Fund Characteristics

• The GAMCO Westwood Income Fund seeks to provide a high level of current income as well as long term capital appreciation.

• The Fund invests at least 80% of its net assets in dividend paying and/or interest bearing securities.

• The Fund may invest a significant portion of its assets in various types of income producing equity and fixed income securities, in addition to real estate investment trusts (REITs).

Investment Strategy

• Invests primarily in income producing equity and fixed income securities

• Holds equities with a high level of current income as well as long-term appreciation potential

• The fund employs proprietary fundamental research

• The manager seeks companies with strong and improving cash flows

Portfolio Management

Barbara G. Marcin, CFA
Portfolio Manager
GAMCO Investors, Inc

• M.B.A. Harvard University Graduate School of Business

• B.A. University of Virginia

• Joined Gabelli Funds in June 1999

• Also manages Gabelli Blue Chip Value Fund

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks and REITs are subject to market, economic and business risks that cause their prices to fluctuate. Debt securities are subject to interest rate, credit and pre-payment risk. 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.