# EDGAR Filing Document

**Accession Number:** 0000796229
**File Stem:** 0001829126-26-006149
**Filing Date:** 2026-6
**Character Count:** 372552
**Document Hash:** d8d628f2698b325bdb7c03064722bda5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-006149.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001829126-26-006149

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** 261071498

**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           |

### Keeley Small Cap 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'?

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 <u>811-04719</u>

**The TETON Westwood Funds**

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

John C. Ball

Teton Advisors, Inc.

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-800-422-3554</u>

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

Date of reporting period: <u>March 31, 2026</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.

# Keeley Small Cap Fund

# Class AAA - WESCX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i7e30d4fa0f9841d4525c139e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class AAA (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 may find additional information about the Fund at https://gabelli.com/ticker/WESCX/. You may also request information by contacting us at 800-GABELLI (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** |
| **Keeley Small Cap Fund - Class AAA** | **$68** | **1.25%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Keeley Small Cap Fund outperformed its broad-based and comparative benchmarks, the Russell 2000 and the Russell 2000 Value Indices. The portfolio benefited most from positions in high-quality companies supplying the semiconductor equipment manufacturing, aerospace and defense, and AI datacenter infrastructure industries. Contributors to performance included Advanced Energy Industries, Inc., TTM Technologies, Inc., and MSK Inc. Detractors from the portfolio included PAR Technology Corporation, Ethan Allen Interiors Inc., and Progress Software Corporation.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting 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 were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iab0d025d158d54aa2e253a16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class AAA** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **03/16** | 10000 | 10000 | 10000 |
| **03/17** | 13379 | 12622 | 12937 |
| **03/18** | 14991 | 14110 | 13601 |
| **03/19** | 14904 | 14399 | 13624 |
| **03/20** | 10720 | 10945 | 9586 |
| **03/21** | 22038 | 21326 | 18889 |
| **03/22** | 23945 | 20091 | 19516 |
| **03/23** | 21260 | 17759 | 16986 |
| **03/24** | 25310 | 21259 | 20171 |
| **03/25** | 24775 | 20407 | 19542 |
| **03/26** | 35185 | 25655 | 25031 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class AAA | 18.55% | 42.02% | 9.81% | 13.41% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Russell 2000 Value Index | 8.37% | 28.09% | 5.79% | 9.61% |

---

## Fund Statistics
* Total Net Assets$86,007,468

* Number of Portfolio Holdings89

* Portfolio Turnover Rate12%

* Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WESCX/ for more recent performance information. 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. | 3.3% |
| Advanced Energy Industries Inc. | 2.6% |
| Flowserve Corp. | 2.6% |
| AAR Corp. | 2.6% |
| MKS Inc. | 2.5% |
| OPENLANE Inc. | 2.4% |
| TTM Technologies Inc. | 2.3% |
| MYR Group Inc. | 2.2% |
| IMAX Corp. | 2.2% |
| Ultra Clean Holdings Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.5% |
| U.S. Government Obligations | 5.1% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic87abe79d735ffc7e7ff534d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.1% |
| Semiconductors | 11.0% |
| Diversified Industrial | 7.1% |
| Health Care | 7.0% |
| Computer Software and Services | 5.7% |
| Energy and Utilities | 5.5% |
| Electronics | 5.4% |
| Retail | 5.3% |
| Other Industry sectors | 40.5% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i7e30d4fa0f9841d4525c139e.jpg)

#### Keeley Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://gabelli.com/ticker/WESCX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

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

WESCX-26-SATSR

# Keeley Small Cap Fund

# Class C - WWSCX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i7e30d4fa0f9841d4525c139e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class C (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 may find additional information about the Fund at https://gabelli.com/ticker/WWSCX/. You may also request information by contacting us at 800-GABELLI (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** |
| **Keeley Small Cap Fund - Class C** | **$109** | **2.00%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Keeley Small Cap Fund outperformed its broad-based and comparative benchmarks, the Russell 2000 and the Russell 2000 Value Indices. The portfolio benefited most from positions in high-quality companies supplying the semiconductor equipment manufacturing, aerospace and defense, and AI datacenter infrastructure industries. Contributors to performance included Advanced Energy Industries, Inc., TTM Technologies, Inc., and MSK Inc. Detractors from the portfolio included PAR Technology Corporation, Ethan Allen Interiors Inc., and Progress Software Corporation.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting 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 were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib947c4430f278cab841ad9d9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class C** | **Keeley Small Cap Fund - Class C (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 13283 | 13183 | 12622 | 12937 |
| **03/18** | 14763 | 14652 | 14110 | 13601 |
| **03/19** | 14576 | 14466 | 14399 | 13624 |
| **03/20** | 10408 | 10330 | 10945 | 9586 |
| **03/21** | 21227 | 21067 | 21326 | 18889 |
| **03/22** | 22896 | 22724 | 20091 | 19516 |
| **03/23** | 20169 | 20017 | 17759 | 16986 |
| **03/24** | 23829 | 23650 | 21259 | 20171 |
| **03/25** | 23158 | 22984 | 20407 | 19542 |
| **03/26** | 32651 | 32405 | 25655 | 25031 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class C | 18.16% | 40.99% | 8.99% | 12.56% |
| Keeley Small Cap Fund - Class C (includes sales charge) | 17.16% | 39.99% | 8.99% | 12.56% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Russell 2000 Value Index | 8.37% | 28.09% | 5.79% | 9.61% |

---

## Fund Statistics
* Total Net Assets$86,007,468

* Number of Portfolio Holdings89

* Portfolio Turnover Rate12%

* Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WWSCX/ for more recent performance information. 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. | 3.3% |
| Advanced Energy Industries Inc. | 2.6% |
| Flowserve Corp. | 2.6% |
| AAR Corp. | 2.6% |
| MKS Inc. | 2.5% |
| OPENLANE Inc. | 2.4% |
| TTM Technologies Inc. | 2.3% |
| MYR Group Inc. | 2.2% |
| IMAX Corp. | 2.2% |
| Ultra Clean Holdings Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.5% |
| U.S. Government Obligations | 5.1% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic87abe79d735ffc7e7ff534d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.1% |
| Semiconductors | 11.0% |
| Diversified Industrial | 7.1% |
| Health Care | 7.0% |
| Computer Software and Services | 5.7% |
| Energy and Utilities | 5.5% |
| Electronics | 5.4% |
| Retail | 5.3% |
| Other Industry sectors | 40.5% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i7e30d4fa0f9841d4525c139e.jpg)

#### Keeley Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://gabelli.com/ticker/WWSCX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

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

WWSCX-26-SATSR

# Keeley Small Cap Fund

# Class I - WWSIX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i7e30d4fa0f9841d4525c139e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class I (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 may find additional information about the Fund at https://gabelli.com/ticker/WWSIX/. You may also request information by contacting us at 800-GABELLI (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** |
| **Keeley Small Cap Fund - Class I** | **$55** | **1.00%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Keeley Small Cap Fund outperformed its broad-based and comparative benchmarks, the Russell 2000 and the Russell 2000 Value Indices. The portfolio benefited most from positions in high-quality companies supplying the semiconductor equipment manufacturing, aerospace and defense, and AI datacenter infrastructure industries. Contributors to performance included Advanced Energy Industries, Inc., TTM Technologies, Inc., and MSK Inc. Detractors from the portfolio included PAR Technology Corporation, Ethan Allen Interiors Inc., and Progress Software Corporation.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $500,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting 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 were deducted.

