Statement of Additional Info - Gabelli

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okers or dealers who also furnish research and other services to the Funds or the Adviser or Sub-Adviser of the type described in Section 28(e) of the 1934 Act, as amended. In doing so, the Funds may also pay higher commission rates than the lowest available when the Adviser or Sub-Adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction. Such services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information or opinions pertaining to investments; wire services; and appraisals or evaluations of potential and existing investments. Research services furnished by brokers through which the Funds effect securities transactions are used by the Adviser or Sub-Adviser and their advisory affiliates in carrying out their responsibilities with respect to all of their accounts over which they exercise investment discretion. Such investment information may be useful only to one or more of the other accounts of the Adviser or Sub-Adviser and their advisory affiliates, and research information received for the commissions of those particular accounts may be useful both to the Funds and one or more of such other accounts, or may not specifically benefit the Funds. The purpose of this sharing of research information is to avoid duplicative charges for research provided by brokers and dealers. Neither the Funds nor the Adviser or Sub-Adviser has any agreement or legally binding understanding with any broker or dealer regarding any specific amount of brokerage commissions which will be paid in recognition of such services. However, in determining the amount of portfolio commissions directed to such brokers or dealers, the Adviser and Sub-Adviser do consider the level of services provided and, based on such determinations, the Adviser allocated brokerage commissions of $217,705 on portfolio transactions in the principal amount of $66,506,060 during the fiscal year ended September 30, 2013, to broker-dealers who provided research services to the Adviser or Sub-Adviser. The following tables set forth certain information regarding each Fund’s payment of brokerage commissions for the past three fiscal years: TETON Westwood Mighty Mites Fund Year ended September 30 Commissions Paid Total Brokerage Commissions 2011 $821,134 2012 $216,878 2013 $443,516 Commissions paid to G.research 2011 $184,006 2012 $68,903 2013 $113,130 % of Total Brokerage Commissions paid 2013 25.51% to G.research % of Total Transactions involving Commissions 2013 25.87% effected through G.research TETON Westwood SmallCap Equity Fund Year ended September 30 Commissions Paid Total Brokerage Commissions 2011 $194,026 2012 $129,073 2013 $33,033 Commissions paid to G.research 2011 $0 2012 $0 2013 $0 % of Total Brokerage Commissions paid 2013 0.00% to G.research % of Total Transactions involving Commissions 2013 0.00% effected through G.research 46
TETON Westwood Mid-Cap Equity Fund Year ended September 30 * Commissions Paid * Total Brokerage Commissions 2013 $1,554 Commissions paid to G.research 2013 $0 % of Total Brokerage Commissions paid 2013 0.00% to G.research % of Total Transactions involving Commissions 2013 0.00% effected through G.research *The Mid-Cap Equity Fund commenced operations on May 31, 2013. TETON Westwood Income Fund Year ended September 30 Commissions Paid Total Brokerage Commissions 2011 $2,472 2012 $901 2013 $1,182 Commissions paid to G.research 2011 $906 2012 $519 2013 $790 % of Total Brokerage Commissions paid 2013 66.84% to G.research % of Total Transactions involving Commissions 2013 62.44% effected through G.research TETON Westwood Equity Fund Year ended September 30 Commissions Paid Total Brokerage Commissions 2011 $54,411 2012 $54,557 2013 $52,034 Commissions paid to G.research 2011 $0 2012 $0 2013 $0 % of Total Brokerage Commissions paid 2013 0.00% to G.research % of Total Transactions involving Commissions 2013 0.00% effected through G.research 47
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: PORTFOLIO TRANSACTIONS AND BROKERAG
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 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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