# EDGAR Filing Document

**Accession Number:** 0000796229
**File Stem:** 0001999371-25-007344
**Filing Date:** 2025-6
**Character Count:** 339195
**Document Hash:** 477bc109e10ca88ba3ea5131de39b1c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007344.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007344

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TETON WESTWOOD FUNDS
- **CENTRAL INDEX KEY:** 0000796229

**ORGANIZATION NAME:**
- **EIN:** 133625130
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04719
- **FILM NUMBER:** 251030037

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 8004223554

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAMCO WESTWOOD FUNDS
- **DATE OF NAME CHANGE:** 20091130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTWOOD FUNDS
- **DATE OF NAME CHANGE:** 20060621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GABELLI WESTWOOD FUNDS
- **DATE OF NAME CHANGE:** 19980304

## Series and Classes Contracts Data

### TETON WESTWOOD BALANCED FUND (Series ID: S000001080)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002911 | CLASS A      | WEBCX           |
| C000002912 | CLASS AAA    | WEBAX           |
| C000002914 | CLASS C      | WBCCX           |
| C000061063 | Class I      | WBBIX           |

### TETON WESTWOOD EQUITY FUND (Series ID: S000001081)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002916 | CLASS C      | WEQCX           |
| C000002917 | CLASS A      | WEECX           |
| C000002918 | CLASS AAA    | WESWX           |
| C000061064 | Class I      | WEEIX           |

### TETON Convertible Securities Fund (Series ID: S000001082)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002919 | CLASS A      | WEIAX           |
| C000002921 | CLASS C      | WEICX           |
| C000002922 | CLASS AAA    | WESRX           |
| C000061065 | Class I      | WESIX           |

### TETON WESTWOOD MIGHTY MITES FUND (Series ID: S000001084)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002927 | CLASS A      | WMMAX           |
| C000002928 | CLASS AAA    | WEMMX           |
| C000002930 | CLASS C      | WMMCX           |
| C000061067 | Class I      | WEIMX           |

### TETON WESTWOOD SMALL CAP EQUITY FUND (Series ID: S000001085)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002931 | CLASS A      | WWSAX           |
| C000002933 | CLASS C      | WWSCX           |
| C000002934 | CLASS AAA    | WESCX           |
| C000061068 | Class I      | WWSIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-04719**

**The TETON Westwood Funds**

(Exact name of registrant as specified in charter)

**One Corporate Center<br> Rye, New York 10580-1422**

(Address of principal executive offices) (Zip code)

**John C. Ball<br> Teton Advisors, Inc.<br> One Corporate Center<br> Rye, New York 10580-1422**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-422-3554**

Date of fiscal year end: <u>**September 30**</u>

Date of reporting period: <u>**March 31, 2025**</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is
 attached herewith.

# TETON Westwood Balanced Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class AAA - WEBAX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class AAA (the "Fund) for the period of October 1, 2024 to March 31, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Balanced Fund - Class AAA** | **$72** | **1.45%** |

---

## How did the Fund perform?
Stocks declined after an initial rally, finishing the period in the red. Bond yields also rose sharply through mid-January, only to decline through a volatile March. High yield spreads – a proxy for investment risk – reached ten-year lows before spiking due to tariff announcements in February. The Fund trailed the benchmark, as our equity position detracted from performance, though our overweight to investment-grade corporate debt was beneficial. We have reduced equity and technology exposure, focusing on lower volatility issues due to market volatility. We have maintained our corporate debt and Treasury exposure, positioning us for gains should interest rates fall.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2512b217a4c5932fd41dde44.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Balanced Fund - Class AAA** | **S&P 500 Index** | **60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index** | **Bloomberg US Government / Credit Bond Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9989 | 10178 | 10113 | 10175 |
| **3/17** | 10828 | 11926 | 11278 | 10230 |
| **3/18** | 11843 | 13594 | 12405 | 10371 |
| **3/19** | 12369 | 14885 | 13091 | 10836 |
| **3/20** | 11837 | 13846 | 13052 | 11900 |
| **3/21** | 14661 | 21649 | 17930 | 12002 |
| **3/22** | 15814 | 25037 | 19488 | 11540 |
| **3/23** | 14742 | 23101 | 17526 | 10985 |
| **3/24** | 16765 | 30004 | 21069 | 11176 |
| **3/25** | 17355 | 32480 | 22211 | 11697 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class AAA | (1.80)% | 3.52% | 7.95% | 5.67% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (1.37)% | 6.81% | 11.02% | 8.13% |
| Bloomberg US Government / Credit Bond Index | (0.46)% | 4.66% | (0.34)% | 1.58% |

---

## Fund Statistics
* Total Net Assets$34,747,836

* Number of Portfolio Holdings99

* Portfolio Turnover Rate19%

* Management Fees$138,239

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 3.7% |
| U.S. Treasury Notes | 3.5% |
| Microsoft Corp. | 2.7% |
| AP Moller - Maersk A/S | 2.5% |
| Abbott Laboratories | 2.4% |
| Bank of America Corp. | 2.4% |
| Energy Transfer LP | 2.4% |
| UnitedHealth Group Inc. | 2.1% |
| Union Pacific Corp. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 62.9% |
| Corporate Bonds | 27.8% |
| U.S. Government Obligations | 7.2% |
| Convertible Corporate Bonds | 0.9% |
| Foreign Government Obligations | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.3% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](iaa6146bcbcab8b89e22e12e2.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.6% |
| Computer Software and Services | 9.2% |
| Health Care | 8.5% |
| Retail | 4.9% |
| Real Estate | 4.5% |
| Transportation | 4.4% |
| Food and Beverage | 4.2% |
| Energy: Oil | 3.8% |
| Other Industry sectors | 40.6% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Balanced Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class AAA - WEBAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEBAX-25-SATSR

# TETON Westwood Balanced Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class C - WBCCX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class C (the "Fund) for the period of October 1, 2024 to March 31, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Balanced Fund - Class C** | **$109** | **2.20%** |

---

## How did the Fund perform?
Stocks declined after an initial rally, finishing the period in the red. Bond yields also rose sharply through mid-January, only to decline through a volatile March. High yield spreads – a proxy for investment risk – reached ten-year lows before spiking due to tariff announcements in February. The Fund trailed the benchmark, as our equity position detracted from performance, though our overweight to investment-grade corporate debt was beneficial. We have reduced equity and technology exposure, focusing on lower volatility issues due to market volatility. We have maintained our corporate debt and Treasury exposure, positioning us for gains should interest rates fall.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic129e45b640190125cb9f236.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **TETON Westwood Balanced Fund - Class C** | **TETON Westwood Balanced Fund - Class C (includes sales charge)** | **S&P 500 Index** | **60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index** | **Bloomberg US Government / Credit Bond Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9914 | 9815 | 10178 | 10113 | 10175 |
| **3/17** | 10674 | 10469 | 11926 | 11278 | 10230 |
| **3/18** | 11594 | 11266 | 13594 | 12405 | 10371 |
| **3/19** | 12015 | 11563 | 14885 | 13091 | 10836 |
| **3/20** | 11410 | 10871 | 13846 | 13052 | 11900 |
| **3/21** | 14028 | 13257 | 21649 | 17930 | 12002 |
| **3/22** | 15016 | 14058 | 25037 | 19488 | 11540 |
| **3/23** | 13886 | 12870 | 23101 | 17526 | 10985 |
| **3/24** | 15682 | 14406 | 30004 | 21069 | 11176 |
| **3/25** | 16113 | 14658 | 32480 | 22211 | 11697 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class C | (2.12)% | 2.75% | 7.15% | 4.89% |
| TETON Westwood Balanced Fund - Class C (includes sales charge) | (3.10)% | 1.75% | 7.15% | 4.89% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (1.37)% | 6.81% | 11.02% | 8.13% |
| Bloomberg US Government / Credit Bond Index | (0.46)% | 4.66% | (0.34)% | 1.58% |

---

## Fund Statistics
* Total Net Assets$34,747,836

* Number of Portfolio Holdings99

* Portfolio Turnover Rate19%

* Management Fees$138,239

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 3.7% |
| U.S. Treasury Notes | 3.5% |
| Microsoft Corp. | 2.7% |
| AP Moller - Maersk A/S | 2.5% |
| Abbott Laboratories | 2.4% |
| Bank of America Corp. | 2.4% |
| Energy Transfer LP | 2.4% |
| UnitedHealth Group Inc. | 2.1% |
| Union Pacific Corp. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 62.9% |
| Corporate Bonds | 27.8% |
| U.S. Government Obligations | 7.2% |
| Convertible Corporate Bonds | 0.9% |
| Foreign Government Obligations | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.3% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ic29d0657e07d813d0be4ab54.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.6% |
| Computer Software and Services | 9.2% |
| Health Care | 8.5% |
| Retail | 4.9% |
| Real Estate | 4.5% |
| Transportation | 4.4% |
| Food and Beverage | 4.2% |
| Energy: Oil | 3.8% |
| Other Industry sectors | 40.6% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Balanced Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class C - WBCCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WBCCX-25-SATSR

# TETON Westwood Balanced Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class I - WBBIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class I (the "Fund) for the period of October 1, 2024 to March 31, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Balanced Fund - Class I** | **$60** | **1.20%** |

---

## How did the Fund perform?
Stocks declined after an initial rally, finishing the period in the red. Bond yields also rose sharply through mid-January, only to decline through a volatile March. High yield spreads – a proxy for investment risk – reached ten-year lows before spiking due to tariff announcements in February. The Fund trailed the benchmark, as our equity position detracted from performance, though our overweight to investment-grade corporate debt was beneficial. We have reduced equity and technology exposure, focusing on lower volatility issues due to market volatility. We have maintained our corporate debt and Treasury exposure, positioning us for gains should interest rates fall.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i36d8d253c4152d21641204a7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Balanced Fund - Class I** | **S&P 500 Index** | **60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index** | **Bloomberg US Government / Credit Bond Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 10014 | 10178 | 10113 | 10175 |
| **3/17** | 10886 | 11926 | 11278 | 10230 |
| **3/18** | 11936 | 13594 | 12405 | 10371 |
| **3/19** | 12499 | 14885 | 13091 | 10836 |
| **3/20** | 11991 | 13846 | 13052 | 11900 |
| **3/21** | 14895 | 21649 | 17930 | 12002 |
| **3/22** | 16110 | 25037 | 19488 | 11540 |
| **3/23** | 15054 | 23101 | 17526 | 10985 |
| **3/24** | 17167 | 30004 | 21069 | 11176 |
| **3/25** | 17814 | 32480 | 22211 | 11697 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class I | (1.60)% | 3.77% | 8.24% | 5.94% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (1.37)% | 6.81% | 11.02% | 8.13% |
| Bloomberg US Government / Credit Bond Index | (0.46)% | 4.66% | (0.34)% | 1.58% |

---

## Fund Statistics
* Total Net Assets$34,747,836

* Number of Portfolio Holdings99

* Portfolio Turnover Rate19%

* Management Fees$138,239

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 3.7% |
| U.S. Treasury Notes | 3.5% |
| Microsoft Corp. | 2.7% |
| AP Moller - Maersk A/S | 2.5% |
| Abbott Laboratories | 2.4% |
| Bank of America Corp. | 2.4% |
| Energy Transfer LP | 2.4% |
| UnitedHealth Group Inc. | 2.1% |
| Union Pacific Corp. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 62.9% |
| Corporate Bonds | 27.8% |
| U.S. Government Obligations | 7.2% |
| Convertible Corporate Bonds | 0.9% |
| Foreign Government Obligations | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.3% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i70a4af55835ad644a91f2439.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.6% |
| Computer Software and Services | 9.2% |
| Health Care | 8.5% |
| Retail | 4.9% |
| Real Estate | 4.5% |
| Transportation | 4.4% |
| Food and Beverage | 4.2% |
| Energy: Oil | 3.8% |
| Other Industry sectors | 40.6% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Balanced Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - WBBIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WBBIX-25-SATSR

# TETON Westwood Balanced Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class A - WEBCX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class A (the "Fund) for the period of October 1, 2024 to March 31, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Balanced Fund - Class A** | **$72** | **1.45%** |

---

## How did the Fund perform?
Stocks declined after an initial rally, finishing the period in the red. Bond yields also rose sharply through mid-January, only to decline through a volatile March. High yield spreads – a proxy for investment risk – reached ten-year lows before spiking due to tariff announcements in February. The Fund trailed the benchmark, as our equity position detracted from performance, though our overweight to investment-grade corporate debt was beneficial. We have reduced equity and technology exposure, focusing on lower volatility issues due to market volatility. We have maintained our corporate debt and Treasury exposure, positioning us for gains should interest rates fall.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i24965b5b23bad0334a69e0a8.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **TETON Westwood Balanced Fund - Class A** | **TETON Westwood Balanced Fund - Class A (includes sales charge)** | **S&P 500 Index** | **60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index** | **Bloomberg US Government / Credit Bond Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9964 | 9565 | 10178 | 10113 | 10175 |
| **3/17** | 10778 | 9930 | 11926 | 11278 | 10230 |
| **3/18** | 11759 | 10398 | 13594 | 12405 | 10371 |
| **3/19** | 12248 | 10395 | 14885 | 13091 | 10836 |
| **3/20** | 11694 | 9527 | 13846 | 13052 | 11900 |
| **3/21** | 14466 | 11313 | 21649 | 17930 | 12002 |
| **3/22** | 15606 | 11719 | 25037 | 19488 | 11540 |
| **3/23** | 14536 | 10477 | 23101 | 17526 | 10985 |
| **3/24** | 16547 | 11445 | 30004 | 21069 | 11176 |
| **3/25** | 17133 | 11372 | 32480 | 22211 | 11697 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class A | (1.72)% | 3.54% | 7.94% | 5.53% |
| TETON Westwood Balanced Fund - Class A (includes sales charge) | (5.69)% | (0.64)% | 7.06% | 5.10% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (1.37)% | 6.81% | 11.02% | 8.13% |
| Bloomberg US Government / Credit Bond Index | (0.46)% | 4.66% | (0.34)% | 1.58% |

---

## Fund Statistics
* Total Net Assets$34,747,836

* Number of Portfolio Holdings99

* Portfolio Turnover Rate19%

* Management Fees$138,239

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 3.7% |
| U.S. Treasury Notes | 3.5% |
| Microsoft Corp. | 2.7% |
| AP Moller - Maersk A/S | 2.5% |
| Abbott Laboratories | 2.4% |
| Bank of America Corp. | 2.4% |
| Energy Transfer LP | 2.4% |
| UnitedHealth Group Inc. | 2.1% |
| Union Pacific Corp. | 1.9% |
| JPMorgan Chase & Co. | 1.9% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 62.9% |
| Corporate Bonds | 27.8% |
| U.S. Government Obligations | 7.2% |
| Convertible Corporate Bonds | 0.9% |
| Foreign Government Obligations | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.3% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5db2f002ec5581e130703f1b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.6% |
| Computer Software and Services | 9.2% |
| Health Care | 8.5% |
| Retail | 4.9% |
| Real Estate | 4.5% |
| Transportation | 4.4% |
| Food and Beverage | 4.2% |
| Energy: Oil | 3.8% |
| Other Industry sectors | 40.6% |
| Other Assets and Liabilities (Net) | 0.3% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Balanced Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - WEBCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEBCX-25-SATSR

# TETON Convertible Securities Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class AAA - WESRX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Convertible Securities Fund - Class AAA (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554. #ERROR:This Snippet cannot be shown because it has not been approved.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Teton Convertible Securities Fund - Class AAA** | **$58** | **1.15%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund benefited from a few high conviction names that moved higher in November, while a focus on balanced convertibles limited relative volatility when the market sold off. Top contributors included a space system provider, an online bank and a power generation platform provider. Top detractors included a company undertaking significant capital investment focused on clean energy and a biopharma company.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3d45504e72d26f4921654f34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class AAA** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9188 | 10178 | 9270 |
| **3/17** | 10480 | 11926 | 10912 |
| **3/18** | 11917 | 13594 | 12072 |
| **3/19** | 12750 | 14885 | 13018 |
| **3/20** | 12383 | 13846 | 12560 |
| **3/21** | 17974 | 21649 | 21870 |
| **3/22** | 17377 | 25037 | 21387 |
| **3/23** | 15200 | 23101 | 19069 |
| **3/24** | 15423 | 30004 | 17001 |
| **3/25** | 16682 | 32480 | 17001 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Convertible Securities Fund - Class AAA | 2.17% | 8.03% | 6.11% | 5.24% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 1.17% | 6.27% | 12.42% | 8.50% |

---

## Fund Statistics
* Total Net Assets$12,285,882

* Number of Portfolio Holdings62

* Portfolio Turnover Rate32%

* Management Fees$(8,517)

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| PPL Capital Funding Inc. | 4.6% |
| CSG Systems International Inc. | 3.5% |
| Northern Oil & Gas Inc. | 3.4% |
| Array Technologies Inc. | 3.2% |
| Halozyme Therapeutics Inc. | 3.1% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Sarepta Therapeutics Inc. | 2.7% |
| SoFi Technologies Inc. | 2.5% |
| Parsons Corp. | 2.5% |
| Digital Realty Trust LP | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 78.3% |
| Mandatory Convertible Securities | 12.6% |
| U.S. Government Obligations | 7.2% |
| Convertible Preferred Stocks | 2.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ifbda696b48f08b51d798dd2f.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 16.6% |
| Computer Software and Services | 15.6% |
| Energy and Utilities: Services | 13.4% |
| Financial Services | 8.3% |
| Energy and Utilities: Integrated | 6.4% |
| Real Estate Investment Trusts | 6.2% |
| Semiconductors | 5.2% |
| Consumer Services | 4.3% |
| Other Industry sectors | 24.1% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Convertible Securities Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class AAA - WESRX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WESRX-25-SATSR

# TETON Convertible Securities Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class C - WEICX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Convertible Securities Fund - Class C (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554. #ERROR:This Snippet cannot be shown because it has not been approved.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Teton Convertible Securities Fund - Class C** | **$96** | **1.90%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund benefited from a few high conviction names that moved higher in November, while a focus on balanced convertibles limited relative volatility when the market sold off. Top contributors included a space system provider, an online bank and a power generation platform provider. Top detractors included a company undertaking significant capital investment focused on clean energy and a biopharma company.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie97133c6a96ba03a254edad6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class C** | **TETON Convertible Securities Fund - Class C (includes sales charge)** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9125 | 9034 | 10178 | 9270 |
| **3/17** | 10318 | 10124 | 11926 | 10912 |
| **3/18** | 11653 | 11333 | 13594 | 12072 |
| **3/19** | 12375 | 11922 | 14885 | 13018 |
| **3/20** | 11921 | 11370 | 13846 | 12560 |
| **3/21** | 17176 | 16268 | 21649 | 21870 |
| **3/22** | 16486 | 15458 | 25037 | 21387 |
| **3/23** | 14313 | 13286 | 23101 | 19069 |
| **3/24** | 14410 | 13244 | 30004 | 17001 |
| **3/25** | 15454 | 14071 | 32480 | 17001 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Convertible Securities Fund - Class C | 1.78% | 7.24% | 5.33% | 4.45% |
| TETON Convertible Securities Fund - Class C (includes sales charge) | 0.78% | 6.24% | 5.33% | 4.45% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 1.17% | 6.27% | 12.42% | 8.50% |

---

## Fund Statistics
* Total Net Assets$12,285,882

* Number of Portfolio Holdings62

* Portfolio Turnover Rate32%

* Management Fees$(8,517)

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| PPL Capital Funding Inc. | 4.6% |
| CSG Systems International Inc. | 3.5% |
| Northern Oil & Gas Inc. | 3.4% |
| Array Technologies Inc. | 3.2% |
| Halozyme Therapeutics Inc. | 3.1% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Sarepta Therapeutics Inc. | 2.7% |
| SoFi Technologies Inc. | 2.5% |
| Parsons Corp. | 2.5% |
| Digital Realty Trust LP | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 78.3% |
| Mandatory Convertible Securities | 12.6% |
| U.S. Government Obligations | 7.2% |
| Convertible Preferred Stocks | 2.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i70492cd8dc37f263668d4399.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 16.6% |
| Computer Software and Services | 15.6% |
| Energy and Utilities: Services | 13.4% |
| Financial Services | 8.3% |
| Energy and Utilities: Integrated | 6.4% |
| Real Estate Investment Trusts | 6.2% |
| Semiconductors | 5.2% |
| Consumer Services | 4.3% |
| Other Industry sectors | 24.1% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Convertible Securities Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class C - WEICX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEICX-25-SATSR

# TETON Convertible Securities Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class I - WESIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Convertible Securities Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554. #ERROR:This Snippet cannot be shown because it has not been approved.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Teton Convertible Securities Fund - Class I** | **$45** | **0.90%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund benefited from a few high conviction names that moved higher in November, while a focus on balanced convertibles limited relative volatility when the market sold off. Top contributors included a space system provider, an online bank and a power generation platform provider. Top detractors included a company undertaking significant capital investment focused on clean energy and a biopharma company.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i063398e8b912940d32d36abb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class I** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9214 | 10178 | 9270 |
| **3/17** | 10536 | 11926 | 10912 |
| **3/18** | 12026 | 13594 | 12072 |
| **3/19** | 12896 | 14885 | 13018 |
| **3/20** | 12549 | 13846 | 12560 |
| **3/21** | 18260 | 21649 | 21870 |
| **3/22** | 17703 | 25037 | 21387 |
| **3/23** | 15516 | 23101 | 19069 |
| **3/24** | 15775 | 30004 | 17001 |
| **3/25** | 17093 | 32480 | 17001 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Convertible Securities Fund - Class I | 2.37% | 8.35% | 6.38% | 5.51% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 1.17% | 6.27% | 12.42% | 8.50% |

---

## Fund Statistics
* Total Net Assets$12,285,882

* Number of Portfolio Holdings62

* Portfolio Turnover Rate32%

* Management Fees$(8,517)

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| PPL Capital Funding Inc. | 4.6% |
| CSG Systems International Inc. | 3.5% |
| Northern Oil & Gas Inc. | 3.4% |
| Array Technologies Inc. | 3.2% |
| Halozyme Therapeutics Inc. | 3.1% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Sarepta Therapeutics Inc. | 2.7% |
| SoFi Technologies Inc. | 2.5% |
| Parsons Corp. | 2.5% |
| Digital Realty Trust LP | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 78.3% |
| Mandatory Convertible Securities | 12.6% |
| U.S. Government Obligations | 7.2% |
| Convertible Preferred Stocks | 2.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i09b7b497527e14c92139f386.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 16.6% |
| Computer Software and Services | 15.6% |
| Energy and Utilities: Services | 13.4% |
| Financial Services | 8.3% |
| Energy and Utilities: Integrated | 6.4% |
| Real Estate Investment Trusts | 6.2% |
| Semiconductors | 5.2% |
| Consumer Services | 4.3% |
| Other Industry sectors | 24.1% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Convertible Securities Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - WESIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WESIX-25-SATSR

# TETON Convertible Securities Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class A - WEIAX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Convertible Securities Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554. #ERROR:This Snippet cannot be shown because it has not been approved.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Teton Convertible Securities Fund - Class A** | **$58** | **1.15%** |

---

## How did the Fund perform?
For the six months ended March 31, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund benefited from a few high conviction names that moved higher in November, while a focus on balanced convertibles limited relative volatility when the market sold off. Top contributors included a space system provider, an online bank and a power generation platform provider. Top detractors included a company undertaking significant capital investment focused on clean energy and a biopharma company.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i58064af04c7acd85b31eac18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class A** | **TETON Convertible Securities Fund - Class A (includes sales charge)** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9167 | 8799 | 10178 | 9270 |
| **3/17** | 10429 | 9608 | 11926 | 10912 |
| **3/18** | 11835 | 10463 | 13594 | 12072 |
| **3/19** | 12633 | 10723 | 14885 | 13018 |
| **3/20** | 12232 | 9967 | 13846 | 12560 |
| **3/21** | 17722 | 13861 | 21649 | 21870 |
| **3/22** | 17134 | 12862 | 25037 | 21387 |
| **3/23** | 14989 | 10804 | 23101 | 19069 |
| **3/24** | 15210 | 10523 | 30004 | 17001 |
| **3/25** | 16420 | 10907 | 32480 | 17001 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Convertible Securities Fund - Class A | 2.18% | 7.96% | 6.07% | 5.08% |
| TETON Convertible Securities Fund - Class A (includes sales charge) | (1.89)% | 3.65% | 5.20% | 4.66% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 1.17% | 6.27% | 12.42% | 8.50% |

---

## Fund Statistics
* Total Net Assets$12,285,882

* Number of Portfolio Holdings62

* Portfolio Turnover Rate32%

* Management Fees$(8,517)

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| PPL Capital Funding Inc. | 4.6% |
| CSG Systems International Inc. | 3.5% |
| Northern Oil & Gas Inc. | 3.4% |
| Array Technologies Inc. | 3.2% |
| Halozyme Therapeutics Inc. | 3.1% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Sarepta Therapeutics Inc. | 2.7% |
| SoFi Technologies Inc. | 2.5% |
| Parsons Corp. | 2.5% |
| Digital Realty Trust LP | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 78.3% |
| Mandatory Convertible Securities | 12.6% |
| U.S. Government Obligations | 7.2% |
| Convertible Preferred Stocks | 2.0% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i08335fa3804b3646ade06a65.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 16.6% |
| Computer Software and Services | 15.6% |
| Energy and Utilities: Services | 13.4% |
| Financial Services | 8.3% |
| Energy and Utilities: Integrated | 6.4% |
| Real Estate Investment Trusts | 6.2% |
| Semiconductors | 5.2% |
| Consumer Services | 4.3% |
| Other Industry sectors | 24.1% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Convertible Securities Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - WEIAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEIAX-25-SATSR

# TETON Westwood Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class AAA - WESWX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Equity Fund - Class AAA (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Equity Fund - Class AAA** | **$82** | **1.66%** |

---

## How did the Fund perform?
Stocks raced to strong gains through mid-December, only to struggle through February and March. The strategy performed in line with the S&P 500, while offering less volatility. Growth stocks led for much of the period, headed by companies involved in artificial intelligence, while value stocks lagged; leadership shifted in February following tariff announcements. The Financials sector was our best performer, as large banks and insurers gained. Our overweight position to Industrials hampered returns amid troubling economic news. We are overweight defensive sectors– Financials, REITs, Utilities – which may benefit amidst volatile markets.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iccf52d00500e5f499b9f12a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class AAA** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9944 | 10178 | 9846 |
| **3/17** | 11264 | 11926 | 11738 |
| **3/18** | 12784 | 13594 | 12554 |
| **3/19** | 13400 | 14885 | 13266 |
| **3/20** | 11778 | 13846 | 10988 |
| **3/21** | 16888 | 21649 | 17152 |
| **3/22** | 19131 | 25037 | 19153 |
| **3/23** | 17777 | 23101 | 18021 |
| **3/24** | 20729 | 30004 | 21674 |
| **3/25** | 21162 | 32480 | 23230 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class AAA | (1.95)% | 2.09% | 12.43% | 7.78% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Russell 1000 Value Index | 0.11% | 7.18% | 16.15% | 8.79% |

---

## Fund Statistics
* Total Net Assets$42,610,005

* Number of Portfolio Holdings48

* Portfolio Turnover Rate29%

* Management Fees$223,034

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| UnitedHealth Group Inc. | 3.7% |
| Microsoft Corp. | 3.5% |
| JPMorgan Chase & Co. | 3.4% |
| Johnson & Johnson | 3.2% |
| Union Pacific Corp. | 3.1% |
| Berkshire Hathaway Inc. | 3.0% |
| Abbott Laboratories | 2.9% |
| Visa Inc. | 2.6% |
| T-Mobile US Inc. | 2.5% |
| WEC Energy Group Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Short Term Investment | 2.4% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ib687b1589c0ac39c5194eb93.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.7% |
| Computer Software and Services | 11.3% |
| Health Care | 10.8% |
| Retail | 6.5% |
| Food and Beverage | 5.4% |
| Business Services | 4.4% |
| Equipment and Supplies | 4.3% |
| Energy: Integrated | 4.2% |
| Energy: Oil | 4.2% |
| Other Industry sectors | 30.3% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class AAA - WESWX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WESWX-25-SATSR

# TETON Westwood Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class C - WEQCX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Equity Fund - Class C (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Equity Fund - Class C** | **$119** | **2.41%** |

---

## How did the Fund perform?
Stocks raced to strong gains through mid-December, only to struggle through February and March. The strategy performed in line with the S&P 500, while offering less volatility. Growth stocks led for much of the period, headed by companies involved in artificial intelligence, while value stocks lagged; leadership shifted in February following tariff announcements. The Financials sector was our best performer, as large banks and insurers gained. Our overweight position to Industrials hampered returns amid troubling economic news. We are overweight defensive sectors– Financials, REITs, Utilities – which may benefit amidst volatile markets.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i67e6daf97abe9c659468d9a4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class C** | **TETON Westwood Equity Fund - Class C (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9862 | 9763 | 10178 | 9846 |
| **3/17** | 11098 | 10889 | 11926 | 11738 |
| **3/18** | 12492 | 12148 | 13594 | 12554 |
| **3/19** | 12992 | 12513 | 14885 | 13266 |
| **3/20** | 11347 | 10819 | 13846 | 10988 |
| **3/21** | 16113 | 15256 | 21649 | 17152 |
| **3/22** | 18122 | 17006 | 25037 | 19153 |
| **3/23** | 16719 | 15532 | 23101 | 18021 |
| **3/24** | 19361 | 17831 | 30004 | 21674 |
| **3/25** | 19617 | 17888 | 32480 | 23230 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class C | (2.33)% | 1.32% | 11.57% | 6.97% |
| TETON Westwood Equity Fund - Class C (includes sales charge) | (3.31)% | 0.32% | 11.57% | 6.97% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Russell 1000 Value Index | 0.11% | 7.18% | 16.15% | 8.79% |

