# EDGAR Filing Document

**Accession Number:** 0000796229
**File Stem:** 0001193125-23-017954
**Filing Date:** 2023-1
**Character Count:** 22938
**Document Hash:** a53207c1d26b29d7a1e741dc74a200e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017954.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001193125-23-017954

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TETON WESTWOOD FUNDS
- **CENTRAL INDEX KEY:** 0000796229
- **IRS NUMBER:** 133625130
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-06790
- **FILM NUMBER:** 23564944

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 8004223554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAMCO WESTWOOD FUNDS
- **DATE OF NAME CHANGE:** 20091130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTWOOD FUNDS
- **DATE OF NAME CHANGE:** 20060621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GABELLI WESTWOOD FUNDS
- **DATE OF NAME CHANGE:** 19980304

## Series and Classes Contracts Data

### TETON WESTWOOD BALANCED FUND (Series ID: S000001080)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002911 | CLASS A      | WEBCX           |
| C000002912 | CLASS AAA    | WEBAX           |
| C000002914 | CLASS C      | WBCCX           |
| C000061063 | Class I      | WBBIX           |

## TETON Westwood Balanced Fund
***A series of The TETON Westwood Funds***

***SUMMARY PROSPECTUS January 27, 2023***

**Class AAA (WEBAX), A (WEBCX), C (WBCCX), I (WBBIX)** 

***Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information ("SAI"), which contain more information about the Fund and its risks. You can find the Fund's Prospectus and SAI and other information about the Fund online at www.gabelli.com. You can also get this information at no cost by calling 800-422-3554 or by sending an email request to info@gabelli.com. The Fund's Prospectus and SAI, both dated January 27, 2023 are incorporated by reference into this Summary Prospectus.***

***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 also incur usual and customary brokerage commissions and other charges when buying and selling shares that are not reflected in the fee table and expense example below. 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 the Balanced 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 Balanced Fund's statutory prospectus, in Appendix A, "Sales Charge Reductions and Waivers through Certain Intermediaries," attached to the statutory prospectus, and in the section entitled, "Purchase and Redemption of Shares" of the Balanced Fund's Statement of Additional Information ("SAI").

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class AAA<br>Shares** | **Class A<br>Shares** | **Class C<br>Shares** | **Class I<br>Shares** |
|  **Shareholder Fees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (fees paid directly from your investment): |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (as a percentage of offering price) |  | 4.00% |  |  |
|  Maximum Deferred Sales Charge (Load) (as a percentage of redemption or offering price, whichever is lower) |  |  | 1.00% |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (expenses that you pay each year as a percentage of the value of your investment): |  |  |  |  |
|  Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
|  Distribution and Service (Rule 12b-1) Fees | 0.25% | 0.25% | 1.00% |  |
|  Other Expenses | 0.41% | 0.41% | 0.41% | 0.41% |
|  Total Annual Fund Operating Expenses | 1.41% | 1.41% | 2.16% | 1.16% |

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***Expense Example***

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. The example also assumes that your investment has a 5% return each

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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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class AAA Shares | $144 | $446 | $771 | $1691 |
|  Class A Shares | $538 | $828 | $1140 | $2023 |
|  Class C Shares | $319 | $676 | $1159 | $2493 |
|  Class I Shares | $118 | $368 | $638 | $1409 |

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You would pay the following expenses if you did not redeem your shares of the Balanced Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class AAA Shares | $144 | $446 | $771 | $1691 |
|  Class A Shares | $538 | $828 | $1140 | $2023 |
|  Class C Shares | $219 | $676 | $1159 | $2493 |
|  Class I Shares | $118 | $368 | $638 | $1409 |

---

***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 46% 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 Corp., the Balanced Fund's sub-adviser (the "Westwood 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 Westwood 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 Westwood Sub-Adviser chooses stocks of seasoned companies with proven records and above-average earnings growth potential. The Westwood 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 majority of 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"). The Fund may invest up to 20% of the total fund in below investment grade bonds. A bond's credit rating is determined by using the middle rating of Moody's, S&P, and Fitch. If only two agencies rate a security, the lower rating is used. If only one rates a security, that single rating is used. The Balanced Fund may invest in fixed income securities of any maturity.

