  
Class A
   $ 1,000.00     $ 1,019.45       1.10 %   $ 5.54  
Class B
   $ 1,000.00     $ 1,016.21       1.75 %   $ 8.80  
Class C
   $ 1,000.00     $ 1,016.21       1.75 %   $ 8.80  
Class I
   $ 1,000.00     $ 1,021.19       0.75 %   $ 3.78  
 
*   Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182 days), then divided by 365.

4

 

Summary of Portfolio Holdings (Unaudited)
The following tables present portfolio holdings as a percent of total net assets as of March 31, 2011:
GAMCO Westwood Mighty MitesSM Fund
         
U.S. Government Obligations
     29.5 %
Health Care
     7.7 %
Diversified Industrial
     5.4 %
Electronics
     5.3 %
Computer Software and Services
     4.7 %
Equipment and Supplies
     4.5 %
Financial Services
     3.7 %
Business Services
     3.1 %
Automotive: Parts and Accessories
     3.0 %
Broadcasting
     2.9 %
Consumer Products
     2.9 %
Specialty Chemicals
     2.5 %
Publishing
     2.0 %
Food and Beverage
     2.0 %
Restaurants
     1.7 %
Machinery
     1.7 %
Hotels and Gaming
     1.6 %
Retail
     1.5 %
Aviation: Parts and Services
     1.3 %
Metals and Mining
     1.3 %
Commercial Services
     1.2 %
Educational Services
     1.1 %
Energy and Utilities: Water
     1.0 %
Energy and Utilities: Services
     0.9 %
Real Estate
     0.9 %
Energy and Utilities: Natural Gas
     0.8 %
Semiconductors
     0.7 %
Telecommunications
     0.6 %
Energy and Utilities: Oil
     0.6 %
Building and Construction
     0.5 %
Communications Equipment
     0.4 %
Energy and Utilities: Integrated
     0.4 %
Consumer Services
     0.4 %
Manufactured Housing and Recreational Vehicles
     0.4 %
Entertainment
     0.4 %
Aerospace
     0.3 %
Environmental Control
     0.3 %
Transportation
     0.2 %
Automotive
     0.2 %
Agriculture
     0.1 %
Energy and Utilities: Alternative Energy
     0.1 %
Paper and Forest Products
     0.1 %
Closed-end Business Development Company
     0.1 %
Energy and Utilities: Electric
     0.1 %
Computer Hardware
     0.0 %
Cable
     0.0 %
Airlines
     0.0 %
Other Assets and Liabilities (Net)
     (0.1 )%
 
        
 
     100.0 %
 
        
GAMCO Westwood SmallCap Equity Fund
         
Financial Services
     14.9 %
Electronics
     12.2 %
Semiconductors
     9.2 %
Energy and Utilities
     8.8 %
U.S. Government Obligations
     7.0 %
Health Care
     6.3 %
Equipment and Supplies
     5.4 %
Computer Software and Services
     5.2 %
Business Services
     4.7 %
Diversified Industrial
     3.4 %
Retail
     2.8 %
Machinery
     2.8 %
Aerospace
     2.6 %
Metals and Mining
     2.2 %
Computer Hardware
     1.7 %
Specialty Chemicals
     1.6 %
Automotive
     1.5 %
Building and Construction
     1.4 %
Telecommunications
     1.2 %
Consumer Products
     1.2 %
Commercial Services
     0.9 %
IT Services
     0.7 %
Publishing
     0.6 %
Communications Equipment
     0.6 %
Entertainment
     0.5 %
Food Products
     0.5 %
Automotive: Parts and Accessories
     0.5 %
Aviation: Parts and Services
     0.3 %
Health Care Providers and Services
     0.3 %
Food and Beverage
     0.2 %
Restaurants
     0.2 %
Transportation
     0.1 %
Consumer Services
     0.1 %
Real Estate
     0.1 %
Other Assets and Liabilities (Net)
     (1.7 )%
 
        
 
     100.0 %
 
        
GAMCO Westwood Income Fund
         
Financial Services
     18.8 %
Food and Beverage
     13.4 %
Health Care
     9.6 %
Energy and Utilities: Oil
     8.4 %
Energy and Utilities: Services
     6.9 %
Specialty Chemicals
     5.8 %
Diversified Industrial
     4.5 %
Telecommunications
     4.4 %
Computer Hardware
     3.8 %
Banking
     3.6 %
Energy and Utilities: Water
     3.4 %
Energy and Utilities: Natural Gas
     3.0 %
Electronics
     3.0 %
Paper and Forest Products
     2.8 %
Automotive
     2.3 %
Consumer Products
     2.2 %
Retail
     1.4 %
Energy and Utilities: Integrated
     0.9 %
Agriculture
     0.7 %
Computer Software and Services
     0.5 %
Other Assets and Liabilities (Net)
     0.6 %
 
        
 
     100.0 %
 
        

5

 

Summary of Portfolio Holdings (Continued) (Unaudited)
GAMCO Westwood Equity Fund
         
Health Care
     14.0 %
Financial Services
     12.1 %
Energy: Oil
     8.3 %
Banking
     7.8 %
Energy: Natural Gas
     6.1 %
Retail
     6.0 %
Computer Hardware
     4.9 %
Energy: Integrated
     4.1 %
Specialty Chemicals
     4.1 %
Aerospace
     4.1 %
Diversified Industrial
     4.0 %
Computer Software and Services
     3.0 %
Telecommunications
     3.0 %
Electronics
     3.0 %
Entertainment
     2.1 %
Transportation
     2.0 %
Consumer Products
     2.0 %
Cable and Satellite
     2.0 %
Automotive
     1.9 %
Machinery
     1.1 %
Broadcasting
     1.1 %
Communications Equipment
     1.0 %
Food and Beverage
     0.9 %
Mutual Funds
     0.0 %
Other Assets and Liabilities (Net)
     1.4 %
 
        
 
     100.0 %
 
        
GAMCO Westwood Balanced Fund
         
U.S. Government Obligations
     11.4 %
U.S. Government Agency Obligations
     10.8 %
Health Care
     8.4 %
Financial Services
     8.3 %
Banking
     8.2 %
Energy: Oil
     6.8 %
Energy: Natural Gas
     4.7 %
Retail
     3.9 %
Mutual Funds
     3.5 %
Diversified Industrial
     3.5 %
Computer Hardware
     3.1 %
Energy: Integrated
     2.9 %
Specialty Chemicals
     2.6 %
Aerospace
     2.6 %
Electronics
     2.6 %
Computer Software and Services
     2.5 %
Telecommunications
     2.4 %
Transportation
     2.2 %
Consumer Products
     1.6 %
Food and Beverage
     1.3 %
Cable and Satellite
     1.3 %
Entertainment
     1.2 %
Automotive
     1.1 %
Machinery
     0.8 %
Metals and Mining
     0.7 %
Wireless Communications
     0.7 %
Broadcasting
     0.7 %
Real Estate Investment Trusts
     0.6 %
Communications Equipment
     0.6 %
Other Assets and Liabilities (Net)
     (1.0 )%
 
        
 
     100.0 %
 
        
GAMCO Westwood Intermediate Bond Fund
         
Corporate Bonds
     42.5 %
U.S. Government Agency Obligations
     27.4 %
U.S. Government Obligations
     25.6 %
Short-term Investments
     3.7 %
Other Assets and Liabilities (Net)
     0.8 %
 
        
 
     100.0 %
 
        
The GAMCO Westwood Funds (the “Funds”) file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q, the last of which was filed for the quarter ended December 31, 2010. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.
Proxy Voting
Each Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30th, no later than August 31st of each year. A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to portfolio securities are available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) visiting the SEC’s website at www.sec.gov.

6

 

GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS — 70.5%
                
       
Aerospace — 0.3%
                
  47,389    
Ducommun Inc.
   $ 1,026,577     $ 1,132,597  
  150,100    
Innovative Solutions & Support Inc.†
     790,524       878,085  
       
 
            
       
 
     1,817,101       2,010,682  
       
 
            
       
Agriculture — 0.1%
                
  225    
J.G. Boswell Co.
     144,675       184,500  
  27,200    
Limoneira Co.
     605,893       644,640  
       
 
            
       
 
     750,568       829,140  
       
 
            
       
Airlines — 0.0%
                
  5,000    
AirTran Holdings Inc.†
     36,675       37,250  
  8,000    
Pinnacle Airlines Corp.†
     20,239       46,000  
       
 
            
       
 
     56,914       83,250  
       
 
            
       
Automotive — 0.2%
                
  100,000    
Wabash National Corp.†
     190,947       1,158,000  
       
 
            
       
Automotive: Parts and Accessories — 2.9%
                
  105,000    
Dana Holding Corp.†
     624,230       1,825,950  
  22,000    
Federal-Mogul Corp.†
     329,317       547,800  
  295,748    
Midas Inc.†
     2,668,897       2,268,387  
  100,800    
Modine Manufacturing Co.†
     695,373       1,626,912  
  17,500    
Puradyn Filter Technologies Inc.†
     5,335       5,513  
  313,036    
Standard Motor Products Inc.
     2,823,285       4,329,288  
  146,800    
Strattec Security Corp.
     2,956,262       4,919,268  
  71,532    
Superior Industries International Inc.
     1,129,654       1,834,080  
  40,000    
Tenneco Inc.†
     124,690       1,698,000  
  40,000    
The Pep Boys — Manny, Moe & Jack
     499,816       508,400  
       
 
            
       
 
     11,856,859       19,563,598  
       
 
            
       
Aviation: Parts and Services — 1.3%
                
  9,200    
Astronics Corp.†
     116,038       231,564  
  938,800    
GenCorp Inc.†
     3,898,153       5,614,024  
  91,600    
Kaman Corp.
     1,228,018       3,224,320  
       
 
            
       
 
     5,242,209       9,069,908  
       
 
            
       
Broadcasting — 2.9%
                
  400,100    
Acme Communications Inc.†
     577,329       500,125  
  535,000    
Beasley Broadcast Group Inc., Cl. A† (a)
     2,910,218       3,926,900  
  49,900    
Crown Media Holdings Inc., Cl. A†
     349,798       115,768  
  5,000    
Cumulus Media Inc., Cl. A†
     3,580       21,700  
  73,800    
Entercom Communications Corp., Cl. A†
     57,010       813,276  
  15,000    
Equity Media Holdings Corp.†
     44,866       12  
  162,908    
Fisher Communications Inc.†
     3,199,752       5,063,181  
  924    
Granite Broadcasting Corp.† (b)
     24,780       0  
  618,400    
Gray Television Inc.†
     406,945       1,280,088  
  30,832    
Gray Television Inc., Cl. A†
     52,106       59,814  
  110,000    
LIN TV Corp., Cl. A†
     125,349       652,300  
  765,000    
Media General Inc., Cl. A†
     3,400,410       5,263,200  
  313,332    
Salem Communications Corp., Cl. A
     1,172,610       1,174,995  
  50,000    
Sinclair Broadcast Group Inc., Cl. A
     89,853       627,000  
       
 
            
       
 
     12,414,606       19,498,359  
       
 
            
       
Building and Construction — 0.5%
                
  500,000    
Huttig Building Products Inc.†
     480,276       490,000  
  40,000    
Layne Christensen Co.†
     1,058,071       1,380,000  
  177,400    
Material Sciences Corp.†
     329,145       1,279,054  
  15,800    
The Monarch Cement Co.
     414,034       398,950  
       
 
            
       
 
     2,281,526       3,548,004  
       
 
            
       
Business Services — 3.1%
                
  28,000    
ANC Rental Corp.† (b)
     840       3  
  235,000    
Ascent Media Corp., Cl. A†
     6,101,246       11,479,750  
  21,500    
Cenveo Inc.†
     58,614       140,395  
  103    
Chazak Value Corp.† (b)
     0       0  
  67,500    
EDGAR Online Inc.†
     131,159       88,425  
  622,189    
Edgewater Technology Inc.†
     1,888,171       1,984,783  
  98,736    
GP Strategies Corp.†
     876,570       1,342,810  
  3,000    
Intermec Inc.†
     34,993       32,370  
  140,000    
Internap Network Services Corp.†
     763,018       919,800  
  2,000    
Liquidity Services Inc.†
     10,853       35,720  
  228,400    
Pure Technologies Ltd.†
     1,040,722       1,123,742  
  58,300    
S1 Corp.†
     334,041       389,444  
  51,700    
SearchMedia Holdings Ltd.†
     285,149       99,264  
  250,787    
Stamps.com Inc.
     2,082,764       3,348,006  
  42,000    
Trans-Lux Corp.†
     32,676       6,300  
       
 
            
       
 
     13,640,816       20,990,812  
       
 
            
       
Cable — 0.0%
                
  90,000    
Adelphia Communications Corp., Cl. A† (b)
     15,750       0  
  90,000    
Adelphia Communications Corp., Cl. A, Escrow† (b)
     0       0  
  90,000    
Adelphia Recovery Trust†
     0       1,350  
  160,000    
Mediacom Communications Corp., Cl. A† (b)
     0       14,400  
  12,500    
Outdoor Channel Holdings Inc.†
     90,231       93,250  
       
 
            
       
 
     105,981       109,000  
       
 
            
       
Closed-End Business Development Company — 0.1%
                
  45,000    
MVC Capital Inc.
     499,586       617,400  
       
 
            
       
Commercial Services — 1.2%
                
  18,000    
ICF International Inc.†
     417,773       369,720  
  20,000    
KAR Auction Services Inc.†
     279,398       306,800  
  20,000    
Macquarie Infrastructure Co. LLC†
     363,599       477,200  
  208,375    
PRGX Global Inc.†
     1,229,747       1,264,836  
  935,000    
Swisher Hygiene Inc.†
     949,891       5,718,979  
       
 
            
       
 
     3,240,408       8,137,535  
       
 
            
       
Communications Equipment — 0.4%
                
  53,134    
Communications Systems Inc.
     557,388       820,389  
  20,830    
Sycamore Networks Inc.
     294,441       508,877  
  243,377    
Symmetricom Inc.†
     1,335,624       1,491,901  
  4,000    
Technical Communications Corp.
     25,077       39,560  
  30,000    
ViewCast.com Inc.†
     14,100       9,000  
  3,000    
XETA Technologies Inc.†
     16,215       16,410  
       
 
            
       
 
     2,242,845       2,886,137  
       
 
            
       
Computer Hardware — 0.0%
                
  50,000    
Dot Hill Systems Corp.†
     147,720       141,500  
       
 
            
       
Computer Software and Services — 4.7%
                
  2,753,100    
ADPT Corp.†
     8,291,329       8,094,114  
  15,000    
Answers Corp.†
     160,440       156,000  
  192,000    
Callidus Software Inc.†
     1,187,541       1,319,040  
  10,000    
Cinedigm Digital Cinema Corp., Cl. A†
     18,399       17,900  
See accompanying notes to financial statements.

7

 

GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Computer Software and Services (Continued)
                
  87,938    
Computer Task Group Inc.†
   $ 766,258     $ 1,168,696  
  6,000    
Emulex Corp.†
     67,834       64,020  
  600,000    
FalconStor Software Inc.†
     2,232,151       2,730,000  
  351,100    
Furmanite Corp.†
     2,025,658       2,808,800  
  1,910    
Gemalto NV
     10,942       93,941  
  310,208    
Global Sources Ltd.†
     2,228,018       3,607,719  
  45,300    
GSE Systems Inc.†
     245,965       102,378  
  235,000    
Harris Interactive Inc.†
     276,114       231,710  
  75,600    
interCLICK Inc.†
     373,621       532,980  
  91,129    
Kratos Defense & Security Solutions Inc.†
     1,124,602       1,297,677  
  250,000    
L-1 Identity Solutions Inc.†
     2,933,660       2,945,000  
  3,000    
Lawson Software Inc.†
     36,585       36,300  
  332,394    
Lionbridge Technologies Inc.†
     1,213,805       1,140,111  
  4,100    
Magma Design Automation Inc.†
     11,864       27,962  
  92,700    
Mercury Computer Systems Inc.†
     1,294,258       1,961,532  
  400    
MTS Systems Corp.
     10,336       18,220  
  239,500    
NaviSite Inc.†
     1,307,072       1,314,855  
  37,700    
Schawk Inc.
     613,292       732,888  
  154,831    
Tier Technologies Inc.†
     878,492       851,571  
  10,000    
Trident Microsystems Inc.†
     19,494       11,500  
  3,800    
Tyler Technologies Inc.†
     39,378       90,098  
       
 
            
       
 
     27,367,108       31,355,012  
       
 
            
       
Consumer Products — 2.9%
                
  134,670    
A. T. Cross Co., Cl. A†
     1,347,357       1,435,582  
  18,000    
Adams Golf Inc.†
     122,578       98,100  
  29,000    
Callaway Golf Co.
     191,165       197,780  
  57,000    
Heelys Inc.†
     214,205       131,100  
  4,300    
Johnson Outdoors Inc., Cl. A†
     33,657       65,317  
  128,000    
Kid Brands Inc.†
     1,163,466       940,800  
  15,300    
Lakeland Industries Inc.†
     147,120       136,476  
  453,723    
Marine Products Corp.†
     2,857,504       3,598,023  
  12,500    
MarineMax Inc.†
     51,551       123,250  
  300    
National Presto Industries Inc.
     8,618       33,804  
  79,090    
Oil-Dri Corp. of America
     1,281,456       1,684,617  
  22,550    
PC Group Inc.†
     36,025       4,115  
  30,000    
RC2 Corp.†
     845,113       843,000  
  823,240    
Schiff Nutrition International Inc.
     5,691,570       7,499,716  
  58,400    
Steinway Musical Instruments Inc.†
     1,096,857       1,297,064  
  41,530    
Syratech Corp.†
     10,383       1,053  
  291,800    
The Wet Seal Inc., Cl. A†
     1,105,394       1,248,904  
       
 
            
       
 
     16,204,019       19,338,701  
       
 
            
       
Consumer Services — 0.4%
                
  440,500    
1-800-FLOWERS.COM Inc., Cl. A†
     1,246,021       1,453,650  
  33,800    
Bowlin Travel Centers Inc.†
     41,186       55,770  
  1,100    
Collectors Universe Inc.
     2,704       15,587  
  120,000    
Stewart Enterprises Inc., Cl. A
     701,161       916,800  
  3,500    
Valassis Communications Inc.†
     4,639       101,990  
       
 
            
       
 
     1,995,711       2,543,797  
       
 
            
       
Diversified Industrial — 5.4%
                
  44,200    
American Railcar Industries Inc.†
     571,194       1,103,232  
  195,391    
Ampco-Pittsburgh Corp.
     4,880,878       5,388,884  
  78,600    
Burnham Holdings Inc., Cl. A
     1,136,739       1,204,545  
  119,397    
Chase Corp.
     1,668,037       2,204,069  
  120,720    
China Wind Systems Inc.†
     536,358       394,754  
  47,800    
Graham Corp.
     673,691       1,144,332  
  336,403    
Griffon Corp.†
     3,708,690       4,416,971  
  376,800    
Handy & Harman Ltd.†
     2,201,555       4,529,136  
  25,000    
Haulotte Group SA†
     134,090       508,418  
  193,300    
Katy Industries Inc.†
     452,241       110,181  
  20,000    
Lydall Inc.†
     144,517       177,800  
  552,557    
Magnetek Inc.†
     1,102,168       1,215,625  
  287,900    
Myers Industries Inc.
     2,599,918       2,858,847  
  408,525    
National Patent Development Corp.†
     639,996       620,958  
  51,500    
Park-Ohio Holdings Corp.†
     762,087       1,063,990  
  13,700    
RWC Inc.†
     238,058       126,725  
  25,100    
Stamford Industrial Group Inc.†
     92,108       48  
  55,000    
Standex International Corp.
     1,650,136       2,083,950  
  280,800    
Tech/Ops Sevcon Inc.† (a)
     1,358,390       1,585,116  
  46,083    
Tredegar Corp.
     895,767       994,471  
  106,568    
Twin Disc Inc.
     1,320,116       3,433,621  
  77,207    
Vishay Precision Group Inc.†
     1,315,682       1,209,834  
       
 
            
       
 
     28,082,416       36,375,507  
       
 
            
       
Educational Services — 1.1%
                
  325,000    
Corinthian Colleges Inc.†
     1,839,563       1,436,500  
  301,519    
Universal Technical Institute Inc.
     5,614,605       5,864,545  
  108,500    
Voyager Learning Co., Escrow† (b)
     0       0  
       
 
            
       
 
     7,454,168       7,301,045  
       
 
            
       
Electronics — 5.3%
                
  27,000    
A123 Systems Inc.†
     353,170       171,450  
  50,000    
Alliance Semiconductor Corp.
     156,408       15,500  
  45,451    
Ballantyne Strong Inc.†
     205,439       325,884  
  100,300    
Bel Fuse Inc., Cl. A
     1,870,022       2,406,197  
  1,800    
Bel Fuse Inc., Cl. B
     36,012       39,618  
  73,950    
BTU International Inc.†
     296,355       813,450  
  264,500    
CTS Corp.
     1,997,985       2,856,600  
  26,867    
Dialight plc
     293,760       321,097  
  78,149    
Electro Scientific Industries Inc.†
     984,884       1,356,667  
  49,300    
IMAX Corp.†
     199,628       1,576,614  
  169,500    
IntriCon Corp.†
     664,727       671,220  
  216,700    
LeCroy Corp.†
     755,533       2,897,279  
  51,500    
Mesa Laboratories Inc.
     1,278,929       1,543,970  
  75,000    
Methode Electronics Inc.
     384,225       906,000  
  69,500    
MoSys Inc.†
     130,660       417,695  
  63,800    
Newport Corp.†
     399,295       1,137,554  
  51,300    
Park Electrochemical Corp.
     1,098,915       1,654,425  
  70,000    
Pericom Semiconductor Corp.†
     699,279       725,900  
  502,300    
Pulse Electronics Corp.
     2,429,665       3,038,915  
  75,600    
Schmitt Industries Inc.†
     203,516       313,740  
  208,300    
Stoneridge Inc.†
     910,658       3,045,346  
  134,900    
Ultra Clean Holdings Inc.†
     287,575       1,394,866  
  185,150    
Ultralife Corp.†
     1,072,722       936,859  
  82,900    
Ultratech Inc.†
     1,353,070       2,437,260  
  2,500    
Universal Display Corp.†
     70,448       137,600  
  116,400    
Zoran Corp.†
     847,383       1,209,396  
  204,000    
Zygo Corp.†
     1,594,969       2,982,480  
       
 
            
       
 
     20,575,232       35,333,582  
       
 
            
       
Energy and Utilities: Alternative Energy — 0.1%
                
  89,590    
China Hydroelectric Corp., ADR†
     536,631       650,423  
       
 
            
See accompanying notes to financial statements.

