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2012-01-29 2013-01-28 0000796229 twf:S000001080Member twf:ClassAaaSharesMember twf:SixtyPercentSandPfiveHundredIndexAndFortyPercentBarclaysGovernmentCreditBondIndexMember 2012-01-29 2013-01-28 pure iso4217:USD 2012-09-30 false 2013-01-28 485BPOS TETON WESTWOOD FUNDS 0000796229 2013-01-28 2013-01-28 Investment Objective The Mighty Mites Fund seeks to provide long-term capital appreciation by investing primarily in micro-capitalization equity securities. Fees and Expenses of the Mighty Mites Fund: This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Mighty Mites Fund. TETON WESTWOOD INCOME FUND (formerly, “GAMCO Westwood Income Fund”) (the “Income Fund”) Investment Objective The Income Fund seeks to provide a high level of current income as well as long-term capital appreciation. Investment Objective Investment Objective The SmallCap Equity Fund seeks to provide long-term capital appreciation by investing primarily in smaller capitalization equity securities. The Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity. Fees and Expenses of the Intermediate Bond Fund: Fees and Expenses of the SmallCap Equity Fund: This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Intermediate Bond Fund. Fees and Expenses of the Income Fund: This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Income Fund. This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the SmallCap Equity Fund. Expense Example Portfolio Turnover Principal Investment Strategies Shareholder Fees (fees paid directly from your investment): Principal Risks Portfolio Turnover The Intermediate Bond Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Intermediate Bond Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Intermediate Bond Fund’s performance. During the most recent fiscal year, the Intermediate Bond Fund’s portfolio turnover rate was 15% of the average value of its portfolio. Principal Investment Strategies Performance 0 Principal Risks 0 0 0 This example is intended to help you compare the cost of investing in Class AAA Shares of the SmallCap Equity Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the SmallCap Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the SmallCap Equity Fund’s operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 The SmallCap Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the SmallCap Equity Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the SmallCap Equity Fund’s performance. During the most recent fiscal year, the SmallCap Equity Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a        percentage of the value of your investment): Performance 0.01 0.0025 0.0157 0.0282 -0.0082 During the periods shown in the bar chart, the highest return for a quarter was 5.58% (quarter ended September 30, 2002) and the lowest return for a quarter was (2.64)% (quarter ended June 30, 2004). 0.02 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). This example is intended to help you compare the cost of investing in Class AAA Shares of the Intermediate Bond Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Intermediate Bond Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Intermediate Bond Fund’s operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: The bar chart and table provide an indication of the risks of investing in the Intermediate Bond Fund by showing changes in the Intermediate Bond Fund’s performance from year to year, and by showing how the Intermediate Bond Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Intermediate Bond Fund’s past performance (before and after taxes) does not predict how the Intermediate Bond Fund will perform in the future. Updated information on the Intermediate Bond Fund’s results can be obtained by visiting www.gabelli.com. TETON WESTWOOD INTERMEDIATE BOND FUND (Total returns for Class AAA Shares for the Years Ended December 31) Average Annual Total Returns (for the periods ended December 31, 2012) TETON WESTWOOD INTERMEDIATE BOND FUND (formerly, “GAMCO Westwood Intermediate Bond Fund”) (the “Intermediate Bond Fund”) Under normal market conditions, the SmallCap Equity Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in a portfolio of common stocks of smaller companies. The Adviser characterizes small capitalization companies as those companies with a market capitalization (defined as shares outstanding times current market price) between $100 million and $2.5 billion at the time of the SmallCap Equity Fund’s initial investment. The Adviser may change this characterization at any time in the future based upon the market capitalizations of the securities included in the Russell 2000® Index. The Adviser closely monitors the issuers and will sell a stock if the stock achieves its price objective and has limited further potential for price increase, the forecasted price/earnings ratio exceeds the future forecasted growth rate, and/or the issuer suffers a negative change in its fundamental outlook. The SmallCap Equity Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The SmallCap Equity Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px"> you seek growth of capital</li><li style="margin-left: 60px"> you seek investments in small capitalization growth stocks as part of your overall investment strategy</li></ul> Expense Example 0.01 0.0025 0.0031 0.0156 This example is intended to help you compare the cost of investing in Class AAA Shares of the Income Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Income Fund’s operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Shareholder Fees (fees paid directly from your investment): The SmallCap Equity Fund’s share price will fluctuate with changes in the market value of the SmallCap Equity Fund’s portfolio securities. Your investment in the SmallCap Equity Fund is not guaranteed; you may lose money by investing in the SmallCap Equity Fund. When you sell SmallCap Equity Fund shares, they may be worth more or less than what you paid for them. Investing in the SmallCap Equity Fund involves the following risks: <ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio manager is incorrect in his assessment of the securities the SmallCap Equity Fund holds, then the value of the SmallCap Equity Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 60px">Equity Risk.    Equity risk is the risk that the prices of the securities held by the SmallCap Equity Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul> <ul type="square"><li style="margin-left: 60px">Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> <ul type="square"><li style="margin-left: 60px">Small- and Micro-Cap Company Risk.    Although small-cap and micro-cap companies may offer greater potential for capital appreciation than larger companies, investing in securities of small-cap and micro-cap companies may involve greater risks than investing in larger, more established issuers. Small-cap and micro-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volume than the securities of larger, more established companies. Also, small-cap and micro-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, small-cap and micro-cap company stock prices tend to rise and fall in value more than other stocks. The risks of investing in micro-cap stocks and companies are even greater than those of investing in small-cap companies.</li></ul> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0 The bar chart and table provide an indication of the risks of investing in the SmallCap Equity Fund by showing changes in the SmallCap Equity Fund’s performance from year to year, and by showing how the SmallCap Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the SmallCap Equity Fund’s past performance (before and after taxes) does not predict how the SmallCap Equity Fund will perform in the future. Updated information on the SmallCap Equity Fund’s results can be obtained by visiting www.gabelli.com. Portfolio Turnover 0 The Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Income Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Income Fund’s performance. During the most recent fiscal year, the Income Fund’s portfolio turnover rate was 11% of the average value of its portfolio. 0 0 TETON WESTWOOD SMALLCAP EQUITY FUND (Total returns for Class AAA Shares for the Years Ended December 31) 0 Principal Investment Strategies Average Annual Total Returns (for the periods ended December 31, 2012) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). During the periods shown in the bar chart, the highest return for a quarter was 32.14% (quarter ended June 30, 2009) and the lowest return for a quarter was (32.94)% (quarter ended December 31, 2008). 0.006 0.0025 0.0048 0.0002 0.0135 -0.0033 0.0102 Shareholder Fees (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 159 493 850 1856 104 395 708 1595 0.0252 0.0195 0.0166 0.0482 0.0444 0.0356 0.0331 0.0606 0.0372 0.0267 0.0258 0.0525 Principal Risks 0.224 0.124 0.138 0.182 0.124 -0.331 0.126 0.12 -0.015 0.153 0.1534 0.1518 0.1017 0.16 -0.0086 -0.0101 -0.0076 0.0166 Performance 0.0714 0.0651 0.0622 0.071 The bar chart and table provide an indication of the risks of investing in the Income Fund by showing changes in the Income Fund’s performance from year to year, and by showing how the Income Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and another relevant index. The bar chart and table include the Income Fund’s performance achieved prior to the changes effected in 2005 to the Income Fund’s investment objective and policies. As a result, performance information prior to 2006 may not be indicative of the Income Fund’s performance under the revised objective and policies. As with all mutual funds, the Income Fund’s past performance (before and after taxes) does not predict how the Income Fund will perform in the future. Updated information on the Income Fund’s results can be obtained by visiting www.gabelli.com. Expense Example SUMMARY OF THE FUNDS TETON WESTWOOD MIGHTY MITESSM FUND (formerly “GAMCO Westwood Mighty MitesSM Fund”) (the “Mighty Mites Fund”) Shareholder Fees       (fees paid directly from your investment): Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): This example is intended to help you compare the cost of investing in Class AAA Shares of the Mighty Mites Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Mighty Mites Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Mighty Mites Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: January 31, 2014 0.39 Your investment in the SmallCap Equity Fund is not guaranteed; you may lose money by investing in the SmallCap Equity Fund. The bar chart and table provide an indication of the risks of investing in the SmallCap Equity Fund by showing changes in the SmallCap Equity Fund’s performance from year to year, and by showing how the SmallCap Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the SmallCap Equity Fund’s past performance (before and after taxes) does not predict how the SmallCap Equity Fund will perform in the future. www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). TETON WESTWOOD INCOME FUND (Total returns for Class AAA Shares for the Years Ended December 31) January 31, 2014 0.0837 0.0837 0.11 0.0544 0.1635 0.0307 0.0298 0.0262 0.0356 0.0847 0.0841 0.0752 0.0972 Portfolio Turnover Your investment in the Income Fund is not guaranteed; you may lose money by investing in the Income Fund. The bar chart and table provide an indication of the risks of investing in the Income Fund by showing changes in the Income Fund’s performance from year to year, and by showing how the Income Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and another relevant index. The Mighty Mites Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Mighty Mites Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Mighty Mites Fund’s performance. During the most recent fiscal year, the Mighty Mites Fund’s portfolio turnover rate was 12% of the average value of its portfolio. As with all mutual funds, the Income Fund’s past performance (before and after taxes) does not predict how the Income Fund will perform in the future. Principal Investment Strategies www.gabelli.com January 31, 2014 0.15 Your investment in the Intermediate Bond Fund is not guaranteed; you may lose money by investing in the Intermediate Bond Fund. The bar chart and table provide an indication of the risks of investing in the Intermediate Bond Fund by showing changes