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'
       Statement of Additional Information ("SAI") dated January 28, 2008

In the Funds'  SAI,  the tenth  paragraph  of the section  entitled  "Investment
Advisory and Other Services" is replaced in its entirety with the following:

Under the Sub-Advisory Agreement,  the Adviser pays Westwood out of its advisory
fees with respect to the Equity Fund,  Balanced Fund and Intermediate Bond Fund,
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 the
Funds or (ii) 35% of the net  revenues  to the  Adviser  from  the  Funds.  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. In addition,  the SmallCap Equity,  Income and  Intermediate  Bond
Funds,  have each agreed,  during the two-year  period  following  any waiver or
reimbursement by the Adviser,  to repay such amount to the extent,  after giving
effect to the repayment, such adjusted Total Operating Expenses would not exceed
the amount of the specified expense cap on an annualized basis.