### Total Return Based on a $500,000 Investment
![Growth of 10K Chart](ifeea895fd210480984612092.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class I** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **03/16** | 500000 | 500000 | 500000 |
| **03/17** | 670669 | 631100 | 646850 |
| **03/18** | 753079 | 705507 | 680033 |
| **03/19** | 750507 | 719970 | 681189 |
| **03/20** | 541312 | 547249 | 479285 |
| **03/21** | 1115543 | 1066314 | 944431 |
| **03/22** | 1215144 | 1004575 | 975786 |
| **03/23** | 1081906 | 887944 | 849324 |
| **03/24** | 1290997 | 1062957 | 1008572 |
| **03/25** | 1266647 | 1020333 | 977105 |
| **03/26** | 1803766 | 1282762 | 1251574 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class I | 18.68% | 42.40% | 10.09% | 13.69% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Russell 2000 Value Index | 8.37% | 28.09% | 5.79% | 9.61% |

---

## Fund Statistics
* Total Net Assets$86,007,468

* Number of Portfolio Holdings89

* Portfolio Turnover Rate12%

* Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WWSIX/ for more recent performance information. 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. | 3.3% |
| Advanced Energy Industries Inc. | 2.6% |
| Flowserve Corp. | 2.6% |
| AAR Corp. | 2.6% |
| MKS Inc. | 2.5% |
| OPENLANE Inc. | 2.4% |
| TTM Technologies Inc. | 2.3% |
| MYR Group Inc. | 2.2% |
| IMAX Corp. | 2.2% |
| Ultra Clean Holdings Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.5% |
| U.S. Government Obligations | 5.1% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic87abe79d735ffc7e7ff534d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.1% |
| Semiconductors | 11.0% |
| Diversified Industrial | 7.1% |
| Health Care | 7.0% |
| Computer Software and Services | 5.7% |
| Energy and Utilities | 5.5% |
| Electronics | 5.4% |
| Retail | 5.3% |
| Other Industry sectors | 40.5% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i7e30d4fa0f9841d4525c139e.jpg)

#### Keeley Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://gabelli.com/ticker/WWSIX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

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

WWSIX-26-SATSR

# Keeley Small Cap Fund

# Class A - WWSAX

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i7e30d4fa0f9841d4525c139e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class A (the "Fund") for the period of October 1, 2025 to March 31, 2026. 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 may find additional information about the Fund at https://gabelli.com/ticker/WWSAX/. You may also request information by contacting us at 800-GABELLI (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** |
| **Keeley Small Cap Fund - Class A** | **$68** | **1.25%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Keeley Small Cap Fund outperformed its broad-based and comparative benchmarks, the Russell 2000 and the Russell 2000 Value Indices. The portfolio benefited most from positions in high-quality companies supplying the semiconductor equipment manufacturing, aerospace and defense, and AI datacenter infrastructure industries. Contributors to performance included Advanced Energy Industries, Inc., TTM Technologies, Inc., and MSK Inc. Detractors from the portfolio included PAR Technology Corporation, Ethan Allen Interiors Inc., and Progress Software Corporation.

## How has the Fund performed over the past 10 years?
The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting 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 were deducted.

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3bde2af59ede7576f850cb00.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class A** | **Keeley Small Cap Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **03/16** | 10000 | 10000 | 10000 | 10000 |
| **03/17** | 13351 | 12817 | 12622 | 12937 |
| **03/18** | 14918 | 13748 | 14110 | 13601 |
| **03/19** | 14796 | 13090 | 14399 | 13624 |
| **03/20** | 10616 | 9017 | 10945 | 9586 |
| **03/21** | 21794 | 17770 | 21326 | 18889 |
| **03/22** | 23675 | 18532 | 20091 | 19516 |
| **03/23** | 21023 | 15797 | 17759 | 16986 |
| **03/24** | 25024 | 18052 | 21259 | 20171 |
| **03/25** | 24484 | 16956 | 20407 | 19542 |
| **03/26** | 34792 | 23131 | 25655 | 25031 |

---

## Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 months** | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class A | 18.57% | 42.10% | 9.81% | 13.28% |
| Keeley Small Cap Fund - Class A (includes sales charge) | 13.83% | 36.41% | 8.91% | 12.82% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Russell 2000 Value Index | 8.37% | 28.09% | 5.79% | 9.61% |

---

## Fund Statistics
* Total Net Assets$86,007,468

* Number of Portfolio Holdings89

* Portfolio Turnover Rate12%

* Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WWSAX/ for more recent performance information. 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. | 3.3% |
| Advanced Energy Industries Inc. | 2.6% |
| Flowserve Corp. | 2.6% |
| AAR Corp. | 2.6% |
| MKS Inc. | 2.5% |
| OPENLANE Inc. | 2.4% |
| TTM Technologies Inc. | 2.3% |
| MYR Group Inc. | 2.2% |
| IMAX Corp. | 2.2% |
| Ultra Clean Holdings Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.5% |
| U.S. Government Obligations | 5.1% |
| Other Assets and Liabilities (Net) | 0.4% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ic87abe79d735ffc7e7ff534d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.1% |
| Semiconductors | 11.0% |
| Diversified Industrial | 7.1% |
| Health Care | 7.0% |
| Computer Software and Services | 5.7% |
| Energy and Utilities | 5.5% |
| Electronics | 5.4% |
| Retail | 5.3% |
| Other Industry sectors | 40.5% |
| Other Assets and Liabilities (Net) | 0.4% |

---

![Image](i7e30d4fa0f9841d4525c139e.jpg)

#### Keeley Small Cap Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://gabelli.com/ticker/WWSAX/.

**Contact Us**

Phone: 800-GABELLI (800-422-3554)

Email: info@gabelli.com

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

WWSAX-26-SATSR

# TETON Westwood Balanced Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class AAA - WEBAX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. 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** | **$82** | **1.65%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Balanced Fund outperformed its broad-based benchmark, the S&P 500 Index, and underperformed its comparatives, the Bloomberg US Government / Credit Bond Index and 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index. the Amid increased volatility in equity and bond markets, the Fund benefitted from its equity investments, which showed gains in the period as the market tilted away from growth names amid concerns about capital expenditures for artificial intelligence. Convertible securities also contributed to returns.

## 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](i0562969c9e124fef668da767.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 10840 | 11717 | 11152 | 10054 |
| **3/18** | 11856 | 13356 | 12267 | 10193 |
| **3/19** | 12383 | 14625 | 12945 | 10649 |
| **3/20** | 11850 | 13604 | 12906 | 11695 |
| **3/21** | 14677 | 21270 | 17730 | 11796 |
| **3/22** | 15831 | 24599 | 19271 | 11342 |
| **3/23** | 14759 | 22697 | 17330 | 10796 |
| **3/24** | 16784 | 29479 | 20834 | 10984 |
| **3/25** | 17374 | 31912 | 21963 | 11496 |
| **3/26** | 18497 | 37592 | 24913 | 11939 |

---

## 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 | (0.62)% | 6.46% | 4.74% | 6.34% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (0.80)% | 12.22% | 7.33% | 9.21% |
| Bloomberg US Government / Credit Bond Index | 0.69% | 3.86% | 0.24% | 1.79% |

---

## Fund Statistics
* Total Net Assets$30,168,006

* Number of Portfolio Holdings109

* Portfolio Turnover Rate19%

* Management Fees$121,101

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/ for more recent performance information. 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 | 3.9% |
| Amazon.com Inc. | 3.6% |
| NVIDIA Corp. | 3.5% |
| U.S. Treasury Notes | 3.3% |
| Broadcom Inc. | 2.0% |
| NextEra Energy Inc. | 1.6% |
| Deere & Co. | 1.6% |
| CSX Corp. | 1.5% |
| Johnson & Johnson | 1.5% |
| Thermo Fisher Scientific Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.8% |
| Corporate Bonds | 24.4% |
| U.S. Government Obligations | 7.1% |
| Convertible Corporate Bonds | 4.0% |
| Mandatory Convertible Securities | 1.0% |
| Foreign Government Obligations | 0.9% |
| Short Term Investment | 0.2% |
| Other Assets and Liabilities (Net) | 0.6% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5e789c8148fea9476e30b7b0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 17.0% |
| Semiconductors | 8.1% |
| U.S. Government Obligations | 7.1% |
| Health Care | 7.1% |
| Diversified Industrial | 6.6% |
| Energy: Oil | 5.8% |
| Computer Software and Services | 5.4% |
| Food and Beverage | 3.8% |
| Other Industry sectors | 38.5% |
| Other Assets and Liabilities (Net) | 0.6% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Balanced Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

**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-26-SATSR

# TETON Westwood Balanced Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class C - WBCCX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. 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** | **$119** | **2.40%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Balanced Fund outperformed its broad-based benchmark, the S&P 500 Index, and underperformed its comparatives, the Bloomberg US Government / Credit Bond Index and 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index. the Amid increased volatility in equity and bond markets, the Fund benefitted from its equity investments, which showed gains in the period as the market tilted away from growth names amid concerns about capital expenditures for artificial intelligence. Convertible securities also contributed to returns.

