Filed Pursuant to Rule 497(e)
                                                       Registration No. 33-06790

                            THE GAMCO WESTWOOD FUNDS
                       GAMCO WESTWOOD SMALLCAP EQUITY FUND
                           GAMCO WESTWOOD INCOME FUND
                      GAMCO WESTWOOD INTERMEDIATE BOND FUND
                   (EACH, A "FUND" AND TOGETHER, THE "FUNDS")

           Supplement dated October 21, 2008, to the Funds' Class AAA
         Shares Prospectus, and the Funds' Class A, B, C, and I Shares
                    Prospectus, each dated January 28, 2008

In the Funds' Prospectuses,  the third paragraph of the subsection entitled "The
Adviser," under the section entitled "Management of the Funds" shall be replaced
in its entirety with the following paragraph:

With respect to the SmallCap Equity,  Income,  and Intermediate  Bond Funds, the
Board of Trustees has approved the amended and restated contractual advisory fee
waiver and expense deferral  agreement under which the Adviser has contractually
agreed to waive  its  investment  advisory  fees  and/or  reimburse  the  Funds'
expenses to the extent  necessary to maintain the Funds' total annual  operating
expenses (excluding  brokerage costs,  interest,  taxes,  acquired fund fees and
expenses and  extraordinary  expenses) at the levels set forth in the fee tables
of the current  prospectuses  until at least January 31, 2010.  Thereafter,  the
agreement may only be terminated or amended to increase these expense caps as of
January 31 of each calendar year,  provided that in the case of a termination by
the Adviser,  the Adviser will provide the Board of Trustees with written notice
of its intention to terminate the agreement  prior to the expiration of its then
current term.