GAMCO WESTWOOD INTERMEDIATE BOND FUND

Fund Characteristics

• The GAMCO Westwood Intermediate Bond Fund seeks to maximize total return while maintaining a level of current income consistent with the maintenance of principal and liquidity.

• The Fund focuses on investment grade bonds of domestic corporations and government issues.

• The maturities of holdings in the Fund range between 3 and 10 years.

Investment Strategy

• Total return driven

• Invests in government issues and investment grade corporates

• Intermediate term maturities

• Focus on fundamentals of issuer and yield curve positioning

Portfolio Management

Mark R. Freeman, CFA
Portfolio Manager
Westwood Holdings Group

• M.S. Louisiana State University

• B.A. Millsaps College

• 20 years of investment experience

• Joined Westwood Holdings Group in 1999

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

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

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Debt securities are subject to interest rate, credit and pre-payment risk 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.