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GAMCO Westwood SmallCap
Equity Fund
One Corporate Center
Rye, New York 10580-1422
GAMCO Westwood SmallCap Equity Fund
 
"The investment strategy is firmly grounded in bottom-up fundamental research with a focus on identifying smaller companies which are undervalued relative to the earnings growth potential of the firm. The strategy is designed for investors who are seeking exposure in smaller capitalized companies that deliver superior risk-adjusted returns over the long-term."

Under normal market conditions, the SmallCap Fund invests at least 80% of its net assets in a portfolio of common stocks of smaller companies. These smaller companies have a market capitalization (defined as shares outstanding times current market price) of between $100 million and $2.5 billion at the time of the SmallCap Fund's initial investment.
 
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 before investing. Securities of smaller companies present greater risks than securities of larger, more established companies. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies, therefore, investing in this sector involves special challenges.
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.

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 Gabelli & Company, Inc. at 1-800-GABELLI (1-800-422-3554), or contacting your financial representative or by visiting http://www.gabelli.com.
Distributed by Gabelli & Company, Inc. One Corporate Center, Rye, NY 10580.