## 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](i4874be7e1aecfad1b071026f.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 10766 | 10666 | 11717 | 11152 | 10054 |
| **3/18** | 11694 | 11586 | 13356 | 12267 | 10193 |
| **3/19** | 12119 | 12007 | 14625 | 12945 | 10649 |
| **3/20** | 11509 | 11402 | 13604 | 12906 | 11695 |
| **3/21** | 14150 | 14018 | 21270 | 17730 | 11796 |
| **3/22** | 15146 | 15005 | 24599 | 19271 | 11342 |
| **3/23** | 14006 | 13876 | 22697 | 17330 | 10796 |
| **3/24** | 15818 | 15671 | 29479 | 20834 | 10984 |
| **3/25** | 16253 | 16102 | 31912 | 21963 | 11496 |
| **3/26** | 17170 | 17010 | 37592 | 24913 | 11939 |

---

## 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 | (1.00)% | 5.64% | 3.94% | 5.55% |
| TETON Westwood Balanced Fund - Class C (includes sales charge) | (1.99)% | 4.64% | 3.94% | 5.55% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (0.80)% | 12.22% | 7.33% | 9.21% |
| Bloomberg US Government / Credit Bond Index | 0.69% | 3.86% | 0.24% | 1.79% |

---

## Fund Statistics
* Total Net Assets$30,168,006

* Number of Portfolio Holdings109

* Portfolio Turnover Rate19%

* Management Fees$121,101

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/ for more recent performance information. 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 | 3.9% |
| Amazon.com Inc. | 3.6% |
| NVIDIA Corp. | 3.5% |
| U.S. Treasury Notes | 3.3% |
| Broadcom Inc. | 2.0% |
| NextEra Energy Inc. | 1.6% |
| Deere & Co. | 1.6% |
| CSX Corp. | 1.5% |
| Johnson & Johnson | 1.5% |
| Thermo Fisher Scientific Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.8% |
| Corporate Bonds | 24.4% |
| U.S. Government Obligations | 7.1% |
| Convertible Corporate Bonds | 4.0% |
| Mandatory Convertible Securities | 1.0% |
| Foreign Government Obligations | 0.9% |
| Short Term Investment | 0.2% |
| Other Assets and Liabilities (Net) | 0.6% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5e789c8148fea9476e30b7b0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 17.0% |
| Semiconductors | 8.1% |
| U.S. Government Obligations | 7.1% |
| Health Care | 7.1% |
| Diversified Industrial | 6.6% |
| Energy: Oil | 5.8% |
| Computer Software and Services | 5.4% |
| Food and Beverage | 3.8% |
| Other Industry sectors | 38.5% |
| Other Assets and Liabilities (Net) | 0.6% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Balanced Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

**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-26-SATSR

# TETON Westwood Balanced Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class I - WBBIX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. 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** | **$70** | **1.40%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Balanced Fund outperformed its broad-based benchmark, the S&P 500 Index, and underperformed its comparatives, the Bloomberg US Government / Credit Bond Index and 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index. the Amid increased volatility in equity and bond markets, the Fund benefitted from its equity investments, which showed gains in the period as the market tilted away from growth names amid concerns about capital expenditures for artificial intelligence. Convertible securities also contributed to returns.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $500,000 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 $500,000 Investment
![Growth of 10K Chart](i586357aa75603c5c5f5e4e28.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** |
| **3/16** | 500000 | 500000 | 500000 | 500000 |
| **3/17** | 543563 | 585850 | 557610 | 502700 |
| **3/18** | 595971 | 667810 | 613338 | 509637 |
| **3/19** | 624084 | 731252 | 647267 | 532469 |
| **3/20** | 598737 | 680211 | 645300 | 584757 |
| **3/21** | 743710 | 1063510 | 886500 | 589786 |
| **3/22** | 804386 | 1229949 | 963537 | 567080 |
| **3/23** | 751659 | 1134874 | 866508 | 539803 |
| **3/24** | 857137 | 1473974 | 1041682 | 549196 |
| **3/25** | 889468 | 1595577 | 1098162 | 574788 |
| **3/26** | 949306 | 1879590 | 1245667 | 596975 |

---

## 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 | (0.51)% | 6.73% | 5.00% | 6.62% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (0.80)% | 12.22% | 7.33% | 9.21% |
| Bloomberg US Government / Credit Bond Index | 0.69% | 3.86% | 0.24% | 1.79% |

---

## Fund Statistics
* Total Net Assets$30,168,006

* Number of Portfolio Holdings109

* Portfolio Turnover Rate19%

* Management Fees$121,101

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/ for more recent performance information. 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 | 3.9% |
| Amazon.com Inc. | 3.6% |
| NVIDIA Corp. | 3.5% |
| U.S. Treasury Notes | 3.3% |
| Broadcom Inc. | 2.0% |
| NextEra Energy Inc. | 1.6% |
| Deere & Co. | 1.6% |
| CSX Corp. | 1.5% |
| Johnson & Johnson | 1.5% |
| Thermo Fisher Scientific Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.8% |
| Corporate Bonds | 24.4% |
| U.S. Government Obligations | 7.1% |
| Convertible Corporate Bonds | 4.0% |
| Mandatory Convertible Securities | 1.0% |
| Foreign Government Obligations | 0.9% |
| Short Term Investment | 0.2% |
| Other Assets and Liabilities (Net) | 0.6% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5e789c8148fea9476e30b7b0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 17.0% |
| Semiconductors | 8.1% |
| U.S. Government Obligations | 7.1% |
| Health Care | 7.1% |
| Diversified Industrial | 6.6% |
| Energy: Oil | 5.8% |
| Computer Software and Services | 5.4% |
| Food and Beverage | 3.8% |
| Other Industry sectors | 38.5% |
| Other Assets and Liabilities (Net) | 0.6% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Balanced Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

**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-26-SATSR

# TETON Westwood Balanced Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class A - WEBCX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. 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** | **$82** | **1.65%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Balanced Fund outperformed its broad-based benchmark, the S&P 500 Index, and underperformed its comparatives, the Bloomberg US Government / Credit Bond Index and 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index. the Amid increased volatility in equity and bond markets, the Fund benefitted from its equity investments, which showed gains in the period as the market tilted away from growth names amid concerns about capital expenditures for artificial intelligence. Convertible securities also contributed to returns.

## 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](i47d6d7be1f3694d55f1e4a08.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 10817 | 10382 | 11717 | 11152 | 10054 |
| **3/18** | 11801 | 10872 | 13356 | 12267 | 10193 |
| **3/19** | 12292 | 10868 | 14625 | 12945 | 10649 |
| **3/20** | 11736 | 9961 | 13604 | 12906 | 11695 |
| **3/21** | 14517 | 11828 | 21270 | 17730 | 11796 |
| **3/22** | 15662 | 12252 | 24599 | 19271 | 11342 |
| **3/23** | 14588 | 10954 | 22697 | 17330 | 10796 |
| **3/24** | 16607 | 11966 | 29479 | 20834 | 10984 |
| **3/25** | 17194 | 11890 | 31912 | 21963 | 11496 |
| **3/26** | 18298 | 12147 | 37592 | 24913 | 11939 |

---

## 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 | (0.60)% | 6.42% | 4.74% | 6.23% |
| TETON Westwood Balanced Fund - Class A (includes sales charge) | (4.60)% | 2.16% | 3.89% | 5.79% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | (0.80)% | 12.22% | 7.33% | 9.21% |
| Bloomberg US Government / Credit Bond Index | 0.69% | 3.86% | 0.24% | 1.79% |

---

## Fund Statistics
* Total Net Assets$30,168,006

* Number of Portfolio Holdings109

* Portfolio Turnover Rate19%

* Management Fees$121,101

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/ for more recent performance information. 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 | 3.9% |
| Amazon.com Inc. | 3.6% |
| NVIDIA Corp. | 3.5% |
| U.S. Treasury Notes | 3.3% |
| Broadcom Inc. | 2.0% |
| NextEra Energy Inc. | 1.6% |
| Deere & Co. | 1.6% |
| CSX Corp. | 1.5% |
| Johnson & Johnson | 1.5% |
| Thermo Fisher Scientific Inc. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.8% |
| Corporate Bonds | 24.4% |
| U.S. Government Obligations | 7.1% |
| Convertible Corporate Bonds | 4.0% |
| Mandatory Convertible Securities | 1.0% |
| Foreign Government Obligations | 0.9% |
| Short Term Investment | 0.2% |
| Other Assets and Liabilities (Net) | 0.6% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5e789c8148fea9476e30b7b0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 17.0% |
| Semiconductors | 8.1% |
| U.S. Government Obligations | 7.1% |
| Health Care | 7.1% |
| Diversified Industrial | 6.6% |
| Energy: Oil | 5.8% |
| Computer Software and Services | 5.4% |
| Food and Beverage | 3.8% |
| Other Industry sectors | 38.5% |
| Other Assets and Liabilities (Net) | 0.6% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Balanced Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

**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-26-SATSR

# TETON Convertible Securities Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class AAA - WESRX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. 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** |
| **Teton Convertible Securities Fund - Class AAA** | **$57** | **1.15%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Index. The Fund was underweight a few equity sensitive technology convertibles that accounted for a significant percentage of index performance in the time period. The Fund's focus on balanced convertibles helped it outperform its underlying equities through a volatile market. Top contributors to the portfolio included Lumentum, BridgeBio, Bloom Energy and Brightspring Health Services. Top detractors from performance included Shift4 Payments, Alibaba, and Sofi.

