Statement of Additional Info - Gabelli
Statement of Additional Info - Gabelli
Statement of Additional Info - Gabelli
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TETON Westwood Balanced Fund<br />
Year ended<br />
September 30<br />
Commissions<br />
Paid<br />
Total Brokerage Commissions 2011 $43,189<br />
2012 $29,262<br />
2013 $33,385<br />
Commissions paid to G.research 2011 $0<br />
2012 $2<br />
2013 $57<br />
% <strong>of</strong> Total Brokerage Commissions paid 2013 0.17%<br />
to G.research<br />
% <strong>of</strong> Total Transactions involving Commissions 2013 0.64%<br />
effected through G.research<br />
TETON Westwood Intermediate Bond Fund<br />
Year ended<br />
September 30<br />
Total Brokerage Commissions 2011 $0<br />
2012 $0<br />
2013 $0<br />
2011 $0<br />
Commissions paid to G.research 2012 $0<br />
2013 $0<br />
Commissions<br />
Paid<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 />
Investment research obtained by allocations <strong>of</strong> Fund brokerage is used to augment the scope and supplement the internal<br />
research and investment strategy capabilities <strong>of</strong> the Adviser or Sub-Adviser but does not reduce the overall expenses <strong>of</strong><br />
the Adviser or Sub-Adviser to any material extent. Such investment research may be in written form or through direct<br />
contact with individuals and includes information on particular companies and industries as well as market, economic, or<br />
institutional activity areas.<br />
The Adviser or Sub-Adviser may also place orders for the purchase or sale <strong>of</strong> portfolio securities with G.research when it<br />
appears that, as an introducing broker or otherwise, G.research can obtain a price, execution, and commission, which is at<br />
least as favorable as that obtainable by other qualified brokers and at a commission rate at least as favorable as it provides<br />
to its best customers for similar transactions. As required by Rule 17e-1 under the 1940 Act, the Board has adopted<br />
procedures which provide that the commissions paid to G.research on brokerage transactions must not exceed those<br />
which would have been charged by another qualified broker or member firm able to effect the same or a comparable<br />
transaction at an equally favorable price or those G.research charges its most favored customers on similar transactions.<br />
Rule 17e-1 under the 1940 Act and the Funds’ procedures contain requirements that the Board, including the Independent<br />
Trustees, review such commissions and transactions quarterly and procedures at least annually to determine their<br />
continuing appropriateness. The Adviser or Sub-Adviser is also required to furnish reports and maintain records in<br />
connection with the reviews.<br />
The Funds’ total commissions have varied over the past three years primarily related to the volume <strong>of</strong> portfolio<br />
transactions, the changes in portfolio turnover, and the changes in total net assets.<br />
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