Statement of Additional Info - Gabelli

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portfolio securities to Westwood in its capacity as the Funds’ Sub-Adviser. The Sub-Adviser has adopted a Proxy Voting Policy for the voting of proxies on behalf of client accounts for which the Sub-Adviser has voting discretion, including the Funds. Under the Proxy Voting Policy, shares are to be voted in the best interests of the Funds. Normally, the Sub-Adviser exercises proxy voting discretion on particular types of proposals in accordance with its Proxy Guidelines set forth in the Proxy Voting Policy. The Proxy Guidelines address, for example, proposals to elect the board of directors, to classify the board of directors, to select an independent registered public accounting firm, to issue blank check preferred stock, to call for cumulative voting, to require shareholder ratification of poison pills, to support fair price provisions, to require a supermajority shareholder vote for mergers, to provide for director and officer indemnification and liability protection, to increase the number of authorized shares of common stock, to allow greenmail, to limit shareholders’ rights to call special meetings, to limit shareholders’ right to act by written consent, to approve executive and director compensation plans (including golden parachutes), to limit or increase executive and director pay and to opt in or out of state takeover statutes. A Proxy Voting Committee will be notified of all proxy proposals for which the Sub-Adviser has voting discretion and will receive recommendations on how to vote from Glass Lewis as well as any other material to assist in the proxy voting process. Once materials are received, the proxy proposals will be voted according to the Proxy Guidelines, unless any member of the Proxy Voting Committee believes the Proxy Guidelines are not appropriate with respect to a particular proposal. In such a case, a meeting of the Proxy Voting Committee will be called to discuss the proposal and to cast a vote. Each proposal submitted to the Proxy Voting Committee for a vote will be determined by the vote of a majority of the members present at the meeting. The Proxy Voting Committee will notify the appropriate officer of the Trust of its decisions and the proxies will be voted accordingly. The Trust files Form N-PX with its complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. This filing for the Trust is available without charge, upon request, by calling toll free (800) 422-3554 and on the SEC’s website at www.sec.gov. CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS Persons or organizations owning 25% or more of the outstanding shares of a Fund may be presumed to “control” (as that term is defined in the 1940 Act) a Fund. As a result, these persons or organizations could have the ability to approve or reject those matters submitted to the shareholders of such Fund for their approval. As of December 31, 2013, the following persons were known to own of record 5% or more of the outstanding voting securities of any class of any Fund. Name and Address of Holder of Record Percentage of Class Nature of Ownership MIGHTY MITES FUND CLASS AAA UBS WM USA Omni Account M/F Attn: Department Manager Weehawken, NJ 07086-6761 National Financial Serv. Corp For The Exclusive Benefit Of Our Customers Jersey City, NJ 07310-2010 Charles Schwab & Co Inc. Reinvest Account Attn: Mutual Funds San Francisco, CA 94105-1905 TD Ameritrade Inc For The Exclusive Benefit Of Our Clients Omaha, NE 68103-2226 24.54 % Beneficial † 21.96 % Beneficial † 15.83 % Beneficial † 5.58 % Beneficial † Pershing LLC 5.35 % Beneficial † 32
Name and Address of Holder of Record Percentage of Class Nature of Ownership Jersey City, NJ 07399-0001 CLASS A First Clearing LLC Special Custody Acct FBO Exclusive Benefit Of Customer St Louis, MO 63103-2523 Merrill Lynch Pierce Fenner & Smith Inc. For the Sole Benefit of its Customers Jacksonville, FL 32246-6484 Pershing LLC Jersey City, NJ 07399-0001 Morgan Stanley Smith Barney Harborside Financial Center Jersey City, NJ 07311 UBS WM USA Omni Account M/F Attn: Department Manager Weehawken, NJ 07086-6761 Raymond James Omnibus for Mutual Funds Attn: Courtney Waller St Petersburg, FL 33716-1100 12.76 % Beneficial † 10.88 % Beneficial † 10.02 % Beneficial † 9.76 % Beneficial † 7.81 % Beneficial † 7.64 % Beneficial † CLASS C Merrill Lynch Pierce Fenner & Smith Inc. For the Sole Benefit of its Customers Jacksonville, FL 32246-6484 Morgan Stanley Smith Barney Harborside Financial Center Jersey City, NJ 07311 UBS WM USA Omni Account M/F Attn: Department Manager Weehawken, NJ 07086-6761 First Clearing LLC Special Custody Acct FBO Exclusive Benefit of Customer St Louis, MO 63103-2523 Raymond James Omnibus for Mutual Funds Attn: Courtney Waller St Petersburg, FL 33716-1100 Pershing LLC Jersey City, NJ 07399-0001 24.40 % Beneficial † 19.54 % Beneficial † 13.94 % Beneficial † 11.95 % Beneficial † 8.80 % Beneficial † 5.57 % Beneficial † CLASS I Merrill Lynch Pierce Fenner & Smith Inc. For the Sole Benefit of its Customers Jacksonville, FL 32246-6484 33 39.01 % Beneficial †
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 and 28: companies and previously served on
Page 29 and 30: Trustee Ownership of Trust Shares S
Page 31: the best interests of each Fund. No
Page 35 and 36: 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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