8

 

GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Energy and Utilities: Electric — 0.1%
                
  105,080    
Comverge Inc.†
   $ 831,654     $ 489,673  
       
 
            
       
Energy and Utilities: Integrated — 0.4%
                
  229,600    
Headwaters Inc.†
     901,950       1,354,640  
  30,500    
MGE Energy Inc.
     1,062,659       1,234,945  
  95,200    
Progress Energy Inc., CVO†
     10,472       13,804  
       
 
            
       
 
     1,975,081       2,603,389  
       
 
            
       
Energy and Utilities: Natural Gas — 0.8%
                
  15,242    
American DG Energy Inc.†
     45,802       33,228  
  35,500    
Chesapeake Utilities Corp.
     969,521       1,477,510  
  53,671    
Corning Natural Gas Corp.
     857,412       1,281,663  
  35,000    
Delta Natural Gas Co. Inc.
     957,694       1,103,550  
  95,800    
Gastar Exploration Ltd.†
     406,048       465,588  
  17,700    
RGC Resources Inc.
     401,299       607,110  
  20,300    
U.S. Energy Corp.†
     85,659       127,078  
       
 
            
       
 
     3,723,435       5,095,727  
       
 
            
       
Energy and Utilities: Oil — 0.6%
                
  46,400    
Bronco Drilling Co. Inc.†
     405,575       524,320  
  40,700    
Callon Petroleum Co.†
     287,403       316,239  
  39,500    
Gulf Island Fabrication Inc.
     1,016,935       1,270,715  
  73,000    
RAM Energy Resources Inc.†
     137,638       151,840  
  63,600    
Tesco Corp.†
     543,737       1,396,020  
  55,000    
Triangle Petroleum Corp.†
     346,997       456,500  
       
 
            
       
 
     2,738,285       4,115,634  
       
 
            
       
Energy and Utilities: Services — 0.9%
                
  800    
Covanta Holding Corp.
     13,498       13,664  
  87,848    
Dawson Geophysical Co.†
     2,513,852       3,854,770  
  60,000    
RPC Inc.
     173,633       1,519,200  
  67,620    
Seawell Ltd.†
     256,348       467,083  
  9,500    
Subsea 7 SA, ADR
     32,064       240,160  
  10,000    
TGC Industries Inc.†
     77,992       77,700  
  700    
Union Drilling Inc.†
     4,515       7,175  
       
 
            
       
 
     3,071,902       6,179,752  
       
 
            
       
Energy and Utilities: Water — 1.0%
                
  6,000    
Artesian Resources Corp., Cl. A
     73,323       116,940  
  42,174    
Cadiz Inc.†
     513,311       514,101  
  2,500    
California Water Service Group
     55,553       92,925  
  40,000    
Consolidated Water Co. Ltd.
     450,805       436,000  
  35,000    
Energy Recovery Inc.†
     210,777       111,300  
  8,500    
Middlesex Water Co.
     137,355       154,615  
  82,200    
Pennichuck Corp.
     1,769,062       2,341,878  
  99,300    
SJW Corp.
     2,338,311       2,298,795  
  28,500    
The York Water Co.
     398,710       496,185  
       
 
            
       
 
     5,947,207       6,562,739  
       
 
            
       
Entertainment — 0.4%
                
  31,100    
Canterbury Park Holding Corp.†
     310,005       376,932  
  1,802    
Chestnut Hill Ventures† (b)
     67,956       82,092  
  237,500    
Dover Motorsports Inc.†
     495,954       475,000  
  531,441    
Entravision Communications Corp., Cl. A†
     1,276,874       1,440,205  
  1,500    
LodgeNet Interactive Corp.†
     4,488       5,460  
  60,000    
Triple Crown Media Inc.†
     16,280       180  
       
 
            
       
 
     2,171,557       2,379,869  
       
 
            
       
Environmental Control — 0.3%
                
  10,000    
BioteQ Environmental Technologies Inc.†
     16,559       7,427  
  274,000    
Casella Waste Systems Inc., Cl. A†
     1,371,004       1,964,580  
  300    
Sharps Compliance Corp.†
     759       1,416  
       
 
            
       
 
     1,388,322       1,973,423  
       
 
            
       
Equipment and Supplies — 4.5%
                
  1,000    
AZZ Inc.
     34,894       45,600  
  177,500    
Baldwin Technology Co. Inc., Cl. A†
     357,962       285,775  
  271,500    
Capstone Turbine Corp.†
     436,300       491,415  
  58,500    
CIRCOR International Inc.
     1,747,317       2,750,670  
  278,549    
Core Molding Technologies Inc.†
     904,951       2,116,972  
  225,000    
Federal Signal Corp.
     1,494,046       1,464,750  
  700    
Genoil Inc.†
     158       134  
  299,600    
Gerber Scientific Inc.†
     1,516,601       2,804,256  
  8,500    
Gildemeister AG
     61,536       192,136  
  8,000    
GrafTech International Ltd.†
     49,988       165,040  
  564,600    
Interpump Group SpA†
     4,026,294       4,788,882  
  158,313    
L.S. Starrett Co., Cl. A
     1,839,306       2,222,715  
  20,000    
Maezawa Kyuso Industries Co. Ltd.
     108,117       279,394  
  83,700    
Met-Pro Corp.
     909,408       996,030  
  11,800    
Mine Safety Appliances Co.
     367,269       432,706  
  202,900    
SL Industries Inc.†
     1,471,924       3,715,099  
  700    
SRS Labs Inc.†
     3,850       5,978  
  33,492    
The Eastern Co.
     483,875       640,367  
  12,000    
The Gorman-Rupp Co.
     359,951       472,680  
  12,000    
The Greenbrier Cos. Inc.†
     149,918       340,560  
  36,379    
Titan Machinery Inc.†
     503,585       918,570  
  266,000    
TransAct Technologies Inc.†
     1,492,952       3,178,700  
  55,500    
Vicor Corp.
     409,310       915,195  
  26,000    
WaterFurnace Renewable Energy Inc.
     521,940       653,285  
  500    
Watts Water Technologies Inc., Cl. A
     7,648       19,095  
       
 
            
       
 
     19,259,100       29,896,004  
       
 
            
       
Financial Services — 3.7%
                
  49,400    
Anchor Bancorp.†
     508,737       528,580  
  16,100    
Berkshire Bancorp Inc.†
     219,414       99,659  
  3,900    
Berkshire Hills Bancorp Inc.
     78,058       81,315  
  75    
Burke & Herbert Bank and Trust Co.
     95,726       180,375  
  40,000    
Capital Financial Holdings Inc.†
     35,200       2,800  
  6,791    
Capitol Federal Financial Inc.
     75,244       76,534  
  38,000    
CNA Surety Corp.†
     827,734       959,880  
  29,000    
Crazy Woman Creek Bancorp Inc.†
     501,616       311,750  
  413,000    
Epoch Holding Corp.
     2,770,792       6,517,140  
  42    
Farmers & Merchants Bank of Long Beach
     203,006       177,030  
  10,546    
Fidelity Southern Corp.†
     69,325       84,368  
  172,600    
Flushing Financial Corp.
     2,414,747       2,571,740  
  10    
Guaranty Corp., Cl. A†
     137,500       75,000  
  64,649    
Hallmark Financial Services†
     580,440       541,759  
  6,600    
Hampden Bancorp Inc.
     75,984       87,648  
  5,674    
Hampton Roads Bankshares Inc.†
     18,089       4,823  
  39,900    
Heritage Financial Group Inc.
     414,190       507,927  
  60,125    
Hudson Valley Holding Corp.
     1,248,867       1,322,750  
  87,273    
JMP Group Inc.
     725,143       751,420  
  30,000    
Kaiser Federal Financial Group Inc.
     300,000       369,000  
See accompanying notes to financial statements.

9

 

GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Financial Services (Continued)
                
  90,843    
KKR & Co. LP
   $ 265,210     $ 1,490,734  
  79,162    
Meadowbrook Insurance Group Inc.
     709,881       819,327  
  90,000    
Medallion Financial Corp.
     695,704       791,100  
  46,500    
Nara Bancorp Inc.†
     400,243       447,330  
  11,055    
New York Community Bancorp Inc.
     143,811       190,809  
  28,500    
Newport Bancorp Inc.†
     356,595       397,005  
  5,697    
Northrim BanCorp Inc.
     119,035       108,756  
  40,000    
Oritani Financial Corp.
     412,856       507,200  
  8,300    
Provident New York Bancorp
     105,316       85,656  
  45,000    
Pzena Investment Management Inc., Cl. A
     203,004       317,700  
  28,866    
Sanders Morris Harris Group Inc.
     177,619       231,217  
  116    
Sunwest Bank†
     322,722       319,290  
  82,456    
SWS Group Inc.
     871,686       500,508  
  8,500    
The Ziegler Companies Inc.†
     163,481       154,318  
  250    
TIB Financial Corp.†
     5,178       4,895  
  7,500    
Tree.com Inc.†
     61,967       44,250  
  36,600    
Washington Trust Bancorp Inc.
     819,774       868,884  
  87,100    
Westfield Financial Inc.
     746,912       789,126  
  40,039    
Whitney Holding Corp.
     207,806       545,331  
  38,100    
Wilshire Bancorp Inc.†
     330,044       186,690  
  100,000    
WisdomTree Investments Inc.†
     402,626       568,000  
  30,000    
Xenith Bankshares Inc.†
     127,500       128,100  
       
 
            
       
 
     18,948,782       24,747,724  
       
 
            
       
Food and Beverage — 2.0%
                
  1,000    
Andrew Peller Ltd., Cl. A
     9,614       9,541  
  19,300    
Boston Beer Co. Inc., Cl. A†
     485,730       1,787,566  
  16,000    
Calavo Growers Inc.
     362,638       349,600  
  132,900    
Caribou Coffee Co. Inc.†
     1,259,942       1,351,593  
  35,000    
Feihe International Inc.†
     305,571       301,350  
  1,100    
Hanover Foods Corp., Cl. A
     110,881       99,632  
  700    
Inventure Foods Inc.†
     1,862       2,716  
  2,000    
J & J Snack Foods Corp.
     28,830       94,140  
  231,425    
Lifeway Foods Inc.†
     2,245,078       2,411,449  
  15,000    
MGP Ingredients Inc.
     69,302       130,800  
  30,000    
Peet’s Coffee & Tea Inc.†
     1,228,197       1,442,700  
  7,800    
Rock Field Co. Ltd.
     125,557       128,281  
  5,500    
Scheid Vineyards Inc., Cl. A†
     95,382       50,050  
  45,000    
Smart Balance Inc.†
     187,124       206,550  
  131,700    
Snyders-Lance Inc.
     2,871,747       2,614,245  
  48,000    
The Hain Celestial Group Inc.†
     989,778       1,549,440  
  270,000    
Tingyi (Cayman Islands) Holding Corp.
     393,787       660,200  
  280,000    
Vitasoy International Holdings Ltd.
     133,057       228,577  
  19,300    
Willamette Valley Vineyards Inc.†
     89,008       60,795  
       
 
            
       
 
     10,993,085       13,479,225  
       
 
            
       
Health Care — 7.7%
                
  5,000    
Alere Inc.†
     94,541       195,700  
  29,000    
AngioDynamics Inc.†
     366,776       438,480  
  150,000    
Animal Health International Inc.†
     633,765       630,000  
  12,800    
ArthroCare Corp.†
     140,635       426,752  
  69,100    
Bio-Reference Laboratories Inc.†
     1,494,774       1,550,604  
  338,855    
BioLase Technology Inc.†
     473,052       1,650,224  
  10,000    
Boiron SA
     166,957       422,324  
  1,000    
Bruker Corp.†
     5,980       20,850  
  223,326    
Cantel Medical Corp.
     4,890,381       5,750,645  
  14,000    
Cardica Inc.†
     66,719       49,840  
  105,000    
CardioNet Inc.†
     544,934       502,950  
  62,500    
Cepheid Inc.†
     595,116       1,751,250  
  702,300    
Continucare Corp.†
     1,967,747       3,757,305  
  103,800    
Cutera Inc.†
     858,374       889,566  
  60,000    
Cynosure Inc., Cl. A†
     508,551       833,400  
  5,000    
DexCom Inc.†
     65,375       77,600  
  20,163    
DGT Holdings Corp.†
     295,791       193,565  
  1,000    
Elite Pharmaceuticals Inc.†
     2,690       78  
  108,300    
Exactech Inc.†
     1,812,890       1,900,665  
  4,870    
Heska Corp.†
     59,840       31,655  
  73,600    
Hooper Holmes Inc.†
     69,670       54,464  
  1,300    
ICU Medical Inc.†
     34,815       56,914  
  10,000    
Indevus Pharmaceuticals Inc., Escrow† (b)
     0       11,000  
  473,000    
InfuSystems Holdings Inc.†
     1,268,317       1,277,100  
  486,401    
IRIS International Inc.†
     5,120,761       4,387,337  
  172,913    
LeMaitre Vascular Inc.
     1,184,413       1,177,538  
  91,700    
Neogen Corp.†
     559,479       3,794,546  
  1,800    
NMT Medical Inc.†
     5,643       306  
  50,000    
Opko Health Inc.†
     108,408       186,500  
  17,500    
Orthofix International NV†
     279,401       568,050  
  117,800    
Pain Therapeutics Inc.†
     536,167       1,126,168  
  157,300    
Palomar Medical Technologies Inc.†
     2,200,032       2,335,905  
  10,000    
PreMD Inc.†
     18,320       41  
  152,561    
Quidel Corp.†
     1,733,466       1,824,630  
  402,290    
Rochester Medical Corp.†
     4,498,306       4,618,289  
  84,400    
RTI Biologics Inc.†
     499,719       241,384  
  24,000    
Skilled Healthcare Group Inc., Cl. A†
     259,360       345,360  
  213,900    
Strategic Diagnostics Inc.†
     207,526       481,275  
  120,900    
SurModics Inc.†
     1,417,581       1,511,250  
  95,000    
Syneron Medical Ltd.†
     819,192       1,238,800  
  2,000    
Targanta Therapeutics Corp., Escrow† (b)
     0       1,280  
  500    
ThermoGenesis Corp.†
     1,140       1,045  
  200,000    
TomoTherapy Inc.†
     915,760       914,000  
  101,000    
Trinity Biotech plc, ADR†
     860,693       947,380  
  82,900    
United-Guardian Inc.
     734,019       1,236,039  
  137,331    
Vascular Solutions Inc.†
     1,369,271       1,498,281  
  23,300    
Young Innovations Inc.
     433,256       731,620  
       
 
            
       
 
     40,179,603       51,639,955  
       
 
            
       
Hotels and Gaming — 1.6%
                
  53,540    
Churchill Downs Inc.
     1,698,594       2,221,910  
  256,000    
Dover Downs Gaming & Entertainment Inc.
     1,261,527       919,040  
  2,500    
Florida Gaming Corp.†
     6,252       8,437  
  4,000    
Gaylord Entertainment Co.†
     55,334       138,720  
  192,922    
Morgans Hotel Group Co.†
     1,564,870       1,890,636  
  8,500    
Multimedia Games Inc.†
     76,734       48,705  
  26,500    
Pinnacle Entertainment Inc.†
     200,316       360,930  
  211,473    
Sonesta International Hotels Corp., Cl. A (a)
     3,418,145       4,057,110  
  106,000    
The Marcus Corp.
     1,257,478       1,155,400  
       
 
            
       
 
     9,539,250       10,800,888  
       
 
            
       
Machinery — 1.7%
                
  35,000    
Astec Industries Inc.†
     1,066,959       1,305,150  
  11,000    
DXP Enterprises Inc.†
     140,765       253,880  
  134,000    
Flow International Corp.†
     210,750       588,260  
  146,400    
Global Power Equipment Group Inc.†
     3,434,289       4,026,000  
See accompanying notes to financial statements.

10

 

GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Machinery (Continued)
                
  6,000    
Hardinge Inc.
   $ 54,215     $ 82,200  
  63,911    
Key Technology Inc.†
     1,233,907       1,291,641  
  6,000    
Lindsay Corp.
     180,673       474,120  
  46,300    
Tennant Co.
     927,753       1,946,452  
  14,800    
The Middleby Corp.†
     464,969       1,379,656  
       
 
            
       
 
     7,714,280       11,347,359  
       
 
            
       
Manufactured Housing and Recreational Vehicles — 0.4%
                
  1,212,300    
All American Group Inc.†
     1,748,372       276,404  
  15,500    
Cavco Industries Inc.†
     401,106       699,980  
  38,300    
Nobility Homes Inc.†
     408,896       352,360  
  25,300    
Skyline Corp.
     559,803       507,265  
  42,000    
Winnebago Industries Inc.†
     461,483       561,540  
       
 
            
       
 
     3,579,660       2,397,549  
       
 
            
       
Metals and Mining — 1.3%
                
  87,400    
5N Plus Inc.†
     315,355       835,686  
  650,000    
Alkane Resources Ltd.†
     704,489       1,280,785  
  100,000    
Allana Potash Corp.†
     197,161       189,789  
  20,000    
Camino Minerals Corp.†
     3,744       7,014  
  100,000 (c)  
Duluth Metals Ltd.†
     298,512       271,274  
  142,800    
Materion Corp.†
     2,892,831       5,826,240  
  600,000    
Tanami Gold NL†
     556,226       546,137  
       
 
            
       
 
     4,968,318       8,956,925  
       
 
            
       
Paper and Forest Products — 0.1%
                
  6,749    
Keweenaw Land Association Ltd.†
     619,836       632,719  
       
 
            
       
Publishing — 2.0%
                
  171,300    
Belo Corp., Cl. A†
     348,288       1,509,153  
  133,571    
Cambium Learning Group Inc.†
     511,753       454,141  
  863,800    
Il Sole 24 Ore SpA†
     1,655,253       1,615,907  
  1,126,000    
Journal Communications Inc., Cl. A†
     2,699,482       6,756,000  
  373,089    
PRIMEDIA Inc.
     1,240,801       1,816,943  
  145,000    
The E.W. Scripps Co., Cl. A†
     533,809       1,435,500  
       
 
            
       
 
     6,989,386       13,587,644  
       
 
            
       
Real Estate — 0.9%
                
  7,000    
Bresler & Reiner Inc.†
     130,140       7,700  
  14,100    
Capital Properties Inc., Cl. A
     173,352       183,159  
  6,000    
Capital Properties Inc., Cl. B (b)(d)
     0       77,940  
  78,000    
Cohen & Steers Inc.
     1,576,930       2,315,040  
  70,900    
Griffin Land & Nurseries Inc.
     1,958,784       2,281,562  
  1,900    
Gyrodyne Co. of America Inc.†
     49,716       139,650  
  6,300    
Holobeam Inc.†
     113,939       119,700  
  124,500    
Reading International Inc., Cl. A†
     627,682       628,725  
  39,800    
Reading International Inc., Cl. B†
     336,054       288,550  
  2,508    
Royalty LLC† (b)(d)
     0       7,550  
       
 
            
       
 
     4,966,597       6,049,576  
       
 
            
       
Restaurants — 1.7%
                
  15,279    
Biglari Holdings Inc.†
     4,249,234       6,471,420  
  80,500    
Denny’s Corp.†
     252,176       326,830  
  95,105    
Famous Dave’s of America Inc.†
     888,321       930,127  
  155,229    
Nathan’s Famous Inc.†
     2,127,230       2,682,357  
  43,000    
The Cheesecake Factory Inc.†
     1,265,428       1,293,870  
       
 
            
       
 
     8,782,389       11,704,604  
       
 
            
       
Retail — 1.5%
                
  41,000    
Aaron’s Inc.†
     726,779       1,039,760  
  70,000    
Big 5 Sporting Goods Corp.
     943,564       834,400  
  243,400    
Coldwater Creek Inc.†
     854,521       642,576  
  79,800    
Hot Topic Inc.
     499,225       454,860  
  129,200    
Ingles Markets Inc., Cl. A
     2,050,344       2,559,452  
  125,071    
Krispy Kreme Doughnuts Inc.†
     844,969       880,500  
  13,800    
Movado Group Inc.†
     168,084       202,584  
  28,000    
Pier 1 Imports Inc.†
     293,203       284,200  
  60,900    
Rush Enterprises Inc., Cl. A†
     955,468       1,205,820  
  57,500    
Rush Enterprises Inc., Cl. B†
     623,178       999,925  
  21,800    
The Bon-Ton Stores Inc.†
     178,394       337,900  
  330,000    
The Great Atlantic & Pacific Tea Co. Inc.†
     61,465       75,900  
  11,300    
Village Super Market Inc., Cl. A
     295,331       328,830  
       
 
            
       
 
     8,494,525       9,846,707  
       
 
            
       
Semiconductors — 0.7%
                
  122,400    
Advanced Analogic Technologies Inc.†
     474,312       462,672  
  135,975    
Cascade Microtech Inc.†
     690,498       840,325  
  100,000    
Conexant Systems Inc.†
     219,500       238,000  
  132,700    
Entegris Inc.†
     656,924       1,163,779  
  89,500    
Entropic Communications Inc.†
     491,413       756,275  
  1,319    
GSI Group Inc.†
     10,602       13,587  
  93,700    
IXYS Corp.†
     991,052       1,258,391  
       
 
            
       
 
     3,534,301       4,733,029  
       
 
            
       
Specialty Chemicals — 2.5%
                
  9,109    
A. Schulman Inc.
     217,352       225,174  
  10,000    
Chemtura Corp.†
     165,169       172,000  
  558,500    
Ferro Corp.†
     2,228,966       9,265,515  
  267,226    
General Chemical Group Inc.†
     59,859       3,340  
  30,000    
Hawkins Inc.
     429,913       1,232,400  
  1,000    
KMG Chemicals Inc.
     3,270       19,660  
  270,000    
Omnova Solutions Inc.†
     509,785       2,124,900  
  202,500    
Zep Inc.
     2,741,477       3,525,525  
       
 
            
       
 
     6,355,791       16,568,514  
       
 
            
       
Telecommunications — 0.6%
                
  45,200    
Atlantic Tele-Network Inc.
     1,776,694       1,680,988  
  150,000    
Cincinnati Bell Inc.†
     420,006       402,000  
  75    
Consolidated Communications Holdings Inc.
     1,336       1,405  
  1,500    
Electronic Systems Technology Inc.†
     1,058       885  
  60,000    
HickoryTech Corp.
     563,742       545,400  
  80    
Horizon Telecom Inc., Cl. A
     9,250       7,200  
  350    
Horizon Telecom Inc., Cl. B
     39,964       24,500  
  30,000    
ICO Global Communications (Holdings) Ltd.†
     48,782       80,100  
  56,100    
New Ulm Telecom Inc.
     547,403       314,160  
  400    
North State Telephone Co., Cl. A
     31,368       31,800  
  500    
Otelco Inc., IDS
     9,074       9,690  
  7,788    
Preformed Line Products Co.
     338,590       538,696  
  18,500    
Shenandoah Telecommunications Co.
     104,466       334,110  
  500    
SureWest Communications†
     5,393       7,190  
  17,875    
Windstream Corp.
     179,823       230,051  
       
 
            
       
 
     4,076,949       4,208,175  
       
 
            
See accompanying notes to financial statements.

11

 

GAMCO Westwood Mighty MitesSM Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Transportation — 0.2%
                
  1,000    
K-Sea Transportation Partners LP†
   $ 8,125     $ 8,180  
  8,200    
PHI Inc.†
     130,182       188,600  
  82,200    
Providence and Worcester Railroad Co.
     1,108,795       1,374,795  
  1,000    
Trailer Bridge Inc.†
     5,382       3,810  
       
 
            
       
 
     1,252,484       1,575,385  
       
 
            
       
TOTAL COMMON STOCKS
     338,805,150       473,113,580  
       
 
            
       
 
                
       
PREFERRED STOCKS — 0.1%
                
       
Automotive: Parts and Accessories — 0.1%
                
  20,000    
Jungheinrich AG Pfd.
     229,855       803,549  
       
 
            
       
 
                
       
CONVERTIBLE PREFERRED STOCKS — 0.0%
                
       
Food and Beverage — 0.0%
                
  500    
Seneca Foods Corp., Zero Coupon Cv. Pfd., Ser. 2003 (b)†
     7,625       14,935  
       
 
            
       
 
                
       
RIGHTS — 0.0%
                
       
Equipment and Supplies — 0.0%
                
  8,500    
Gildemeister AG, expire 04/11/11†
     0       5,674  
       
 
            
       
 
                
       
WARRANTS — 0.0%
                
       
Broadcasting — 0.0%
                
  63    
Granite Broadcasting Corp., Ser. A, expire 06/04/12† (b)
     0       0  
  63    
Granite Broadcasting Corp., Ser. B, expire 06/04/12† (b)
     0       0  
       
 
            
       
 
     0       0  
       
 
            
       
TOTAL WARRANTS
     0       0  
       
 
            
 
Principal                      
Amount                      
       
U.S. GOVERNMENT OBLIGATIONS — 29.5%
                
$ 198,431,000    
U.S. Treasury Bills, 0.115% to 0.210%††, 04/07/11 to 09/22/11
     198,336,905       198,353,593  
       
 
            
       
TOTAL INVESTMENTS — 100.1%
   $ 537,379,535       672,291,331  
       
 
              
       
Other Assets and Liabilities (Net) — (0.1)%
             (792,527 )
       
 
              
       
NET ASSETS — 100.0%
           $ 671,498,804  
       
 
              
 
(a)   Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.
 