in the Intermediate Bond Fund’s performance from year to year, and by showing how the Intermediate Bond Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. During the periods shown in the bar chart, the highest return for a quarter was 14.90% (quarter ended June 30, 2009) and the lowest return for a quarter was (18.33)% (quarter ended December 31, 2008). As with all mutual funds, the Intermediate Bond Fund’s past performance (before and after taxes) does not predict how the Intermediate Bond Fund will perform in the future. www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). The Mighty Mites Fund primarily invests in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $500 million or less at the time of the Mighty Mites Fund’s initial investment. The Mighty Mites Fund focuses on micro-cap companies which appear to be underpriced relative to their “private market value.” Private market value is the value which Teton Advisors, Inc. (the “Adviser”) believes informed investors would be willing to pay to acquire a company. The Adviser has disciplines in place that serve as sell signals such as a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund. Micro-cap companies may also be new or unseasoned companies which are in their very early stages of development. Micro-cap companies can also be engaged in new and emerging industries. Micro-cap companies are generally not well-known to investors and have less of an investor following than larger companies. The Adviser will attempt to capitalize on the lack of analyst attention to micro-cap stocks and the inefficiency of the micro-cap market. The Mighty Mites Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Mighty Mites Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px">you are a long-term investor</li><li style="margin-left: 60px">you seek long-term growth of capital</li><li style="margin-left: 60px">you seek an exposure to the micro-cap market segment despite the potential volatility of micro-capitalization stocks</li></ul> Principal Risks 153 506 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 883 Average Annual Total Returns (for the periods ended December 31, 2012) highest return 2002-09-30 0.0558 lowest return 2004-06-30 -0.0264 1942 0.01 0.0025 0.004 0.013 0.03 0.0165 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0015 Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 0.018 0.031 0.015 0.057 0.06 0.038 0.048 0.052 0.025 The Mighty Mites Fund’s share price will fluctuate with changes in the market value of the Mighty Mites Fund’s portfolio securities. Your investment in the Mighty Mites Fund is not guaranteed; you may lose money by investing in the Mighty Mites Fund. When you sell Mighty Mites Fund shares, they may be worth more or less than what you paid for them. Investing in the Mighty Mites Fund involves the following risks:<ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio managers are incorrect in their assessment of the securities the Mighty Mites Fund holds, then the value of the Mighty Mites Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px">Equity Risk.    Equity risk is the risk that the prices of the securities held by the Mighty Mites Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px">Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul><ul type="square"><li style="margin-left: 60px">Small- and Micro-Cap Company Risk.    Although small-cap and micro-cap companies may offer greater potential for capital appreciation than larger companies, investing in securities of small-cap and micro-cap companies may involve greater risks than investing in larger, more established issuers. Small-cap and micro-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volume than the securities of larger, more established companies. Also, small-cap and micro-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, small-cap and micro-cap company stock prices tend to rise and fall in value more than other stocks. The risks of investing in micro-cap stocks and companies are even greater than those of investing in small-cap companies.</li></ul> Performance 0 The bar chart and table provide an indication of the risks of investing in the Mighty Mites Fund by showing changes in the Mighty Mites Fund’s performance from year to year, and by showing how the Mighty Mites Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and another relevant index. As with all mutual funds, the Mighty Mites Fund’s past performance (before and after taxes) does not predict how the Mighty Mites Fund will perform in the future. Updated information on the Mighty Mites Fund’s results can be obtained by visiting www.gabelli.com. 0 0 TETON WESTWOOD MIGHTY MITES FUND (Total returns for Class AAA Shares for the Years Ended December 31) During the periods shown in the bar chart, the highest return for a quarter was 18.44% (quarter ended September 30, 2009) and the lowest return for a quarter was (16.14)% (quarter ended December 31, 2008). Average Annual Total Returns (for the periods ended December 31, 2012) 0.335 0.269 0 0.066 0.13 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). -0.022 -0.288 0.179 0.132 0.026 0.092 0.241 0.143 0.096 0.224 0.019 -0.429 0.524 0.31 -0.06 0.084 TETON WESTWOOD EQUITY FUND (formerly, “GAMCO Westwood Equity Fund”) (the “Equity Fund”) Investment Objectives 203 The Equity Fund seeks to provide capital appreciation. Fees and Expenses of the Equity Fund: 797 This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Equity Fund. 1416 Shareholder Fees (fees paid directly from your investment): 3088 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Expense Example This example is intended to help you compare the cost of investing in Class AAA Shares of the Equity Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Equity Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Equity Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Equity Fund’s performance. During the most recent fiscal year, the Equity Fund’s portfolio turnover rate was 41% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Equity Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in common stocks and securities which may be converted into common stocks. The Equity Fund invests in a portfolio of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years. In selecting securities, Westwood Management Corporation, the Equity Fund’s sub-adviser (the “Sub-Adviser”), maintains a list of securities of issuers which it believes have proven records and potential for above-average earnings growth. It considers purchasing a security on such list if the Sub-Adviser’s forecast for growth rates and earnings exceeds Wall Street expectations. The Sub-Adviser closely monitors the issuers and will sell a stock if the Sub-Adviser expects limited future price appreciation, there is a fundamental change that negatively impacts their growth assumptions, and/or the price of the stocks declines 15% in the first forty-five days held. The Equity Fund’s risk characteristics, such as beta (a measure of volatility), are generally expected to be less than those of the Standard & Poor’s 500 Index (the “S&P 500 Index”), the Equity Fund’s benchmark. The Equity Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Equity Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px"> you seek growth of capital</li><li style="margin-left: 60px"> you seek a fund with a growth orientation as part of your overall investment plan</li></ul> Principal Risks The Equity Fund’s share price will fluctuate with changes in the market value of the Equity Fund’s portfolio securities. Your investment in the Equity Fund is not guaranteed; you may lose money by investing in the Equity Fund. When you sell Equity Fund shares, they may be worth more or less than what you paid for them. Investing in the Equity Fund involves the following risks:<ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio managers are incorrect in their assessment of the securities the Equity Fund holds, then the value of the Equity Fund’s shares could go down.</li></ul><ul type="square"><li style="margin-left: 60px"> Equity Risk.    Equity risk is the risk that the prices of the securities held by the Equity Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px"> Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> Performance The bar chart and table provide an indication of the risks of investing in the Equity Fund by showing changes in the Equity Fund’s performance from year to year, and by showing how the Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Equity Fund’s past performance (before and after taxes) does not predict how the Equity Fund will perform in the future. Updated information on the Equity Fund’s results can be obtained by visiting www.gabelli.com. TETON WESTWOOD EQUITY FUND (Total returns for Class AAA Shares for the Years Ended December 31) During the periods shown in the bar chart, the highest return for a quarter was 13.65% (quarter ended June 30, 2003) and the lowest return for a quarter was (20.64)% (quarter ended December 31, 2008). 0.0923 0.094 0.0654 0.137 0.16 0.0126 0.0098 0.0105 0.0127 0.0166 Average Annual Total Returns (for the periods ended December 31, 2012) 0.0782 0.0627 0.0651 0.0693 0.071 highest return 2009-06-30 0.3214 lowest return After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 2008-12-31 -0.3294 0.41 Your investment in the Equity Fund is not guaranteed; you may lose money by investing in the Equity Fund. The bar chart and table provide an indication of the risks of investing in the Equity Fund by showing changes in the Equity Fund’s performance from year to year, and by showing how the Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Equity Fund’s past performance (before and after taxes) does not predict how the Equity Fund will perform in the future. highest return 2003-06-30 0.1365 lowest return 2008-12-31 -0.2064 www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODINTERMEDIATEBONDFUND column period compact * ~</div> highest return 2009-06-30 0.149 lowest return 2008-12-31 -0.1833 Under normal market conditions the Intermediate Bond Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in bonds of various types and with various maturities. The Intermediate Bond Fund focuses on investment grade bonds of domestic corporations and governments. Investment grade debt securities are securities rated in the four highest ratings categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”). Although there are no restrictions on the maximum or minimum maturity of any individual security that the Intermediate Bond Fund may invest in, generally the Intermediate Bond Fund will have a dollar weighted average maturity of three to ten years. The Intermediate Bond Fund may also invest in other types of investment grade debt securities, including debentures, notes, convertible debt securities, municipal securities, mortgage-related securities, and certain collateralized and asset-backed securities. The Intermediate Bond Fund will seek to maintain an average rating of AA or better by Standard & Poor’s Ratings Services, a division of McGraw-Hill Companies, (“Standard & Poor’s”), or comparable quality for the securities in its portfolio. In selecting securities for the Intermediate Bond Fund, the Westwood Management Corporation, the Intermediate Bond Fund’s sub-adviser (the “Sub-Adviser”) focuses both on the fundamentals of particular issuers and yield curve positioning. The Sub-Adviser seeks to earn risk-adjusted returns superior to those of the Barclays Capital Government/Credit Bond Index over time. The Sub-Adviser invests 80% to 100% of the Fund’s assets in debt securities and the remainder in cash or cash equivalents. The Sub-Adviser has disciplines in place that serve as sell signals such as a change to a company’s fundamentals that make the risk/reward profile unattractive or a need to improve the overall risk/reward profile of the Fund. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are seeking current income consistent with the maintenance of principal and liquidity</li> <li style="margin-left: 60px">you are conservative in your investment approach</li> <li style="margin-left: 60px">you are seeking exposure to investment grade bonds as part of your overall investment strategy</li></ul> The Intermediate Bond Fund’s share price will fluctuate with changes in prevailing interest rates and the market value of the Intermediate Bond Fund’s portfolio securities. Your investment in the Intermediate Bond Fund is not guaranteed; you may lose money by investing in the Intermediate Bond Fund. When you sell Intermediate Bond Fund shares, they may be worth more or less than what you paid for them. Investing in the Intermediate Bond Fund involves the following risks:<ul type="square"><li style="margin-left: 60px"> Management Risk. If the portfolio manager is incorrect in his assessment of the securities the Intermediate Bond Fund holds, then the value of the Intermediate Bond Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 60px"> Interest Rate Risk, Maturity Risk, and Credit Risk. When interest rates decline, the value of the portfolio’s debt securities generally increases. Conversely, when interest rates rise, the value of the portfolio’s debt securities generally declines. The magnitude of the increase or decline will often be greater for longer-term debt securities than shorter-term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal payments when due.</li></ul> <ul type="square"><li style="margin-left: 60px">Pre-Payment Risk. The Intermediate Bond Fund may experience losses when an issuer exercises its right to pay principal on an obligation held by the Intermediate Bond Fund (such as a mortgage-backed security) earlier than expected. This may happen during a period of declining interest rates. Under these circumstances, the Intermediate Bond Fund may be unable to recoup all of its initial investment and will suffer from having to invest in lower yielding securities. The loss of higher yielding securities and the reinvestment at lower interest rates can reduce the Intermediate Bond Fund’s income, total return, and share price.</li></ul> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODINTERMEDIATEBONDFUND column period compact * ~</div> 0.12 Your investment in the Mighty Mites Fund is not guaranteed; you may lose money by investing in the Mighty Mites Fund. The bar chart and table provide an indication of the risks of investing in the Mighty Mites Fund by showing changes in the Mighty Mites Fund’s performance from year to year, and by showing how the Mighty Mites Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and another relevant index. As with all mutual funds, the Mighty Mites Fund’s past performance (before and after taxes) does not predict how the Mighty Mites Fund will perform in the future. <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODINTERMEDIATEBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODINCOMEFUND column period compact * ~</div> www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODINCOMEFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODINCOMEFUNDBarChart column period compact * ~</div> 0 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODINTERMEDIATEBONDFUNDBarChart column period compact * ~</div> 0 0 0 TETON Westwood SmallCap Equity Fund Class AAA Shares TETON Westwood SmallCap Equity Fund Class AAA Shares TETON Westwood SmallCap Equity Fund Class AAA Shares Index Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000 Index 0.01 0.0025 0.0021 0.0001 0.0147 TETON Westwood Intermediate Bond Fund Class AAA Shares TETON Westwood Intermediate Bond Fund Class AAA Shares TETON Westwood Intermediate Bond Fund Class AAA Shares Index TETON Westwood Equity Fund Class AAA Shares TETON Westwood Equity Fund Class AAA Shares TETON Westwood Equity Fund Class AAA Shares Index (reflects no deduction for fees, expenses or taxes) Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Barclays Government/Credit Bond Index 150 (reflects no deduction for fees, expenses or taxes) 465 803 1757 (reflects no deduction for fees, expenses or taxes) 0.259 0.187 0.072 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODEQUITYFUND column period compact * ~</div> 0.198 0.074 -0.239 0.275 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODSMALLCAPEQUITYFUNDBarChart column period compact * ~</div> 0.281 -0.058 0.182 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODSMALLCAPEQUITYFUND column period compact * ~</div> highest return lowest return 2009-09-30 2008-12-31 0.1844 -0.1614 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODINTERMEDIATEBONDFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODSMALLCAPEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODSMALLCAPEQUITYFUND column period compact * ~</div> 0.1822 0.1777 0.124 0.1635 0.1975 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODEQUITYFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODSMALLCAPEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODEQUITYFUND column period compact * ~</div> Under normal market conditions, the Income Fund invests at least 80% of its net assets (which includes, for the purposes of this test, the amount of any borrowings for investment purposes) in dividend-paying and/or interest bearing equity and fixed income securities. The Income Fund’s investments may include dividend-paying common stocks, preferred stocks, convertible preferred stocks, selected debt instruments, publicly traded real estate investment trusts (“REITs”), master limited partnerships, royalty trusts, money market instruments, and other income-producing securities. The Adviser invests in companies with strong and improving cash flows sufficient to support a healthy or rising level of income. It uses proprietary, fundamental research to find appropriate securities for purchase. Securities considered for purchase have:<ul type="square"><li style="margin-left: 60px">attractive fundamentals and valuations based on the Adviser’s internal research</li><li style="margin-left: 60px">issuers with strong management teams and/or</li><li style="margin-left: 60px">issuers with good balance sheet fundamentals</li></ul>The Adviser will consider selling a security if fundamentals become unfavorable within the issuer’s internal operations or industry, there is limited growth opportunity, the issuer is at risk of losing its competitive edge, the issuer is serving markets with slowing growth, and/or the level of income produced becomes unattractive or unsustainable. The Income Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Income Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px">you seek a high level of current income as well as growth of capital</li></ul> The Income Fund’s share price will fluctuate with changes in the market value of the Income Fund’s portfolio securities and changes in prevailing interest rates. Your investment in the Income Fund is not guaranteed; you may lose money by investing in the Income Fund. When you sell Income Fund shares, they may be worth more or less than what you paid for them. Investing in the Income Fund involves the following risks:<ul type="square"><li style="margin-left: 60px"><blockquote> Management Risk.    If the portfolio manager is incorrect in her assessment of the securities the Income Fund holds, then the value of the Income Fund’s shares may decline.</blockquote></li></ul> <ul type="square"><li style="margin-left: 60px"><blockquote> Interest Rate Risk, Maturity Risk, and Credit Risk.    When interest rates decline, the value of the portfolio’s debt securities generally increases. Conversely, when interest rates rise, the value of the portfolio’s debt securities generally declines. The magnitude of the increase or decline will often be greater for longer-term debt securities than shorter-term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal payments when due.</blockquote></li></ul> <ul type="square"><li style="margin-left: 60px"><blockquote>Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</blockquote></li></ul> 0.0673 0.0634 0.0571 0.0356 0.0146 Investment Objective 0.04 0 0 0.01 0.01 0.01 0.005 0.01 0 571 959 1372 2522 328 734 1267 2725 127 428 752 1667 959 1372 2522 228 734 1267 2725 127 428 752 1667 0.1106 0.1012 0.096 0.0972 0.0842 TETON WESTWOOD SMALLCAP EQUITY FUND (formerly, “GAMCO Westwood SmallCap Equity Fund”) (the “SmallCap Equity Fund”) The SmallCap Equity Fund seeks to provide long-term capital appreciation by investing primarily in smaller capitalization equity securities. Fees and Expenses of the SmallCap Equity Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the SmallCap Equity Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). Expense Example This example is intended to help you compare the cost of investing in the SmallCap Equity Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the SmallCap Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods except as noted. The example also assumes that your investment has a 5% return each year and that the SmallCap Equity Fund’s operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment Objective -0.02 Fees and Expenses of the Income Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Income Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). Portfolio Turnover The SmallCap Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the SmallCap Equity Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the SmallCap Equity Fund’s performance. During the most recent fiscal year, the SmallCap Equity Fund’s portfolio turnover rate was 39% of the average value of its portfolio. Principal Investment Strategies 0.04 0 0 0 0.01 0 0 0 0 Principal Risks 0 0 0 Performance During the periods shown in the bar chart, the highest return for a quarter was 32.03% (quarter ended June 30, 2009) and the lowest return for a quarter was (32.91)% (quarter ended December 31, 2008). S&P 500 Index TETON Westwood Mighty Mites Fund Class AAA Shares TETON Westwood Mighty Mites Fund Class AAA Shares TETON Westwood Mighty Mites Fund Class AAA Shares Indexes Indexes Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000 Index Russell Microcap Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.01 0.01 0.01 0.005 0.01 0 TETON Westwood Income Fund Class AAA Shares TETON Westwood Income Fund Class AAA Shares TETON Westwood Income Fund Class AAA Shares Indexes Indexes 0.0157 0.0157 0.0157 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Lipper Equity Income Funds Average S&P 500 Index 0.0307 0.0357 0.0257 -0.0082 -0.0082 -0.0082 0.0225 0.0275 0.0175 SUMMARY OF THE FUNDS TETON WESTWOOD MIGHTY MITESSM FUND (formerly, “GAMCO Westwood Mighty MitesSM Fund”) (the “Mighty Mites Fund”) Investment Objective The Mighty Mites Fund seeks to provide long-term capital appreciation by investing primarily in micro-capitalization equity securities. Expense Example Fees and Expenses of the Mighty Mites Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Mighty Mites Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODINCOMEFUND column period compact * ~</div> TETON WESTWOOD SMALLCAP EQUITY FUND (formerly, “GAMCO Westwood SmallCap Equity Fund”) (the “SmallCap Equity Fund”) Shareholder Fees       (fees paid directly from your investment): Annual Fund Operating Expenses       (expenses that you pay each year as a percentage of the value of your investment): Under normal market conditions, the SmallCap Equity Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in a portfolio of common stocks of smaller companies. The Adviser characterizes small capitalization companies as those companies with a market capitalization (defined as shares outstanding times current market price) between $100 million and $2.5 billion at the time of the SmallCap Equity Fund’s initial investment. The Adviser may change this characterization at any time in the future based upon the market capitalizations of the securities included in the Russell 2000® Index. The Adviser closely monitors the issuers and will sell a stock if the stock achieves its price objective and has limited further potential for a price increase, the forecasted price/earnings ratio exceeds the future forecasted growth rate, and/or the issuer suffers a negative change in its fundamental outlook. The SmallCap Equity Fund may also invest up to 25% of its total assets in foreign securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The SmallCap Equity Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px"> you seek growth of capital</li><li style="margin-left: 60px"> you seek investments in small capitalization growth stocks as part of your overall investment strategy</li></ul> The SmallCap Equity Fund’s share price will fluctuate with changes in the market value of the SmallCap Equity Fund’s portfolio securities. Your investment in the SmallCap Equity Fund is not guaranteed; you may lose money by investing in the SmallCap Equity Fund. When you sell SmallCap Equity Fund shares, they may be worth more or less than what you paid for them. Investing in the SmallCap Equity Fund involves the following risks: <ul type="square"><li style="margin-left: 60px"> Management Risk.     