Statement of Additional Info - Gabelli

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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
other redress. If a Fund is unable to recover any loss to itself, it is the position of the SEC that the Distributor will be immediately obligated to make such Fund whole. To minimize expenses, a Fund reserves the right to redeem, upon not less than 30 days’ notice, all shares of a Fund in an account (other than an IRA) which as a result of shareholder redemption has a value below $1,000 and has reserved the ability to raise this amount to up to $10,000. However, a shareholder will be allowed to make additional investments prior to the date fixed for redemption to avoid liquidation of the account. The Mighty Mites Fund, the SmallCap Equity Fund, the Mid-Cap Equity Fund, and the Income Fund generally impose a redemption fee of 2.00% of the total redemption amount if shareholders sell or exchange shares within seven days or less after the purchase date. See “Redemption of Shares” in the Funds’ Prospectuses. Breakpoints, Volume Discounts, and Sales Charge Waivers. Please read the Funds’ Prospectuses for information on breakpoints, Volume Discounts, and sales charge waivers, if any. DETERMINATION OF NET ASSET VALUE NAV per share is calculated separately for each class of each Fund. The NAV of Class C Shares of each Fund will generally be lower than the NAV of Class A, Class I, or Class AAA Shares, as applicable, as a result of the higher service and distribution-related fees to which Class C Shares are subject. It is expected, however, that the NAV of each class will tend to converge immediately after the recording of dividends, if any, which will differ by approximately the amount of the distribution and/or service fee expense accrual differential among the classes. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices, or, if there were no asked prices quoted on that day, the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price, or, if the Board so determines, by such other method as the Board shall determine in good faith, to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser. Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on their respective exchanges, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of 60 days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. Securities and assets for which market quotations are not readily available are valued at their fair value as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons to the valuation and changes in valuation of similar securities, including a comparison of foreign securities to the equivalent U.S. dollar value ADR securities at the close of U.S. exchanges; and evaluation of any other information that could be indicative of the value of the security. The Funds may obtain valuations on the basis of prices provided by a pricing service approved by the Board . All other investment assets, including restricted and not readily marketable securities, are valued in good faith at fair value under procedures established by and under the general supervision and responsibility of the Trust’s Board. Further information on fair valuation is provided in the Funds’ Prospectuses under “Pricing of Fund Shares.” In addition, whenever developments in one or more securities markets after the close of the principal markets for one or more portfolio securities and before the time as of which a Fund determines its NAV would, if such developments had been reflected in such principal markets, likely have more than a minimal effect on such Fund's NAV, the Fund may fair value such portfolio securities based on available market information as of the time the Fund determines its NAV. 65
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Fund TETON Westwood Mighty Mites SM
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GENERAL INFORMATION AND HISTORY The
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A Fund’s primary risk is that if
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A Fund may also buy variable rate m
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negotiated by the countries with wh
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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 and 60: Team Member Varun V. Singh Lisa Don
Page 61 and 62: Fiscal Year Ended September 30, Sal
Page 63: TETON Westwood Balanced Fund Class
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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