## 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](i39bf8a6c5cb8ea39fc176719.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class AAA** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **3/16** | 10000 | 10000 | 10000 |
| **3/17** | 11406 | 11717 | 11771 |
| **3/18** | 12970 | 13356 | 13022 |
| **3/19** | 13877 | 14625 | 14043 |
| **3/20** | 13478 | 13604 | 13549 |
| **3/21** | 19562 | 21270 | 23593 |
| **3/22** | 18913 | 24599 | 23071 |
| **3/23** | 16544 | 22697 | 20570 |
| **3/24** | 16786 | 29479 | 18340 |
| **3/25** | 18157 | 31912 | 19490 |
| **3/26** | 21729 | 37592 | 24371 |

---

## 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 | (1.94)% | 19.67% | 2.10% | 8.06% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 5.77% | 25.04% | 5.22% | 11.80% |

---

## Fund Statistics
* Total Net Assets$11,346,286

* Number of Portfolio Holdings74

* Portfolio Turnover Rate48%

* Management Fees$(30,533)

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/ for more recent performance information. 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. | 4.1% |
| Bridgebio Pharma Inc. | 3.0% |
| Hewlett Packard Enterprise Co. | 2.8% |
| Digital Realty Trust LP | 2.8% |
| Microchip Technology Inc. | 2.5% |
| BrightSpring Health Services Inc. | 2.5% |
| Alibaba Group Holding Ltd. | 2.5% |
| Lumentum Holdings Inc. | 2.4% |
| Applied Digital Corp. | 2.3% |
| OSI Systems Inc. | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 83.2% |
| Mandatory Convertible Securities | 14.4% |
| U.S. Government Obligations | 1.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i39ff41d822eb948fbdcc3bfc.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 23.4% |
| Computer Software and Services | 10.3% |
| Energy and Utilities: Services | 10.3% |
| Financial Services | 9.2% |
| Energy and Energy Services | 8.4% |
| Aerospace and Defense | 6.0% |
| Semiconductors | 4.6% |
| Metals and Mining | 3.4% |
| Other Industry sectors | 23.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Convertible Securities Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/.

**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-26-SATSR

# TETON Convertible Securities Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class C - WEICX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. 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** |
| **Teton Convertible Securities Fund - Class C** | **$94** | **1.90%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Index. The Fund was underweight a few equity sensitive technology convertibles that accounted for a significant percentage of index performance in the time period. The Fund's focus on balanced convertibles helped it outperform its underlying equities through a volatile market. Top contributors to the portfolio included Lumentum, BridgeBio, Bloom Energy and Brightspring Health Services. Top detractors from performance included Shift4 Payments, Alibaba, and Sofi.

## 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](i8351e9d3c9ca33af738c1690.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 11307 | 11207 | 11717 | 11771 |
| **3/18** | 12771 | 12658 | 13356 | 13022 |
| **3/19** | 13562 | 13442 | 14625 | 14043 |
| **3/20** | 13064 | 12948 | 13604 | 13549 |
| **3/21** | 18823 | 18656 | 21270 | 23593 |
| **3/22** | 18066 | 17907 | 24599 | 23071 |
| **3/23** | 15685 | 15546 | 22697 | 20570 |
| **3/24** | 15792 | 15652 | 29479 | 18340 |
| **3/25** | 16936 | 16786 | 31912 | 19490 |
| **3/26** | 20126 | 19948 | 37592 | 24371 |

---

## 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 | (2.22)% | 18.83% | 1.35% | 7.24% |
| TETON Convertible Securities Fund - Class C (includes sales charge) | (3.19)% | 17.83% | 1.35% | 7.24% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 5.77% | 25.04% | 5.22% | 11.80% |

---

## Fund Statistics
* Total Net Assets$11,346,286

* Number of Portfolio Holdings74

* Portfolio Turnover Rate48%

* Management Fees$(30,533)

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/ for more recent performance information. 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. | 4.1% |
| Bridgebio Pharma Inc. | 3.0% |
| Hewlett Packard Enterprise Co. | 2.8% |
| Digital Realty Trust LP | 2.8% |
| Microchip Technology Inc. | 2.5% |
| BrightSpring Health Services Inc. | 2.5% |
| Alibaba Group Holding Ltd. | 2.5% |
| Lumentum Holdings Inc. | 2.4% |
| Applied Digital Corp. | 2.3% |
| OSI Systems Inc. | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 83.2% |
| Mandatory Convertible Securities | 14.4% |
| U.S. Government Obligations | 1.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i39ff41d822eb948fbdcc3bfc.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 23.4% |
| Computer Software and Services | 10.3% |
| Energy and Utilities: Services | 10.3% |
| Financial Services | 9.2% |
| Energy and Energy Services | 8.4% |
| Aerospace and Defense | 6.0% |
| Semiconductors | 4.6% |
| Metals and Mining | 3.4% |
| Other Industry sectors | 23.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Convertible Securities Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/.

**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-26-SATSR

# TETON Convertible Securities Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class I - WESIX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. 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** |
| **Teton Convertible Securities Fund - Class I** | **$44** | **0.90%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Index. The Fund was underweight a few equity sensitive technology convertibles that accounted for a significant percentage of index performance in the time period. The Fund's focus on balanced convertibles helped it outperform its underlying equities through a volatile market. Top contributors to the portfolio included Lumentum, BridgeBio, Bloom Energy and Brightspring Health Services. Top detractors from performance included Shift4 Payments, Alibaba, and Sofi.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $100,000 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 $100,000 Investment
![Growth of 10K Chart](ia43ccd24fa473d43fab33e4e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class I** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **3/16** | 100000 | 100000 | 100000 |
| **3/17** | 114352 | 117170 | 117710 |
| **3/18** | 130528 | 133562 | 130223 |
| **3/19** | 139969 | 146250 | 140432 |
| **3/20** | 136201 | 136042 | 135489 |
| **3/21** | 198180 | 212702 | 235927 |
| **3/22** | 192137 | 245990 | 230713 |
| **3/23** | 168406 | 226975 | 205703 |
| **3/24** | 171217 | 294795 | 183399 |
| **3/25** | 185520 | 319115 | 183399 |
| **3/26** | 222635 | 375918 | 229329 |

---

## 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 | (1.77)% | 20.01% | 2.35% | 8.33% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 5.77% | 25.04% | 5.22% | 11.80% |

---

## Fund Statistics
* Total Net Assets$11,346,286

* Number of Portfolio Holdings74

* Portfolio Turnover Rate48%

* Management Fees$(30,533)

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/ for more recent performance information. 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. | 4.1% |
| Bridgebio Pharma Inc. | 3.0% |
| Hewlett Packard Enterprise Co. | 2.8% |
| Digital Realty Trust LP | 2.8% |
| Microchip Technology Inc. | 2.5% |
| BrightSpring Health Services Inc. | 2.5% |
| Alibaba Group Holding Ltd. | 2.5% |
| Lumentum Holdings Inc. | 2.4% |
| Applied Digital Corp. | 2.3% |
| OSI Systems Inc. | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 83.2% |
| Mandatory Convertible Securities | 14.4% |
| U.S. Government Obligations | 1.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i39ff41d822eb948fbdcc3bfc.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 23.4% |
| Computer Software and Services | 10.3% |
| Energy and Utilities: Services | 10.3% |
| Financial Services | 9.2% |
| Energy and Energy Services | 8.4% |
| Aerospace and Defense | 6.0% |
| Semiconductors | 4.6% |
| Metals and Mining | 3.4% |
| Other Industry sectors | 23.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Convertible Securities Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/.