---

## Fund Statistics
* Total Net Assets$42,610,005

* Number of Portfolio Holdings48

* Portfolio Turnover Rate29%

* Management Fees$223,034

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| UnitedHealth Group Inc. | 3.7% |
| Microsoft Corp. | 3.5% |
| JPMorgan Chase & Co. | 3.4% |
| Johnson & Johnson | 3.2% |
| Union Pacific Corp. | 3.1% |
| Berkshire Hathaway Inc. | 3.0% |
| Abbott Laboratories | 2.9% |
| Visa Inc. | 2.6% |
| T-Mobile US Inc. | 2.5% |
| WEC Energy Group Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Short Term Investment | 2.4% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ie4104be8485fe9eac3a4a97d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.7% |
| Computer Software and Services | 11.3% |
| Health Care | 10.8% |
| Retail | 6.5% |
| Food and Beverage | 5.4% |
| Business Services | 4.4% |
| Equipment and Supplies | 4.3% |
| Energy: Integrated | 4.2% |
| Energy: Oil | 4.2% |
| Other Industry sectors | 30.3% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class C - WEQCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEQCX-25-SATSR

# TETON Westwood Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class I - WEEIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Equity Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Equity Fund - Class I** | **$70** | **1.41%** |

---

## How did the Fund perform?
Stocks raced to strong gains through mid-December, only to struggle through February and March. The strategy performed in line with the S&P 500, while offering less volatility. Growth stocks led for much of the period, headed by companies involved in artificial intelligence, while value stocks lagged; leadership shifted in February following tariff announcements. The Financials sector was our best performer, as large banks and insurers gained. Our overweight position to Industrials hampered returns amid troubling economic news. We are overweight defensive sectors– Financials, REITs, Utilities – which may benefit amidst volatile markets.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i566184336cfc018b1ac52a18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class I** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9962 | 10178 | 9846 |
| **3/17** | 11316 | 11926 | 11738 |
| **3/18** | 12871 | 13594 | 12554 |
| **3/19** | 13530 | 14885 | 13266 |
| **3/20** | 11927 | 13846 | 10988 |
| **3/21** | 17140 | 21649 | 17152 |
| **3/22** | 19465 | 25037 | 19153 |
| **3/23** | 18119 | 23101 | 18021 |
| **3/24** | 21200 | 30004 | 21674 |
| **3/25** | 21692 | 32480 | 23230 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class I | (1.91)% | 2.32% | 12.71% | 8.05% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Russell 1000 Value Index | 0.11% | 7.18% | 16.15% | 8.79% |

---

## Fund Statistics
* Total Net Assets$42,610,005

* Number of Portfolio Holdings48

* Portfolio Turnover Rate29%

* Management Fees$223,034

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| UnitedHealth Group Inc. | 3.7% |
| Microsoft Corp. | 3.5% |
| JPMorgan Chase & Co. | 3.4% |
| Johnson & Johnson | 3.2% |
| Union Pacific Corp. | 3.1% |
| Berkshire Hathaway Inc. | 3.0% |
| Abbott Laboratories | 2.9% |
| Visa Inc. | 2.6% |
| T-Mobile US Inc. | 2.5% |
| WEC Energy Group Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Short Term Investment | 2.4% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i841d67c2424ec922ed0c0ddb.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.7% |
| Computer Software and Services | 11.3% |
| Health Care | 10.8% |
| Retail | 6.5% |
| Food and Beverage | 5.4% |
| Business Services | 4.4% |
| Equipment and Supplies | 4.3% |
| Energy: Integrated | 4.2% |
| Energy: Oil | 4.2% |
| Other Industry sectors | 30.3% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - WEEIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEEIX-25-SATSR

# TETON Westwood Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class A - WEECX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Equity Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Equity Fund - Class A** | **$82** | **1.66%** |

---

## How did the Fund perform?
Stocks raced to strong gains through mid-December, only to struggle through February and March. The strategy performed in line with the S&P 500, while offering less volatility. Growth stocks led for much of the period, headed by companies involved in artificial intelligence, while value stocks lagged; leadership shifted in February following tariff announcements. The Financials sector was our best performer, as large banks and insurers gained. Our overweight position to Industrials hampered returns amid troubling economic news. We are overweight defensive sectors– Financials, REITs, Utilities – which may benefit amidst volatile markets.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6b8e172f89d9b6f967bb6dea.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class A** | **TETON Westwood Equity Fund - Class A (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9918 | 9521 | 10178 | 9846 |
| **3/17** | 11206 | 10328 | 11926 | 11738 |
| **3/18** | 12691 | 11228 | 13594 | 12554 |
| **3/19** | 13262 | 11264 | 14885 | 13266 |
| **3/20** | 11639 | 9490 | 13846 | 10988 |
| **3/21** | 16654 | 13036 | 21649 | 17152 |
| **3/22** | 18865 | 14176 | 25037 | 19153 |
| **3/23** | 17527 | 12643 | 23101 | 18021 |
| **3/24** | 20457 | 14167 | 30004 | 21674 |
| **3/25** | 20882 | 13883 | 32480 | 23230 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class A | (1.96)% | 2.08% | 12.40% | 7.64% |
| TETON Westwood Equity Fund - Class A (includes sales charge) | (5.88)% | (2.01)% | 11.49% | 7.20% |
| S&P 500 Index | (1.97)% | 8.25% | 18.59% | 12.50% |
| Russell 1000 Value Index | 0.11% | 7.18% | 16.15% | 8.79% |

---

## Fund Statistics
* Total Net Assets$42,610,005

* Number of Portfolio Holdings48

* Portfolio Turnover Rate29%

* Management Fees$223,034

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| UnitedHealth Group Inc. | 3.7% |
| Microsoft Corp. | 3.5% |
| JPMorgan Chase & Co. | 3.4% |
| Johnson & Johnson | 3.2% |
| Union Pacific Corp. | 3.1% |
| Berkshire Hathaway Inc. | 3.0% |
| Abbott Laboratories | 2.9% |
| Visa Inc. | 2.6% |
| T-Mobile US Inc. | 2.5% |
| WEC Energy Group Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Short Term Investment | 2.4% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](iddf0522843fe9eafe01243f3.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.7% |
| Computer Software and Services | 11.3% |
| Health Care | 10.8% |
| Retail | 6.5% |
| Food and Beverage | 5.4% |
| Business Services | 4.4% |
| Equipment and Supplies | 4.3% |
| Energy: Integrated | 4.2% |
| Energy: Oil | 4.2% |
| Other Industry sectors | 30.3% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - WEECX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEECX-25-SATSR

# TETON Westwood Mighty Mites Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class AAA - WEMMX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class AAA (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Mighty Mites Fund - Class AAA** | **$74** | **1.55%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and underperformed its comparative benchmark, the Dow Jones Micro-Cap TSM Index. The portfolio was subject to significant volatility over the six-month period as government policies and geopolitical dynamics impacted the operating environment for many portfolio companies. Consequently, small-cap stocks underperformed large-cap companies. The portfolio benefited from outperformance across consumer discretionary and communications services, as well as its underweight position in healthcare.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4eb71a9940a191906dfb5c53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class AAA** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9280 | 9024 | 11586 |
| **3/17** | 11511 | 11390 | 13354 |
| **3/18** | 12717 | 12733 | 11750 |
| **3/19** | 12313 | 12994 | 14091 |
| **3/20** | 9128 | 9877 | 17235 |
| **3/21** | 16456 | 19245 | 18989 |
| **3/22** | 16305 | 18131 | 13476 |
| **3/23** | 15487 | 16026 | 14671 |
| **3/24** | 17591 | 19184 | 16864 |
| **3/25** | 16467 | 18415 | 16091 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class AAA | (7.78)% | (6.39)% | 12.52% | 5.11% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (5.03)% | (4.58)% | 7.85% | 2.88% |

---

## Fund Statistics
* Total Net Assets$193,372,775

* Number of Portfolio Holdings286

* Portfolio Turnover Rate1%

* Management Fees$1,108,698

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Ducommun Inc. | 3.3% |
| Nathan's Famous Inc. | 3.2% |
| Full House Resorts Inc. | 2.6% |
| Astronics Corp. | 2.3% |
| Myers Industries Inc. | 2.1% |
| The Eastern Co. | 1.9% |
| Distribution Solutions Group Inc. | 1.9% |
| The Monarch Cement Co. | 1.8% |
| Park-Ohio Holdings Corp. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.4% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i2bb8fe1c56491d3b03bda034.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.4% |
| Diversified Industrial | 12.6% |
| Hotels and Gaming | 6.1% |
| Equipment and Supplies | 5.6% |
| Aviation: Parts and Services | 5.6% |
| Electronics | 5.0% |
| Health Care | 4.8% |
| Food and Beverage | 4.3% |
| Building and Construction | 4.1% |
| Other Industry sectors | 38.0% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class AAA - WEMMX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEMMX-25-SATSR

# TETON Westwood Mighty Mites Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class C - WMMCX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class C (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Mighty Mites Fund - Class C** | **$110** | **2.30%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and underperformed its comparative benchmark, the Dow Jones Micro-Cap TSM Index. The portfolio was subject to significant volatility over the six-month period as government policies and geopolitical dynamics impacted the operating environment for many portfolio companies. Consequently, small-cap stocks underperformed large-cap companies. The portfolio benefited from outperformance across consumer discretionary and communications services, as well as its underweight position in healthcare.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1a28dcf96f603ba9a9172442.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class C** | **TETON Westwood Mighty Mites Fund - Class C (includes sales charge)** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9212 | 9120 | 9024 | 11586 |
| **3/17** | 11342 | 11137 | 11390 | 13354 |
| **3/18** | 12435 | 12099 | 12733 | 11750 |
| **3/19** | 11950 | 11511 | 12994 | 14091 |
| **3/20** | 8790 | 8382 | 9877 | 17235 |
| **3/21** | 15737 | 14923 | 19245 | 18989 |
| **3/22** | 15467 | 14521 | 18131 | 13476 |
| **3/23** | 14588 | 13559 | 16026 | 14671 |
| **3/24** | 16442 | 15146 | 19184 | 16864 |
| **3/25** | 15275 | 13931 | 18415 | 16091 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class C | (8.14)% | (7.09)% | 11.69% | 4.33% |
| TETON Westwood Mighty Mites Fund - Class C (includes sales charge) | (9.06)% | (8.02)% | 11.69% | 4.33% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (5.03)% | (4.58)% | 7.85% | 2.88% |

---

## Fund Statistics
* Total Net Assets$193,372,775

* Number of Portfolio Holdings286

* Portfolio Turnover Rate1%

* Management Fees$1,108,698

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Ducommun Inc. | 3.3% |
| Nathan's Famous Inc. | 3.2% |
| Full House Resorts Inc. | 2.6% |
| Astronics Corp. | 2.3% |
| Myers Industries Inc. | 2.1% |
| The Eastern Co. | 1.9% |
| Distribution Solutions Group Inc. | 1.9% |
| The Monarch Cement Co. | 1.8% |
| Park-Ohio Holdings Corp. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.4% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](icf34fdaa058d73f443ab1ee6.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.4% |
| Diversified Industrial | 12.6% |
| Hotels and Gaming | 6.1% |
| Equipment and Supplies | 5.6% |
| Aviation: Parts and Services | 5.6% |
| Electronics | 5.0% |
| Health Care | 4.8% |
| Food and Beverage | 4.3% |
| Building and Construction | 4.1% |
| Other Industry sectors | 38.0% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class C - WMMCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WMMCX-25-SATSR

# TETON Westwood Mighty Mites Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class I - WEIMX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Mighty Mites Fund - Class I** | **$62** | **1.30%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and underperformed its comparative benchmark, the Dow Jones Micro-Cap TSM Index. The portfolio was subject to significant volatility over the six-month period as government policies and geopolitical dynamics impacted the operating environment for many portfolio companies. Consequently, small-cap stocks underperformed large-cap companies. The portfolio benefited from outperformance across consumer discretionary and communications services, as well as its underweight position in healthcare.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i303b08760f17f051ef91f0eb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class I** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9302 | 9024 | 11586 |
| **3/17** | 11569 | 11390 | 13354 |
| **3/18** | 12810 | 12733 | 11750 |
| **3/19** | 12431 | 12994 | 14091 |
| **3/20** | 9242 | 9877 | 17235 |
| **3/21** | 16700 | 19245 | 18989 |
| **3/22** | 16584 | 18131 | 13476 |
| **3/23** | 15795 | 16026 | 14671 |
| **3/24** | 17986 | 19184 | 16864 |
| **3/25** | 16871 | 18415 | 16091 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class I | (7.69)% | (6.20)% | 12.79% | 5.37% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (5.03)% | (4.58)% | 7.85% | 2.88% |

---

## Fund Statistics
* Total Net Assets$193,372,775

* Number of Portfolio Holdings286

* Portfolio Turnover Rate1%

* Management Fees$1,108,698

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Ducommun Inc. | 3.3% |
| Nathan's Famous Inc. | 3.2% |
| Full House Resorts Inc. | 2.6% |
| Astronics Corp. | 2.3% |
| Myers Industries Inc. | 2.1% |
| The Eastern Co. | 1.9% |
| Distribution Solutions Group Inc. | 1.9% |
| The Monarch Cement Co. | 1.8% |
| Park-Ohio Holdings Corp. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.4% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i74a23c4d96d6be29f97ba430.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.4% |
| Diversified Industrial | 12.6% |
| Hotels and Gaming | 6.1% |
| Equipment and Supplies | 5.6% |
| Aviation: Parts and Services | 5.6% |
| Electronics | 5.0% |
| Health Care | 4.8% |
| Food and Beverage | 4.3% |
| Building and Construction | 4.1% |
| Other Industry sectors | 38.0% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - WEIMX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WEIMX-25-SATSR

# TETON Westwood Mighty Mites Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class A - WMMAX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **Mighty Mites Fund - Class A** | **$74** | **1.55%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and underperformed its comparative benchmark, the Dow Jones Micro-Cap TSM Index. The portfolio was subject to significant volatility over the six-month period as government policies and geopolitical dynamics impacted the operating environment for many portfolio companies. Consequently, small-cap stocks underperformed large-cap companies. The portfolio benefited from outperformance across consumer discretionary and communications services, as well as its underweight position in healthcare.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3a0473d64548dae4433be703.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class A** | **TETON Westwood Mighty Mites Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9252 | 8882 | 9024 | 11586 |
| **3/17** | 11449 | 10551 | 11390 | 13354 |
| **3/18** | 12617 | 11162 | 12733 | 11750 |
| **3/19** | 12185 | 10349 | 12994 | 14091 |
| **3/20** | 9012 | 7348 | 9877 | 17235 |
| **3/21** | 16222 | 12698 | 19245 | 18989 |
| **3/22** | 16069 | 12075 | 18131 | 13476 |
| **3/23** | 15265 | 11012 | 16026 | 14671 |
| **3/24** | 17346 | 12013 | 19184 | 16864 |
| **3/25** | 16230 | 10790 | 18415 | 16864 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class A | (7.76)% | (6.43)% | 12.49% | 4.96% |
| TETON Westwood Mighty Mites Fund - Class A (includes sales charge) | (11.45)% | (10.18)% | 11.57% | 4.53% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (5.03)% | (4.58)% | 7.85% | 2.88% |

---

## Fund Statistics
* Total Net Assets$193,372,775

* Number of Portfolio Holdings286

* Portfolio Turnover Rate1%

* Management Fees$1,108,698

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Ducommun Inc. | 3.3% |
| Nathan's Famous Inc. | 3.2% |
| Full House Resorts Inc. | 2.6% |
| Astronics Corp. | 2.3% |
| Myers Industries Inc. | 2.1% |
| The Eastern Co. | 1.9% |
| Distribution Solutions Group Inc. | 1.9% |
| The Monarch Cement Co. | 1.8% |
| Park-Ohio Holdings Corp. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.4% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i92c290fcdd18444535eb9831.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.4% |
| Diversified Industrial | 12.6% |
| Hotels and Gaming | 6.1% |
| Equipment and Supplies | 5.6% |
| Aviation: Parts and Services | 5.6% |
| Electronics | 5.0% |
| Health Care | 4.8% |
| Food and Beverage | 4.3% |
| Building and Construction | 4.1% |
| Other Industry sectors | 38.0% |
| Other Assets and Liabilities (Net) | (0.5)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - WMMAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WMMAX-25-SATSR

# TETON Westwood SmallCap Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class AAA - WESCX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class AAA (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **SmallCap Equity Fund - Class AAA** | **$61** | **1.25%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Teton Westwood Small Cap Equity Fund outperformed the Russell 2000 Index. The largest contributors were our healthcare names (including one holding acquired by a financially-oriented buyer) and industrial holdings with company-specific drivers benefiting margins. Our value-oriented technology holdings continued to be a primary detractor but are approaching trough valuations. The Fund has a history of opportunistically using market dislocations to establish new positions in quality franchises with return potential stretching into subsequent years.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i346a47a728d2d89b7d76685b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood SmallCap Equity Fund - Class AAA** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9399 | 9024 | 9228 |
| **3/17** | 12575 | 11390 | 11938 |
| **3/18** | 14090 | 12733 | 12551 |
| **3/19** | 14009 | 12994 | 12572 |
| **3/20** | 10076 | 9877 | 8846 |
| **3/21** | 20713 | 19245 | 17430 |
| **3/22** | 22506 | 18131 | 18009 |
| **3/23** | 19982 | 16026 | 15675 |
| **3/24** | 23789 | 19184 | 18614 |
| **3/25** | 23286 | 18415 | 18033 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood SmallCap Equity Fund - Class AAA | (5.69)% | (2.11)% | 18.24% | 8.82% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Russell 2000 Value Index | (8.72)% | (3.12)% | 15.31% | 6.07% |

---

## Fund Statistics
* Total Net Assets$67,767,996

* Number of Portfolio Holdings85

* Portfolio Turnover Rate36%

* Management Fees$210,449

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NetScout Systems Inc. | 3.4% |
| IMAX Corp. | 2.9% |
| Ethan Allen Interiors Inc. | 2.7% |
| Flowserve Corp. | 2.7% |
| Champion Homes Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| AAR Corp. | 2.6% |
| Advanced Energy Industries Inc. | 2.6% |
| ABM Industries Inc. | 2.4% |
| Veritex Holdings Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| U.S. Government Obligations | 2.7% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](id184902736e5339968c3eb80.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 14.6% |
| Health Care | 8.8% |
| Retail | 8.2% |
| Computer Software and Services | 8.0% |
| Energy and Utilities | 5.6% |
| Electronics | 5.3% |
| Financial Services | 5.1% |
| Business Services | 4.5% |
| Semiconductors | 4.5% |
| Other Industry sectors | 35.5% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood SmallCap Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class AAA - WESCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WESCX-25-SATSR

# TETON Westwood SmallCap Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class C - WWSCX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class C (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **SmallCap Equity Fund - Class C** | **$97** | **2.00%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Teton Westwood Small Cap Equity Fund outperformed the Russell 2000 Index. The largest contributors were our healthcare names (including one holding acquired by a financially-oriented buyer) and industrial holdings with company-specific drivers benefiting margins. Our value-oriented technology holdings continued to be a primary detractor but are approaching trough valuations. The Fund has a history of opportunistically using market dislocations to establish new positions in quality franchises with return potential stretching into subsequent years.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i53eaf02182c75865f5137935.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood SmallCap Equity Fund - Class C** | **TETON Westwood SmallCap Equity Fund - Class C (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9328 | 9235 | 9024 | 9228 |
| **3/17** | 12391 | 12175 | 11390 | 11938 |
| **3/18** | 13771 | 13409 | 12733 | 12551 |
| **3/19** | 13597 | 13107 | 12994 | 12572 |
| **3/20** | 9709 | 9266 | 9877 | 8846 |
| **3/21** | 19802 | 18805 | 19245 | 17430 |
| **3/22** | 21359 | 20095 | 18131 | 18009 |
| **3/23** | 18814 | 17524 | 16026 | 15675 |
| **3/24** | 22228 | 20529 | 19184 | 18614 |
| **3/25** | 21603 | 19752 | 18415 | 18033 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood SmallCap Equity Fund - Class C | (6.05)% | (2.82)% | 17.35% | 8.01% |
| TETON Westwood SmallCap Equity Fund - Class C (includes sales charge) | (6.99)% | (3.79)% | 17.35% | 8.01% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Russell 2000 Value Index | (8.72)% | (3.12)% | 15.31% | 6.07% |

---

## Fund Statistics
* Total Net Assets$67,767,996

* Number of Portfolio Holdings85

* Portfolio Turnover Rate36%

* Management Fees$210,449

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NetScout Systems Inc. | 3.4% |
| IMAX Corp. | 2.9% |
| Ethan Allen Interiors Inc. | 2.7% |
| Flowserve Corp. | 2.7% |
| Champion Homes Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| AAR Corp. | 2.6% |
| Advanced Energy Industries Inc. | 2.6% |
| ABM Industries Inc. | 2.4% |
| Veritex Holdings Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| U.S. Government Obligations | 2.7% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i8b0e31350a0270ab39a195d7.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 14.6% |
| Health Care | 8.8% |
| Retail | 8.2% |
| Computer Software and Services | 8.0% |
| Energy and Utilities | 5.6% |
| Electronics | 5.3% |
| Financial Services | 5.1% |
| Business Services | 4.5% |
| Semiconductors | 4.5% |
| Other Industry sectors | 35.5% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood SmallCap Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class C - WWSCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WWSCX-25-SATSR

# TETON Westwood SmallCap Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class I - WWSIX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class I (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **SmallCap Equity Fund - Class I** | **$48** | **1.00%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Teton Westwood Small Cap Equity Fund outperformed the Russell 2000 Index. The largest contributors were our healthcare names (including one holding acquired by a financially-oriented buyer) and industrial holdings with company-specific drivers benefiting margins. Our value-oriented technology holdings continued to be a primary detractor but are approaching trough valuations. The Fund has a history of opportunistically using market dislocations to establish new positions in quality franchises with return potential stretching into subsequent years.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i977107d98d09c1052fdb380f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood SmallCap Equity Fund - Class I** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 9421 | 9024 | 9228 |
| **3/17** | 12637 | 11390 | 11938 |
| **3/18** | 14190 | 12733 | 12551 |
| **3/19** | 14141 | 12994 | 12572 |
| **3/20** | 10200 | 9877 | 8846 |
| **3/21** | 21020 | 19245 | 17430 |
| **3/22** | 22896 | 18131 | 18009 |
| **3/23** | 20386 | 16026 | 15675 |
| **3/24** | 24326 | 19184 | 18614 |
| **3/25** | 23867 | 18415 | 18033 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood SmallCap Equity Fund - Class I | (5.58)% | (1.89)% | 18.53% | 9.09% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Russell 2000 Value Index | (8.72)% | (3.12)% | 15.31% | 6.07% |

---

## Fund Statistics
* Total Net Assets$67,767,996

* Number of Portfolio Holdings85

* Portfolio Turnover Rate36%

* Management Fees$210,449

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NetScout Systems Inc. | 3.4% |
| IMAX Corp. | 2.9% |
| Ethan Allen Interiors Inc. | 2.7% |
| Flowserve Corp. | 2.7% |
| Champion Homes Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| AAR Corp. | 2.6% |
| Advanced Energy Industries Inc. | 2.6% |
| ABM Industries Inc. | 2.4% |
| Veritex Holdings Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| U.S. Government Obligations | 2.7% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i0805b9068e292f3cf06e477a.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 14.6% |
| Health Care | 8.8% |
| Retail | 8.2% |
| Computer Software and Services | 8.0% |
| Energy and Utilities | 5.6% |
| Electronics | 5.3% |
| Financial Services | 5.1% |
| Business Services | 4.5% |
| Semiconductors | 4.5% |
| Other Industry sectors | 35.5% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood SmallCap Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class I - WWSIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WWSIX-25-SATSR

# TETON Westwood SmallCap Equity Fund
![Image](ia195db75e51a98d87fba28b6.jpg)

# Class A - WWSAX

#### Semi - Annual Shareholder Report - March 31, 2025

## Fund Overview
This Semi-Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class A (the "Fund") for the period of October 1, 2024 to March 31, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10k Investment** | **Costs Paid as a % of a $10k Investment** |
| **SmallCap Equity Fund - Class A** | **$61** | **1.25%** |

---

## How did the Fund perform?
During the six months ended March 31, 2025, the Teton Westwood Small Cap Equity Fund outperformed the Russell 2000 Index. The largest contributors were our healthcare names (including one holding acquired by a financially-oriented buyer) and industrial holdings with company-specific drivers benefiting margins. Our value-oriented technology holdings continued to be a primary detractor but are approaching trough valuations. The Fund has a history of opportunistically using market dislocations to establish new positions in quality franchises with return potential stretching into subsequent years.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icda2d94f6686e29f8f9d2b1e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood SmallCap Equity Fund - Class A** | **TETON Westwood SmallCap Equity Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 9371 | 8997 | 9024 | 9228 |
| **3/17** | 12512 | 11531 | 11390 | 11938 |
| **3/18** | 13980 | 12369 | 12733 | 12551 |
| **3/19** | 13866 | 11777 | 12994 | 12572 |
| **3/20** | 9949 | 8112 | 9877 | 8846 |
| **3/21** | 20424 | 15987 | 19245 | 17430 |
| **3/22** | 22187 | 16672 | 18131 | 18009 |
| **3/23** | 19701 | 14212 | 16026 | 15675 |
| **3/24** | 23451 | 16241 | 19184 | 18614 |
| **3/25** | 22945 | 15255 | 18415 | 18033 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>6 months</u>** | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood SmallCap Equity Fund - Class A | (5.74)% | (2.16)% | 18.19% | 8.66% |
| TETON Westwood SmallCap Equity Fund - Class A (includes sales charge) | (9.51)% | (6.07)% | 17.23% | 8.22% |
| Russell 2000 Index | (9.18)% | (4.01)% | 13.27% | 6.30% |
| Russell 2000 Value Index | (8.72)% | (3.12)% | 15.31% | 6.07% |

---

## Fund Statistics
* Total Net Assets$67,767,996

* Number of Portfolio Holdings85

* Portfolio Turnover Rate36%

* Management Fees$210,449

Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

## What did the Fund invest in?

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| NetScout Systems Inc. | 3.4% |
| IMAX Corp. | 2.9% |
| Ethan Allen Interiors Inc. | 2.7% |
| Flowserve Corp. | 2.7% |
| Champion Homes Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| AAR Corp. | 2.6% |
| Advanced Energy Industries Inc. | 2.6% |
| ABM Industries Inc. | 2.4% |
| Veritex Holdings Inc. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.4% |
| U.S. Government Obligations | 2.7% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i16cf74a7af52e1cff95f408d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 14.6% |
| Health Care | 8.8% |
| Retail | 8.2% |
| Computer Software and Services | 8.0% |
| Energy and Utilities | 5.6% |
| Electronics | 5.3% |
| Financial Services | 5.1% |
| Business Services | 4.5% |
| Semiconductors | 4.5% |
| Other Industry sectors | 35.5% |
| Other Assets and Liabilities (Net) | (0.1)% |

---

![Image](ia195db75e51a98d87fba28b6.jpg)

#### TETON Westwood SmallCap Equity Fund

#### Semi - Annual Shareholder Report - March 31, 2025

#### Class A - WWSAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.

**Contact Us**

Phone: (800) 422-3554

Email: info@tetonadv.com

## Householding
If you wish to receive a copy of this document at a new address, contact (800) 422-3554

WWSAX-25-SATSR

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

(a) Not
 applicable.

(b) Not
 applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to
 shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment
 company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements
 required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

![](tetonncsrs001.jpg)

TETON WESTWOOD FUNDS

---

| |
|:---|
| Mighty Mites<sup>SM</sup> Fund |
| SmallCap Equity Fund |
| Convertible Securities Fund |
| Equity Fund |
| Balanced Fund |

---

Semiannual Report

March 31, 2025

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.tetonadv.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Funds, you may call 800-937-8966 or send an email request to info@tetonadv.com.

**Performance Discussion (Unaudited)**

**Mighty Mites Fund**

To Our Shareholders,

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Mighty Mites Fund was (7.8)%, compared with a total returns of (9.2)% for the Russell 2000 Index and (5.0)% for the Dow Jones U.S. Micro-Cap Total Stock Market Index.

**SmallCap Equity Fund**

To Our Shareholders,

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood SmallCap Equity Fund was (5.7)%, compared with a total return of (9.2)% for the Russell 2000 Index.

