| [X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|-----------------------------------------------------------------------------------------|

| [ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|------------------------------------------------------------------------------------------|

| GAMCO INVESTORS, INC.                                          |
|----------------------------------------------------------------|
| (Exact name of Registrant as specified in its charter)         |
|                                                           |   |   |   |
| New York                                                       |   |   | 13-4007862 |
| (State of other jurisdiction of incorporation or organization) |   |   | (I.R.S. Employer Identification No.) |
|                                                      |   |   |   |
| One Corporate Center, Rye, NY                                  |   |   | 10580-1422 |
| (Address of principle executive offices)                       |   |   | (Zip Code) |
|                                                           |   |   |   |
| (914) 921-3700                                                 |
| Registrant’s telephone number, including area code       |

| Yes | x | No | o |
|-----|---|----|---|

| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yeso    Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer", "accelerated filer", and "smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Large accelerated filer  ̈                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Accelerated filer x |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |
| Non-accelerated filer o                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Smaller reporting company o |   |

| Yes | o | No | x |
|-----|---|----|---|

| Class                                |   | Outstanding at April 30, 2011 |   |
|--------------------------------------|--------|-------------------------------|--------|
| Class A Common Stock, .001 par value |   | 6,860,757                     |   |
| Class B Common Stock, .001 par value |   | 20,190,140                    |   |

----

| INDEX                                  |
|----------------------------------------|
|                                   |
| GAMCO INVESTORS, INC. AND SUBSIDIARIES |
|                                   |   |
|                                   |   |
| PART I.                                | FINANCIAL INFORMATION |   |
|                                   |   |
|                                   |   |
| Item 1.                                | Unaudited Condensed Consolidated Financial Statements |
|                                   |   |
|                                   | Condensed Consolidated Statements of Income: |
|                                   | -    Three months ended March 31, 2011 and 2010 |
|                                   |   |
|                                   |   |
|                                   |   |
|                                   | Condensed Consolidated Statements of Financial Condition: |
|                                   | -    March 31, 2011 |
|                                   | -    December 31, 2010 |
|                                   | -    March 31, 2010 |
|                                   |   |
|                                   | Condensed Consolidated Statements of Equity and Comprehensive Income: |
|                                   | -    Three months ended March 31, 2011 and 2010 |
|                                   |   |
|                                   | Condensed Consolidated Statements of Cash Flows: |
|                                   | -    Three months ended March 31, 2011 and 2010 |
|                                   |   |
|                                   | Notes to Unaudited Condensed Consolidated Financial Statements |
|                                   |   |
| Item 2.                                | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|                                   |   |
| Item 3.                                | Quantitative and Qualitative Disclosures About Market Risk (Included in Item 2) |
|                                   |   |
| Item 4.                                | Controls and Procedures |
|                                   |   |
| PART II.                               | OTHER INFORMATION |   |
|                                   |   |
| Item 1.                                | Legal Proceedings |
|                                   |   |
| Item 2.                                | Unregistered Sales of Equity Securities and Use of Proceeds |
|                                   |   |
| Item 6.                                | Exhibits |
|                                   |   |
| SIGNATURES                             |   |
|                                   |   |

----

| GAMCO INVESTORS, INC. AND SUBSIDIARIES                                                                         |
|----------------------------------------------------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME                                                                    |
| UNAUDITED                                                                                                      |
| (Dollars in thousands, except per share data)                                                                  |
|                                                                                                           |   |   |   |   |   |   |
|                                                                                                           |   |   |   |   |   |   |
|                                                                                                           |   | Three Months Ended |   |
|                                                                                                           |   | March 31, |   |
|                                                                                                           |   | 2011 |   |   | 2010 |   |
| Revenues                                                                                                       |   |   |   |   |   |   |
|   Investment advisory and incentive fees                                                             |   | $ | 62,911 |   |   | $ | 49,342 |   |
|   Institutional research services                                                                    |   |   | 3,649 |   |   |   | 3,424 |   |
|   Distribution fees and other income                                                                 |   |   | 10,345 |   |   |   | 7,232 |   |
| Total revenues                                                                                                 |   |   | 76,905 |   |   |   | 59,998 |   |
| Expenses                                                                                                       |   |   |   |   |   |   |   |   |
|   Compensation                                                                                       |   |   | 33,417 |   |   |   | 26,213 |   |
|   Management fee                                                                                     |   |   | 3,113 |   |   |   | 2,448 |   |
|   Distribution costs                                                                                 |   |   | 13,429 |   |   |   | 7,031 |   |
|   Other operating expenses                                                                           |   |   | 6,186 |   |   |   | 4,936 |   |
| Total expenses (a)                                                                                             |   |   | 56,145 |   |   |   | 40,628 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Operating income                                                                                               |   |   | 20,760 |   |   |   | 19,370 |   |
| Other income (expense)                                                                                         |   |   |   |   |   |   |   |   |
|   Net gain from investments                                                                          |   |   | 8,740 |   |   |   | 5,232 |   |
|   Interest and dividend income                                                                       |   |   | 1,936 |   |   |   | 815 |   |
|   Interest and other expense                                                                         |   |   | (2,867 | ) |   |   | (3,292 | ) |
| Total other income (expense), net                                                                              |   |   | 7,809 |   |   |   | 2,755 |   |
| Income before income taxes                                                                                     |   |   | 28,569 |   |   |   | 22,125 |   |
| Income tax provision                                                                                           |   |   | 10,288 |   |   |   | 8,294 |   |
| Net income                                                                                                     |   |   | 18,281 |   |   |   | 13,831 |   |
| Net income attributable to noncontrolling interests                                                            |   |   | 638 |   |   |   | 105 |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders                                                |   | $ | 17,643 |   |   | $ | 13,726 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders                                                |   |   |   |   |   |   |   |   |
|   per share:                                                                                         |   |   |   |   |   |   |   |   |
| Basic                                                                                                          |   | $ | 0.66 |   |   | $ | 0.50 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Diluted                                                                                                        |   | $ | 0.65 |   |   | $ | 0.50 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                                                                           |   |   |   |   |   |   |   |   |
| Basic                                                                                                          |   |   | 26,901 |   |   |   | 27,184 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Diluted                                                                                                        |   |   | 27,008 |   |   |   | 28,148 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Dividends declared:                                                                                            |   | $ | 0.03 |   |   | $ | 0.03 |   |
| (a) First quarter 2011 includes $5.6 million in costs directly related to the launch of a new closed-end fund. |   |   |   |   |   |
|                                                                                                           |   |   |   |   |   |   |   |   |
| See accompanying notes.                                                                                        |   |   |   |   |   |   |   |   |

----

| GAMCO INVESTORS, INC. AND SUBSIDIARIES                                                                     |
|------------------------------------------------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION                                                   |
| UNAUDITED                                                                                                  |
| (Dollars in thousands, except per share data)                                                              |
|                                                                                                       |   |   |   |   |   |   |   |   |   |
|                                                                                                       |   | March 31, |   |   | December 31, |   |   | March 31, |   |
|                                                                                                       |   | 2011 |   |   | 2010 |   |   | 2010 |   |
| ASSETS                                                                                                     |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, including restricted cash of $0, $0 and $62,265, respectively                   |   | $ | 164,671 |   |   | $ | 169,601 |   |   | $ | 411,365 |   |
| Investments in securities                                                                                  |   |   | 345,616 |   |   |   | 305,486 |   |   |   | 177,001 |   |
| Investments in partnerships                                                                                |   |   | 94,584 |   |   |   | 82,871 |   |   |   | 70,744 |   |
| Receivable from brokers                                                                                    |   |   | 43,308 |   |   |   | 46,621 |   |   |   | 25,368 |   |
| Investment advisory fees receivable                                                                        |   |   | 24,992 |   |   |   | 44,660 |   |   |   | 18,858 |   |
| Income tax receivable and deferred tax assets                                                              |   |   | 302 |   |   |   | 325 |   |   |   | - |   |
| Other assets                                                                                               |   |   | 24,030 |   |   |   | 23,172 |   |   |   | 21,289 |   |
|   Total assets                                                                                   |   | $ | 697,503 |   |   | $ | 672,736 |   |   | $ | 724,625 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Payable to brokers                                                                                         |   | $ | 7,998 |   |   | $ | 1,554 |   |   | $ | 4,394 |   |
| Income taxes payable and deferred tax liabilities                                                          |   |   | 25,035 |   |   |   | 23,225 |   |   |   | 7,548 |   |
| Capital lease obligation                                                                                   |   |   | 5,151 |   |   |   | 5,182 |   |   |   | 5,239 |   |
| Compensation payable                                                                                       |   |   | 22,883 |   |   |   | 23,771 |   |   |   | 21,335 |   |
| Securities sold, not yet purchased                                                                         |   |   | 15,550 |   |   |   | 19,299 |   |   |   | 9,063 |   |
| Mandatorily redeemable noncontrolling interests                                                            |   |   | 1,466 |   |   |   | 1,444 |   |   |   | 1,636 |   |
| Accrued expenses and other liabilities                                                                     |   |   | 28,351 |   |   |   | 23,089 |   |   |   | 23,333 |   |
|   Sub-total                                                                                      |   |   | 106,434 |   |   |   | 97,564 |   |   |   | 72,548 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| 5.5% Senior notes (due May 15, 2013)                                                                       |   |   | 99,000 |   |   |   | 99,000 |   |   |   | 99,000 |   |
| 6% Convertible note (due August 14, 2011; repaid September 30, 2010)                                       |   |   | - |   |   |   | - |   |   |   | 39,873 |   |
| 6.5% Convertible note (due October 2, 2018; repaid October 13, 2010)                                       |   |   | - |   |   |   | - |   |   |   | 60,000 |   |
| Zero coupon subordinated debentures, Face value: $86.4 million (due December 31, 2015)                     |   |   | 60,697 |   |   |   | 59,580 |   |   |   | - |   |
|   Total liabilities                                                                              |   |   | 266,131 |   |   |   | 256,144 |   |   |   | 271,421 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable noncontrolling interests                                                                        |   |   | 28,884 |   |   |   | 26,984 |   |   |   | 1,464 |   |
| Commitments and contingencies (Note J)                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|   GAMCO Investors, Inc. stockholders' equity                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|     Class A Common Stock, $0.001 par value; 100,000,000 shares authorized;             |   |   |   |   |   |   |   |   |   |   |   |   |
|       13,526,203, 13,255,503 and 13,119,776 issued, respectively; 6,872,333, |   |   |   |   |   |   |   |   |   |   |   |   |
|       6,763,221 and 7,131,297 outstanding, respectively                      |   |   | 13 |   |   |   | 13 |   |   |   | 13 |   |
|     Class B Common Stock, $0.001 par value; 100,000,000 shares authorized;             |   |   |   |   |   |   |   |   |   |   |   |   |
|       24,000,000 shares issued; 20,190,140, 20,290,140 and 20,292,917 shares |   |   |   |   |   |   |   |   |   |   |   |   |
|       outstanding, respectively                                              |   |   | 20 |   |   |   | 20 |   |   |   | 20 |   |
|     Additional paid-in capital                                                         |   |   | 262,686 |   |   |   | 262,108 |   |   |   | 252,987 |   |
|     Retained earnings                                                                  |   |   | 387,101 |   |   |   | 370,272 |   |   |   | 423,374 |   |
|     Accumulated comprehensive income                                                   |   |   | 27,900 |   |   |   | 25,389 |   |   |   | 20,871 |   |
|     Treasury stock, at cost (6,653,870, 6,492,282 and 5,988,479 shares, respectively)  |   |   | (278,870 | ) |   |   | (271,773 | ) |   |   | (249,604 | ) |
|   Total GAMCO Investors, Inc. stockholders' equity                                               |   |   | 398,850 |   |   |   | 386,029 |   |   |   | 447,661 |   |
| Noncontrolling interests                                                                                   |   |   | 3,638 |   |   |   | 3,579 |   |   |   | 4,079 |   |
| Total equity                                                                                               |   |   | 402,488 |   |   |   | 389,608 |   |   |   | 451,740 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities and equity                                                                               |   | $ | 697,503 |   |   | $ | 672,736 |   |   | $ | 724,625 |   |
|                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes.                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |

----

| GAMCO INVESTORS, INC. AND SUBSIDIARIES                               |
|----------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME |
| UNAUDITED                                                            |
| (In thousands)                                                       |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For the three months ended March 31, 2011                            |
|                                                                 |   |   |   |   | GAMCO Investors, Inc. shareholders |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   | Additional |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   | Redeemable |   |   |   |   |
|                                                                 |   | Noncontrolling |   |   | Common |   |   | Paid-in |   |   | Retained |   |   | Comprehensive |   |   | Treasury |   |   |   |   |   | Noncontrolling |   |   | Comprehensive |   |
|                                                                 |   | Interests |   |   | Stock |   |   | Capital |   |   | Earnings |   |   | Income |   |   | Stock |   |   | Total |   |   | Interests |   |   | Income |   |
| Balance at December 31, 2010                                         |   | $ | 3,579 |   |   | $ | 33 |   |   | $ | 262,108 |   |   | $ | 370,272 |   |   | $ | 25,389 |   |   | $ | (271,773 | ) |   | $ | 389,608 |   |   | $ | 26,984 |   |   | $ | - |   |
| Redemptions of redeemable                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  noncontrolling interests                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (839 | ) |   |   | - |   |
| Contributions from redeemable                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  noncontrolling interests                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,263 |   |   |   | - |   |
| Deconsolidation of                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Partnership                                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,103 | ) |   |   | - |   |
| Net income                                                           |   |   | 59 |   |   |   | - |   |   |   | - |   |   |   | 17,643 |   |   |   | - |   |   |   | - |   |   |   | 17,702 |   |   |   | 579 |   |   |   | 18,281 |   |
| Net unrealized gains on                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  securities available for sale,                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  net of income tax ($1,460)                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,487 |   |   |   | - |   |   |   | 2,487 |   |   |   | - |   |   |   | 2,487 |   |
| Foreign currency translation                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 24 |   |   |   | - |   |   |   | 24 |   |   |   | - |   |   |   | 24 |   |
| Dividends declared ($0.03 per                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  share)                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (814 | ) |   |   | - |   |   |   | - |   |   |   | (814 | ) |   |   | - |   |   |   | - |   |
| Stock based compensation                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  expense                                                        |   |   | - |   |   |   | - |   |   |   | 578 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 578 |   |   |   | - |   |   |   | - |   |
| Purchase of treasury stock                                           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (7,097 | ) |   |   | (7,097 | ) |   |   | - |   |   |   | - |   |
| Balance at March 31, 2011                                            |   | $ | 3,638 |   |   | $ | 33 |   |   | $ | 262,686 |   |   | $ | 387,101 |   |   | $ | 27,900 |   |   | $ | (278,870 | ) |   | $ | 402,488 |   |   | $ | 28,884 |   |   | $ | 20,792 |   |
| Comprehensive income attributable                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  to noncontrolling interest                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (638 | ) |
| Total comprehensive income                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| attributable to GAMCO Investors, Inc.                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 20,154 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes.                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| GAMCO INVESTORS, INC. AND SUBSIDIARIES                               |
|----------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME |
| UNAUDITED                                                            |
| (In thousands)                                                       |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| For the three months ended March 31, 2010                            |
|                                                                 |   |   |   |   | GAMCO Investors, Inc. shareholders |   |   |   |   |   |   |   |   |
|                                                                 |   |   |   |   |   |   |   | Additional |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   | Redeemable |   |   |   |   |
|                                                                 |   | Noncontrolling |   |   | Common |   |   | Paid-in |   |   | Retained |   |   | Comprehensive |   |   | Treasury |   |   |   |   |   | Noncontrolling |   |   | Comprehensive |   |
|                                                                 |   | Interests |   |   | Stock |   |   | Capital |   |   | Earnings |   |   | Income |   |   | Stock |   |   | Total |   |   | Interests |   |   | Income |   |
| Balance at December 31, 2009                                         |   | $ | 4,043 |   |   | $ | 33 |   |   | $ | 251,591 |   |   | $ | 410,473 |   |   | $ | 19,088 |   |   | $ | (241,567 | ) |   | $ | 443,661 |   |   | $ | 1,464 |   |   | $ | - |   |
| Redemptions of redeemable                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  noncontrolling interests                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (475 | ) |   |   | - |   |
| Contributions from redeemable                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  noncontrolling interests                                       |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 406 |   |   |   | - |   |
| Net income                                                           |   |   | 36 |   |   |   | - |   |   |   | - |   |   |   | 13,726 |   |   |   | - |   |   |   | - |   |   |   | 13,762 |   |   |   | 69 |   |   |   | 13,831 |   |
| Net unrealized gains on                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  securities available for sale,                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  net of income tax ($1,067)                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,816 |   |   |   | - |   |   |   | 1,816 |   |   |   | - |   |   |   | 1,816 |   |
| Foreign currency translation                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (33 | ) |   |   | - |   |   |   | (33 | ) |   |   | - |   |   |   | (33 | ) |
| Dividends declared ($0.03 per                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  share)                                                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (825 | ) |   |   | - |   |   |   | - |   |   |   | (825 | ) |   |   | - |   |   |   | - |   |
| Stock based compensation                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  expense                                                        |   |   | - |   |   |   | - |   |   |   | 1,383 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,383 |   |   |   | - |   |   |   | - |   |
| Exercise of stock options                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  including tax benefit                                          |   |   | - |   |   |   | - |   |   |   | 13 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13 |   |   |   | - |   |   |   | - |   |
| Purchase of treasury stock                                           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (8,037 | ) |   |   | (8,037 | ) |   |   | - |   |   |   | - |   |
| Balance at March 31, 2010                                            |   | $ | 4,079 |   |   | $ | 33 |   |   | $ | 252,987 |   |   | $ | 423,374 |   |   | $ | 20,871 |   |   | $ | (249,604 | ) |   | $ | 451,740 |   |   | $ | 1,464 |   |   | $ | 15,614 |   |
| Comprehensive income attributable                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  to noncontrolling interest                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (105 | ) |
| Total comprehensive income                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| attributable to GAMCO Investors, Inc.                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 15,509 |   |
|                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes.                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| GAMCO INVESTORS, INC. AND SUBSIDIARIES                                                            |
|---------------------------------------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                   |
| UNAUDITED                                                                                         |
| (In thousands)                                                                                    |
|                                                                                              |   |   |   |   |   |   |
|                                                                                              |   | Three Months Ended |   |
|                                                                                              |   | March 31, |   |
|                                                                                              |   | 2011 |   |   | 2010 |   |
| Operating activities                                                                              |   |   |   |   |   |   |
| Net income                                                                                        |   | $ | 18,281 |   |   | $ | 13,831 |   |
|  Adjustments to reconcile net income to net cash (used in) provided by operating activities: |   |   |   |   |   |   |   |   |
|   Equity in net gains from partnerships and affiliates                                  |   |   | (2,977 | ) |   |   | (2,352 | ) |
|   Depreciation and amortization                                                         |   |   | 274 |   |   |   | 171 |   |
|   Stock based compensation expense                                                      |   |   | 578 |   |   |   | 1,383 |   |
|   Deferred income taxes                                                                 |   |   | 1,649 |   |   |   | 277 |   |
|   Tax benefit from exercise of stock options                                            |   |   | - |   |   |   | 5 |   |
|   Foreign currency translation gain/(loss)                                              |   |   | 24 |   |   |   | (33 | ) |
|   Fair value of donated securities                                                      |   |   | - |   |   |   | 77 |   |
|   (Gains) on sales of available for sale securities                                     |   |   | (101 | ) |   |   | - |   |
|   Amortization of discount on convertible debt                                          |   |   | - |   |   |   | 22 |   |
|   Accretion of zero coupon debentures                                                   |   |   | 1,117 |   |   |   | - |   |
| (Increase) decrease in assets:                                                                    |   |   |   |   |   |   |   |   |
|   Investments in trading securities                                                     |   |   | (44,589 | ) |   |   | (17,980 | ) |
|   Investments in partnerships:                                                          |   |   |   |   |   |   |   |   |
|     Contributions to partnerships                                             |   |   | (6,583 | ) |   |   | (11,129 | ) |
|     Distributions from partnerships                                           |   |   | 3,026 |   |   |   | 5,391 |   |
|   Receivable from brokers                                                               |   |   | (2,373 | ) |   |   | 4,704 |   |
|   Investment advisory fees receivable                                                   |   |   | 19,798 |   |   |   | 16,827 |   |
|   Income tax receivable and deferred tax assets                                         |   |   | 23 |   |   |   | - |   |
|   Other assets                                                                          |   |   | (1,129 | ) |   |   | (6 | ) |
| Increase (decrease) in liabilities:                                                               |   |   |   |   |   |   |   |   |
|   Payable to brokers                                                                    |   |   | 6,444 |   |   |   | 3,999 |   |
|   Income taxes payable and deferred tax liabilities                                     |   |   | (1,035) |   |   |   | (2,320 | ) |
|   Compensation payable                                                                  |   |   | (891 | ) |   |   | 8,035 |   |
|   Mandatorily redeemable noncontrolling interests                                       |   |   | 23 |   |   |   | 14 |   |
|   Accrued expenses and other liabilities                                                |   |   | 6,531 |   |   |   | (1,791 | ) |
| Total adjustments                                                                                 |   |   | (20,191 | ) |   |   | 5,294 |   |
| Net cash (used in) provided by operating activities                                               |   | $ | (1,910 | ) |   | $ | 19,125 |   |

