Statement of Additional Info - Gabelli

More documents

Recommendations

Info

investment company relative to an index. Five closed-end registered investment companies managed by Mr. Gabelli have arrangements whereby the Adviser will only receive its investment advisory fee attributable to the liquidation value of outstanding preferred stock (and Mr. Gabelli would only receive his percentage of such advisory fee) if certain performance levels are met. Mr. Gabelli manages other accounts with performance fees. Compensation for managing these accounts has two components. One component of his compensation is based on a percentage of net revenues to the investment adviser for managing the account. The second component is based on absolute performance of the account, with respect to which a percentage of such performance fee is paid to Mr. Gabelli. As an executive officer of the Adviser’s parent company, GBL, Mr. Gabelli also receives ten percent of the net operating profits of the parent company. He receives no base salary, no annual bonus, and no stock options. Compensation Structure for Portfolio Managers of the Sub-Adviser Compensation for Portfolio Managers of the Sub-Adviser is composed of three components: base salary, cash incentive compensation, and equity-based incentive compensation. Base salaries are initially set to be within the market range for similar positions. In determining incentive compensation and annual merit-based salary increases, employees on the investment team are evaluated according to a combination of quantitative and qualitative factors. A major component of this evaluation is the performance of stock recommendations for research analysts and portfolio performance, dispersion (etc.), and other quantitative measures for portfolio managers. While this evaluation takes into account, in a broad sense, the performance of the accounts managed by the Portfolio Manager, the level of compensation is not determined with specific reference to the performance of any account relative to any specific benchmark. Generally, the Sub-Adviser places greater emphasis on the Portfolio Manager’s shorter term performance in determining compensation rather than longer term performance. This evaluation places equal emphasis on the Portfolio Manager’s performance with respect to large and small accounts. Ownership of Shares in the Funds Set forth in the table below is the dollar range of equity securities in the Funds beneficially owned by each member of the Portfolio Management Team: Team Member Fund Dollar Range of Equity Securities Held in each Fund* Mario J. Gabelli, CFA TETON Westwood Mighty Mites Fund E Laura Linehan, CFA TETON Westwood Mighty Mites Fund B Elizabeth M. Lilly, CFA TETON Westwood Mighty Mites Fund E Paul D. Sonkin TETON Westwood Mighty Mites Fund A Nicholas F. Galluccio Diane M. Wehner Charles F. Stuart TETON Westwood SmallCap Equity Fund TETON Westwood Mid-Cap Equity Fund TETON Westwood Mid-Cap Equity Fund G E A Barbara G. Marcin, CFA TETON Westwood Income Fund A Matthew R. Lockridge Mark Freeman, CFA TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Equity Fund TETON Westwood Balanced 58 A A A A
Team Member Varun V. Singh Lisa Dong, CFA Fund TETON Westwood Intermediate Bond Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund Dollar Range of Equity Securities Held in each Fund* A A A A A Scott D. Lawson, CFA TETON Westwood Equity Fund TETON Westwood Balanced Fund TETON Westwood Intermediate Bond Fund __________________________________________ * Key to Dollar Ranges- Information as of September 30, 2013 A. None B. $1 – $10,000 C. $10,001 – $50,000 D. $50,001 – $100,000 E. $100,001 - $500,000 F. $500,001 – $1,000,000 G. over $1,000,000 A A B Sub-Administrator The Adviser is an affiliate of Gabelli Funds. Gabelli Funds has entered into an agreement (the “Sub-Administration Agreement”) with BNY Mellon Investment Servicing (US) Inc., (the "Sub-Administrator"), which is located at 301 Bellevue Parkway, Wilmington, Delaware 19809. Under the Sub-Administration Agreement, the Sub-Administrator (a) assists in supervising all aspects of the Trust's operations except those performed by the Adviser under its advisory agreement with the Funds; (b) supplies the Funds with office facilities (which may be in the Sub-Administrator's own offices), statistical and research data, data processing services, clerical, accounting, and bookkeeping services, including, but not limited to, the calculation of the NAV per share of each class of the Funds, internal auditing and regulatory administration services, internal executive and administrative services, and stationery and office supplies; (c) prepares and distributes materials for all Board Meetings including the mailing of all Board materials and collates the same materials into the Board books and assists in the drafting of minutes of the Board meetings; (d) prepares reports to Trust shareholders, tax returns, and reports to and filings with the SEC and state "Blue Sky" authorities; (e) provides any equipment or services necessary for the purpose of pricing shares or valuing the Fund's investment portfolio; (f) provides compliance testing of all Fund activities against applicable requirements of the 1940 Act and the rules thereunder, the Code, and each Fund’s investment restrictions; (g) furnishes to the Adviser such statistical and other factual information and information regarding economic factors and trends as the Adviser from time to time may require; and (h) generally provides all administrative services that may be required for the ongoing operation of the Trust in a manner consistent with the requirements of the 1940 Act. For the services it provides, Teton Advisors, Inc. pays the Sub-Administrator an annual fee based on the value of the aggregate average daily net assets of all funds under its administration managed by the Adviser and its affiliates as follows: up to $10 billion: 0.0275%; $10 billion to $15 billion: 0.0125%; over $15 billion: 0.01%. The Sub- Administrator's fee is paid by Teton Advisors, Inc. and will result in no additional expenses to the Funds. Counsel Paul Hastings LLP, 75 East 55th Street, New York, New York 10022, serves as the Trust’s legal counsel. 59
Page 1 and 2:
Fund TETON Westwood Mighty Mites SM
Page 3 and 4:
GENERAL INFORMATION AND HISTORY The
Page 5 and 6:
A Fund’s primary risk is that if
Page 7 and 8: A Fund may also buy variable rate m
Page 9 and 10: negotiated by the countries with wh
Page 11 and 12: during the option period, and (c) o
Page 13 and 14: and from the broker will be made da
Page 15 and 16: The Funds may use options on future
Page 17 and 18: Mortgage-Related Securities (the Mi
Page 19 and 20: Institutional investors depend on a
Page 21 and 22: 6. Purchase, hold, or deal in real
Page 23 and 24: Act (the “Independent Trustees”
Page 25 and 26: Name, Position(s) Address 1 and Age
Page 27 and 28: companies and previously served on
Page 29 and 30: Trustee Ownership of Trust Shares S
Page 31 and 32: the best interests of each Fund. No
Page 33 and 34: Name and Address of Holder of Recor
Page 43 and 44: The fees paid to the Adviser are al
Page 45 and 46: PORTFOLIO TRANSACTIONS AND BROKERAG
Page 47 and 48: TETON Westwood Mid-Cap Equity Fund
Page 49 and 50: Portfolio turnover may vary from ye
Page 51 and 52: EXCLUDES TETON WESTWOOD MIGHTY MITE
Page 53 and 54: EXCLUDES TETON WESTWOOD EQUITY FUND
Page 55 and 56: EXCLUDES WESTWOOD BALANCED FUND: Na
Page 57: Portfolio Manager’s decision as t
Page 61 and 62: Fiscal Year Ended September 30, Sal
Page 63 and 64: TETON Westwood Balanced Fund Class
Page 65 and 66: other redress. If a Fund is unable
Page 67 and 68: test, at the close of each quarter
Page 69 and 70: nevertheless, would be taxable to t
Page 71 and 72: portfolio within the Trust is separ
Page 73 and 74: Should no rating be assigned, the r
show all

Statement of Additional Info - Gabelli

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?