Statement of Additional Info - Gabelli

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APPENDIX A DESCRIPTION OF CORPORATE DEBT RATINGS MOODY'S INVESTORS SERVICE, INC. Aaa: Aa: Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. A: Obligations rated A are considered as upper-medium grade and are subject to low credit risk. Baa: Ba: Obligations rated Baa are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics. Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk. B: Obligations rated B are considered speculative and are subject to high credit risk. Caa: Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk. Ca: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. C: Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest. Unrated: Where no rating has been assigned or where a rating has been suspended or withdrawn, it may be for reasons unrelated to the quality of the issue. A-1
Should no rating be assigned, the reason may be one of the following: 1. An application for rating was not received or accepted. 2. The issue or issuer belongs to a group of securities that are not rated as a matter of policy. 3. There is a lack of essential data pertaining to the issue or issuer. 4. The issue was privately placed, in which case the rating is not published in Moody's Investors Service, Inc.'s publications. Suspension or withdrawal may occur if new and material circumstances arise, the effects of which preclude satisfactory analysis; if there is no longer available reasonable up-to-date data to permit a judgment to be formed; if a bond is called for redemption; or for other reasons. Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. STANDARD & POOR'S RATINGS SERVICES (“S&P”) AAA: AA: An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ differs from the highest rated obligations only in small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong. A: An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong. BBB: An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.. BB, B, CCC, CC, C: Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. C1: The rating C1 is reserved for income bonds on which no interest is being paid. D: Bonds rated D are in payment default, and payment of interest and/or repayment of principal is in arrears. Plus (+) or Minus (-) NR: The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories. Indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular type of obligation as a matter of policy. A-2
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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
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and from the broker will be made da
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The Funds may use options on future
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Mortgage-Related Securities (the Mi
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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 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: portfolio within the Trust is separ
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Statement of Additional Info - Gabelli

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