Statement of Additional Info - Gabelli

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TETON Westwood Balanced Fund Year ended September 30 Commissions Paid Total Brokerage Commissions 2011 $43,189 2012 $29,262 2013 $33,385 Commissions paid to G.research 2011 $0 2012 $2 2013 $57 % of Total Brokerage Commissions paid 2013 0.17% to G.research % of Total Transactions involving Commissions 2013 0.64% effected through G.research TETON Westwood Intermediate Bond Fund Year ended September 30 Total Brokerage Commissions 2011 $0 2012 $0 2013 $0 2011 $0 Commissions paid to G.research 2012 $0 2013 $0 Commissions Paid % of Total Brokerage Commissions paid 2013 0.00% to G.research % of Total Transactions involving Commissions 2013 0.00% effected through G.research Investment research obtained by allocations of Fund brokerage is used to augment the scope and supplement the internal research and investment strategy capabilities of the Adviser or Sub-Adviser but does not reduce the overall expenses of the Adviser or Sub-Adviser to any material extent. Such investment research may be in written form or through direct contact with individuals and includes information on particular companies and industries as well as market, economic, or institutional activity areas. The Adviser or Sub-Adviser may also place orders for the purchase or sale of portfolio securities with G.research when it appears that, as an introducing broker or otherwise, G.research can obtain a price, execution, and commission, which is at least as favorable as that obtainable by other qualified brokers and at a commission rate at least as favorable as it provides to its best customers for similar transactions. As required by Rule 17e-1 under the 1940 Act, the Board has adopted procedures which provide that the commissions paid to G.research on brokerage transactions must not exceed those which would have been charged by another qualified broker or member firm able to effect the same or a comparable transaction at an equally favorable price or those G.research charges its most favored customers on similar transactions. Rule 17e-1 under the 1940 Act and the Funds’ procedures contain requirements that the Board, including the Independent Trustees, review such commissions and transactions quarterly and procedures at least annually to determine their continuing appropriateness. The Adviser or Sub-Adviser is also required to furnish reports and maintain records in connection with the reviews. The Funds’ total commissions have varied over the past three years primarily related to the volume of portfolio transactions, the changes in portfolio turnover, and the changes in total net assets. 48
Portfolio turnover may vary from year to year, as well as within a year. Portfolio turnover rates for the last two fiscal years were as follows: Portfolio Turnover Rates For the Year Ended September 30, 2013 2012 TETON Westwood Mighty Mites 15% 12% Fund TETON Westwood SmallCap 12% 39% Equity Fund TETON Westwood Mid-Cap Equity 3% -- Fund * TETON Westwood Income Fund 13% 11% TETON Westwood Equity Fund 53% 41% TETON Westwood Balanced Fund 36% 34% TETON Westwood Intermediate Bond Fund 20% 15% *The Mid-Cap Equity Fund commenced operations on May 31, 2013. During the fiscal year ended September 30, 2013, the following Fund purchased securities of its regular brokers or dealers and the holdings at the end of the fiscal year ended September 30, 2013 are: Fund Name of Regular Broker or Dealer or Parent (issuer) Shares/ Principal Amount Approximate Aggregate Market Value Equity Fund Bank of America Corp. 126,200 $1,741,560 During the fiscal year ended September 30, 2013, the Mighty Mites Fund, the SmallCap Equity Fund, the Mid- Cap Equity Fund, the Income Fund, the Balanced Fund, and the Intermediate Bond Fund, did not purchase securities of their regular broker-dealers or their parents. PORTFOLIO MANAGERS The information below provides summary information regarding the individuals identified in the Prospectuses as primarily responsible for day-to-day management of the Funds (“Portfolio Managers”). All asset information is as of September 30, 2013. MANAGEMENT OF OTHER ACCOUNTS The table below shows the number of other accounts managed by each Portfolio Manager and the total assets in each of the following categories: registered investment companies, other pooled investment vehicles and other accounts. For each category, the table also shows the number of accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance. 49
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 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: TETON Westwood Mid-Cap Equity Fund
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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