**Convertible Securities Fund**

To Our Shareholders,

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was 2.2%, compared with a total return of (2.0)% and 1.2% for the Standard & Poor's (S&P) 500 Index and the ICE BofA U.S. Convertibles Index, respectively.

**Equity Fund**

To Our Shareholders,

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of the Equity Fund was (2.0)%, compared with a total return of (2.0)% for the S&P 500 Index.

**Balanced Fund**

To Our Shareholders,

For the six months ended March 31, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was (1.8)%, compared with total return of (0.5)% and (1.4)%, for the Bloomberg Government/Credit Bond Index and the common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Government/Credit Bond Index, respectively.

**Summary of Portfolio Holdings (Unaudited)**

The following tables present portfolio holdings as a percent of net assets as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| ***TETON Westwood Mighty Mites Fund*** | | | |
| Financial Services | 14.4% | Specialty Chemicals | 1.4 |
| Diversified Industrial | 12.6% | Agriculture | 1.2 |
| Hotels and Gaming | 6.1% | Retail | 1.1 |
| Equipment and Supplies | 5.6% | Energy and Utilities: Natural Gas | 1.1 |
| Aviation: Parts and Services | 5.6% | Communications Equipment | 0.9 |
| Electronics | 5.0% | Consumer Services | 0.7 |
| Health Care | 4.8% | Environmental Control | 0.6 |
| Food and Beverage | 4.3% | Telecommunications | 0.6 |
| Building and Construction | 4.1% | Energy and Utilities: Services | 0.6 |
| Machinery | 3.7% | Educational Services | 0.6 |
| Restaurants | 3.3% | Publishing | 0.6 |
| Automotive: Parts and Accessories | 2.6% | Semiconductors | 0.2 |
| Energy and Utilities: Water | 2.6% | Metals and Mining | 0.2 |
| Consumer Products | 2.5% | Communications | 0.2 |
| Real Estate | 2.5% | Entertainment | 0.1 |
| Aerospace and Defense | 2.2% | Paper and Forest Products | 0.0 |
| Manufactured Housing and Recreational Vehicles | 2.1% | Other Assets and Liabilities (Net) | (0.5 |
| Automotive | 1.8% |  | 100.0 |
| Broadcasting | 1.6% |  |  |
| Computer Software and Services | 1.5% | \* Amount represents less than 0.05%. | \* Amount represents less than 0.05%. |
| Business Services | 1.5% |  |  |
| ***TETON Westwood SmallCap Equity Fund*** |  |  |  |
| Banking | 14.6% | Aviation: Parts and Services | 2.9 |
| Health Care | 8.8% | U.S. Government Obligations | 2.7 |
| Retail | 8.2% | Equipment and Supplies | 2.7 |
| Computer Software and Services | 8.0% | Real Estate | 2.5 |
| Energy and Utilities | 5.6% | Consumer Products | 2.3 |
| Electronics | 5.3% | Automotive | 2.3 |
| Financial Services | 5.1% | Communications | 2.3 |
| Semiconductors | 4.5% | Specialty Chemicals | 1.5 |
| Business Services | 4.5% | Materials | 0.8 |
| Building and Construction | 4.3% | Transportation | 0.6 |
| Diversified Industrial | 3.8% | Aerospace | 0.2 |
| Broadcasting | 3.4% | Other Assets and Liabilities (Net) | (0.1 |
| Machinery | 3.2% |  | 100.0 |
| ***TETON Convertible Securities Fund*** |  |  |  |
| Health Care | 16.6% | Entertainment | 3.0 |
| Computer Software and Services | 15.6% | Energy and Energy Services | 2.9 |
| Energy and Utilities: Services | 13.4% | Diversified Industrial | 1.9 |
| Financial Services | 8.3% | Business Services | 1.7 |
| U.S. Government Obligations | 7.2% | Aerospace and Defense | 1.7 |
| Energy and Utilities: Integrated | 6.4% | Telecommunications | 1.4 |
| Real Estate Investment Trusts | 6.2% | Specialty Chemicals | 1.2 |
| Semiconductors | 5.2% | Retail | 0.1 |
| Consumer Services | 4.3% | Other Assets and Liabilities (Net) | (0.1 |
| Metals and Mining | 3.0% |  | 100.0 |

---

**Summary of Portfolio Holdings (Unaudited) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
| ***TETON Westwood Equity Fund*** | | | |
| Financial Services | 18.7% | Entertainment | 2.4% |
| Computer Software and Services | 11.3% | Short Term Investment | 2.4% |
| Health Care | 10.8% | Consumer Products | 2.2% |
| Retail | 6.5% | Commercial Services and Supplies | 2.1% |
| Food and Beverage | 5.4% | Banking | 1.9% |
| Business Services | 4.4% | Computer Hardware | 1.3% |
| Equipment and Supplies | 4.3% | Semiconductors | 1.3% |
| Energy: Integrated | 4.2% | Electronics | 0.9% |
| Energy: Oil | 4.2% | Other Assets and Liabilities (Net) | (0.1)% |
| Real Estate | 3.8% |  | 100.0% |
| Energy and Energy Services | 3.3% |  |  |
| Transportation | 3.1% |  |  |
| Aerospace | 3.1% |  |  |
| Telecommunications | 2.5% |  |  |
| ***TETON Westwood Balanced Fund*** |  |  |  |
| Financial Services | 19.6% | Aerospace | 2.4% |
| Computer Software and Services | 9.2% | Telecommunications | 2.1% |
| Health Care | 8.5% | Diversified Industrial | 1.9% |
| U.S. Government Obligations | 7.2% | Automotive: Parts and Accessories | 1.8% |
| Retail | 4.9% | Computer Hardware | 1.7% |
| Real Estate | 4.5% | Commercial Services and Supplies | 1.5% |
| Transportation | 4.4% | Entertainment | 1.4% |
| Food and Beverage | 4.2% | Consumer Products | 1.3% |
| Energy: Oil | 3.8% | Banking | 1.1% |
| Energy and Energy Services | 3.7% | Consumer Services | 1.1% |
| Energy: Integrated | 3.3% | Electronics | 1.0% |
| Equipment and Supplies | 2.9% | Foreign Government Obligations | 0.8% |
| Semiconductors | 2.7% | Short Term Investment | 0.1% |
| Business Services | 2.6% | Other Assets and Liabilities (Net) | 0.3% |
|  |  |  | 100.0% |

---

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS — 100.4%** | **COMMON STOCKS — 100.4%** | **COMMON STOCKS — 100.4%** |
|  | **Aerospace and Defense — 2.2%** | **Aerospace and Defense — 2.2%** | **Aerospace and Defense — 2.2%** |
| 68600 | Allient Inc. | $1606791 | $1507828 |
| 49000 | Avio SpA | 646016 | 913439 |
| 137000 | Innovative Solutions and Support Inc.† | 729030 | 861730 |
| 6000 | Kratos Defense & Security Solutions Inc.† | 36510 | 178140 |
| 58000 | Park Aerospace Corp. | 900608 | 780100 |
|  |  | 3918955 | 4241237 |
|  | **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** |
| 215 | J.G. Boswell Co. | 136405 | 108360 |
| 120000 | Limoneira Co. | 2117807 | 2126400 |
| 4700 | S&W Seed Co.† | 18570 | 34075 |
|  |  | 2272782 | 2268835 |
|  | **Automotive — 1.8%** | **Automotive — 1.8%** | **Automotive — 1.8%** |
| 8000 | Rush Enterprises Inc., Cl. A | 52923 | 427280 |
| 44200 | Rush Enterprises Inc., Cl. B | 386419 | 2498184 |
| 43800 | Wabash National Corp. | 82665 | 483990 |
|  |  | 522007 | 3409454 |
|  | **Automotive: Parts and Accessories — 2.5%** | **Automotive: Parts and Accessories — 2.5%** | **Automotive: Parts and Accessories — 2.5%** |
| 50628 | Commercial Vehicle Group Inc.† | 394460 | 58222 |
| 24750 | Dana Inc. | 167062 | 329917 |
| 50000 | Garrett Motion Inc. | 381001 | 418500 |
| 3000 | Modine Manufacturing Co.† | 24990 | 230250 |
| 7800 | Motorcar Parts of America Inc.† | 102503 | 74100 |
| 80000 | Puradyn Filter Technologies Inc.† | 13773 | 8 |
| 32500 | Standard Motor Products Inc. | 362342 | 810225 |
| 68060 | Strattec Security Corp.† | 1478236 | 2685648 |
| 20500 | Titan International Inc.† | 88258 | 171995 |
|  |  | 3012625 | 4778865 |
|  | **Aviation: Parts and Services — 5.6%** | **Aviation: Parts and Services — 5.6%** | **Aviation: Parts and Services — 5.6%** |
| 157000 | Astronics Corp.† | 1795613 | 3794690 |
| 23896 | Astronics Corp., Cl. B† | 144647 | 575057 |
| 110200 | Ducommun Inc.† | 2310369 | 6394906 |
|  |  | 4250629 | 10764653 |
|  | **Broadcasting — 1.6%** | **Broadcasting — 1.6%** | **Broadcasting — 1.6%** |
| 2100 | Beasley Broadcast Group Inc., Cl. A† | 19922 | 11655 |
| 10000 | Corus Entertainment Inc., Cl. B† | 7718 | 868 |
| 30280 | Dish TV India Ltd., GDR† | 22113 | 3028 |
| 247740 | Gray Media Inc. | 341863 | 1070237 |
| 87000 | Gray Media Inc., Cl. A | 629140 | 685560 |
| 28400 | Sinclair Inc. | 44247 | 452412 |
| 117000 | Townsquare Media Inc., Cl. A | 751193 | 952380 |
|  |  | 1816196 | 3176140 |
|  | **Building and Construction — 4.1%** | **Building and Construction — 4.1%** | **Building and Construction — 4.1%** |
| 59059 | Armstrong Flooring Inc.† | 10195 | 6 |
| 56500 | Gibraltar Industries Inc.† | 1282160 | 3314290 |
| 4700 | Granite Construction Inc. | 106388 | 354380 |
| 400 | Herc Holdings Inc. | 9496 | 53708 |
| 8000 | INNOVATE Corp.† | 78683 | 62640 |
| 7000 | MYR Group Inc.† | 121474 | 791630 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
| 15500 | The Monarch Cement Co. | $| 436748 | $| 3410000 |
|  |  |  | 2045144 |  | 7986654 |
|  | **Business Services — 1.5%** | **Business Services — 1.5%** | **Business Services — 1.5%** | **Business Services — 1.5%** | **Business Services — 1.5%** |
| 36900 | Du-Art Film Laboratories Inc., Non-Voting†(a) |  | 0 |  | 44501 |
| 4100 | Du-Art Film Laboratories Inc., Voting†(a) |  | 0 |  | 4945 |
| 3000 | ICF International Inc. |  | 64859 |  | 254910 |
| 30000 | OPENLANE Inc.† |  | 158252 |  | 578400 |
| 13000 | Pursuit Attractions and Hospitality Inc.† |  | 262529 |  | 460070 |
| 2298900 | Trans-Lux Corp.†(b) |  | 1195110 |  | 896571 |
| 15000 | Willdan Group Inc.† |  | 325394 |  | 610800 |
|  |  |  | 2006144 |  | 2850197 |
|  | **Communications — 0.2%** | **Communications — 0.2%** | **Communications — 0.2%** | **Communications — 0.2%** | **Communications — 0.2%** |
| 30000 | Ooma Inc.† |  | 422597 |  | 392700 |
|  | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| 50000 | Anterix Inc.† |  | 1602489 |  | 1830000 |
|  | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** | **Computer Software and Services — 1.5%** |
| 40000 | 3D Systems Corp.† |  | 136586 |  | 84800 |
| 515000 | Alithya Group Inc., Cl. A† |  | 1158282 |  | 602550 |
| 4000 | Cardlytics Inc.† |  | 41253 |  | 7280 |
| 45000 | DHI Group Inc.† |  | 81548 |  | 62550 |
| 8000 | Digi International Inc.† |  | 99724 |  | 222640 |
| 10000 | Materialise NV, ADR† |  | 58532 |  | 49200 |
| 111000 | Mitek Systems Inc.† |  | 581181 |  | 915750 |
| 24600 | Playstudios Inc.† |  | 123446 |  | 31242 |
| 9000 | Red Violet Inc. |  | 224356 |  | 338310 |
| 1000 | Tyler Technologies Inc.† |  | 16928 |  | 581390 |
|  |  |  | 2521836 |  | 2895712 |
|  | **Consumer Products — 2.5%** | **Consumer Products — 2.5%** | **Consumer Products — 2.5%** | **Consumer Products — 2.5%** | **Consumer Products — 2.5%** |
| 13000 | Acme United Corp. |  | 223109 |  | 514930 |
| 10000 | Bassett Furniture Industries Inc. |  | 146404 |  | 152500 |
| 900000 | Goodbaby International Holdings Ltd.† |  | 200204 |  | 158454 |
| 5000 | Johnson Outdoors Inc., Cl. A |  | 145741 |  | 124200 |
| 159000 | Lifetime Brands Inc. |  | 1539472 |  | 783870 |
| 246000 | Marine Products Corp. |  | 1687254 |  | 2063940 |
| 3000 | MarineMax Inc.† |  | 52591 |  | 64500 |
| 17000 | Oil-Dri Corp. of America |  | 172951 |  | 780640 |
| 5700 | PC Group Inc.†(a) |  | 3465 |  | 0 |
| 2200000 | Playmates Holdings Ltd. |  | 263717 |  | 155498 |
|  |  |  | 4434908 |  | 4798532 |
|  | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** | **Consumer Services — 0.7%** |
| 137000 | 1-800-Flowers.com Inc., Cl. A† |  | 708136 |  | 808300 |
| 63400 | Bowlin Travel Centers Inc.† |  | 86945 |  | 231410 |
| 3500 | Carriage Services Inc. |  | 53964 |  | 135625 |
| 6108 | Matthews International Corp., Cl. A |  | 181520 |  | 135842 |
|  |  |  | 1030565 |  | 1311177 |
|  | **Diversified Industrial — 12.6%** | **Diversified Industrial — 12.6%** | **Diversified Industrial — 12.6%** | **Diversified Industrial — 12.6%** | **Diversified Industrial — 12.6%** |
| 116500 | American Outdoor Brands Inc.† |  | 945348 |  | 1416640 |
| 112000 | Ampco-Pittsburgh Corp.† |  | 445482 |  | 243040 |
| 155000 | Burnham Holdings Inc., Cl. A(b) |  | 2259353 |  | 2797750 |
| 30500 | Columbus McKinnon Corp. |  | 421358 |  | 516365 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
| | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | | |
|  | **Diversified Industrial (Continued)** | **Diversified Industrial (Continued)** | **Diversified Industrial (Continued)** | **Diversified Industrial (Continued)** | **Diversified Industrial (Continued)** |
| 128891 | Distribution Solutions Group Inc.† | $| 809077 | $| 3608948 |
| 44000 | Graham Corp.† |  | 344865 |  | 1268080 |
| 1000 | Griffon Corp. |  | 10020 |  | 71500 |
| 15700 | Haulotte Group SA† |  | 84373 |  | 48723 |
| 400 | Hyster-Yale Inc. |  | 11320 |  | 16616 |
| 138000 | Intevac Inc. |  | 570930 |  | 552000 |
| 150734 | L.B. Foster Co., Cl. A† |  | 2159302 |  | 2966445 |
| 5100 | MSA Safety Inc. |  | 161365 |  | 748119 |
| 347500 | Myers Industries Inc. |  | 6115285 |  | 4145675 |
| 157000 | Park-Ohio Holdings Corp. |  | 3018205 |  | 3391200 |
| 19100 | RWC Inc.(a) |  | 297858 |  | 229200 |
| 600 | Standex International Corp. |  | 15321 |  | 96834 |
| 13000 | Steel Partners Holdings LP† |  | 432796 |  | 533065 |
| 119800 | Tredegar Corp.† |  | 1290343 |  | 922460 |
| 100500 | Twin Disc Inc. |  | 1216007 |  | 760785 |
| 7000 | Velan Inc. |  | 48854 |  | 79045 |
|  |  |  | 20657462 |  | 24412490 |
|  | **Educational Services — 0.6%** | **Educational Services — 0.6%** | **Educational Services — 0.6%** | **Educational Services — 0.6%** | **Educational Services — 0.6%** |
| 43000 | Universal Technical Institute Inc.† |  | 118628 |  | 1104240 |
|  | **Electronics — 5.0%** | **Electronics — 5.0%** | **Electronics — 5.0%** | **Electronics — 5.0%** | **Electronics — 5.0%** |
| 62000 | Arlo Technologies Inc.† |  | 175470 |  | 611940 |
| 3250 | Badger Meter Inc. |  | 55734 |  | 618313 |
| 16470 | Bel Fuse Inc., Cl. A |  | 247293 |  | 1186828 |
| 67000 | CTS Corp. |  | 632146 |  | 2783850 |
| 10000 | Daktronics Inc.† |  | 61100 |  | 121800 |
| 30000 | IMAX Corp.† |  | 129139 |  | 790500 |
| 30000 | Kimball Electronics Inc.† |  | 179496 |  | 493500 |
| 1600 | Mesa Laboratories Inc. |  | 47851 |  | 189856 |
| 1690 | Methode Electronics Inc. |  | 9891 |  | 10782 |
| 4400 | Napco Security Technologies Inc. |  | 89320 |  | 101288 |
| 32500 | Stoneridge Inc.† |  | 295112 |  | 149175 |
| 43500 | Ultra Clean Holdings Inc.† |  | 88936 |  | 931335 |
| 110700 | Ultralife Corp.† |  | 768402 |  | 595566 |
| 42012 | Vishay Precision Group Inc.† |  | 996837 |  | 1012069 |
|  |  |  | 3776727 |  | 9596802 |
|  | **Energy and Utilities: Natural Gas — 1.1%** | **Energy and Utilities: Natural Gas — 1.1%** | **Energy and Utilities: Natural Gas — 1.1%** | **Energy and Utilities: Natural Gas — 1.1%** | **Energy and Utilities: Natural Gas — 1.1%** |
| 95130 | RGC Resources Inc. |  | 1352338 |  | 1985363 |
| 3500 | Unitil Corp. |  | 167989 |  | 201915 |
|  |  |  | 1520327 |  | 2187278 |
|  | **Energy and Utilities: Services — 0.6%** | **Energy and Utilities: Services — 0.6%** | **Energy and Utilities: Services — 0.6%** | **Energy and Utilities: Services — 0.6%** | **Energy and Utilities: Services — 0.6%** |
| 182000 | Alvopetro Energy Ltd. |  | 172683 |  | 653862 |
| 24000 | Dawson Geophysical Co. |  | 62929 |  | 29520 |
| 58000 | RPC Inc. |  | 104842 |  | 319000 |
| 6500 | Subsea 7 SA, ADR |  | 23304 |  | 103480 |
|  |  |  | 363758 |  | 1105862 |
|  | **Energy and Utilities: Water — 2.6%** | **Energy and Utilities: Water — 2.6%** | **Energy and Utilities: Water — 2.6%** | **Energy and Utilities: Water — 2.6%** | **Energy and Utilities: Water — 2.6%** |
| 31320 | Artesian Resources Corp., Cl. A |  | 817336 |  | 1022598 |
| 8000 | Cadiz Inc.† |  | 63980 |  | 23440 |
| 21000 | California Water Service Group |  | 423381 |  | 1017660 |
| 34200 | Consolidated Water Co. Ltd. |  | 349850 |  | 837558 |
| 28000 | Energy Recovery Inc.† |  | 79387 |  | 444920 |
| 5000 | Middlesex Water Co. |  | 102056 |  | 320500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| 36660 | The York Water Co. | $604003 | $1271369 |
|  |  | 2439993 | 4938045 |
|  | **Entertainment — 0.1%** |  |  |
| 1000 | Canterbury Park Holding Corp. | 13530 | 18250 |
| 53000 | Sportech plc†(a) | 218767 | 57509 |
| 1000 | TKO Group Holdings Inc. | 10355 | 152810 |
|  |  | 242652 | 228569 |
|  | **Environmental Control — 0.6%** |  |  |
| 11000 | Casella Waste Systems Inc., Cl. A† | 42469 | 1226610 |
|  | **Equipment and Supplies — 5.6%** |  |  |
| 6000 | AZZ Inc. | 221211 | 501660 |
| 93890 | Core Molding Technologies Inc.† | 787780 | 1427128 |
| 6300 | Federal Signal Corp. | 41739 | 463365 |
| 17500 | Interpump Group SpA | 98071 | 621045 |
| 34200 | Maezawa Kyuso Industries Co. Ltd. | 92537 | 292543 |
| 45000 | Pitney Bowes Inc. | 173794 | 407250 |
| 149365 | The Eastern Co. | 2823465 | 3781922 |
| 48000 | The Gorman-Rupp Co. | 1096850 | 1684800 |
| 15500 | The Manitowoc Co. Inc.† | 184293 | 133145 |
| 86000 | Titan Machinery Inc.† | 1176954 | 1465440 |
| 32500 | TransAct Technologies Inc.† | 107732 | 119600 |
|  |  | 6804426 | 10897898 |
|  | **Financial Services — 14.4%** |  |  |
| 1300 | Ameris Bancorp | 10909 | 74841 |
| 19200 | Atlantic American Corp. | 71112 | 32640 |
| 22200 | Atlantic Union Bankshares Corp. | 648623 | 691308 |
| 5660 | Berkshire Hills Bancorp Inc. | 94045 | 147669 |
| 2000 | Burke & Herbert Financial Services Corp. | 63817 | 112220 |
| 6000 | Cadence Bank | 167738 | 182160 |
| 72900 | Capital City Bank Group Inc. | 1776169 | 2621484 |
| 2500 | Capitol Federal Financial Inc. | 27074 | 14000 |
| 12000 | Citizens & Northern Corp. | 234194 | 241440 |
| 5000 | ConnectOne Bancorp Inc. | 111579 | 121550 |
| 19600 | Crazy Woman Creek Bancorp Inc. | 377259 | 585354 |
| 2000 | Eagle Bancorp Inc. | 41972 | 42000 |
| 98 | Farmers & Merchants Bank of Long Beach | 410050 | 563500 |
| 37800 | Farmers National Banc Corp. | 315347 | 493290 |
| 17000 | First Internet Bancorp | 340000 | 455260 |
| 196000 | Flushing Financial Corp. | 2994574 | 2489200 |
| 71000 | FNB Corp. | 688413 | 954950 |
| 24000 | FS Bancorp Inc. | 419049 | 912240 |
| 10 | Guaranty Corp., Cl. A†(a) | 137500 | 27500 |
| 14000 | Hanover Bancorp Inc. | 294000 | 307020 |
| 9030 | Hope Bancorp Inc. | 47336 | 94544 |
| 37000 | I3 Verticals Inc., Cl. A† | 557061 | 912790 |
| 18000 | KKR & Co. Inc. | 2368 | 2080980 |
| 45000 | Legacy Housing Corp.† | 509422 | 1134900 |
| 700 | LendingTree Inc.† | 20386 | 35189 |
| 67000 | Medallion Financial Corp. | 162811 | 583570 |
| 3800 | Northrim BanCorp Inc. | 84172 | 278236 |
| 8000 | Pacific Premier Bancorp Inc. | 209238 | 170560 |
| 15000 | Primis Financial Corp. | 225835 | 146550 |
| 25530 | Renasant Corp. | 275523 | 866233 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 16200 | Sandy Spring Bancorp Inc. | $440081 | $452790 |
| 3000 | Seacoast Banking Corp. of Florida | 92978 | 77190 |
| 3600 | Security National Corp. | 336038 | 576000 |
| 56500 | Silvercrest Asset Management Group Inc., Cl. A | 759591 | 924340 |
| 21000 | Southern First Bancshares Inc.† | 853168 | 691320 |
| 4300 | Southside Bancshares Inc. | 136560 | 124528 |
| 1000 | SouthState Corp. | 32590 | 92820 |
| 20500 | Sprott Inc. | 464976 | 918408 |
| 57800 | Stellar Bancorp Inc. | 1624755 | 1598748 |
| 4500 | Territorial Bancorp Inc. | 99712 | 37710 |
| 5400 | Thomasville Bancshares Inc. | 206184 | 405000 |
| 4500 | Towne Bank | 130009 | 153855 |
| 4620 | TrustCo Bank Corp. NY | 106260 | 140818 |
| 7400 | United Bankshares Inc. | 234089 | 256558 |
| 44000 | Valley National Bancorp | 291064 | 391160 |
| 31300 | Value Line Inc. | 308371 | 1210371 |
| 33280 | Washington Trust Bancorp Inc. | 743879 | 1027021 |
| 59000 | Waterstone Financial Inc. | 627873 | 793550 |
| 67000 | Western New England Bancorp Inc. | 561006 | 623100 |
| 90000 | Wright Investors' Service Holdings Inc.† | 44175 | 13500 |
|  |  | 19410935 | 27881965 |
|  | **Food and Beverage — 4.3%** |  |  |
| 32000 | Andrew Peller Ltd., Cl. A | 132818 | 105625 |
| 13000 | BellRing Brands Inc.† | 182000 | 967980 |
| 1500 | Bridgford Foods Corp.† | 24272 | 12060 |
| 75800 | Calavo Growers Inc. | 1999793 | 1818442 |
| 103000 | Corby Spirit and Wine Ltd., Cl. A | 1514361 | 1073625 |
| 256500 | Crimson Wine Group Ltd.† | 2215317 | 1477440 |
| 328809 | Farmer Brothers Co.† | 1255289 | 729956 |
| 1350 | Hanover Foods Corp., Cl. A | 101653 | 94500 |
| 450 | Hanover Foods Corp., Cl. B | 37509 | 27900 |
| 40000 | Iwatsuka Confectionery Co. Ltd. | 690017 | 755784 |
| 500 | J & J Snack Foods Corp. | 7208 | 65860 |
| 8100 | Lifeway Foods Inc.† | 83997 | 198045 |
| 25000 | Niagen Bioscience Inc.† | 87403 | 172500 |
| 2500 | Scheid Vineyards Inc., Cl. A† | 24724 | 13688 |
| 4000 | T. Hasegawa Co. Ltd. | 83685 | 75045 |
| 235200 | Tingyi (Cayman Islands) Holding Corp. | 345177 | 394748 |
| 207400 | Vitasoy International Holdings Ltd. | 108284 | 267597 |
| 23000 | Willamette Valley Vineyards Inc.† | 88087 | 136620 |
|  |  | 8981594 | 8387415 |
|  | **Health Care — 4.8%** |  |  |
| 43500 | Accuray Inc.† | 146917 | 77865 |
| 4500 | Boiron SA | 76215 | 122620 |
| 7900 | CareDx Inc.† | 40532 | 140225 |
| 1800 | Collegium Pharmaceutical Inc.† | 33173 | 53730 |
| 3315 | Cutera Inc.† | 1499 | 33 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
| 23000 | Electromed Inc.† | $| 48394 | $| 548780 |
| 53200 | Exelixis Inc.† |  | 101346 |  | 1964144 |
| 190000 | InfuSystem Holdings Inc.† |  | 546227 |  | 1022200 |
| 3000 | LeMaitre Vascular Inc. |  | 70429 |  | 251700 |
| 186160 | Neogen Corp.† |  | 261642 |  | 1614007 |
| 53100 | NeoGenomics Inc.† |  | 172076 |  | 503919 |
| 5000 | Neuronetics Inc.† |  | 12056 |  | 18400 |
| 1500 | Omnicell Inc.† |  | 23551 |  | 52440 |
| 144500 | OPKO Health Inc.† |  | 362305 |  | 239870 |
| 17000 | Option Care Health Inc.† |  | 153432 |  | 594150 |
| 18700 | Orthofix Medical Inc.† |  | 318458 |  | 304997 |
| 2500 | QuidelOrtho Corp.† |  | 27931 |  | 87425 |
| 900 | STERIS plc |  | 34302 |  | 203985 |
| 54161 | United-Guardian Inc. |  | 438228 |  | 486907 |
| 1000 | Utah Medical Products Inc. |  | 25584 |  | 56040 |
| 1200 | Zealand Pharma A/S† |  | 15240 |  | 89918 |
| 74000 | Zimvie Inc.† |  | 1265785 |  | 799200 |
|  |  |  | 4175322 |  | 9232555 |
|  | **Hotels and Gaming — 6.1%** | **Hotels and Gaming — 6.1%** | **Hotels and Gaming — 6.1%** | **Hotels and Gaming — 6.1%** | **Hotels and Gaming — 6.1%** |
| 8500 | Caesars Entertainment Inc.† |  | 34583 |  | 212500 |
| 800 | Churchill Downs Inc. |  | 7839 |  | 88856 |
| 1192119 | Full House Resorts Inc.† |  | 3261726 |  | 4983057 |
| 45000 | Gambling.com Group Ltd.† |  | 324091 |  | 567900 |
| 20000 | Genius Sports Ltd.† |  | 81525 |  | 200200 |
| 99500 | Golden Entertainment Inc. |  | 1160328 |  | 2625805 |
| 213000 | Inspired Entertainment Inc.† |  | 1254505 |  | 1819020 |
| 72500 | The Marcus Corp. |  | 891856 |  | 1210025 |
|  |  |  | 7016453 |  | 11707363 |
|  | **Machinery — 3.7%** |  |  |  |  |
| 71000 | Astec Industries Inc. |  | 2376210 |  | 2445950 |
| 4400 | DMG Mori AG |  | 22722 |  | 218855 |
| 262100 | Gencor Industries Inc.† |  | 1644690 |  | 3187136 |
| 10000 | Stratasys Ltd.† |  | 78700 |  | 97900 |
| 9900 | Tennant Co. |  | 279948 |  | 789525 |
| 2500 | The Middleby Corp.† |  | 24527 |  | 379950 |
|  |  |  | 4426797 |  | 7119316 |
|  | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** | **Manufactured Housing and Recreational Vehicles — 2.1%** |
| 300 | Cavco Industries Inc.† |  | 21402 |  | 155889 |
| 1300 | Champion Homes Inc.† |  | 8684 |  | 123188 |
| 99550 | Nobility Homes Inc. |  | 1450948 |  | 3135825 |
| 19500 | Winnebago Industries Inc. |  | 169803 |  | 671970 |
|  |  |  | 1650837 |  | 4086872 |
|  | **Metals and Mining — 0.2%** |  |  |  |  |
| 17200 | Osisko Gold Royalties Ltd. |  | 202617 |  | 362992 |
| 400000 | Tanami Gold NL† |  | 17082 |  | 7123 |
|  |  |  | 219699 |  | 370115 |
|  | **Paper and Forest Products — 0.0%** | **Paper and Forest Products — 0.0%** | **Paper and Forest Products — 0.0%** | **Paper and Forest Products — 0.0%** | **Paper and Forest Products — 0.0%** |
| 50 | Keweenaw Land Association Ltd.† |  | 3051 |  | 1800 |
| 1923 | Magnera Corp.† |  | 71297 |  | 34922 |
|  |  |  | 74348 |  | 36722 |
|  | **Publishing — 0.6%** |  |  |  |  |
| 10000 | DallasNews Corp. |  | 44867 |  | 45600 |
| 15800 | Lee Enterprises Inc.† |  | 198857 |  | 164004 |
| 300000 | The E.W. Scripps Co., Cl. A† |  | 1374118 |  | 888000 |
|  |  |  | 1617842 |  | 1097604 |
|  | **Real Estate — 2.5%** |  |  |  |  |
| 112000 | AmBase Corp.† |  | 116853 |  | 34259 |
| 117300 | Capital Properties Inc., Cl. A |  | 1250087 |  | 1117282 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |  |  |
|  | **Real Estate (Continued)** |  |  |  |  |
| 28000 | DREAM Unlimited Corp., Cl. A | $| 309437 | $| 383892 |
| 35000 | FRP Holdings Inc.† |  | 570400 |  | 999950 |
| 18000 | Gyrodyne LLC† |  | 279121 |  | 147240 |
| 163700 | Reading International Inc., Cl. A† |  | 1048985 |  | 227543 |
| 75030 | Reading International Inc., Cl. B† |  | 680061 |  | 526711 |
| 2508 | Royalty LLC†(a) |  | 0 |  | 319 |
| 84500 | Tejon Ranch Co.† |  | 1613635 |  | 1339325 |
| 30000 | Trinity Place Holdings Inc.† |  | 57000 |  | 1446 |
|  |  |  | 5925579 |  | 4777967 |
|  | **Restaurants — 3.3%** |  |  |  |  |
| 51000 | Denny's Corp.† |  | 275047 |  | 187170 |
| 63500 | Nathan's Famous Inc. |  | 147145 |  | 6119812 |
|  |  |  | 422192 |  | 6306982 |
|  | **Retail — 1.1%** |  |  |  |  |
| 125000 | Arko Corp. |  | 686092 |  | 493750 |
| 17500 | Big 5 Sporting Goods Corp. |  | 80040 |  | 16921 |
| 23000 | Lands' End Inc.† |  | 269453 |  | 234140 |
| 51100 | Movado Group Inc. |  | 735158 |  | 854392 |
| 5000 | Natural Grocers by Vitamin Cottage Inc. |  | 66139 |  | 201000 |
| 61000 | Sportsman's Warehouse Holdings Inc.† |  | 392728 |  | 60640 |
| 9700 | Village Super Market Inc., Cl. A |  | 221819 |  | 368697 |
|  |  |  | 2451429 |  | 2229540 |
|  | **Semiconductors — 0.2%** |  |  |  |  |
| 65484 | SkyWater Technology Inc.† |  | 547542 |  | 464282 |
|  | **Specialty Chemicals — 1.4%** |  |  |  |  |
| 4500 | Hawkins Inc. |  | 80695 |  | 476640 |
| 3500 | Minerals Technologies Inc. |  | 115215 |  | 222495 |
| 95500 | Navigator Holdings Ltd. |  | 899921 |  | 1271105 |
| 66900 | The General Chemical Group Inc.†(a) |  | 6021 |  | 0 |
| 185285 | Treatt plc |  | 1015209 |  | 813762 |
|  |  |  | 2117061 |  | 2784002 |
|  | **Telecommunications — 0.6%** |  |  |  |  |
| 36000 | A10 Networks Inc. |  | 223388 |  | 588240 |
| 6000 | Frequency Electronics Inc. |  | 57767 |  | 93900 |
| 2306 | NETGEAR Inc.† |  | 32445 |  | 56405 |
| 30000 | Nuvera Communications Inc.† |  | 219358 |  | 330300 |
| 400 | Preformed Line Products Co. |  | 35444 |  | 56036 |
| 2400 | Shenandoah Telecommunications Co. |  | 13960 |  | 30168 |
|  |  |  | 582362 |  | 1155049 |
|  | **TOTAL COMMON STOCKS** |  | 125443311 |  | 194039699 |
|  | **PREFERRED STOCKS — 0.1%** |  |  |  |  |
|  | **Automotive: Parts and Accessories — 0.1%** | **Automotive: Parts and Accessories — 0.1%** | **Automotive: Parts and Accessories — 0.1%** | **Automotive: Parts and Accessories — 0.1%** | **Automotive: Parts and Accessories — 0.1%** |
| 6300 | Jungheinrich AG |  | 17633 |  | 218535 |
|  | **TOTAL PREFERRED STOCKS** |  | 17633 |  | 218535 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
| | **RIGHTS — 0.0%** | | |
|  | **Energy and Utilities: Services — 0.0%** | **Energy and Utilities: Services — 0.0%** | **Energy and Utilities: Services — 0.0%** |
| 85500 | Pineapple Energy Inc., CVR† | $0 | $5130 |
|  | **Health Care — 0.0%** |  |  |
| 25000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 500 |
|  | **Metals and Mining — 0.0%** |  |  |
| 60000 | Pan American Silver Corp., CVR† | 44994 | 25644 |
|  | **TOTAL RIGHTS** | 44994 | 31274 |
|  | **WARRANTS — 0.0%** |  |  |
|  | **Diversified Industrial — 0.0%** |  |  |
| 47000 | Ampco-Pittsburgh Corp., expire 08/01/25† | 32110 | 606 |
|  | **Health Care — 0.0%** |  |  |
| 8737 | Option Care Health Inc., Cl. A, expire 06/30/25† | 7979 | 31986 |
| 8737 | Option Care Health Inc., Cl. B, expire 06/20/25† | 7554 | 21012 |
|  |  | 15533 | 52998 |
|  | **TOTAL WARRANTS** | 47643 | 53604 |
|  | **TOTAL INVESTMENTS — 100.5%** | $125553581 | 194343112 |
|  | **Other Assets and Liabilities (Net) — (0.5)%** | **Other Assets and Liabilities (Net) — (0.5)%** | (970337) |
|  | **NET ASSETS — 100.0%** |  | $193372775 |