(b)   Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2011, the market value of fair valued securities amounted to $209,200 or 0.03% of net assets.
 
(c)   Denoted in units.
 
(d)   At March 31, 2011, the Fund held investments in restricted and illiquid securities amounting to $85,490 or 0.01% of net assets, which were valued under methods approved by the Board of Trustees, as follows:
                                 
                            03/31/11
                            Carrying
Acquisition       Acquisition   Acquisition   Value
Shares   Issuer   Date   Cost   Per Unit
  6,000    
Capital Properties Inc., Cl. B
     11/20/03       —     $ 12.9900  
  2,508    
Royalty LLC
     09/09/03       —       3.0104  
 
†   Non-income producing security.
 
††   Represents annualized yield at date of purchase.
 
ADR   American Depositary Receipt
 
CVO   Contingent Value Obligation
See accompanying notes to financial statements.

12

 

GAMCO Westwood SmallCap Equity Fund
Schedule of Investments — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS — 94.7%
                
       
Aerospace — 2.6%
                
  10,000    
AAR Corp.†
   $ 219,569     $ 277,200  
  1,500    
Curtiss-Wright Corp.
     56,908       52,710  
  700    
Esterline Technologies Corp.†
     19,504       49,504  
  12,200    
Hexcel Corp.†
     199,873       240,218  
  4,600    
Kaman Corp.
     82,901       161,920  
       
 
            
       
 
     578,755       781,552  
       
 
            
       
Automotive — 1.5%
                
  2,400    
AutoNation Inc.†
     44,468       84,888  
  500    
Group 1 Automotive Inc.
     16,425       21,400  
  1,100    
Navistar International Corp.†
     41,893       76,263  
  3,700    
Penske Automotive Group Inc.†
     63,090       74,074  
  6,900    
Rush Enterprises Inc., Cl. A†
     86,636       136,620  
  6,100    
Wabash National Corp.†
     44,638       70,638  
       
 
            
       
 
     297,150       463,883  
       
 
            
       
Automotive: Parts and Accessories — 0.5%
                
  1,900    
Federal-Mogul Corp.†
     24,695       47,310  
  4,300    
Midas Inc.†
     54,734       32,981  
  600    
Monro Muffler Brake Inc.
     12,436       19,788  
  1,600    
Superior Industries International Inc.
     22,818       41,024  
       
 
            
       
 
     114,683       141,103  
       
 
            
       
Aviation: Parts and Services — 0.3%
                
  2,000    
Astronics Corp.†
     18,913       50,340  
  2,100    
Ducommun Inc.
     40,426       50,190  
       
 
            
       
 
     59,339       100,530  
       
 
            
       
Building and Construction — 1.4%
                
  2,600    
Chicago Bridge & Iron Co., NV
     50,128       105,716  
  8,300    
Dycom Industries Inc.†
     110,715       143,922  
  1,400    
Insituform Technologies Inc., Cl. A†
     20,052       37,450  
  5,700    
MYR Group Inc.†
     137,940       136,344  
  900    
NCI Building Systems Inc.†
     11,629       11,403  
       
 
            
       
 
     330,464       434,835  
       
 
            
       
Business Services — 4.7%
                
  5,500    
ABM Industries Inc.
     139,602       139,645  
  600    
Alliance Data Systems Corp.†
     24,717       51,534  
  1,050    
Ascent Media Corp., Cl. A†
     24,024       51,293  
  5,200    
Convergys Corp.†
     65,494       74,672  
  7,043    
Edgewater Technology Inc.†
     47,384       22,467  
  10,200    
FTI Consulting Inc.†
     354,329       390,966  
  4,800    
G & K Services Inc., Cl. A
     136,886       159,600  
  6,600    
GP Strategies Corp.†
     34,196       89,760  
  3,000    
Healthcare Services Group Inc.
     34,839       52,740  
  1,200    
Kforce Inc.†
     13,629       21,960  
  3,000    
MDC Partners Inc., Cl. A
     17,240       50,310  
  18,400    
PRGX Global Inc.†
     111,942       111,688  
  2,200    
Schawk Inc.
     25,150       42,768  
  3,600    
Tetra Tech Inc.†
     81,412       88,884  
  12,100    
Tier Technologies Inc.†
     83,081       66,550  
       
 
            
       
 
     1,193,925       1,414,837  
       
 
            
       
Commercial Services — 0.9%
                
  5,500    
Checkpoint Systems Inc.†
     118,396       123,640  
  2,000    
ICF International Inc.†
     44,927       41,080  
  6,100    
KAR Auction Services Inc.†
     79,424       93,574  
       
 
            
       
 
     242,747       258,294  
       
 
            
       
Communications Equipment — 0.6%
                
  5,400    
Harmonic Inc.†
     28,608       50,652  
  2,200    
Plantronics Inc.
     33,352       80,564  
  7,900    
Symmetricom Inc.†
     32,176       48,427  
       
 
            
       
 
     94,136       179,643  
       
 
            
       
Computer Hardware — 1.7%
                
  4,200    
Cray Inc.†
     25,738       27,090  
  6,000    
NCR Corp.†
     64,440       113,040  
  20,900    
QLogic Corp.†
     330,147       387,695  
       
 
            
       
 
     420,325       527,825  
       
 
            
       
Computer Software and Services — 5.2%
                
  1,600    
Akamai Technologies Inc.†
     34,693       60,800  
  2,000    
AOL Inc.†
     47,985       39,060  
  4,600    
Avid Technology Inc.†
     74,691       102,580  
  4,000    
Bottomline Technologies Inc.†
     60,672       100,560  
  2,500    
Cadence Design Systems Inc.†
     14,093       24,375  
  11,000    
Callidus Software Inc.†
     68,478       75,570  
  2,700    
Dynamics Research Corp.†
     29,252       44,145  
  1,600    
Evolving Systems Inc.
     11,504       11,584  
  5,600    
Fair Isaac Corp.
     117,149       177,016  
  6,500    
Lawson Software Inc.†
     43,285       78,650  
  29,600    
Magma Design Automation Inc.†
     59,927       201,872  
  4,900    
Mercury Computer Systems Inc.†
     38,143       103,684  
  7,700    
Parametric Technology Corp.†
     110,109       173,173  
  3,900    
Progress Software Corp.†
     57,332       113,451  
  900    
Rovi Corp.†
     15,567       48,285  
  8,900    
S1 Corp.†
     46,727       59,452  
  1,900    
Teradata Corp.†
     39,636       96,330  
  12,600    
THQ Inc.†
     128,128       57,456  
       
 
            
       
 
     997,371       1,568,043  
       
 
            
       
Consumer Products — 1.2%
                
  7,700    
A. T. Cross Co., Cl. A†
     76,012       82,082  
  3,000    
Cinemark Holdings Inc.
     56,277       58,050  
  3,400    
Cineplex Inc.
     81,808       81,221  
  5,900    
Knoll Inc.
     68,581       123,664  
  300    
The Warnaco Group Inc.†
     8,475       17,157  
       
 
            
       
 
     291,153       362,174  
       
 
            
       
Consumer Services — 0.1%
                
  3,400    
TiVo Inc.†
     30,661       29,784  
       
 
            
       
Diversified Industrial — 3.4%
                
  2,500    
A.M. Castle & Co.†
     25,591       47,200  
  5,750    
Barnes Group Inc.
     122,162       120,060  
  5,760    
Columbus McKinnon Corp.†
     116,181       106,330  
  4,381    
Federal Signal Corp.
     52,055       28,520  
  6,400    
Furmanite Corp.†
     30,986       51,200  
  4,788    
Griffon Corp.†
     41,704       62,866  
  3,200    
Kaydon Corp.
     115,189       125,408  
  3,800    
Kennametal Inc.
     153,414       148,200  
  700    
Lawson Products Inc.
     12,648       16,128  
  7,100    
RSC Holdings Inc.†
     84,314       102,098  
  5,600    
Sealed Air Corp.
     119,933       149,296  
  700    
Texas Industries Inc.
     23,737       31,661  
  2,600    
Tredegar Corp.
     36,867       56,108  
       
 
            
       
 
     934,781       1,045,075  
       
 
            
       
Electronics — 12.2%
                
  2,100    
Analogic Corp.
     82,989       118,755  
  3,600    
Avnet Inc.†
     77,517       122,724  
  14,800    
Ballantyne Strong Inc.†
     75,510       106,116  
See accompanying notes to financial statements.

13

 

GAMCO Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Electronics — (Continued)
                
  800    
Coherent Inc.†
   $ 14,414     $ 46,488  
  24,700    
Electro Scientific Industries Inc.†
     350,035       428,792  
  2,200    
FARO Technologies Inc.†
     49,512       88,000  
  6,200    
General Cable Corp.†
     212,244       268,460  
  7,500    
International Rectifier Corp.†
     102,298       247,950  
  3,600    
IXYS Corp.†
     23,882       48,348  
  25,300    
LeCroy Corp.†
     150,987       338,261  
  1,600    
Littelfuse Inc.
     27,951       91,360  
  7,100    
Molex Inc.
     127,140       178,352  
  10,950    
Newport Corp.†
     107,424       195,239  
  2,200    
OSI Systems Inc.†
     46,594       82,566  
  5,300    
Park Electrochemical Corp.
     117,965       170,925  
  27,500    
Pulse Electronics Corp.
     129,130       166,375  
  7,400    
Radisys Corp.†
     61,848       64,084  
  11,800    
TTM Technologies Inc.†
     122,530       214,288  
  3,300    
Ultralife Corp.†
     12,908       16,698  
  17,100    
Vishay Intertechnology Inc.†
     95,865       303,354  
  6,800    
Woodward Inc.
     213,202       235,008  
  4,700    
Zebra Technologies Corp., Cl. A†
     109,207       184,428  
       
 
            
       
 
     2,311,152       3,716,571  
       
 
            
       
Energy and Utilities — 8.8%
                
  9,400    
Brigham Exploration Co.†
     123,481       349,492  
  1,000    
Flint Energy Services Ltd.†
     11,308       17,411  
  1,000    
GeoResources Inc.†
     21,931       31,270  
  6,100    
Global Industries Ltd.†
     55,722       59,719  
  9,700    
Goodrich Petroleum Corp.†
     206,539       215,534  
  3,300    
Gulf Island Fabrication Inc.
     73,016       106,161  
  6,700    
Key Energy Services Inc.†
     96,056       104,185  
  15,200    
Matrix Service Co.†
     164,869       211,280  
  21,500    
Newpark Resources Inc.†
     136,895       168,990  
  8,000    
Patterson-UTI Energy Inc.
     199,486       235,120  
  11,600    
Petrohawk Energy Corp.†
     233,596       284,664  
  2,600    
PetroQuest Energy Inc.†
     20,150       24,336  
  15,100    
Pike Electric Corp.†
     143,874       143,752  
  19,400    
Pioneer Drilling Co.†
     184,614       267,720  
  4,400    
Rowan Companies Inc.†
     80,133       194,392  
  3,300    
Superior Energy Services Inc.†
     56,408       135,300  
  4,300    
Tesco Corp.†
     38,672       94,385  
  500    
Unit Corp.†
     16,134       30,975  
       
 
            
       
 
     1,862,884       2,674,686  
       
 
            
       
Entertainment — 0.5%
                
  1,600    
Discovery Communications Inc., Cl. A†
     19,468       63,840  
  6,350    
Take-Two Interactive Software Inc.†
     54,091       97,599  
       
 
            
       
 
     73,559       161,439  
       
 
            
       
Equipment and Supplies — 5.4%
                
  1,700    
AZZ Inc.
     56,528       77,520  
  1,900    
CIRCOR International Inc.
     79,904       89,338  
  6,500    
Crown Holdings Inc.†
     217,022       250,770  
  14,000    
Gerber Scientific Inc.†
     89,535       131,040  
  2,400    
GrafTech International Ltd.†
     28,504       49,512  
  4,000    
IDEX Corp.
     112,163       174,600  
  11,100    
Mine Safety Appliances Co.
     332,709       407,037  
  1,600    
Mueller Industries Inc.
     54,335       58,592  
  1,850    
Robbins & Myers Inc.
     36,264       85,081  
  1,800    
Tennant Co.
     44,744       75,672  
  2,500    
The Greenbrier Cos. Inc.†
     32,375       70,950  
  1,300    
The Toro Co.
     49,446       86,086  
  1,200    
Titan Machinery Inc.†
     13,234       30,300  
  3,400    
Vicor Corp.
     31,099       56,066  
       
 
            
       
 
     1,177,862       1,642,564  
       
 
            
       
Financial Services — 14.9%
                
  6,000    
Anchor Bancorp.†
     60,000       64,200  
  3,000    
Astoria Financial Corp.
     42,740       43,110  
  1,000    
BankUnited Inc.
     27,000       28,710  
  1,000    
Berkshire Hills Bancorp Inc.
     22,854       20,850  
  7,700    
Boston Private Financial Holdings Inc.
     55,319       54,439  
  1,600    
Brookline Bancorp Inc.
     15,947       16,848  
  10,400    
Brown & Brown Inc.
     234,969       268,320  
  3,700    
Cardinal Financial Corp.
     29,674       43,142  
  1,400    
Citizens & Northern Corp.
     22,229       23,534  
  4,200    
Columbia Banking System Inc.
     59,989       80,514  
  10,000    
Cowen Group Inc., Cl. A†
     50,000       40,100  
  1,900    
Epoch Holding Corp.
     17,511       29,982  
  6,850    
FBR Capital Markets Corp.†
     35,763       24,523  
  1,100    
Fidelity National Financial Inc., Cl. A
     15,729       15,543  
  5,000    
Financial Institutions Inc.
     81,750       87,500  
  9,000    
First Horizon National Corp.
     109,294       100,890  
  25,000    
First Niagara Financial Group Inc.
     300,000       339,500  
  10,800    
Flushing Financial Corp.
     145,696       160,920  
  5,000    
HF Financial Corp.
     40,000       55,800  
  8,845    
Hudson Valley Holding Corp.
     167,809       194,590  
  700    
IBERIABANK Corp.
     33,331       42,091  
  2,500    
Investors Bancorp Inc.†
     22,438       37,225  
  6,300    
KBW Inc.
     163,541       164,997  
  6,700    
Knight Capital Group Inc., Cl. A†
     99,269       89,780  
  3,900    
Meadowbrook Insurance Group Inc.
     22,850       40,365  
  12,600    
Nara Bancorp Inc.†
     94,500       121,212  
  6,000    
National Penn Bancshares Inc.
     31,500       46,440  
  3,950    
NewAlliance Bancshares Inc.
     48,300       58,618  
  1,400    
Newport Bancorp Inc.†
     16,870       19,502  
  3,800    
Old National Bancorp
     41,329       40,736  
  12,800    
Oriental Financial Group Inc.
     155,635       160,640  
  2,600    
Orrstown Financial Services Inc.
     70,200       72,800  
  6,100    
Sterling Bancorp
     65,989       61,061  
  2,900    
Stifel Financial Corp.†
     149,137       208,191  
  2,900    
SVB Financial Group†
     78,942       165,097  
  6,200    
Texas Capital Bancshares Inc.†
     145,575       161,138  
  20,000    
The Bancorp Inc.†
     165,000       184,600  
  4,200    
The NASDAQ OMX Group Inc.†
     83,624       108,528  
  4,200    
The Navigators Group Inc.†
     201,054       216,300  
  6,200    
Umpqua Holdings Corp.
     60,759       70,928  
  8,550    
Valley National Bancorp
     110,429       119,358  
  1,000    
Washington Banking Co.
     9,000       14,100  
  12,400    
Washington Federal Inc.
     201,213       215,016  
  9,300    
Washington Trust Bancorp Inc.
     185,189       220,782  
  4,300    
Webster Financial Corp.
     52,272       92,149  
  3,750    
Westfield Financial Inc.
     35,041       33,975  
  400    
WSFS Financial Corp.
     11,024       18,840  
  15,000    
Xenith Bankshares Inc.†
     63,750       64,050  
       
 
            
       
 
     3,952,034       4,541,534  
       
 
            
       
Food and Beverage — 0.2%
                
  2,200    
The Cheesecake Factory Inc.†
     34,683       66,198  
       
 
            
       
Food Products — 0.5%
                
  12,700    
Viterra Inc.
     134,051       154,051  
       
 
            
See accompanying notes to financial statements.

14

 

GAMCO Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS (Continued)
                
       
Health Care — 6.3%
                
  4,700    
AngioDynamics Inc.†
   $ 61,900     $ 71,064  
  1,100    
ArthroCare Corp.†
     28,958       36,674  
  1,000    
Assisted Living Concepts Inc., Cl. A†
     28,102       39,140  
  5,300    
Community Health Systems Inc.†
     177,028       211,947  
  3,600    
Continucare Corp.†
     8,964       19,260  
  1,200    
Cynosure Inc., Cl. A†
     9,468       16,668  
  1,900    
ICU Medical Inc.†
     66,515       83,182  
  2,700    
Kindred Healthcare Inc.†
     49,813       64,476  
  4,500    
Omnicare Inc.
     114,257       134,955  
  5,900    
Omnicell Inc.†
     68,687       89,916  
  14,800    
Patterson Companies Inc.
     440,968       476,412  
  500    
PSS World Medical Inc.†
     8,155       13,575  
  5,375    
Rochester Medical Corp.†
     55,049       61,705  
  1,000    
STERIS Corp.
     29,319       34,540  
  1,100    
Syneron Medical Ltd.†
     9,144       14,344  
  1,000    
Teleflex Inc.
     50,031       57,980  
  4,900    
Thoratec Corp.†
     132,376       127,057  
  7,900    
VCA Antech Inc.†
     174,617       198,922  
  3,300    
Zoll Medical Corp.†
     85,529       147,873  
       
 
            
       
 
     1,598,880       1,899,690  
       
 
            
       
Health Care Providers and Services — 0.3%
                
  10,500    
AMN Healthcare Services Inc.†
     58,279       90,930  
       
 
            
       
IT Services — 0.7%
                
  12,000    
Heartland Payment Systems Inc.
     207,081       210,360  
       
 
            
       
Machinery — 2.8%
                
  3,500    
DXP Enterprises Inc.†
     43,739       80,780  
  1,150    
Dynamic Materials Corp.
     33,061       32,142  
  19,400    
Flow International Corp.†
     83,064       85,166  
  1,200    
Gardner Denver Inc.
     38,672       93,636  
  4,000    
Lydall Inc.†
     35,570       35,560  
  6,500    
The Manitowoc Co. Inc.
     43,760       142,220  
  10,600    
Trinity Industries Inc.
     258,094       388,702  
       
 
            
       
 
     535,960       858,206  
       
 
            
       
Metals and Mining — 2.2%
                
  2,700    
5N Plus Inc.†
     12,937       25,816  
  3,000    
AK Steel Holding Corp.
     49,650       47,340  
  3,900    
Carpenter Technology Corp.
     163,157       166,569  
  6,500    
Century Aluminum Co.†
     112,542       121,420  
  950    
Franco-Nevada Corp.
     21,629       34,874  
  9,300    
Globe Specialty Metals Inc.
     134,166       211,668  
  1,700    
Materion Corp.†
     25,979       69,360  
       
 
            
       
 
     520,060       677,047  
       
 
            
       
Publishing — 0.6%
                
  8,500    
Belo Corp., Cl. A†
     17,711       74,885  
  3,900    
Journal Communications Inc., Cl. A†
     18,539       23,400  
  1,900    
Meredith Corp.
     52,935       64,448  
  2,500    
The Dolan Co.†
     27,630       30,350  
       
 
            
       
 
     116,815       193,083  
       
 
            
       
Real Estate — 0.1%
                
  1,200    
Kennedy-Wilson Holdings Inc.†
     11,926       13,032  
       
 
            
       
Restaurants — 0.2%
                
  5,700    
Denny’s Corp.†
     13,949       23,142  
  5,200    
Morton’s Restaurant Group Inc.†
     33,000       37,492  
       
 
            
       
 
     46,949       60,634  
       
 
            
       
Retail — 2.8%
                
  12,500    
American Eagle Outfitters Inc.
     188,254       198,625  
  4,700    
Ethan Allen Interiors Inc.
     90,254       102,930  
  3,300    
Foot Locker Inc.
     46,557       65,076  
  3,900    
Saks Inc.†
     7,341       44,109  
  4,100    
Stage Stores Inc.
     67,492       78,802  
  19,200    
The Jones Group Inc.
     267,200       264,000  
  6,900    
The Wet Seal Inc., Cl. A†
     23,184       29,532  
  1,900    
Williams-Sonoma Inc.
     25,114       76,950  
       
 
            
       
 
     715,396       860,024  
       
 
            
       
Semiconductors — 9.2%
                
  23,700    
Advanced Analogic Technologies Inc.†
     98,170       89,586  
  10,600    
Advanced Energy Industries Inc.†
     162,653       173,310  
  5,600    
Atmel Corp.†
     28,728       76,328  
  11,700    
ATMI Inc.†
     195,242       220,896  
  13,000    
Brooks Automation Inc.†
     88,776       178,490  
  13,000    
Cascade Microtech Inc.†
     74,326       80,340  
  7,950    
Cohu Inc.
     116,546       122,112  
  16,600    
Entegris Inc.†
     32,145       145,582  
  27,500    
FormFactor Inc.†
     354,590       283,250  
  15,000    
FSI International Inc.†
     23,016       65,700  
  18,500    
Integrated Device Technology Inc.†
     142,640       136,345  
  5,000    
Kulicke & Soffa Industries Inc.†
     10,089       46,750  
  4,100    
Microsemi Corp.†
     41,022       84,911  
  1,800    
MKS Instruments Inc.
     38,742       59,940  
  10,600    
ON Semiconductor Corp.†
     69,162       104,622  
  6,600    
Pericom Semiconductor Corp.†
     58,279       68,442  
  6,950    
PLX Technology Inc.†
     45,126       25,367  
  47,600    
Rubicon Ltd.†
     44,541       41,767  
  13,000    
Silicon Image Inc.†
     34,880       116,610  
  6,000    
STEC Inc.†
     69,593       120,540  
  12,800    
Ultra Clean Holdings Inc.†
     24,331       132,352  
  1,550    
Ultratech Inc.†
     20,411       45,570  
  5,700    
Varian Semiconductor Equipment Associates Inc.†
     153,064       277,419  
  1,900    
Veeco Instruments Inc.†
     62,119       96,596  
       
 
            
       
 
     1,988,191       2,792,825  
       
 
            
       
Specialty Chemicals — 1.6%
                
  3,200    
Arch Chemicals Inc.
     96,125       133,088  
  3,969    
Ferro Corp.†
     49,408       65,846  
  4,400    
H.B. Fuller Co.
     99,098       94,512  
  2,700    
Olin Corp.
     60,345       61,884  
  2,200    
Valspar Corp.
     45,355       86,020  
  2,650    
Zep Inc.
     41,708       46,137  
       
 
            
       
 
     392,039       487,487  
       
 
            
       
Telecommunications — 1.2%
                
  5,400    
Atlantic Tele-Network Inc.
     210,729       200,826  
  6,700    
Sierra Wireless Inc.†
     72,655       73,231  
  20,900    
TeleCommunication Systems Inc., Cl. A†
     85,605       86,108  
  5,800    
UTStarcom Inc.†
     12,875       13,630  
       
 
            
       
 
     381,864       373,795  
       
 
            
       
Transportation — 0.1%
                
  1,600    
Marten Transport Ltd.
     35,539       35,680  
       
 
            
       
TOTAL COMMON STOCKS
     21,740,694       28,817,414  
       
 
            
See accompanying notes to financial statements.

15

 

GAMCO Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
Principal                 Market  
Amount         Cost     Value  
       
U.S. GOVERNMENT OBLIGATIONS — 7.0%
                
$ 2,150,000    
U.S. Treasury Bills, 0.125% to 0.160%††, 06/16/11 to 09/22/11
   $ 2,148,889     $ 2,149,098  
       
 
            
       
TOTAL INVESTMENTS — 101.7%
   $ 23,889,583       30,966,512  
       
 
              
       
Other Assets and Liabilities (Net) — (1.7)%
             (529,727 )
       
 
              
       
NET ASSETS — 100.0%
           $ 30,436,785  
       
 
              
 
†   Non-income producing security.
 
