Statement of Additional Info - Gabelli
Statement of Additional Info - Gabelli
Statement of Additional Info - Gabelli
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
okers or dealers who also furnish research and other services to the Funds or the Adviser or Sub-Adviser <strong>of</strong> the type<br />
described in Section 28(e) <strong>of</strong> the 1934 Act, as amended. In doing so, the Funds may also pay higher commission rates<br />
than the lowest available when the Adviser or Sub-Adviser believes it is reasonable to do so in light <strong>of</strong> the value <strong>of</strong> the<br />
brokerage and research services provided by the broker effecting the transaction. Such services may include, but are not<br />
limited to, any one or more <strong>of</strong> the following: information as to the availability <strong>of</strong> securities for purchase or sale; statistical<br />
or factual information or opinions pertaining to investments; wire services; and appraisals or evaluations <strong>of</strong> potential and<br />
existing investments.<br />
Research services furnished by brokers through which the Funds effect securities transactions are used by the Adviser or<br />
Sub-Adviser and their advisory affiliates in carrying out their responsibilities with respect to all <strong>of</strong> their accounts over<br />
which they exercise investment discretion. Such investment information may be useful only to one or more <strong>of</strong> the other<br />
accounts <strong>of</strong> the Adviser or Sub-Adviser and their advisory affiliates, and research information received for the<br />
commissions <strong>of</strong> those particular accounts may be useful both to the Funds and one or more <strong>of</strong> such other accounts, or<br />
may not specifically benefit the Funds. The purpose <strong>of</strong> this sharing <strong>of</strong> research information is to avoid duplicative<br />
charges for research provided by brokers and dealers. Neither the Funds nor the Adviser or Sub-Adviser has any<br />
agreement or legally binding understanding with any broker or dealer regarding any specific amount <strong>of</strong> brokerage<br />
commissions which will be paid in recognition <strong>of</strong> such services. However, in determining the amount <strong>of</strong> portfolio<br />
commissions directed to such brokers or dealers, the Adviser and Sub-Adviser do consider the level <strong>of</strong> services provided<br />
and, based on such determinations, the Adviser allocated brokerage commissions <strong>of</strong> $217,705 on portfolio transactions in<br />
the principal amount <strong>of</strong> $66,506,060 during the fiscal year ended September 30, 2013, to broker-dealers who provided<br />
research services to the Adviser or Sub-Adviser.<br />
The following tables set forth certain information regarding each Fund’s payment <strong>of</strong> brokerage commissions for the past<br />
three fiscal years:<br />
TETON Westwood Mighty Mites Fund<br />
Year ended<br />
September 30<br />
Commissions<br />
Paid<br />
Total Brokerage Commissions 2011 $821,134<br />
2012 $216,878<br />
2013 $443,516<br />
Commissions paid to G.research 2011 $184,006<br />
2012 $68,903<br />
2013 $113,130<br />
% <strong>of</strong> Total Brokerage Commissions paid 2013 25.51%<br />
to G.research<br />
% <strong>of</strong> Total Transactions involving Commissions 2013 25.87%<br />
effected through G.research<br />
TETON Westwood SmallCap Equity Fund<br />
Year ended<br />
September 30<br />
Commissions<br />
Paid<br />
Total Brokerage Commissions 2011 $194,026<br />
2012 $129,073<br />
2013 $33,033<br />
Commissions paid to G.research 2011 $0<br />
2012 $0<br />
2013 $0<br />
% <strong>of</strong> Total Brokerage Commissions paid 2013 0.00%<br />
to G.research<br />
% <strong>of</strong> Total Transactions involving Commissions 2013 0.00%<br />
effected through G.research<br />
46
Change language