----

| GAMCO INVESTORS, INC. AND SUBSIDIARIES                                                                          |
|-----------------------------------------------------------------------------------------------------------------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                 |
| UNAUDITED (continued)                                                                                           |
| (In thousands)                                                                                                  |
|                                                                                                            |   |   |   |   |   |   |
|                                                                                                            |   | Three Months Ended |   |
|                                                                                                            |   | March 31, |   |   |   |   |
|                                                                                                            |   | 2011 |   |   | 2010 |   |
| Investing activities                                                                                            |   |   |   |   |   |   |
| Purchases of available for sale securities                                                                      |   | $ | (4 | ) |   | $ | (4 | ) |
| Proceeds from sales of available for sale securities                                                            |   |   | 101 |   |   |   | - |   |
| Return of capital on available for sale securities                                                              |   |   | 631 |   |   |   | 686 |   |
| Increase in restricted cash                                                                                     |   |   | - |   |   |   | (7 | ) |
| Net cash provided by investing activities                                                                       |   |   | 728 |   |   |   | 675 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Financing activities                                                                                            |   |   |   |   |   |   |   |   |
| Contributions from redeemable noncontrolling interests                                                          |   |   | 6,263 |   |   |   | - |   |
| Redemptions of redeemable noncontrolling interests                                                              |   |   | (839 | ) |   |   | (69 | ) |
| Proceeds from exercise of stock options                                                                         |   |   | - |   |   |   | 8 |   |
| Dividends paid                                                                                                  |   |   | (814 | ) |   |   | (825 | ) |
| Purchase of treasury stock                                                                                      |   |   | (7,097 | ) |   |   | (8,037 | ) |
| Net cash used in financing activities                                                                           |   |   | (2,487 | ) |   |   | (8,923 | ) |
| Effect of exchange rates on cash and cash equivalents                                                           |   |   | (10 | ) |   |   | (48 | ) |
| Net (decrease) increase in cash and cash equivalents                                                            |   |   | (3,679 | ) |   |   | 10,829 |   |
| Cash and cash equivalents at beginning of period                                                                |   |   | 169,601 |   |   |   | 338,270 |   |
| Decrease in cash from deconsolidation of partnership                                                            |   |   | (1,251 | ) |   |   | - |   |
| Cash and cash equivalents at end of period                                                                      |   | $ | 164,671 |   |   | $ | 349,099 |   |
| Supplemental disclosures of cash flow information:                                                              |   |   |   |   |   |   |   |   |
| Cash paid for interest                                                                                          |   | $ | 271 |   |   | $ | 3,447 |   |
| Cash paid for taxes                                                                                             |   | $ | 9,167 |   |   | $ | 9,969 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |
| Non-cash activity:                                                                                              |   |   |   |   |   |   |   |   |
| - On January 1, 2011, GAMCO Investors, Inc. was no longer determined to have control over one partnership which |   |
| resulted in the deconsolidation of that partnership, and decreases of approximately $1,251 of cash and cash     |   |
|     equivalents, $2,852 of net assets and $4,103 of noncontrolling interests.               |   |   |   |   |   |   |   |   |
| - For the three months ended March 31, 2011 and March 31, 2010, the Company accrued RSA dividends of $7         |   |
|     and $10, respectively.                                                                  |   |   |   |   |   |   |   |   |
| See accompanying notes.                                                                                         |   |   |   |   |   |   |   |   |

----

----

|                                |   | March 31, 2011 |    |   | December 31, 2010 |   |    | March 31, 2010 |   |
|-------------------------------------|--------|----------------|---------|--------|-------------------|--------|---------|----------------|--------|
|                                |   | Cost           |    |   | Fair Value        |   |    | Cost           |   |   | Fair Value |   |   | Cost |   |   | Fair Value |   |
|                                |   | (In thousands) |    |
| Trading securities:                 |   |           |    |   |              |   |    |           |   |   |   |   |   |   |   |   |   |   |
|   Government obligations  |   | $              | 12,069  |   |              | $      | 12,076  |           |   | $ | 27,327 |   |   | $ | 27,288 |   |   | $ | 1,388 |   |   | $ | 1,348 |   |
|   Common stocks           |   |           | 210,956 |   |              |   | 225,589 |           |   |   | 158,455 |   |   |   | 170,374 |   |   |   | 68,071 |   |   |   | 74,573 |   |
|   Mutual funds            |   |           | 1,205   |   |              |   | 1,654   |           |   |   | 1,205 |   |   |   | 1,554 |   |   |   | 1,194 |   |   |   | 1,379 |   |
|   Convertible bonds       |   |           | 163     |   |              |   | 175     |           |   |   | 574 |   |   |   | 620 |   |   |   | 637 |   |   |   | 749 |   |
|   Preferred stocks        |   |           | -       |   |              |   | -       |           |   |   | 1,783 |   |   |   | 1,973 |   |   |   | - |   |   |   | 11 |   |
|   Other investments       |   |           | 465     |   |              |   | 476     |           |   |   | 1,559 |   |   |   | 1,350 |   |   |   | 367 |   |   |   | 142 |   |
| Total trading securities            |   |           | 224,858 |   |              |   | 239,970 |           |   |   | 190,903 |   |   |   | 203,159 |   |   |   | 71,657 |   |   |   | 78,202 |   |
|                                |   |           |    |   |              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Available for sale securities:      |   |           |    |   |              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Common stocks           |   |           | 16,835  |   |              |   | 37,408  |           |   |   | 16,835 |   |   |   | 37,139 |   |   |   | 17,063 |   |   |   | 34,655 |   |
|   Mutual funds            |   |           | 43,080  |   |              |   | 68,238  |           |   |   | 43,707 |   |   |   | 65,188 |   |   |   | 48,773 |   |   |   | 64,144 |   |
| Total available for sale securities |   |           | 59,915  |   |              |   | 105,646 |           |   |   | 60,542 |   |   |   | 102,327 |   |   |   | 65,836 |   |   |   | 98,799 |   |
|                                |   |           |    |   |              |   |    |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total investments in securities     |   | $              | 284,773 |   |              | $      | 345,616 |           |   | $ | 251,445 |   |   | $ | 305,486 |   |   | $ | 137,493 |   |   | $ | 177,001 |   |

|                                     |   | March 31, 2011 |   |   | December 31, 2010 |   |   | March 31, 2010 |   |
|------------------------------------------|--------|----------------|--------|--------|-------------------|--------|--------|----------------|--------|
|                                     |   | Cost           |   |   | Fair Value        |   |   | Cost           |   |   | Fair Value |   |   | Cost |   |   | Fair Value |   |
| Trading securities:                      |   | (In thousands) |   |
|   Common stocks                |   | $              | 14,044 |   |              | $      | 15,550 |           |   | $ | 19,071 |   |   | $ | 19,299 |   |   | $ | 9,268 |   |   | $ | 9,052 |   |
|   Other                        |   |           | -      |   |              |   | -      |           |   |   | - |   |   |   | - |   |   |   | 10 |   |   |   | 11 |   |
| Total securities sold, not yet purchased |   | $              | 14,044 |   |              | $      | 15,550 |           |   | $ | 19,071 |   |   | $ | 19,299 |   |   | $ | 9,278 |   |   | $ | 9,063 |   |

