Recent Quarterly Report

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Objective Fund Details Price & Performance Dividend & Tax Info

TETON Westwood SmallCap Equity Fund

Portfolio Manager:

Nicholas F. Galluccio

Ticker Symbol:

WWSCX

Recent Quarterly Report

To Our Shareholders,

The Sarbanes-Oxley Act requires a Fund's principal executive and financial officers to certify the entire contents of the semi-annual and annual shareholder reports in a filing with the Securities and Exchange Commission on Form N-CSR. This certification would cover the portfolio manager's commentary and subjective opinions if they are attached to or a part of the financial statements. Many of these comments and opinions would be difficult or impossible to certify. Because we do not want our portfolio managers to eliminate their opinions and/or restrict their commentary to historical facts, we have separated their commentary from the financial statements and investment portfolio.

Manager Commentary (PDF)
As of Mar 31, 2013

Financials/Holdings (PDF)
As of Mar 31, 2013

Securities of smaller companies present greater risks than securities of larger, more established companies. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies, therefore, investing in this sector involves special challenges.
The fund typically invests in 50-70 companies. By concentrating in a small number of investments, the Fund's risks are increased because each investment has a greater effect in the Fund's performance than a Fund which is more broadly diversified.
The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.
Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing.
You can obtain a prospectus by calling 1-800-GABELLI (1-800-422-3554), or contacting your financial representative or by visiting http://www.gabelli.com.
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