Statement of Additional Info - Gabelli

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standing Compensation Committee (although some of the individuals who are Trustees of the Funds participate in multifund ad hoc Compensation Committees described above). The Trust’s Audit Committee consists of four members: Messrs. Colavita (Chairman), Conn, Roeder, and Zizza, who are Independent Trustees. The Audit Committee operates pursuant to a Charter that was most recently reviewed and approved by the Board on November 19, 2013. As set forth in the Charter, the function of the Audit Committee is oversight; it is management’s responsibility to maintain appropriate systems for accounting and internal control and it is the independent registered public accounting firm’s responsibility to plan and carry out a proper audit. The Audit Committee is generally responsible for reviewing and evaluating issues related to the accounting and financial reporting policies and practices of the Trust, its internal controls, and as appropriate, the internal controls of certain service providers, overseeing the quality and objectivity of the Trust’s financial statements and the audit thereof and to act as a liaison between the Board and the Trust’s independent registered public accounting firm. During the fiscal year ended September 30, 2013, the Audit Committee met twice. The Trust's Nominating Committee consists of three members: Messrs. Colavita (Chairman), Conn, and Roeder, who are Independent Trustees of the Trust. The Nominating Committee is responsible for selecting and recommending qualified candidates to the full Board in the event that a position is vacated or created. The Nominating Committee would consider, under procedures adopted by the Board, recommendations by shareholders if a vacancy were to exist. Such recommendations should be forwarded to the Secretary of the Trust. The Nominating Committee did not meet during the fiscal year ended September 30, 2013. The ad hoc Proxy Voting Committee consists of three members: Messrs. Colavita, Conn (Chairman), and Roeder, who are Independent Trustees of the Trust. Under certain circumstances and pursuant to specific procedures and guidelines, the ad hoc Proxy Voting Committee will, in place of the Adviser, exercise complete control and discretion over the exercise of all rights to vote or consent with respect to certain securities owned by the Funds and may also determine to exercise complete control and discretion over the disposition of such securities. The ad hoc Proxy Voting Committee meets periodically on an as needed basis to consider such matters and did not meet during the fiscal year ended September 30, 2013. 28
Trustee Ownership of Trust Shares Set forth in the table below is the dollar range of equity securities in each Fund beneficially owned by each Trustee and the aggregate dollar range of equity securities in the Gabelli/GAMCO Funds Complex beneficially owned by each Trustee as of December 31, 2013. Name of Trustee Fund Dollar Range of Equity Securities Held in each Fund Aggregate Dollar Range of Equity Securities Held in Fund Complex* INDEPENDENT TRUSTEES: Anthony J. Colavita TETON Westwood Mighty Mites Fund TETON Westwood SmallCap Equity Fund TETON Westwood Mid-Cap Equity Fund TETON Westwood Income Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Intermediate Bond Fund D E A A A D C E James P. Conn TETON Westwood Mighty Mites Fund TETON Westwood SmallCap Equity Fund TETON Westwood Mid-Cap Equity Fund TETON Westwood Income Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Intermediate Bond Fund A A A A A A A E Werner J. Roeder TETON Westwood Mighty Mites Fund TETON Westwood SmallCap Equity Fund TETON Westwood Mid-Cap Equity Fund TETON Westwood Income Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Intermediate Bond Fund A A A A A A A E Salvatore J. Zizza TETON Westwood Mighty Mites Fund TETON Westwood SmallCap Equity Fund TETON Westwood Mid-Cap Equity Fund TETON Westwood Income Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Intermediate Bond Fund A A A A A A A E * Key to Dollar Ranges- Information as of December 31, 2013 A. None B. $1 – $10,000 C. $10,001 – $50,000 D. $50,001 – $100,000 E. Over $100,000 Set forth in the table below is the amount of interests beneficially owned, as of December 31, 2013, by certain Independent Directors or their immediate family members, as applicable, in a holding that may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common control with the Fund’s Adviser. Name of Independent Director Name of Owner and Relationships to Director Company Title of Class Value of Interests Anthony J. Colavita Same The LGL Group, Inc. Common Stock $7,220 * ________________________ * An asterisk indicates that the ownership amount constitutes less than 1% of the total interests outstanding. Percent of Class 29
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 and 24: Act (the “Independent Trustees”
Page 25 and 26: Name, Position(s) Address 1 and Age
Page 27: companies and previously served on
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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