----

|           |   | March 31, 2011 |   |   | December 31, 2010 |   |   | March 31, 2010 |   |
|----------------|--------|----------------|--------|--------|-------------------|--------|--------|----------------|--------|
|           |   |           |   |   | Unrealized        |   |   |           |   |   |   |   |   | Unrealized |   |   |   |   |   |   |   |   | Unrealized |   |   |   |   |
|           |   | Cost           |   |   | Losses            |   |   | Fair Value     |   |   | Cost |   |   | Losses |   |   | Fair Value |   |   | Cost |   |   | Losses |   |   | Fair Value |   |
| (in thousands) |   |           |   |   |              |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mutual Funds   |   | $              | -      |   |              | $      | -      |           |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 2,002 |   |   | $ | (55 | ) |   | $ | 1,947 |   |

----

| -   | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.  Level 1 assets include cash equivalents, government obligations, open and closed end funds and equities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| -   | Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals.  Assets that generally are included in this category may include certain limited partnership interests in private funds in which the valuations for substantially all of the investments within the fund are based upon Level 1 or Level 2 inputs and over the counter derivatives that have inputs to the valuations that can generally be corroborated by observable market data. |
| -   | Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.  Assets included in this category generally include equities that trade infrequently and direct private equity investments held within consolidated partnerships.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

|                                    |   | Quoted Prices in Active |    |   | Significant Other |   |   | Significant      |   |   | Balance as of |   |
|-----------------------------------------|--------|-------------------------|---------|--------|-------------------|--------|--------|------------------|--------|--------|---------------|--------|
|                                    |   | Markets for Identical   |    |   | Observable        |   |   | Unobservable     |   |   | March 31,     |   |
| Assets                                  |   | Assets (Level 1)        |    |   | Inputs (Level 2)  |   |   | Inputs (Level 3) |   |   | 2011          |   |
| Cash equivalents                        |   | $                       | 161,946 |   |              | $      | -      |             |   | $      | -             |   |   | $ | 161,946 |   |
| Investments in partnerships             |   |                    | -       |   |              |   | 28,473 |             |   |   | -             |   |   |   | 28,473 |   |
| Investments in securities:              |   |                    |    |   |              |   |   |             |   |   |          |   |   |   |   |   |
|   AFS - Common stocks         |   |                    | 37,408  |   |              |   | -      |             |   |   | -             |   |   |   | 37,408 |   |
|   AFS - Mutual funds          |   |                    | 68,238  |   |              |   | -      |             |   |   | -             |   |   |   | 68,238 |   |
|   Trading - Gov't obligations |   |                    | 12,076  |   |              |   | -      |             |   |   | -             |   |   |   | 12,076 |   |
|   Trading - Common stocks     |   |                    | 225,008 |   |              |   | 13     |             |   |   | 568           |   |   |   | 225,589 |   |
|   Trading - Mutual funds      |   |                    | 1,654   |   |              |   | -      |             |   |   | -             |   |   |   | 1,654 |   |
|   Trading - Convertible bonds |   |                    | 175     |   |              |   | -      |             |   |   | -             |   |   |   | 175 |   |
|   Trading - Other             |   |                    | 120     |   |              |   | -      |             |   |   | 356           |   |   |   | 476 |   |
| Total investments in securities         |   |                    | 344,679 |   |              |   | 13     |             |   |   | 924           |   |   |   | 345,616 |   |
| Total investments                       |   |                    | 344,679 |   |              |   | 28,486 |             |   |   | 924           |   |   |   | 374,089 |   |
| Total assets at fair value              |   | $                       | 506,625 |   |              | $      | 28,486 |             |   | $      | 924           |   |   | $ | 536,035 |   |
| Liabilities                             |   |                    |    |   |              |   |   |             |   |   |          |   |   |   |   |   |
|   Trading - Common stocks     |   | $                       | 15,550  |   |              | $      | -      |             |   | $      | -             |   |   | $ | 15,550 |   |
| Securities sold, not yet purchased      |   | $                       | 15,550  |   |              | $      | -      |             |   | $      | -             |   |   | $ | 15,550 |   |

----

|                                    |   | Quoted Prices in Active |    |   | Significant Other |   |   | Significant      |   |   | Balance as of |   |
|-----------------------------------------|--------|-------------------------|---------|--------|-------------------|--------|--------|------------------|--------|--------|---------------|--------|
|                                    |   | Markets for Identical   |    |   | Observable        |   |   | Unobservable     |   |   | December 31,  |   |
| Assets                                  |   | Assets (Level 1)        |    |   | Inputs (Level 2)  |   |   | Inputs (Level 3) |   |   | 2010          |   |
| Cash equivalents                        |   | $                       | 167,548 |   |              | $      | -      |             |   | $      | -             |   |   | $ | 167,548 |   |
| Investments in partnerships             |   |                    | -       |   |              |   | 27,690 |             |   |   | -             |   |   |   | 27,690 |   |
| Investments in securities:              |   |                    |    |   |              |   |   |             |   |   |          |   |   |   |   |   |
|   AFS - Common stocks         |   |                    | 37,139  |   |              |   | -      |             |   |   | -             |   |   |   | 37,139 |   |
|   AFS - Mutual funds          |   |                    | 65,188  |   |              |   | -      |             |   |   | -             |   |   |   | 65,188 |   |
|   Trading - Gov't obligations |   |                    | 27,288  |   |              |   | -      |             |   |   | -             |   |   |   | 27,288 |   |
|   Trading - Common stocks     |   |                    | 170,204 |   |              |   | 23     |             |   |   | 147           |   |   |   | 170,374 |   |
|   Trading - Mutual funds      |   |                    | 1,554   |   |              |   | -      |             |   |   | -             |   |   |   | 1,554 |   |
|   Trading - Convertible bonds |   |                    | 620     |   |              |   | -      |             |   |   | -             |   |   |   | 620 |   |
|   Trading - Preferred stocks  |   |                    | 1,973   |   |              |   | -      |             |   |   | -             |   |   |   | 1,973 |   |
|   Trading - Other             |   |                    | 72      |   |              |   | 1,000  |             |   |   | 278           |   |   |   | 1,350 |   |
| Total investments in securities         |   |                    | 304,038 |   |              |   | 1,023  |             |   |   | 425           |   |   |   | 305,486 |   |
| Total investments                       |   |                    | 304,038 |   |              |   | 28,713 |             |   |   | 425           |   |   |   | 333,176 |   |
| Total assets at fair value              |   | $                       | 471,586 |   |              | $      | 28,713 |             |   | $      | 425           |   |   | $ | 500,724 |   |
| Liabilities                             |   |                    |    |   |              |   |   |             |   |   |          |   |   |   |   |   |
|   Trading - Common stocks     |   | $                       | 19,299  |   |              | $      | -      |             |   | $      | -             |   |   | $ | 19,299 |   |
| Securities sold, not yet purchased      |   | $                       | 19,299  |   |              | $      | -      |             |   | $      | -             |   |   | $ | 19,299 |   |

|                                    |   | Quoted Prices in Active |    |   | Significant Other |   |   | Significant      |   |   | Balance as of |   |
|-----------------------------------------|--------|-------------------------|---------|--------|-------------------|--------|--------|------------------|--------|--------|---------------|--------|
|                                    |   | Markets for Identical   |    |   | Observable        |   |   | Unobservable     |   |   | March 31,     |   |
| Assets                                  |   | Assets (Level 1)        |    |   | Inputs (Level 2)  |   |   | Inputs (Level 3) |   |   | 2010          |   |
| Cash equivalents                        |   | $                       | 410,798 |   |              | $      | -      |             |   | $      | -             |   |   | $ | 410,798 |   |
| Investments in partnerships             |   |                    | -       |   |              |   | 26,202 |             |   |   | -             |   |   |   | 26,202 |   |
| Investments in securities:              |   |                    |    |   |              |   |   |             |   |   |          |   |   |   |   |   |
|   AFS - Common stocks         |   |                    | 34,655  |   |              |   | -      |             |   |   | -             |   |   |   | 34,655 |   |
|   AFS - Mutual funds          |   |                    | 64,144  |   |              |   | -      |             |   |   | -             |   |   |   | 64,144 |   |
|   Trading - Gov't obligations |   |                    | 1,348   |   |              |   | -      |             |   |   | -             |   |   |   | 1,348 |   |
|   Trading - Common stocks     |   |                    | 74,227  |   |              |   | 113    |             |   |   | 233           |   |   |   | 74,573 |   |
|   Trading - Mutual funds      |   |                    | 1,379   |   |              |   | -      |             |   |   | -             |   |   |   | 1,379 |   |
|   Trading - Convertible bonds |   |                    | 749     |   |              |   | -      |             |   |   | -             |   |   |   | 749 |   |
|   Trading - Preferred stocks  |   |                    | -       |   |              |   | -      |             |   |   | 11            |   |   |   | 11 |   |
|   Trading - Other             |   |                    | 12      |   |              |   | 40     |             |   |   | 90            |   |   |   | 142 |   |
| Total investments in securities         |   |                    | 176,514 |   |              |   | 153    |             |   |   | 334           |   |   |   | 177,001 |   |
| Total investments                       |   |                    | 176,514 |   |              |   | 26,355 |             |   |   | 334           |   |   |   | 203,203 |   |
| Total assets at fair value              |   | $                       | 587,312 |   |              | $      | 26,355 |             |   | $      | 334           |   |   | $ | 614,001 |   |
| Liabilities                             |   |                    |    |   |              |   |   |             |   |   |          |   |   |   |   |   |
|   Trading - Common stocks     |   | $                       | 9,052   |   |              | $      | -      |             |   | $      | -             |   |   | $ | 9,052 |   |
|   Trading - Other             |   |                    | -       |   |              |   | 11     |             |   |   | -             |   |   |   | 11 |   |
| Securities sold, not yet purchased      |   | $                       | 9,052   |   |              | $      | 11     |             |   | $      | -             |   |   | $ | 9,063 |   |

