Statement of Additional Info - Gabelli

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MANAGEMENT OF THE FUNDS Under Massachusetts law, the Trust’s Board is responsible for establishing the Funds' policies and for overseeing management of the Funds. The Board also elects the Trust's officers who conduct the daily business of the Funds. Information pertaining to the Trustees and executive officers of the Funds is set forth below. Name, Position(s) Address 1 and Age Term of Office and Length of Time Served 2 Number of Funds in Fund Complex Overseen by Trustee Principal Occupation(s) During Past Five Years Other Directorships Held by Trustee During Past Five Years 3 INDEPENDENT TRUSTEES: Anthony J. Colavita Trustee Age: 78 Since 1994 36 President of the law firm of Anthony J. Colavita, P.C. _ James P. Conn Trustee Age: 76 Werner J. Roeder Trustee Age: 73 Since 1994 Since 1994 20 Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992-1998) 23 Medical Director of Lawrence Hospital and practicing private physician _ _ Salvatore J. Zizza Trustee Age: 68 Since 2004 30 Chairman of Zizza & Associates Corp. (financial consulting); Chairman of Metropolitan Paper Recycling Inc. (recycling); Chairman of Harbor BioSciences, Inc. (biotechnology) Director and Vice Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceutical); Chairman of Bion Environmental Technologies (technology); Director, Chairman, and CEO of General Employment Enterprises (staffing services) (2009- 2012) 1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted. 2 Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Amended By-Laws and Amended and Restated Declaration of Trust. 3 This column includes only directorships of companies required to report to the SEC under the 1934 Act, (i.e. public companies) or other investment companies registered under the 1940 Act. 24
Name, Position(s) Address 1 and Age OFFICERS: Bruce N. Alpert President Age: 62 Andrea R. Mango Secretary Age: 41 Agnes Mullady Treasurer Age: 55 Richard J. Walz Chief Compliance Officer Age: 54 Term of Office and Length of Time Served 2 Since 1994 Since November 2013 Since 2006 Since November 2013 Principal Occupation(s) During Past Five Years Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies in the Gabelli/GAMCO Funds complex; Senior Vice President of GAMCO Investors, Inc. since 2008; Director of Teton Advisors, Inc. 1998-2012; Chairman of Teton Advisors, Inc. 2008-2010; President of Teton Advisors, Inc. 1998-2008 Counsel of Gabelli Funds, LLC since 2013; Corporate Vice President within the Corporate Compliance Department of New York Life Insurance Company 2011-2013; Vice President and Counsel of Deutsche Bank 2006-2011 President and Chief Operating Officer of the Mutual Fund Division of Gabelli Funds, LLC since September 2010; Senior Vice President of GAMCO Investors, Inc. since 2009, Vice President of Gabelli Funds, LLC since 2007; Officer of all of the registered investment companies in the Gabelli/GAMCO Funds complex Chief Compliance Officer of all of the registered investment companies in the Gabelli/GAMCO Funds Complex since 2013; Chief Compliance Officer of AEGON USA Investment Management 2011-2013; Chief Compliance Officer of Cutwater Asset Management 2004-2011 1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted. 2 Each Officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified. 25
Page 1 and 2: Fund TETON Westwood Mighty Mites SM
Page 3 and 4: GENERAL INFORMATION AND HISTORY The
Page 5 and 6: A Fund’s primary risk is that if
Page 7 and 8: A Fund may also buy variable rate m
Page 9 and 10: negotiated by the countries with wh
Page 11 and 12: during the option period, and (c) o
Page 13 and 14: and from the broker will be made da
Page 15 and 16: The Funds may use options on future
Page 17 and 18: Mortgage-Related Securities (the Mi
Page 19 and 20: Institutional investors depend on a
Page 21 and 22: 6. Purchase, hold, or deal in real
Page 23: Act (the “Independent Trustees”
Page 27 and 28: companies and previously served on
Page 29 and 30: Trustee Ownership of Trust Shares S
Page 31 and 32: the best interests of each Fund. No
Page 33 and 34: Name and Address of Holder of Recor
Page 43 and 44: The fees paid to the Adviser are al
Page 45 and 46: PORTFOLIO TRANSACTIONS AND BROKERAG
Page 47 and 48: TETON Westwood Mid-Cap Equity Fund
Page 49 and 50: Portfolio turnover may vary from ye
Page 51 and 52: EXCLUDES TETON WESTWOOD MIGHTY MITE
Page 53 and 54: EXCLUDES TETON WESTWOOD EQUITY FUND
Page 55 and 56: EXCLUDES WESTWOOD BALANCED FUND: Na
Page 57 and 58: Portfolio Manager’s decision as t
Page 59 and 60: Team Member Varun V. Singh Lisa Don
Page 61 and 62: Fiscal Year Ended September 30, Sal
Page 63 and 64: TETON Westwood Balanced Fund Class
Page 65 and 66: other redress. If a Fund is unable
Page 67 and 68: test, at the close of each quarter
Page 69 and 70: nevertheless, would be taxable to t
Page 71 and 72: portfolio within the Trust is separ
Page 73 and 74: Should no rating be assigned, the r

Statement of Additional Info - Gabelli

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