Definitive Materials Filed by Investment Companies. (497)
31 Maggio 2013 - 5:15PM
Edgar (US Regulatory)
Filed Pursuant to Rule 497(e)
Registration No. 033-06790
THE TETON WESTWOOD FUNDS (the Trust)
TETON Westwood Mighty Mites
(SM)
Fund
TETON Westwood SmallCap Equity Fund
TETON Westwood Income Fund
TETON Westwood Equity Fund
TETON Westwood Balanced Fund
TETON Westwood Intermediate Bond Fund
Supplement dated May 31, 2013, to the Trusts Statement of Additional Information (SAI), dated January 28,
2013, as supplemented on April 4, 2013.
Effective immediately, the following paragraph is inserted on page 40 of the SAI
immediately before the Portfolio Transactions and Brokerage section:
The Adviser has also entered into certain agreements
with GBL, an affiliate of the Adviser, in connection with its operation of its investment advisory business. These agreements are as follows: a Transitional Administrative and Management Services Agreement (Administrative Agreement) and
Service Mark and Name License Agreement (the License Agreement). Pursuant to the Administrative Agreement, GBL provides certain services to the Adviser including senior executive functions, strategic planning and general corporate
management services; mutual fund administration services; treasury services, including insurance and risk management services and administration of benefits; operational and general administrative assistance including office space, office equipment,
administrative personnel, payroll, and procurement services as needed; accounting and related financial services; legal, regulatory and compliance advice, including the retention of a Chief Financial Officer and a Chief Compliance Officer; and human
resources functions, including sourcing of permanent and temporary employees as needed, recordkeeping, performance reviews and terminations. Effective January 1, 2011, the Administrative Agreement was amended to be based on a tiered formula as
opposed to a fixed rate. Under the amended agreement, GBL is compensated by the Adviser 20 basis points annually on the first $370 million of average assets under management (AUM) of all of the Funds in the Trust (the Teton
funds), 12 basis points annually on the next $630 million of average AUM in the Teton funds, and 10 basis points annually of average AUM in the Teton funds in excess of $1 billion. The License Agreement provides the Adviser and the funds that
it manages the use of certain names and service marks. Pursuant to the Administrative Agreement and the License Agreement, GBL was compensated in 2012 by the Adviser in the amount of $15,000 per month, or $180,000 for the full year, plus an average
of 15.7 basis points of the average AUM in the Teton funds (pursuant to the tiered formula) for providing mutual fund administration services to these funds, or $1,289,190 for 2012.
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