----

|               |   |           |   |   |                |   |   |        |   |   | Total         |   |     |     |   |      |   |   |   |      |   |    |     |   |    |   |   |
|--------------------|--------|----------------|--------|--------|---------------------|--------|--------|-------------|--------|--------|---------------|--------|----------|----------|--------|-----------|--------|--------|--------|-----------|--------|---------|----------|--------|---------|--------|--------|
|               |   |           |   |   |                |   |   |        |   |   | Unrealized    |   |     |     |   |      |   |   |   |      |   |    |     |   |    |   |   |
|               |   |           |   |   |                |   |   |        |   |   | Gains or      |   |     | Total    |   |      |   |   |   |      |   |    |     |   |    |   |   |
|               |   |           |   |   | Total Realized and  |   |   | (Losses)    |   |   | Realized      |   |     |     |   |      |   |   |   |      |   |    |     |   |
|               |   | December       |   |   | Unrealized Gains or |   |   | Included in |   |   | and           |   |     |     |   |      |   |   |   | Transfers |   |    |     |   |
|               |   |  31, 2010 |   |   | (Losses) in Income  |   |   | Other       |   |   | Unrealized    |   |     |     |   |      |   |   |   | In and/or |   |    |     |   |
|               |   | Beginning      |   |   |                |   |   | AFS         |   |   | Comprehensive |   |     | Gains or |   |      |   |   |   |      |   |    | (Out) of |   |    | Ending |   |
| Asset              |   | Balance        |   |   | Trading             |   |   | Investments |   | Income |          |   | (Losses) |     |   | Purchases |   |   | Sales  |      |   | Level 3 |     |   | Balance |   |
| Financial          |   |           |   |   |                |   |   |        |   |   |          |   |     |     |   |      |   |   |   |      |   |    |     |   |    |   |   |   |
| instruments owned: |   |           |   |   |                |   |   |        |   |   |          |   |     |     |   |      |   |   |   |      |   |    |     |   |    |   |   |   |
| Trading - Common   |   |           |   |   |                |   |   |        |   |   |          |   |     |     |   |      |   |   |   |      |   |    |     |   |    |   |   |   |
|   stocks |   | $              | 147    |   |                | $      | 21     |        |   | $      | -             |   |     | $        | -      |      |   | $      | 21     |      |   | $       | 400      |   |    | $      | -      |   |   | $ | - |   |   | $ | 568 |   |
| Trading - Other    |   |           | 278    |   |                |   | 126    |        |   |   | -             |   |     |     | -      |      |   |   | 126    |      |   |    | -        |   |    |   | (48    | ) |   |   | - |   |   |   | 356 |   |
| Total              |   | $              | 425    |   |                | $      | 147    |        |   | $      | -             |   |     | $        | -      |      |   | $      | 147    |      |   | $       | 400      |   |    | $      | (48    | ) |   | $ | - |   |   | $ | 924 |   |

|                |   |           |   |   |                |   |   |        |   |   | Total         |   |     |      |   |   |       |   |    |     |   |    |   |   |
|---------------------|--------|----------------|--------|--------|---------------------|--------|--------|-------------|--------|--------|---------------|--------|----------|-----------|--------|--------|------------|--------|---------|----------|--------|---------|--------|--------|
|                |   |           |   |   |                |   |   |        |   |   | Unrealized    |   |     |      |   |   |       |   |    |     |   |    |   |   |
|                |   |           |   |   |                |   |   |        |   |   | Gains or      |   |     | Total     |   |   |       |   |    |     |   |    |   |   |
|                |   |           |   |   | Total Realized and  |   |   | (Losses)    |   |   | Realized      |   |     |      |   |   | Net        |   |    |     |   |
|                |   | December       |   |   | Unrealized Gains or |   |   | Included in |   |   | and           |   |     |      |   |   | Transfers  |   |    |     |   |
|                |   |  31, 2009 |   |   | (Losses) in Income  |   |   | Other       |   |   | Unrealized    |   |     | Purchases |   |   | In and/or  |   |    |     |   |
|                |   | Beginning      |   |   |                |   |   | AFS         |   |   | Comprehensive |   |     | Gains or  |   |   | and Sales, |   |    | (Out) of |   |    | Ending |   |
| Asset               |   | Balance        |   |   | Trading             |   |   | Investments |   | Income |          |   | (Losses) |      |   | net    |       |   | Level 3 |     |   | Balance |   |
| Financial           |   |           |   |   |                |   |   |        |   |   |          |   |     |      |   |   |       |   |    |     |   |    |   |   |   |
| instruments owned:  |   |           |   |   |                |   |   |        |   |   |          |   |     |      |   |   |       |   |    |     |   |    |   |   |   |
| Trading - Common    |   |           |   |   |                |   |   |        |   |   |          |   |     |      |   |   |       |   |    |     |   |    |   |   |   |
|   stocks  |   | $              | 205    |   |                | $      | 37     |        |   | $      | -             |   |     | $         | -      |   |       | $      | 37      |     |   | $       | (32    | )      |   | $ | 23 |   |   | $ | 233 |   |
| Trading - Preferred |   |           |   |   |                |   |   |        |   |   |          |   |     |      |   |   |       |   |    |     |   |    |   |   |   |   |   |   |   |   |   |   |
|   stocks  |   |           | 15     |   |                |   | (4     | )           |   |   | -             |   |     |      | -      |   |       |   | (4      | )        |   |    | -      |   |   |   | - |   |   |   | 11 |   |
| Trading - Other     |   |           | 90     |   |                |   | -      |        |   |   | -             |   |     |      | -      |   |       |   | -       |     |   |    | -      |   |   |   | - |   |   |   | 90 |   |
| Total               |   | $              | 310    |   |                | $      | 33     |        |   | $      | -             |   |     | $         | -      |   |       | $      | 33      |     |   | $       | (32    | )      |   | $ | 23 |   |   | $ | 334 |   |

----

|                                                            |   | Three     |   |   | Three     |   |
|-----------------------------------------------------------------|--------|-----------|--------|--------|-----------|--------|
|                                                            |   | Months    |   |   | Months    |   |
|                                                            |   | Ended     |   |   | Ended     |   |
|                                                            |   | March 31, |   |   | March 31, |   |
| (in thousands, except per share amounts)                        |   | 2011      |   |   | 2010      |   |
| Basic:                                                          |   |      |   |   |      |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders |   | $         | 17,643 |   |      | $      | 13,726 |   |
| Weighted average shares outstanding                             |   |      | 26,901 |   |      |   | 27,184 |   |
| Basic net income attributable to GAMCO Investors, Inc.'s        |   |      |   |   |      |   |   |   |
|   shareholders per share                              |   | $         | 0.66   |   |      | $      | 0.50 |   |
|                                                            |   |      |   |   |      |   |   |   |
| Diluted:                                                        |   |      |   |   |      |   |   |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders |   | $         | 17,643 |   |      | $      | 13,726 |   |
| Add interest expense on convertible notes, net of management    |   |      |   |   |      |   |   |   |
|   fee and taxes                                       |   |      | -      |   |      |   | 339 |   |
| Total                                                           |   |      | 17,643 |   |      |   | 14,065 |   |
|                                                            |   |      |   |   |      |   |   |   |
| Weighted average share outstanding                              |   |      | 26,901 |   |      |   | 27,184 |   |
| Dilutive stock options and restricted stock awards              |   |      | 107    |   |      |   | 209 |   |
| Assumed conversion of convertible notes                         |   |      | -      |   |      |   | 755 |   |
| Total                                                           |   |      | 27,008 |   |      |   | 28,148 |   |
| Diluted net income attributable to GAMCO Investors, Inc.'s      |   |      |   |   |      |   |   |   |
|   shareholders per share                              |   | $         | 0.65   |   |      | $      | 0.50 |   |

----

|      |   |   | 2010   |   |   | 2011   |   |   | 2012   |   |   | 2013  |   |   | 2014   |   |   | 2015   |   |   | 2016   |   |
|-----------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|  Q1  |   |   | $      | 1,383  |   |   | $      | 577    |   |   | $      | 647   |   |   | $      | 646    |   |   | $      | 403    |   |   | $ | 366 |   |   | $ | 46 |   |
|  Q2  |   |   |   | 1,422  |   |   |   | 658    |   |   |   | 647   |   |   |   | 625    |   |   |   | 367    |   |   |   | 334 |   |   |   | - |   |
|  Q3  |   |   |   | 1,416  |   |   |   | 652    |   |   |   | 646   |   |   |   | 581    |   |   |   | 367    |   |   |   | 271 |   |   |   | - |   |
|  Q4  |   |   |   | 6,364  |   |   |   | 656    |   |   |   | 646   |   |   |   | 581    |   |   |   | 367    |   |   |   | 271 |   |   |   | - |   |
| Full Year |   |   | $      | 10,585 |   |   | $      | 2,543  |   |   | $      | 2,586 |   |   | $      | 2,433  |   |   | $      | 1,504  |   |   | $ | 1,242 |   |   | $ | 46 |   |

