Gabelli Funds LLC

Item 5 Fees and Compensation

    A. Investment Management Fees

 The stated investment management fee for most of the Funds is generally one percent per year.
 The Adviser may also be compensated with performance-based fees in accordance with Rule
 205-3 of the Investment Advisers Act of 1940 (“Advisers Act”).

    B. Payment of Fees

 Investment management and administrative services fees charged to clients are based on average
 net assets, are computed either daily or weekly, and are payable monthly (at the beginning of
 the following month). Gabelli Funds may also earn performance based fees in accordance with
 the fees as set forth in the investment management contracts that are approved initially by
 shareholders and at least annually by the Directors/Trustees of the respective companies, and
 are described in the prospectuses of such investment companies. Gabelli Funds may periodically
 waive all or a portion of such fees.

    C. Other Fees and Expenses

 In addition to paying investment management fees, client accounts may also be subject to other
 expenses such as: legal and audit, custodial charges, brokerage fees, commissions and related
 costs, interest expenses and taxes. In addition, depending upon the share class, sales charges,
 and distribution fees pursuant to Rule 12b-1 of the Investment Company Act of 1940, may be
 incurred for the open-end registered funds. Gabelli Funds may periodically agree to limit
 expenses of a fund or reimburse expenses.

    D. Prepayment of Fees

 As noted in B above, fees are charged to clients at the end of the calculation period.

    E. Additional Compensation

 The Adviser does not receive compensation other than for advising and administering the Funds
 and administering the Teton Westwood Funds, an affiliated fund group.

Item 7    Types of Clients

 Gabelli Funds offers advisory services to SEC registered open and closed-end investment
 companies, a Luxembourg registered SICAV with three Sub-Funds, and one registered U.K.
 closed-end fund.