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"), including in those of companies located in emerging markets. The Balanced Fund may also invest in foreign debt securities.

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***Principal Risks***

***You may want to invest in the Fund if:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are a long term investor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you seek both growth of capital and current income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you want participation in market growth with some emphasis on preserving assets in "down"
markets

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. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. When you sell Balanced Fund shares, they may be worth more or less than what you paid for them; you may lose money by investing in the Fund.

Investing in the Balanced Fund involves the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk.** The Balanced Fund's investments are subject to
the risk that issuers and/ or counterparties will fail to make payments when due or default completely. Prices of the Balanced Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to
an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Balanced Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or
perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Market Risk.** The price of equity securities may rise or
fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the
Balanced Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Balanced Fund's securities goes down, your investment in the Balanced Fund decreases in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk.** The Balanced Fund's investments in
fixed income securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to
greater fluctuations in value. The Balanced Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating
rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Given the historically low interest rate environment, risks associated with rising rates are heightened. Recent rises in interest
rates may increase certain risks associated with investing in the Fund, including generating the potential for longer periods of volatility and increased redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Management Risk.** If the portfolio managers are incorrect in
their assessment of the growth prospects of the securities the Balanced Fund holds, then the value of the Balanced Fund's shares may decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

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***Performance***

The bar chart and table that follow 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)**![LOGO](g451369g00a05.jpg)

During the calendar years shown in the bar chart, the highest return for a quarter was 8.26% (quarter ended June 30, 2020) and the lowest return for a quarter was (13.61)% (quarter ended March 31, 2020).

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(for the years ended December 31, 2022,<br>with maximum sales charge, if applicable)** | **Past<br>One Year** | **Past<br>Five Years** | **Past<br>Ten Years** |
|  TETON Westwood Balanced Fund Class AAA Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (12.36)% | 3.77% | 6.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions | (13.78)% | 1.57% | 4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | (6.28)% | 2.77% | 4.79% |
|  TETON Westwood Balanced Fund Class A Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (15.91)% | 2.78% | 5.71% |
|  Class C Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (14.02)% | 2.97% | 5.55% |
|  Class I Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes | (12.17)% | 4.04% | 6.61% |
|  Indexes (reflects no deduction for fees, expenses or taxes) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Barclays Government/Credit Bond Index | (13.58)% | 0.21% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | (18.11)% | 9.42% | 12.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60% S&P 500 Index and 40% Barclays Government/Credit Bond Index | (16.30)% | 5.74% | 8.00% |

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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 Balanced Fund shares to offset other taxable gains. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Balanced Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts, including Roth IRAs and SEP IRAs (collectively, "IRAs").

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***Management***

**<u>The Adviser.</u>** Teton Advisors, LLC (previously Teton Advisors, Inc. — *see* MANAGEMENT OF THE FUNDS — The Adviser.)

**<u>The Sub-Adviser.</u>** Westwood Management Corp.

**<u>The Portfolio Managers.</u>** The Adviser has established an Investment Research Advisory Committee (the "Committee"), with respect to the Fund to be comprised of select individuals from the Adviser and Sub-Adviser. The Committee is ultimately responsible for the day-to-day management of the Fund's portfolio and works with the team leaders in developing and executing the Fund's investment program. The members of the Committee are as follows: Mario Gabelli, Sara Wojda, Hendi Susanto, Wayne Plewniak, Nicholas Galluccio, James Dinsmore, Macrae Sykes, Brian Sponheimer, Joseph Gabelli, Thomas Dinsmore, Sarah Donnelly, Ashish Sinha, Gustavo Pifano, Marc Gabelli, Scott Butler, Tony Bancroft, Jeff Jonas, Ian Lapey, Timothy Winters, Robert Leininger, Thomas Browne, Jr., Brian Leonard, Michael Maloney, Brian Keeley, Edward S. Borland and Robert M. Goldsborough.

