Statement of Additional Info - Gabelli

okers or dealers who also furnish research and other services to the Funds or the Adviser or Sub-Adviser of the type
described in Section 28(e) of the 1934 Act, as amended. In doing so, the Funds may also pay higher commission rates
than the lowest available when the Adviser or Sub-Adviser believes it is reasonable to do so in light of the value of the
brokerage and research services provided by the broker effecting the transaction. Such services may include, but are not
limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical
or factual information or opinions pertaining to investments; wire services; and appraisals or evaluations of potential and
existing investments.
Research services furnished by brokers through which the Funds effect securities transactions are used by the Adviser or
Sub-Adviser and their advisory affiliates in carrying out their responsibilities with respect to all of their accounts over
which they exercise investment discretion. Such investment information may be useful only to one or more of the other
accounts of the Adviser or Sub-Adviser and their advisory affiliates, and research information received for the
commissions of those particular accounts may be useful both to the Funds and one or more of such other accounts, or
may not specifically benefit the Funds. The purpose of this sharing of research information is to avoid duplicative
charges for research provided by brokers and dealers. Neither the Funds nor the Adviser or Sub-Adviser has any
agreement or legally binding understanding with any broker or dealer regarding any specific amount of brokerage
commissions which will be paid in recognition of such services. However, in determining the amount of portfolio
commissions directed to such brokers or dealers, the Adviser and Sub-Adviser do consider the level of services provided
and, based on such determinations, the Adviser allocated brokerage commissions of $217,705 on portfolio transactions in
the principal amount of $66,506,060 during the fiscal year ended September 30, 2013, to broker-dealers who provided
research services to the Adviser or Sub-Adviser.
The following tables set forth certain information regarding each Fund’s payment of brokerage commissions for the past
three fiscal years:
TETON Westwood Mighty Mites Fund
Year ended
September 30
Commissions
Paid
Total Brokerage Commissions 2011 $821,134
2012 $216,878
2013 $443,516
Commissions paid to G.research 2011 $184,006
2012 $68,903
2013 $113,130
% of Total Brokerage Commissions paid 2013 25.51%
to G.research
% of Total Transactions involving Commissions 2013 25.87%
effected through G.research
TETON Westwood SmallCap Equity Fund
Year ended
September 30
Commissions
Paid
Total Brokerage Commissions 2011 $194,026
2012 $129,073
2013 $33,033
Commissions paid to G.research 2011 $0
2012 $0
2013 $0
% of Total Brokerage Commissions paid 2013 0.00%
to G.research
% of Total Transactions involving Commissions 2013 0.00%
effected through G.research
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