---

---

| | |
|:---|:---|
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) | Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares. See Note 10. |
| † | Non-income producing security. |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| GDR | Global Depositary Receipt |

---

See accompanying notes to financial statements.

**TETON Westwood SmallCap Equity Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS — 97.4%** |  |  |  |
|  | **Aerospace — 0.2%** |  |  |  |
| 2276 | Hexcel Corp. | $| 147581 | $124634 |
|  | **Automotive — 2.3%** |  |  |  |
| 29010 | Rush Enterprises Inc., Cl. A |  | 980903 | 1549424 |
|  | **Aviation: Parts and Services — 2.9%** | **Aviation: Parts and Services — 2.9%** | **Aviation: Parts and Services — 2.9%** |  |
| 30971 | AAR Corp.† |  | 1057072 | 1734066 |
| 7893 | Standard Motor Products Inc. |  | 252494 | 196773 |
|  |  |  | 1309566 | 1930839 |
|  | **Banking — 14.6%** |  |  |  |
| 9426 | Atlantic Union Bankshares Corp. |  | 349035 | 293526 |
| 60232 | Banc of California Inc. |  | 915406 | 854692 |
| 43804 | Columbia Banking System Inc. |  | 1243988 | 1092472 |
| 25308 | Five Star Bancorp |  | 633312 | 703562 |
| 8241 | Glacier Bancorp Inc. |  | 247858 | 364417 |
| 34197 | OceanFirst Financial Corp. |  | 660470 | 581691 |
| 49556 | Old National Bancorp |  | 934996 | 1050092 |
| 12281 | SouthState Corp. |  | 968272 | 1139922 |
| 33902 | USCB Financial Holdings Inc. |  | 443647 | 629221 |
| 52905 | Valley National Bancorp |  | 571444 | 470325 |
| 65566 | Veritex Holdings Inc. |  | 1682005 | 1637183 |
| 23662 | WaFd Inc. |  | 665692 | 676260 |
| 12915 | Washington Trust Bancorp Inc. |  | 476731 | 398557 |
|  |  |  | 9792856 | 9891920 |
|  | **Broadcasting — 3.4%** |  |  |  |
| 198210 | Grupo Televisa SAB, ADR |  | 429940 | 346868 |
| 74521 | IMAX Corp.† |  | 1345760 | 1963628 |
|  |  |  | 1775700 | 2310496 |
|  | **Building and Construction — 4.3%** | **Building and Construction — 4.3%** | **Building and Construction — 4.3%** |  |
| 18931 | Champion Homes Inc.† |  | 1253971 | 1793902 |
| 9882 | MYR Group Inc.† |  | 742419 | 1117555 |
|  |  |  | 1996390 | 2911457 |
|  | **Business Services — 4.5%** |  |  |  |
| 34844 | ABM Industries Inc. |  | 1431945 | 1650212 |
| 32782 | Heidrick & Struggles International Inc. |  | 1045947 | 1404053 |
|  |  |  | 2477892 | 3054265 |
|  | **Communications — 2.3%** |  |  |  |
| 31954 | ATN International Inc. |  | 651262 | 648986 |
| 92174 | Harmonic Inc.† |  | 1070971 | 883949 |
|  |  |  | 1722233 | 1532935 |
|  | **Computer Software and Services — 8.0%** | **Computer Software and Services — 8.0%** | **Computer Software and Services — 8.0%** |  |
| 58208 | Cantaloupe Inc.† |  | 541653 | 458097 |
| 36308 | N-able Inc.† |  | 278000 | 257424 |
| 109672 | NetScout Systems Inc.† |  | 2364117 | 2304209 |
| 14718 | Progress Software Corp. |  | 652469 | 758124 |
| 23819 | Teradata Corp.† |  | 730663 | 535451 |
| 213732 | Vimeo Inc.† |  | 1063656 | 1124230 |
|  |  |  | 5630558 | 5437535 |
|  | **Consumer Products — 2.3%** |  |  |  |
| 75028 | OPENLANE Inc.† |  | 1291942 | 1446540 |
| 2308 | Oxford Industries Inc. |  | 153743 | 135410 |
|  |  |  | 1445685 | 1581950 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **Diversified Industrial — 3.8%** | **Diversified Industrial — 3.8%** |  |
| 6335 | Albany International Corp., Cl. A | $470803 | $437369 |
| 10798 | Apogee Enterprises Inc. | 447980 | 500271 |
| 9435 | Enerpac Tool Group Corp. | 291053 | 423254 |
| 23148 | Kennametal Inc. | 598146 | 493053 |
| 14948 | Worthington Enterprises Inc. | 666965 | 748745 |
|  |  | 2474947 | 2602692 |
|  | **Electronics — 5.3%** |  |  |
| 18133 | Advanced Energy Industries Inc. | 1594500 | 1728256 |
| 14774 | FARO Technologies Inc.† | 224132 | 403330 |
| 40123 | Sonos Inc.† | 554972 | 428113 |
| 50732 | TTM Technologies Inc.† | 991801 | 1040513 |
|  |  | 3365405 | 3600212 |
|  | **Energy and Utilities — 5.6%** |  |  |
| 8496 | Helmerich & Payne Inc. | 235341 | 221916 |
| 47556 | Magnolia Oil & Gas Corp., Cl. A | 764493 | 1201265 |
| 30547 | Oceaneering International Inc.† | 381056 | 666230 |
| 63211 | Patterson-UTI Energy Inc. | 353640 | 519594 |
| 16184 | Riley Exploration Permian Inc. | 470730 | 472087 |
| 18551 | SandRidge Energy Inc. | 213898 | 211852 |
| 32288 | Select Water Solutions Inc. | 399059 | 339024 |
| 44259 | Shoals Technologies Group Inc., Cl. A† | 238727 | 146940 |
|  |  | 3056944 | 3778908 |
|  | **Equipment and Supplies — 2.7%** |  |  |
| 37411 | Flowserve Corp. | 1539767 | 1827153 |
|  | **Financial Services — 5.1%** |  |  |
| 16597 | First Interstate BancSystem Inc., Cl. A | 432504 | 475504 |
| 19802 | Heritage Financial Corp. | 375125 | 481783 |
| 9750 | Horace Mann Educators Corp. | 351063 | 416617 |
| 21049 | Stewart Information Services Corp. | 1034737 | 1501846 |
| 20719 | Univest Financial Corp. | 582659 | 587591 |
|  |  | 2776088 | 3463341 |
|  | **Health Care — 8.8%** |  |  |
| 69928 | Axogen Inc.† | 595843 | 1293668 |
| 22453 | Dentsply Sirona Inc. | 353294 | 335448 |
| 59829 | Embecta Corp. | 977369 | 762820 |
| 11294 | Haemonetics Corp.† | 785081 | 717734 |
| 25796 | Omnicell Inc.† | 941306 | 901828 |
| 83657 | Orthofix Medical Inc.† | 1166658 | 1364446 |
| 18598 | Supernus Pharmaceuticals Inc.† | 583087 | 609084 |
|  |  | 5402638 | 5985028 |
|  | **Machinery — 3.2%** |  |  |
| 70280 | Mueller Water Products Inc., Cl. A | 1049341 | 1786518 |
| 5166 | Tennant Co. | 439482 | 411988 |
|  |  | 1488823 | 2198506 |
|  | **Materials — 0.8%** |  |  |
| 14938 | Avient Corp. | 541965 | 555096 |

---

See accompanying notes to financial statements.

**TETON Westwood SmallCap Equity Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate — 2.5%** |  |  |
| 27625 | Alpine Income Property Trust Inc., REIT | $464374 | $461890 |
| 42847 | CareTrust REIT Inc. | 897496 | 1224567 |
|  |  | 1361870 | 1686457 |
|  | **Retail — 8.2%** |  |  |
| 28143 | Advance Auto Parts Inc. | 1342732 | 1103487 |
| 99567 | American Eagle Outfitters Inc. | 1419208 | 1156969 |
| 49800 | El Pollo Loco Holdings Inc.† | 471867 | 512940 |
| 66015 | Ethan Allen Interiors Inc. | 1570490 | 1828616 |
| 17521 | Urban Outfitters Inc. † | 418055 | 918100 |
|  |  | 5222352 | 5520112 |
|  | **Semiconductors — 4.5%** |  |  |
| 55547 | Cohu Inc.† | 1482593 | 817096 |
| 6273 | FormFactor Inc.† | 156661 | 177463 |
| 8712 | MKS Instruments Inc. | 824109 | 698267 |
| 127356 | nLight Inc.† | 1444182 | 989556 |
| 17729 | Ultra Clean Holdings Inc.† | 502061 | 379578 |
|  |  | 4409606 | 3061960 |
|  | **Specialty Chemicals — 1.5%** |  |  |
| 16830 | Darling Ingredients Inc.† | 591355 | 525769 |
| 7349 | Minerals Technologies Inc. | 419138 | 467176 |
|  |  | 1010493 | 992945 |
|  | **Transportation — 0.6%** |  |  |
| 7608 | The Greenbrier Companies Inc. | 324934 | 389682 |
|  | **TOTAL COMMON STOCKS** | 60255196 | 65987547 |
| **Principal** <br> **Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 2.7%** | **U.S. GOVERNMENT OBLIGATIONS — 2.7%** | **U.S. GOVERNMENT OBLIGATIONS — 2.7%** |
| $1865000 | U.S. Treasury Bills, 4.215% to 4.274%††, 04/24/25 to 05/29/25 | 1856847 | 1856820 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 1856847 | 1856820 |
|  | **TOTAL INVESTMENTS — 100.1%** | $62112043 | 67844367 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** | **Other Assets and Liabilities (Net) — (0.1)%** | (76371) |
|  | **NET ASSETS — 100.0%** |  | $67767996 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**TETON Convertible Securities Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> <u>Amount</u>** |  | **Cost** | **Market<br> <u>Value</u>** |
|  | **CONVERTIBLE CORPORATE BONDS — 78.3%** | **CONVERTIBLE CORPORATE BONDS — 78.3%** |  |
|  | **Aerospace and Defense — 1.1%** |  |  |
| $100000 | Astronics Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.500% , 03/15/30(a) | $121228 | $136100 |
|  | **Business Services — 1.7%** |  |  |
| 200000 | Live Nation Entertainment Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875% , 01/15/30(a) | 205274 | 207500 |
|  | **Computer Software and Services — 13.7%** |  |  |
| 275000 | Cardlytics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250% , 04/01/29(a) | 210755 | 138290 |
| 400000 | CSG Systems International Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875% , 09/15/28 | 397792 | 433200 |
| 150000 | Lumentum Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500% , 12/15/29 | 162333 | 176625 |
| 200000 | Nutanix Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500% , 12/15/29(a) | 210516 | 211806 |
| 300000 | Parsons Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.625% , 03/01/29 | 299992 | 300450 |
| 200000 | Progress Software Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500% , 03/01/30 | 202803 | 211000 |
| 100000 | Snowflake Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon , 10/01/29(a) | 100000 | 117137 |
| 75000 | Vertex Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750% , 05/01/29(a) | 76019 | 89484 |
|  |  | 1660210 | 1677992 |
|  | **Consumer Services — 4.3%** |  |  |
| 200000 | Alibaba Group Holding Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500% , 06/01/31(a)(b) | 214041 | 285850 |
| 200000 | Uber Technologies Inc., Ser. 2028, |  |  |
|  | &nbsp;&nbsp;&nbsp;0.875% , 12/01/28 | 200230 | 244400 |
|  |  | 414271 | 530250 |
|  | **Diversified Industrial — 0.3%** |  |  |
| 50000 | Enovix Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000% , 05/01/28(a) | 46510 | 42054 |
|  | **Energy and Energy Services — 2.9%** |  |  |
| 200000 | Bloom Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000% , 06/01/28 | 197623 | 261800 |
| 75000 | WEC Energy Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.375% , 06/01/29(a) | 75000 | 89935 |
|  |  | 272623 | 351735 |
|  | **Energy and Utilities: Integrated — 3.4%** |  |  |
| 528000 | Array Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000% , 12/01/28 | 485597 | 389167 |
| 50000 | Fluence Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250% , 06/15/30(a) | 50000 | 29550 |
|  |  | 535597 | 418717 |
|  | **Energy and Utilities: Services — 13.4%** |  |  |
| 200000 | Fluor Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.125% , 08/15/29 | 235471 | 212750 |
| 300000 | Nabors Industries Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750% , 06/15/29 | 233003 | 202050 |
| 400000 | Northern Oil & Gas Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.625% , 04/15/29 | 417277 | 423020 |
| 500000 | PPL Capital Funding Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875% , 03/15/28 | 495109 | 560750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> <u>Amount</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
| $200000 | TXNM Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750% , 06/01/54(a) | $200000 | $250531 |
|  |  | 1580860 | 1649101 |
|  | **Entertainment — 3.0%** |  |  |
| 300000 | Liberty Media Corp.-Liberty |  |  |
|  | &nbsp;&nbsp;&nbsp;Formula One, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250% , 08/15/27 | 292429 | 365250 |
|  | **Financial Services — 6.3%** |  |  |
| 150000 | Cleanspark Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon , 06/15/30(a) | 147752 | 108835 |
| 300000 | Global Payments Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500% , 03/01/31 | 305167 | 284100 |
| 100000 | Riot Platforms Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750% , 01/15/30(a) | 88976 | 77587 |
| 210000 | SoFi Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250% , 03/15/29(a) | 208435 | 301455 |
|  |  | 750330 | 771977 |
|  | **Health Care — 13.5%** |  |  |
| 100000 | Alnylam Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000% , 09/15/27 | 106207 | 115400 |
| 200000 | ANI Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250% , 09/01/29(a) | 204034 | 224600 |
| 50000 | Bridgebio Pharma Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750% , 03/01/31(a) | 50000 | 51650 |
| 125000 | Evolent Health Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500% , 12/01/29 | 124605 | 102229 |
| 300000 | Halozyme Therapeutics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000% , 08/15/28 | 305455 | 384398 |
| 365000 | Invacare Corp., Escrow, |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon , 05/08/28(c) | 20 | 0 |
| 200000 | Jazz Investments I Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.125% , 09/15/30(a) | 208787 | 222700 |
| 125000 | Pacira BioSciences Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.125% , 05/15/29(a) | 95512 | 122208 |
| 350000 | Sarepta Therapeutics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250% , 09/15/27 | 391886 | 325850 |
| 100000 | TransMedics Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500% , 06/01/28 | 114690 | 107555 |
|  |  | 1601196 | 1656590 |
|  | **Metals and Mining — 3.0%** |  |  |
| 100000 | Centrus Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250% , 11/01/30(a) | 106778 | 94066 |
| 200000 | MP Materials Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000% , 03/01/30(a) | 199609 | 276507 |
|  |  | 306387 | 370573 |
|  | **Real Estate Investment Trusts — 6.2%** |  |  |
| 300000 | Digital Realty Trust LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.875% , 11/15/29(a) | 302083 | 297840 |
| 250000 | Redfin Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500% , 04/01/27 | 199620 | 219641 |
| 250000 | Redwood Trust Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.750% , 06/15/27 | 250000 | 246750 |
|  |  | 751703 | 764231 |

---

See accompanying notes to financial statements.

**TETON Convertible Securities Fund**

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> <u>Amount</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
|  | **CONVERTIBLE CORPORATE BONDS (Continued)** | **CONVERTIBLE CORPORATE BONDS (Continued)** |  |
|  | **Retail — 0.1%** |  |  |
| $10000 | The Cheesecake Factory Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.000% , 03/15/30(a) | $10000 | $9587 |
|  | **Semiconductors — 4.0%** |  |  |
| 200000 | indie Semiconductor Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500% , 12/15/29(a) | 187045 | 146625 |
| 250000 | MKS Instruments Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250% , 06/01/30(a) | 250000 | 225500 |
| 100000 | OSI Systems Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250% , 08/01/29(a) | 101084 | 121966 |
|  |  | 538129 | 494091 |
|  | **Telecommunications — 1.4%** |  |  |
| 200000 | Applied Digital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.750% , 06/01/30(a) | 199859 | 174500 |
|  | **TOTAL CONVERTIBLE CORPORATE BONDS** | 9286606 | 9620248 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Shares</u>** |  | | |
|  | **CONVERTIBLE PREFERRED STOCKS — 2.0%** | **CONVERTIBLE PREFERRED STOCKS — 2.0%** |  |
|  | **Health Care — 2.0%** |  |  |
| 11225 | Invacare Holdings Corp., Ser. A, |  |  |
|  | &nbsp;&nbsp;&nbsp;9.000%(c) | 280625 | 246950 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS** | 280625 | 246950 |
|  | **MANDATORY CONVERTIBLE SECURITIES(d) — 12.6%** | **MANDATORY CONVERTIBLE SECURITIES(d) — 12.6%** |  |
|  | **Aerospace and Defense — 0.6%** |  |  |
| 1175 | The Boeing Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 62666 | 70300 |
|  | **Computer Software and Services — 1.9%** |  |  |
| 5000 | Hewlett Packard Enterprise Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 251650 | 238700 |
|  | **Diversified Industrial — 1.6%** |  |  |
| 3500 | Chart Industries Inc., Ser. B, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 12/15/25 | 173050 | 191695 |
|  | **Energy and Utilities: Integrated — 3.0%** |  |  |
| 4000 | NextEra Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.234%, 11/01/27 | 186492 | 182200 |
| 4300 | PG&E Corp., Ser. A, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 12/01/27 | 216271 | 192382 |
|  |  | 402763 | 374582 |
|  | **Financial Services — 2.0%** |  |  |
| 1000 | Ares Management Corp., Ser. B, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 50000 | 48210 |
| 4000 | KKR & Co. Inc., Ser. D, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 200000 | 197600 |
|  |  | 250000 | 245810 |
|  | **Health Care — 1.1%** |  |  |
| 2000 | BrightSpring Health Services Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/01/27 | 100000 | 130000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
| | **Semiconductors — 1.2%** | | |
| 3000 | Microchip Technology Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | $151800 | $150990 |
|  | **Specialty Chemicals — 1.2%** |  |  |
| 4250 | Albemarle Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/01/27 | 205748 | 151513 |
|  | **TOTAL MANDATORY CONVERTIBLE SECURITIES** | 1597677 | 1553590 |
|  | **COMMON STOCKS — 0.0%** |  |  |
|  | **Health Care — 0.0%** |  |  |
| 5023 | Invacare Holdings Corp.†(c) | 0 | 0 |
|  | **TOTAL COMMON STOCKS** | 0 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> <u>Amount</u>** |  | | |
|  | **U.S. GOVERNMENT OBLIGATIONS — 7.2%** |  |  |
| $890000 | U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.227% to 4.239%††, |  |  |
|  | &nbsp;&nbsp;&nbsp;06/05/25 to 06/26/25 | 881756 | 881749 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 881756 | 881749 |
|  | **TOTAL INVESTMENTS — 100.1%** | $12046664 | 12302537 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** |  | (16655) |
|  | **NET ASSETS — 100.0%** |  | $12285882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities exempt from registration
 under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally
 to qualified institutional buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At March 31, 2025, the Fund held an
 investment in a restricted and illiquid security amounting to $285,850 or 2.33% of net assets, which was valued under methods approved
 by the Board of Trustees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquisition**<br> **Principal**<br> **Amount** | **Issuer** | **Acquisition**<br> **Dates** | **Acquisition**<br> **Cost** | **03/31/25**<br> **Carrying**<br> **Value**<br> **Per Bond** |
| $200000 | Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 05/23/2024-11/26/2024 | $215020 | $142.9250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued using significant
 unobservable inputs and is classified as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Mandatory convertible securities are
 required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;† Non-income
 producing security.

†† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

**TETON Westwood Equity Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
|  | **COMMON STOCKS — 97.7%** |  |  |
|  | **Aerospace — 3.1%** |  |  |
| 8093 | BWX Technologies Inc. | $975996 | $798374 |
| 1860 | General Dynamics Corp. | 530460 | 506999 |
|  |  | 1506456 | 1305373 |
|  | **Banking — 1.9%** |  |  |
| 19720 | Bank of America Corp. | 752337 | 822916 |
|  | **Business Services — 4.4%** |  |  |
| 2568 | TopBuild Corp.† | 951775 | 783111 |
| 3169 | Visa Inc., Cl. A | 730878 | 1110608 |
|  |  | 1682653 | 1893719 |
|  | **Commercial Services and Supplies — 2.1%** |  |  |
| 3796 | Waste Management Inc. | 710009 | 878812 |
|  | **Computer Hardware — 1.3%** |  |  |
| 20293 | HP Inc. | 735686 | 561913 |
|  | **Computer Software and Services — 11.3%** |  |  |
| 2434 | Accenture plc, Cl. A | 731761 | 759505 |
| 6578 | Alphabet Inc., Cl. A | 737196 | 1017222 |
| 2204 | CACI International Inc., Cl. A† | 766729 | 808692 |
| 3945 | Microsoft Corp. | 1027678 | 1480914 |
| 2778 | Salesforce Inc. | 666580 | 745504 |
|  |  | 3929944 | 4811837 |
|  | **Consumer Products — 2.2%** |  |  |
| 8483 | Church & Dwight Co. Inc. | 805874 | 933893 |
|  | **Electronics — 0.9%** |  |  |
| 7812 | Microchip Technology Inc. | 513550 | 378179 |
|  | **Energy and Energy Services — 3.3%** |  |  |
| 3434 | EOG Resources Inc. | 326531 | 440376 |
| 10642 | The Southern Co. | 983393 | 978532 |
|  |  | 1309924 | 1418908 |
|  | **Energy: Integrated — 4.2%** |  |  |
| 10875 | NextEra Energy Inc. | 508037 | 770929 |
| 9560 | WEC Energy Group Inc. | 882900 | 1041849 |
|  |  | 1390937 | 1812778 |
|  | **Energy: Oil — 4.2%** |  |  |
| 5434 | Chevron Corp. | 668205 | 909054 |
| 7331 | Exxon Mobil Corp. | 848233 | 871876 |
|  |  | 1516438 | 1780930 |
|  | **Entertainment — 2.4%** |  |  |
| 10290 | The Walt Disney Co. | 1171525 | 1015623 |
|  | **Equipment and Supplies — 4.3%** |  |  |
| 7559 | Boise Cascade Co. | 997133 | 741462 |
| 2148 | Hubbell Inc. | 685907 | 710795 |
| 1880 | Littelfuse Inc. | 454856 | 369871 |
|  |  | 2137896 | 1822128 |
|  | **Financial Services — 18.7%** |  |  |
| 2692 | Arthur J. Gallagher & Co. | 493444 | 929386 |
| 2436 | Berkshire Hathaway Inc., Cl. B† | 846951 | 1297365 |
| 5172 | Intercontinental Exchange Inc. | 888283 | 892170 |
| 5920 | JPMorgan Chase & Co. | 866498 | 1452176 |
| 8475 | SouthState Corp. | 857483 | 786649 |
| 1426 | The Goldman Sachs Group Inc. | 503196 | 779010 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
| 3602 | The Progressive Corp. | $632554 | $1019402 |
| 11480 | Wells Fargo & Co. | 622204 | 824149 |
|  |  | 5710613 | 7980307 |
|  | **Food and Beverage — 5.4%** |  |  |
| 1982 | Domino's Pizza Inc. | 780755 | 910630 |
| 3127 | PepsiCo Inc. | 346814 | 468863 |
| 5275 | The Hershey Co. | 1081972 | 902183 |
|  |  | 2209541 | 2281676 |
|  | **Health Care — 10.8%** |  |  |
| 9497 | Abbott Laboratories | 1054160 | 1259777 |
| 8151 | Johnson & Johnson | 1332445 | 1351762 |
| 3032 | UnitedHealth Group Inc. | 1060733 | 1588010 |
| 844 | Vertex Pharmaceuticals Inc.† | 427875 | 409188 |
|  |  | 3875213 | 4608737 |
|  | **Real Estate — 3.8%** |  |  |
| 8442 | Federal Realty Investment |  |  |
|  | Trust, REIT | 878130 | 825797 |
| 7133 | Prologis Inc., REIT | 762845 | 797398 |
|  |  | 1640975 | 1623195 |
|  | **Retail — 6.5%** |  |  |
| 4471 | Darden Restaurants Inc. | 740546 | 928895 |
| 707 | O'Reilly Automotive Inc.† | 572530 | 1012834 |
| 9537 | Walmart Inc | 436508 | 837253 |
|  |  | 1749584 | 2778982 |
|  | **Semiconductors — 1.3%** |  |  |
| 8681 | Marvell Technology Inc | 824512 | 534489 |
|  | **Telecommunications — 2.5%** |  |  |
| 4050 | T-Mobile US Inc. | 931186 | 1080175 |
|  | **Transportation — 3.1%** |  |  |
| 5654 | Union Pacific Corp. | 1062744 | 1335701 |
|  | **TOTAL COMMON STOCKS** | 36167597 | 41660271 |
|  | **SHORT TERM INVESTMENT — 2.4%** |  |  |
|  | **Other Investment Companies — 2.4%** |  |  |
| 1001521 | Dreyfus Treasury Securities Cash Management - Institutional Shares, 4.170%\* | 1001521 | 1001521 |
|  | **TOTAL SHORT TERM INVESTMENT** | 1001521 | 1001521 |
|  | **TOTAL INVESTMENTS — 100.1%** | $37169118 | 42661792 |
|  | **Other Assets and Liabilities (Net) — (0.1)%** |  | (51787) |
|  | **NET ASSETS — 100.0%** |  | $42610005 |

---

\* 1 day yield as of March 31, 2025. <br> † Non-income producing security. <br> REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
|  | **COMMON STOCKS — 62.9%** |  |  |
|  | **Aerospace — 1.7%** |  |  |
| 3477 | BWX Technologies Inc | $423622 | $343006 |
| 905 | General Dynamics Corp. | 261368 | 246685 |
|  |  | 684990 | 589691 |
|  | **Automotive: Parts and Accessories — 1.8%** |  |  |
| 434 | O'Reilly Automotive Inc.† | 317810 | 621740 |
|  | **Banking — 1.1%** |  |  |
| 9093 | Bank of America Corp. | 384462 | 379451 |
|  | **Business Services — 2.6%** |  |  |
| 1192 | TopBuild Corp.† | 446946 | 363500 |
| 1547 | Visa Inc., Cl. A | 354204 | 542162 |
|  |  | 801150 | 905662 |
|  | **Commercial Services and Supplies — 1.5%** |  |  |
| 2224 | Waste Management Inc. | 413269 | 514878 |
|  | **Computer Hardware — 0.8%** |  |  |
| 10275 | HP Inc. | 372400 | 284515 |
|  | **Computer Software and Services — 8.0%** |  |  |
| 1485 | Accenture plc, Cl. A | 406404 | 463379 |
| 2810 | Alphabet Inc., Cl. A | 404111 | 434539 |
| 1084 | CACI International Inc., Cl. A† | 399434 | 397741 |
| 708 | Cadence Design Systems Inc.† | 99122 | 180066 |
| 2524 | Microsoft Corp. | 866379 | 947484 |
| 1378 | Salesforce Inc. | 326073 | 369800 |
|  |  | 2501523 | 2793009 |
|  | **Consumer Products — 1.3%** |  |  |
| 4128 | Church & Dwight Co. Inc. | 387563 | 454451 |
|  | **Consumer Services — 1.1%** |  |  |
| 1961 | Amazon.com Inc.† | 286444 | 373100 |
|  | **Electronics — 1.0%** |  |  |
| 3877 | Microchip Technology Inc. | 277886 | 187686 |
| 248 | Monolithic Power Systems Inc. | 95002 | 143835 |
|  |  | 372888 | 331521 |
|  | **Energy and Energy Services — 0.6%** |  |  |
| 1597 | EOG Resources Inc. | 212898 | 204799 |
|  | **Energy: Integrated — 3.3%** |  |  |
| 3597 | NextEra Energy Inc. | 135144 | 254991 |
| 5280 | The Southern Co. | 488170 | 485496 |
| 3566 | WEC Energy Group Inc. | 341087 | 388623 |
|  |  | 964401 | 1129110 |
|  | **Energy: Oil — 2.1%** |  |  |
| 2314 | Chevron Corp. | 321127 | 387109 |
| 2996 | Exxon Mobil Corp. | 347734 | 356314 |
|  |  | 668861 | 743423 |
|  | **Entertainment — 1.4%** |  |  |
| 5037 | The Walt Disney Co. | 573618 | 497152 |
|  | **Equipment and Supplies — 2.9%** |  |  |
| 2766 | Amphenol Corp., Cl. A | 91643 | 181422 |
| 3219 | Boise Cascade Co. | 439021 | 315752 |
| 986 | Hubbell Inc. | 314236 | 326277 |
| 954 | Littelfuse Inc. | 231378 | 187690 |
|  |  | 1076278 | 1011141 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Cost</u>** | **Market<br> <u>Value</u>** |
|  | **Financial Services — 11.0%** |  |  |
| 1314 | Arthur J. Gallagher & Co. | $247923 | $453645 |
| 1062 | Berkshire Hathaway Inc., Cl. B† | 405447 | 565600 |
| 2531 | Intercontinental Exchange Inc. | 434695 | 436598 |
| 2727 | JPMorgan Chase & Co. | 516341 | 668933 |
| 4250 | SouthState Corp. | 429669 | 394485 |
| 703 | The Goldman Sachs Group Inc. | 235317 | 384042 |
| 1787 | The Progressive Corp. | 343653 | 505739 |
| 5618 | Wells Fargo & Co. | 326515 | 403316 |
|  |  | 2939560 | 3812358 |
|  | **Food and Beverage — 2.0%** |  |  |
| 1529 | PepsiCo Inc. | 245168 | 229258 |
| 2611 | The Hershey Co. | 523830 | 446559 |
|  |  | 768998 | 675817 |
|  | **Health Care — 7.0%** |  |  |
| 6209 | Abbott Laboratories | 684929 | 823624 |
| 3988 | Johnson & Johnson | 658366 | 661370 |
| 1415 | UnitedHealth Group Inc. | 470779 | 741106 |
| 412 | Vertex Pharmaceuticals Inc.† | 209246 | 199746 |
|  |  | 2023320 | 2425846 |
|  | **Real Estate — 2.3%** |  |  |
| 4279 | Federal Realty Investment |  |  |
|  | &nbsp;&nbsp;&nbsp;Trust, REIT | 446322 | 418572 |
| 3484 | Prologis Inc., REIT | 417509 | 389476 |
|  |  | 863831 | 808048 |
|  | **Retail — 3.9%** |  |  |
| 2547 | Darden Restaurants Inc. | 421314 | 529165 |
| 1057 | Domino's Pizza Inc. | 416331 | 485639 |
| 3988 | Walmart Inc. | 190900 | 350106 |
|  |  | 1028545 | 1364910 |
|  | **Semiconductors — 2.0%** |  |  |
| 3656 | Marvell Technology Inc. | 341303 | 225100 |
| 4423 | NVIDIA Corp. | 227362 | 479365 |
|  |  | 568665 | 704465 |
|  | **Telecommunications — 1.6%** |  |  |
| 2028 | T-Mobile US Inc. | 465590 | 540888 |
|  | **Transportation — 1.9%** |  |  |
| 2859 | Union Pacific Corp. | 559085 | 675410 |
|  | **TOTAL COMMON STOCKS** | 19236149 | 21841385 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> <u>Amount</u>** |  | | |
| | **CORPORATE BONDS — 27.8%** | | |
| | **Aerospace — 0.7%** | | |
| $255000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.450% , 10/01/25 | 256847 | 254639 |
|  | **Computer Hardware — 0.9%** |  |  |
| 295000 | Dell International LLC/EMC Corp., |  |  |
|  | 5.750% , 02/01/33 | 293529 | 306233 |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund** 

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount**  |  | **Cost** | **Market** <br> **Value**  |
| | **CORPORATE BONDS (Continued)** | **CORPORATE BONDS (Continued)** | |
|  | **Computer Software and Services — 1.2%** |  |  |
|  | Oracle Corp. |  |  |
| $240000 | &nbsp;&nbsp;&nbsp;6.250%, 11/09/32 | $240361 | $255597 |
| 135000 | &nbsp;&nbsp;&nbsp;6.900%, 11/09/52 | 135536 | 148446 |
|  |  | 375897 | 404043 |
|  | **Diversified Industrial — 1.9%** |  |  |
| 510000 | Cabot Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.000% , 07/01/29 | 509286 | 489047 |
| 191000 | Jabil Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.700% , 04/15/26 | 191079 | 185516 |
|  |  | 700365 | 674563 |
|  | **Energy and Energy Services — 3.1%** |  |  |
|  | Energy Transfer LP |  |  |
| 330000 | &nbsp;&nbsp;&nbsp;7.125% (a)(b) | 282150 | 334313 |
| 250000 | &nbsp;&nbsp;&nbsp;6.000%, 02/01/29 | 240935 | 254318 |
| 235000 | &nbsp;&nbsp;&nbsp;6.250%, 04/15/49 | 272467 | 232492 |
| 245000 | Plains All American Pipeline LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.950%, 06/15/35 | 244348 | 249235 |
|  |  | 1039900 | 1070358 |
|  | **Energy: Oil — 1.7%** |  |  |
| 10000 | Civitas Resources Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;8.375% , 07/01/28 | 10000 | 10321 |
| 95000 | Diamondback Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/15/33 | 98583 | 100273 |
| 275000 | MPLX LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.650% , 08/15/30 | 274329 | 244698 |
| 259000 | Piedmont Natural Gas Co. Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 05/15/52 | 257566 | 230410 |
|  |  | 640478 | 585702 |
|  | **Financial Services — 8.6%** |  |  |
| 210000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 3.26%), 6.992% , 06/13/29(a) | 210041 | 218950 |
|  | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.21%) |  |  |
| 275000 | &nbsp;&nbsp;&nbsp;2.572%, 10/20/32 (a) | 268792 | 236950 |
| 210000 | &nbsp;&nbsp;&nbsp;5.518%, 10/25/35 (a) | 205582 | 205481 |
| 500000 | Bank of Montreal, MTN, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.650% , 03/08/27 | 495402 | 484071 |
| 405000 | Blue Owl Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.400% , 07/15/26 | 404884 | 395611 |
| 400000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%), |  |  |
|  | &nbsp;&nbsp;&nbsp;3.070% , 02/24/28(a) | 397050 | 388701 |
| 240000 | Golub Capital Private Credit Fund, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 05/01/30 | 238267 | 237469 |
| 370000 | HSBC Holdings plc, (U.S. Secured Overnight Financing Rate + 3.03%), 7.336% , 11/03/26(a) | 370000 | 375593 |
| 250000 | MPT Operating Partnership LP/MPT Finance Corp., 8.500% , 02/15/32 | 255051 | 254869 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br> **Amount**  |  | **Cost** | **Market** <br> **Value**  |
| $190000 | State Street Corp., Ser. I, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.61%), |  |  |
|  | &nbsp;&nbsp;&nbsp;6.700% (a)(b) | $190351 | $195254 |
|  |  | 3035420 | 2992949 |
|  | **Food and Beverage — 2.2%** |  |  |
| 250000 | Performance Food Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.125% , 09/15/32 | 253801 | 248812 |
| 250000 | Pilgrim's Pride Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250% , 07/01/33 | 248056 | 258988 |
| 380000 | The J.M. Smucker Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.550%, 03/15/50 | 386609 | 270021 |
|  |  | 888466 | 777821 |
|  | **Health Care — 0.6%** |  |  |
| 225000 | CHS/Community Health Systems Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;10.875% , 01/15/32 | 242015 | 221807 |
|  | **Real Estate — 2.2%** |  |  |
| 150000 | Brixmor Operating Partnership LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250% , 04/01/28 | 149904 | 139225 |
| 200000 | Iron Mountain Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.000% , 02/15/29 | 206525 | 204742 |
| 250000 | MPT Operating Partnership LP/MPT Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.625% , 08/01/29 | 204710 | 190719 |
| 265000 | Realty Income Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.850% , 12/15/32 | 274145 | 227793 |
|  |  | 835284 | 762479 |
|  | **Retail — 1.0%** |  |  |
| 200000 | AutoZone Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.650%, 01/15/31 | 198685 | 168054 |
| 200000 | CVS Health Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.250% , 08/15/29 | 201516 | 186631 |
|  |  | 400201 | 354685 |
|  | **Semiconductors — 0.7%** |  |  |
| 235000 | Broadcom Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.150% , 11/15/30 | 257029 | 227214 |
|  | **Telecommunications — 0.5%** |  |  |
| 270000 | Charter Communications Operating LLC/Charter Communications Operating Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.700% , 04/01/51 | 277166 | 169716 |
|  | **Transportation — 2.5%** |  |  |
| 875000 | AP Moller - Maersk A/S, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500% , 06/20/29 | 872443 | 870802 |
|  | **TOTAL CORPORATE BONDS** | 10115040 | 9673011 |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund** 

**Schedule of Investments (Continued) — March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal** <br> **Amount**  |  | **Cost** | **Market** <br> **Value**  |
|  | **CONVERTIBLE CORPORATE BONDS — 0.9%** |  |  |
|  | **Health Care — 0.9%** |  |  |
| $325000 | Exact Sciences Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.375% , 03/15/27 | $344539 | $299163 |
|  | **TOTAL CONVERTIBLE CORPORATE BONDS** | 344539 | 299163 |
|  | **U.S. GOVERNMENT OBLIGATIONS — 7.2%** |  |  |
|  | **U.S. Treasury Bonds — 3.7%** |  |  |
| 365000 | &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | 334486 | 262137 |
| 565000 | &nbsp;&nbsp;&nbsp;2.500%, 05/15/46 | 572065 | 398789 |
| 285000 | &nbsp;&nbsp;&nbsp;2.250%, 08/15/46 | 298940 | 190894 |
| 235000 | &nbsp;&nbsp;&nbsp;1.875%, 02/15/51 | 216185 | 135552 |
| 410000 | &nbsp;&nbsp;&nbsp;3.000%, 08/15/52 | 343261 | 303816 |
|  |  | 1764937 | 1291188 |
|  | **U.S. Treasury Notes — 3.5%** |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;3.750%, 08/31/26 | 99765 | 99682 |
| 1150000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/34 | 1150522 | 1118105 |
|  |  | 1250287 | 1217787 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 3015224 | 2508975 |
|  | **FOREIGN GOVERNMENT OBLIGATIONS — 0.8%** |  |  |
|  | **Foreign Government Obligations — 0.8%** |  |  |
| 270000 | &nbsp;&nbsp;&nbsp;Mexico Government International Bond, |  |  |
|  | &nbsp;&nbsp;&nbsp;7.375% , 05/13/55 | 265823 | 276480 |
|  | **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** | 265823 | 276480 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | | |
|  | **SHORT TERM INVESTMENT — 0.1%** | **SHORT TERM INVESTMENT — 0.1%** |  |
|  | **Other Investment Companies — 0.1%** |  |  |
| 47305 | Dreyfus Treasury Securities Cash Management - Institutional Shares, 4.170%\* | 47305 | 47305 |
|  | **TOTAL SHORT TERM INVESTMENT** | 47305 | 47305 |
|  | **TOTAL INVESTMENTS — 99.7%** | $33024080 | 34646319 |
|  | **Other Assets and Liabilities (Net) — 0.3%** |  | 101517 |
|  | **NET ASSETS — 100.0%** |  | $34747836 |

---

† Non-income producing
 security.

(a) Variable rate security.
 Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect
 as of March 31, 2025.

(b) Security is perpetual
 and has no stated maturity date.

\* 1 day yield as of March 31, 2025.

MTN Medium Term Note

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Mighty<br> Mites Fund** | **SmallCap<br> Equity Fund** | **Convertible<br> Securities<br> Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $122,099,118, $62,112,043, and $12,046,664, respectively) | $190648791 | $67844367 | $12302537 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (Cost $3,454,463) | 3694321 |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  | 28642 | 541 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 60918 | 19337 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 199636 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser |  | 23671 | 11153 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 283774 | 51058 | 53363 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 57166 | 59171 | 43461 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 194944606 | 68026246 | 12411055 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 707808 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 258426 | 147732 | 44758 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 162478 | 59845 | 10709 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 30183 | 4692 | 1936 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 9552 | 7439 |  |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 25599 | 2450 | 15683 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 29816 | 29820 | 26433 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 113242 | 1051 | 16025 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 234727 | 5221 | 9629 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1571831 | 258250 | 125173 |
| **Commitments and Contingencies (See Note 3)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $193372775 | $67767996 | $12285882 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $99306675 | $58353365 | $11794456 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 94066100 | 9414631 | 491426 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $193372775 | $67767996 | $12285882 |
| **Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $56870980 | $8132392 | $3268563 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3840993 | 402459 | 263817 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $14.81 | $20.21 | $12.39 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $49997151 | $7876816 | $1999140 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3594479 | 416681 | 154679 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and redemption price per share | $13.91 | $18.90 | $12.92 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | $14.49 | $19.69 | $13.46 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $7584605 | $1328210 | $911686 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 685786 | 87000 | 65365 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and offering price per share (a) | $11.06 | $15.27 | $13.95 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $78920039 | $50430578 | $6106493 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 5133203 | 2383344 | 491034 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $15.37 | $21.16 | $12.44 |

---

(a) Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Assets and Liabilities (Continued)** 

**March 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Equity<br> Fund** | **Balanced<br> Fund** |
| **Assets:** | | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $37,169,118 and $33,024,080, respectively) | $42661792 | $34646319 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 952 | 150 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 12655 | 147348 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 66917 | 66428 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 42742316 | 34860245 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 50105 | 31855 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 36391 | 22347 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 8881 | 7189 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 3853 | 13606 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 25312 | 25287 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 1367 | 6494 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 6402 | 5631 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 132311 | 112409 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $42610005 | $34747836 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $34665547 | $31537753 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 7944458 | 3210083 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $42610005 | $34747836 |
| **Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $40851268 | $26502070 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3716259 | 2654678 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $10.99 | $9.98 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $694652 | $4565408 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 63226 | 453041 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and redemption price per share | $10.99 | $10.08 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | $11.45 | $10.50 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $12659 | $604834 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1291 | 59182 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and offering price per share (a) | $9.81 | $10.22 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $1051426 | $3075524 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 96243 | 308744 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $10.92 | $9.96 |

---

(a) Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Operations**

**For the Six Months Ended March 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Mighty<br> Mites Fund** | **SmallCap<br> Equity Fund** | **Convertible<br> Securities<br> Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - unaffiliated (net of foreign withholding taxes of $20,666, $0, and $0, respectively) | $1726772 | $505176 | $40116 |
| &nbsp;&nbsp;&nbsp;Dividends - affiliated | 74750 |  |  |
| &nbsp;&nbsp;&nbsp;Interest | 8380 | 42287 | 154333 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1809902 | 547463 | 194449 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1162687 | 335952 | 67621 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 81673 | 11514 | 4288 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 72786 | 11749 | 2689 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 46539 | 8222 | 5084 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 21980 | 22439 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 62312 | 7369 | 4401 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 55163 | 22391 | 13410 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 28043 | 23416 | 25341 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 59479 | 20455 | 12060 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 102808 | 8139 | 3790 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 41525 | 11419 | 2360 |
| &nbsp;&nbsp;&nbsp;Interest expense | 14948 | 993 | 474 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 21309 | 11121 | 8838 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 1771252 | 495179 | 150356 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Adviser (See Note 3) |  | (125503) | (76138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) | (53989) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (3446) | (1246) | (823) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Waivers, Reductions, and Credits** | (57435) | (126749) | (76961) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 1713817 | 368430 | 73395 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 96085 | 179033 | 121054 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 27394041 | 8881238 | 419413 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - affiliated | 5722 |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (2669) | (17) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 27397094 | 8881221 | 419413 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (43768536) | (13794165) | (191621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated | (80687) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 1707 | 3 |  |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (43847516) | (13794162) | (191621) |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (16450422) | (4912941) | 227792 |
| **Net Increase/Decrease in Net Assets Resulting from Operations** | $(16354337) | $(4733908) | $348846 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Operations (Continued)**

**For the Six Months Ended March 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Equity<br> Fund** | **Balanced<br> Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - unaffiliated (net of foreign withholding taxes of $0 and $0, respectively) | $396488 | $193121 |
| &nbsp;&nbsp;&nbsp;Interest | 13177 | 291752 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 409665 | 484873 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 223034 | 138239 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 53403 | 35318 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 918 | 6096 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 65 | 3096 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5197 | 4964 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 16006 | 15379 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 25882 | 24877 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 15386 | 14087 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 11906 | 8971 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 7740 | 6456 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 10154 | 9940 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 369691 | 267423 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Adviser (See Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (1013) | (966) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Waivers, Reductions, and Credits** | (1013) | (966) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 368678 | 266457 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 40987 | 218416 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 2886669 | 1884877 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - affiliated |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 2886669 | 1884877 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (3754288) | (2695489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated |  |  |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (3754288) | (2695489) |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (867619) | (810612) |
| **Net Decrease in Net Assets Resulting from Operations** | $(826632) | $(592196) |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Changes in Net Assets**

**March 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Mighty Mites Fund** | **Mighty Mites Fund** |
|  | **For the Six<br> Months<br> Ended<br> March 31,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September<br> 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $96085 | $315462 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 27397094 | 76416264 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind |  | 755678 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (43847516) | (26556950) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (16354337) | 50930454 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (29707098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (26539959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (5516876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (62081812) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (123845745) |
| **Shares of Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 186564 | 1035602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1738708 | 9322734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 271397 | 413016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4110463 | 19514710 |
|  | 6307132 | 30286062 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | 28933355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 23437080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 5481709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 53174025 |
|  |  | 111026169 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (8288150) | (25770769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10878127) | (25353583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2725439) | (9971991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (37761686) | (126169955) |
|  | (59653402) | (187266298) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions** | (53346270) | (45954067) |
| &nbsp;&nbsp;&nbsp;Redemption Fees |  | 153 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (69700607) | (118869205) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 263073382 | 381942587 |
| &nbsp;&nbsp;&nbsp;End of period | $193372775 | $263073382 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Changes in Net Assets (Continued)**

**March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SmallCap Equity Fund** | **SmallCap Equity Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Equity Fund** | **Equity Fund** | **Balanced Fund** | **Balanced Fund** |
| **For the Six<br> Months<br> Ended March<br> 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the Six<br> Months<br> Ended March<br> 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the Six<br> Months<br> Ended March<br> 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the Six<br> Months<br> Ended March<br> 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| $179033 | $515382 | $121054 | $433186 | $40987 | $216458 | $218416 | $476329 |
| 8881221 | 8588474 | 419413 | 303144 | 2886669 | 3074542 | 1884877 | 1967315 |
| (13794162) | 4826090 | (191621) | 1052128 | (3754288) | 5157125 | (2695489) | 4476426 |
| (4733908) | 13929946 | 348846 | 1788458 | (826632) | 8448125 | (592196) | 6920070 |
| (2078774) | (231052) | (44999) | (88598) | (3424156) | (2068035) | (1872233) | (980170) |
| (2219079) | (215981) | (25641) | (57491) | (57772) | (35880) | (324742) | (164423) |
| (395477) | (58382) | (8485) | (20846) | (983) | (479) | (38673) | (22045) |
| (9010511) | (1603399) | (95105) | (278407) | (96407) | (63916) | (205953) | (102852) |
| (13703841) | (2108814) | (174230) | (445342) | (3579318) | (2168310) | (2441601) | (1269490) |
| 187088 | 475147 | 80442 | 26980 | 246637 | 208691 | 456608 | 509549 |
| 432454 | 1480216 | 53039 | 146659 | 2893 | 8046 | 15822 | 530516 |
| 13985 | 215454 | 81697 | 34772 |  |  |  | 166879 |
| 26666717 | 12466099 | 65243 | 696074 | 4828 | 85213 | 175118 | 860607 |
| 27300244 | 14636916 | 280421 | 904485 | 254358 | 301950 | 647548 | 2067551 |
| 2062919 | 229238 | 44482 | 87633 | 3331770 | 2006322 | 1813920 | 951866 |
| 2212947 | 215351 | 25636 | 57480 | 57444 | 34840 | 316769 | 161003 |
| 395477 | 58382 | 8485 | 20768 | 983 | 479 | 38673 | 22045 |
| 9008751 | 1603193 | 94903 | 277974 | 95495 | 63415 | 205952 | 102852 |
| 13680094 | 2106164 | 173506 | 443855 | 3485692 | 2105056 | 2375314 | 1237766 |
| (711073) | (606028) | (167118) | (453230) | (2159904) | (4919765) | (3108996) | (4090736) |
| (1795295) | (557739) | (288169) | (453974) | (90591) | (43511) | (399874) | (1193806) |
| (443129) | (1173450) | (275422) | (606445) |  |  | (10526) | (565539) |
| (22531767) | (23598831) | (1615580) | (7404299) | (113627) | (320543) | (248244) | (922619) |
| (25481264) | (25936048) | (2346289) | (8917948) | (2364122) | (5283819) | (3767640) | (6772700) |
| 15499074 | (9192968) | (1892362) | (7569608) | 1375928 | (2876813) | (744778) | (3467383) |
|  | 121 |  |  |  |  |  |  |
| (2938675) | 2628285 | (1717746) | (6226492) | (3030022) | 3403002 | (3778575) | 2183197 |
| 70706671 | 68078386 | 14003628 | 20230120 | 45640027 | 42237025 | 38526411 | 36343214 |
| $67767996 | $70706671 | $12285882 | $14003628 | $42610005 | $45640027 | $34747836 | $38526411 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds** 