**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-26-SATSR

# TETON Convertible Securities Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class A - WEIAX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. 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** |
| **Teton Convertible Securities Fund - Class A** | **$57** | **1.15%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Index. The Fund was underweight a few equity sensitive technology convertibles that accounted for a significant percentage of index performance in the time period. The Fund's focus on balanced convertibles helped it outperform its underlying equities through a volatile market. Top contributors to the portfolio included Lumentum, BridgeBio, Bloom Energy and Brightspring Health Services. Top detractors from performance included Shift4 Payments, Alibaba, and Sofi.

## 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](i165a6ece1eb3ae7ac85691bd.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 11378 | 10919 | 11717 | 11771 |
| **3/18** | 12910 | 11890 | 13356 | 13022 |
| **3/19** | 13781 | 12186 | 14625 | 14043 |
| **3/20** | 13344 | 11327 | 13604 | 13549 |
| **3/21** | 19333 | 15752 | 21270 | 23593 |
| **3/22** | 18692 | 14617 | 24599 | 23071 |
| **3/23** | 16351 | 12278 | 22697 | 20570 |
| **3/24** | 16592 | 12459 | 29479 | 18340 |
| **3/25** | 17913 | 13450 | 31912 | 19490 |
| **3/26** | 21454 | 16109 | 37592 | 24371 |

---

## 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 | (1.88)% | 19.76% | 2.10% | 7.93% |
| TETON Convertible Securities Fund - Class A (includes sales charge) | (5.80)% | 14.96% | 1.27% | 7.49% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 5.77% | 25.04% | 5.22% | 11.80% |

---

## Fund Statistics
* Total Net Assets$11,346,286

* Number of Portfolio Holdings74

* Portfolio Turnover Rate48%

* Management Fees$(30,533)

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/ for more recent performance information. 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. | 4.1% |
| Bridgebio Pharma Inc. | 3.0% |
| Hewlett Packard Enterprise Co. | 2.8% |
| Digital Realty Trust LP | 2.8% |
| Microchip Technology Inc. | 2.5% |
| BrightSpring Health Services Inc. | 2.5% |
| Alibaba Group Holding Ltd. | 2.5% |
| Lumentum Holdings Inc. | 2.4% |
| Applied Digital Corp. | 2.3% |
| OSI Systems Inc. | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 83.2% |
| Mandatory Convertible Securities | 14.4% |
| U.S. Government Obligations | 1.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i39ff41d822eb948fbdcc3bfc.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Health Care | 23.4% |
| Computer Software and Services | 10.3% |
| Energy and Utilities: Services | 10.3% |
| Financial Services | 9.2% |
| Energy and Energy Services | 8.4% |
| Aerospace and Defense | 6.0% |
| Semiconductors | 4.6% |
| Metals and Mining | 3.4% |
| Other Industry sectors | 23.9% |
| Other Assets and Liabilities (Net) | 0.5% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Convertible Securities Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/.

**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-26-SATSR

# TETON Westwood Equity Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class AAA - WESWX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/. 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** | **$90** | **1.80%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Equity Fund outperformed its broad-based benchmark the S&P 500 Index and underperformed its comparative, the Russell 1000 Value Index. The stock market rally that began in 2025 continued into the new year, though it ran out of steam as stocks declined amid war in the Middle East and challenging economic statistics. The selling to close the period was indiscriminate and broad-based, impacting large and small cap, growth and value stocks.

## 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](i2d8c44284f3b62271043de42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class AAA** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/16** | 10000 | 10000 | 10000 |
| **3/17** | 11327 | 11717 | 11922 |
| **3/18** | 12855 | 13356 | 12751 |
| **3/19** | 13475 | 14625 | 13474 |
| **3/20** | 11844 | 13604 | 11160 |
| **3/21** | 16983 | 21270 | 17420 |
| **3/22** | 19238 | 24599 | 19453 |
| **3/23** | 17877 | 22697 | 18303 |
| **3/24** | 20846 | 29479 | 22013 |
| **3/25** | 21281 | 31912 | 23594 |
| **3/26** | 22258 | 37592 | 27338 |

---

## 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 | (0.31)% | 4.59% | 5.56% | 8.33% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Russell 1000 Value Index | 5.99% | 15.87% | 9.43% | 10.58% |

---

## Fund Statistics
* Total Net Assets$37,790,503

* Number of Portfolio Holdings53

* Portfolio Turnover Rate27%

* Management Fees$201,070

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Amazon.com Inc. | 3.0% |
| NextEra Energy Inc. | 2.7% |
| Thermo Fisher Scientific Inc. | 2.5% |
| Berkshire Hathaway Inc. | 2.5% |
| RB Global Inc. | 2.5% |
| Alphabet Inc. | 2.4% |
| Johnson & Johnson | 2.4% |
| The Home Depot Inc. | 2.4% |
| CSX Corp. | 2.4% |
| Exxon Mobil Corp. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Short Term Investment | 0.4% |
| Other Assets and Liabilities (Net) <sup>Footnote Reference\*</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i1ae1a1d16a67ae45a968330c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.8% |
| Retail | 10.0% |
| Health Care | 9.4% |
| Diversified Industrial | 8.3% |
| Computer Software and Services | 7.9% |
| Energy and Utilities: Integrated | 7.3% |
| Energy: Oil | 6.1% |
| Food and Beverage | 4.4% |
| Other Industry sectors | 26.8% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference1</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Equity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

**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-26-SATSR

# TETON Westwood Equity Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class C - WEQCX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/. 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** | **$137** | **2.56%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Equity Fund outperformed its broad-based benchmark the S&P 500 Index and underperformed its comparative, the Russell 1000 Value Index. The stock market rally that began in 2025 continued into the new year, though it ran out of steam as stocks declined amid war in the Middle East and challenging economic statistics. The selling to close the period was indiscriminate and broad-based, impacting large and small cap, growth and value stocks.

## 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](i021968d32ff90ffb33e32e41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class C** | **TETON Westwood Equity Fund - Class C (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 11253 | 11153 | 11717 | 11922 |
| **3/18** | 12667 | 12554 | 13356 | 12751 |
| **3/19** | 13174 | 13057 | 14625 | 13474 |
| **3/20** | 11506 | 11403 | 13604 | 11160 |
| **3/21** | 16339 | 16194 | 21270 | 17420 |
| **3/22** | 18376 | 18213 | 24599 | 19453 |
| **3/23** | 16953 | 16803 | 22697 | 18303 |
| **3/24** | 19633 | 19458 | 29479 | 22013 |
| **3/25** | 19892 | 19715 | 31912 | 23594 |
| **3/26** | 23751 | 23540 | 37592 | 27338 |

---

## 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 | 14.05% | 19.40% | 7.77% | 9.04% |
| TETON Westwood Equity Fund - Class C (includes sales charge) | 13.05% | 18.40% | 7.77% | 9.04% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Russell 1000 Value Index | 5.99% | 15.87% | 9.43% | 10.58% |

---

## Fund Statistics
* Total Net Assets$37,790,503

* Number of Portfolio Holdings53

* Portfolio Turnover Rate27%

* Management Fees$201,070

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Amazon.com Inc. | 3.0% |
| NextEra Energy Inc. | 2.7% |
| Thermo Fisher Scientific Inc. | 2.5% |
| Berkshire Hathaway Inc. | 2.5% |
| RB Global Inc. | 2.5% |
| Alphabet Inc. | 2.4% |
| Johnson & Johnson | 2.4% |
| The Home Depot Inc. | 2.4% |
| CSX Corp. | 2.4% |
| Exxon Mobil Corp. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Short Term Investment | 0.4% |
| Other Assets and Liabilities (Net) <sup>Footnote Reference\*</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i1ae1a1d16a67ae45a968330c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.8% |
| Retail | 10.0% |
| Health Care | 9.4% |
| Diversified Industrial | 8.3% |
| Computer Software and Services | 7.9% |
| Energy and Utilities: Integrated | 7.3% |
| Energy: Oil | 6.1% |
| Food and Beverage | 4.4% |
| Other Industry sectors | 26.8% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference1</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Equity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

