Statement of Additional Info - Gabelli

the Funds’ shares in that account. It is the responsibility of the shareholder's agent to establish procedures which would
assure that upon receipt of an order to purchase shares of the Funds the order will be transmitted so that it will be
received by the Distributor before the time when the price applicable to the buy order expires.
No Independent Trustee had a direct or indirect financial interest in the operation of the Plans or any related agreements.
Those interested persons who beneficially own stock in GBL or its affiliates or are employed by one of their affiliates
may be deemed to have an indirect financial interest in payments received by the Distributor under the Plans or any
related agreements.
PURCHASE AND REDEMPTION OF SHARES
Purchases. With respect to purchases by mail, checks will be accepted if drawn in U.S. currency on a domestic bank for
less than $100,000. U.S. dollar checks drawn against a non-U.S. bank may be subject to collection delays and will be
accepted only upon actual receipt of funds by the Transfer Agent. Bank collection fees may apply. Bank or certified
checks for investments of $100,000 or more will be required unless the investor elects to invest by bank wire. Third
party checks are not accepted.
With respect to purchases via telephone, you may purchase additional shares of the Funds through the Automated
Clearinghouse (“ACH”) system as long as your bank is a member bank of the ACH system and you have a completed,
approved Investment Plan application on file with the Transfer Agent. The funding for your purchase will be
automatically deducted from your ACH eligible account you designate on the application. Your investment will normally
be credited to your TETON Westwood Fund account on the first business day following your telephone request. Your
request must be received no later than 4:00 p.m. Eastern Time. There is a minimum of $100 for each telephone
investment. Any subsequent changes in banking information must be submitted in writing and accompanied by a sample
voided check. To initiate an ACH purchase, please call 800-GABELLI (800-422-3554).
With respect to minimum investments on purchases, no minimum initial investment is required for officers, Trustees, fulltime
employees of the Funds, other investment companies managed by the Sub-Adviser, the Adviser, the Administrator,
the Distributor, or their affiliates, including members of the "immediate family" of such individuals and retirement plans
and trusts for their benefit. The term "immediate family" refers to spouses, children and grandchildren (adopted or
natural), parents, grandparents, siblings, a spouse's siblings, a sibling's spouse, and a sibling's children.
Redemptions. You may redeem your shares through the Distributor or the Transfer Agent. You may also redeem your
shares through certain registered broker-dealers who have made arrangements with the Funds permitting them to redeem
shares by telephone or facsimile transmission and who may charge shareholders a fee for this service if they have not
received any payments under the Plans.
Fund shares purchased by check or through the automatic investment plan will not be available for redemption for up to
fifteen (15) days following the purchase. Shares held in certificate form must be returned to the Transfer Agent for
redemption of shares. The Funds accept telephone requests for wire redemption in excess of $1,000, but subject to a
$25,000 limitation. The Funds accept signature guaranteed written requests for redemption by bank wire without
limitation. Your bank must be either a member of the Federal Reserve System or have a correspondent bank which is a
member. Any change to the banking information made at a later date must be submitted in writing with a signature
guarantee.
Payment of the redemption price for shares redeemed may be made either in cash or in portfolio securities (selected at the
discretion of the Board and taken at their value used in determining each Fund’s NAV per share as described under
"Determination of Net Asset Value"), or partly in cash and partly in portfolio securities. However, payments will be
made wholly in cash unless the shareholder has redeemed more than $250,000 over the preceding three months and the
Adviser believes that economic conditions exist which would make payments in cash detrimental to the best interests of
the Trust. If payment for shares redeemed is made wholly or partly in portfolio securities, brokerage costs may be
incurred by the investor in converting the securities to cash. The Trust will not distribute in-kind portfolio securities that
are not readily marketable.
Cancellation of purchase orders for Fund shares (as, for example, when checks submitted to purchase shares are returned
unpaid) cause a loss to be incurred when the NAV of the Fund shares on the date of cancellation is less than on the
original date of purchase. The investor is responsible for such loss, and each Fund may reimburse itself or the Distributor
for such loss by automatically redeeming shares from any account registered in that shareholder's name, or by seeking
64