----

----

| -   | Our open-end equity funds AUM were $12.3 billion on March 31, 2011, 34.9% higher than the $9.2 billion on March 31, 2010 and 9.7% above the $11.3 billion on December 31, 2010. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Our closed-end funds had AUM of $6.2 billion on March 31, 2011, climbing 29.5% from the $4.8 billion on March 31, 2010 and increasing 12.8% from the $5.5 billion on December 31, 2010, primarily the result of the successful launch of Gabelli Natural Resources, Gold & Income Trust (NYSE: GNT). |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Our institutional and private wealth management business ended the quarter with $14.7 billion, up 23.0% from the $12.0 billion on March 31, 2010 and 7.9% higher than the December 31, 2010 level of $13.6 billion. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Our investment partnerships AUM were $547 million on March 31, 2011 versus $341 million on March 31, 2010 and $515 million on December 31, 2010. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | AUM in The Gabelli U.S. Treasury Money Market Fund, our 100% U.S. Treasury money market fund, was flat at $1.6 billion at March 31, 2011 compared with $1.6 billion at December 31, 2010 and down slightly from the $1.7 billion at March 31, 2010. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | In addition to management fees, we earn incentive fees for certain institutional client assets, assets attributable to preferred issues for our closed-end funds, our Gabelli Global Deal Fund (NYSE: GDL) and investment partnership assets.  As of March 31, 2011, assets with incentive based fees were $3.7 billion, 27.6% higher than the $2.9 billion on March 31, 2010 and unchanged from the $3.7 billion on December 31, 2010. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| The Company reported Assets Under Management as follows (in millions): |   |         |   |   |           |   |   |     |   |   |   |
|------------------------------------------------------------------------|--------|--------------|--------|--------|----------------|--------|--------|----------|--------|--------|--------|
|                                                                   |   |         |   |   |           |   |   |     |   |   |   |   |   |   |   |   |
| Table I: Fund Flows - 1st Quarter 2011                                 |   |         |   |   |           |   |   |     |   |   |   |   |   |   |
|                                                                   |   |         |   |   |           |   |   |     |   |   |   | Closed-end Fund |   |   |   |   |
|                                                                   |   |         |   |   | Market         |   |   |     |   |   |   | distributions, |   |   |   |   |
|                                                                   |   | December 31, |   |   | appreciation/  |   |   | Net cash |   |   |   | net of |   |   | March 31, |   |
|                                                                   |   | 2010         |   |   | (depreciation) |   |   | flows    |   |   |   | reinvestments |   |   | 2011 |   |
| Equities:                                                              |   |         |   |   |           |   |   |     |   |   |   |   |   |   |   |   |
| Open-end Funds                                                         |   | $            | 11,252 |   |           | $      | 557    |     |   | $      | 539    |   |   |   | $ | - |   |   | $ | 12,348 |   |
| Closed-end Funds                                                       |   |         | 5,471  |   |           |   | 334    |     |   |   | 449    |   | (a) |   |   | (84 | ) |   |   | 6,170 |   |
| Institutional & PWM - direct                                       |   |         | 11,005 |   |           |   | 765    |     |   |   | 10     |   |   |   |   | - |   |   |   | 11,780 |   |
| Institutional & PWM - sub-advisory                                 |   |         | 2,637  |   |           |   | 194    |     |   |   | 106    |   |   |   |   | - |   |   |   | 2,937 |   |
| Investment Partnerships                                                |   |         | 515    |   |           |   | 9      |     |   |   | 23     |   |   |   |   | - |   |   |   | 547 |   |
| Total Equities                                                         |   |         | 30,880 |   |           |   | 1,859  |     |   |   | 1,127  |   |   |   |   | (84 | ) |   |   | 33,782 |   |
| Fixed Income:                                                          |   |         |   |   |           |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Money-Market Fund                                                      |   |         | 1,616  |   |           |   | -      |     |   |   | (33    | ) |   |   |   | - |   |   |   | 1,583 |   |
| Institutional & PWM                                                |   |         | 26     |   |           |   | -      |     |   |   | -      |   |   |   |   | - |   |   |   | 26 |   |
| Total Fixed Income                                                     |   |         | 1,642  |   |           |   | -      |     |   |   | (33    | ) |   |   |   | - |   |   |   | 1,609 |   |
| Total Assets Under Management                                          |   | $            | 32,522 |   |           | $      | 1,859  |     |   | $      | 1,094  |   |   |   | $ | (84 | ) |   | $ | 35,391 |   |

| Table II: Assets Under Management      |   |      |   |   |      |   |   |       |   |
|----------------------------------------|--------|-----------|--------|--------|-----------|--------|--------|------------|--------|
|                                   |   | March 31, |   |   | March 31, |   |   | %          |   |
|                                   |   | 2010      |   |   | 2011      |   |   | Inc.(Dec.) |   |
| Equities:                              |   |      |   |   |      |   |   |       |   |
| Open-end Funds                         |   | $         | 9,153  |   |      | $      | 12,348 |       |   |   | 34.9 | % |
| Closed-end Funds                       |   |      | 4,766  |   |      |   | 6,170  |       |   |   | 29.5 |   |
| Institutional & PWM - direct       |   |      | 9,904  |   |      |   | 11,780 |       |   |   | 18.9 |   |
| Institutional & PWM - sub-advisory |   |      | 2,059  |   |      |   | 2,937  |       |   |   | 42.6 |   |
| Investment Partnerships                |   |      | 341    |   |      |   | 547    |       |   |   | 60.4 |   |
| Total Equities                         |   |      | 26,223 |   |      |   | 33,782 |       |   |   | 28.8 |   |
| Fixed Income:                          |   |      |   |   |      |   |   |       |   |   |   |   |
| Money-Market Fund                      |   |      | 1,727  |   |      |   | 1,583  |       |   |   | (8.3 | ) |
| Institutional & PWM                |   |      | 26     |   |      |   | 26     |       |   |   | - |   |
| Total Fixed Income                     |   |      | 1,753  |   |      |   | 1,609  |       |   |   | (8.2 | ) |
| Total Assets Under Management          |   | $         | 27,976 |   |      | $      | 35,391 |       |   |   | 26.5 | % |

| Table III: Assets Under Management by Quarter |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |            |   |   |
|-----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-----------------|--------|--------|
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | % Increase/     |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (decrease) from |   |
|                                          |   |   | 3/10   |   |   |   | 6/10   |   |   |   | 9/10   |   |   |   | 12/10  |   |            |   | 3/11   |   |   |   | 3/10 |   |   |   | 12/10 |   |
| Equities:                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Open-end Funds                                |   | $      | 9,153  |   |   | $      | 8,684  |   |   | $      | 9,962  |   |   | $      | 11,252 |   |            | $      | 12,348 |   |   |   | 34.9 | % |   |   | 9.7 | % |
| Closed-end Funds                              |   |   | 4,766  |   |   |   | 4,470  |   |   |   | 5,033  |   |   |   | 5,471  |   |            |   | 6,170  |   |   |   | 29.5 |   |   |   | 12.8 |   |
| Institutional & PWM - direct              |   |   | 9,904  |   |   |   | 8,988  |   |   |   | 10,172 |   |   |   | 11,005 |   |            |   | 11,780 |   |   |   | 18.9 |   |   |   | 7.0 |   |
| Institutional & PWM - sub-advisory        |   |   | 2,059  |   |   |   | 1,935  |   |   |   | 2,218  |   |   |   | 2,637  |   |            |   | 2,937  |   |   |   | 42.6 |   |   |   | 11.4 |   |
| Investment Partnerships                       |   |   | 341    |   |   |   | 406    |   |   |   | 466    |   |   |   | 515    |   |            |   | 547    |   |   |   | 60.4 |   |   |   | 6.2 |   |
| Total Equities                                |   |   | 26,223 |   |   |   | 24,483 |   |   |   | 27,851 |   |   |   | 30,880 |   |            |   | 33,782 |   |   |   | 28.8 |   |   |   | 9.4 |   |
| Fixed Income:                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Money-Market Fund                             |   |   | 1,727  |   |   |   | 1,579  |   |   |   | 1,644  |   |   |   | 1,616  |   |            |   | 1,583  |   |   |   | (8.3 | ) |   |   | (2.0 | ) |
| Institutional & PWM                       |   |   | 26     |   |   |   | 26     |   |   |   | 26     |   |   |   | 26     |   |            |   | 26     |   |   |   | - |   |   |   | - |   |
| Total Fixed Income                            |   |   | 1,753  |   |   |   | 1,605  |   |   |   | 1,670  |   |   |   | 1,642  |   |            |   | 1,609  |   |   |   | (8.2 | ) |   |   | (2.0 | ) |
| Total Assets Under Management                 |   | $      | 27,976 |   |   | $      | 26,088 |   |   | $      | 29,521 |   |   | $      | 32,522 |   |            | $      | 35,391 |   |   |   | 26.5 | % |   |   | 8.8 | % |