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended<br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)(b)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(c)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(d)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions(e)** | **Portfolio Turnover Rate** |
| **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** |  |  | |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $16.06 | $0.00 (c) | $(1.25) | $(1.25) | $— | $— | $— | $— | $14.81 | (7.78)% | $56871 | 0.01 %(g) | 1.55 %(g) | 1.60 %(g) | 1% |
| &nbsp;&nbsp;2024 | 20.86 | 0.00 (c) | 3.07 | 3.07 | (0.07) | (7.80) | (7.87) | 0.00 | 16.06 | 17.73 | 69834 | 0.02 | 1.50 | 1.54 | 2 |
| &nbsp;&nbsp;2023 | 20.74 | 0.05 | 2.86 | 2.91 | (0.13) | (2.66) | (2.79) | 0.00 | 20.86 | 14.10 | 82962 | 0.23 | 1.48 | 1.51 | 2 |
| &nbsp;&nbsp;2022 | 30.25 | 0.13 | (5.39) | (5.26) | (0.07) | (4.18) | (4.25) | 0.00 | 20.74 | (20.64) | 84906 | 0.50 | 1.41 | 1.43 | 3 |
| &nbsp;&nbsp;2021 | 22.42 | 0.13 | 10.11 | 10.24 |  | (2.41) | (2.41) | 0.00 | 30.25 | 48.78 | 129754 | 0.47 | 1.40 | 1.42 | 6 |
| &nbsp;&nbsp;2020 | 25.58 | (0.07) | (2.01) | (2.08) |  | (1.08) | (1.08) | 0.00 | 22.42 | (8.68) | 103109 | (0.31) | 1.43 | 1.44 | 2 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $15.08 | $0.00 (c) | $(1.17) | $(1.17) | $— | $— | $— | $— | $13.91 | (7.76)% | $49997 | 0.01 %(g) | 1.55 %(g) | 1.60 %(g) | 1% |
| &nbsp;&nbsp;2024 | 19.59 | 0.00 (c) | 2.88 | 2.88 | (0.07) | (7.32) | (7.39) | 0.00 | 15.08 | 17.68 | 63424 | 0.02 | 1.50 | 1.54 | 2 |
| &nbsp;&nbsp;2023 | 19.49 | 0.05 | 2.69 | 2.74 | (0.14) | (2.50) | (2.64) | 0.00 | 19.59 | 14.10 | 71537 | 0.24 | 1.48 | 1.51 | 2 |
| &nbsp;&nbsp;2022 | 28.68 | 0.12 | (5.06) | (4.94) | (0.07) | (4.18) | (4.25) | 0.00 | 19.49 | (20.63) | 71820 | 0.48 | 1.41 | 1.43 | 3 |
| &nbsp;&nbsp;2021 | 21.37 | 0.12 | 9.60 | 9.72 |  | (2.41) | (2.41) | 0.00 | 28.68 | 48.74 | 98771 | 0.44 | 1.41 | 1.43 | 6 |
| &nbsp;&nbsp;2020 | 24.49 | (0.12) | (1.92) | (2.04) |  | (1.08) | (1.08) | 0.00 | 21.37 | (8.91) | 68250 | (0.55) | 1.68 | 1.69 | 2 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $12.04 | $(0.04) | $(0.94) | $(0.98) | $— | $— | $— | $— | $11.06 | (8.14)% | $7585 | (0.75)%(g) | 2.30 %(g) | 2.35 %(g) | 1% |
| &nbsp;&nbsp;2024 | 15.74 | (0.10) | 2.31 | 2.21 | (0.05) | (5.86) | (5.91) | 0.00 | 12.04 | 16.88 | 10721 | (0.74) | 2.25 | 2.29 | 2 |
| &nbsp;&nbsp;2023 | 15.67 | (0.09) | 2.17 | 2.08 |  | (2.01) | (2.01) | 0.00 | 15.74 | 13.23 | 18012 | (0.52) | 2.23 | 2.26 | 2 |
| &nbsp;&nbsp;2022 | 23.95 | (0.05) | (4.05) | (4.10) |  | (4.18) | (4.18) | 0.00 | 15.67 | (21.22) | 25567 | (0.25) | 2.16 | 2.18 | 3 |
| &nbsp;&nbsp;2021 | 18.31 | (0.06) | 8.11 | 8.05 |  | (2.41) | (2.41) | 0.00 | 23.95 | 47.66 | 48054 | (0.27) | 2.15 | 2.17 | 6 |
| &nbsp;&nbsp;2020 | 21.24 | (0.20) | (1.65) | (1.85) |  | (1.08) | (1.08) | 0.00 | 18.31 | (9.40) | 47509 | (1.06) | 2.18 | 2.19 | 2 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $16.65 | $0.02 | $(1.30) | $(1.28) | $— | $— | $— | $— | $15.37 | (7.69)% | $78920 | 0.25 %(g) | 1.30 %(g) | 1.35 %(g) | 1% |
| &nbsp;&nbsp;2024 | 21.75 | 0.05 | 3.19 | 3.24 | (0.11) | (8.23) | (8.34) | 0.00 | 16.65 | 18.00 | 119094 | 0.25 | 1.25 | 1.29 | 2 |
| &nbsp;&nbsp;2023 | 21.63 | 0.11 | 2.99 | 3.10 | (0.20) | (2.78) | (2.98) | 0.00 | 21.75 | 14.38 | 209432 | 0.48 | 1.23 | 1.26 | 2 |
| &nbsp;&nbsp;2022 | 31.38 | 0.20 | (5.62) | (5.42) | (0.15) | (4.18) | (4.33) | 0.00 | 21.63 | (20.44) | 264171 | 0.74 | 1.16 | 1.18 | 3 |
| &nbsp;&nbsp;2021 | 23.13 | 0.21 | 10.45 | 10.66 |  | (2.41) | (2.41) | 0.00 | 31.38 | 49.13 | 415023 | 0.72 | 1.15 | 1.17 | 6 |
| &nbsp;&nbsp;2020 | 26.29 | (0.01) | (2.07) | (2.08) |  | (1.08) | (1.08) | 0.00 | 23.13 | (8.43) | 328187 | (0.05) | 1.18 | 1.19 | 2 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Due to capital share
 activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different
 classes of shares.

(c) Amount represents
 less than $0.005 per share.

(d) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact
 on the expense ratios.

(e) Before advisory fee
 reduction on unsupervised assets totalling 0.05%, 0.04%, 0.04%, 0.03%, 0.02%, and 0.01% of net assets for the six months ended March 31,
 2025 and the fiscal years ended September 30, 2024, 2023, 2022, 2021, and 2020.

(f) For the six months
 ended March 31, 2025, unaudited.

(g) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(c)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** |
| **Class AAA** | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;2025(d) | $27.11 | $0.04 | $(0.72) | $(0.68) | $(0.18) | $(6.04) | $(6.22) | $— | $20.21 | (5.69)% | $8132 | 0.35 %(e) | 1.25 %(e) | 1.63 %(e) | 36% |
| &nbsp;&nbsp;2024 | 22.91 | 0.14 | 4.75 | 4.89 | (0.18) | (0.51) | (0.69) | 0.00 | 27.11 | 22.00 | 9156 | 0.57 | 1.25 | 1.58 | 21 |
| &nbsp;&nbsp;2023 | 20.74 | 0.14 | 2.39 | 2.53 | (0.08) | (0.28) | (0.36) | 0.00 | 22.91 | 12.17 | 7599 | 0.63 | 1.25 | 1.60 | 17 |
| &nbsp;&nbsp;2022 | 25.74 | 0.06 | (3.61) | (3.55) | (0.01) | (1.44) | (1.45) |  | 20.74 | (14.79) | 7300 | 0.23 | 1.25 | 1.64 | 15 |
| &nbsp;&nbsp;2021 | 15.40 | 0.04 | 10.30 | 10.34 | (0.00)(b) |  | (0.00)(b) |  | 25.74 | 67.16 | 9838 | 0.15 | 1.25 | 1.64 | 21 |
| &nbsp;&nbsp;2020 | 17.97 | 0.04 | (1.72) | (1.68) | (0.07) | (0.82) | (0.89) | 0.00 | 15.40 | (10.08) | 6146 | 0.26 | 1.25 | 1.70 | 18 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $25.39 | $0.04 | $(0.68) | $(0.64) | $(0.19) | $(5.66) | $(5.85) | $— | $18.90 | (5.74)% | $7877 | 0.35 %(e) | 1.25 %(e) | 1.63 %(e) | 36% |
| &nbsp;&nbsp;2024 | 21.47 | 0.13 | 4.45 | 4.58 | (0.18) | (0.48) | (0.66) | 0.00 | 25.39 | 22.01 | 9670 | 0.57 | 1.25 | 1.58 | 21 |
| &nbsp;&nbsp;2023 | 19.45 | 0.14 | 2.23 | 2.37 | (0.09) | (0.26) | (0.35) | 0.00 | 21.47 | 12.17 | 7125 | 0.63 | 1.25 | 1.60 | 17 |
| &nbsp;&nbsp;2022 | 24.23 | 0.06 | (3.38) | (3.32) | (0.02) | (1.44) | (1.46) |  | 19.45 | (14.78) | 5820 | 0.25 | 1.25 | 1.65 | 15 |
| &nbsp;&nbsp;2021 | 14.50 | 0.03 | 9.70 | 9.73 |  |  |  |  | 24.23 | 67.10 | 5539 | 0.14 | 1.27 | 1.65 | 21 |
| &nbsp;&nbsp;2020 | 16.98 | 0.00 (b) | (1.63) | (1.63) | (0.03) | (0.82) | (0.85) | 0.00 | 14.50 | (10.34) | 3172 | 0.02 | 1.50 | 1.95 | 18 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $20.42 | $(0.04) | $(0.56) | $(0.60) | $(0.01) | $(4.54) | $(4.55) | $— | $15.27 | (6.05)% | $1328 | (0.40)%(e) | 2.00 %(e) | 2.38 %(e) | 36% |
| &nbsp;&nbsp;2024 | 17.30 | (0.03) | 3.58 | 3.55 | (0.05) | (0.38) | (0.43) | 0.00 | 20.42 | 21.09 | 1819 | (0.19) | 2.00 | 2.33 | 21 |
| &nbsp;&nbsp;2023 | 15.73 | (0.02) | 1.80 | 1.78 |  | (0.21) | (0.21) | 0.00 | 17.30 | 11.29 | 2349 | (0.12) | 2.00 | 2.35 | 17 |
| &nbsp;&nbsp;2022 | 19.98 | (0.10) | (2.71) | (2.81) |  | (1.44) | (1.44) |  | 15.73 | (15.38) | 1931 | (0.53) | 2.00 | 2.39 | 15 |
| &nbsp;&nbsp;2021 | 12.04 | (0.11) | 8.05 | 7.94 |  |  |  |  | 19.98 | 65.95 | 2336 | (0.60) | 2.00 | 2.39 | 21 |
| &nbsp;&nbsp;2020 | 14.28 | (0.06) | (1.36) | (1.42) |  | (0.82) | (0.82) | 0.00 | 12.04 | (10.82) | 1597 | (0.46) | 2.00 | 2.45 | 18 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $28.42 | $0.08 | $(0.75) | $(0.67) | $(0.25) | $(6.34) | $(6.59) | $— | $21.16 | (5.58)% | $50431 | 0.64 %(e) | 1.00 %(e) | 1.37 %(e) | 36% |
| &nbsp;&nbsp;2024 | 24.01 | 0.21 | 4.97 | 5.18 | (0.24) | (0.53) | (0.77) | 0.00 | 28.42 | 22.29 | 50062 | 0.81 | 1.00 | 1.33 | 21 |
| &nbsp;&nbsp;2023 | 21.74 | 0.21 | 2.49 | 2.70 | (0.14) | (0.29) | (0.43) | 0.00 | 24.01 | 12.41 | 51005 | 0.88 | 1.00 | 1.35 | 17 |
| &nbsp;&nbsp;2022 | 26.90 | 0.13 | (3.77) | (3.64) | (0.08) | (1.44) | (1.52) |  | 21.74 | (14.54) | 34321 | 0.49 | 1.00 | 1.39 | 15 |
| &nbsp;&nbsp;2021 | 16.09 | 0.10 | 10.75 | 10.85 | (0.04) |  | (0.04) |  | 26.90 | 67.55 | 33644 | 0.40 | 1.00 | 1.39 | 21 |
| &nbsp;&nbsp;2020 | 18.74 | 0.09 | (1.80) | (1.71) | (0.12) | (0.82) | (0.94) | 0.00 | 16.09 | (9.87) | 17435 | 0.52 | 1.00 | 1.45 | 18 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Amount represents
 less than $0.005 per share.

(c) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact
 on the expense ratios.

(d) For the six months
 ended March 31, 2025, unaudited.

(e) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds** 

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(c)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $12.29 | $0.11 | $0.16 | $0.27 | $(0.17) | $— | $(0.17) | $— | $12.39 | 2.17% | $3269 | 1.72 %(e) | 1.15 %(e) | 2.29 %(e) | 32% |
| &nbsp;&nbsp;2024 | 11.31 | 0.28 | 1.02 | 1.30 | (0.32) |  | (0.32) |  | 12.29 | 11.69 | 3284 | 2.42 | 1.15 | 2.08 | 71 |
| &nbsp;&nbsp;2023 | 12.54 | 0.24 | 0.02 | 0.26 | (0.32) | (1.17) | (1.49) |  | 11.31 | 1.84 | 3352 | 1.98 | 1.16 | 1.82 | 36 |
| &nbsp;&nbsp;2022 | 18.26 | 0.02 | (3.96) | (3.94) | (0.17) | (1.61) | (1.78) |  | 12.54 | (23.78) | 4065 | 0.16 | 1.15 | 1.62 | 39 |
| &nbsp;&nbsp;2021 | 15.59 | 0.05 | 3.11 | 3.16 | (0.16) | (0.33) | (0.49) | 0.00 | 18.26 | 20.48 | 6701 | 0.27 | 1.15 | 1.56 | 34 |
| &nbsp;&nbsp;2020 | 13.86 | 0.16 | 1.98 | 2.14 | (0.25) | (0.16) | (0.41) | 0.00 | 15.59 | 15.80 | 7392 | 1.12 | 1.15 | 1.62 | 62 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $12.80 | $0.12 | $0.16 | $0.28 | $(0.16) | $— | $(0.16) | $— | $12.92 | 2.18% | $1999 | 1.72 %(e) | 1.15 %(e) | 2.29 %(e) | 32% |
| &nbsp;&nbsp;2024 | 11.77 | 0.29 | 1.06 | 1.35 | (0.32) |  | (0.32) |  | 12.80 | 11.65 | 2181 | 2.42 | 1.15 | 2.08 | 71 |
| &nbsp;&nbsp;2023 | 13.04 | 0.25 | 0.02 | 0.27 | (0.32) | (1.22) | (1.54) |  | 11.77 | 1.80 | 2243 | 1.95 | 1.16 | 1.82 | 36 |
| &nbsp;&nbsp;2022 | 18.91 | 0.02 | (4.12) | (4.10) | (0.16) | (1.61) | (1.77) |  | 13.04 | (23.77) | 3419 | 0.16 | 1.15 | 1.62 | 39 |
| &nbsp;&nbsp;2021 | 16.13 | 0.04 | 3.22 | 3.26 | (0.15) | (0.33) | (0.48) | 0.00 | 18.91 | 20.45 | 5417 | 0.24 | 1.17 | 1.58 | 34 |
| &nbsp;&nbsp;2020 | 14.33 | 0.13 | 2.04 | 2.17 | (0.21) | (0.16) | (0.37) | 0.00 | 16.13 | 15.47 | 6143 | 0.86 | 1.40 | 1.87 | 62 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $13.83 | $0.07 | $0.18 | $0.25 | $(0.13) | $— | $(0.13) | $— | $13.95 | 1.78% | $912 | 0.96 %(e) | 1.90 %(e) | 3.05 %(e) | 32% |
| &nbsp;&nbsp;2024 | 12.70 | 0.22 | 1.15 | 1.37 | (0.24) |  | (0.24) |  | 13.83 | 10.88 | 1083 | 1.69 | 1.90 | 2.83 | 71 |
| &nbsp;&nbsp;2023 | 14.04 | 0.16 | 0.03 | 0.19 | (0.22) | (1.31) | (1.53) |  | 12.70 | 1.06 | 1534 | 1.16 | 1.91 | 2.57 | 36 |
| &nbsp;&nbsp;2022 | 20.24 | (0.10) | (4.43) | (4.53) | (0.06) | (1.61) | (1.67) |  | 14.04 | (24.32) | 3297 | (0.60) | 1.90 | 2.37 | 39 |
| &nbsp;&nbsp;2021 | 17.26 | (0.10) | 3.44 | 3.34 | (0.03) | (0.33) | (0.36) | 0.00 | 20.24 | 19.54 | 5575 | (0.49) | 1.90 | 2.31 | 34 |
| &nbsp;&nbsp;2020 | 15.30 | 0.06 | 2.19 | 2.25 | (0.13) | (0.16) | (0.29) | 0.00 | 17.26 | 14.93 | 6130 | 0.37 | 1.90 | 2.37 | 62 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $12.33 | $0.13 | $0.17 | $0.30 | $(0.19) | $— | $(0.19) | $— | $12.44 | 2.37% | $6106 | 1.97 %(e) | 0.90 %(e) | 2.05 %(e) | 32% |
| &nbsp;&nbsp;2024 | 11.35 | 0.31 | 1.02 | 1.33 | (0.35) |  | (0.35) |  | 12.33 | 11.93 | 7456 | 2.69 | 0.90 | 1.83 | 71 |
| &nbsp;&nbsp;2023 | 12.59 | 0.26 | 0.02 | 0.28 | (0.35) | (1.17) | (1.52) |  | 11.35 | 2.05 | 13101 | 2.14 | 0.91 | 1.57 | 36 |
| &nbsp;&nbsp;2022 | 18.32 | 0.06 | (3.98) | (3.92) | (0.20) | (1.61) | (1.81) |  | 12.59 | (23.56) | 28839 | 0.39 | 0.90 | 1.37 | 39 |
| &nbsp;&nbsp;2021 | 15.64 | 0.09 | 3.12 | 3.21 | (0.20) | (0.33) | (0.53) | 0.00 | 18.32 | 20.79 | 55924 | 0.51 | 0.90 | 1.31 | 34 |
| &nbsp;&nbsp;2020 | 13.91 | 0.20 | 1.97 | 2.17 | (0.28) | (0.16) | (0.44) | 0.00 | 15.64 | 16.03 | 52842 | 1.36 | 0.90 | 1.37 | 62 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Amount represents
 less than $0.005 per share.

(c) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2025 and fiscal
 year ended September 30, 2023 if credits had not been received, the ratios of operating expenses to average net assets would have been
 1.17% (Class AAA and Class A), 1.92% (Class C), and 0.92% (Class I). For the fiscal years ended September 30, 2024, 2022, 2021, and 2020,
 there was no material impact on the expense ratios.

(d) For the six months
 ended March 31, 2025, unaudited.

(e) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(b)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** |  | |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $12.13 | $0.01 | $(0.19) | $(0.18) | $(0.04) | $(0.92) | $(0.96) | $10.99 | (1.95)% | $40851 | 0.18 %(d) | 1.66 %(d) | 1.66 %(d) | 29% |
| &nbsp;&nbsp;2024 | 10.55 | 0.05 | 2.08 | 2.13 | (0.08) | (0.47) | (0.55) | 12.13 | 21.07 | 43652 | 0.48 | 1.59 | 1.60 | 35 |
| &nbsp;&nbsp;2023 | 10.28 | 0.05 | 1.03 | 1.08 | (0.04) | (0.77) | (0.81) | 10.55 | 10.23 | 40346 | 0.51 | 1.64 | 1.64 | 44 |
| &nbsp;&nbsp;2022 | 13.37 | 0.04 | (0.93) | (0.89) | (0.00)(e) | (2.20) | (2.20) | 10.28 | (8.75) | 41068 | 0.30 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;2021 | 11.02 | 0.00 (e) | 2.89 | 2.89 | (0.06) | (0.48) | (0.54) | 13.37 | 26.99 | 49468 | 0.00 (f) | 1.64 | 1.64 | 66 |
| &nbsp;&nbsp;2020 | 12.66 | 0.08 | (0.53) | (0.45) | (0.11) | (1.08) | (1.19) | 11.02 | (4.32) | 44109 | 0.70 | 1.63 | 1.63 | 46 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $12.13 | $0.01 | $(0.19) | $(0.18) | $(0.04) | $(0.92) | $(0.96) | $10.99 | (1.96)% | $695 | 0.17 %(d) | 1.66 %(d) | 1.66 %(d) | 29% |
| &nbsp;&nbsp;2024 | 10.54 | 0.05 | 2.09 | 2.14 | (0.08) | (0.47) | (0.55) | 12.13 | 21.18 | 794 | 0.49 | 1.59 | 1.60 | 35 |
| &nbsp;&nbsp;2023 | 10.27 | 0.06 | 1.02 | 1.08 | (0.04) | (0.77) | (0.81) | 10.54 | 10.22 | 688 | 0.51 | 1.64 | 1.64 | 44 |
| &nbsp;&nbsp;2022 | 13.36 | 0.04 | (0.93) | (0.89) | (0.00)(e) | (2.20) | (2.20) | 10.27 | (8.76) | 788 | 0.29 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;2021 | 10.99 | 0.00 (e) | 2.88 | 2.88 | (0.03) | (0.48) | (0.51) | 13.36 | 26.94 | 933 | (0.03) | 1.67 | 1.67 | 66 |
| &nbsp;&nbsp;2020 | 12.63 | 0.05 | (0.53) | (0.48) | (0.08) | (1.08) | (1.16) | 10.99 | (4.57) | 1010 | 0.45 | 1.88 | 1.88 | 46 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.83 | $(0.03) | $(0.17) | $(0.20) | $— | $(0.82) | $(0.82) | $9.81 | (2.33)% | $13 | (0.57)%(d) | 2.41 %(d) | 2.41 %(d) | 29% |
| &nbsp;&nbsp;2024 | 9.41 | (0.03) | 1.87 | 1.84 |  | (0.42) | (0.42) | 10.83 | 20.26 | 13 | (0.27) | 2.34 | 2.35 | 35 |
| &nbsp;&nbsp;2023 | 9.21 | (0.03) | 0.92 | 0.89 |  | (0.69) | (0.69) | 9.41 | 9.37 | 11 | (0.28) | 2.39 | 2.39 | 44 |
| &nbsp;&nbsp;2022 | 12.27 | (0.05) | (0.81) | (0.86) |  | (2.20) | (2.20) | 9.21 | (9.40) | 25 | (0.48) | 2.39 | 2.39 | 50 |
| &nbsp;&nbsp;2021 | 10.18 | (0.11) | 2.68 | 2.57 |  | (0.48) | (0.48) | 12.27 | 25.93 | 37 | (1.00) | 2.39 | 2.39 | 66 |
| &nbsp;&nbsp;2020 | 11.76 | (0.00)(e) | (0.50) | (0.50) |  | (1.08) | (1.08) | 10.18 | (5.04) | 38 | (0.01) | 2.38 | 2.38 | 46 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $12.08 | $0.02 | $(0.19) | $(0.17) | $(0.07) | $(0.92) | $(0.99) | $10.92 | (1.91)% | $1051 | 0.43 %(d) | 1.41 %(d) | 1.41 %(d) | 29% |
| &nbsp;&nbsp;2024 | 10.50 | 0.08 | 2.08 | 2.16 | (0.11) | (0.47) | (0.58) | 12.08 | 21.47 | 1181 | 0.74 | 1.34 | 1.35 | 35 |
| &nbsp;&nbsp;2023 | 10.23 | 0.08 | 1.03 | 1.11 | (0.07) | (0.77) | (0.84) | 10.50 | 10.54 | 1192 | 0.74 | 1.39 | 1.39 | 44 |
| &nbsp;&nbsp;2022 | 13.32 | 0.07 | (0.92) | (0.85) | (0.04) | (2.20) | (2.24) | 10.23 | (8.52) | 1907 | 0.56 | 1.39 | 1.39 | 50 |
| &nbsp;&nbsp;2021 | 10.98 | 0.03 | 2.88 | 2.91 | (0.09) | (0.48) | (0.57) | 13.32 | 27.31 | 3004 | 0.25 | 1.39 | 1.39 | 66 |
| &nbsp;&nbsp;2020 | 12.62 | 0.11 | (0.53) | (0.42) | (0.14) | (1.08) | (1.22) | 10.98 | (4.09) | 2595 | 0.96 | 1.38 | 1.38 | 46 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per
 share amounts have been calculated using the average shares outstanding method.

(b) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was
 no material impact on the expense ratios.

(c) For
 the six months ended March 31, 2025, unaudited.

(d) Annualized.

(e) Amount
 represents less than $0.005 per share.

(f) Amount
 represents less than (0.005)%.

See accompanying notes to financial statements.

**TETON Westwood Funds** 

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** | **Net Asset Value, End of Period** | **Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(b)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** |  | |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.85 | $0.06 | $(0.23) | $(0.17) | $(0.06) | $(0.64) | $(0.70) | $9.98 | (1.80)% | $26502 | 1.18 %(d) | 1.45 %(d) | 1.46 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.34 | 0.13 | 1.71 | 1.84 | (0.13) | (0.20) | (0.33) | 10.85 | 20.22 | 29661 | 1.26 | 1.39 | 1.39 | 36 |
| &nbsp;&nbsp;2023 | 9.20 | 0.11 | 0.77 | 0.88 | (0.12) | (0.62) | (0.74) | 9.34 | 9.57 | 27932 | 1.18 | 1.46 | 1.46 | 39 |
| &nbsp;&nbsp;2022 | 12.11 | 0.07 | (1.44) | (1.37) | (0.07) | (1.47) | (1.54) | 9.20 | (13.36) | 31492 | 0.68 | 1.41 | 1.41 | 46 |
| &nbsp;&nbsp;2021 | 10.85 | 0.03 | 1.75 | 1.78 | (0.02) | (0.50) | (0.52) | 12.11 | 16.93 | 40187 | 0.22 | 1.41 | 1.41 | 65 |
| &nbsp;&nbsp;2020 | 11.71 | 0.10 | (0.11) | (0.01) | (0.10) | (0.75) | (0.85) | 10.85 | 0.17 | 38713 | 0.95 | 1.42 | 1.42 | 57 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.95 | $0.06 | $(0.23) | $(0.17) | $(0.06) | $(0.64) | $(0.70) | $10.08 | (1.72)% | $4565 | 1.18 %(d) | 1.45 %(d) | 1.46 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.42 | 0.13 | 1.74 | 1.87 | (0.13) | (0.21) | (0.34) | 10.95 | 20.28 | 5040 | 1.26 | 1.39 | 1.39 | 36 |
| &nbsp;&nbsp;2023 | 9.28 | 0.11 | 0.77 | 0.88 | (0.12) | (0.62) | (0.74) | 9.42 | 9.54 | 4813 | 1.18 | 1.46 | 1.46 | 39 |
| &nbsp;&nbsp;2022 | 12.20 | 0.07 | (1.45) | (1.38) | (0.07) | (1.47) | (1.54) | 9.28 | (13.35) | 5702 | 0.66 | 1.41 | 1.41 | 46 |
| &nbsp;&nbsp;2021 | 10.93 | 0.02 | 1.77 | 1.79 | (0.02) | (0.50) | (0.52) | 12.20 | 16.87 | 8454 | 0.20 | 1.43 | 1.43 | 65 |
| &nbsp;&nbsp;2020 | 11.79 | 0.08 | (0.11) | (0.03) | (0.08) | (0.75) | (0.83) | 10.93 | (0.43) | 7981 | 0.70 | 1.67 | 1.67 | 57 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $11.11 | $0.02 | $(0.23) | $(0.21) | $(0.03) | $(0.65) | $(0.68) | $10.22 | (2.12)% | $605 | 0.43 %(d) | 2.20 %(d) | 2.21 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.55 | 0.05 | 1.77 | 1.82 | (0.05) | (0.21) | (0.26) | 11.11 | 19.42 | 628 | 0.51 | 2.14 | 2.14 | 36 |
| &nbsp;&nbsp;2023 | 9.43 | 0.04 | 0.78 | 0.82 | (0.07) | (0.63) | (0.70) | 9.55 | 8.67 | 884 | 0.45 | 2.21 | 2.21 | 39 |
| &nbsp;&nbsp;2022 | 12.39 | (0.02) | (1.46) | (1.48) | (0.01) | (1.47) | (1.48) | 9.43 | (14.02) | 491 | (0.15) | 2.16 | 2.16 | 46 |
| &nbsp;&nbsp;2021 | 11.15 | (0.07) | 1.81 | 1.74 |  | (0.50) | (0.50) | 12.39 | 16.03 | 1212 | (0.57) | 2.16 | 2.16 | 65 |
| &nbsp;&nbsp;2020 | 12.01 | 0.02 | (0.11) | (0.09) | (0.02) | (0.75) | (0.77) | 11.15 | (0.95) | 1215 | 0.20 | 2.17 | 2.17 | 57 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.82 | $0.07 | $(0.21) | $(0.14) | $(0.08) | $(0.64) | $(0.72) | $9.96 | (1.60)% | $3076 | 1.43 %(d) | 1.20 %(d) | 1.21 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.32 | 0.15 | 1.71 | 1.86 | (0.16) | (0.20) | (0.36) | 10.82 | 20.45 | 3197 | 1.52 | 1.14 | 1.14 | 36 |
| &nbsp;&nbsp;2023 | 9.18 | 0.14 | 0.77 | 0.91 | (0.15) | (0.62) | (0.77) | 9.32 | 9.86 | 2714 | 1.43 | 1.21 | 1.21 | 39 |
| &nbsp;&nbsp;2022 | 12.09 | 0.10 | (1.44) | (1.34) | (0.10) | (1.47) | (1.57) | 9.18 | (13.15) | 3205 | 0.93 | 1.16 | 1.16 | 46 |
| &nbsp;&nbsp;2021 | 10.83 | 0.05 | 1.76 | 1.81 | (0.05) | (0.50) | (0.55) | 12.09 | 17.26 | 3649 | 0.47 | 1.16 | 1.16 | 65 |
| &nbsp;&nbsp;2020 | 11.69 | 0.13 | (0.11) | 0.02 | (0.13) | (0.75) | (0.88) | 10.83 | 0.09 | 4131 | 1.19 | 1.17 | 1.17 | 57 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact
 on the expense ratios.