If the portfolio manager is incorrect in his assessment of the securities the SmallCap Equity Fund holds, then the value of the SmallCap Equity Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px"> Equity Risk.     Equity risk is the risk that the prices of the securities held by the SmallCap Equity Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px"> Foreign Securities Risk.     Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul><ul type="square"><li style="margin-left: 60px"> Small- and Micro-Cap Company Risk.     Although small-cap and micro-cap companies may offer greater potential for capital appreciation than larger companies, investing in securities of small-cap and micro-cap companies may involve greater risks than investing in larger, more established issuers. Small-cap and micro-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volume than the securities of larger, more established companies. Also, small-cap and micro-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, small-cap and micro-cap company stock prices tend to rise and fall in value more than other stocks. The risks of investing in micro-cap stocks and companies are even greater than those of investing in small-cap companies.</li></ul> The bar chart and table provide an indication of the risks of investing in the SmallCap Equity Fund by showing changes in the SmallCap Equity Fund’s performance from year to year, and by showing how the SmallCap Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the SmallCap Equity Fund’s past performance (before and after taxes) does not predict how the SmallCap Equity Fund will perform in the future. Updated information on the SmallCap Equity Fund’s results can be obtained by visiting www.gabelli.com. TETON WESTWOOD SMALLCAP EQUITY FUND (Total returns for Class A Shares for the Years Ended December 31) Average Annual Total Returns (for the periods ended December 31, 2012, with maximum sales charges, if applicable) The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the SmallCap Equity Fund which are offered in a separate prospectus. All Classes of the SmallCap Equity Fund would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs, (collectively, “IRAs”). Shareholder Fees       (fees paid directly from your investment): Annual Fund Operating Expenses       (expenses that you pay each year as a percentage of the value of       your investment): Expense Example This example is intended to help you compare the cost of investing in the Mighty Mites Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Mighty Mites Fund for the time periods indicated and then redeem all of your shares at the end of those periods, except as noted. The example also assumes that your investment has a 5% return each year and that the Mighty Mites Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 619 378 178 Portfolio Turnover 1236 1019 The Mighty Mites Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Mighty Mites Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Mighty Mites Fund’s performance. During the most recent fiscal year, the Mighty Mites Fund’s portfolio turnover rate was 12% of the average value of its portfolio. 722 1878 Principal Investment Strategies 1781 1292 3593 3783 2844 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODMIGHTYMITESFUND column period compact * ~</div> The Mighty Mites Fund primarily invests in common stocks of smaller companies that have a market capitalization (defined as shares outstanding times current market price) of $500 million or less at the time of the Mighty Mites Fund’s initial investment. The Mighty Mites Fund focuses on micro-cap companies which appear to be underpriced relative to their “private market value.” Private market value is the value which Teton Advisors, Inc. (the “Adviser”) believes informed investors would be willing to pay to acquire a company. The Adviser has disciplines in place that serve as sell signals such as a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund. Micro-cap companies may also be new or unseasoned companies which are in their very early stages of development. Micro-cap companies can also be engaged in new and emerging industries. Micro-cap companies are generally not well-known to investors and have less of an investor following than larger companies. The Adviser will attempt to capitalize on the lack of analyst attention to micro-cap stocks and the inefficiency of the micro-cap market. The Mighty Mites Fund may also invest up to 25% of its total assets in foreign securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Mighty Mites Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px"> you seek long-term growth of capital</li><li style="margin-left: 60px"> you seek an exposure to the micro-cap market segment despite the potential volatility of micro-capitalization stocks</li></ul> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODMIGHTYMITESFUND column period compact * ~</div> 0.39 Your investment in the SmallCap Equity Fund is not guaranteed; you may lose money by investing in the SmallCap Equity Fund. The bar chart and table provide an indication of the risks of investing in the SmallCap Equity Fund by showing changes in the SmallCap Equity Fund’s performance from year to year, and by showing how the SmallCap Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the SmallCap Equity Fund’s past performance (before and after taxes) does not predict how the SmallCap Equity Fund will perform in the future. www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs, (collectively, “IRAs”). <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODMIGHTYMITESFUND column period compact * ~</div> 619 278 178 1236 1019 722 1878 1781 1292 3593 3783 2844 Principal Risks highest return 2009-06-30 0.3203 lowest return 2008-12-31 -0.3291 -0.02 Portfolio Turnover 0 0.01 The Income Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Income Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Income Fund’s performance. During the most recent fiscal year, the Income Fund’s portfolio turnover rate was 11% of the average value of its portfolio. 0 0 0 0 Principal Risks: Performance -0.02 -0.02 -0.02 During the periods shown in the bar chart, the highest return for a quarter was 14.88% (quarter ended June 30, 2009) and the lowest return for a quarter was (18.39)% (quarter ended December 31, 2008). <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODMIGHTYMITESFUNDBarChart column period compact * ~</div> The Mighty Mites Fund’s share price will fluctuate with changes in the market value of the Mighty Mites Fund’s portfolio securities. Your investment in the Mighty Mites Fund is not guaranteed; you may lose money by investing in the Mighty Mites Fund. When you sell Mighty Mites Fund shares, they may be worth more or less than what you paid for them. <ul type="square"><li style="margin-left: 60px">Equity Risk.    Equity risk is the risk that the prices of the securities held by the Mighty Mites Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px"> Management Risk.    If the portfolio managers are incorrect in their assessment of the securities the Mighty Mites Fund holds, then the value of the Mighty Mites Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px"> Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul><ul type="square"><li style="margin-left: 60px">Small- and Micro-Cap Company Risk.    Although small-cap and micro-cap companies may offer greater potential for capital appreciation than larger companies, investing in securities of small-cap and micro-cap companies may involve greater risks than investing in larger, more established issuers. Small-cap and micro-cap companies generally have limited product lines, markets, and financial resources. Their securities may trade less frequently and in more limited volume than the securities of larger, more established companies. Also, small-cap and micro-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, small-cap and micro-cap company stock prices tend to rise and fall in value more than other stocks. The risks of investing in micro-cap stocks and companies are even greater than those of investing in small-cap companies.</li></ul> Performance 0.0469 0.0479 0.0344 0.0751 0.095 0.137 0.16 The bar chart and table provide an indication of the risks of investing in the Mighty Mites Fund by showing changes in the Mighty Mites Fund’s performance from year to year, and by showing how the Mighty Mites Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index as well as another relevant index. As with all mutual funds, the Mighty Mites Fund’s past performance (before and after taxes) does not predict how the Mighty Mites Fund will perform in the future. Updated information on the Mighty Mites Fund’s results can be obtained by visiting www.gabelli.com. 0.0017 -0.0008 0.0012 0.005 0.0151 0.0127 0.0166 0.0712 0.057 0.0594 0.0709 0.0796 0.0693 0.071 During the periods shown in the bar chart, the highest return for a quarter was 18.40% (quarter ended September 30, 2009) and the lowest return for a quarter was (16.10)% (quarter ended December 31, 2008). <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODMIGHTYMITESFUND column period compact * ~</div> Average Annual Total Returns (for the periods ended December 31, 2012, with maximum sales charge, if applicable) 0.004 0.004 0.004 0.019 0.04 0 0.024 0 0.014 TETON WESTWOOD MIGHTY MITES FUND (Total returns for Class A Shares for the Years Ended December 31) 0 0.01 0 -0.0015 -0.0015 -0.0015 0 0 0 0 0 0 The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Mighty Mites Fund which are offered in a separate prospectus. All Classes of the Mighty Mites Fund would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 0.0175 0.0225 0.0125 0 0 0 0.01 0.01 0.01 0.01 0 0.0031 0.0031 0.0031 0.0181 0.0231 0.0131 TETON WESTWOOD INCOME FUND (formerly, “GAMCO Westwood Income Fund”) (the “Income Fund”) You would pay the following expenses if you did not redeem your shares of the Mighty Mites Fund: -0.02 This example is intended to help you compare the cost of investing in the Income Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Income Fund for the time periods indicated and then redeem all of your shares at the end of those periods except as noted. The example also assumes that your investment has a 5% return each year and that the Income Fund’s operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares of the SmallCap Equity Fund: 577 334 133 947 721 415 1341 1235 718 The bar chart and table provide an indication of the risks of investing in the Income Fund by showing changes in the Income Fund’s performance from year to year, and by showing how the Income Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and another relevant index. The bar chart and table primarily reflect the Income Fund’s performance achieved prior to the changes effected in 2005 to the Income Fund’s investment objective and policies. As with all mutual funds, the Income Fund’s past performance (before and after taxes) does not predict how the Income Fund will perform in the future. Updated information on the Income Fund’s results can be obtained by visiting www.gabelli.com. 2442 2646 1579 0.04 0 0 0 0 0.05 0.01 0 577 234 133 947 TETON WESTWOOD INCOME FUND (Total returns for Class A Shares for the Years Ended December 31) 721 415 1341 1235 718 2442 2646 1579 Average Annual Total Returns (for the periods ended December 31, 2012, with maximum sales charge, if applicable) You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). 100000 0.12 Your investment in the Mighty Mites Fund is not guaranteed; you may lose money by investing in the Mighty Mites Fund. The bar chart and table provide an indication of the risks of investing in the Mighty Mites Fund by showing changes in the Mighty Mites Fund’s performance from year to year, and by showing how the Mighty Mites Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index as well as another relevant index. As with all mutual funds, the Mighty Mites Fund’s past performance (before and after taxes) does not predict how the Mighty Mites Fund will perform in the future. Salesloads are not reflected in the above chart. If sales loads were reflected, the Mighty Mites Fund’s returns would be less than those shown. Shareholder Fees       (fees paid directly from your investment): www.gabelli.com The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Mighty Mites Fund which are offered in a separate prospectus. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). highest return 2009-09-30 0.184 lowest return Annual Fund Operating Expenses       (expenses that you pay each year as a percentage of the value of your investment): 2008-12-31 -0.161 0.1048 0.1042 0.0699 0.1569 0.1355 0.16 -0.0191 -0.02 -0.006 -0.016 0.0166 0.0075 0.0075 0.0075 0.0075 0.0377 0.0379 0.0246 0.0659 0.0871 0.1635 0.005 0.01 0.01 0 0.0644 0.0027 0.0585 0.0027 0.056 0.0634 0.0027 0.071 0.0027 0.0199 0.0191 0.017 0.0232 0.0334 0.0356 0.331 0.267 0.0152 0.063 0.0202 0.0202 0.126 0.0102 0.078 0.0774 0.069 0.0752 0.0861 -0.023 0.0972 -0.289 0.175 0.129 0.023 0.09 0.04 0 0 0 0 0.05 0.01 0 0 0 0 0 0 0 0 0 January 31, 2014 0.11 -0.02 -0.02 -0.02 -0.02 Your investment in the Income Fund is not guaranteed; you may lose money by investing in the Income Fund. The bar chart and table provide an indication of the risks of investing in the Income Fund by showing changes in the Income Fund’s performance from year to year, and by showing how the Income Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and another relevant index. As with all mutual funds, the Income Fund’s past performance (before and after taxes) does not predict how the Income Fund will perform in the future. 548 705 305 104 www.gabelli.com 861 934 634 325 1196 1288 1088 563 2140 highest return 2220 2348 1248 lowest return 2009-06-30 0.1488 2008-12-31 -0.1839 TETON Westwood SmallCap Equity Fund Class A Shares TETON Westwood SmallCap Equity Fund Class A Shares TETON Westwood SmallCap Equity Fund Class A Shares Class C Shares Class I Shares (commenced operations on January 11, 2008) Index Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return Before Taxes Russell 2000 Index (reflects no deduction for fees, expenses or taxes) 548 205 205 104 861 634 634 325 0.239 0.141 0.093 0.223 1196 1088 1088 563 0.016 -0.43 2140 2220 0.518 2348 1248 0.307 -0.061 0.081 0.141 0.086 0.09 0.121 0.1 -0.195 0.095 0.089 0.01 0.104 TETON Westwood Income Fund Class A Shares TETON Westwood Income Fund Class A Shares TETON Westwood Income Fund Class A Shares Class C Shares Class I Shares (commenced operations on January 11, 2008) Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return Before Taxes Lipper Equity Income Funds Average S&P 500 Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0602 0.0608 0.0443 0.0479 0.0893 0.1099 0.0482 0.01 0.01 0.01 0.01 0.005 0.01 0.01 0 0.0021 0.0021 0.0021 0.0021 0.0001 0.0001 0.0001 0.0001 0.0172 0.0222 0.0222 0.0122 0.0053 0.0031 0.0043 0.0044 0.0087 0.0187 0.0606 0.0166 0.0342 0.16 0.1153 0.0551 0.0474 0.0461 0.054 0.0542 0.0634 0.0525 0.071 0.0636 The Income Fund’s share price will fluctuate with changes in the market value of the Income Fund’s portfolio securities and changes in prevailing interest rates. Your investment in the Income Fund is not guaranteed; you may lose money by investing in the Income Fund. When you sell Income Fund shares, they may be worth more or less than what you paid for them. Investing in the Income Fund involves the following risks: <ul type="square"><li style="margin-left: 60px"> Management Risk.    If the portfolio manager is incorrect in her assessment of the securities the Income Fund holds, then the value of the Income Fund’s shares may decline.</li></ul> <ul type="square"><li style="margin-left: 60px"> Interest Rate Risk, Maturity Risk, and Credit Risk.    When interest rates decline, the value of the portfolio’s debt securities generally increases. Conversely, when interest rates rise, the value of the portfolio’s debt securities generally declines. The magnitude of the increase or decline will often be greater for longer-term debt securities than shorter-term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal payments when due.</li></ul> <ul type="square"><li style="margin-left: 60px">Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> 0.221 0.121 0.179 0.122 -0.334 0.123 0.118 -0.017 0.151 568 725 325 124 920 994 694 387 1296 1390 1190 670 2349 2429 2554 1477 568 225 225 124 920 694 694 387 1296 1190 1190 670 2349 2429 2554 1477 0.256 0.184 Under normal market conditions, the Income Fund invests at least 80% of its net assets (which includes, for the purposes of this test, the amount of any borrowings for investment purposes) in dividend-paying and/or interest bearing equity and fixed income securities. The Income Fund’s investments may include dividend-paying common stocks, preferred stocks, convertible preferred stocks, selected debt instruments, publicly traded real estate investment trusts (“REITs”), master limited partnerships, royalty trusts, money market instruments, and other income-producing securities. The Adviser invests in companies with strong and improving cash flows sufficient to support a healthy or rising level of income. It uses proprietary, fundamental research to find appropriate securities for purchase. Securities considered for purchase have: <ul type="square"><li style="margin-left: 60px">attractive fundamentals and valuations based on the Adviser’s internal research</li><li style="margin-left: 60px">issuers with strong management teams and/or</li><li style="margin-left: 60px">issuers with good balance sheet fundamentals</li></ul>The Adviser will consider selling a security if fundamentals become unfavorable within the issuer’s internal operations or industry, there is limited growth opportunity, the issuer is at risk of losing its competitive edge, the issuer is serving markets with slowing growth, and/or the level of income produced becomes unattractive or unsustainable. The Income Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Income Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px">you are a long-term investor</li><li style="margin-left: 60px">you seek a high level of current income as well as growth of capital</li></ul> -0.02 -0.02 -0.02 TETON Westwood Balanced Fund Class A Shares TETON Westwood Balanced Fund Class A Shares TETON Westwood Balanced Fund Class A Shares Class B Shares Class C Shares Class I Shares (commenced operations on January 11, 2008) Indexes Indexes Indexes Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return Before Taxes Return Before Taxes Barclays Government/Credit Bond Index S&P 500 Index 60% S&P 500 Index and 40% Barclays Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) You would pay the following expenses if you did not redeem your shares of the Income Fund: 2008-01-11 0 0 0 Investment Objective The Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach. Fees and Expenses of the Balanced Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Balanced Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). Expense Example Portfolio Turnover The Balanced Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Balanced Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Balanced Fund’s performance. During the most recent fiscal year, the Balanced Fund’s portfolio turnover rate was 34% of the average value of its portfolio. Principal Investment Strategies Principal Risks Performance The bar chart and table provide an indication of the risks of investing in the Balanced Fund by showing changes in the Balanced Fund’s performance from year to year, and by showing how the Balanced Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and other relevant indices. As with all mutual funds, the Balanced Fund’s past performance (before and after taxes) does not predict how the Balanced Fund will perform in the future. Updated information on the Balanced Fund’s results can be obtained by visiting www.gabelli.com. During the periods shown in the bar chart, the highest return for a quarter was 9.48% (quarter ended June 30, 2003) and the lowest return for a quarter was (11.21)% (quarter ended December 31, 2008). Sales loads are not reflected in the above chart. If sales loads were reflected, the Income Fund’s returns would be less than those shown. 0.069 0.196 0.071 -0.24 0.272 0.278 -0.058 0.179 0.1317 0.1278 0.0908 TETON WESTWOOD BALANCED FUND (formerly, “GAMCO Westwood Balanced Fund”) (the “Balanced Fund”) 0.1239 Shareholder Fees       (fees paid directly from your investment): 0.1634 0.185 Annual Fund Operating Expenses       (expenses that you pay each year as a percentage of the value of       your investment): 0.1635 0.1975 The Balanced Fund invests in a combination of equity and debt securities. The Balanced Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. Westwood Management Corporation, the Balanced Fund’s sub-adviser (the “Sub-Adviser”) will typically invest 30% to 70% of the Balanced Fund’s assets in equity securities and 70% to 30% in debt securities, and the balance of the Balanced Fund’s assets in cash or cash equivalents. The actual mix of assets will vary depending on the Sub-Adviser’s analysis of market and economic conditions. The Balanced Fund invests in stocks of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years. The Sub-Adviser chooses stocks of seasoned companies with proven records and above-average earnings growth potential. The Sub-Adviser has disciplines in place that serve as sell signals such as a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Balanced Fund. The debt securities held by the Balanced Fund are investment grade securities of corporate and government issuers and commercial paper and mortgage- and asset-backed securities. Investment grade debt securities are securities rated in one of the four highest ratings categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”). There are no restrictions on the maximum or minimum maturity of any individual security that the Balanced Fund may invest in. The Balanced Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Balanced Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px">you are a long-term investor</li><li style="margin-left: 60px">you seek both growth of capital and current income</li><li style="margin-left: 60px">you want participation in market growth with some emphasis on preserving assets in "down" markets</li></ul> TETON WESTWOOD BALANCED FUND (Total returns for Class A Shares for the Years Ended December 31) Average Annual Total Returns (for the periods ended December 31, 2012, with maximum sales charge, if applicable) 0.0562 0.0525 0.0474 0.0558 0.0594 0.0699 0.0356 The Balanced Fund is subject to the risk that its allocations between equity and debt securities may underperform other allocations. The Balanced Fund’s share price will fluctuate with changes in the market value of the Balanced Fund’s portfolio securities. Your investment in the Balanced Fund is not guaranteed; you may lose money by investing in the Balanced Fund. When you sell Balanced Fund shares, they may be worth more or less than what you paid for them. Investing in the Balanced Fund involves the following risks: <ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio managers are incorrect in their assessment of the securities the Balanced Fund holds, then the value of the Balanced Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px">Equity Risk.    Equity risk is the risk that the prices of the securities held by the Balanced Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px">Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul><ul type="square"><li style="margin-left: 60px">Interest Rate Risk, Maturity Risk, and Credit Risk.    When interest rates decline, the value of the portfolio’s debt securities generally rises. Conversely, when interest rates increase, the value of the portfolio’s debt securities generally declines. The magnitude of the increase or decline will often be greater for longer-term debt securities than shorter-term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal payments when due.</li></ul><ul type="square"><li style="margin-left: 60px">Pre-Payment Risk.    