††   Represents annualized yield at date of purchase.
See accompanying notes to financial statements.

16

 

GAMCO Westwood Income Fund
Schedule of Investments — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost   Value  
       
COMMON STOCKS — 86.3%
                
       
Agriculture — 0.7%
                
  1,000    
Archer-Daniels-Midland Co.
   $ 28,410     $ 36,010  
       
 
            
       
Automotive — 2.3%
                
  4,000    
General Motors Co.†
     132,000       124,120  
       
 
            
       
Banking — 3.6%
                
  2,000    
Bank of America Corp.
     27,640       26,660  
  4,000    
U.S. Bancorp
     131,903       105,720  
  4,574    
Valley National Bancorp
     81,811       63,853  
       
 
            
       
 
     241,354       196,233  
       
 
            
       
Computer Hardware — 3.8%
                
  500    
Apple Inc.†
     45,563       174,225  
  200    
International Business Machines Corp.
     25,251       32,614  
       
 
            
       
 
     70,814       206,839  
       
 
            
       
Computer Software and Services — 0.5%
                
  1,000    
EMC Corp.†
     12,780       26,550  
       
 
            
       
Consumer Products — 2.2%
                
  2,000    
Tupperware Brands Corp.
     96,142       119,420  
       
 
            
       
Diversified Industrial — 4.5%
                
  6,000    
General Electric Co.
     94,338       120,300  
  2,000    
Honeywell International Inc.
     78,538       119,420  
       
 
            
       
 
     172,876       239,720  
       
 
            
       
Electronics — 3.0%
                
  8,000    
Intel Corp.
     188,828       161,360  
       
 
            
       
Energy and Utilities: Integrated — 0.9%
                
  1,334    
FirstEnergy Corp.
     50,482       49,478  
       
 
            
       
Energy and Utilities: Natural Gas — 3.0%
                
  6,000    
Spectra Energy Corp.
     155,279       163,080  
       
 
            
       
Energy and Utilities: Oil — 8.4%
                
  1,500    
Chevron Corp.
     127,333       161,145  
  2,500    
ConocoPhillips
     200,189       199,650  
  1,000    
Devon Energy Corp.
     47,078       91,770  
       
 
            
       
 
     374,600       452,565  
       
 
            
       
Energy and Utilities: Services — 6.9%
                
  5,000    
Halliburton Co.
     180,373       249,200  
  1,000    
Noble Corp.
     48,914       45,620  
  1,000    
Transocean Ltd.†
     82,810       77,950  
       
 
            
       
 
     312,097       372,770  
       
 
            
       
Energy and Utilities: Water — 3.4%
                
  6,500    
American Water Works Co. Inc.
     113,655       182,325  
       
 
            
       
Financial Services — 5.7%
                
  1    
Alleghany Corp.†
     104       106  
  27,000    
Citigroup Inc.†
     121,500       119,340  
  6,000    
Wells Fargo & Co.
     193,140       190,200  
       
 
            
       
 
     314,744       309,646  
       
 
            
       
Food and Beverage — 13.4%
                
  7,000    
ConAgra Foods Inc.
     174,145       166,250  
  6,522    
General Mills Inc.
     193,302       238,379  
  6,000    
Kraft Foods Inc., Cl. A
     196,380       188,160  
  2,000    
PepsiCo Inc.
     107,960       128,820  
       
 
            
       
 
     671,787       721,609  
       
 
            
       
Health Care — 9.6%
                
  2,883    
Bristol-Myers Squibb Co.
     70,582       76,198  
  1,500    
Johnson & Johnson
     85,403       88,875  
  2,520    
Mead Johnson Nutrition Co.
     107,163       145,984  
  2,000    
Merck & Co. Inc.
     70,774       66,020  
  6,940    
Pfizer Inc.
     146,422       140,951  
       
 
            
       
 
     480,344       518,028  
       
 
            
       
Paper and Forest Products — 2.8%
                
  5,000    
International Paper Co.
     144,201       150,900  
       
 
            
       
Retail — 1.4%
                
  2,000    
The Home Depot Inc.
     79,247       74,120  
       
 
            
       
Specialty Chemicals — 5.8%
                
  1,000    
Air Products & Chemicals Inc.
     78,554       90,180  
  4,000    
E. I. du Pont de Nemours and Co.
     198,318       219,880  
       
 
            
       
 
     276,872       310,060  
       
 
            
       
Telecommunications — 4.4%
                
  4,000    
AT&T Inc.
     128,045       122,400  
  3,000    
Verizon Communications Inc.
     118,791       115,620  
       
 
            
       
 
     246,836       238,020  
       
 
            
       
TOTAL COMMON STOCKS
     4,163,348       4,652,853  
       
 
            
       
 
                
       
PREFERRED STOCKS — 8.5%
                
       
Financial Services — 8.5%
                
  12,000    
Bank One Capital Trust VI, 7.200% Pfd.
     305,738       308,280  
  5,900    
Wells Fargo Capital Trust IV, 7.000% Pfd.
     150,504       148,975  
       
 
            
       
 
     456,242       457,255  
       
 
            
       
TOTAL PREFERRED STOCKS
     456,242       457,255  
       
 
            
                         
Principal                      
Amount                      
       
CORPORATE BONDS — 4.6%
                
       
Financial Services — 4.6%
                
$ 250,000    
American Express Credit Corp., MTN, 0.414%, 06/16/11 (a)
     250,000       250,061  
       
 
            
       
TOTAL INVESTMENTS — 99.4%
   $ 4,869,590       5,360,169  
       
 
              
       
Other Assets and Liabilities (Net) — 0.6%
             33,162  
       
 
              
       
NET ASSETS — 100.0%
           $ 5,393,331  
       
 
              
 
(a)   Floating rate security. The rate disclosed is that in effect at March 31, 2011.
 
†   Non-income producing security.
 
MTN   Medium Term Note
See accompanying notes to financial statements.

17

 

GAMCO Westwood Equity Fund
Schedule of Investments — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS — 98.6%
                
       
Aerospace — 4.1%
                
  14,900    
General Dynamics Corp.
   $ 1,151,680     $ 1,140,744  
  23,300    
Raytheon Co.
     988,478       1,185,271  
  31,000    
The Boeing Co.
     1,894,390       2,291,830  
       
 
            
       
 
     4,034,548       4,617,845  
       
 
            
       
Automotive — 1.9%
                
  69,900    
General Motors Co.†
     2,463,312       2,168,997  
       
 
            
       
Banking — 7.8%
                
  157,600    
Bank of America Corp.
     2,399,667       2,100,808  
  74,084    
JPMorgan Chase & Co.
     2,134,433       3,415,272  
  107,100    
Wells Fargo & Co.
     2,169,434       3,395,070  
       
 
            
       
 
     6,703,534       8,911,150  
       
 
            
       
Broadcasting — 1.1%
                
  51,100    
CBS Corp., Cl. B, Non-Voting
     1,014,101       1,279,544  
       
 
            
       
Cable and Satellite — 2.0%
                
  92,500    
Comcast Corp., Cl. A
     1,606,538       2,286,600  
       
 
            
       
Communications Equipment — 1.0%
                
  52,900    
Corning Inc.
     823,599       1,091,327  
       
 
            
       
Computer Hardware — 4.9%
                
  149,000    
Dell Inc.†
     2,165,249       2,161,990  
  14,200    
International Business Machines Corp.
     1,636,084       2,315,594  
  100,500    
Xerox Corp.
     1,011,501       1,070,325  
       
 
            
       
 
     4,812,834       5,547,909  
       
 
            
       
Computer Software and Services — 3.0%
                
  88,900    
Microsoft Corp.
     2,471,963       2,254,504  
  35,000    
Oracle Corp.
     638,744       1,167,950  
       
 
            
       
 
     3,110,707       3,422,454  
       
 
            
       
Consumer Products — 2.0%
                
  34,880    
Philip Morris International Inc.
     1,666,724       2,289,174  
       
 
            
       
Diversified Industrial — 4.0%
                
  39,500    
Honeywell International Inc.
     1,575,221       2,358,545  
  37,600    
ITT Corp.
     1,758,739       2,257,880  
       
 
            
       
 
     3,333,960       4,616,425  
       
 
            
       
Electronics — 3.0%
                
  53,400    
Intel Corp.
     1,008,192       1,077,078  
  66,200    
TE Connectivity Ltd.
     2,397,109       2,305,084  
       
 
            
       
 
     3,405,301       3,382,162  
       
 
            
       
Energy: Integrated — 4.1%
                
  64,200    
American Electric Power Co. Inc.
     2,199,923       2,255,988  
  53,500    
Dominion Resources Inc.
     2,011,385       2,391,450  
       
 
            
       
 
     4,211,308       4,647,438  
       
 
            
       
Energy: Natural Gas — 6.1%
                
  17,406    
Apache Corp.
     1,291,302       2,278,794  
  46,500    
EQT Corp.
     1,962,500       2,320,350  
  43,900    
Sempra Energy
     2,266,128       2,348,650  
       
 
            
       
 
     5,519,930       6,947,794  
       
 
            
       
Energy: Oil — 8.3%
                
  30,100    
Anadarko Petroleum Corp.
     1,489,886       2,465,792  
  22,100    
Chevron Corp.
     1,528,097       2,374,203  
  27,500    
Exxon Mobil Corp.
     2,009,523       2,313,575  
  22,010    
Occidental Petroleum Corp.
     1,252,122       2,299,825  
       
 
            
       
 
     6,279,628       9,453,395  
       
 
            
       
Entertainment — 2.1%
                
  56,000    
The Walt Disney Co.
     1,667,672       2,413,040  
       
 
            
       
Financial Services — 12.1%
                
  35,100    
ACE Ltd.
     1,694,663       2,270,970  
  42,300    
Aflac Inc.
     2,064,394       2,232,594  
  18,300    
Ameriprise Financial Inc.
     778,063       1,117,764  
  19,000    
Franklin Resources Inc.
     2,052,467       2,376,520  
  76,600    
MetLife Inc.
     2,972,252       3,426,318  
  36,400    
The Allstate Corp.
     1,152,605       1,156,792  
  19,600    
The Travelers Companies Inc.
     758,554       1,165,808  
       
 
            
       
 
     11,472,998       13,746,766  
       
 
            
       
Food and Beverage — 0.9%
                
  36,300    
Sysco Corp.
     827,956       1,005,510  
       
 
            
       
Health Care — 14.0%
                
  50,000    
Abbott Laboratories
     2,602,990       2,452,500  
  45,500    
Bristol-Myers Squibb Co.
     1,090,057       1,202,565  
  43,000    
Covidien plc
     1,666,740       2,233,420  
  56,900    
Johnson & Johnson
     3,568,661       3,371,325  
  30,300    
Merck & Co. Inc.
     941,316       1,000,203  
  168,400    
Pfizer Inc.
     2,742,747       3,420,204  
  45,500    
Teva Pharmaceutical Industries Ltd., ADR
     2,438,596       2,282,735  
       
 
            
       
 
     15,051,107       15,962,952  
       
 
            
       
Machinery — 1.1%
                
  13,400    
Deere & Co.
     589,822       1,298,326  
       
 
            
       
Retail — 6.0%
                
  68,000    
CVS Caremark Corp.
     1,979,162       2,333,760  
  100,800    
The Gap Inc.
     1,898,934       2,284,128  
  41,800    
Wal-Mart Stores Inc.
     2,270,021       2,175,690  
       
 
            
       
 
     6,148,117       6,793,578  
       
 
            
       
Specialty Chemicals — 4.1%
                
  42,100    
E. I. du Pont de Nemours and Co.
     1,324,109       2,314,237  
  61,200    
The Dow Chemical Co.
     2,051,263       2,310,300  
       
 
            
       
 
     3,375,372       4,624,537  
       
 
            
       
Telecommunications — 3.0%
                
  111,500    
AT&T Inc.
     3,128,891       3,411,900  
       
 
            
       
Transportation — 2.0%
                
  23,300    
Union Pacific Corp.
     1,236,408       2,291,089  
       
 
            
       
TOTAL COMMON STOCKS
     92,484,367       112,209,912  
       
 
            
       
 
                
       
SHORT-TERM INVESTMENTS — 0.0%
                
       
Mutual Funds — 0.0%
                
  49,204    
Dreyfus Treasury & Agency Cash Management Fund, 0.110% *
     49,204       49,204  
       
 
            
       
TOTAL INVESTMENTS — 98.6%
   $ 92,533,571       112,259,116  
       
 
              
       
Other Assets and Liabilities (Net) — 1.4%
             1,563,170  
       
 
              
       
NET ASSETS — 100.0%
           $ 113,822,286  
       
 
              
 
†   Non-income producing security.
 
*   Current yield.
 
ADR   American Depositary Receipt
See accompanying notes to financial statements.

18

 

GAMCO Westwood Balanced Fund
Schedule of Investments — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
COMMON STOCKS — 61.1%
                
       
Aerospace — 2.6%
                
  8,900    
General Dynamics Corp.
   $ 687,941     $ 681,384  
  14,100    
Raytheon Co.
     506,276       717,267  
  22,000    
The Boeing Co.
     1,347,224       1,626,460  
       
 
            
       
 
     2,541,441       3,025,111  
       
 
            
       
Automotive — 1.1%
                
  42,000    
General Motors Co.†
     1,478,357       1,303,260  
       
 
            
       
Banking — 4.9%
                
  109,400    
Bank of America Corp.
     1,655,876       1,458,302  
  47,696    
JPMorgan Chase & Co.
     1,195,039       2,198,786  
  65,500    
Wells Fargo & Co.
     1,304,465       2,076,350  
       
 
            
       
 
     4,155,380       5,733,438  
       
 
            
       
Broadcasting — 0.7%
                
  31,100    
CBS Corp., Cl. B, Non-Voting
     617,229       778,744  
       
 
            
       
Cable and Satellite — 1.3%
                
  63,100    
Comcast Corp., Cl. A
     1,109,842       1,559,832  
       
 
            
       
Communications Equipment — 0.6%
                
  34,300    
Corning Inc.
     542,534       707,609  
       
 
            
       
Computer Hardware — 3.1%
                
  89,600    
Dell Inc.†
     1,300,320       1,300,096  
  9,400    
International Business Machines Corp.
     1,040,899       1,532,858  
  74,900    
Xerox Corp.
     763,879       797,685  
       
 
            
       
 
     3,105,098       3,630,639  
       
 
            
       
Computer Software and Services — 1.8%
                
  56,100    
Microsoft Corp.
     1,505,984       1,422,696  
  21,780    
Oracle Corp.
     390,559       726,799  
       
 
            
       
 
     1,896,543       2,149,495  
       
 
            
       
Consumer Products — 1.6%
                
  27,820    
Philip Morris International Inc.
     1,272,269       1,825,827  
       
 
            
       
Diversified Industrial — 2.4%
                
  24,100    
Honeywell International Inc.
     959,161       1,439,011  
  22,990    
ITT Corp.
     1,064,808       1,380,550  
       
 
            
       
 
     2,023,969       2,819,561  
       
 
            
       
Electronics — 1.9%
                
  41,500    
Intel Corp.
     772,931       837,055  
  39,600    
TE Connectivity Ltd.
     1,433,953       1,378,872  
       
 
            
       
 
     2,206,884       2,215,927  
       
 
            
       
Energy: Integrated — 2.4%
                
  39,300    
American Electric Power Co. Inc.
     1,336,155       1,381,002  
  33,200    
Dominion Resources Inc.
     1,239,473       1,484,040  
       
 
            
       
 
     2,575,628       2,865,042  
       
 
            
       
Energy: Natural Gas — 3.8%
                
  12,655    
Apache Corp.
     938,839       1,656,793  
  28,200    
EQT Corp.
     1,189,587       1,407,180  
  27,100    
Sempra Energy
     1,398,529       1,449,850  
       
 
            
       
 
     3,526,955       4,513,823  
       
 
            
       
Energy: Oil — 4.9%
                
  19,300    
Anadarko Petroleum Corp.
     962,887       1,581,056  
  13,300    
Chevron Corp.
     914,631       1,428,819  
  16,700    
Exxon Mobil Corp.
     1,146,479       1,404,971  
  13,200    
Occidental Petroleum Corp.
     639,332       1,379,268  
       
 
            
       
 
     3,663,329       5,794,114  
       
 
            
       
Entertainment — 1.2%
                
  33,700    
The Walt Disney Co.
     926,566       1,452,133  
       
 
            
       
Financial Services — 7.4%
                
  24,600    
ACE Ltd.
     1,072,327       1,591,620  
  27,100    
Aflac Inc.
     1,322,282       1,430,338  
  11,000    
Ameriprise Financial Inc.
     467,680       671,880  
  13,200    
Franklin Resources Inc.
     1,402,690       1,651,056  
  46,100    
MetLife Inc.
     1,780,409       2,062,053  
  21,800    
The Allstate Corp.
     690,272       692,804  
  11,700    
The Travelers Companies Inc.
     452,589       695,916  
       
 
            
       
 
     7,188,249       8,795,667  
       
 
            
       
Food and Beverage — 0.5%
                
  23,100    
Sysco Corp.
     526,894       639,870  
       
 
            
       
Health Care — 8.4%
                
  30,300    
Abbott Laboratories
     1,583,237       1,486,215  
  27,400    
Bristol-Myers Squibb Co.
     653,900       724,182  
  25,700    
Covidien plc
     970,931       1,334,858  
  35,700    
Johnson & Johnson
     2,270,988       2,115,225  
  22,900    
Merck & Co. Inc.
     693,104       755,929  
  107,200    
Pfizer Inc.
     1,737,312       2,177,232  
  27,500    
Teva Pharmaceutical Industries Ltd., ADR
     1,493,597       1,379,675  
       
 
            
       
 
     9,403,069       9,973,316  
       
 
            
       
Machinery — 0.8%
                
  10,100    
Deere & Co.
     449,473       978,589  
       
 
            
       
Retail — 3.9%
                
  46,700    
CVS Caremark Corp.
     1,332,084       1,602,744  
  74,900    
The Gap Inc.
     1,372,905       1,697,234  
  25,700    
Wal-Mart Stores Inc.
     1,395,735       1,337,685  
       
 
            
       
 
     4,100,724       4,637,663  
       
 
            
       
Specialty Chemicals — 2.6%
                
  28,600    
E. I. du Pont de Nemours and Co.
     904,240       1,572,142  
  39,600    
The Dow Chemical Co.
     1,322,364       1,494,900  
       
 
            
       
 
     2,226,604       3,067,042  
       
 
            
       
Telecommunications — 1.9%
                
  72,900    
AT&T Inc.
     2,119,490       2,230,740  
       
 
            
       
Transportation — 1.3%
                
  15,800    
Union Pacific Corp.
     829,342       1,553,614  
       
 
            
       
TOTAL COMMON STOCKS
     58,485,869       72,251,056  
       
 
            
       
 
                
       
SHORT-TERM INVESTMENTS — 3.5%
                
       
Mutual Funds — 3.5%
                
  4,168,299    
Dreyfus Treasury & Agency Cash Management Fund, 0.110% *
     4,168,299       4,168,299  
       
 
            
                         
Principal                      
Amount                      
       
CORPORATE BONDS — 14.2%
                
       
Banking — 3.3%
                
$ 1,250,000    
Bank of America Corp., 5.375%, 06/15/14
     1,272,489       1,338,605  
  500,000    
Barclays Bank plc, Ser. 1, 5.000%, 09/22/16
     511,496       530,724  
  1,125,000    
Citigroup Inc., 5.500%, 10/15/14
     1,128,140       1,214,401  
  750,000    
JPMorgan Chase & Co., 6.300%, 04/23/19
     771,172       831,491  
       
 
            
       
 
     3,683,297       3,915,221  
       
 
            
       
Computer Software and Services — 0.7%
                
  750,000    
Oracle Corp., 4.950%, 04/15/13
     750,184       808,342  
       
 
            
See accompanying notes to financial statements.

19

 

GAMCO Westwood Balanced Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
Principal                 Market  
Amount         Cost     Value  
       
CORPORATE BONDS (Continued)
                
       
Diversified Industrial — 1.1%
                
$ 1,200,000    
General Electric Co., 5.000%, 02/01/13
   $ 1,203,876     $ 1,279,050  
       
 
            
       
Electronics — 0.7%
                
  750,000    
Koninklijke Philips Electronics NV, 4.625%, 03/11/13
     748,788       793,751  
       
 
            
       
Energy: Integrated — 0.5%
                
  500,000    
Southern Co., 4.150%, 05/15/14
     499,670       529,371  
       
 
            
       
Energy: Natural Gas — 0.9%
                
  1,000,000    
Apache Corp., 5.250%, 04/15/13
     999,956       1,079,171  
       
 
            
       
Energy: Oil — 1.9%
                
  1,000,000    
Anadarko Petroleum Corp., 5.950%, 09/15/16
     981,887       1,088,655  
  500,000    
Marathon Oil Corp., 5.900%, 03/15/18
     502,180       562,592  
  500,000    
XTO Energy Inc., 6.500%, 12/15/18
     567,044       604,089  
       
 
            
       
 
     2,051,111       2,255,336  
       
 
            
       
Financial Services — 0.9%
                
  950,000    
ACE INA Holdings Inc., 5.600%, 05/15/15
     968,634       1,042,040  
       
 
            
       
Food and Beverage — 0.8%
                
  950,000    
Anheuser-Busch Companies Inc., 4.375%, 01/15/13
     945,984       998,665  
       
 
            
       
Metals and Mining — 0.7%
                
  750,000    
BHP Billiton Finance USA Ltd., 5.500%, 04/01/14
     753,880       832,324  
       
 
            
       
Real Estate Investment Trusts — 0.6%
                
  700,000    
Vornado Realty LP, 4.250%, 04/01/15
     697,640       717,417  
       
 
            
       
Telecommunications — 0.5%
                
  500,000    
AT&T Inc., 6.700%, 11/15/13
     501,017       563,163  
       
 
            
       
Transportation — 0.9%
                
  1,000,000    
Burlington Northern Santa Fe LLC, Deb., 5.650%, 05/01/17
     987,570       1,114,931  
       
 
            
       
Wireless Communications — 0.7%
                
  750,000    
Vodafone Group plc, 4.150%, 06/10/14
     762,986       795,714  
       
 
            
       
TOTAL CORPORATE BONDS
     15,554,593       16,724,496  
       
 
            
       
 
                
       
U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.8%
                
       
Federal Home Loan Mortgage Corp. — 5.2%
                
  1,500,000    
2.125%, 03/23/12
     1,508,223       1,525,814  
  1,250,000    
5.125%, 07/15/12
     1,246,696       1,325,896  
  1,500,000    
5.250%, 04/18/16
     1,485,557       1,699,539  
  1,500,000    
3.750%, 03/27/19
     1,495,178       1,548,867  
       
 
            
       
 
     5,735,654       6,100,116  
       
 
            
       
Federal National Mortgage Association — 5.6%
                
  1,250,000    
3.375%, 05/19/11
     1,253,890       1,253,890  
  1,500,000    
5.375%, 11/15/11
     1,501,484       1,547,613  
  1,250,000    
4.375%, 09/15/12
     1,295,547       1,318,384  
  1,500,000    
5.000%, 04/15/15
     1,536,361       1,670,406  
  775,000    
5.375%, 06/12/17
     826,599       884,873  
       
 
            
       
 
     6,413,881       6,675,166  
       
 
            
       
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
     12,149,535       12,775,282  
       
 
            
       
 
                
       
U.S. GOVERNMENT OBLIGATIONS — 11.4%
                
       
U.S. Treasury Bills — 0.8%
                
  1,000,000    
U.S. Treasury Bill, 0.426%††, 04/07/11
     999,929       999,929  
       
 
            
       
U.S. Treasury Inflation Indexed Notes — 5.3%
                
  900,000    
1.250%, 04/15/14
     939,936       1,001,531  
  1,200,000    
2.500%, 07/15/16
     1,313,741       1,486,638  
  1,500,000    
1.375%, 07/15/18
     1,457,027       1,633,002  
  900,000    
2.125%, 01/15/19
     941,754       1,031,251  
  1,000,000    
1.375%, 01/15/20
     1,071,462       1,069,062  
       
 
            
       
 
     5,723,920       6,221,484  
       
 
            
       
U.S. Treasury Notes — 5.3%
                
  1,500,000    
3.375%, 11/30/12
     1,498,726       1,569,258  
  750,000    
0.750%, 08/15/13
     750,329       746,309  
  1,500,000    
4.000%, 02/15/15
     1,484,601       1,629,375  
  1,000,000    
3.625%, 08/15/19
     1,022,281       1,033,906  
  1,250,000    
3.375%, 11/15/19
     1,210,463       1,263,868  
       
 
            
       
 
     5,966,400       6,242,716  
       
 
            
       
TOTAL U.S. GOVERNMENT OBLIGATIONS
     12,690,249       13,464,129  
       
 
            
       
TOTAL INVESTMENTS — 101.0%
   $ 103,048,545       119,383,262  
       
 
              
       
Other Assets and Liabilities (Net) — (1.0)%
             (1,144,785 )
       
 
              
       
NET ASSETS — 100.0%
           $ 118,238,477  
       
 
              
 
†   Non-income producing security.
 
