Statement of Additional Info - Gabelli

INVESTM ENT ADVISORY AND OTHER SERVICES
I nvestment Adviser and Sub-Adviser
Teton Advisors, Inc. serves as the Funds' investment adviser and administrator and as investment advisor to certain
institutional accounts. As of September 30, 2013, the adviser had $1.8 billion in assets under management. The
Adviser is a Delaware corporation and was previously known as Gabelli Advisers, Inc., a company organized in
1994. The Adviser is a registered investment adviser and an affiliate of GAMCO Investors, Inc. (“GBL”), a publicly
held company listed on the NYSE.
As of September 30, 2013, Westwood Holdings Group, Inc. (“WHG”) owned 9.2% of the Adviser. The business address
of Teton Advisors, Inc. is One Corporate Center, Rye, New York 10580. The Adviser has several affiliates that provide
investment advisory services: Gabelli Funds, LLC (“Gabelli Funds”), an affiliate of the Adviser, serves as investment
adviser to sixteen open-end investment companies and ten closed-end investment companies and had assets under
management of $24 billion as of September 30, 2013. GAMCO Asset Management Inc. (“GAMCO”), an affiliate of the
Adviser, acts as investment adviser for individuals, pension trusts, profit-sharing trusts and endowments, and as Sub-
Adviser to certain third party investment funds, which include registered management investment companies, and had
assets under management of approximately $18.5 billion as of September 30, 2013; Gabelli Securities, Inc., a majority
owned subsidiary of GBL, acts as investment adviser to certain alternative investment products, consisting primarily of
risk arbitrage and merchant banking limited partnerships and offshore companies, with assets under management of
approximately $899 million as of September 30, 2013; and Gabelli Fixed Income LLC acts as investment adviser for
separate accounts having assets under management of approximately $63 million as of September 30, 2013. Each of the
foregoing companies, other than the Adviser, is a subsidiary of GBL. The Adviser was spun off by GBL in March 2009
and is an affiliate of GBL by virtue of Mr. Gabelli’s ownership of GGCP, Inc., the principal shareholder of the Adviser,
as of September 30, 2013. Westwood Management Corp. serves as Sub-Adviser to the Funds, with the exception of the
Mighty Mites Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, and Income Fund, for which the Adviser is
responsible for the management of such Funds’ portfolios.
The Adviser currently serves as the investment adviser to all the Funds pursuant to investment advisory agreements (the
“Advisory Agreements”). Pursuant to the Advisory Agreements, the Adviser furnishes a continuous investment program
for the Funds’ portfolios, makes the day-to-day investment decisions for the Funds, arranges the portfolio transactions of
the Funds, and generally manages the Funds’ investments in accordance with the stated policies of the Fund, subject to
the general supervision of the Board.
The Sub-Adviser is a wholly owned subsidiary of WHG, an institutional asset management company that was formed to
hold all of the outstanding stock of the Sub-Adviser. WHG is listed on the NYSE and is owned by a diversified group of
shareholders, including employees of the company that collectively own approximately 30% of the company’s common
stock. As of September 30, 2013, GBL owned 9.2% of WHG. As of September 30, 2013, the Sub-Adviser had
approximately $14.9 billion in separate accounts, including those for endowments, corporations, and institutions.
Pursuant to the sub-advisory agreement between the Trust, the Adviser and the Sub-Adviser, on behalf of the Equity
Fund, Balanced Fund, and the Intermediate Bond Fund (the “Sub-Advisory Agreement”), the Sub-Adviser manages each
applicable Fund's portfolio of investments in accordance with the stated policies of each applicable Fund, subject to the
oversight of the Board. The Sub-Adviser is responsible for investment decisions, and provides each applicable Fund with
Investment Officers who are authorized by the Board to execute purchases and sales of securities. All purchases and
sales are reported for the Trustees' review at the meeting subsequent to such transactions.
Each Advisory Agreement and the Sub-Advisory Agreement is subject to annual approval (after its initial two-year term,
the Advisory Agreement for the Mid-Cap Equity Fund will be subject to annual approval) by (i) the Board or a (ii) a vote
of a majority (as defined in the 1940 Act) of the outstanding voting securities of each applicable Fund, provided that in
either event the continuance also is approved by a majority of the Trustees who are not "interested persons" (as defined
pursuant to the 1940 Act) of the applicable Funds, the Adviser or Sub-Adviser, as applicable by vote cast in person at a
meeting called for the purpose of voting on such approval. Each Advisory Agreement and the Sub-Advisory Agreement
is terminable without penalty, on sixty days' notice, by the applicable Funds' Board or by vote of the holders of a majority
of each applicable Fund's shares, or by the Adviser, upon not less than 60 days' notice with respect to the Advisory
Agreement for each applicable Fund. Each Advisory Agreement and the Sub-Advisory Agreement will terminate
automatically in the event of its assignment (as defined in the 1940 Act).
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