The Balanced Fund may experience losses when an issuer exercises its right to pay principal on an obligation held by the Balanced Fund (such as a mortgage-backed security) earlier than expected. This may happen during a period of declining interest rates. Under these circumstances, the Balanced Fund may be unable to recoup all of its initial investment and will suffer from having to invest in lower yielding securities. The loss of higher yielding securities and the reinvestment at lower interest rates can reduce the Balanced Fund’s income, total return, and share price.</li></ul> 0.0146 0.34 0.1035 0.0941 Your investment in the Balanced Fund is not guaranteed; you may lose money by investing in the Balanced Fund. 0.0895 0.1022 0.1024 0.112 The bar chart and table provide an indication of the risks of investing in the Balanced Fund by showing changes in the Balanced Fund’s performance from year to year, and by showing how the Balanced Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and other relevant indices. 0.0972 0.0842 Investment Objective As with all mutual funds, the Balanced Fund’s past performance (before and after taxes) does not predict how the Balanced Fund will perform in the future. The Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity. www.gabelli.com This table describes the fees and expenses that you may pay if you buy and hold shares of the Intermediate Bond Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). Expense Example You would pay the following expenses if you did not redeem your shares of the Intermediate Bond Fund: Portfolio Turnover The Intermediate Bond Fund pays transaction costs, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Intermediate Bond Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Intermediate Bond Fund’s performance. During the most recent fiscal year, the Intermediate Bond Fund’s portfolio turnover rate was 15% of the average value of its portfolio. Principal Investment Strategies Principal Risks Performance <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODINTERMEDIATEBONDFUNDClassABCI column period compact * ~</div> The bar chart and table provide an indication of the risks of investing in the Intermediate Bond Fund by showing changes in the Intermediate Bond Fund’s performance from year to year, and by showing how the Intermediate Bond Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Intermediate Bond Fund’s past performance (before and after taxes) does not predict how the Intermediate Bond Fund will perform in the future. Updated information on the Intermediate Bond Fund’s results can be obtained by visiting www.gabelli.com. <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODBALANCEDFUNDClassABCIBarChart column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODBALANCEDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODBALANCEDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODINTERMEDIATEBONDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODBALANCEDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODINTERMEDIATEBONDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODBALANCEDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODINTERMEDIATEBONDFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODBALANCEDFUNDClassABCI column period compact * ~</div> (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODINTERMEDIATEBONDFUNDClassABCIBarChart column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODINTERMEDIATEBONDFUNDClassABCI column period compact * ~</div> highest return 2003-06-30 0.0948 lowest return Indexes Indexes Class C Shares Class B Shares TETON Westwood Mighty Mites Fund Class A Shares TETON Westwood Mighty Mites Fund Class A Shares TETON Westwood Mighty Mites Fund Class A Shares 2008-12-31 -0.1121 Class I Shares (commenced operations on January 11, 2008) 571 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return Before Taxes Return Before Taxes Russell 2000 Index Russell Microcap Index TETON WESTWOOD INTERMEDIATE BOND FUND (formerly, "GAMCO Intermediate Bond Fund") (the "Intermediate Bond Fund") Return Before Taxes <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODSMALLCAPEQUITYFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODSMALLCAPEQUITYFUNDClassACI column period compact * ~</div> 0.135 <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODSMALLCAPEQUITYFUNDClassACI column period compact * ~</div> 0.04 0 0 0 0 0.05 0.01 0 0 0 0 0 0 0 0 0 0.005 -0.0163 Shareholder Fees       (fees paid directly from your investment): Annual Fund Operating Expenses       (expenses that you pay each year as a percentage of the value of       your investment): 0.0728 This example is intended to help you compare the cost of investing in the Intermediate Bond Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Intermediate Bond Fund for the time periods indicated and then redeem all of your shares at the end of those periods, except as noted. The example also assumes that your investment has a 5% return each year, and that the Intermediate Bond Fund's operating expenses remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODMIGHTYMITESFUNDClassABCI column period compact * ~</div> Under normal market conditions the Intermediate Bond Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in bonds of various types and with various maturities. The Intermediate Bond Fund focuses on investment grade bonds of domestic corporations and governments. Investment grade debt securities are securities rated in the four highest ratings categories by a Nationally Recognized Statistical Rating Organization ("NRSRO"). Although there are no restrictions on the maximum or minimum maturity of any individual security that the Intermediate Bond Fund may invest in, generally the Intermediate Bond Fund will have a dollar weighted average maturity of three to ten years. The Intermediate Bond Fund may also invest in other types of investment grade debt securities, including debentures, notes, convertible debt securities, municipal securities, mortgage-related securities, and certain collateralized and asset-backed securities. The Intermediate Bond Fund will seek to maintain an average rating of AA or better by Standard & Poor's Ratings Services, a division of McGraw-Hill Companies, ("Standard & Poor's"), or comparable quality for the securities in its portfolio. In selecting securities for the Intermediate Bond Fund, the Westwood Management Corporation, the Intermediate Bond Fund's sub-adviser (the "Sub-Adviser") Sub-Adviser focuses both on the fundamentals of particular issuers and yield curve positioning. The Sub-Adviser seeks to earn risk-adjusted returns superior to those of the Barclays Government/Credit Bond Index over time. The Sub-Adviser invests 80% to 100% of the Fund's assets in debt securities and the remainder in cash or cash equivalents. The Sub-Adviser has disciplines in place that serve as sell signals such as a change to a company's fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund. You May Want to Invest in the Fund if:<ul type="square"><li style="margin-left: 60px">you are seeking current income consistent with the maintenance of principal and liquidity</li><li style="margin-left: 60px">you are conservative in your investment approach</li><li style="margin-left: 60px">you are seeking exposure to investment grade bonds as part of your overall investment strategy</li></ul> <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODINCOMEFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODMIGHTYMITESFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODINCOMEFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODMIGHTYMITESFUNDClassABCI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODSMALLCAPEQUITYFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODSMALLCAPEQUITYFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODMIGHTYMITESFUNDClassABCI column period compact * ~</div> The Intermediate Bond Fund's share price will fluctuate with changes in prevailing interest rates and the market value of the Intermediate Bond Fund's portfolio securities. Your investment in the Intermediate Bond Fund is not guaranteed; you may lose money by investing in the Intermediate Bond Fund. When you sell Intermediate Bond Fund shares, they may be worth more or less than what you paid for them. Investing in the Intermediate Bond Fund involves the following risks:<ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio manager is incorrect in his assessment of the securities the Intermediate Bond Fund holds, then the value of the Intermediate Bond Fund's shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px">Interest Rate Risk, Maturity Risk, and Credit Risk.    When interest rates decline, the value of the portfolio's debt securities generally rises. Conversely, when interest rates increase the value of the portfolio's debt securities generally declines. The magnitude of the increase or decline will often be greater for longer-term debt securities than shorter-term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal payments when due.</li></ul><ul type="square"><li style="margin-left: 60px">Pre-Payment Risk.    The Intermediate Bond Fund may experience losses when an issuer exercises its right to pay principal on an obligation held by the Intermediate Bond Fund (such as a mortgage-backed security) earlier than expected. This may happen during a period of declining interest rates. Under these circumstances, the Intermediate Bond Fund may be unable to recoup all of its initial investment and will suffer from having to invest in lower yielding securities. The loss of higher yielding securities and the reinvestment at lower interest rates can reduce the Intermediate Bond Fund's income, total return, and share price.</li></ul> During the periods shown in the bar chart, the highest return for a quarter was 5.04% (quarter ended December 31, 2008) and the lowest return for a quarter was (2.65)% (quarter ended June 30, 2004). <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODINCOMEFUNDClassACI column period compact * ~</div> TETON WESTWOOD INTERMEDIATE BOND FUND (Total returns for Class A Shares for the Years Ended December 31) <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODMIGHTYMITESFUNDClassABCIBarChart column period compact * ~</div> TETON WESTWOOD EQUITY FUND (formerly, “GAMCO Westwood Equity Fund”) (the “Equity Fund”) Investment Objectives Average Annual Total Returns (for the periods ended December 31, 2012, with maximum sales charge, if applicable) The Equity Fund seeks to provide capital appreciation. Fees and Expenses of the Equity Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Equity Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). Shareholder Fees       (fees paid directly from your investment): Annual Fund Operating Expenses       (expenses that you pay each year as a percentage of the value of       your investment): <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODMIGHTYMITESFUNDClassABCI column period compact * ~</div> Expense Example This example is intended to help you compare the cost of investing in the Equity Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Equity Fund for the time periods indicated and then redeem all of your shares at the end of those periods, except as noted. The example also assumes that your investment has a 5% return each year and that the Equity Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODINCOMEFUNDClassACI column period compact * ~</div> Portfolio Turnover The returns shown for Class I Shares prior to its inception date are those of the Class AAA Shares of the Intermediate Bond Fund which are offered in a separate Prospectus. All Classes of the Intermediate Bond Fund would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than "Return Before Taxes" because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including "Roth'' IRAs and SEP IRAs (collectively, "IRAs"). The Equity Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Equity Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Equity Fund’s performance. During the most recent fiscal year, the Equity Fund’s portfolio turnover rate was 41% of the average value of its portfolio. Principal Investment Strategies <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODSMALLCAPEQUITYFUNDClassACIBarChart column period compact * ~</div> Under normal market conditions, the Equity Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in common stocks and securities which may be converted into common stocks. The Equity Fund invests in a portfolio of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years. In selecting securities, Westwood Management Corporation, the Equity Fund’s sub-adviser (the “Sub-Adviser”), maintains a list of securities of issuers which it believes have proven records and potential for above-average earnings growth. It considers purchasing a security on such list if the Sub-Adviser’s forecast for growth rates and earnings exceeds Wall Street expectations. The Sub-Adviser closely monitors the issuers and will sell a stock if the Sub-Adviser expects limited future price appreciation, there is a fundamental change that negatively impacts their growth assumptions, and/or the price of the stocks declines 15% in the first forty-five days held. The Equity Fund’s risk characteristics, such as beta (a measure of volatility), are generally expected to be less than those of the Standard & Poor’s 500 Index (the “S&P 500 Index”), the Equity Fund’s benchmark. The Equity Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Equity Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px"> you seek growth of capital</li><li style="margin-left: 60px"> you seek a fund with a growth orientation as part of your overall investment plan</li></ul> Principal Risks The Equity Fund’s share price will fluctuate with changes in the market value of the Equity Fund’s portfolio securities. Your investment in the Equity Fund is not guaranteed; you may lose money by investing in the Equity Fund. When you sell Equity Fund shares, they may be worth more or less than what you paid for them. Investing in the Equity Fund involves the following risks: <ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio managers are incorrect in their assessment of the securities the Equity Fund holds, then the value of the Equity Fund’s shares could go down.