††   Represents annualized yield at date of purchase.
 
*   Current yield.
 
ADR   American Depositary Receipt
See accompanying notes to financial statements.

20

 

GAMCO Westwood Intermediate Bond Fund
Schedule of Investments — March 31, 2011 (Unaudited)
                         
                    Market  
Shares         Cost     Value  
       
SHORT-TERM INVESTMENTS — 3.7%
                
       
Mutual Funds — 3.7%
                
  610,036    
Dreyfus Treasury & Agency Cash Management Fund, 0.110% *
   $ 610,036     $ 610,036  
       
 
            
                         
Principal                  
Amount                  
       
CORPORATE BONDS — 42.5%
                
       
Aerospace — 1.4%
                
$ 200,000    
The Boeing Co., 6.000%, 03/15/19
     204,653       230,490  
       
 
            
       
Banking — 6.4%
                
  300,000    
Bank of America Corp., 5.375%, 06/15/14
     305,397       321,265  
  225,000    
Barclays Bank plc, Ser. 1, 5.000%, 09/22/16
     225,967       238,826  
  250,000    
Citigroup Inc., 5.500%, 10/15/14
     250,698       269,867  
  200,000    
JPMorgan Chase & Co., 6.300%, 04/23/19
     198,882       221,731  
       
 
            
       
 
     980,944       1,051,689  
       
 
            
       
Computer Hardware — 1.2%
                
  200,000    
Hewlett-Packard Co., 2.250%, 05/27/11
     200,166       200,166  
       
 
            
       
Computer Software and Services — 2.5%
                
  250,000    
Microsoft Corp., 1.625%, 09/25/15
     249,824       242,296  
  150,000    
Oracle Corp., 4.950%, 04/15/13
     149,977       161,669  
       
 
            
       
 
     399,801       403,965  
       
 
            
       
Consumer Products — 1.1%
                
  150,000    
Philip Morris International Inc., 6.875%, 03/17/14
     150,506       172,276  
       
 
            
       
Diversified Industrial — 1.6%
                
  250,000    
General Electric Co., 5.000%, 02/01/13
     250,807       266,469  
       
 
            
       
Electronics — 2.6%
                
  200,000    
Arrow Electronics Inc., 6.000%, 04/01/20
     199,801       212,035  
  200,000    
Koninklijke Philips Electronics NV, 4.625%, 03/11/13
     199,709       211,667  
       
 
            
       
 
     399,510       423,702  
       
 
            
       
Energy and Utilities: Electric Integrated — 2.9%
                
  275,000    
Dominion Resources Inc., 6.400%, 06/15/18
     330,932       314,430  
  150,000    
Southern Co., 4.150%, 05/15/14
     149,901       158,811  
       
 
            
       
 
     480,833       473,241  
       
 
            
       
Energy and Utilities: Natural Gas — 1.3%
                
  200,000    
Apache Corp., 5.250%, 04/15/13
     199,813       215,834  
       
 
            
       
Energy and Utilities: Oil — 3.7%
                
  200,000    
Anadarko Petroleum Corp., 5.950%, 09/15/16
     196,379       217,731  
  125,000    
Marathon Oil Corp., 5.900%, 03/15/18
     125,545       140,648  
  200,000    
XTO Energy Inc., 6.500%, 12/15/18
     226,818       241,636  
       
 
            
       
 
     548,742       600,015  
       
 
            
       
Financial Services — 6.9%
                
  175,000    
ACE INA Holdings Inc., 5.600%, 05/15/15
     174,599       191,955  
  300,000    
Berkshire Hathaway Finance Corp., 5.125%, 09/15/12
     311,570       317,771  
  260,000    
International Bank for Reconstruction & Development, 8.625%, 10/15/16
     293,967       333,562  
  275,000    
Merrill Lynch & Co. Inc., MTN, Series C, 5.000%, 01/15/15
     275,122       291,187  
       
 
            
       
 
     1,055,258       1,134,475  
       
 
            
       
Food and Beverage — 4.5%
                
  250,000    
Anheuser-Busch Companies Inc., 4.375%, 01/15/13
     248,946       262,807  
  200,000    
Dr Pepper Snapple Group Inc., 2.350%, 12/21/12
     199,960       203,992  
  250,000    
Kraft Foods Inc., 5.375%, 02/10/20
     254,104       264,402  
       
 
            
       
 
     703,010       731,201  
       
 
            
       
Metals and Mining — 1.4%
                
  200,000    
BHP Billiton Finance USA Ltd., 5.500%, 04/01/14
     201,035       221,953  
       
 
            
       
Real Estate Investment Trusts — 1.6%
                
  250,000    
Vornado Realty LP, 4.250%, 04/01/15
     249,236       256,221  
       
 
            
       
Telecommunications — 1.2%
                
  175,000    
AT&T Inc., 6.700%, 11/15/13
     175,357       197,107  
       
 
            
       
Transportation — 2.2%
                
  200,000    
Burlington Northern Santa Fe LLC, Deb., 5.650%, 05/01/17
     199,332       222,986  
  125,000    
CSX Corp., 6.250%, 04/01/15
     124,956       141,446  
       
 
            
       
 
     324,288       364,432  
       
 
            
       
TOTAL CORPORATE BONDS
     6,523,959       6,943,236  
       
 
            
       
 
                
       
U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.4%
                
       
Federal Home Loan Bank — 1.7%
                
  250,000    
5.375%, 05/18/16
     250,955       284,860  
       
 
            
       
Federal Home Loan Mortgage Corp. — 10.1%
                
  400,000    
2.125%, 03/23/12
     402,451       406,884  
  250,000    
5.125%, 07/15/12
     253,945       265,179  
  225,000    
5.000%, 07/15/14
     243,142       249,711  
  325,000    
5.250%, 04/18/16
     356,546       368,233  
  350,000    
3.750%, 03/27/19
     345,204       361,402  
       
 
            
       
 
     1,601,288       1,651,409  
       
 
            
       
Federal National Mortgage Association — 13.3%
                
  350,000    
3.375%, 05/19/11
     350,859       350,859  
  250,000    
4.375%, 09/15/12
     259,141       263,677  
  375,000    
4.375%, 03/15/13
     391,304       400,760  
  350,000    
2.750%, 02/05/14
     362,302       363,898  
  300,000    
5.000%, 04/15/15
     308,338       334,081  
  275,000    
5.375%, 06/12/17
     293,309       313,987  
  62,235    
Pool #745122, 5.500%, 09/01/20
     62,005       67,629  
  67,329    
Pool #255554, 5.500%, 01/01/35
     68,116       72,427  
       
 
            
       
 
     2,095,374       2,167,318  
       
 
            
See accompanying notes to financial statements.

21

 

GAMCO Westwood Intermediate Bond Fund
Schedule of Investments (Continued) — March 31, 2011 (Unaudited)
                         
Principal                 Market  
Amount         Cost     Value  
       
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
                
       
Government National Mortgage Association — 2.3%
                
$ 34,528    
Pool #562288, 6.000%, 12/15/33
   $ 35,040     $ 38,209  
  67,336    
Pool #604946, 5.500%, 01/15/34
     68,071       73,372  
  58,113    
Pool #604970, 5.500%, 01/15/34
     58,599       63,322  
  87,031    
Pool #003747, 5.000%, 08/20/35
     86,309       92,824  
  95,728    
Pool #550728, 5.500%, 11/15/35
     95,831       104,159  
       
 
            
       
 
     343,850       371,886  
       
 
            
       
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
     4,291,467       4,475,473  
       
 
            
       
 
                
       
U.S. GOVERNMENT OBLIGATIONS — 25.6%
                
       
U.S. Treasury Bills — 2.1%
                
  350,000    
U.S. Treasury Bill, 0.426%††, 04/07/11
     349,975       349,975  
       
 
            
       
U.S. Treasury Inflation Indexed Notes — 10.0%
                
  225,000    
1.250%, 04/15/14
     234,991       250,383  
  275,000    
2.500%, 07/15/16
     301,068       340,688  
  300,000    
1.375%, 07/15/18
     287,755       326,600  
  275,000    
2.125%, 01/15/19
     288,996       315,104  
  350,000    
2.500%, 01/15/29
     382,343       407,716  
       
 
            
       
 
     1,495,153       1,640,491  
       
 
            
       
U.S. Treasury Notes — 10.4%
                
  300,000    
0.625%, 07/31/12
     300,598       300,728  
  350,000    
1.375%, 01/15/13
     355,414       354,197  
  400,000    
0.750%, 08/15/13
     400,175       398,031  
  275,000    
3.500%, 02/15/18
     275,320       286,322  
  350,000    
3.375%, 11/15/19
     338,929       353,883  
       
 
            
       
 
     1,670,436       1,693,161  
       
 
            
       
U.S. Treasury Bonds — 3.1%
                
  250,000    
7.125%, 02/15/23
     296,686       331,602  
  150,000    
5.375%, 02/15/31
     167,294       171,563  
       
 
            
       
 
     463,980       503,165  
       
 
            
       
TOTAL U.S. GOVERNMENT OBLIGATIONS
     3,979,544       4,186,792  
       
 
            
       
TOTAL INVESTMENTS — 99.2%
   $ 15,405,006       16,215,537  
       
 
              
       
Other Assets and Liabilities (Net) — 0.8%
             127,706  
       
 
              
       
NET ASSETS — 100.0%
           $ 16,343,243  
       
 
              
 
††   Represents annualized yield at date of purchase.
 
*   Current yield.
 
MTN   Medium Term Note
See accompanying notes to financial statements.

22

 

GAMCO Westwood Funds
Statements of Assets and Liabilities
March 31, 2011 (Unaudited)
                                                 
    Mighty     SmallCap     Income     Equity     Balanced     Intermediate  
    MitesSM Fund     Equity Fund     Fund     Fund     Fund     Bond Fund  
Assets:
                                                
Investments, at value (cost $529,692,782, $23,889,583, $4,869,590, $92,533,571, $103,048,545, and $15,405,006, respectively)
   $ 662,722,205     $ 30,966,512     $ 5,360,169     $ 112,259,116     $ 119,383,262     $ 16,215,537  
Investments in affiliates, at value (cost $7,686,753)
     9,569,126       —       —       —       —       —  
Cash
     2,370       32,056       41,210       —       —       —  
Receivable for Fund shares issued
     5,169,523       670,840       36       95,383       345,580       2,609  
Receivable for investments sold
     45,054       —       196,681       2,480,961       823,313       —  
Dividends and interest receivable
     147,141       11,843       7,496       169,963       569,861       151,897  
Prepaid expenses
     67,774       26,523       23,518       39,524       37,964       26,840  
 
                                    
Total Assets
     677,723,193       31,707,774       5,629,110       115,044,947       121,159,980       16,396,883  
 
                                    
Liabilities:
                                                
Payable for investments purchased
     4,479,125       1,017,255       202,921       799,926       1,689,030       —  
Payable for Fund shares redeemed
     798,823       189,682       —       191,176       1,041,260       118  
Distributions payable
     —       —       —       —       —       12,766  
Payable for investment advisory fees
     532,649       19,808       431       96,237       75,333       1,918  
Payable for distribution fees
     197,358       8,875       1,204       25,658       29,008       3,867  
Payable for accounting fees
     7,500       —       —       7,500       7,500       —  
Payable for legal and audit fees
     75,550       25,935       24,944       31,897       33,000       24,772  
Payable for shareholder communications expenses
     63,501       3,038       2,069       30,175       23,596       2,917  
Payable for shareholder services fees
     67,159       4,316       2,876       39,002       21,751       3,553  
Other accrued expenses
     2,724       2,080       1,334       1,090       1,025       3,729  
 
                                    
Total Liabilities
     6,224,389       1,270,989       235,779       1,222,661       2,921,503       53,640  
 
                                    
Net Assets
   $ 671,498,804     $ 30,436,785     $ 5,393,331     $ 113,822,286     $ 118,238,477     $ 16,343,243  
 
                                    
Net Assets Consist of:
                                                
Paid-in capital
   $ 529,292,882     $ 28,276,593     $ 7,561,609     $ 119,948,296     $ 113,271,766     $ 15,415,693  
Accumulated net investment income/(loss)
     (5,964,275 )     (94,844 )     376       170,377       12,782       4,905  
Accumulated net realized gain/(loss) on investments and foreign currency transactions
     13,258,360       (4,821,894 )     (2,659,233 )     (26,021,932 )     (11,380,788 )     112,114  
Net unrealized appreciation on investments
     134,911,796       7,076,929       490,579       19,725,545       16,334,717       810,531  
Net unrealized appreciation on foreign currency
     41       1       —       —       —       —  
 
                                    
Net Assets
   $ 671,498,804     $ 30,436,785     $ 5,393,331     $ 113,822,286     $ 118,238,477     $ 16,343,243  
 
                                    
 
                                                
Shares of Beneficial Interest each at $0.001 par value; unlimited number of shares authorized:
                                                
Class AAA:
                                                
Net assets
   $ 444,192,860     $ 19,487,097     $ 5,172,537     $ 106,418,922     $ 106,398,044     $ 15,095,590  
 
                                    
Shares of beneficial interest outstanding
     24,408,507       1,093,428       606,178       11,188,813       9,624,260       1,301,423  
 
                                    
Net Asset Value, offering, and redemption price per share
   $ 18.20     $ 17.82     $ 8.53     $ 9.51     $ 11.06     $ 11.60  
 
                                    
Class A:
                                                
Net assets
   $ 89,344,942     $ 5,905,154     $ 47,487     $ 5,425,568     $ 4,971,451     $ 529,640  
 
                                    
Shares of beneficial interest outstanding
     4,985,710       336,189       5,380       572,175       447,795       45,669  
 
                                    
Net Asset Value and redemption price per share
   $ 17.92     $ 17.56     $ 8.83     $ 9.48     $ 11.10     $ 11.60  
 
                                    
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)
   $ 18.67     $ 18.29     $ 9.20     $ 9.88     $ 11.56     $ 12.08  
 
                                    
Class B:
                                                
Net assets
   $ 45,249     $ 7,372     $ —     $ —     $ 42,396     $ 30,306  
 
                                    
Shares of beneficial interest outstanding
     2,690       441       —       —       3,784       2,613  
 
                                    
Net Asset Value and offering price per share(a)
   $ 16.82     $ 16.72     $ —     $ —     $ 11.20     $ 11.60  
 
                                    
Class C:
                                                
Net assets
   $ 90,105,962     $ 4,200,071     $ 101,687     $ 1,041,848     $ 5,053,206     $ 564,564  
 
                                    
Shares of beneficial interest outstanding
     5,391,607       253,320       10,734       112,786       450,908       51,193  
 
                                    
Net Asset Value and offering price per share(a)
   $ 16.71     $ 16.58     $ 9.47     $ 9.24     $ 11.21     $ 11.03  
 
                                    
Class I:
                                                
Net assets
   $ 47,809,791     $ 837,091     $ 71,620     $ 935,948     $ 1,773,380     $ 123,143  
 
                                    
Shares of beneficial interest outstanding
     2,609,047       46,608       8,390       98,338       160,496       10,607  
 
                                    
Net Asset Value, offering, and redemption price per share
   $ 18.32     $ 17.96     $ 8.54     $ 9.52     $ 11.05     $ 11.61  
 
                                    
 
(a)   Redemption price varies based on the length of time held.
See accompanying notes to financial statements.

23

 

GAMCO Westwood Funds
Statements of Operations
For the Six Months Ended March 31, 2011 (Unaudited)
                                                 
    Mighty     SmallCap     Income     Equity     Balanced     Intermediate  
    MitesSM Fund     Equity Fund     Fund     Fund     Fund     Bond Fund  
Investment Income:
                                                
Dividends — unaffiliated (net of foreign withholding taxes of $2,129, $304, $0, $0, $277, and $0, respectively)
   $ 1,726,679     $ 85,869     $ 78,584     $ 1,236,885     $ 816,509     $ 197  
Dividends — affiliated
     16,350       —       —       —       —       —  
Interest
     122,125       653       651       —       810,944       288,134  
 
                                    
Total Investment Income
     1,865,154       86,522       79,235       1,236,885       1,627,453       288,331  
 
                                    
 
                                                
Expenses:
                                                
Investment advisory fees
     2,575,099       105,686       26,965       559,723       446,890       51,218  
Distribution fees — Class AAA
     434,677       17,504       6,322       130,360       134,211       19,376  
Distribution fees — Class A
     173,543       10,882       438       14,156       12,571       883  
Distribution fees — Class B
     301       33       —       —       315       173  
Distribution fees — Class C
     316,874       7,901       484       5,298       24,825       4,397  
Accounting fees
     22,500       —       —       22,500       22,500       —  
Custodian fees
     41,808       6,792       2,707       10,441       10,099       3,465  
Interest expense
     —       3       15       205       —       11  
Legal and audit fees
     37,344       15,500       13,857       25,829       26,020       14,902  
Registration expenses
     38,853       17,251       20,492       25,373       25,168       17,958  
Shareholder communications expenses
     71,907       3,106       1,757       21,885       17,536       2,434  
Shareholder services fees
     234,311       7,929       2,724       60,067       39,917       5,419  
Trustees’ fees
     7,949       330       100       2,068       2,220       342  
Miscellaneous expenses
     16,797       4,591       3,947       8,529       8,922       6,365  
 
                                    
Total Expenses
     3,971,963       197,508       79,808       886,434       771,194       126,943  
 
                                    
 
                                                
Less:
                                                
Expense reimbursements (See Note 3)
     —       (29,077 )     (34,420 )     —       —       (38,081 )
Advisory fee reduction on unsupervised assets (See Note 3)
     (55,554 )     —       —       —       —       —  
Custodian fee credits
     —       —       —       (10,371 )     (9,736 )     —  
 
                                    
Total Reimbursements, Reductions, and Credits
     (55,554 )     (29,077 )     (34,420 )     (10,371 )     (9,736 )     (38,081 )
 
                                    
Net Expenses
     3,916,409       168,431       45,388       876,063       761,458       88,862  
 
                                    
Net Investment Income/(Loss)
     (2,051,255 )     (81,909 )     33,847       360,822       865,995       199,469  
 
                                    
 
                                                
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
                                                
Net realized gain on investments
     14,260,525       728,289       34,916       8,587,682       6,430,090       112,219  
Net realized loss on foreign currency transactions
     (60 )     (355 )     —       —       —       —  
 
                                    
Net realized gain on investments and foreign currency transactions
     14,260,465       727,934       34,916       8,587,682       6,430,090       112,219  
 
                                    
Net change in unrealized appreciation/depreciation:
                                                
on investments
     70,598,542       5,139,298       634,529       8,719,584       4,105,845       (523,727 )
on foreign currency translations
     (69 )     1       —       —       —       —  
 
                                    
Net change in unrealized appreciation/depreciation on investments and foreign currency translations
     70,598,473       5,139,299       634,529       8,719,584       4,105,845       (523,727 )
 
                                    
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency
     84,858,938       5,867,233       669,445       17,307,266       10,535,935       (411,508 )
 
                                    
Net Increase/(Decrease) in Net Assets Resulting from Operations
   $ 82,807,683     $ 5,785,324     $ 703,292     $ 17,668,088     $ 11,401,930     $ (212,039 )
 
                                    
See accompanying notes to financial statements.

24

 

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

25

 

GAMCO Westwood Funds
Statements of Changes in Net Assets (Continued)
                                 
    Income Fund     Equity Fund  
    For the Six     For the     For the Six     For the  
    Months Ended     Year Ended     Months Ended     Year Ended  
    March 31, 2011     September 30,     March 31, 2011     September 30,  
    (Unaudited)     2010     (Unaudited)     2010  
Operations:
                                
Net investment income
   $ 33,847     $ 87,370     $ 360,822     $ 678,220  
Net realized gain/(loss) on investments
     34,916       (96,177 )     8,587,682       8,500,599  
Net change in unrealized appreciation/depreciation on investments
     634,529       508,524       8,719,584       (229,649 )
 
                        
Net Increase in Net Assets Resulting from Operations
     703,292       499,717       17,668,088       8,949,170  
 
                        
 
                                
Distributions to Shareholders:
                                
Net investment income
                                
Class AAA
     (31,435 )     (76,135 )     (588,343 )     (1,172,352 )
Class A
     (1,358 )     (2,880 )     (16,239 )     (45,986 )
Class B
     —       —       —       (17 )
Class C
     (182 )     (604 )     —       (3,199 )
Class I
     (491 )     (885 )     (7,652 )     (7,670 )
 
                        
Total Distributions to Shareholders
     (33,466 )     (80,504 )     (612,234 )     (1,229,224 )
 
                        
 
                                
Shares of Beneficial Interest Transactions:
                                
Proceeds from shares issued
                                
Class AAA
     535,271       449,585       3,835,690       12,835,644  
Class A
     14,629       288,780       452,465       1,187,734  
Class C
     960       13,137       49,423       171,700  
Class I
     9,266       14,274       73,390       640,637  
 
                        
 
     560,126       765,776       4,410,968       14,835,715  
 
                        
Proceeds from reinvestment of distributions
                                
Class AAA
     29,441       71,125       543,647       1,098,889  
Class A
     1,350       2,878       15,626       43,561  
Class B
     —       —       —       17  
Class C
     145       515       —       3,159  
Class I
     405       783       7,644       7,670  
 
                        
 
     31,341       75,301       566,917       1,153,296  
 
                        
Cost of shares redeemed
                                
Class AAA
     (843,220 )     (947,840 )     (13,797,287 )     (53,540,807 )
Class A
     (330,577 )     (50,559 )     (2,548,698 )     (1,083,380 )
Class B
     —       (79) *     (7,254) **     (88 )
Class C
     (8,279 )     (190,868 )     (171,269 )     (309,984 )
Class I
     (266 )     (22,634 )     (337,244 )     (333,598 )
 
                        
 
     (1,182,342 )     (1,211,980 )     (16,861,752 )     (55,267,857 )
 
                        
Net Decrease in Net Assets from Shares of Beneficial Interest Transactions
     (590,875 )     (370,903 )     (11,883,867 )     (39,278,846 )
 
                        
Redemption Fees
     52       —       —       —  
 
                        
Net Increase/(Decrease) in Net Assets
     79,003       48,310       5,171,987       (31,558,900 )
Net Assets:
                                
Beginning of period
     5,314,328       5,266,018       108,650,299       140,209,199  
 
                        
End of period
   $ 5,393,331     $ 5,314,328     $ 113,822,286     $ 108,650,299  
 
                        
Undistributed net investment income
   $ 376       —     $ 170,377     $ 421,789  
 
                        
 
*   Income Fund’s Class B Shares were fully redeemed and closed on December 1, 2009.
 
**   Equity Fund’s Class B Shares were fully redeemed and closed on March 1, 2011.
See accompanying notes to financial statements.