**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-26-SATSR

# TETON Westwood Equity Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class I - WEEIX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/. 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** | **$77** | **1.55%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Equity Fund outperformed its broad-based benchmark the S&P 500 Index and underperformed its comparative, the Russell 1000 Value Index. The stock market rally that began in 2025 continued into the new year, though it ran out of steam as stocks declined amid war in the Middle East and challenging economic statistics. The selling to close the period was indiscriminate and broad-based, impacting large and small cap, growth and value stocks.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $500,000 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 $500,000 Investment
![Growth of 10K Chart](i7072012403c3668728047493.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class I** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/16** | 500000 | 500000 | 500000 |
| **3/17** | 567986 | 585850 | 596100 |
| **3/18** | 645997 | 667810 | 637529 |
| **3/19** | 679097 | 731252 | 673677 |
| **3/20** | 598611 | 680211 | 558007 |
| **3/21** | 860262 | 1063510 | 870992 |
| **3/22** | 976969 | 1229949 | 972637 |
| **3/23** | 909434 | 1134874 | 915154 |
| **3/24** | 1064034 | 1473974 | 1100656 |
| **3/25** | 1088742 | 1595577 | 1179683 |
| **3/26** | 1141356 | 1879590 | 1366899 |

---

## 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 | (0.19)% | 4.83% | 5.82% | 8.60% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Russell 1000 Value Index | 5.99% | 15.87% | 9.43% | 10.58% |

---

## Fund Statistics
* Total Net Assets$37,790,503

* Number of Portfolio Holdings53

* Portfolio Turnover Rate27%

* Management Fees$201,070

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Amazon.com Inc. | 3.0% |
| NextEra Energy Inc. | 2.7% |
| Thermo Fisher Scientific Inc. | 2.5% |
| Berkshire Hathaway Inc. | 2.5% |
| RB Global Inc. | 2.5% |
| Alphabet Inc. | 2.4% |
| Johnson & Johnson | 2.4% |
| The Home Depot Inc. | 2.4% |
| CSX Corp. | 2.4% |
| Exxon Mobil Corp. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Short Term Investment | 0.4% |
| Other Assets and Liabilities (Net) <sup>Footnote Reference\*</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i1ae1a1d16a67ae45a968330c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.8% |
| Retail | 10.0% |
| Health Care | 9.4% |
| Diversified Industrial | 8.3% |
| Computer Software and Services | 7.9% |
| Energy and Utilities: Integrated | 7.3% |
| Energy: Oil | 6.1% |
| Food and Beverage | 4.4% |
| Other Industry sectors | 26.8% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference1</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Equity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

**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-26-SATSR

# TETON Westwood Equity Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class A - WEECX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/. 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** | **$90** | **1.80%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Equity Fund outperformed its broad-based benchmark the S&P 500 Index and underperformed its comparative, the Russell 1000 Value Index. The stock market rally that began in 2025 continued into the new year, though it ran out of steam as stocks declined amid war in the Middle East and challenging economic statistics. The selling to close the period was indiscriminate and broad-based, impacting large and small cap, growth and value stocks.

## 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](i1a9e7782ad9053300c8592e1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class A** | **TETON Westwood Equity Fund - Class A (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 11299 | 10847 | 11717 | 11922 |
| **3/18** | 12795 | 11792 | 13356 | 12751 |
| **3/19** | 13372 | 11831 | 14625 | 13474 |
| **3/20** | 11735 | 9967 | 13604 | 11160 |
| **3/21** | 16791 | 13691 | 21270 | 17420 |
| **3/22** | 19021 | 14889 | 24599 | 19453 |
| **3/23** | 17671 | 13279 | 22697 | 18303 |
| **3/24** | 20625 | 14879 | 29479 | 22013 |
| **3/25** | 21054 | 14581 | 31912 | 23594 |
| **3/26** | 21997 | 14625 | 37592 | 27338 |

---

## 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 | (0.33)% | 4.48% | 5.55% | 8.20% |
| TETON Westwood Equity Fund - Class A (includes sales charge) | (4.31)% | 0.30% | 4.69% | 7.76% |
| S&P 500 Index | (1.79)% | 17.80% | 12.06% | 14.16% |
| Russell 1000 Value Index | 5.99% | 15.87% | 9.43% | 10.58% |

---

## Fund Statistics
* Total Net Assets$37,790,503

* Number of Portfolio Holdings53

* Portfolio Turnover Rate27%

* Management Fees$201,070

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Amazon.com Inc. | 3.0% |
| NextEra Energy Inc. | 2.7% |
| Thermo Fisher Scientific Inc. | 2.5% |
| Berkshire Hathaway Inc. | 2.5% |
| RB Global Inc. | 2.5% |
| Alphabet Inc. | 2.4% |
| Johnson & Johnson | 2.4% |
| The Home Depot Inc. | 2.4% |
| CSX Corp. | 2.4% |
| Exxon Mobil Corp. | 2.4% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Short Term Investment | 0.4% |
| Other Assets and Liabilities (Net) <sup>Footnote Reference\*</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i1ae1a1d16a67ae45a968330c.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 19.8% |
| Retail | 10.0% |
| Health Care | 9.4% |
| Diversified Industrial | 8.3% |
| Computer Software and Services | 7.9% |
| Energy and Utilities: Integrated | 7.3% |
| Energy: Oil | 6.1% |
| Food and Beverage | 4.4% |
| Other Industry sectors | 26.8% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference1</sup> | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Amount represents less than 0.05% |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Equity Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

**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-26-SATSR

# TETON Westwood Mighty Mites Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class AAA - WEMMX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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). PMV 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. 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** | **$80** | **1.55%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative, the Dow Jones U.S. Micro-Cap Total Stock Market Index. Performance was driven by strength across our industrial holdings, particularly within aerospace and defense. This was partially offset by the Fund's underweight positions in energy and healthcare, primarily biotechnology. Contributors to performance included Astronics Corp, Ultra Clean Holdings, Inc., and Myers Industries, Inc. Detractors from the portfolio included Gibraltar Industries, Inc., Full House Resorts, Inc., and Eastern 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](ifba05da0791eb949f99b363e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class AAA** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **3/16** | 10000 | 10000 | 10000 |
| **3/17** | 12404 | 12622 | 12732 |
| **3/18** | 13704 | 14110 | 14435 |
| **3/19** | 13268 | 14399 | 14409 |
| **3/20** | 9837 | 10945 | 10649 |
| **3/21** | 17733 | 21326 | 23341 |
| **3/22** | 17571 | 20091 | 18556 |
| **3/23** | 16689 | 17759 | 14442 |
| **3/24** | 18956 | 21259 | 16298 |
| **3/25** | 17744 | 20407 | 15549 |
| **3/26** | 22600 | 25655 | 20599 |

---

## 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 | 7.23% | 27.36% | 4.97% | 8.50% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (1.33)% | 32.48% | (2.48)% | 7.45% |

---

## Fund Statistics
* Total Net Assets$181,070,086

* Number of Portfolio Holdings277

* Portfolio Turnover Rate1%

* Management Fees$917,849

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Myers Industries Inc. | 2.9% |
| Astronics Corp. | 2.9% |
| Gencor Industries Inc. | 2.1% |
| Park-Ohio Holdings Corp. | 2.1% |
| Burnham Holdings Inc. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Rush Enterprises Inc. | 1.7% |
| Capital City Bank Group Inc. | 1.6% |
| Nobility Homes Inc. | 1.6% |
| L.B. Foster Co. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8% |
| U.S. Government Obligations | 2.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ia16a6441774fb456cfffa26d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.1% |
| Diversified Industrial | 12.9% |
| Health Care | 4.9% |
| Equipment and Supplies | 4.8% |
| Aviation: Parts and Services | 4.2% |
| Building and Construction | 4.1% |
| Machinery | 3.7% |
| Electronics | 3.6% |
| Other Industry sectors | 46.7% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