(c) For the six months
 ended March 31, 2025, unaudited.

(d) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds Notes to Financial Statements (Unaudited)**

**1. Organization.** The TETON Westwood Funds (the Trust) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified open-end management investment company and currently consists of five active separate investment portfolios: TETON Westwood Mighty Mites Fund (Mighty Mites Fund), TETON Westwood SmallCap Equity Fund (SmallCap Equity Fund), TETON Convertible Securities Fund (Convertible Securities Fund), TETON Westwood Equity Fund (Equity Fund), and TETON Westwood Balanced Fund (Balanced Fund), individually, a "Fund" and collectively, the "Funds." Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.

The investment objectives of each Fund are as follows:

● Mighty Mites Fund seeks to provide long term capital appreciation by investing primarily in micro-capitalization equity securities.

● SmallCap Equity Fund seeks to provide long term capital appreciation by investing primarily in smaller capitalization equity securities.

● Convertible Securities Fund seeks to provide a high level of current income as well as long term capital appreciation.

● Equity Fund seeks to provide capital appreciation. The Equity Fund's secondary goal is to produce current income.

● Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach.

Teton Advisors, LLC serves as (the Adviser) to the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the Balanced Fund; and Keeley-Teton Advisors, LLC serves as (the Adviser) to the SmallCap Equity Fund. The Adviser makes investment decisions for each Fund and continuously reviews and administers the Funds' investment program and manages the operations of each Fund under the general supervision of the Company's Board of Directors (the Board).

**2. Significant Accounting Policies.** As an investment company, the Trust follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. The Board has designated the Adviser as the valuation designee under Rule 2a-5. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements.

***Security Valuation.*** Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market's official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser. Investments in open-end investment companies are valued at each underlying fund's NAV per share as of the report date.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities fair value, in which case these securities will be fair value as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

● Level 1 — unadjusted quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board's determinations as to the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds' investments in securities by inputs used to value the Funds' investments as of March 31, 2025 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other Significant**<br> **Observable Inputs** | **Level 3 Significant**<br> **Unobservable**<br> **Inputs (b)** | <br>**Total Market Value**<br> **at 03/31/25** |
| **MIGHTY MITES FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automotive: Parts and Accessories | $4778857 | $8 |  | $4778865 |
| &nbsp;&nbsp;&nbsp;Business Services | 2800751 |  | $49446 | 2850197 |
| &nbsp;&nbsp;&nbsp;Consumer Products | 4798532 |  | 0 | 4798532 |
| &nbsp;&nbsp;&nbsp;Consumer Services | 1079767 | 231410 |  | 1311177 |
| &nbsp;&nbsp;&nbsp;Diversified Industrial | 23631290 | 552000 | 229200 | 24412490 |
| &nbsp;&nbsp;&nbsp;Entertainment | 171060 |  | 57509 | 228569 |
| &nbsp;&nbsp;&nbsp;Financial Services | 27854465 |  | 27500 | 27881965 |
| &nbsp;&nbsp;&nbsp;Food and Beverage | 8265015 | 122400 |  | 8387415 |
| &nbsp;&nbsp;&nbsp;Real Estate | 4777648 |  | 319 | 4777967 |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | 2784002 |  | 0 | 2784002 |
| &nbsp;&nbsp;&nbsp;Telecommunications | 824749 | 330300 |  | 1155049 |
| &nbsp;&nbsp;&nbsp;Other Industries (a) | 110673471 |  |  | 110673471 |
| Total Common Stocks | 192439607 | 1236118 | 363974 | 194039699 |
| Preferred Stocks (a) | 218535 |  |  | 218535 |
| Rights (a) | 25644 | 5630 |  | 31274 |
| Warrants (a) | 606 | 52998 |  | 53604 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $192684392 | $1294746 | $363974 | $194343112 |
| **SMALLCAP EQUITY FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (c) | $65987547 |  |  | $65987547 |
| U.S. Government Obligations |  | $1856820 |  | 1856820 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $65987547 | $1856820 |  | $67844367 |
| **CONVERTIBLE SECURITIES FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Convertible Corporate Bonds (c) |  | $9620248 | $0 | $9620248 |
| Convertible Preferred Stocks (c) |  |  | 246950 | 246950 |
| Mandatory Convertible Securities (c) | $1553590 |  |  | 1553590 |
| Common Stocks (c) |  |  | 0 | 0 |
| U.S. Government Obligations |  | 881749 |  | 881749 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $1553590 | $10501997 | $246950 (b) | $12302537 |

---

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2 Other Significant**<br> **Observable Inputs** | **Level 3 Significant**<br> **Unobservable**<br> **Inputs** | <br>**Total Market Value**<br> **at 03/31/25** |
| **EQUITY FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (c) | $41660271 |  |  | $41660271 |
| Short Term Investment | 1001521 |  |  | 1001521 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $42661792 |  |  | $42661792 |
| **BALANCED FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (c) | $21841385 |  |  | $21841385 |
| Corporate Bonds (c) |  | $9673011 |  | 9673011 |
| Convertible Corporate Bonds (c) |  | 299163 |  | 299163 |
| U.S. Government Obligations |  | 2508975 |  | 2508975 |
| Foreign Government Obligations (c) |  | 276480 |  | 276480 |
| Short Term Investment | 47305 |  |  | 47305 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $21888690 | $12757629 |  | $34646319 |

---

(a) Please refer to the Summary Schedule
 of Investments for the industry classifications of these portfolio holdings.

(b) The inputs for these securities are
 not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Trustees.

(c) Please refer to the Schedule of Investments
 for the industry classifications of these portfolio holdings.

The following table reconciles Level 3 investments for the Convertible Securities Fund for which significant unobservable inputs were used to determine fair value.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance<br> as of<br> 09/30/24** | **Accrued<br> discounts/<br> (premiums)** | **Realized<br> gain/<br> (loss)** | **Net Change<br> in unrealized<br> appreciation/<br> depreciation†** | **Purchases** | **Sales** | **Transfers<br> Into<br> Level 3** | **Transfers<br> Out of<br> Level 3** | **Balance<br> as of<br> 03/31/25** | **Net change<br> in unrealized<br> appreciation/<br> depreciation<br> during the<br> period on<br> Level 3<br> investments<br> still held at<br> 03/31/25†** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |  |  |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |  |  |  |  |  |  |
| Common Stocks (a) | $0 |  |  |  |  |  |  |  | $0 |  |
| Convertible Corporate Bonds (a) | 0 |  |  |  |  |  |  |  | 0 |  |
| Convertible Preferred Stocks (a) | 252563 |  |  | $(5613) |  |  |  |  | 246950 | $(5613) |
| **TOTAL INVESTMENTS IN SECURITIES** | $252563 |  |  | $(5613) |  |  |  |  | $246950 | $(5613) |

---

† Net change in unrealized
 appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

(a) Please refer to the Schedule of Investments
 for the industry classifications of these portfolio holdings.

The following table summarizes the valuation techniques used and unobservable inputs developed by the Board of Trustees to determine the fair value of certain, material Level 3 investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Type** | **Valuation<br> Technique** | **Fair Value** | **Primary<br> Unobservable<br> Input** | **Range** |
| Convertible Securities Fund | Convertible Preferred Stock | Third party vendor pricing | $246950 | Broker quote | $20-24 |

---

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

***General.*** The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Securities Sold Short.*** The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the six months ended March 31, 2025, there were no short sales.

***Foreign Currency Translations.*** The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

***Foreign Securities.*** The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

***Foreign Taxes.*** The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

***Restricted Securities.*** Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. Securities deemed as liquid are not included in the limitations described above. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Funds held as of March 31, 2025, refer to the Schedules of Investments.

***Investments in other Investment Companies.*** All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund's expenses. For the six months ended March 31, 2025, the Equity Fund's and Balanced Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was each less than one basis point.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

***Determination of Net Asset Value and Calculation of Expenses.*** Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund's average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

***Custodian Fee Credits and Interest Expense.*** When cash balances are maintained in a Fund's custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under each custody arrangement are included in custodian fees in the Statements of Operations with the corresponding expense offset, if any, shown as "Custodian fee credits." When cash balances are overdrawn, a Fund is charged an overdraft fee equal to 90% of the current Treasury Bill rate on outstanding balances. These amounts, if any, would be included in the Statements of Operations.

***Distributions to Shareholders.*** Distributions from net investment income are declared and paid annually for the Mighty Mites Fund, SmallCap Equity Fund, and Equity Fund, and quarterly for the Convertible Securities Fund and Balanced Fund. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, utilization of tax equalization, timing differences, the redemptions in-kind and premiums amortization, reversal of prior year real estate investment trust capital gain, redesignation of dividends paid, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.

The tax character of distributions paid during the fiscal year ended September 30, 2024 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mighty Mites<br> Fund** | **SmallCap<br> Equity Fund** | **Convertible<br> Securities Fund** | **Equity Fund** | **Balanced Fund** |
| Ordinary income (inclusive of short term capital gains) | $1870619 | $618736 | $445342 | $428926 | $502273 |
| Net long term capital gains | 133107895 | 1490078 |  | 1739384 | 767217 |
| Total distributions paid | $134978514 \* | $2108814 | $445342 | $2168310 | $1269490 |

---

\* Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

***Provision for Income Taxes.*** The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Funds' net investment company taxable income and net capital gains.

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. Convertible Securities Fund has a long term capital loss carryforward with no expiration of $145,855.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mighty Mites<br> Fund** | **SmallCap<br> Equity Fund** | **Convertible<br> Securities Fund** | **Equity Fund** | **Balanced Fund** |
| Aggregate cost of investments | $127032177 | $62176572 | $12046665 | $37266495 | $33036921 |
| Gross unrealized appreciation | $82266316 | $9769004 | $915236 | $7284648 | $3687104 |
| Gross unrealized depreciation | (14955381) | (4101209) | (659364) | (1889351) | (2077706) |
| Net unrealized appreciation | $67310935 | $5667795 | $255872 | $5395297 | $1609398 |

---

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of March 31, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds' net assets or results of operations. The Funds' federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds' tax positions to determine if adjustments to this conclusion are necessary.

**3. Investment Advisory Agreements and Other Transactions.** The Funds have entered into investment advisory agreements (the Advisory Agreements) with Teton Advisors, LLC and Keeley-Teton Advisors, LLC, individually an "Adviser" and collectively, the "Advisers," which provide that the Funds will pay the respective Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, and Equity Fund, and 0.75% for the Balanced Fund, of the value of each Fund's average daily net assets. In accordance with the Advisory Agreements, the Advisers provide a continuous investment program for the Funds' portfolios, oversee the administration of all aspects of the Funds' business and affairs, and pay the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Advisers. Teton Advisors, LLC is the Adviser of the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the Balanced Fund; and Keeley-Teton Advisors, LLC is the Adviser of the SmallCap Equity Fund.

There was a reduction in the Mighty Mites Fund's advisory fee paid to its Adviser relating to certain portfolio holdings, i.e., unsupervised assets, with respect to which the Adviser transferred dispositive and voting control to the Mighty Mites Fund's Proxy Voting Committee. During the six months ended March 31, 2025, the Mighty Mites Fund's Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities (Strattec Security Corp., Bel Fuse Inc., Cl. A, and Full House Resorts Inc.) , and the Adviser reduced its advisory fee with respect to such securities by $53,989.

The respective Advisers have contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund and Convertible Securities Fund in the event annual expenses of such Funds exceed certain prescribed limits as described in the paragraph below. Such fee waiver/reimbursement arrangements continue at least until January 31, 2026. For the six months ended March 31, 2025, the respective Advisers waived fees or reimbursed expenses in the amounts of $125,503 and $76,138 for the SmallCap Equity Fund and Convertible Securities Fund, respectively.

In addition, the SmallCap Equity Fund and the Convertible Securities Fund are obliged to repay their respective Advisers for a period of two and three fiscal years, respectively, following the fiscal year in which the Advisers reimbursed the Funds only to the extent that the operating expenses of these Funds fall below the following expense limitations based on average net assets for the SmallCap Equity Fund and the Convertible Securities Fund for Class AAA Shares 1.25% and 1.15%, respectively, for Class A Shares 1.25% and 1.15%, respectively, for Class C Shares 2.00% and 1.90%, respectively, and for Class I Shares 1.00% and 0.90%, respectively. As of March 31, 2025, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended<br> September 30, 2023,<br> expiring<br> September 30, 2025** | **For the year ended<br> September 30, 2024,<br> expiring<br> September 30, 2026** | **For the six months<br> ended March 31, 2025,<br> expiring<br> September 30, 2027** | **Total** |
| SmallCap Equity Fund | $235115 | $232117 | $125503 | $592735 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended<br> September 30, 2022,<br> expiring<br> September 30, 2025** | **For the year ended<br> September 30, 2023,<br> expiring<br> September 30, 2026** | **For the year ended<br> September 30, 2024,<br> expiring<br> September 30, 2027** | **For the six months<br> ended March 31, 2025,<br> expiring<br> September 30, 2028** | **Total** |
| Convertible Securities Fund | $271186 | $199238 | $158916 | $76138 | $705478 |

---

Gabelli Funds, LLC is a subadviser to the Adviser for the Mighty Mites Fund and the Convertible Securities Fund. The Adviser pays Gabelli Funds, LLC out of its advisory fees a subadvisory fee, computed daily and payable monthly, based on an annual rate of 0.32% of the average net assets of these two Funds.

In addition, the Adviser has a Subadvisory Agreement with Westwood Management Corp. for the Equity Fund and Balanced Fund. The Adviser pays Westwood Management Corp. out of its advisory fees with respect to these latter two Funds a subadvisory fee, computed daily and payable monthly, in an amount equal on an annualized basis to the greater of (i) $150,000 per year on an aggregate basis for these Funds or (ii) 35% of the net revenues to the Adviser from these Funds.

The Advisers have a sub-administration agreement for each of the Funds with Gabelli Funds, LLC. Gabelli Funds, LLC has entered into an agreement with BNY Mellon Investment Servicing (US) Inc. to provide certain administrative services to the Funds.

**4. Distribution Plan.** The Trust's Board has adopted a distribution plan (the Plan) for each class of shares, except Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

**5. Portfolio Securities.** Purchases and sales (including maturities) of securities during the six months ended March 31, 2025, other than short term securities, are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases<br> (excluding U.S.<br> Government<br> Securities)** | **Sales<br> (excluding U.S.<br> Government<br> Securities)** | **Sales of U.S.<br> Government<br> Securities** |
| Mighty Mites Fund | $1647096 | $54596842 |  |
| SmallCap Equity Fund | 24547316 | 23583454 |  |
| Convertible Securities Fund | 4143857 | 6647545 |  |
| Equity Fund | 12535104 | 15117166 |  |
| Balanced Fund | 7086786 | 9796318 | $273351 |

---

**6. Redemptions-in-kind.** When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the fiscal year ended September 30, 2024, the Mighty Mites Fund realized net gain of $755,678 on $1,368,998 of redemptions-in-kind, including cash of $106,145, with an affiliated entity. There was no such activity during the six months ended March 31, 2025.

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2025, the Mighty Mites Fund paid $19,980 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $564 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2025, the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $3,446, $1,246, $823, $1,013, and $966, respectively.

The cost of calculating each Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement, charged monthly to a Fund when its ending monthly net assets exceed $50 million. During the six months ended March 31, 2025, the Mighty Mites Fund and SmallCap Equity Fund each accrued $21,980 and $22,439 in connection with the cost of computing these Funds' NAVs.

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

**8. Line of Credit.** The Fund participates in an unsecured line of credit, which expires on June 25, 2025 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in "Interest expense" in the Statement of Operations. During the six months ended March 31, 2025, there were no borrowings outstanding under the line of credit.

**9. Shares of Beneficial Interest.** The Funds offer four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the six months ended March 31, 2025 and the fiscal year ended September 30, 2024 can be found in the Statements of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mighty Mites Fund** | **Mighty Mites Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Class AAA** |  |  |  |  |  |  |
| Shares sold | 11724 | 59557 | 8217 | 19478 | 6069 | 2341 |
| Shares issued upon reinvestment of distributions |  | 1739585 | 87933 | 10335 | 3479 | 7462 |
| Shares redeemed | (520187) | (1427239) | (31407) | (23778) | (12920) | (39065) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class AAA Shares | (508463) | 371903 | 64743 | 6035 | (3372) | (29262) |
| **Class A** |  |  |  |  |  |  |
| Shares sold | 116834 | 551332 | 19989 | 63862 | 3896 | 11929 |
| Shares issued upon reinvestment of distributions |  | 1501019 | 100864 | 10368 | 1920 | 4701 |
| Shares redeemed | (727440) | (1499627) | (85110) | (25196) | (21469) | (36864) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class A Shares | (610606) | 552724 | 35743 | 49034 | (15653) | (20234) |
| **Class C** |  |  |  |  |  |  |
| Shares sold | 22941 | 31138 | 768 | 11871 | 5436 | 2735 |
| Shares issued upon reinvestment of distributions |  | 436078 | 22255 | 3473 | 595 | 1576 |
| Shares redeemed | (227804) | (720578) | (25105) | (62026) | (18974) | (46804) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class C Shares | (204863) | (253362) | (2082) | (46682) | (12943) | (42493) |
| **Class I** |  |  |  |  |  |  |
| Shares sold | 248951 | 1058664 | 1121793 | 485008 | 5002 | 59014 |
| Shares issued upon reinvestment of distributions |  | 3074080 | 367105 | 69103 | 7378 | 23670 |
| Shares redeemed in-kind |  | (64484) |  |  |  |  |
| Shares redeemed | (2268335) | (6544924) | (867006) | (917068) | (125864) | (632759) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class I Shares | (2019384) | (2476664) | 621892 | (362957) | (113484) | (550075) |

---

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Fund** | **Equity Fund** | **Balanced Fund** | **Balanced Fund** |
|  | **Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** | **Six Months<br> Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2024** |
| **Class AAA** |  |  |  |  |
| Shares sold | 21198 | 19064 | 45560 | 51252 |
| Shares issued upon reinvestment of distributions | 283796 | 193474 | 173955 | 98155 |
| Shares redeemed | (186324) | (440473) | (299715) | (406499) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class AAA Shares | 118670 | (227935) | (80200) | (257092) |
| **Class A** |  |  |  |  |
| Shares sold | 251 | 726 | 1505 | 51610 |
| Shares issued upon reinvestment of distributions | 4897 | 3363 | 30090 | 16452 |
| Shares redeemed | (7389) | (3928) | (39025) | (118404) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class A Shares | (2241) | 161 | (7430) | (50342) |
| **Class C** |  |  |  |  |
| Shares sold |  |  |  | 17090 |
| Shares issued upon reinvestment of distributions | 94 | 52 | 3616 | 2262 |
| Shares redeemed |  |  | (988) | (55305) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class C Shares | 94 | 52 | 2628 | (35953) |
| **Class I** |  |  |  |  |
| Shares sold | 428 | 7657 | 17090 | 84157 |
| Shares issued upon reinvestment of distributions | 8197 | 6156 | 19801 | 10593 |
| Shares redeemed | (10223) | (29476) | (23541) | (90719) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class I Shares | (1598) | (15663) | 13350 | 4031 |

---

**10. Transactions in Securities of Affiliated Issuers.** The 1940 Act defines affiliated issuers as those in which a Fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund's transactions in the securities of these issuers during the six months ended March 31, 2025 is set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market<br> Value at<br> September<br> 30, 2024** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain/(Loss)** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Market<br> Value at<br> March 31,<br> 2025** | **Dividend<br> Income** | **Percent<br> Owned of<br> Shares** |
| Burnham Holdings Inc., Cl. A | $2337500 |  | $238365 | $5722 | $692893 | $2797750 | $74750 | 5.11% |
| Trans-Lux Corp.† | 1670151 |  |  |  | (773580) | 896571 |  | 17.03% |
| Total | $4007651 |  |  | $5722 | $(80687) | $3694321 | $74750 |  |

---

† Non-income producing security.

**11. Indemnifications.** The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of loss to be remote.

**12. Segment Reporting.** In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations. Each Fund's Principal Executive Officer and Principal Financial Officer act as each Fund's chief operating decision maker (CODM), as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and the each Fund's long-term strategic asset allocation is guided by each Fund's investment objective and principal investment strategies, and executed by each Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statement of Operations and Changes in Net Assets and Financial Highlights.

**TETON Westwood Funds Notes to Financial Statements (Unaudited) (Continued)**

**13. Subsequent Events.** On May 1, 2025, Keeley-Teton Advisors, LLC (Keeley Teton), Adviser to the SmallCap Equity Fund, announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC (the Transaction). The Transaction will not result in any change to the services provided under the investment advisory agreement. Gabelli Funds, LLC will assume the investment advisory agreement as well as Keeley Teton's obligations under the Operating Expenses Limitation Agreement.

In addition, effective June 27, 2025, the SmallCap Equity Fund will be renamed as follows:

---

| | |
|:---|:---|
| **<u>Current Name</u>** | **<u>New Name</u>** |
| TETON Westwood SmallCap Equity Fund | Keeley Small Cap Fund |

---

Management has evaluated the impact on the Funds of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**TETON Westwood Funds and Your Personal Privacy**

**Who are we?**

The TETON Westwood Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Teton Advisors, LLC and Keeley-Teton Advisors, LLC, both affiliates of Teton Advisers, Inc. and GAMCO Investors, Inc., publicly held companies that have subsidiaries that provide investment advisory or brokerage services for a variety of clients.

**What kind of non-public information do we collect about you if you become a Fund shareholder?**

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● *Information you give us on your application form.* This could include your name, address, telephone number, social security number, bank account number, and other information.

● *Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.* This would include information about the shares that you buy or redeem. If we hire someone else to provide services—like a transfer agent—we will also have information about the transactions that you conduct through them.

**What information do we disclose and to whom do we disclose it?**

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

**What do we do to protect your personal information?**

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

This page was intentionally left blank.

TETON WESTWOOD FUNDS

**TETON Westwood Mighty Mites<sup>SM</sup> Fund TETON Westwood SmallCap Equity Fund TETON Convertible Securities Fund TETON Westwood Equity Fund TETON Westwood Balanced Fund**

One Corporate Center

Rye, New York 10580-1422

 **General and Account Information:**

800-WESTWOOD [800-937-8966]

fax: 914-921-5118

website: www.tetonadv.com

email: info@tetonadv.com

Board of Trustees

---

| | | |
|:---|:---|:---|
| ANTHONY S. COLAVITA | NICHOLAS F. GALLUCCIO\* | WERNER J. ROEDER |
| **Attorney,**<br> **Anthony S. Colavita, P.C.** | **Co-Chairman,**<br> **Teton Advisors, Inc.** | **Former Vice President of**<br> **Medical Affairs (Medical**<br> **Director) of New York**<br> **Presbyterian/Lawrence Hospital** |
| JAMES P. CONN | MARY E. HAUCK | SALVATORE J. ZIZZA |
| **Former Managing Director**<br> **and Chief Investment Officer,**<br> **Financial Security Assurance**<br> **Holdings Ltd.** | **Former Senior Portfolio Manager,**<br> **Gabelli-O'Connor Fixed Income**<br> **Mutual Fund Management**<br> **Company** | **Chairman,**<br> **Zizza & Associates Corp.** |
| LESLIE F. FOLEY | MICHAEL J. MELARKEY | \*Interested Trustee |
| **Attorney** | **Of Counsel,**<br> **McDonald Carano Wilson LLP** |  |

---

Officers

---

| | | |
|:---|:---|:---|
| JOHN C. BALL | RICHARD J. WALZ | PETER GOLDSTEIN |
| **President, Treasurer, Principal Financial & Accounting Officer** | **Chief Compliance Officer** | **Secretary & Vice President** |

---

---

| | |
|:---|:---|
| Investment Adviser | Distributor |
| Teton Advisors, LLC | G.distributors, LLC |
| Keeley-Teton Advisors, LLC\* |  |
| Transfer Agent and Disbursing Agent | Legal Counsel |
| SS&C Global Investor and Distribution Solutions, Inc. | Paul Hastings LLP<br> \*Investment Adviser of TETON Westwood SmallCap Equity Fund |

---

We have separated the portfolio managers' commentaries from the financial statements and investment portfolios due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers' commentaries is unrestricted. Both the commentaries and the financial statements, including the portfolio of investments, will be available on our website at www.tetonadv.com.

This report is submitted for the information of the shareholders of the TETON Westwood Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GABWWQ125SR

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment
 company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

**TETON Westwood Funds** 

**Financial Highlights**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended<br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)(b)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(c)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(d)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions(e)** | **Portfolio Turnover Rate** |
| **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** |  |  | |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $16.06 | $0.00 (c) | $(1.25) | $(1.25) | $— | $— | $— | $— | $14.81 | (7.78)% | $56871 | 0.01 %(g) | 1.55 %(g) | 1.60 %(g) | 1% |
| &nbsp;&nbsp;2024 | 20.86 | 0.00 (c) | 3.07 | 3.07 | (0.07) | (7.80) | (7.87) | 0.00 | 16.06 | 17.73 | 69834 | 0.02 | 1.50 | 1.54 | 2 |
| &nbsp;&nbsp;2023 | 20.74 | 0.05 | 2.86 | 2.91 | (0.13) | (2.66) | (2.79) | 0.00 | 20.86 | 14.10 | 82962 | 0.23 | 1.48 | 1.51 | 2 |
| &nbsp;&nbsp;2022 | 30.25 | 0.13 | (5.39) | (5.26) | (0.07) | (4.18) | (4.25) | 0.00 | 20.74 | (20.64) | 84906 | 0.50 | 1.41 | 1.43 | 3 |
| &nbsp;&nbsp;2021 | 22.42 | 0.13 | 10.11 | 10.24 |  | (2.41) | (2.41) | 0.00 | 30.25 | 48.78 | 129754 | 0.47 | 1.40 | 1.42 | 6 |
| &nbsp;&nbsp;2020 | 25.58 | (0.07) | (2.01) | (2.08) |  | (1.08) | (1.08) | 0.00 | 22.42 | (8.68) | 103109 | (0.31) | 1.43 | 1.44 | 2 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $15.08 | $0.00 (c) | $(1.17) | $(1.17) | $— | $— | $— | $— | $13.91 | (7.76)% | $49997 | 0.01 %(g) | 1.55 %(g) | 1.60 %(g) | 1% |
| &nbsp;&nbsp;2024 | 19.59 | 0.00 (c) | 2.88 | 2.88 | (0.07) | (7.32) | (7.39) | 0.00 | 15.08 | 17.68 | 63424 | 0.02 | 1.50 | 1.54 | 2 |
| &nbsp;&nbsp;2023 | 19.49 | 0.05 | 2.69 | 2.74 | (0.14) | (2.50) | (2.64) | 0.00 | 19.59 | 14.10 | 71537 | 0.24 | 1.48 | 1.51 | 2 |
| &nbsp;&nbsp;2022 | 28.68 | 0.12 | (5.06) | (4.94) | (0.07) | (4.18) | (4.25) | 0.00 | 19.49 | (20.63) | 71820 | 0.48 | 1.41 | 1.43 | 3 |
| &nbsp;&nbsp;2021 | 21.37 | 0.12 | 9.60 | 9.72 |  | (2.41) | (2.41) | 0.00 | 28.68 | 48.74 | 98771 | 0.44 | 1.41 | 1.43 | 6 |
| &nbsp;&nbsp;2020 | 24.49 | (0.12) | (1.92) | (2.04) |  | (1.08) | (1.08) | 0.00 | 21.37 | (8.91) | 68250 | (0.55) | 1.68 | 1.69 | 2 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $12.04 | $(0.04) | $(0.94) | $(0.98) | $— | $— | $— | $— | $11.06 | (8.14)% | $7585 | (0.75)%(g) | 2.30 %(g) | 2.35 %(g) | 1% |
| &nbsp;&nbsp;2024 | 15.74 | (0.10) | 2.31 | 2.21 | (0.05) | (5.86) | (5.91) | 0.00 | 12.04 | 16.88 | 10721 | (0.74) | 2.25 | 2.29 | 2 |
| &nbsp;&nbsp;2023 | 15.67 | (0.09) | 2.17 | 2.08 |  | (2.01) | (2.01) | 0.00 | 15.74 | 13.23 | 18012 | (0.52) | 2.23 | 2.26 | 2 |
| &nbsp;&nbsp;2022 | 23.95 | (0.05) | (4.05) | (4.10) |  | (4.18) | (4.18) | 0.00 | 15.67 | (21.22) | 25567 | (0.25) | 2.16 | 2.18 | 3 |
| &nbsp;&nbsp;2021 | 18.31 | (0.06) | 8.11 | 8.05 |  | (2.41) | (2.41) | 0.00 | 23.95 | 47.66 | 48054 | (0.27) | 2.15 | 2.17 | 6 |
| &nbsp;&nbsp;2020 | 21.24 | (0.20) | (1.65) | (1.85) |  | (1.08) | (1.08) | 0.00 | 18.31 | (9.40) | 47509 | (1.06) | 2.18 | 2.19 | 2 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(f) | $16.65 | $0.02 | $(1.30) | $(1.28) | $— | $— | $— | $— | $15.37 | (7.69)% | $78920 | 0.25 %(g) | 1.30 %(g) | 1.35 %(g) | 1% |
| &nbsp;&nbsp;2024 | 21.75 | 0.05 | 3.19 | 3.24 | (0.11) | (8.23) | (8.34) | 0.00 | 16.65 | 18.00 | 119094 | 0.25 | 1.25 | 1.29 | 2 |
| &nbsp;&nbsp;2023 | 21.63 | 0.11 | 2.99 | 3.10 | (0.20) | (2.78) | (2.98) | 0.00 | 21.75 | 14.38 | 209432 | 0.48 | 1.23 | 1.26 | 2 |
| &nbsp;&nbsp;2022 | 31.38 | 0.20 | (5.62) | (5.42) | (0.15) | (4.18) | (4.33) | 0.00 | 21.63 | (20.44) | 264171 | 0.74 | 1.16 | 1.18 | 3 |
| &nbsp;&nbsp;2021 | 23.13 | 0.21 | 10.45 | 10.66 |  | (2.41) | (2.41) | 0.00 | 31.38 | 49.13 | 415023 | 0.72 | 1.15 | 1.17 | 6 |
| &nbsp;&nbsp;2020 | 26.29 | (0.01) | (2.07) | (2.08) |  | (1.08) | (1.08) | 0.00 | 23.13 | (8.43) | 328187 | (0.05) | 1.18 | 1.19 | 2 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Due to capital share
 activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different
 classes of shares.