26

 

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

27

 

GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
                                                                                                                                 
            Income (Loss) from Investment Operations   Distributions to Shareholders                                   Ratios to Average Net Assets/Supplemental Data
                                                                                                            Operating        
                                                                                                            Expenses   Operating    
                    Net                                                   Net           Net           Net of   Expenses    
    Net Asset   Net   Realized and   Total           Net                           Asset           Assets,   Net   Waivers/   Before    
    Value,   Investment   Unrealized   From   Net   Realized                           Value,           End of   Investment   Reimburse-   Waivers/   Portfolio
Period Ended   Beginning   Income   Gain (Loss) on   Investment   Investment   Gain on   Return of   Total   Redemption   End of   Total   Period   Income   ments/   Reimburse-   Turnover
September 30   of Period   (Loss)(a)(b)   Investments   Operations   Income   Investments   Capital   Distributions   Fees(a)   Period   Return†   (in 000’s)   (Loss)(b)   Reductions   ments(c)   Rate††
Mighty MitesSM Fund
                                                                                                                        
Class AAA
                                                                                                                                
2011(d)
   $ 15.81     $ (0.06 )   $ 2.93     $ 2.87     $ (0.06 )   $ (0.42 )     —     $ (0.48 )   $ 0.00 (e)   $ 18.20       18.5 %   $ 444,193       (0.68) %(f)     1.41 %(f)     1.43% (f)(g)     14 %
2010
     13.49       (0.10 )     2.42       2.32       —       (0.00 )(e)     —       (0.00 )(e)     0.00 (e)     15.81       17.2       261,810       (0.67 )     1.55       1.58 (g)     27  
2009
     13.41       (0.08 )     0.47       0.39       —       (0.29 )   $ (0.02 )     (0.31 )     0.00 (e)     13.49       3.5       170,181       (0.69 )     1.65       1.66 (g)     32  
2008
     17.05       (0.00 )(e)     (2.11 )     (2.11 )     (0.06 )     (1.47 )     —       (1.53 )     0.00 (e)     13.41       (13.2 )     55,808       (0.01 )     1.71       1.71       18  
2007
     16.01       0.08       3.42       3.50       —       (2.46 )     —       (2.46 )     0.00 (e)     17.05       23.9       48,252       0.48       1.64       1.64       21  
2006
     16.73       (0.04 )     1.34       1.30       —       (2.02 )     —       (2.02 )     —       16.01       9.0       36,843       (0.28 )     1.61       1.61       4  
Class A
                                                                                                                                
2011(d)
   $ 15.57     $ (0.08 )   $ 2.89     $ 2.81     $ (0.04 )   $ (0.42 )     —     $ (0.46 )   $ 0.00 (e)   $ 17.92       18.4 %   $ 89,345       (0.92) %(f)     1.66 %(f)     1.68% (f)(g)     14 %
2010
     13.32       (0.13 )     2.38       2.25       —       (0.00 )(e)     —       (0.00 )(e)     0.00 (e)     15.57       16.9       48,464       (0.91 )     1.80       1.83 (g)     27  
2009
     13.26       (0.10 )     0.47       0.37       —       (0.29 )   $ (0.02 )     (0.31 )     0.00 (e)     13.32       3.4       16,187       (0.90 )     1.90       1.91 (g)     32  
2008
     16.94       (0.04 )     (2.10 )     (2.14 )     (0.07 )     (1.47 )     —       (1.54 )     0.00 (e)     13.26       (13.5 )     6,134       (0.27 )     1.96       1.96       18  
2007
     15.94       0.36       3.10       3.46       —       (2.46 )     —       (2.46 )     0.00 (e)     16.94       23.8       2,246       2.13       1.89       1.89       21  
2006
     16.70       (0.10 )     1.36       1.26       —       (2.02 )     —       (2.02 )     —       15.94       8.7       3       (0.63 )     1.86       1.86       4  
Class B
                                                                                                                                
2011(d)
   $ 14.64     $ (0.09 )   $ 2.69     $ 2.60       —     $ (0.42 )     —     $ (0.42 )   $ 0.00 (e)   $ 16.82       18.1 %   $ 45       (1.11) %(f)     2.16 %(f)     2.18% (f)(g)     14 %
2010
     12.59       (0.19 )     2.24       2.05       —       (0.00 )(e)     —       (0.00 )(e)     0.00 (e)     14.64       16.3       77       (1.41 )     2.30       2.33 (g)     27  
2009
     12.63       (0.14 )     0.41       0.27       —       (0.29 )   $ (0.02 )     (0.31 )     0.00 (e)     12.59       2.8       116       (1.34 )     2.40       2.41 (g)     32  
2008
     16.21       (0.10 )     (2.01 )     (2.11 )     —       (1.47 )     —       (1.47 )     0.00 (e)     12.63       (13.9 )     169       (0.73 )     2.46       2.46       18  
2007
     15.43       (0.06 )     3.30       3.24       —       (2.46 )     —       (2.46 )     0.00 (e)     16.21       23.0       422       (0.40 )     2.39       2.39       21  
2006
     16.31       (0.15 )     1.29       1.14       —       (2.02 )     —       (2.02 )     —       15.43       8.1       452       (1.00 )     2.36       2.36       4  
Class C
                                                                                                                                
2011(d)
   $ 14.55     $ (0.12 )   $ 2.70     $ 2.58       —     $ (0.42 )     —     $ (0.42 )   $ 0.00 (e)   $ 16.71       18.1 %   $ 90,106       (1.48) %(f)     2.16 %(f)     2.18% (f)(g)     14 %
2010
     12.51       (0.19 )     2.23       2.04       —       (0.00 )(e)     —       (0.00 )(e)     0.00 (e)     14.55       16.3       40,297       (1.41 )     2.30       2.33 (g)     27  
2009
     12.55       (0.15 )     0.42       0.27       —       (0.29 )   $ (0.02 )     (0.31 )     0.00 (e)     12.51       2.8       13,566       (1.42 )     2.40       2.41 (g)     32  
2008
     16.13       (0.10 )     (2.00 )     (2.10 )   $ (0.01 )     (1.47 )     —       (1.48 )     0.00 (e)     12.55       (13.9 )     4,671       (0.78 )     2.46       2.46       18  
2007
     15.35       0.10       3.14       3.24       —       (2.46 )     —       (2.46 )     0.00 (e)     16.13       23.2       2,041       0.65       2.39       2.39       21  
2006
     16.24       (0.15 )     1.28       1.13       —       (2.02 )     —       (2.02 )     —       15.35       8.1       311       (1.01 )     2.36       2.36       4  
Class I
                                                                                                                                
2011(d)
   $ 15.92     $ (0.04 )   $ 2.95     $ 2.91     $ (0.09 )   $ (0.42 )     —     $ (0.51 )   $ 0.00 (e)   $ 18.32       18.6 %   $ 47,810       (0.49) %(f)     1.16 %(f)     1.18% (f)(g)     14 %
2010
     13.55       (0.06 )     2.43       2.37       —       (0.00 )(e)     —       (0.00 )(e)     0.00 (e)     15.92       17.5       23,406       (0.41 )     1.30       1.33 (g)     27  
2009
     13.44       (0.06 )     0.48       0.42       —       (0.29 )   $ (0.02 )     (0.31 )     0.00 (e)     13.55       3.7       12,528       (0.48 )     1.40       1.41 (g)     32  
2008(h)
     13.96       0.03       (0.55 )     (0.52 )     —       —       —       —       0.00 (e)     13.44       (3.7 )     893       0.26 (f)     1.46 (f)     1.46 (f)     18  
 
†   Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
 
††   Effective in 2008, a change in accounting policy was adopted with regard to the calculation of the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted retroactively, the portfolio turnover rate for the year ended September 30, 2007 would have been 23%. The portfolio turnover rate for the year ended 2006 would have been as shown. Also, for the year ended September 30, 2009, the calculation of the portfolio turnover rate excluded from purchases the value of securities acquired in connection with the Fund’s Reorganization (see Note 9).
 
(a)   Per share data is calculated using the average shares outstanding method.
 
(b)   Due to capital share activity, net investment income per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.
 
(c)   The fund incurred interest expense during the year ended September 30, 2006. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.57% (Class AAA), 1.82% (Class A), 2.32% (Class B and Class C), respectively. For the years ended September 30, 2010, 2009, 2008, and 2007, the effect of interest expense was minimal. For the six months ended March 31, 2011, there was no interest expense.
 
(d)   For the six months ended March 31, 2011, unaudited.
 
(e)   Amount represents less than $0.005 per share.
 
(f)   Annualized.
 
(g)   Before advisory fee reduction on unsupervised assets totaling 0.02%, 0.03%, and 0.01% of net assets for the six months ended March 31, 2011 and the years ended September 30, 2010 and 2009, respectively.
 
(h)   From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.
See accompanying notes to financial statements.

28

 

GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
                                                                                                                 
            Income (Loss) from Investment Operations   Distributions to Shareholders                                   Ratios to Average Net Assets /Supplemental Data
                                                                                            Operating   Operating    
                    Net                                   Net           Net           Expenses   Expenses    
    Net Asset   Net   Realized and   Total                           Asset           Assets,   Net   Net of   Before    
    Value,   Investment   Unrealized   From   Net                   Value,           End of   Investment   Waivers/   Waivers/   Portfolio
Period Ended   Beginning   Income   Gain (Loss) on   Investment   Investment   Total   Redemption   End of   Total   Period   Income   Reimburse-   Reimburse-   Turnover
September 30   of Period   (Loss)(a)   Investments   Operations   Income   Distributions   Fees(a)   Period   Return†   (in 000’s)   (Loss)   ments††   ments†††   Rate
SmallCap Equity Fund
                                                                                                          
Class AAA
                                                                                                                
2011(b)
   $ 13.36     $ (0.05 )   $ 4.51     $ 4.46       —       —     $ 0.00 (c)   $ 17.82       33.4 %   $ 19,487       (0.68) %(d)     1.50% (d)(e)     1.78 %(d)     13 %
2010
     11.60       (0.10 )     1.86       1.76       —       —       0.00 (c)     13.36       15.2       10,435       (0.81 )     1.50 (e)     1.99       28  
2009
     11.99       (0.06 )     (0.33 )     (0.39 )     —       —       —       11.60       (3.3 )     8,856       (0.68 )     1.50 (e)     2.80       55  
2008
     14.99       (0.03 )     (2.97 )     (3.00 )     —       —       —       11.99       (20.0 )     8,491       (0.23 )     1.58 (e)     2.62       123  
2007
     12.51       (0.04 )     2.68       2.64     $ (0.16 )   $ (0.16 )     —       14.99       21.2       8,672       (0.28 )     1.71       2.24       90  
2006
     11.29       0.14       1.08       1.22       —       —       —       12.51       10.8       8,717       1.16       1.71       2.02       81  
Class A
                                                                                                                
2011(b)
   $ 13.18     $ (0.07 )   $ 4.45     $ 4.38       —       —     $ 0.00 (c)   $ 17.56       33.2 %   $ 5,905       (0.92) %(d)     1.75% (d)(e)     2.03 %(d)     13 %
2010
     11.47       (0.13 )     1.84       1.71       —       —       0.00 (c)     13.18       14.9       3,509       (1.06 )     1.75 (e)     2.24       28  
2009
     11.88       (0.09 )     (0.32 )     (0.41 )     —       —       —       11.47       (3.5 )     2,200       (0.98 )     1.75 (e)     3.05       55  
2008
     14.89       (0.06 )     (2.95 )     (3.01 )     —       —       —       11.88       (20.2 )     703       (0.49 )     1.83 (e)     2.87       123  
2007
     12.45       (0.09 )     2.67       2.58     $ (0.14 )   $ (0.14 )     —       14.89       20.9       778       (0.62 )     1.96       2.49       90  
2006
     11.25       0.13       1.07       1.20       —       —       —       12.45       10.7       403       1.04       1.96       2.27       81  
Class B
                                                                                                                
2011(b)
   $ 12.58     $ (0.11 )   $ 4.25     $ 4.14       —       —     $ 0.00 (c)   $ 16.72       32.9 %   $ 8       (1.43) %(d)     2.25% (d)(e)     2.53 %(d)     13 %
2010
     11.01       (0.19 )     1.76       1.57       —       —       0.00 (c)     12.58       14.3       6       (1.56 )     2.25 (e)     2.74       28  
2009
     11.46       (0.12 )     (0.33 )     (0.45 )     —       —       —       11.01       (3.9 )     5       (1.43 )     2.25 (e)     3.55       55  
2008
     14.44       (0.12 )     (2.86 )     (2.98 )     —       —       —       11.46       (20.6 )     5       (0.97 )     2.33 (e)     3.37       123  
2007
     12.03       (0.15 )     2.60       2.45     $ (0.04 )   $ (0.04 )     —       14.44       20.4       7       (1.05 )     2.46       2.99       90  
2006
     10.93       0.05       1.05       1.10       —       —       —       12.03       10.1       6       0.44       2.46       2.77       81  
Class C
                                                                                                                
2011(b)
   $ 12.47     $ (0.11 )   $ 4.22     $ 4.11       —       —     $ 0.00 (c)   $ 16.58       33.0 %   $ 4,200       (1.45) %(d)     2.25% (d)(e)     2.53 %(d)     13 %
2010
     10.91       (0.18 )     1.74       1.56       —       —       0.00 (c)     12.47       14.3       911       (1.55 )     2.25 (e)     2.74       28  
2009
     11.36       (0.12 )     (0.33 )     (0.45 )     —       —       —       10.91       (4.0 )     345       (1.43 )     2.25 (e)     3.55       55  
2008
     14.31       (0.12 )     (2.83 )     (2.95 )     —       —       —       11.36       (20.6 )     196       (0.94 )     2.33 (e)     3.37       123  
2007
     11.97       (0.14 )     2.57       2.43     $ (0.09 )   $ (0.09 )     —       14.31       20.4       298       (1.04 )     2.46       2.99       90  
2006
     10.87       0.09       1.01       1.10       —       —       —       11.97       10.1       238       0.74       2.46       2.77       81  
Class I
                                                                                                                
2011(b)
   $ 13.45     $ (0.03 )   $ 4.54     $ 4.51       —       —     $ 0.00 (c)   $ 17.96       33.5 %   $ 837       (0.41) %(d)     1.25% (d)(e)     1.53 %(d)     13 %
2010
     11.65       (0.08 )     1.88       1.80       —       —       0.00 (c)     13.45       15.5       1,123       (0.59 )     1.25 (e)     1.74       28  
2009
     12.00       (0.04 )     (0.31 )     (0.35 )     —       —       —       11.65       (2.9 )     306       (0.47 )     1.25 (e)     2.55       55  
2008(f)
     12.92       (0.01 )     (0.91 )     (0.92 )     —       —       —       12.00       (7.1 )     165       (0.06 )(d)     1.36 (d)(e)     2.40 (d)     123  
 
†   Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
 
††   The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 1.50%, 1.51%, 1.50%, and 1.50% (Class AAA), 1.75%, 1.76%, 1.75%, and 1.75% (Class A), 2.25%, 2.26%, 2.25%, and 2.25% (Class B and Class C), and 1.25% and 1.26% (Class I) respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
 
†††   The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 2.80%, 2.55%, 2.03%, and 1.81% (Class AAA), 3.05%, 2.80%, 2.28%, and 2.06%,(Class A), 3.55%, 3.30%, 2.78%, and 2.56% (Class B and Class C), and 2.55% and 2.30% (Class I), respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
 
(a)   Per share data is calculated using the average shares outstanding method.
 
(b)   For the six months ended March 31, 2011, unaudited.
 
(c)   Amount represents less than $0.005 per share.
 
(d)   Annualized.
 
(e)   The Fund incurred interest expense of $682 during the year ended September 30, 2008. A portion of this interest expense was paid for by prior years Custodian Fee Credits. The impact to the ratios of operating expenses to the average net assets was minimal. If interest expense had not been incurred, the ratio of operating expenses to the average net assets would have been 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class B and Class C), and 1.25% (Class I), respectively. For the six months ended March 31, 2011 and the years ended September 30, 2010 and 2009 the effect of interest expense was minimal.
 
(f)   From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.
See accompanying notes to financial statements.

29

 

GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
                                                                                                                                      
            Income (Loss) from Investment Operations   Distributions to Shareholders                                   Ratios to Average Net Assets/Supplemental Data
                    Net                                                                                   Operating   Operating    
                    Realized and                                                   Net           Net           Expenses   Expenses    
    Net Asset           Unrealized   Total           Net                           Asset           Assets,           Net of   Before    
    Value,   Net   Gain   From   Net   Realized                           Value,           End of   Net   Waivers/   Waivers/   Portfolio
Period Ended   Beginning   Investment   (Loss) on   Investment   Investment   Gain on   Return of   Total   Redemption   End of   Total   Period   Investment   Reimburse-   Reimburse-   Turnover
September 30   of Period   Income(a)   Investments   Operations   Income   Investments   Capital   Distributions   Fees(a)   Period   Return†   (in 000’s)   Income   ments†† (b)   ments†††   Rate
Income Fund
                                                                                                                        
Class AAA
                                                                                                                                
2011(c)
   $ 7.53     $ 0.05     $ 1.00     $ 1.05     $ (0.05 )     —       —     $ (0.05 )   $ 0.00 (d)   $ 8.53       14.0 %   $ 5,172       1.27 %(e)     1.67 %(e)     2.94 %(e)     11 %
2010
     6.96       0.13       0.56       0.69       (0.12 )     —       —       (0.12 )     —       7.53       9.9       4,822       1.73       1.50       3.19       10  
2009
     7.85       0.16       (0.85 )     (0.69 )     (0.18 )     —     $ (0.02 )     (0.20 )     —       6.96       (8.1 )     4,869       2.57       1.63       3.06       14  
2008
     10.21       0.26       (2.05 )     (1.79 )     (0.34 )   $ (0.21 )     (0.02 )     (0.57 )     —       7.85       (18.2 )     7,285       2.83       1.58       2.48       28  
2007
     12.04       0.50       0.59       1.09       (0.47 )     (2.45 )     —       (2.92 )     —       10.21       10.0       17,871       4.65       1.76       2.20       64  
2006
     16.53       0.55       (0.31 )     0.24       (0.40 )     (4.33 )     —       (4.73 )     —       12.04       3.4       12,054       4.36       1.65       2.02       141  
Class A
                                                                                                                                
2011(c)
   $ 7.79     $ 0.04     $ 1.04     $ 1.08     $ (0.04 )     —       —     $ (0.04 )   $ 0.00 (d)   $ 8.83       13.9 %   $ 47       1.07 %(e)     1.79 %(e)     3.24 %(e)     11 %
2010
     7.20       0.10       0.59       0.69       (0.10 )     —       —       (0.10 )     —       7.79       9.7       341       1.29       1.75       3.44       10  
2009
     8.12       0.08       (0.81 )     (0.73 )     (0.17 )     —     $ (0.02 )     (0.19 )     —       7.20       (8.4 )     77       1.28       1.88       3.31       14  
2008
     10.54       0.24       (2.11 )     (1.87 )     (0.32 )   $ (0.21 )     (0.02 )     (0.55 )     —       8.12       (18.3 )     51       2.53       1.83       2.73       28  
2007
     12.34       0.50       0.59       1.09       (0.44 )     (2.45 )     —       (2.89 )     —       10.54       9.7       80       4.45       2.01       2.45       64  
2006
     16.76       0.54       (0.32 )     0.22       (0.31 )     (4.33 )     —       (4.64 )     —       12.34       3.2       97       4.21       1.90       2.27       141  
Class C
                                                                                                                                
2011(c)
   $ 8.36     $ 0.02     $ 1.11     $ 1.13     $ (0.02 )     —       —     $ (0.02 )   $ 0.00 (d)   $ 9.47       13.5 %   $ 102       0.52 %(e)     2.42 %(e)     3.69 %(e)     11 %
2010
     7.70       0.08       0.62       0.70       (0.04 )     —       —       (0.04 )     —       8.36       9.1       97       1.04       2.25       3.94       10  
2009
     8.65       0.11       (0.91 )     (0.80 )     (0.13 )     —     $ (0.02 )     (0.15 )     —       7.70       (8.8 )     261       1.68       2.38       3.81       14  
2008
     11.22       0.20       (2.26 )     (2.06 )     (0.28 )   $ (0.21 )     (0.02 )     (0.51 )     —       8.65       (18.8 )     319       1.99       2.33       3.23       28  
2007
     12.98       0.38       0.71       1.09       (0.40 )     (2.45 )     —       (2.85 )     —       11.22       9.1       397       3.35       2.51       2.94       64  
2006
     17.26       0.50       (0.32 )     0.18       (0.13 )     (4.33 )     —       (4.46 )     —       12.98       2.8       16       3.71       2.40       2.77       141  
Class I
                                                                                                                                
2011(c)
   $ 7.53     $ 0.06     $ 1.01     $ 1.07     $ (0.06 )     —       —     $ (0.06 )   $ 0.00 (d)   $ 8.54       14.3 %   $ 72       1.49 %(e)     1.43 %(e)     2.69 %(e)     11 %
2010
     6.97       0.14       0.56       0.70       (0.14 )     —       —       (0.14 )     —       7.53       10.1       54       1.97       1.25       2.94       10  
2009
     7.85       0.19       (0.85 )     (0.66 )     (0.20 )     —     $ (0.02 )     (0.22 )     —       6.97       (7.8 )     59       3.13       1.38       2.81       14  
2008(f)
     9.14       0.18       (1.18 )     (1.00 )     (0.27 )     —       (0.02 )     (0.29 )     —       7.85       (11.2 )     118       2.82 (e)     1.36 (e)     2.26 (e)     28  
 
†   Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
 
††   The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 1.50%, 1.51%, 1.50%, and 1.50% (Class AAA), 1.75%, 1.76%, 1.75%, and 1.75% (Class A), 2.25%, 2.26%, 2.25%, and 2.25% (Class C), and 1.25% and 1.26% (Class I) respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
 
†††   The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009, 2008, 2007, and 2006 would have been 2.93%, 2.41%, 1.94%, and 1.87% (Class AAA), 3.18%, 2.66%, 2.19%, and 2.12% (Class A), 3.68%, 3.16%, 2.68%, and 2.62% (Class C), and 2.68% and 2.16% (Class I), respectively. For the six months ended March 31, 2011 and the year ended September 30, 2010, there were no Custodian Fee Credits.
 
(a)   Per share data is calculated using the average shares outstanding method.
 
(b)   The Fund incurred interest expense of $1,169 and $4,188 during the years ended September 30, 2009 and September 30, 2008, respectively. All of the interest expense for 2009 and a portion of this interest expense in 2008 was paid for by prior years custodian fee credits. This would impact the ratios of operating expenses to the average net assets by 0.02% and 0.03% for all Classes, respectively. If interest expense had not been incurred, the ratios of operating expenses to the average net assets would have been 1.48% and 1.50% Class AAA), 1.73 and 1.75% (Class A), 2.23% and 2.25% (Class C), and 1.23% and 1.25% (Class I), respectively. For the six months ended March 31, 2011 and the years ended September 30, 2010 and 2007, the effect of interest expense was minimal. For the year ended September 30, 2006, there was no interest expense.
 
(c)   For the six months ended March 31, 2011, unaudited.
 
(d)   Amount represents less than $0.005 per share.
 
(e)   Annualized.
 
(f)   From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.
See accompanying notes to financial statements.