**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-26-SATSR

# TETON Westwood Mighty Mites Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class C - WMMCX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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). PMV 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. 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** | **$119** | **2.30%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative, the Dow Jones U.S. Micro-Cap Total Stock Market Index. Performance was driven by strength across our industrial holdings, particularly within aerospace and defense. This was partially offset by the Fund's underweight positions in energy and healthcare, primarily biotechnology. Contributors to performance included Astronics Corp, Ultra Clean Holdings, Inc., and Myers Industries, Inc. Detractors from the portfolio included Gibraltar Industries, Inc., Full House Resorts, Inc., and Eastern 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](i966601a35119b13fad260622.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 12313 | 12213 | 12622 | 12732 |
| **3/18** | 13499 | 13389 | 14110 | 14435 |
| **3/19** | 12973 | 12867 | 14399 | 14409 |
| **3/20** | 9542 | 9465 | 10945 | 10649 |
| **3/21** | 17083 | 16944 | 21326 | 23341 |
| **3/22** | 16791 | 16655 | 20091 | 18556 |
| **3/23** | 15837 | 15708 | 17759 | 14442 |
| **3/24** | 17849 | 17704 | 21259 | 16298 |
| **3/25** | 16583 | 16448 | 20407 | 15549 |
| **3/26** | 20965 | 20794 | 25655 | 20599 |

---

## 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 | 6.82% | 26.43% | 4.18% | 7.68% |
| TETON Westwood Mighty Mites Fund - Class C (includes sales charge) | 5.82% | 25.43% | 4.18% | 7.68% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (1.33)% | 32.48% | (2.48)% | 7.45% |

---

## Fund Statistics
* Total Net Assets$181,070,086

* Number of Portfolio Holdings277

* Portfolio Turnover Rate1%

* Management Fees$917,849

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Myers Industries Inc. | 2.9% |
| Astronics Corp. | 2.9% |
| Gencor Industries Inc. | 2.1% |
| Park-Ohio Holdings Corp. | 2.1% |
| Burnham Holdings Inc. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Rush Enterprises Inc. | 1.7% |
| Capital City Bank Group Inc. | 1.6% |
| Nobility Homes Inc. | 1.6% |
| L.B. Foster Co. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8% |
| U.S. Government Obligations | 2.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ia16a6441774fb456cfffa26d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.1% |
| Diversified Industrial | 12.9% |
| Health Care | 4.9% |
| Equipment and Supplies | 4.8% |
| Aviation: Parts and Services | 4.2% |
| Building and Construction | 4.1% |
| Machinery | 3.7% |
| Electronics | 3.6% |
| Other Industry sectors | 46.7% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

**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-26-SATSR

# TETON Westwood Mighty Mites Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class I - WEIMX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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). PMV 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. 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** | **$67** | **1.30%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative, the Dow Jones U.S. Micro-Cap Total Stock Market Index. Performance was driven by strength across our industrial holdings, particularly within aerospace and defense. This was partially offset by the Fund's underweight positions in energy and healthcare, primarily biotechnology. Contributors to performance included Astronics Corp, Ultra Clean Holdings, Inc., and Myers Industries, Inc. Detractors from the portfolio included Gibraltar Industries, Inc., Full House Resorts, Inc., and Eastern Company.

## How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $500,000 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 $500,000 Investment
![Growth of 10K Chart](iffbba762f488e4016555a88f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class I** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **3/16** | 500000 | 500000 | 500000 |
| **3/17** | 621893 | 631100 | 636592 |
| **3/18** | 688621 | 705507 | 721756 |
| **3/19** | 668223 | 719970 | 720453 |
| **3/20** | 496790 | 547249 | 532431 |
| **3/21** | 897695 | 1066314 | 1167044 |
| **3/22** | 891489 | 1004575 | 927793 |
| **3/23** | 849038 | 887944 | 722114 |
| **3/24** | 966841 | 1062957 | 814905 |
| **3/25** | 906922 | 1020333 | 777473 |
| **3/26** | 1158546 | 1282762 | 1029958 |

---

## 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 | 7.35% | 27.74% | 5.23% | 8.77% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (1.33)% | 32.48% | (2.48)% | 7.45% |

---

## Fund Statistics
* Total Net Assets$181,070,086

* Number of Portfolio Holdings277

* Portfolio Turnover Rate1%

* Management Fees$917,849

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Myers Industries Inc. | 2.9% |
| Astronics Corp. | 2.9% |
| Gencor Industries Inc. | 2.1% |
| Park-Ohio Holdings Corp. | 2.1% |
| Burnham Holdings Inc. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Rush Enterprises Inc. | 1.7% |
| Capital City Bank Group Inc. | 1.6% |
| Nobility Homes Inc. | 1.6% |
| L.B. Foster Co. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8% |
| U.S. Government Obligations | 2.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ia16a6441774fb456cfffa26d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.1% |
| Diversified Industrial | 12.9% |
| Health Care | 4.9% |
| Equipment and Supplies | 4.8% |
| Aviation: Parts and Services | 4.2% |
| Building and Construction | 4.1% |
| Machinery | 3.7% |
| Electronics | 3.6% |
| Other Industry sectors | 46.7% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

**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-26-SATSR

# TETON Westwood Mighty Mites Fund
![Image](i0a9431faf4116ea7d44702e5.jpg)

# Class A - WMMAX

#### Semi-Annual Shareholder Report - March 31, 2026

## 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, 2025 to March 31, 2026. 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). PMV 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. 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** | **$80** | **1.55%** |

---

## How did the Fund perform?
For the six month period ended March 31, 2026, the Teton Westwood Mighty Mites Fund outperformed its broad-based benchmark, the Russell 2000 Index, and its comparative, the Dow Jones U.S. Micro-Cap Total Stock Market Index. Performance was driven by strength across our industrial holdings, particularly within aerospace and defense. This was partially offset by the Fund's underweight positions in energy and healthcare, primarily biotechnology. Contributors to performance included Astronics Corp, Ultra Clean Holdings, Inc., and Myers Industries, Inc. Detractors from the portfolio included Gibraltar Industries, Inc., Full House Resorts, Inc., and Eastern 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](i23c571e5c1b57e0629281499.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** |
| **3/16** | 10000 | 10000 | 10000 | 10000 |
| **3/17** | 12374 | 11879 | 12622 | 12732 |
| **3/18** | 13636 | 12567 | 14110 | 14435 |
| **3/19** | 13170 | 11652 | 14399 | 14409 |
| **3/20** | 9740 | 8272 | 10945 | 10649 |
| **3/21** | 17533 | 14296 | 21326 | 23341 |
| **3/22** | 17367 | 13594 | 20091 | 18556 |
| **3/23** | 16498 | 12398 | 17759 | 14442 |
| **3/24** | 18748 | 13524 | 21259 | 16298 |
| **3/25** | 17541 | 12148 | 20407 | 15549 |
| **3/26** | 22336 | 14849 | 25655 | 20599 |

---

## 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 | 7.22% | 27.33% | 4.96% | 8.37% |
| TETON Westwood Mighty Mites Fund - Class A (includes sales charge) | 2.93% | 22.24% | 4.11% | 7.93% |
| Russell 2000 Index | 3.10% | 25.72% | 3.77% | 9.88% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | (1.33)% | 32.48% | (2.48)% | 7.45% |

---

## Fund Statistics
* Total Net Assets$181,070,086

* Number of Portfolio Holdings277

* Portfolio Turnover Rate1%

* Management Fees$917,849

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/ for more recent performance information. 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)

---

| | |
|:---|:---|
| Myers Industries Inc. | 2.9% |
| Astronics Corp. | 2.9% |
| Gencor Industries Inc. | 2.1% |
| Park-Ohio Holdings Corp. | 2.1% |
| Burnham Holdings Inc. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Rush Enterprises Inc. | 1.7% |
| Capital City Bank Group Inc. | 1.6% |
| Nobility Homes Inc. | 1.6% |
| L.B. Foster Co. | 1.5% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8% |
| U.S. Government Obligations | 2.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ia16a6441774fb456cfffa26d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 15.1% |
| Diversified Industrial | 12.9% |
| Health Care | 4.9% |
| Equipment and Supplies | 4.8% |
| Aviation: Parts and Services | 4.2% |
| Building and Construction | 4.1% |
| Machinery | 3.7% |
| Electronics | 3.6% |
| Other Industry sectors | 46.7% |
| Other Assets and Liabilities (Net)<sup>Footnote Reference\*</sup> | (0.0)% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount represents greater than (0.05%) |

---

![Image](i0a9431faf4116ea7d44702e5.jpg)

#### TETON Westwood Mighty Mites Fund

#### Semi-Annual Shareholder Report - March 31, 2026

#### 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 https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

**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-26-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.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 7 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;(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.