(c) Amount represents
 less than $0.005 per share.

(d) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact
 on the expense ratios.

(e) Before advisory fee
 reduction on unsupervised assets totalling 0.05%, 0.04%, 0.04%, 0.03%, 0.02%, and 0.01% of net assets for the six months ended March 31,
 2025 and the fiscal years ended September 30, 2024, 2023, 2022, 2021, and 2020.

(f) For the six months
 ended March 31, 2025, unaudited.

(g) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(c)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** | **SmallCap Equity Fund** |
| **Class AAA** | | | | | | | | | | | | | | | |
| &nbsp;&nbsp;2025(d) | $27.11 | $0.04 | $(0.72) | $(0.68) | $(0.18) | $(6.04) | $(6.22) | $— | $20.21 | (5.69)% | $8132 | 0.35 %(e) | 1.25 %(e) | 1.63 %(e) | 36% |
| &nbsp;&nbsp;2024 | 22.91 | 0.14 | 4.75 | 4.89 | (0.18) | (0.51) | (0.69) | 0.00 | 27.11 | 22.00 | 9156 | 0.57 | 1.25 | 1.58 | 21 |
| &nbsp;&nbsp;2023 | 20.74 | 0.14 | 2.39 | 2.53 | (0.08) | (0.28) | (0.36) | 0.00 | 22.91 | 12.17 | 7599 | 0.63 | 1.25 | 1.60 | 17 |
| &nbsp;&nbsp;2022 | 25.74 | 0.06 | (3.61) | (3.55) | (0.01) | (1.44) | (1.45) |  | 20.74 | (14.79) | 7300 | 0.23 | 1.25 | 1.64 | 15 |
| &nbsp;&nbsp;2021 | 15.40 | 0.04 | 10.30 | 10.34 | (0.00)(b) |  | (0.00)(b) |  | 25.74 | 67.16 | 9838 | 0.15 | 1.25 | 1.64 | 21 |
| &nbsp;&nbsp;2020 | 17.97 | 0.04 | (1.72) | (1.68) | (0.07) | (0.82) | (0.89) | 0.00 | 15.40 | (10.08) | 6146 | 0.26 | 1.25 | 1.70 | 18 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $25.39 | $0.04 | $(0.68) | $(0.64) | $(0.19) | $(5.66) | $(5.85) | $— | $18.90 | (5.74)% | $7877 | 0.35 %(e) | 1.25 %(e) | 1.63 %(e) | 36% |
| &nbsp;&nbsp;2024 | 21.47 | 0.13 | 4.45 | 4.58 | (0.18) | (0.48) | (0.66) | 0.00 | 25.39 | 22.01 | 9670 | 0.57 | 1.25 | 1.58 | 21 |
| &nbsp;&nbsp;2023 | 19.45 | 0.14 | 2.23 | 2.37 | (0.09) | (0.26) | (0.35) | 0.00 | 21.47 | 12.17 | 7125 | 0.63 | 1.25 | 1.60 | 17 |
| &nbsp;&nbsp;2022 | 24.23 | 0.06 | (3.38) | (3.32) | (0.02) | (1.44) | (1.46) |  | 19.45 | (14.78) | 5820 | 0.25 | 1.25 | 1.65 | 15 |
| &nbsp;&nbsp;2021 | 14.50 | 0.03 | 9.70 | 9.73 |  |  |  |  | 24.23 | 67.10 | 5539 | 0.14 | 1.27 | 1.65 | 21 |
| &nbsp;&nbsp;2020 | 16.98 | 0.00 (b) | (1.63) | (1.63) | (0.03) | (0.82) | (0.85) | 0.00 | 14.50 | (10.34) | 3172 | 0.02 | 1.50 | 1.95 | 18 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $20.42 | $(0.04) | $(0.56) | $(0.60) | $(0.01) | $(4.54) | $(4.55) | $— | $15.27 | (6.05)% | $1328 | (0.40)%(e) | 2.00 %(e) | 2.38 %(e) | 36% |
| &nbsp;&nbsp;2024 | 17.30 | (0.03) | 3.58 | 3.55 | (0.05) | (0.38) | (0.43) | 0.00 | 20.42 | 21.09 | 1819 | (0.19) | 2.00 | 2.33 | 21 |
| &nbsp;&nbsp;2023 | 15.73 | (0.02) | 1.80 | 1.78 |  | (0.21) | (0.21) | 0.00 | 17.30 | 11.29 | 2349 | (0.12) | 2.00 | 2.35 | 17 |
| &nbsp;&nbsp;2022 | 19.98 | (0.10) | (2.71) | (2.81) |  | (1.44) | (1.44) |  | 15.73 | (15.38) | 1931 | (0.53) | 2.00 | 2.39 | 15 |
| &nbsp;&nbsp;2021 | 12.04 | (0.11) | 8.05 | 7.94 |  |  |  |  | 19.98 | 65.95 | 2336 | (0.60) | 2.00 | 2.39 | 21 |
| &nbsp;&nbsp;2020 | 14.28 | (0.06) | (1.36) | (1.42) |  | (0.82) | (0.82) | 0.00 | 12.04 | (10.82) | 1597 | (0.46) | 2.00 | 2.45 | 18 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $28.42 | $0.08 | $(0.75) | $(0.67) | $(0.25) | $(6.34) | $(6.59) | $— | $21.16 | (5.58)% | $50431 | 0.64 %(e) | 1.00 %(e) | 1.37 %(e) | 36% |
| &nbsp;&nbsp;2024 | 24.01 | 0.21 | 4.97 | 5.18 | (0.24) | (0.53) | (0.77) | 0.00 | 28.42 | 22.29 | 50062 | 0.81 | 1.00 | 1.33 | 21 |
| &nbsp;&nbsp;2023 | 21.74 | 0.21 | 2.49 | 2.70 | (0.14) | (0.29) | (0.43) | 0.00 | 24.01 | 12.41 | 51005 | 0.88 | 1.00 | 1.35 | 17 |
| &nbsp;&nbsp;2022 | 26.90 | 0.13 | (3.77) | (3.64) | (0.08) | (1.44) | (1.52) |  | 21.74 | (14.54) | 34321 | 0.49 | 1.00 | 1.39 | 15 |
| &nbsp;&nbsp;2021 | 16.09 | 0.10 | 10.75 | 10.85 | (0.04) |  | (0.04) |  | 26.90 | 67.55 | 33644 | 0.40 | 1.00 | 1.39 | 21 |
| &nbsp;&nbsp;2020 | 18.74 | 0.09 | (1.80) | (1.71) | (0.12) | (0.82) | (0.94) | 0.00 | 16.09 | (9.87) | 17435 | 0.52 | 1.00 | 1.45 | 18 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Amount represents
 less than $0.005 per share.

(c) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact
 on the expense ratios.

(d) For the six months
 ended March 31, 2025, unaudited.

(e) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds** 

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(c)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $12.29 | $0.11 | $0.16 | $0.27 | $(0.17) | $— | $(0.17) | $— | $12.39 | 2.17% | $3269 | 1.72 %(e) | 1.15 %(e) | 2.29 %(e) | 32% |
| &nbsp;&nbsp;2024 | 11.31 | 0.28 | 1.02 | 1.30 | (0.32) |  | (0.32) |  | 12.29 | 11.69 | 3284 | 2.42 | 1.15 | 2.08 | 71 |
| &nbsp;&nbsp;2023 | 12.54 | 0.24 | 0.02 | 0.26 | (0.32) | (1.17) | (1.49) |  | 11.31 | 1.84 | 3352 | 1.98 | 1.16 | 1.82 | 36 |
| &nbsp;&nbsp;2022 | 18.26 | 0.02 | (3.96) | (3.94) | (0.17) | (1.61) | (1.78) |  | 12.54 | (23.78) | 4065 | 0.16 | 1.15 | 1.62 | 39 |
| &nbsp;&nbsp;2021 | 15.59 | 0.05 | 3.11 | 3.16 | (0.16) | (0.33) | (0.49) | 0.00 | 18.26 | 20.48 | 6701 | 0.27 | 1.15 | 1.56 | 34 |
| &nbsp;&nbsp;2020 | 13.86 | 0.16 | 1.98 | 2.14 | (0.25) | (0.16) | (0.41) | 0.00 | 15.59 | 15.80 | 7392 | 1.12 | 1.15 | 1.62 | 62 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $12.80 | $0.12 | $0.16 | $0.28 | $(0.16) | $— | $(0.16) | $— | $12.92 | 2.18% | $1999 | 1.72 %(e) | 1.15 %(e) | 2.29 %(e) | 32% |
| &nbsp;&nbsp;2024 | 11.77 | 0.29 | 1.06 | 1.35 | (0.32) |  | (0.32) |  | 12.80 | 11.65 | 2181 | 2.42 | 1.15 | 2.08 | 71 |
| &nbsp;&nbsp;2023 | 13.04 | 0.25 | 0.02 | 0.27 | (0.32) | (1.22) | (1.54) |  | 11.77 | 1.80 | 2243 | 1.95 | 1.16 | 1.82 | 36 |
| &nbsp;&nbsp;2022 | 18.91 | 0.02 | (4.12) | (4.10) | (0.16) | (1.61) | (1.77) |  | 13.04 | (23.77) | 3419 | 0.16 | 1.15 | 1.62 | 39 |
| &nbsp;&nbsp;2021 | 16.13 | 0.04 | 3.22 | 3.26 | (0.15) | (0.33) | (0.48) | 0.00 | 18.91 | 20.45 | 5417 | 0.24 | 1.17 | 1.58 | 34 |
| &nbsp;&nbsp;2020 | 14.33 | 0.13 | 2.04 | 2.17 | (0.21) | (0.16) | (0.37) | 0.00 | 16.13 | 15.47 | 6143 | 0.86 | 1.40 | 1.87 | 62 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $13.83 | $0.07 | $0.18 | $0.25 | $(0.13) | $— | $(0.13) | $— | $13.95 | 1.78% | $912 | 0.96 %(e) | 1.90 %(e) | 3.05 %(e) | 32% |
| &nbsp;&nbsp;2024 | 12.70 | 0.22 | 1.15 | 1.37 | (0.24) |  | (0.24) |  | 13.83 | 10.88 | 1083 | 1.69 | 1.90 | 2.83 | 71 |
| &nbsp;&nbsp;2023 | 14.04 | 0.16 | 0.03 | 0.19 | (0.22) | (1.31) | (1.53) |  | 12.70 | 1.06 | 1534 | 1.16 | 1.91 | 2.57 | 36 |
| &nbsp;&nbsp;2022 | 20.24 | (0.10) | (4.43) | (4.53) | (0.06) | (1.61) | (1.67) |  | 14.04 | (24.32) | 3297 | (0.60) | 1.90 | 2.37 | 39 |
| &nbsp;&nbsp;2021 | 17.26 | (0.10) | 3.44 | 3.34 | (0.03) | (0.33) | (0.36) | 0.00 | 20.24 | 19.54 | 5575 | (0.49) | 1.90 | 2.31 | 34 |
| &nbsp;&nbsp;2020 | 15.30 | 0.06 | 2.19 | 2.25 | (0.13) | (0.16) | (0.29) | 0.00 | 17.26 | 14.93 | 6130 | 0.37 | 1.90 | 2.37 | 62 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(d) | $12.33 | $0.13 | $0.17 | $0.30 | $(0.19) | $— | $(0.19) | $— | $12.44 | 2.37% | $6106 | 1.97 %(e) | 0.90 %(e) | 2.05 %(e) | 32% |
| &nbsp;&nbsp;2024 | 11.35 | 0.31 | 1.02 | 1.33 | (0.35) |  | (0.35) |  | 12.33 | 11.93 | 7456 | 2.69 | 0.90 | 1.83 | 71 |
| &nbsp;&nbsp;2023 | 12.59 | 0.26 | 0.02 | 0.28 | (0.35) | (1.17) | (1.52) |  | 11.35 | 2.05 | 13101 | 2.14 | 0.91 | 1.57 | 36 |
| &nbsp;&nbsp;2022 | 18.32 | 0.06 | (3.98) | (3.92) | (0.20) | (1.61) | (1.81) |  | 12.59 | (23.56) | 28839 | 0.39 | 0.90 | 1.37 | 39 |
| &nbsp;&nbsp;2021 | 15.64 | 0.09 | 3.12 | 3.21 | (0.20) | (0.33) | (0.53) | 0.00 | 18.32 | 20.79 | 55924 | 0.51 | 0.90 | 1.31 | 34 |
| &nbsp;&nbsp;2020 | 13.91 | 0.20 | 1.97 | 2.17 | (0.28) | (0.16) | (0.44) | 0.00 | 15.64 | 16.03 | 52842 | 1.36 | 0.90 | 1.37 | 62 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) Amount represents
 less than $0.005 per share.

(c) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2025 and fiscal
 year ended September 30, 2023 if credits had not been received, the ratios of operating expenses to average net assets would have been
 1.17% (Class AAA and Class A), 1.92% (Class C), and 0.92% (Class I). For the fiscal years ended September 30, 2024, 2022, 2021, and 2020,
 there was no material impact on the expense ratios.

(d) For the six months
 ended March 31, 2025, unaudited.

(e) Annualized.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Net Asset Value, End of Period** |<br>**Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(b)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** | **Equity Fund** |  | |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $12.13 | $0.01 | $(0.19) | $(0.18) | $(0.04) | $(0.92) | $(0.96) | $10.99 | (1.95)% | $40851 | 0.18 %(d) | 1.66 %(d) | 1.66 %(d) | 29% |
| &nbsp;&nbsp;2024 | 10.55 | 0.05 | 2.08 | 2.13 | (0.08) | (0.47) | (0.55) | 12.13 | 21.07 | 43652 | 0.48 | 1.59 | 1.60 | 35 |
| &nbsp;&nbsp;2023 | 10.28 | 0.05 | 1.03 | 1.08 | (0.04) | (0.77) | (0.81) | 10.55 | 10.23 | 40346 | 0.51 | 1.64 | 1.64 | 44 |
| &nbsp;&nbsp;2022 | 13.37 | 0.04 | (0.93) | (0.89) | (0.00)(e) | (2.20) | (2.20) | 10.28 | (8.75) | 41068 | 0.30 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;2021 | 11.02 | 0.00 (e) | 2.89 | 2.89 | (0.06) | (0.48) | (0.54) | 13.37 | 26.99 | 49468 | 0.00 (f) | 1.64 | 1.64 | 66 |
| &nbsp;&nbsp;2020 | 12.66 | 0.08 | (0.53) | (0.45) | (0.11) | (1.08) | (1.19) | 11.02 | (4.32) | 44109 | 0.70 | 1.63 | 1.63 | 46 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $12.13 | $0.01 | $(0.19) | $(0.18) | $(0.04) | $(0.92) | $(0.96) | $10.99 | (1.96)% | $695 | 0.17 %(d) | 1.66 %(d) | 1.66 %(d) | 29% |
| &nbsp;&nbsp;2024 | 10.54 | 0.05 | 2.09 | 2.14 | (0.08) | (0.47) | (0.55) | 12.13 | 21.18 | 794 | 0.49 | 1.59 | 1.60 | 35 |
| &nbsp;&nbsp;2023 | 10.27 | 0.06 | 1.02 | 1.08 | (0.04) | (0.77) | (0.81) | 10.54 | 10.22 | 688 | 0.51 | 1.64 | 1.64 | 44 |
| &nbsp;&nbsp;2022 | 13.36 | 0.04 | (0.93) | (0.89) | (0.00)(e) | (2.20) | (2.20) | 10.27 | (8.76) | 788 | 0.29 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;2021 | 10.99 | 0.00 (e) | 2.88 | 2.88 | (0.03) | (0.48) | (0.51) | 13.36 | 26.94 | 933 | (0.03) | 1.67 | 1.67 | 66 |
| &nbsp;&nbsp;2020 | 12.63 | 0.05 | (0.53) | (0.48) | (0.08) | (1.08) | (1.16) | 10.99 | (4.57) | 1010 | 0.45 | 1.88 | 1.88 | 46 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.83 | $(0.03) | $(0.17) | $(0.20) | $— | $(0.82) | $(0.82) | $9.81 | (2.33)% | $13 | (0.57)%(d) | 2.41 %(d) | 2.41 %(d) | 29% |
| &nbsp;&nbsp;2024 | 9.41 | (0.03) | 1.87 | 1.84 |  | (0.42) | (0.42) | 10.83 | 20.26 | 13 | (0.27) | 2.34 | 2.35 | 35 |
| &nbsp;&nbsp;2023 | 9.21 | (0.03) | 0.92 | 0.89 |  | (0.69) | (0.69) | 9.41 | 9.37 | 11 | (0.28) | 2.39 | 2.39 | 44 |
| &nbsp;&nbsp;2022 | 12.27 | (0.05) | (0.81) | (0.86) |  | (2.20) | (2.20) | 9.21 | (9.40) | 25 | (0.48) | 2.39 | 2.39 | 50 |
| &nbsp;&nbsp;2021 | 10.18 | (0.11) | 2.68 | 2.57 |  | (0.48) | (0.48) | 12.27 | 25.93 | 37 | (1.00) | 2.39 | 2.39 | 66 |
| &nbsp;&nbsp;2020 | 11.76 | (0.00)(e) | (0.50) | (0.50) |  | (1.08) | (1.08) | 10.18 | (5.04) | 38 | (0.01) | 2.38 | 2.38 | 46 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $12.08 | $0.02 | $(0.19) | $(0.17) | $(0.07) | $(0.92) | $(0.99) | $10.92 | (1.91)% | $1051 | 0.43 %(d) | 1.41 %(d) | 1.41 %(d) | 29% |
| &nbsp;&nbsp;2024 | 10.50 | 0.08 | 2.08 | 2.16 | (0.11) | (0.47) | (0.58) | 12.08 | 21.47 | 1181 | 0.74 | 1.34 | 1.35 | 35 |
| &nbsp;&nbsp;2023 | 10.23 | 0.08 | 1.03 | 1.11 | (0.07) | (0.77) | (0.84) | 10.50 | 10.54 | 1192 | 0.74 | 1.39 | 1.39 | 44 |
| &nbsp;&nbsp;2022 | 13.32 | 0.07 | (0.92) | (0.85) | (0.04) | (2.20) | (2.24) | 10.23 | (8.52) | 1907 | 0.56 | 1.39 | 1.39 | 50 |
| &nbsp;&nbsp;2021 | 10.98 | 0.03 | 2.88 | 2.91 | (0.09) | (0.48) | (0.57) | 13.32 | 27.31 | 3004 | 0.25 | 1.39 | 1.39 | 66 |
| &nbsp;&nbsp;2020 | 12.62 | 0.11 | (0.53) | (0.42) | (0.14) | (1.08) | (1.22) | 10.98 | (4.09) | 2595 | 0.96 | 1.38 | 1.38 | 46 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including
 reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not
 annualized.

(a) Per
 share amounts have been calculated using the average shares outstanding method.

(b) The
 Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was
 no material impact on the expense ratios.

(c) For
 the six months ended March 31, 2025, unaudited.

(d) Annualized.

(e) Amount
 represents less than $0.005 per share.

(f) Amount
 represents less than (0.005)%.

See accompanying notes to financial statements.

**TETON Westwood Funds** 

**Financial Highlights (Continued)**

Selected data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** | **Ratios to Average Net Assets/Supplemental Data** |
| <br>**Year Ended <br> September 30** |<br>**Net Asset Value, Beginning of Year** | **Net Investment Income<br> (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** | **Net Asset Value, End of Period** | **Total Return†** | **Net Assets, End of Period (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(b)** | **Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions** | **Portfolio Turnover Rate** |
| **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** | **Balanced Fund** |  | |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  | |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.85 | $0.06 | $(0.23) | $(0.17) | $(0.06) | $(0.64) | $(0.70) | $9.98 | (1.80)% | $26502 | 1.18 %(d) | 1.45 %(d) | 1.46 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.34 | 0.13 | 1.71 | 1.84 | (0.13) | (0.20) | (0.33) | 10.85 | 20.22 | 29661 | 1.26 | 1.39 | 1.39 | 36 |
| &nbsp;&nbsp;2023 | 9.20 | 0.11 | 0.77 | 0.88 | (0.12) | (0.62) | (0.74) | 9.34 | 9.57 | 27932 | 1.18 | 1.46 | 1.46 | 39 |
| &nbsp;&nbsp;2022 | 12.11 | 0.07 | (1.44) | (1.37) | (0.07) | (1.47) | (1.54) | 9.20 | (13.36) | 31492 | 0.68 | 1.41 | 1.41 | 46 |
| &nbsp;&nbsp;2021 | 10.85 | 0.03 | 1.75 | 1.78 | (0.02) | (0.50) | (0.52) | 12.11 | 16.93 | 40187 | 0.22 | 1.41 | 1.41 | 65 |
| &nbsp;&nbsp;2020 | 11.71 | 0.10 | (0.11) | (0.01) | (0.10) | (0.75) | (0.85) | 10.85 | 0.17 | 38713 | 0.95 | 1.42 | 1.42 | 57 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.95 | $0.06 | $(0.23) | $(0.17) | $(0.06) | $(0.64) | $(0.70) | $10.08 | (1.72)% | $4565 | 1.18 %(d) | 1.45 %(d) | 1.46 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.42 | 0.13 | 1.74 | 1.87 | (0.13) | (0.21) | (0.34) | 10.95 | 20.28 | 5040 | 1.26 | 1.39 | 1.39 | 36 |
| &nbsp;&nbsp;2023 | 9.28 | 0.11 | 0.77 | 0.88 | (0.12) | (0.62) | (0.74) | 9.42 | 9.54 | 4813 | 1.18 | 1.46 | 1.46 | 39 |
| &nbsp;&nbsp;2022 | 12.20 | 0.07 | (1.45) | (1.38) | (0.07) | (1.47) | (1.54) | 9.28 | (13.35) | 5702 | 0.66 | 1.41 | 1.41 | 46 |
| &nbsp;&nbsp;2021 | 10.93 | 0.02 | 1.77 | 1.79 | (0.02) | (0.50) | (0.52) | 12.20 | 16.87 | 8454 | 0.20 | 1.43 | 1.43 | 65 |
| &nbsp;&nbsp;2020 | 11.79 | 0.08 | (0.11) | (0.03) | (0.08) | (0.75) | (0.83) | 10.93 | (0.43) | 7981 | 0.70 | 1.67 | 1.67 | 57 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $11.11 | $0.02 | $(0.23) | $(0.21) | $(0.03) | $(0.65) | $(0.68) | $10.22 | (2.12)% | $605 | 0.43 %(d) | 2.20 %(d) | 2.21 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.55 | 0.05 | 1.77 | 1.82 | (0.05) | (0.21) | (0.26) | 11.11 | 19.42 | 628 | 0.51 | 2.14 | 2.14 | 36 |
| &nbsp;&nbsp;2023 | 9.43 | 0.04 | 0.78 | 0.82 | (0.07) | (0.63) | (0.70) | 9.55 | 8.67 | 884 | 0.45 | 2.21 | 2.21 | 39 |
| &nbsp;&nbsp;2022 | 12.39 | (0.02) | (1.46) | (1.48) | (0.01) | (1.47) | (1.48) | 9.43 | (14.02) | 491 | (0.15) | 2.16 | 2.16 | 46 |
| &nbsp;&nbsp;2021 | 11.15 | (0.07) | 1.81 | 1.74 |  | (0.50) | (0.50) | 12.39 | 16.03 | 1212 | (0.57) | 2.16 | 2.16 | 65 |
| &nbsp;&nbsp;2020 | 12.01 | 0.02 | (0.11) | (0.09) | (0.02) | (0.75) | (0.77) | 11.15 | (0.95) | 1215 | 0.20 | 2.17 | 2.17 | 57 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;2025(c) | $10.82 | $0.07 | $(0.21) | $(0.14) | $(0.08) | $(0.64) | $(0.72) | $9.96 | (1.60)% | $3076 | 1.43 %(d) | 1.20 %(d) | 1.21 %(d) | 19% |
| &nbsp;&nbsp;2024 | 9.32 | 0.15 | 1.71 | 1.86 | (0.16) | (0.20) | (0.36) | 10.82 | 20.45 | 3197 | 1.52 | 1.14 | 1.14 | 36 |
| &nbsp;&nbsp;2023 | 9.18 | 0.14 | 0.77 | 0.91 | (0.15) | (0.62) | (0.77) | 9.32 | 9.86 | 2714 | 1.43 | 1.21 | 1.21 | 39 |
| &nbsp;&nbsp;2022 | 12.09 | 0.10 | (1.44) | (1.34) | (0.10) | (1.47) | (1.57) | 9.18 | (13.15) | 3205 | 0.93 | 1.16 | 1.16 | 46 |
| &nbsp;&nbsp;2021 | 10.83 | 0.05 | 1.76 | 1.81 | (0.05) | (0.50) | (0.55) | 12.09 | 17.26 | 3649 | 0.47 | 1.16 | 1.16 | 65 |
| &nbsp;&nbsp;2020 | 11.69 | 0.13 | (0.11) | 0.02 | (0.13) | (0.75) | (0.88) | 10.83 | 0.09 | 4131 | 1.19 | 1.17 | 1.17 | 57 |

---

† Total return represents
 aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment
 of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts
 have been calculated using the average shares outstanding method.

(b) The Fund received
 credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact
 on the expense ratios.

(c) For the six months
 ended March 31, 2025, unaudited.

(d) Annualized.

See accompanying notes to financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

(1) All directors and all members of any advisory board for regular compensation;

---

| | |
|:---|:---|
| &nbsp;&nbsp;Anthony S. Colavita | &nbsp;&nbsp;$8500 |
| &nbsp;&nbsp;James P. Conn | &nbsp;&nbsp;$13500 |
| &nbsp;&nbsp;Leslie F. Foley | &nbsp;&nbsp;$8500 |
| &nbsp;&nbsp;Mary E. Hauck | &nbsp;&nbsp;$8500 |
| &nbsp;&nbsp;Michael J. Melarkey | &nbsp;&nbsp;$8500 |
| &nbsp;&nbsp;Werner J. Roeder | &nbsp;&nbsp;$10500 |
| &nbsp;&nbsp;Salvatore J. Zizza | &nbsp;&nbsp;$11500 |

---

(2) Each director and each member of an advisory board for special compensation; $0

(3) All officers; $0 and

(4) Each person of whom any officer or director of the Fund is an affiliated person. $0

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness
 of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation
 of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form
 N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's
 rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form
 N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial
 officers, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3)](ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. <br>

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The TETON Westwood
 Funds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |

---

Date <u>June 6, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Executive Officer |

---

Date <u>June 6, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |

---

Date <u>June 6, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

[TETON Westwood Funds N-CSRS](teton-ncsrs_033125.htm)

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I
 have reviewed this report on Form N-CSR of The TETON Westwood Funds;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John C. Ball, certify that:

1. I
 have reviewed this report on Form N-CSR of The TETON Westwood Funds;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

[TETON Westwood Funds N-CSRS](teton-ncsrs_033125.htm)

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John C. Ball, Principal Executive Officer of The TETON Westwood Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Executive Officer |

---

I, John C. Ball, Principal Financial Officer and Treasurer of The TETON Westwood Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ John C. Ball |
|  |  | John C. Ball, Principal Financial Officer and Treasurer |

---