30

 

GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
                                                                                                         
            Income (Loss) from Investment Operations   Distributions to Shareholders                           Ratios to Average Net Assets/Supplemental Data
                    Net                                                            
                    Realized                                                            
    Net Asset   Net   and   Total                           Net           Net Assets,   Net            
    Value,   Investment   Unrealized   From   Net   Net Realized           Asset Value,           End of   Investment           Portfolio
Period Ended   Beginning   Income   Gain (Loss) on   Investment   Investment   Gain on   Total   End of   Total   Period   Income   Operating   Turnover
September 30   of Period   (Loss)(a)   Investments   Operations   Income   Investments   Distributions   Period   Return†   (in 000’s)   (Loss)   Expenses††   Rate
Equity Fund
                                                                                                        
Class AAA
                                                                                                        
2011(b)
   $ 8.17     $ 0.03     $ 1.36     $ 1.39     $ (0.05 )     —     $ (0.05 )   $ 9.51       17.1 %   $ 106,419       0.66 %(c)     1.57% (c)(d)     21 %
2010
     7.72       0.04       0.48       0.52       (0.07 )     —       (0.07 )     8.17       6.8       99,986       0.55       1.56 (d)     52  
2009
     9.21       0.08       (1.48 )     (1.40 )     (0.09 )     —       (0.09 )     7.72       (15.2 )     132,314       1.21       1.59 (d)     111  
2008
     12.63       0.08       (1.87 )     (1.79 )     (0.05 )   $ (1.58 )     (1.63 )     9.21       (16.0 )     167,946       0.73       1.49       71  
2007
     12.51       0.04       2.15       2.19       (0.05 )     (2.02 )     (2.07 )     12.63       19.7       189,913       0.37       1.52       58  
2006
     11.08       0.06       1.42       1.48       (0.05 )     —       (0.05 )     12.51       13.4       169,404       0.55       1.54       73  
Class A
                                                                                                        
2011(b)
   $ 8.13     $ 0.02     $ 1.35     $ 1.37     $ (0.02 )     —     $ (0.02 )   $ 9.48       16.9 %   $ 5,425       0.38 %(c)     1.82% (c)(d)     21 %
2010
     7.69       0.02       0.48       0.50       (0.06 )     —       (0.06 )     8.13       6.5       6,616       0.31       1.81 (d)     52  
2009
     9.11       0.06       (1.43 )     (1.37 )     (0.05 )     —       (0.05 )     7.69       (15.0 )     6,131       0.89       1.84 (d)     111  
2008
     12.57       0.05       (1.89 )     (1.84 )     (0.04 )   $ (1.58 )     (1.62 )     9.11       (16.6 )     5,079       0.47       1.74       71  
2007
     12.45       0.01       2.15       2.16       (0.02 )     (2.02 )     (2.04 )     12.57       19.5       3,527       0.12       1.77       58  
2006
     11.05       0.03       1.41       1.44       (0.04 )     —       (0.04 )     12.45       13.1       2,780       0.27       1.79       73  
Class C
                                                                                                        
2011(b)
   $ 7.91     $ (0.00 )(e)   $ 1.33     $ 1.33       —       —       —     $ 9.24       16.8 %   $ 1,042       (0.09) %(c)     2.32% (c)(d)     21 %
2010
     7.49       (0.02 )     0.46       0.44     $ (0.02 )     —     $ (0.02 )     7.91       5.9       999       (0.19 )     2.31 (d)     52  
2009
     8.95       0.02       (1.44 )     (1.42 )     (0.04 )     —       (0.04 )     7.49       (15.8 )     1,067       0.37       2.34 (d)     111  
2008
     12.36       (0.00 )(e)     (1.83 )     (1.83 )     —     $ (1.58 )     (1.58 )     8.95       (16.7 )     736       (0.02 )     2.24       71  
2007
     12.31       (0.05 )     2.12       2.07       —       (2.02 )     (2.02 )     12.36       18.8       320       (0.39 )     2.27       58  
2006
     10.97       (0.03 )     1.40       1.37       (0.03 )     —       (0.03 )     12.31       12.6       316       (0.28 )     2.29       73  
Class I
                                                                                                        
2011(b)
   $ 8.19     $ 0.04     $ 1.36     $ 1.40     $ (0.07 )     —     $ (0.07 )   $ 9.52       17.3 %   $ 936       0.89 %(c)     1.32% (c)(d)     21 %
2010
     7.73       0.06       0.49       0.55       (0.09 )     —       (0.09 )     8.19       7.1       1,043       0.81       1.31 (d)     52  
2009
     9.23       0.10       (1.49 )     (1.39 )     (0.11 )     —       (0.11 )     7.73       (15.0 )     691       1.44       1.34 (d)     111  
2008(f)
     10.35       0.07       (1.19 )     (1.12 )     —       —       —       9.23       (10.8 )     797       1.00 (c)     1.24 (c)     71  
 
†   Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
 
††   The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the six months ended March 31, 2011 and the years ended September 30, 2010, 2009, 2008, 2007, and 2006 would have been 1.55%, 1.54%, 1.57%, 1.47%, 1.47%, and 1.50%, (Class AAA), 1.80%, 1.79%, 1.82%, 1.72%, 1.72%, and 1.75% (Class A), 2.30%, 2.29%, 2.32%, 2.22%, 2.22%, and 2.25% (Class C), and 1.30%, 1.29%, 1.32% and 1.22% (Class I), respectively.
 
(a)   Per share data is calculated using the average shares outstanding method.
 
(b)   For the six months ended March 31, 2011, unaudited.
 
(c)   Annualized.
 
(d)   The Fund incurred interest expense of $205, $1,854, and $106 during the six months ended March 31, 2011 and years ended September 30, 2010 and 2009, respectively. This interest expense was paid for by prior years custodian fee credits. The effect of interest expense was minimal.
 
(e)   Amount represents less than $0.005 per share.
 
(f)   From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.
See accompanying notes to financial statements.

31

 

GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
                                                                                                         
            Income (Loss) from Investment Operations   Distributions to Shareholders                           Ratios to Average Net Assets/Supplemental Data
                    Net                                                            
                    Realized                                                            
    Net Asset           and   Total                           Net           Net Assets,                
    Value,   Net   Unrealized   From   Net   Net Realized           Asset Value,           End of   Net           Portfolio
Period Ended   Beginning   Investment   Gain (Loss) on   Investment   Investment   Gain on   Total   End of   Total   Period   Investment   Operating   Turnover
September 30   of Period   Income(a)   Investments   Operations   Income   Investments   Distributions   Period   Return†   (in 000’s)   Income   Expenses††   Rate
Balanced Fund
                                                                                                
Class AAA
                                                                                                        
2011(b)
   $ 10.13     $ 0.08     $ 0.93     $ 1.01     $ (0.08 )     —     $ (0.08 )   $ 11.06       10.0 %   $ 106,398       1.49 %(c)     1.26 %(c)     13 %
2010
     9.65       0.14       0.49       0.63       (0.15 )     —       (0.15 )     10.13       6.5       106,782       1.45       1.26       33  
2009
     10.47       0.17       (0.77 )     (0.60 )     (0.17 )   $ (0.05 )     (0.22 )     9.65       (5.6 )     123,323       1.86       1.27       89  
2008
     12.58       0.21       (1.17 )     (0.96 )     (0.22 )     (0.93 )     (1.15 )     10.47       (8.4 )     138,174       1.83       1.23       60  
2007
     12.82       0.22       1.36       1.58       (0.21 )     (1.61 )     (1.82 )     12.58       13.6       152,185       1.76       1.27       46  
2006
     12.74       0.22       0.95       1.17       (0.24 )     (0.85 )     (1.09 )     12.82       9.8       145,028       1.78       1.32       68  
Class A
                                                                                                        
2011(b)
   $ 10.17     $ 0.07     $ 0.93     $ 1.00     $ (0.07 )     —     $ (0.07 )   $ 11.10       9.8 %   $ 4,972       1.25 %(c)     1.51 %(c)     13 %
2010
     9.69       0.12       0.48       0.60       (0.12 )     —       (0.12 )     10.17       6.2       5,136       1.20       1.51       33  
2009
     10.51       0.14       (0.76 )     (0.62 )     (0.15 )   $ (0.05 )     (0.20 )     9.69       (5.8 )     5,995       1.61       1.52       89  
2008
     12.63       0.18       (1.18 )     (1.00 )     (0.19 )     (0.93 )     (1.12 )     10.51       (8.7 )     5,639       1.56       1.48       60  
2007
     12.87       0.19       1.36       1.55       (0.18 )     (1.61 )     (1.79 )     12.63       13.3       5,519       1.51       1.52       46  
2006
     12.74       0.19       0.95       1.14       (0.16 )     (0.85 )     (1.01 )     12.87       9.5       5,596       1.53       1.57       68  
Class B
                                                                                                        
2011(b)
   $ 10.25     $ 0.04     $ 0.94     $ 0.98     $ (0.03 )     —     $ (0.03 )   $ 11.20       9.6 %   $ 42       0.69 %(c)     2.01 %(c)     13 %
2010
     9.77       0.07       0.48       0.55       (0.07 )     —       (0.07 )     10.25       5.7       82       0.69       2.01       33  
2009
     10.60       0.10       (0.78 )     (0.68 )     (0.10 )   $ (0.05 )     (0.15 )     9.77       (6.3 )     105       1.13       2.02       89  
2008
     12.72       0.13       (1.20 )     (1.07 )     (0.12 )     (0.93 )     (1.05 )     10.60       (9.1 )     125       1.10       1.98       60  
2007
     12.95       0.13       1.37       1.50       (0.12 )     (1.61 )     (1.73 )     12.72       12.7       194       1.02       2.02       46  
2006
     12.76       0.13       0.95       1.08       (0.04 )     (0.85 )     (0.89 )     12.95       9.0       141       1.02       2.07       68  
Class C
                                                                                                        
2011(b)
   $ 10.26     $ 0.04     $ 0.95     $ 0.99     $ (0.04 )     —     $ (0.04 )   $ 11.21       9.7 %   $ 5,053       0.74 %(c)     2.01 %(c)     13 %
2010
     9.78       0.07       0.48       0.55       (0.07 )     —       (0.07 )     10.26       5.7       4,975       0.70       2.01       33  
2009
     10.61       0.10       (0.77 )     (0.67 )     (0.11 )   $ (0.05 )     (0.16 )     9.78       (6.2 )     4,859       1.06       2.02       89  
2008
     12.74       0.12       (1.19 )     (1.07 )     (0.13 )     (0.93 )     (1.06 )     10.61       (9.1 )     1,389       1.05       1.98       60  
2007
     12.97       0.13       1.37       1.50       (0.12 )     (1.61 )     (1.73 )     12.74       12.7       1,003       1.01       2.02       46  
2006
     12.78       0.13       0.95       1.08       (0.04 )     (0.85 )     (0.89 )     12.97       9.0       946       1.02       2.07       68  
Class I
                                                                                                        
2011(b)
   $ 10.12     $ 0.09     $ 0.93     $ 1.02     $ (0.09 )     —     $ (0.09 )   $ 11.05       10.2 %   $ 1,773       1.74 %(c)     1.01 %(c)     13 %
2010
     9.64       0.17       0.48       0.65       (0.17 )     —       (0.17 )     10.12       6.8       1,769       1.70       1.01       33  
2009
     10.46       0.19       (0.77 )     (0.58 )     (0.19 )   $ (0.05 )     (0.24 )     9.64       (5.3 )     1,451       2.07       1.02       89  
2008(d)
     11.33       0.17       (0.87 )     (0.70 )     (0.17 )     —       (0.17 )     10.46       (6.2 )     1,490       2.14 (c)     0.98 (c)     60  
 
†   Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
 
††   The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the six months ended March 31, 2011 and the years ended September 30, 2010, 2009, 2008, 2007, and 2006 would have been 1.24%, 1.24%, 1.25%, 1.21%, 1.19%, and 1.27% (Class AAA), 1.49%, 1.49%, 1.50%, 1.46%, 1.44%, and 1.52% (Class A), 1.99%, 1.99%, 2.00%, 1.96%, 1.94%, and 2.02% (Class B and Class C), and 0.99%, 0.99%, 1.00%, and 0.96% (Class I), respectively.
 
(a)   Per share data is calculated using the average shares outstanding method.
 
(b)   For the six months ended March 31, 2011, unaudited.
 
(c)   Annualized.
 
(d)   From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.
See accompanying notes to financial statements.

32

 

GAMCO Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each period:
                                                                                                                 
            Income (Loss) from Investment Operations   Distributions to Shareholders                           Ratios to Average Net Assets /Supplemental Data
                                                                                            Operating   Operating    
                    Net                                   Net           Net           Expenses   Expenses    
    Net Asset           Realized and   Total           Net           Asset           Assets,           Net of   Before    
    Value,   Net   Unrealized   From   Net   Realized           Value,           End of   Net   Waivers/   Waivers/   Portfolio
Period Ended   Beginning   Investment   Gain (Loss) on   Investment   Investment   Gain on   Total   End of   Total   Period   Investment   Reimburse-   Reimburse-   Turnover
September 30   of Period   Income (a)   Investments   Operations   Income   Investments   Distributions   Period   Return†   (in 000’s)   Income   ments††   ments†††   Rate
Intermediate Bond Fund                                                                                                
Class AAA
                                                                                                                
2011(b)
   $ 11.90     $ 0.14     $ (0.28 )   $ (0.14 )   $ (0.14 )   $ (0.02 )   $ (0.16 )   $ 11.60       (1.2 )%   $ 15,096       2.38 %(c)     1.00 %(c)     1.45 %(c)     0 %
2010
     11.52       0.27       0.46       0.73       (0.27 )     (0.08 )     (0.35 )     11.90       6.5       17,038       2.32       1.02       1.49       14  
2009
     10.84       0.28       0.68       0.96       (0.28 )     —       (0.28 )     11.52       9.0       13,949       2.51       1.04       1.58       18  
2008
     10.80       0.36       0.04       0.40       (0.36 )     —       (0.36 )     10.84       3.7       10,498       3.23       1.07       1.76       32  
2007
     10.81       0.40       0.00 (d)     0.40       (0.41 )     —       (0.41 )     10.80       3.7       9,413       3.73       1.10       1.64       20  
2006
     10.93       0.39       (0.11 )     0.28       (0.39 )     (0.01 )     (0.40 )     10.81       2.7       9,917       3.65       1.06       1.53       35  
Class A
                                                                                                                
2011(b)
   $ 11.90     $ 0.13     $ (0.28 )   $ (0.15 )   $ (0.13 )   $ (0.02 )   $ (0.15 )   $ 11.60       (1.2 )%   $ 530       2.30 %(c)     1.10 %(c)     1.55 %(c)     0 %
2010
     11.51       0.26       0.47       0.73       (0.26 )     (0.08 )     (0.34 )     11.90       6.4       487       2.23       1.12       1.59       14  
2009
     10.84       0.27       0.67       0.94       (0.27 )     —       (0.27 )     11.51       8.7       523       2.40       1.14       1.68       18  
2008
     10.80       0.34       0.05       0.39       (0.35 )     —       (0.35 )     10.84       3.6       101       3.09       1.17       1.86       32  
2007
     10.81       0.39       0.00 (d)     0.39       (0.40 )     —       (0.40 )     10.80       3.7       69       3.64       1.20       1.74       20  
2006
     10.93       0.39       (0.12 )     0.27       (0.38 )     (0.01 )     (0.39 )     10.81       2.6       92       3.59       1.16       1.63       35  
Class B
                                                                                                                
2011(b)
   $ 11.90     $ 0.09     $ (0.27 )   $ (0.18 )   $ (0.10 )   $ (0.02 )   $ (0.12 )   $ 11.60       (1.6 )%   $ 30       1.62 %(c)     1.75 %(c)     2.20 %(c)     0 %
2010
     11.51       0.18       0.47       0.65       (0.18 )     (0.08 )     (0.26 )     11.90       5.8       38       1.59       1.77       2.24       14  
2009
     10.84       0.20       0.67       0.87       (0.20 )     —       (0.20 )     11.51       8.0       130       1.77       1.79       2.33       18  
2008
     10.80       0.28       0.03       0.31       (0.27 )     —       (0.27 )     10.84       2.9       48       2.53       1.82       2.51       32  
2007
     10.81       0.32       0.00 (d)     0.32       (0.33 )     —       (0.33 )     10.80       3.0       93       2.97       1.85       2.39       20  
2006
     10.93       0.31       (0.11 )     0.20       (0.31 )     (0.01 )     (0.32 )     10.81       2.0       282       2.87       1.81       2.28       35  
Class C
                                                                                                                
2011(b)
   $ 11.32     $ 0.09     $ (0.27 )   $ (0.18 )   $ (0.09 )   $ (0.02 )   $ (0.11 )   $ 11.03       (1.6 )%   $ 564       1.55 %(c)     1.75 %(c)     2.20 %(c)     0 %
2010
     10.96       0.17       0.44       0.61       (0.17 )     (0.08 )     (0.25 )     11.32       5.7       1,716       1.50       1.77       2.24       14  
2009
     10.31       0.19       0.65       0.84       (0.19 )     —       (0.19 )     10.96       8.3       582       1.76       1.79       2.33       18  
2008
     10.28       0.24       0.05       0.29       (0.26 )     —       (0.26 )     10.31       2.8       478       2.29       1.82       2.51       32  
2007
     10.31       0.40       0.09       0.49       (0.52 )     —       (0.52 )     10.28       4.8       15       3.96       1.85       2.39       20  
2006
     10.82       0.32       (0.36 )     (0.04 )     (0.46 )     (0.01 )     (0.47 )     10.31       (0.3 )     0.1       3.08       1.81       2.28       35  
Class I
                                                                                                                
2011(b)
   $ 11.91     $ 0.15     $ (0.28 )   $ (0.13 )   $ (0.15 )   $ (0.02 )   $ (0.17 )   $ 11.61       (1.1 )%   $ 123       2.60 %(c)     0.75 %(c)     1.20 %(c)     0 %
2010
     11.52       0.30       0.47       0.77       (0.30 )     (0.08 )     (0.38 )     11.91       6.8       125       2.58       0.77       1.24       14  
2009
     10.85       0.31       0.67       0.98       (0.31 )     —       (0.31 )     11.52       9.1       322       2.75       0.79       1.33       18  
2008(e)
     11.09       0.28       (0.25 )     0.03       (0.27 )     —       (0.27 )     10.85       0.2       363       3.57 (c)     0.84 (c)     1.53 (c)     32  
 
†   Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.
 
††   The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2010, 2009, 2008, 2007 and 2006 would have been 1.00%, 1.00%, 1.00%, 1.00%, and 1.00% (Class AAA), 1.10%, 1.10%, 1.10%, 1.10%, and 1.10% (Class A), 1.75%, 1.75%, 1.75%, 1.75%, and 1.75% (Class B and Class C), and 0.75%, 0.75%, and 0.75% (Class I), respectively. For the six months ended March 31, 2011, there were no Custodian Fee Credits.
 
†††   The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2010, 2009, 2008, 2007, and 2006 would have been 1.47%, 1.54%, 1.69%, 1.54%, and 1.47% (Class AAA), 1.57%, 1.64%, 1.79%, 1.64%, and 1.57% (Class A), 2.22%, 2.29%, 2.44%, 2.29%, and 2.22% (Class B and Class C), and 1.22%, 1.29%, and 1.44% (Class I), respectively. For the six months ended March 31, 2011, there were no Custodian Fee Credits.
 
(a)   Per share data is calculated using the average shares outstanding method.
 
(b)   For the six months ended March 31, 2011, unaudited.
 
(c)   Annualized.
 
(d)   Amount represents less than $0.005 per share.
 
(e)   From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.
See accompanying notes to financial statements.

33

 

GAMCO Westwood Funds
Notes to Financial Statements (Unaudited)
1. Organization. The GAMCO Westwood Funds (the “Trust”) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company and currently consists of six active separate investment portfolios: GAMCO Westwood Mighty MitesSM Fund (“Mighty MitesSM Fund”), GAMCO Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), GAMCO Westwood Income Fund (“Income Fund”), GAMCO Westwood Equity Fund (“Equity Fund”), GAMCO Westwood Balanced Fund (“Balanced Fund”), and GAMCO Westwood Intermediate Bond Fund (“Intermediate Bond Fund”), (individually, a “Fund” and collectively, the “Funds”), each with five classes of shares outstanding except for the Income Fund and Equity Fund with four classes outstanding. Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.
The investment objectives of each Fund are as follows:
•   Mighty MitesSM Fund seeks to provide long-term capital appreciation by investing primarily in micro-capitalization equity securities.
•   SmallCap Equity Fund seeks to provide long-term capital appreciation by investing primarily in smaller capitalization equity securities.
•   Income Fund seeks to provide a high level of current income as well as long-term capital appreciation.
 
•   Equity Fund seeks to provide capital appreciation. The Equity Fund’s secondary goal is to produce current income.
 
•   Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach.
•   Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity.
2. Significant Accounting Policies. The Trust’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements.
Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Teton Advisors, Inc. (the “Adviser”).
Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.
Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

34

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:
  •   Level 1 — quoted prices in active markets for identical securities;
 
  •   Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc. ); and
 
  •   Level 3 — significant unobservable inputs (including a Fund’s determinations as to the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2011 is as follows:
                                 
    Valuation Inputs    
    Level 1   Level 2 Other Significant   Level 3 Significant   Total Market Value
    Quoted Prices   Observable Inputs   Unobservable Inputs   at 3/31/11
MIGHTY MITESSM FUND
                                
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Common Stocks:
                                
Broadcasting
   $ 19,498,359       —     $ 0     $ 19,498,359  
Business Services
     20,990,809       —       3       20,990,812  
Cable
     109,000       —       0       109,000  
Consumer Products
     19,337,648     $ 1,053       —       19,338,701  
Educational Services
     7,301,045       —       0       7,301,045  
Entertainment
     2,297,777       —       82,092       2,379,869  
Financial Services
     24,672,724       75,000       —       24,747,724  
Health Care
     51,627,675       —       12,280       51,639,955  
Real Estate
     5,964,086       77,940       7,550       6,049,576  
Other Industries (a)
     321,058,539       —       —       321,058,539  
 
Total Common Stocks
     472,857,662       153,993       101,925       473,113,580  
 
Preferred Stocks (a)
     803,549       —       —       803,549  
Convertible Preferred Stocks (a)
     —       14,935       —       14,935  
Rights (a)
     5,674       —       —       5,674  
Warrants (a)
     —       —       0       0  
U.S. Government Obligations
     —       198,353,593       —       198,353,593  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 473,666,885     $ 198,522,521     $ 101,925     $ 672,291,331  
 
 
                                
SMALLCAP EQUITY FUND
                                
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Common Stocks (a)
   $ 28,817,414       —       —     $ 28,817,414  
U.S. Government Obligations
     —     $ 2,149,098       —       2,149,098  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 28,817,414     $ 2,149,098       —     $ 30,966,512  
 
 
                                
INCOME FUND
                                
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Common Stocks (a)
   $ 4,652,853       —       —     $ 4,652,853  
Preferred Stocks (a)
     457,255       —       —       457,255  
Corporate Bonds
     —     $ 250,061       —       250,061  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 5,110,108     $ 250,061       —     $ 5,360,169  
 
 
                                
EQUITY FUND
                                
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Common Stocks (a)
   $ 112,209,912       —       —     $ 112,209,912  
Short-Term Investments (a)
     49,204       —       —       49,204  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 112,259,116       —       —     $ 112,259,116  
 
 
                                
BALANCED FUND
                                
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Common Stocks (a)
   $ 72,251,056       —       —     $ 72,251,056  
Short-Term Investments (a)
     4,168,299       —       —       4,168,299  
Corporate Bonds
     —     $ 16,724,496       —       16,724,496  
U.S. Government Agency Obligations
     —       12,775,282       —       12,775,282  
U.S. Government Obligations
     —       13,464,129       —       13,464,129  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 76,419,355     $ 42,963,907       —     $ 119,383,262  
 

35

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
                                 
    Valuation Inputs (Continued)    
    Level 1   Level 2 Other Significant   Level 3 Significant   Total Market Value
    Quoted Prices   Observable Inputs   Unobservable Inputs   at 3/31/11
INTERMEDIATE BOND FUND
                                
INVESTMENTS IN SECURITIES:
                                
ASSETS (Market Value):
                                
Short-Term Investments (a)
   $ 610,036       —       —     $ 610,036  
Corporate Bonds
     —     $ 6,943,236       —       6,943,236  
U.S. Government Agency Obligations
     —       4,475,473       —       4,475,473  
U.S. Government Obligations
     —       4,186,792       —       4,186,792  
 
TOTAL INVESTMENTS IN SECURITIES — ASSETS
   $ 610,036     $ 15,605,501       —     $ 16,215,537  
 
 
(a)   Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
The Funds did not have significant transfers between Level 1 and Level 2 during the six months ended March 31, 2011.
There were no Level 3 investments held at March 31, 2011 or September 30, 2010 for SmallCap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.
The following table reconciles Level 3 investments for which significant unobservable inputs were used to determine fair value:
                                                                                 
                                                                            Net change in
                                                                            unrealized
                                                                            appreciation/
                                                                            depreciation
                                                                            during the
                                                                            period
                            Change in                                           on Level 3
            Accrued           unrealized                   Transfers   Transfers   Balance   investments
    Balance as   discounts/   Realized   appreciation/                   into   out of   as of   held
MIGHTY MITESSM FUND   of 9/30/10   (premiums)   gain/(loss)   depreciation†   Purchases   Sales   Level 3 ††   Level 3 ††   3/31/11   at 3/31/11†
 
INVESTMENTS IN SECURITIES:
                                                                                
ASSETS (Market Value):
                                                                                
Common Stocks:
                                                                                
Broadcasting
   $ 1     $ —     $ —     $ (1 )   $ —     $ —     $ —     $ —     $ 0     $ (1 )
Business Services
     0       —       —       —       —       —       3       —       3       —  
Cable
     0       —       —       —       —       —       —       —       0       —  
Educational Services
     0       —       —       —       —       —       —       —       0       —  
Entertainment
     82,092       —       —       —       —       —       —       —       82,092       —  
Health Care
     12,280       —       —       —       —       —       —       —       12,280       —  
Real Estate
     1,413       —       —       6,137       —       —       —       —       7,550       6,137  
Telecommunications
     10       —       (3 )     (7 )     —       (0 )     —       —       —       —  
 
Total Common Stocks
     95,796       —       (3 )     6,129       —       (0 )     3       —       101,925       6,136  
 
 
                                                                                
Warrants:
                                                                                
Broadcasting
     —       —       —       —       —       —       0       —       0       —  
 
TOTAL INVESTMENTS IN SECURITIES
   $ 95,796     $ —     $ (3 )   $ 6,129     $ —     $ (0 )   $ 3     $ —     $ 101,925     $ 6,136  
 
 
†   Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.
 