</li></ul><ul type="square"><li style="margin-left: 60px">Equity Risk.    Equity risk is the risk that the prices of the securities held by the Equity Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px">Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul> Performance The bar chart and table provide an indication of the risks of investing in the Equity Fund by showing changes in the Equity Fund’s performance from year to year, and by showing how the Equity Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Equity Fund’s past performance (before and after taxes) does not predict how the Equity Fund will perform in the future. Updated information on the Equity Fund’s results can be obtained by visiting www.gabelli.com. 0.006 0.006 0.006 0.006 You would pay the following expenses if you did not redeem your shares of the Equity Fund: TETON WESTWOOD EQUITY FUND (Total returns for Class A Shares for the Years Ended December 31) During the periods shown in the bar chart, the highest return for a quarter was 13.54% (quarter ended June 30, 2003) and the lowest return for a quarter was (20.71)% (quarter ended December 31, 2008). Average Annual Total Returns (for the periods ended December 31, 2012, with maximum sales charge, if applicable) The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Equity Fund which are offered in a separate prospectus. All Classes of the Equity Fund would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 0.01 0.0035 0.01 0 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODINCOMEFUNDClassACIBarChart column period compact * ~</div> 0.0048 0.0048 0.0048 0.0048 0.0002 0.0002 0.0002 0.0002 0.021 0.011 0.021 0.0145 0.41 Your investment in the Equity Fund is not guaranteed; you may lose money by investing in the Equity Fund. -0.0033 -0.0033 -0.0033 The bar chart and table provide an indication of the risks of investing in the Equity Fund by showing changes in the Equity Fund's performance from year to year, and by showing how the Equity Fund's average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. -0.0033 As with all mutual funds, the Equity Fund’s past performance (before and after taxes) does not predict how the Equity Fund will perform in the future. 0.0112 www.gabelli.com 0.0177 0.0177 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODINCOMEFUNDClassACI column period compact * ~</div> 0.0077 In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Equity Fund which are offered in a separate prospectus. highest return 0.1354 2003-06-30 lowest return -0.2071 2008-12-31 You would pay the following expenses if you did not redeem your shares of the Balanced Fund: TETON Westwood Equity Fund Class A Shares TETON Westwood Equity Fund Class A Shares TETON Westwood Equity Fund Class A Shares 510 680 280 79 926 809 626 317 1099 1299 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares 1130 Return Before Taxes Return Before Taxes S&P 500 Index 574 1311 2405 2239 2039 (reflects no deduction for fees, expenses or taxes) 510 180 180 79 Class C Shares Class I Shares (commenced operations on January 11, 2008) Index 809 626 626 317 1130 1099 1099 574 2039 2239 2405 1311 2008-01-11 -0.0177 -0.0223 -0.011 -0.0326 0.0274 0.0482 0.0074 0.0263 0.0346 0.0249 0.0329 0.0366 0.0467 0.0606 The Income Fund seeks to provide a high level of current income as well as long-term capital appreciation. 0.0294 0.0214 0.0218 0.0318 0.0297 0.0383 0.0525 Principal Investment Strategies 2008-01-11 Indexes Indexes 2008-01-11 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODEQUITYFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODEQUITYFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODEQUITYFUNDClassACI column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODEQUITYFUNDClassACI column period compact * ~</div> 0.012 The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Income Fund which are offered in a separate prospectus. All Classes of the Income Fund would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively IRAs”). 0.029 0.017 0.031 0.056 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODEQUITYFUNDClassACIBarChart column period compact * ~</div> 0.059 0.037 Expense Example 0.047 0.05 0.024 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODEQUITYFUNDClassACI column period compact * ~</div> You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). This example is intended to help you compare the cost of investing in the Balanced Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Balanced Fund for the time periods indicated and then redeem all of your shares at the end of those periods, except as noted. The example also assumes that your investment has a 5% return each year and that the Balanced Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 100000 The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Balanced Fund which are offered in a separate Prospectus. All Classes of the Balanced Fund would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). 100000 In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Income Fund which are offered in a separate prospectus. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively IRAs”). The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the Balanced Fund which are offered in a separate Prospectus. Sales loads are not reflected in the above chart. If sales loads were reflected, the Balanced Fund’s returns would be less than those shown. 0.15 Your investment in the Intermediate Bond Fund is not guaranteed; you may lose money by investing in the Intermediate Bond Fund. The bar chart and table provide an indication of the risks of investing in the Intermediate Bond Fund by showing changes in the Intermediate Bond Fund's performance from year to year, and by showing how the Intermediate Bond Fund's average annual returns for one year, five years, and ten years compared with those of a broad based securities market index. As with all mutual funds, the Intermediate Bond Fund's past performance (before and after taxes) does not predict how the Intermediate Bond Fund will perform in the future. www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. highest return 2008-12-31 0.0504 lowest return 2004-06-30 -0.0265 TETON Westwood Intermediate Bond Fund Class A Shares TETON Westwood Intermediate Bond Fund Class A Shares TETON Westwood Intermediate Bond Fund Class A Shares Return After Taxes on Distributions Return Before Taxes Return After Taxes on Distributions and Sale of Fund Shares Class B Shares Class I Shares (commenced operations on January 11, 2008) Indexes Class C Shares Return Before Taxes Return Before Taxes Return Before Taxes Barclays Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 2008-01-11 You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). January 31, 2014 100000 Investment Objective TETON WESTWOOD BALANCED FUND (formerly, “GAMCO Westwood Balanced Fund”) (the “Balanced Fund”) The Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach. Fees and Expenses of the Balanced Fund: This table describes the fees and expenses that you may pay if you buy and hold Class AAA Shares of the Balanced Fund. Shareholder Fees (fees paid directly from your investment): Expense Example This example is intended to help you compare the cost of investing in Class AAA Shares of the Balanced Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Balanced Fund for the time indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Balanced Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Balanced Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Balanced Fund’s shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Balanced Fund’s performance. During the most recent fiscal year, the Balanced Fund’s portfolio turnover rate was 34% of the average value of its portfolio. Principal Investment Strategies The Balanced Fund invests in a combination of equity and debt securities. The Balanced Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. Westwood Management Corporation, the Balanced Fund’s sub-adviser (the “Sub-Adviser”) will typically invest 30% to 70% of the Balanced Fund’s assets in equity securities and 70% to 30% in debt securities, and the balance of the Balanced Fund’s assets in cash or cash equivalents. The actual mix of assets will vary depending on the Sub-Adviser’s analysis of market and economic conditions. The Balanced Fund invests in stocks of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years. The Sub-Adviser chooses stocks of seasoned companies with proven records and above-average earnings growth potential. The Sub-Adviser has disciplines in place that serve as sell signals such as a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund. The debt securities held by the Balanced Fund are investment grade securities of corporate and government issuers and commercial paper and mortgage- and asset-backed securities. Investment grade debt securities are securities rated in one of the four highest ratings categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”). There are no restrictions on the maximum or minimum maturity of any individual security that the Balanced Fund may invest in. The Balanced Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”). The Balanced Fund may also invest in foreign debt securities. You May Want to Invest in the Fund if: <ul type="square"><li style="margin-left: 60px"> you are a long-term investor</li><li style="margin-left: 60px">you seek both growth of capital and current income</li><li style="margin-left: 60px"> you want participation in market growth with some emphasis on preserving assets in "down" markets</li></ul> Principal Risks Performance The bar chart and table provide an indication of the risks of investing in the Balanced Fund by showing changes in the Balanced Fund’s performance from year to year, and by showing how the Balanced Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and other relevant indices. As with all mutual funds, the Balanced Fund’s past performance (before and after taxes) does not predict how the Balanced Fund will perform in the future. Updated information on the Balanced Fund’s results can be obtained by visiting www.gabelli.com. TETON WESTWOOD BALANCED FUND (Total returns for Class AAA Shares for the Years Ended December 31) During the periods shown in the bar chart, the highest return for a quarter was 9.64% (quarter ended June 30, 2003) and the lowest return for a quarter was (11.20)% (quarter ended December 31, 2008). Average Annual Total Returns (for the periods ended December 31, 2012) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). 