Certain members of the Committee are portfolio managers, as described herein, and the remainder operate as analysts in support of the portfolio management team. Team members collaborate to oversee the assets of the Fund utilizing the resources of the broad organization. While certain portfolio managers and analysts have a sector and geographic focus, each is a generalist, charged with generating ideas for any portfolio and any industry. Once an investment idea is generated, it faces the scrutiny of the research team, and must qualify under the Adviser's strict investment criteria before it may be implemented for the Fund. This team approach reinforces the Adviser's discipline, as each team member participates in the analysis and evaluation of every analyst's ideas. Team members collaborate to manage the assets of the Fund. The composition of the Committee and any respective team may change from time to time.

The Balance Fund is overseen by members of the Sub-Adviser's team through a sub-advisory agreement. The team consists of the portfolio managers listed herein who are jointly and primarily responsible for the day-to-day management of the Fund and additional analysts at the Sub-Adviser.

Mr. Matthew R. Lockridge, Senior Vice President and Co-Director of Equity Portfolios, has managed the Balanced Fund since 2013. Mr. P. Adrian Helfert, Senior Vice President and Director of Multi-Asset Portfolios, has managed the Balanced Fund since June 30, 2019. Mr. Will Sheehan, Vice President and Analyst, has managed the Balanced Fund since September 13, 2019. Ms. Lauren Hill, Vice President and Research Analyst, has managed the Balanced Fund since August 4, 2020. Mr. Michael Wall, Vice President and Research Analyst, has managed the Balanced Fund since March 1, 2022.

***Purchase and Sale of Fund Shares***

The minimum initial investment for Class AAA, Class A, and Class C shares is $1,000 ($250 for IRAs or Coverdell Education Savings Plans). There is no minimum initial investment for Class AAA, Class A, and Class C shares in an automatic monthly investment plan.

Class I shares are available to investors with a minimum investment of $500,000 when purchasing shares directly through G.distributors, LLC, the Balanced Fund's distributor ("G.distributors" or the "Distributor"), or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares, and which have different minimum investment amounts. If you transact in Class I shares through a broker or financial intermediary, you may be required to pay a commission and/or other forms of compensation to the broker or financial intermediary. The Distributor reserves the right to waive or change minimum investment amounts. There is no minimum for subsequent investments.

You can purchase or redeem the Balanced Fund's shares on any day the New York Stock Exchange ("NYSE") is open for trading (a "Business Day"). You may purchase or redeem Balanced Fund shares by written request via mail (The Gabelli Funds, P.O. Box 219204, Kansas City, MO 64121-9204), personal delivery or overnight delivery (The Gabelli Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 430 W 7th Street STE 219204, Kansas City, MO 64105-1407), Internet, bank wire, or Automated Clearing House ("ACH") system. You may also purchase Balanced Fund shares by telephone, if you have an existing account with banking instructions on file, or redeem at 800-GABELLI (800-422-3554).

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Balanced Fund shares can also be purchased or sold through registered broker-dealers or other financial intermediaries that have entered into appropriate selling agreements with the Distributor. The broker-dealer or other financial intermediary will transmit these transaction orders to the Balanced Fund on your behalf and send you confirmation of your transactions and periodic account statements showing your investments in the Balanced Fund.

***Tax Information***

The Balanced Fund expects that distributions will generally be taxable as ordinary income or long term capital gains to taxable investors.

***Payments to Broker-Dealers and Other Financial Intermediaries***

If you purchase shares of the Balanced Fund through a broker-dealer or other financial intermediary (such as a bank), the Balanced Fund and its related companies may pay the intermediary for the sale of Balanced Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Balanced Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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708 multi 2023

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