----

| Gabelli/GAMCO Funds Morningstar Ratings Based on Risk Adjusted returns as of March 31, 2011 for funds that we manage                                                                                            |                      |                           |          |                           |           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------|---------------|--------------------------------|----------------|
|                                                                                                                                                                                                            |                      | 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 |
| Gabelli ABC AAA                                                                                                                                                                                                 | Mid-Cap Growth            | êêêê       | 682           | êêêê       | 682            | êêêêê | 603 | êêêê | 401 |
| Gabelli Asset AAA                                                                                                                                                                                               | Large Blend               | êêêêê | 1757          | êêêêê | 1757           | êêêêê | 1471 | êêêêê | 816 |
| Gabelli Blue Chip Value AAA                                                                                                                                                                                     | Large Blend               | êêê             | 1757          | êêêê       | 1757           | êêêê | 1471 | ê | 816 |
| Gabelli Equity Income AAA                                                                                                                                                                                       | Large Value               | êêêêê | 1120          | êêêê       | 1120           | êêêêê | 945 | êêêêê | 522 |
| Gabelli Small Cap Growth AAA                                                                                                                                                                                    | Small Blend               | êêêêê | 577           | êêêê       | 577            | êêêêê | 487 | êêêêê | 285 |
| Gabelli SRI Green AAA                                                                                                                                                                                           | Mid-Cap Growth            | êêêêê | 682           | êêêêê | 682            | n/a | n/a | n/a | n/a |
| Gabelli Utilities AAA                                                                                                                                                                                           | Specialty-Utilities       | êêêê       | 84            | êêêêê | 84             | êêêê | 78 | êêêê | 52 |
| Gabelli Value A                                                                                                                                                                                                 | Mid-Cap Blend             | êê                   | 380           | êê                   | 380            | êêê | 304 | êê | 185 |
| Gabelli Woodland Small Cap Value AAA                                                                                                                                                                            | Small Blend               | êêê             | 577           | êêê             | 577            | êêê | 487 | n/a | n/a |
| GAMCO Vertumnus AAA                                                                                                                                                                                             | Convertibles              | ê                         | 63            | ê                         | 63             | ê | 53 | ê | 42 |
| GAMCO Global Growth AAA                                                                                                                                                                                         | World Stock               | êêê             | 660           | êêê             | 660            | êêê | 502 | êê | 279 |
| GAMCO Global Opportunity AAA                                                                                                                                                                                    | World Stock               | êêê             | 660           | êêêê       | 660            | êêê | 502 | êêê | 279 |
| GAMCO Global Telecommunications AAA                                                                                                                                                                             | Specialty-Communications  | êêêê       | 40            | êêê             | 40             | êêêê | 33 | êêêê | 29 |
| GAMCO Gold AAA                                                                                                                                                                                                  | Specialty-Precious Metals | êêê             | 74            | êêê             | 74             | êêê | 61 | êêê | 40 |
| GAMCO Growth AAA                                                                                                                                                                                                | Large Growth              | êê                   | 1505          | êê                   | 1505           | êê | 1312 | ê | 818 |
| GAMCO International Growth AAA                                                                                                                                                                                  | Foreign Large Growth      | êêê             | 207           | êêêê       | 207            | êêê | 164 | êêê | 91 |
| GAMCO Mathers                                                                                                                                                                                                   | Conservative Allocation   | ê                         | 592           | êê                   | 592            | ê | 442 | ê | 160 |
| Gabelli Enterprise Mergers & Acquisitions A                                                                                                                                                                 | Mid-cap Blend             | êê                   | 380           | êê                   | 380            | êêê | 304 | êê | 185 |
| Comstock Capital Value AAA                                                                                                                                                                                      | Bear Market               | n/a                            | n/a           | n/a                            | n/a            | n/a | n/a | n/a | n/a |
| Percent of Rated funds rated 4 or 5 stars                                                                                                                                                                       |                      | 38.89%                         |          | 50.00%                         |           | 41.18% |   | 37.50% |   |
|                                                                                                                                                                                                            |                      |                           |          |                           |           |   |   |   |   |
| The Overall Morningstar RatingTM 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 or A shares only, other classes may have different                       |
| performance characteristics.  Unrated funds and closed-end funds 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.  © 2011       |
| 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.  Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing.  Each Fund's prospectus contains this           |
| and other information about the Funds and is available, along with information on other Gabelli Funds, by calling 800-GABELLI (422-3554), online at                                                             |
| www.gabelli.com/funds or from your financial advisor.  The prospectus should be read carefully before investing.  Distributed by Gabelli & Company, One Corporate Center,               |
| Rye, NY 10580 Call 1-800-GABELLI (422-3554) for a prospectus.                                                                                                                                                   |                      |
| The inception date for the Gabelli SRI Green Fund was June 1, 2007.  The inception date for the Gabelli Woodland Small Cap Value Fund was December 31, 2002.                                          |
| The inception date for the Gabelli Enterprise Mergers & Acquisitions Fund was February 28, 2001.  The inception date for the Comstock Capital Value Fund was October 10, 1985.                    |

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| GABELLI/GAMCO FUNDS                                                                                                                                                                                            |                                  | Gabelli Funds Lipper Rankings as of March 31, 2011 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|----------------------------------------------------|
|                                                                                                                                                                                                           |                                  | 1 Yr - 3/31/10-3/31/11                             | 3 Yrs - 3/31/08-3/31/11 | 5 Yrs - 3/31/06-3/31/11 | 10 Yrs - 3/31/01-3/31/11 |
|                                                                                                                                                                                                           |                                  | Percentile                                         | Rank / | Percentile | Rank / | Percentile | Rank / | Percentile | Rank / |
| Fund Name                                                                                                                                                                                                      | Lipper Category                       | Rank                                               | Total Funds | Rank | Total Funds | Rank | Total Funds | Rank | Total Funds |
| Gabelli Asset; AAA                                                                                                                                                                                             | Multi-Cap Core Funds                  | 7                                                  | 50/814 | 16 | 109/704 | 5 | 28/584 | 11 | 29/277 |
| Gabelli Value Fund; A                                                                                                                                                                                          | Multi-Cap Growth Funds                | 11                                                 | 50/455 | 24 | 90/385 | 25 | 78/320 | 17 | 36/221 |
| Gabelli SRI; AAA                                                                                                                                                                                               | Mid-Cap Growth Funds                  | 20                                                 | 80/415 | 2 | 5/376 | - | - | - | - |
| Gabelli Eq:Eq Inc; AAA                                                                                                                                                                                         | Equity Income Funds                   | 32                                                 | 87/272 | 22 | 52/242 | 23 | 43/193 | 11 | 11/100 |
| GAMCO Growth; AAA                                                                                                                                                                                              | Large-Cap Growth Funds                | 77                                                 | 626/818 | 80 | 576/724 | 72 | 450/627 | 87 | 333/385 |
| Gabelli Eq:SC Gro; AAA                                                                                                                                                                                         | Small-Cap Core Funds                  | 42                                                 | 329/798 | 28 | 198/714 | 9 | 50/560 | 17 | 54/328 |
| Gabelli Eq:Wd SCV; AAA                                                                                                                                                                                         | Small-Cap Core Funds                  | 34                                                 | 268/798 | 31 | 219/714 | 31 | 170/560 | - | - |
| GAMCO Gl:Oppty; AAA                                                                                                                                                                                            | Global Large-Cap Growth               | 11                                                 | 10/96 | 10 | 7/75 | 23 | 13/58 | 8 | 3/40 |
| GAMCO Gl:Growth; AAA                                                                                                                                                                                           | Global Large-Cap Growth               | 30                                                 | 29/96 | 28 | 21/75 | 19 | 11/58 | 57 | 23/40 |
| GAMCO Gold; AAA                                                                                                                                                                                                | Precious Metal Funds                  | 81                                                 | 72/88 | 74 | 52/70 | 57 | 30/52 | 39 | 13/33 |
| GAMCO Intl Gro; AAA                                                                                                                                                                                            | International Large-Cap Growth        | 26                                                 | 61/242 | 30 | 58/197 | 42 | 65/155 | 49 | 46/94 |
| Gabelli Bl Chp Val; AAA                                                                                                                                                                                        | Large-Cap Core Funds                  | 43                                                 | 461/1,078 | 20 | 179/936 | 37 | 295/800 | 75 | 367/492 |
| Gabelli Inv:ABC; AAA                                                                                                                                                                                           | Specialty Diversified Equity Funds    | 69                                                 | 31/44 | 48 | 17/35 | 28 | 7/24 | 10 | 1/9 |
| GAMCO Mathers; AAA                                                                                                                                                                                             | Specialty Diversified Equity Funds    | 80                                                 | 36/44 | 78 | 28/35 | 68 | 17/24 | 50 | 5/9 |
| Comstock Cap Val; A                                                                                                                                                                                            | Specialty Diversified Equity Funds    | 92                                                 | 41/44 | 92 | 33/35 | 88 | 22/24 | 70 | 7/9 |
| GAMCO Gl:Telecom; AAA                                                                                                                                                                                          | Telecommunications Funds              | 77                                                 | 33/42 | 59 | 21/35 | 18 | 5/28 | 18 | 4/22 |
| GAMCO Gl:Vertumnus; AAA                                                                                                                                                                                        | Convertible Securities Funds          | 81                                                 | 51/62 | 95 | 51/53 | 94 | 42/44 | 93 | 35/37 |
| Gabelli Utilities; AAA                                                                                                                                                                                         | Utility Funds                         | 35                                                 | 28/80 | 4 | 3/75 | 15 | 10/66 | 25 | 12/48 |
| 787:Gabelli Merg&Acq; A                                                                                                                                                                                    | Mid-Cap Core Funds                    | 99                                                 | 372/376 | 83 | 265/321 | 73 | 188/260 | 88 | 131/149 |
| Gabelli Capital Asset Fund                                                                                                                                                                                     | Distributed through Insurance Channel | 4                                                  | 14/314 | 8 | 23/294 | 7 | 15/225 | 15 | 21/139 |
| % of funds in top half                                                                                                                                                                                         |                                  | 60.0%                                              |   | 65.0% |   | 68.4% |   | 66.7% |   |
|                                                                                                                                                                                                           |                                  |                                               |   |   |   |   |   |   |   |
| Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance.  Absolute performance for some                   |
| funds was negative for certain periods.  Other share classes are available which may have different performance characteristics.                                                                     |                                  |                                               |   |
|                                                                                                                                                                                                           |                                  |                                               |   |   |   |   |   |   |   |
| Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and                               |
| expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives.                                 |
| Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the                       |
| total return or yield for the period.                                                                                                                                                                     |                                  |                                               |   |   |   |   |   |   |
|                                                                                                                                                                                                           |
| Relative long-term investment performance remained strong with approximately 60%, 65%, 68% and 67% of firmwide mutual funds in the top half of their Lipper categories on a one-,                              |
| three-, five-, and ten-year total-return basis, respectively, as of March 31, 2011.                                                                                                                            |                                  |                                               |   |   |   |   |
|                                                                                                                                                                                                           |                                  |                                               |   |   |   |   |   |   |   |
| Investors should consider carefully the investment objective, risks, charges and expenses of a fund before investing.  The Prospectus which contains more information about this and                 |
| other matters, should be read carefully before investing.  You can obtain a prospectus by calling 1-800 GABELLI.  Distributed by Gabelli & Company.  Other share classes are |
| available that have different performance characteristics.                                                                                                                                                     |                                  |                                               |   |   |   |   |   |
|                                                                                                                                                                                                           |                                  |                                               |   |   |   |   |   |   |   |
| The inception date for the Gabelli SRI Green Fund was June 1, 2007.  The inception date for the Gabelli Woodland Small Cap Value Fund was December 31, 2002.                                         |                                  |