0.34 The bar chart and table provide an indication of the risks of investing in the Balanced Fund by showing changes in the Balanced Fund’s performance from year to year, and by showing how the Balanced Fund’s average annual returns for one year, five years, and ten years compared with those of a broad based securities market index and other relevant indices. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including "Roth'' IRAs and SEP IRAs (collectively, "IRAs"). As with all mutual funds, the Balanced Fund’s past performance (before and after taxes) does not predict how the Balanced Fund will perform in the future. www.gabelli.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. In some instances, the “Return After Taxes on Distributions and Sale of Fund Shares” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts, including “Roth” IRAs and SEP IRAs (collectively, “IRAs”). Your investment in the Equity Fund is not guaranteed; you may lose money by investing in the Equity Fund. You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund’s Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled “Classes of Shares” of the Fund’s statutory Prospectus and in the section entitled “Purchase and Redemption of Shares” of the Fund’s Statement of Additional Information (“SAI”). 100000 January 31, 2014 The Balanced Fund is subject to the risk that its allocations between equity and debt securities may underperform other allocations. The Balanced Fund’s share price will fluctuate with changes in the market value of the Balanced Fund’s portfolio securities. Your investment in the Balanced Fund is not guaranteed; you may lose money by investing in the Balanced Fund. When you sell Balanced Fund shares, they may be worth more or less than what you paid for them. Investing in the Balanced Fund involves the following risks:<ul type="square"><li style="margin-left: 60px">Management Risk.    If the portfolio managers are incorrect in their assessment of the securities the Balanced Fund holds, then the value of the Balanced Fund’s shares may decline.</li></ul><ul type="square"><li style="margin-left: 60px"> Equity Risk.    Equity risk is the risk that the prices of the securities held by the Balanced Fund will change due to general market and economic conditions, perceptions regarding the industries in which the companies issuing the securities participate, and the issuer company’s particular circumstances.</li></ul><ul type="square"><li style="margin-left: 60px"> Foreign Securities Risk.    Investments in foreign securities involve risks relating to political, social, and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject. These risks include expropriation, differing accounting and disclosure standards, currency exchange risks, settlement difficulties, market illiquidity, difficulties enforcing legal rights, and greater transaction costs. These risks are more pronounced in the securities of companies located in emerging markets.</li></ul><ul type="square"><li style="margin-left: 60px">Interest Rate Risk, Maturity Risk, and Credit Risk.    When interest rates decline, the value of the portfolio’s debt securities generally increases. Conversely, when interest rates rise, the value of the portfolio’s debt securities generally declines. The magnitude of the increase or decline will often be greater for longer-term debt securities than shorter-term debt securities. It is also possible that the issuer of a debt security will not be able to make interest and principal payments when due.</li></ul><ul type="square"><li style="margin-left: 60px">Pre-Payment Risk.     The Balanced Fund may experience losses when an issuer exercises its right to pay principal on an obligation held by the Balanced Fund (such as a mortgage-backed security) earlier than expected. This may happen during a period of declining interest rates. Under these circumstances, the Balanced Fund may be unable to recoup all of its initial investment and will suffer from having to invest in lower yielding securities. The loss of higher yielding securities and the reinvestment at lower interest rates can reduce the Balanced Fund’s income, total return, and share price.</li></ul> In some instances, the “Return After Taxes on Distributions” may be greater than “Return Before Taxes” because the investor is assumed to be able to use the capital loss from the sale of Fund shares to offset other taxable gains. 0 0 0 0 Sales loads are not reflected in the above chart. If sales loads were reflected, the Intermediate Bond Fund’s returns would be less than those shown. 0 129 403 697 1534 You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $100,000 in a Fund's Class A Shares. More information about these and other discounts is available from your financial professional and in the section entitled "Classes of Shares" of the Fund's statutory Prospectus and in the section entitled "Purchase and Redemption of Shares" of the Fund's Statement of Additional Information ("SAI"). 100000 0.143 0.088 0.093 0.124 0.103 -0.193 0.098 0.091 0.012 0.107 0.1071 0.1078 0.076 0.0482 0.16 0.1153 0.0161 0.0135 0.0135 0.0606 0.0166 0.0342 0.0636 0.071 0.0525 0.0521 0.0537 0.062 TETON Westwood Balanced Fund Class AAA Shares TETON Westwood Balanced Fund Class AAA Shares TETON Westwood Balanced Fund Class AAA Shares Indexes Indexes Indexes Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 60% S&P 500 Index and 40% Barclays Government/Credit Bond Index S&P 500 Index Barclays Government/Credit Bond Index highest return 2003-06-30 0.0964 lowest return 2008-12-31 -0.112 <div style="display:none">~ http://www.gabelli.com/role/ScheduleShareholderFeesTETONWESTWOODBALANCEDFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleTransposedTETONWESTWOODBALANCEDFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleExpenseExampleNoRedemptionTransposedTETONWESTWOODBALANCEDFUND column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualTotalReturnsTETONWESTWOODBALANCEDFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.gabelli.com/role/ScheduleAverageAnnualTotalReturnsTransposedTETONWESTWOODBALANCEDFUND column period compact * ~</div> Fees and Expenses of the Intermediate Bond Fund: 0.0075 0.0025 0.0027 0.0127 <div style="display:none">~ http://www.gabelli.com/role/ScheduleAnnualFundOperatingExpensesTETONWESTWOODBALANCEDFUND column period compact * ~</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): The Equity Fund’s secondary goal is to produce current income. Sales loads are not reflected in the above chart. If sales loads were reflected, the SmallCap Equity Fund’s returns would be less than those shown. The returns shown for Class I Shares prior to its actual inception date are those of the Class AAA Shares of the SmallCap Equity Fund which are offered in a separate prospectus. 2008-01-11 The Equity Fund’s secondary goal is to produce current income. Sales loads are not reflected in the above chart. If sales loads were reflected, the Equity Fund’s returns would be less than those shown. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The returns shown for Class I Shares prior to its inception date are those of the Class AAA Shares of the Intermediate Bond Fund which are offered in a separate Prospectus. Teton Advisors, Inc. (the "Adviser") has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Income Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 2.00%. The fee waiver and expense reimbursement arrangement will continue until at least January 31, 2014 and may not be terminated by the Fund or the Adviser before such time. Thereafter, this arrangement may only be terminated or amended to increase the expense cap as of January 31 of each calendar year, provided that in the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Teton Advisors, Inc. (the "Adviser") has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the SmallCap Equity Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 1.50%. The fee waiver and expense reimbursement arrangement will continue until at least January 31, 2014, and may not be terminated by the Fund or the Adviser before such time. Thereafter, this arrangement may only be terminated or amended to increase the expense cap as of January 31 of each calendar year, provided that in the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Please note that Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above does not correlate to the ratio of Operating Expenses Net of Waivers/Reimbursements to Average Net Assets found in the "Financial Highlights" section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Teton Advisors, Inc. (the "Adviser") has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Intermediate Bond Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 1.00%. The fee waiver and expense reimbursement arrangement will continue until at least January 31, 2014, and may not be terminated by the Fund or the Adviser before such time. Thereafter, this arrangement may only be terminated or amended to increase the expense cap as of January 31 of each calendar year, provided that in the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Please note that Total Annual Operating Expenses in the table above does not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the "Financial Highlights" section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Teton Advisors, Inc. (the "Adviser") has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Income Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 2.25% for Class A Shares, 2.75% for Class C Shares, and 1.75% for Class I Shares. The fee waiver and expense reimbursement arrangement will continue until at least January 31, 2014 and may not be terminated by the Fund or the Adviser before such time. Thereafter, this arrangement may only be terminated or amended to increase the expense cap as of January 31 of each calendar year, provided that in the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Teton Advisors, Inc. (the "Adviser") has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the SmallCap Equity Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 1.75% for Class A Shares, 2.25% for Class C Shares, and 1.25% for Class I Shares. The fee waiver and expense reimbursement arrangement will continue until at least January 31, 2014, and may not be terminated by the Fund or the Adviser before such time. Thereafter, this arrangement may only be terminated or amended to increase the expense cap as of January 31 of each calendar year, provided that in the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Sales loads are not reflected in the above chart. If sales loads were reflected, the Income Fund's returns would be less than those shown. Sales loads are not reflected in the above chart. If sales loads were reflected, the SmallCap Equity Fund's returns would be less than those shown. Please note that Total Annual Operating Expenses in the table above does not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the "Financial Highlights" section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Sales loads are not reflected in the above chart. If sales loads were reflected, the Balanced Fund's returns would be less than those shown. Salesloads are not reflected in the above chart. If sales loads were reflected, the Mighty Mites Fund's returns would be less than those shown. Teton Advisors, Inc. (the "Adviser") has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Intermediate Bond Fund to the extent necessary to maintain the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (excluding brokerage, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than 1.10% for Class A Shares, 1.75% for Class B Shares, 1.75% for Class C Shares, and 0.75% for Class I Shares. The fee waiver and expense reimbursement arrangement will continue until at least January 31, 2014, and may not be terminated by the Fund or the Adviser before such time. Thereafter, this arrangement may only be terminated or amended to increase the expense cap as of January 31 of each calendar year, provided that in the case of a termination by the Adviser, the Adviser will provide the Board with written notice of its intention to terminate the arrangement prior to the expiration of its then current term. Sales loads are not reflected in the above chart. If sales loads were reflected, the Intermediate Bond Fund's returns would be less than those shown. Sales loads are not reflected in the above chart. If sales loads were reflected, the Equity Fund's returns would be less than those shown.