Fund Characteristics

• The GAMCO Westwood Equity Fund seeks to provide capital appreciation while maintaining a prudent risk profile.
• The Fund primarily invests in well-seasoned companies that have reported positive earnings surprises and are trading below Westwood’s proprietary growth rate estimates.
• The Fund invests in 40-60 common stocks.

Investment Strategy

• Seeks long term capital appreciation

• Invests in seasoned large capitalization companies

• Focus on companies that meet proprietary valuation metrics

• Volatility controls generally include acquiring stocks with a beta less than S&P 500 Index

Portfolio Management

Susan M. Bryne
Chief Investment Officer
Westwood Holdings Group

• Over 35 years of investment experience

• Westwood serves a variety of institutional clients, endowments and foundations

• Founded Westwood Holdings Group in 1983

• Westwood Management Corp. is the investment sub-advisor for the GAMCO Westwood Equity Fund

The fund typically invests in 40-60 companies. By concentrating in a small number of investments, the Fund's risks are increased because each investment has a greater effect in the Fund's performance than a Fund which is more broadly diversified.

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing. You can obtain a free prospectus by calling Teton Advisors, Inc. at 1-800-WESTWOOD (1-800-937-8966), or contacting your financial representative or by visiting http://www.tetonadv.com.

Distributed by Gabelli & Company, Inc. One Corporate Center, Rye, NY 10580.