----

| (Unaudited; in thousands, except per share data)                                  |   |   |   |   |   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                              |   | 2011   |   |   | 2010   |   |
| Revenues                                                                          |   |   |   |   |   |   |
|   Investment advisory and incentive fees                                |   | $      | 62,911 |   |   | $      | 49,342 |   |
|   Insitutional research services                                        |   |   | 3,649  |   |   |   | 3,424 |   |
|   Distribution fees and other income                                    |   |   | 10,345 |   |   |   | 7,232 |   |
| Total revenues                                                                    |   |   | 76,905 |   |   |   | 59,998 |   |
| Expenses                                                                          |   |   |   |   |   |   |   |   |
|   Compensation                                                          |   |   | 33,417 |   |   |   | 26,213 |   |
|   Management fee                                                        |   |   | 3,113  |   |   |   | 2,448 |   |
|   Distribution costs                                                    |   |   | 13,429 |   |   |   | 7,031 |   |
|   Other operating expenses                                              |   |   | 6,186  |   |   |   | 4,936 |   |
| Total expenses (a)                                                                |   |   | 56,145 |   |   |   | 40,628 |   |
| Operating income                                                                  |   |   | 20,760 |   |   |   | 19,370 |   |
| Other income (expense)                                                            |   |   |   |   |   |   |   |   |
|   Net gain from investments                                             |   |   | 8,740  |   |   |   | 5,232 |   |
|   Interest and dividend income                                          |   |   | 1,936  |   |   |   | 815 |   |
|   Interest expense                                                      |   |   | (2,867 | )      |   |   | (3,292 | ) |
| Total other income, net                                                           |   |   | 7,809  |   |   |   | 2,755 |   |
| Income before income taxes                                                        |   |   | 28,569 |   |   |   | 22,125 |   |
| Income tax provision                                                              |   |   | 10,288 |   |   |   | 8,294 |   |
| Net income                                                                        |   |   | 18,281 |   |   |   | 13,831 |   |
| Net income attributable to noncontrolling interests                               |   |   | 638    |   |   |   | 105 |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders                   |   | $      | 17,643 |   |   | $      | 13,726 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders per share         |   |   |   |   |   |   |   |   |
| Basic                                                                             |   | $      | 0.66   |   |   | $      | 0.50 |   |
| Diluted                                                                           |   | $      | 0.65   |   |   | $      | 0.50 |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Reconciliation of net income attributable to GAMCO Investors, Inc.'s shareholders |   |   |   |   |   |   |   |   |
|   to Adjusted EBITDA:                                                   |   |   |   |   |   |   |   |   |
|                                                                              |   |   |   |   |   |   |   |   |
| Net income attributable to GAMCO Investors, Inc.'s shareholders                   |   | $      | 17,643 |   |   | $      | 13,726 |   |
| Interest expense                                                                  |   |   | 2,867  |   |   |   | 3,292 |   |
| Income tax provision and net income attributable to noncontrolling interests      |   |   | 10,926 |   |   |   | 8,399 |   |
| Depreciation and amortization                                                     |   |   | 274    |   |   |   | 171 |   |
| Adjusted EBITDA (b)                                                               |   | $      | 31,710 |   |   | $      | 25,588 |   |

----

----

|                                                              |   | Three months ended |    |
|-------------------------------------------------------------------|--------|--------------------|---------|
|                                                              |   | March 31,          |    |
|                                                              |   | 2011               |    |   | 2010 |   |
| Cash flows provided by (used in):                                 |   | (in thousands)     |    |
|   Operating activities                                  |   | $                  | (1,910  | ) |   | $ | 19,125 |   |
|   Investing activities                                  |   |               | 728     |   |   |   | 675 |   |
|   Financing activities                                  |   |               | (2,487  | ) |   |   | (8,923 | ) |
|   Effect of exchange rates on cash and cash equivalents |   |               | (10     | ) |   |   | (48 | ) |
|   Net (decrease) increase                               |   |               | (3,679  | ) |   |   | 10,829 |   |
|   Cash and cash equivalents at beginning of period      |   |               | 169,601 |   |   |   | 338,270 |   |
|   Decrease in cash from deconsolidation                 |   |               | (1,251  | ) |   |   | - |   |
|   Cash and cash equivalents at end of period            |   | $                  | 164,671 |   |   | $ | 349,099 |   |

----

|                                              |   |       |    |   | Fair Value      |   |    | Fair Value      |   |
|---------------------------------------------------|--------|------------|---------|--------|-----------------|--------|---------|-----------------|--------|
|                                              |   |       |    |   | assuming        |   |    | assuming        |   |
|                                              |   |       |    |   | 10% decrease in |   |    | 10% increase in |   |
|   (unaudited)                           |   | Fair Value |    |   | equity prices   |   |    | equity prices   |   |
| At March 31, 2011:                                |   |       |    |   |            |   |    |            |   |
| Equity price sensitive investments, at fair value |   | $          | 373,995 |   |            | $      | 336,596 |            |   | $ | 411,395 |   |
| At December 31, 2010:                             |   |       |    |   |            |   |    |            |   |   |   |   |
| Equity price sensitive investments, at fair value |   | $          | 359,699 |   |            | $      | 323,729 |            |   | $ | 395,669 |   |

----

----

|  Item 1. | Legal Proceedings |
|---------------|-------------------|
|          |              |

|  Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                            |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                   |
|          | The following table provides information with respect to the repurchase of Class A Common Stock of GAMCO during the three months ended March 31, 2011: |

|              |   |                                                              |   |                                                                          |   | (c) Total Number of                                                                                                                                               |   | (d) Maximum                                                                                                                     |
|-------------------|--------|-------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|              |   | (a) Total                                                         |   | (b) Average                                                                   |   | Shares Repurchased as                                                                                                                                             |   | Number of Shares                                                                                                                |
|              |   | Number of                                                         |   | Price Paid Per                                                                |   | Part of Publicly                                                                                                                                                  |   | That May Yet Be                                                                                                                 |
|              |   | Shares                                                            |   | Share, net of                                                                 |   | Announced Plans                                                                                                                                                   |   | Purchased Under                                                                                                                 |
| Period            |   | Repurchased                                                       |   | Commissions                                                                   |   | or Programs                                                                                                                                                       |   | the Plans or Programs                                                                                                           |
| 1/01/11 - 1/31/11 |   |           5,400 |   |  $         45.67            |   |                           5,400 |   |                     518,933 |
| 2/01/11 - 2/28/11 |   |         22,586            |   |             46.24 |   |                         22,586            |   |                     496,347 |
| 3/01/11 - 3/31/11 |   |       133,602                       |   |             43.44 |   |                       133,602                       |   |                     362,745 |
| Totals            |   |       161,588                       |   |  $         43.91            |   |                       161,588                       |   |                                                                                                                            |

| Item 6. |   (a) Exhibits |
|---------|-------------------------------|
|    |                          |

|   | 31.1 | Certification of CEO pursuant to Rule 13a-14(a). |
|--------|------|--------------------------------------------------|

|   | 31.2 | Certification of CFO pursuant to Rule 13a-14(a). |
|--------|------|--------------------------------------------------|

|   | 32.1 | Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------|

----

| By:/s/ Kieran Caterina            |                                   | By:/s/ Diane M. LaPointe |   |
|----------------------------------------|----------------------------------------|-------------------------------|--------|
| Name: Kieran Caterina             | Name:  Diane M. LaPointe     |
| Title: Co-Principal Accounting Officer | Title: Co-Principal Accounting Officer |
|                                   |                                   |
| Date: May 6, 2011                      | Date: May 6, 2011                      |

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