††   The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the beginning of the reporting period.
In January 2010, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve disclosure about fair value measurements which requires additional disclosures about transfers between Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation of fair value measurements using significant unobservable inputs (Level 3). FASB also clarified existing disclosure requirements relating to the levels of disaggregation of fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2009 and interim periods within those fiscal years. Management has adopted the amended guidance and determined that there was no material impact to the Funds’ financial statements except for additional disclosures made in the notes. Disclosures about purchases, sales, issuances, and settlements in the rollforward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact of the additional disclosure requirements on the Funds’ financial statements.

36

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
Securities Sold Short. The Mighty MitesSM Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Mighty MitesSM Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Mighty MitesSM Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Mighty MitesSM Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Mighty MitesSM Fund on the ex-dividend date and interest expense is recorded on the accrual basis. At March 31, 2011, there were no short sales outstanding for the Mighty MitesSM Fund.
Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/loss on investments.
Foreign Securities. The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.
Restricted and Illiquid Securities. Each Fund may invest up to 10% (except for the Mighty MitesSM Fund, SmallCap Equity Fund, and Income Fund which may invest up to 15%) of its net assets in securities for which the markets are illiquid. Illiquid securities include securities the disposition of which is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted and illiquid securities the Mighty MitesSM Fund held as of March 31, 2011, refer to its Schedule of Investments.
Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2011, the Mighty MitesSM Fund’s, Equity Fund’s, Balanced Fund’s, and Intermediate Bond Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point for each of these four funds. During the six months ended March 31, 2011, the Income Fund and SmallCap Equity Fund held no investments in other investment companies.
Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

37

 

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

In calculating the net asset value (“NAV”) per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.
Custodian Fee Credits and Interest Expense. When cash balances are maintained in a Fund’s custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under each custody arrangement are included in custodian fees in the Statements of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, a Fund is charged an overdraft fee equal to 90% of the current Treasury Bill rate on outstanding balances. This amount, if any, would be included in “interest expense” in the Statements of Operations.
Currently included in the Statements of Operations as of March 31, 2011 are custodian fee expense and interest expense that were paid for by prior year custodian fee credits as follows:
                                                 
    Mighty   SmallCap                           Intermediate
    MitesSM   Equity   Income   Equity   Balanced   Bond
    Fund   Fund   Fund   Fund   Fund   Fund
Expenses paid for by prior year custodian fee credits:
                                                
Custodian fee expense
   $ —     $ —     $ —     $ (10,166 )   $ —     $ —  
Interest expense
     —       —       —       (205 )     (9,735 )     —  
Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty MitesSM Fund, SmallCap Equity Fund, and Equity Fund, and quarterly for the Income Fund and Balanced Fund. The Intermediate Bond Fund declares dividends daily and pays those dividends monthly. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, timing differences, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.
The tax character of distributions paid during the year ended September 30, 2010 was as follows:
                                                 
    Mighty     SmallCap                             Intermediate  
    MitesSM     Equity     Income     Equity     Balanced     Bond  
    Fund     Fund     Fund     Fund     Fund     Fund  
Distributions paid from:
                                                
Ordinary income (inclusive of short-term capital gains)
   $ 48,672     $ —     $ 80,504     $ 1,229,224     $ 1,819,630     $ 398,653  
Net long-term capitals gains
     —       —       —       —       —       113,280  
 
                                    
Total distributions paid
   $ 48,672     $ —     $ 80,504     $ 1,229,224     $ 1,819,630     $ 511,933  
 
                                    
Provision for Income Taxes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Funds’ net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

38

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2010:
                                                 
    Mighty   SmallCap                           Intermediate
    MitesSM   Equity   Income   Equity   Balanced   Bond
    Fund   Fund   Fund   Fund   Fund   Fund
Expiring in Fiscal Year:
                                                
2011
     —     $ 4,845,486       —       —       —       —  
2012
     —       —       —       —       —       —  
2013
     —       —       —       —       —       —  
2014
     —       —       —       —       —       —  
2015
     —       —       —       —       —       —  
2016
     —       210       —       —       —       —  
2017
     —       585,663     $ 1,094,920     $ 4,107,080     $ 2,011,631       —  
2018
     —       —       1,503,324       28,980,997       14,635,639       —  
These capital loss carryforwards are available to reduce future required distributions of net capital gains to shareholders.

During the year ended September 30, 2010, the SmallCap Equity Fund utilized capital loss carryforwards of $135,125, and $1,835,749 of capital loss carryforwards expired.
Under the current tax law, capital losses related to securities realized after October 31 and prior to the Funds’ fiscal year end may be treated as occurring on the first day of the following year. For the year ended September 30, 2010, the Income Fund deferred capital losses of $95,748 and the SmallCap Equity Fund deferred currency losses of $8.
The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at March 31, 2011:
                                                 
    Mighty     SmallCap                             Intermediate  
    MitesSM     Equity     Income     Equity     Balanced     Bond  
    Fund     Fund     Fund     Fund     Fund     Fund  
Aggregate cost of investments
   $ 538,289,526     $ 24,006,614     $ 4,869,745     $ 94,043,169     $ 104,265,553     $ 15,405,006  
 
                                    
Gross unrealized appreciation
   $ 145,104,010     $ 7,455,824     $ 627,657     $ 21,240,417     $ 17,386,694     $ 869,105  
Gross unrealized depreciation
     (11,102,205 )     (495,926 )     (137,233 )     (3,024,470 )     (2,268,985 )     (58,574 )
 
                                    
Net unrealized appreciation/depreciation
   $ 134,001,805     $ 6,959,898     $ 490,424     $ 18,215,947     $ 15,117,709     $ 810,531  
 
                                    
The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended March 31, 2011, the Funds did not incur any income tax, interest, or penalties. As of March 31, 2011, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. Tax years ended September 30, 2007 through September 30, 2010 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.
3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the “Advisory Agreements”) with the Adviser which provide that the Funds will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty MitesSM Fund, SmallCap Equity Fund, Income Fund, and Equity Fund, 0.75% for the Balanced Fund, and 0.60% for the Intermediate Bond Fund, of the value of the Fund’s average daily net assets. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for the Funds’ portfolios, oversees the administration of all aspects of the Funds’ business and affairs, and pays the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Adviser.
There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Funds with respect to which the Adviser transferred dispositive and voting control to the Funds’ Proxy Voting Committee. During the six months ended March 31, 2011, the Mighty MitesSM Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $55,554.

39

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund, in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangement continues until at least January 31, 2012. For the six months ended March 31, 2011, the Adviser waived fees or reimbursed expenses in the amounts of $29,077, $34,420, and $38,081 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund, respectively. In addition, the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund are obliged to repay the Adviser for a period of two fiscal years following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of the Funds fall below the applicable expense limitation for Class AAA of 1.50%, 1.50%, and 1.00%, respectively, and for Class A of 1.75%, 1.75%, and 1.10%, respectively, and for Class B (for the SmallCap Equity and Intermediate Bond Funds only) and Class C of 2.25%, 2.25%, and 1.75%, respectively, and for Class I of 1.25%, 1.25%, and 0.75%, respectively, of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2011, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are $198,120, $197,515, and $196,065 for the SmallCap Equity, Income, and Intermediate Bond Funds, respectively.
                                 
    For the year   For the year   For the six months    
    ended   ended   ended    
    September 30, 2009,   September 30, 2010,   March 31, 2011,    
    expiring   expiring   expiring    
    September 30, 2011   September 30, 2012   September 30, 2013   Total
SmallCap Equity Fund
   $ 98,769     $ 70,274     $ 29,077     $ 198,120  
Income Fund
     75,817       87,278       34,420       197,515  
Intermediate Bond Fund
     76,402       81,582       38,081       196,065  
The Adviser has a Subadvisory Agreement with Westwood Management Corp. (the “Subadviser”) for the Equity Fund, Balanced Fund, and Intermediate Bond Fund. The Adviser paid the Subadviser out of its advisory fees with respect to these three Funds a fee computed daily and payable monthly, in an amount equal on an annualized basis to the greater of (i) $150,000 per year on an aggregate basis for all applicable Funds or (ii) 35% of the net revenues to the Adviser from the applicable Funds.
The Trust pays each Trustee who is not considered an affiliated person an annual retainer of $3,000 plus $500 for each Board meeting attended and they are reimbursed by the Trust for any out of pocket expenses incurred in attending meetings, all apportioned among the Funds. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Trustee each receive a $1,000 annual fee. A Trustee may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.
4. Distribution Plan. The Trust’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Gabelli & Company, Inc. (“Gabelli & Co.”), an affiliate of the Adviser, serves as Distributor of the Funds. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to Gabelli & Co. at annual rates of 0.25%, 0.50% (for the Intermediate Bond Fund’s Class A Shares at an annual rate of 0.35%), 1.00%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.
5. Portfolio Securities. Purchases and sales of securities for the six months ended March 31, 2011, other than short-term securities, are as follows:
                                 
    Purchases   Sales   Purchases   Sales
    (excluding U.S.   (excluding U.S.   of U.S.   of U.S.
    Government   Government   Government   Government
    Securities)   Securities)   Securities   Securities
Mighty MitesSM Fund
   $ 149,176,577     $ 50,369,174       —     $ 137,000  
SmallCap Equity Fund
     9,953,171       2,604,377       —       —  
Income Fund
     591,133       855,946       —       —  
Equity Fund
     23,400,437       35,825,740       —       —  
Balanced Fund
     13,388,078       24,544,052     $ 1,071,462       —  
Intermediate Bond Fund
     —       —       —       1,604,772  
 
6.       Transactions with Affiliates. During the six months ended March 31, 2011, the Mighty MitesSM Fund, and the Income Fund paid brokerage commissions on security trades of $130,112 and $906, respectively, to Gabelli & Co. Additionally, Gabelli & Co. informed the Trust that it retained $74,675 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

40

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement between each Fund and the Adviser. During the six months ended March 31, 2011, the Mighty MitesSM Fund, Equity Fund, and Balanced Fund each paid or accrued $22,500 to the Adviser in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2011 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund.
7. Shares of Beneficial Interest. The Funds, except for the Income Fund and Equity Fund that no longer offers Class B Shares, offer five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from Gabelli & Co., through selected broker/dealers, or the transfer agent. Class I Shares are offered through Gabelli & Co. and selected broker/dealers to foundations, endowments, institutions, and employee benefit plans without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable Class B CDSC is equal to a percentage declining from 5% of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by Gabelli & Co. Income Fund’s and Equity Fund’s Class B Shares were fully redeemed on December 1, 2009 and March 1, 2011, respectively and are not available for exchanges from other funds.
The Mighty MitesSM Fund, and, since January 28, 2010, the SmallCap Equity Fund and Income Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees retained by the Mighty MitesSM Fund during the six months ended March 31, 2011 and the year ended September 30, 2010 amounted to $5,581 and $689, respectively. Redemption fees retained by the SmallCap Equity Fund and Income Fund for the six months ended March 31, 2011 and for the period between January 28, 2010 and September 30, 2010 were $317, $52, $1,751 and $0, respectively. The redemption fee does not apply to redemptions of shares where (i) the shares were purchased through automatic reinvestment of distributions, (ii) the redemption was initiated by the Fund, (iii) the shares were purchased through programs that collect the redemption fee at the program level and remit them to the Fund, or (iv) the shares were purchased through programs that the Adviser determines to have appropriate
anti-short-term trading policies in place or as to which the Adviser has received assurances that look-through redemption fee procedures or effective anti-short-term trading policies and procedures are in place.

41

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
Transactions in shares of beneficial interest were as follows:
                                                 
    For the Six     For the     For the Six     For the     For the Six     For the  
    Months Ended     Year Ended     Months Ended     Year Ended     Months Ended     Year Ended  
    March 31, 2011     September 30,     March 31, 2011     September 30,     March 31, 2011     September 30,  
    (Unaudited)     2010     (Unaudited)     2010     (Unaudited)     2010  
    Mighty MitesSM Fund     SmallCap Equity Fund     Income Fund  
Class AAA
                                                
Shares sold
     10,136,531       8,736,054       432,129       232,247       65,113       61,267  
Shares issued upon reinvestment of distributions
     445,730       2,532       —       —       3,740       9,616  
Shares redeemed
     (2,736,554 )     (4,793,343 )     (119,907 )     (214,599 )     (102,913 )     (129,829 )
 
                                    
Net increase/(decrease) in Class AAA Shares
     7,845,707       3,945,243       312,222       17,648       (34,060 )     (58,946 )
 
                                    
Class A
                                                
Shares sold
     2,557,331       2,583,100       92,816       91,708       1,706       39,505  
Shares issued upon reinvestment of distributions
     83,026       298       —       —       170       378  
Shares redeemed
     (767,346 )     (686,314 )     (22,833 )     (17,281 )     (40,257 )     (6,795 )
 
                                    
Net increase/(decrease) in Class A Shares
     1,873,011       1,897,084       69,983       74,427       (38,381 )     33,088  
 
                                    
Class B*
                                                
Shares sold
     209       —       —       133       —       —  
Shares issued upon reinvestment of distributions
     146       2       —       —       —       —  
Shares redeemed
     (2,954 )     (3,880 )     —       (143 )     —       (10 )
 
                                    
Net decrease in Class B Shares
     (2,599 )     (3,878 )     —       (10 )     —       (10 )
 
                                    
Class C
                                                
Shares sold
     2,806,813       1,898,393       184,823       50,161       108       1,464  
Shares issued upon reinvestment of distributions
     71,039       237       —       —       17       63  
Shares redeemed
     (255,832 )     (213,750 )     (4,567 )     (8,735 )     (968 )     (23,854 )
 
                                    
Net increase/(decrease) in Class C Shares
     2,622,020       1,684,880       180,256       41,426       (843 )     (22,327 )
 
                                    
Class I
                                                
Shares sold
     1,439,642       740,998       19,571       109,191       1,166       1,883  
Shares issued upon reinvestment of distributions
     25,751       131       —       —       51       106  
Shares redeemed
     (326,228 )     (195,587 )     (56,487 )     (51,916 )     (35 )     (3,172 )
 
                                    
Net increase/(decrease) in Class I Shares
     1,139,165       545,542       (36,916 )     57,275       1,182       (1,183 )
 
                                    
 
                                                
    Equity Fund     Balanced Fund     Intermediate Bond Fund  
Class AAA
                                                
Shares sold
     425,463       1,629,832       606,757       1,229,228       136,937       408,397  
Shares issued upon reinvestment of distributions
     65,103       137,019       72,870       162,237       12,021       28,200  
Shares redeemed
     (1,545,228 )     (6,668,783 )     (1,600,427 )     (3,632,606 )     (278,980 )     (216,571 )
 
                                    
Net increase/(decrease) in Class AAA Shares
     (1,054,662 )     (4,901,932 )     (920,800 )     (2,241,141 )     (130,022 )     220,026  
 
                                    
Class A
                                                
Shares sold
     50,017       147,529       9,797       21,197       15,380       24,621  
Shares issued upon reinvestment of distributions
     1,876       5,445       2,574       5,985       415       936  
Shares redeemed
     (293,688 )     (136,675 )     (69,620 )     (141,135 )     (10,997 )     (30,124 )
 
                                    
Net increase/(decrease) in Class A Shares
     (241,795 )     16,299       (57,249 )     (113,953 )     4,798       (4,567 )
 
                                    
Class B**
                                                
Shares sold
     —       —       —       1,335       —       —  
Shares issued upon reinvestment of distributions
     —       2       12       42       21       104  
Shares redeemed
     (791 )     (11 )     (4,239 )     (4,101 )     (636 )     (8,155 )
 
                                    
Net decrease in Class B Shares
     (791 )     (9 )     (4,227 )     (2,724 )     (615 )     (8,051 )
 
                                    
Class C
                                                
Shares sold
     6,005       21,984       30,804       109,432       14,570       141,211  
Shares issued upon reinvestment of distributions
     —       403       1,228       2,454       676       1,543  
Shares redeemed
     (19,466 )     (38,560 )     (65,837 )     (124,274 )     (115,662 )     (44,256 )
 
                                    
Net increase/(decrease) in Class C Shares
     (13,461 )     (16,173 )     (33,805 )     (12,388 )     (100,416 )     98,498  
 
                                    
Class I
                                                
Shares sold
     8,256       78,474       26,732       89,745       7,361       12,158  
Shares issued upon reinvestment of distributions
     916       955       1,411       2,755       198       373  
Shares redeemed
     (38,198 )     (41,387 )     (42,411 )     (68,243 )     (7,468 )     (29,971 )
 
                                    
Net increase/(decrease) in Class I Shares
     (29,026 )     38,042       (14,268 )     24,257       91       (17,440 )
 
                                    
 
*   Income Fund’s Class B Shares were fully redeemed on December 1, 2009.
 
**   Equity Fund’s Class B Shares were fully redeemed on March 1, 2011.

42

 

GAMCO Westwood Funds
Notes to Financial Statements (Continued) (Unaudited)
8. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty MitesSM Fund’s transactions in the securities of these issuers during the six months ended March 31, 2011 is set forth below:
                                                         
                                                    Percent
                                    Net Change In   Value at   Owned of
    Beginning   Shares   Ending   Dividend   Unrealized   March 31,   Shares
    Shares   Purchased   Shares   Income   Appreciation   2011   Outstanding
     
Beasley Broadcast Group Inc., Cl. A*
     133,400       401,600       535,000       —     $ 923,594     $ 3,926,900       8.89 %
Corning Natural Gas Corp.**
     53,671       —       —       —       —       —       —  
Sonesta International Hotels Corp., Cl. A*
     161,100       50,373       211,473     $ 16,350       752,426       4,057,110       5.72 %
Tech/Ops Sevcon Inc.
     252,300       28,500       280,800       —       131,132       1,585,116       8.36 %
                                     
Total
                           $ 16,350     $ 1,807,152     $ 9,569,126          
                                     
 
*   Security was not affiliated at September 30, 2010.
 
**   Security is no longer considered affiliated at March 31, 2011.
9. Indemnifications. The Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading activity in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. In the administrative settlement order, the SEC found that the Adviser had willfully violated Section 206(2) of the 1940 Act, Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, and had willfully aided and abetted and caused violations of Section 12(d)(1)(B)(i) of the 1940 Act. Under the terms of the settlement, the Adviser, while neither admitting nor denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty), approximately $12.8 million of which is in the process of being paid to shareholders of the Global Growth Fund in accordance with a plan developed by an independent distribution consultant and approved by the independent directors of the Global Growth Fund and acceptable to the staff of the SEC, and agreed to cease and desist from future violations of the above referenced federal securities laws and rule. The SEC order also noted the cooperation that the Adviser had given the staff of the SEC during its inquiry. The settlement did not have a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement. On the same day, the SEC filed a civil action against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer is also an officer of the Fund, the Global Growth Fund, and other funds in the Gabelli/ GAMCO fund complex. The officer denied the allegations and is continuing in his positions with the Adviser and the funds. The court dismissed certain claims and found that the SEC was not entitled to pursue various remedies against the officer while leaving one remedy in the event the SEC were able to prove violations of law. The court subsequently dismissed without prejudice the remaining remedy against the officer, which allowed the SEC to appeal the court’s rulings. On October 29, 2010 the SEC filed its appeal with the U.S. Court of Appeals for the Second Circuit regarding the lower court’s orders. The Adviser currently expects that any resolution of the action against the officer will not have a material adverse impact on the Fund or the Adviser or its ability to fulfill its obligations under the Advisory Agreement.
11. Subsequent Events. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements, other than the following:
Mighty MitesSM  Fund
     At the Trust’s Board meeting on May 25, 2011, the Trustees approved a change in the Mighty MitesSM Fund’s “Principal Investment Strategies” to increase the market capitalization of micro-cap companies from $300 million to $500 million.
Effective June 1, 2011, “The Mighty MitesSM Fund primarily invests in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $500 million or less at the time the Mighty MitesSM Fund’s initial investment”.

43

 

GAMCO WESTWOOD FUNDS
GAMCO Westwood Mighty MitesSM Fund
GAMCO Westwood SmallCap Equity Fund
GAMCO Westwood Income Fund
GAMCO Westwood Equity Fund
GAMCO Westwood Balanced Fund
GAMCO Westwood Intermediate Bond Fund
One Corporate Center
Rye, New York 10580-1422
General and Account Information:
800-WESTWOOD [800-937-8966]
fax: 914-921-5118
website: www.tetonadv.com
e-mail: info@tetonadv.com
Board of Trustees
     
ANTHONY J. COLAVITA
  WERNER J. ROEDER, MD
President
  Medical Director
Anthony J. Colavita, P. C.
  Lawrence Hospital
 
    
JAMES P. CONN
  SALVATORE J. ZIZZA
Former Chief Investment Officer
  Chairman
Financial Security Assurance
  Zizza & Co., Ltd.
Holdings Ltd.
    
Officers
     
BRUCE N. ALPERT
  PETER D. GOLDSTEIN
President and Secretary
  Chief Compliance Officer
 
AGNES MULLADY
    
Treasurer
    
Investment Adviser
Teton Advisors, Inc.
Distributor
Gabelli & Company, Inc.
Custodian
The Bank of New York Mellon
Legal Counsel
Paul, Hastings, Janofsky & Walker LLP

We have separated the portfolio managers’ commentaries from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentaries are unrestricted. The financial statements and investment portfolio are mailed separately from the commentaries. Both the commentaries and the financial statements, including the portfolio of investments, will be available on our website at www.tetonadv.com.
This report is submitted for the information of the shareholders of the GAMCO Westwood Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
GABWWQ111SR

 

 

Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed registrants.
Not applicable.
Item 6. Investments.
(a)   Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
(b)   Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

 

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
  (a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  (b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
  (a)(1)   Not applicable.
 
  (a)(2)   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
 
  (a)(3)   Not applicable.
 
  (b)   Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) The GAMCO Westwood Funds
         
By (Signature and Title)*
  /s/ Bruce N. Alpert
 
Bruce N. Alpert, Principal Executive Officer 		   
 
        
Date 6/6/11    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By (Signature and Title)*
  /s/ Bruce N. Alpert
 
Bruce N. Alpert, Principal Executive Officer 		   
 
        
Date 6/6/11    
 
        
By (Signature and Title)*
  /s/ Agnes Mullady
 
Agnes Mullady, Principal Financial Officer and Treasurer 		   
 
        
Date 6/6/11    
 
*   Print the name and title of each signing officer under his or her signature.