Statement of Additional Info - Gabelli

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Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP (“PwC”), 300 Madison Avenue, New York, New York 10017, serves as the Trust’s independent registered public accounting firm. PwC provides audit services and tax return preparation services in connection with the Funds. Custodian, Transfer Agent, and Dividend Disbursing Agent The Bank of New York Mellon, One Wall Street, New York, New York 10286,is the Custodian for the Trust’s cash and securities. Boston Financial Data Services, Inc. (“BFDS”), an affiliate of State Street Bank and Trust Company (“State Street”), located at the BFDS Building, 30 Dan Road, Canton, Massachusetts 02021-2809, performs the shareholder services on behalf of State Street and acts as the Funds’ transfer agent and dividend disbursing agent for the Trust. Neither BFDS, State Street, nor The Bank of New York Mellon assists in or is responsible for investment decisions involving assets of the Trust. Distributor To implement the Funds’ Rule 12b-1 Plans, the Funds have entered into an Amended and Restated Distribution Agreement with the Distributor, G.distributors, a Delaware limited liability company, which is a wholly owned subsidiary of GBL, having principal offices located at One Corporate Center, Rye, New York 10580-1422. The Distributor acts as agent of the Funds for the continuous offering of their shares on a best efforts basis. Expenses normally attributable to the sale of Fund shares which are not paid by the Funds are paid by the Distributor. The Distributor may enter into selling agreements with registered broker-dealers ("Soliciting Broker-Dealers") pursuant to which the Distributor may reallow the sales charge to Soliciting Broker-Dealers in accordance with the schedule set forth in the Prospectus for Class A, Class C and Class I shares under "Classes of Shares - Sales Charge - Class A Shares." Set forth in the table below is the amount of commissions and other compensation received by the Distributor during the fiscal year ended September 30, 2013. Net Underwriting Discounts and Commissions * Compensation on Redemptions and Repurchases * Brokerage Commissions ** Other Compensation TETON Westwood Mighty Mites Fund: TETON Westwood SmallCap Equity Fund $93,194 $17,900 $113,130 - $919 $1,732 $0 - TETON Westwood Mid-Cap Equity $948 $0 $0 - Fund * TETON Westwood Income Fund: $0 $155 $790 - TETON Westwood Equity Fund: $40 $125 $0 - TETON Westwood Balanced Fund: $3,411 $1,327 $57 - TETON Westwood Intermediate Bond Fund: $107 $1,000 $0 - *The Mid-Cap Equity Fund commenced operations on May 31, 2013. Purchasers of Class A Shares of the Funds may pay an up-front sales charge. Of such sales charges, certain portions are retained by the Distributor. Set forth in the table below are the amounts of sales charges paid on the purchases of Class A Shares and the amounts retained by the Distributor for the past three fiscal years. 60
Fiscal Year Ended September 30, Sales Charges Paid by Fund Shareholders of Class A Shares Amounts Retained by Distributor TETON Westwood Mighty Mites Fund 2011 $595,200** $86,259** $ 44,577* $6,694* 2012 $172,217* $21,669* 2013 $717,047* $93,194* TETON Westwood SmallCap Equity Fund 2011 $51,677** $ 8,661** $ 8,161* $1,198* 2012 $29,012* $4,599* 2013 $6,428* $919* TETON Westwood Mid-Cap Equity Fund *** 2013 $ 6,374* $ 948* TETON Westwood Income Fund 2011 $ 105** $ 16** $ 0* $ 0* 2012 $ 5,178* $ 636* 2013 $ 0* $ 0* TETON Westwood Equity Fund 2011 $ 732** $ 193** $ 350* $ 99* 2012 $ 329* $ 40* 2013 $ 262* $ 32* TETON Westwood Balanced Fund 2011 $ 2,290** $ 665** $ 698* $ 127* 2012 $27,262* $ 3,411* 2013 $24,010* $ 3,367* TETON Westwood Intermediate Bond Fund 2011 $ 1,680** $ 310** $ 1,950* $ 355* 2012 $ 7,480* $ 979* 2013 $ 775* $ 107* *Payments made to G.distributors. **Payments made to G.research. G.research was the Funds’ Distributor prior to August 1, 2011 and is a broker/dealer affiliated with G.distributors, LLC, both subsidiaries of GBL, and with the Funds. ***The Mid-Cap Equity Fund commenced operations on May 31, 2013. DISTRIBUTION PLANS The Funds have adopted separate distribution and service plans (each a “Plan” and collectively the “Plans”) pursuant to Rule 12b-1 under the 1940 Act on behalf of each of the Class AAA, Class A, and Class C Shares of each Fund, as applicable. Payments may be made by the Funds under each Plan for the purpose of financing any activity primarily intended to result in the sales of shares of the class to which such Plan relates as determined by the Board. Such activities typically include advertising; compensation for sales and marketing activities of the Distributor and other banks, brokerdealers, and service providers; shareholder account servicing; production and dissemination of prospectuses and sales and marketing materials; and capital or other expenses of associated equipment, rent, salaries, bonuses, interest, and other overhead. To the extent any activity is one which the Funds may finance without a distribution plan, the Funds may also make payments to finance such activity outside of the Plans and not be subject to its limitations. Payments under the Plans are not dependent on distribution expenses actually incurred by the Distributor. The Plans compensate the Distributor regardless of expense, and accordingly a portion of the payments by the Funds may be used indirectly to 61
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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 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: Team Member Varun V. Singh Lisa Don
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
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Statement of Additional Info - Gabelli

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