Statement of Additional Info - Gabelli

The fees paid to the Adviser are allocated between the classes of shares based upon the amount of assets in each such
class.
As compensation for its advisory and administrative services under the Advisory Agreements, the Adviser is paid a
monthly fee based on the average daily NAV of each Fund, at the following annual rates:
Annual Advisory Fee
(as a percentage of
Fund
average daily
net assets)
Mighty Mites Fund 1.00%
SmallCap Equity Fund 1.00%
Mid-Cap Equity Fund 1.00%
Income Fund 1.00%
Equity Fund 1.00%
Balanced Fund 0.75%
Intermediate Bond Fund 0.60%
Under the Sub-Advisory Agreement, the Adviser pays Westwood out of its advisory fees with respect to the Equity Fund,
Balanced Fund, and Intermediate Bond Fund, a fee computed daily and payable monthly in an amount equal on an
annualized basis to the greater of (i) $150,000 per year on an aggregate basis for the Funds or (ii) 35% of the net
revenues to the Adviser from the Funds. With respect to the SmallCap Equity, Mid-Cap Equity, Income, and
Intermediate Bond Funds, the Board has approved expense limitation agreements under which the Adviser has
contractually agreed to waive its investment advisory fees and/or reimburse the Funds’ expenses to the extent necessary
to maintain the Funds’ total annual operating expenses (excluding brokerage costs, interest, taxes, acquired fund fees and
expenses and extraordinary expenses) at the levels set forth in the fee tables of the current prospectuses until at least
January 31, 2015. Thereafter, the agreement may only be terminated or amended to increase these expense caps 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 agreement prior to the expiration of its then current term. In
addition, each of the SmallCap Equity, Income and Intermediate Bond Funds has agreed, during the two-year period
following any waiver or reimbursement by the Adviser, and the Mid-Cap Equity Fund has agreed during the three-year
period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, after giving effect to
the repayment, such adjusted Total Annual Fund Operating Expenses would not exceed the amount of the specified
expense cap on an annualized basis.
Earned
Advisory Fees Earned and Advisory Fees Waived
and Expenses Reimbursed by Teton Advisors, Inc.
For the Year Ended September 30,
2013 2012 2011
Fees Waived
Fees Waived
Fees Waived
and
and
and
Expenses
Expenses
Expenses
Reimbursed Earned Reimbursed Earned Reimbursed
Mighty Mites Fund $7,277,383 N/A $5,772,657 $118,768 $5,825,223 $114,002
SmallCap Equity Fund $387,228 $50,965 $423,003 $63,409 $322,948 $60,150
Mid-Cap Equity Fund * $5,283 $45,488 N/A N/A N/A N/A
Income Fund $77,776 $44,065 $61,525 $50,490 $53,783 $49,220
Equity Fund $726,412 N/A $864,709 N/A $1,083,017 N/A
Balanced Fund $660,381 N/A $703,293 N/A $862,166 N/A
Intermediate Bond
Fund
$146,997 $87,322 $131,601 $71,464 $103,009 $67,194
*The Mid-Cap Equity Fund commenced operations on May 31, 2013.
43