![](teton_001.jpg)

TETON WESTWOOD FUNDS

Mighty Mites<sup>SM</sup> Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Semiannual Report

March 31, 2026

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**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Mighty Mites Fund was 7.2%, compared with total returns of 3.1% for the Russell 2000 Index and (1.3)% for the Dow Jones U.S. Micro-Cap Total Stock Market Index.

**Convertible Securities Fund**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was (1.9)%, compared with total returns of (1.8)% for the Standard & Poor's (S&P) 500 Index and 5.8% for the ICE BofA U.S. Convertibles Index.

**Equity Fund**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Equity Fund was (0.3)%, compared with a total return of (1.8)% for the S&P 500 Index.

**Balanced Fund**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was (0.6)%, compared with total returns of 0.7% for the Bloomberg US Government/Credit Bond Index and (0.8)% for the common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg US Government/Credit Bond Index.

**Summary of Portfolio Holdings (Unaudited)**

The following tables present portfolio holdings as a percent of net assets as of March 31, 2026:

***TETON Westwood Mighty Mites Fund***

---

| | |
|:---|:---|
| Financial Services | 15.1% |
| Diversified Industrial | 12.9% |
| Health Care | 4.9% |
| Equipment and Supplies | 4.8% |
| Aviation: Parts and Services | 4.2% |
| Building and Construction | 4.1% |
| Machinery | 3.7% |
| Electronics | 3.6% |
| Aerospace and Defense | 3.6% |
| Hotels and Gaming | 3.2% |
| Food and Beverage | 3.0% |
| Automotive: Parts and Accessories | 2.5% |
| Energy and Utilities: Water | 2.5% |
| Real Estate | 2.4% |
| U.S. Government Obligations | 2.1% |
| Manufactured Housing and Recreational Vehicles | 2.0% |
| Automotive | 2.0% |
| Computer Software and Services | 1.9% |
| Broadcasting | 1.9% |
| Energy and Utilities: Services | 1.9% |
| Entertainment | 1.8% |

---

---

| | | |
|:---|:---|:---|
| Consumer Products | 1.8 | % |
| Metals and Mining | 1.8 | % |
| Specialty Chemicals | 1.6 | % |
| Semiconductors | 1.4 | % |
| Retail | 1.4 | % |
| Energy and Utilities: Natural Gas | 1.2 | % |
| Restaurants | 1.2 | % |
| Communications Equipment | 1.2 | % |
| Business Services | 1 | % |
| Telecommunications | 0.9 | % |
| Agriculture | 0.9 | % |
| Publishing | 0.5 | % |
| Environmental Control | 0.4 | % |
| Consumer Services | 0.4 | % |
| Educational Services | 0.2 | % |
| Paper and Forest Products | 0 | %\* |
| Other Assets and Liabilities (Net) | (0 |)%\*\* |
|  | 100 | % |

---

\* Amount represents less than 0.05%.

\*\* Amount represents greater than (0.05)%.

***TETON Convertible Securities Fund***

---

| | |
|:---|:---|
| Health Care | 23.4% |
| Computer Software and Services | 10.3% |
| Energy and Utilities: Services | 10.3% |
| Financial Services | 9.2% |
| Energy and Energy Services | 8.4% |
| Aerospace and Defense | 6.0% |
| Semiconductors | 4.6% |
| Metals and Mining | 3.4% |
| Retail | 3.4% |
| Real Estate | 2.8% |
| Telecommunications | 2.3% |
| Consumer Services | 2.1% |

---

---

| | |
|:---|:---|
| Diversified Industrial | 2.0% |
| Energy and Utilities: Integrated | 1.9% |
| U.S. Government Obligations | 1.9% |
| Energy and Utilities: Natural Gas | 1.7% |
| Equipment and Supplies | 1.4% |
| Automotive: Parts and Accessories | 1.0% |
| Aviation: Parts and Services | 0.9% |
| Consumer Products | 0.9% |
| Business Services | 0.8% |
| Environmental Control | 0.8% |
| Other Assets and Liabilities (Net) | 0.5% |
|  | 100.0% |

---

***TETON Westwood Equity Fund***

---

| | |
|:---|:---|
| Financial Services | 19.8% |
| Retail | 10.0% |
| Health Care | 9.4% |
| Diversified Industrial | 8.3% |
| Computer Software and Services | 7.9% |
| Energy and Utilities: Integrated | 7.3% |
| Energy: Oil | 6.1% |
| Food and Beverage | 4.4% |
| Semiconductors | 4.4% |
| Commercial Services and Supplies | 2.9% |
| Materials | 2.9% |
| Communications Equipment | 2.3% |

---

---

| | | |
|:---|:---|:---|
| Equipment and Supplies | 2.1 | % |
| Real Estate | 2.1 | % |
| Business Services | 2 | % |
| Computer Hardware | 2 | % |
| Telecommunications | 1.8 | % |
| Entertainment | 1.8 | % |
| Transportation | 1.1 | % |
| Aerospace and Defense | 1 | % |
| Short Term Investment | 0.4 | % |
| Other Assets and Liabilities (Net) | 0 | %\* |
|  | 100 | % |

---

\* Amount represents less than 0.05%.

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

***TETON Westwood Balanced Fund***

---

| | |
|:---|:---|
| Financial Services | 17.0% |
| Semiconductors | 8.1% |
| U.S. Government Obligations | 7.1% |
| Health Care | 7.1% |
| Diversified Industrial | 6.6% |
| Energy: Oil | 5.8% |
| Computer Software and Services | 5.4% |
| Food and Beverage | 3.8% |
| Real Estate | 3.6% |
| Consumer Services | 3.6% |
| Energy and Utilities: Integrated | 3.5% |
| Computer Hardware | 3.1% |
| Retail | 3.0% |
| Aerospace and Defense | 2.7% |
| Telecommunication Services | 2.4% |
| Energy and Energy Services | 2.2% |

---

---

| | |
|:---|:---|
| Materials | 1.8% |
| Electronics | 1.8% |
| Transportation | 1.5% |
| Communications Equipment | 1.4% |
| Business Services | 1.2% |
| Entertainment | 1.1% |
| Commercial Services and Supplies | 1.0% |
| Communications | 0.9% |
| Foreign Government Obligations | 0.9% |
| Equipment and Supplies | 0.7% |
| Energy and Utilities: Water | 0.7% |
| Automotive: Parts and Accessories | 0.6% |
| Energy and Utilities: Natural Gas | 0.6% |
| Short Term Investment | 0.2% |
| Other Assets and Liabilities (Net) | 0.6% |
|  | 100.0% |

---

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 97.8%** |  |  |
|  | **Aerospace and Defense — 3.6%** |  |  |
| 46000 | Allient Inc. | $1064533 | $2718140 |
| 15000 | Avio SpA | 248669 | 573880 |
| 111000 | Innovative Solutions and Support Inc.† | 506321 | 2278830 |
| 1500 | Kratos Defense & Security Solutions Inc.† | 5647 | 105765 |
| 30700 | Park Aerospace Corp. | 449285 | 840566 |
|  |  | 2274455 | 6517181 |
|  | **Agriculture — 0.9%** |  |  |
| 205 | J.G. Boswell Co. | 130205 | 112750 |
| 113000 | Limoneira Co. | 1976986 | 1516460 |
| 7000 | S&W Seed Co.† | 4527 | 770 |
|  |  | 2111718 | 1629980 |
|  | **Automotive — 2.0%** |  |  |
| 8000 | Rush Enterprises Inc., Cl. A | 52923 | 528880 |
| 40800 | Rush Enterprises Inc., Cl. B | 351886 | 2625480 |
| 43200 | Wabash National Corp. | 81507 | 372384 |
|  |  | 486316 | 3526744 |
|  | **Automotive: Parts and Accessories — 2.4%** |  |  |
| 44228 | Commercial Vehicle Group Inc.† | 301649 | 150818 |
| 40000 | Garrett Motion Inc. | 297828 | 726800 |
| 2200 | Modine Manufacturing Co.† | 18326 | 476762 |
| 7800 | Motorcar Parts of America Inc.† | 102503 | 86268 |
| 80000 | Puradyn Filter Technologies Inc.† | 13774 | 0 |
| 32500 | Standard Motor Products Inc. | 362342 | 1129050 |
| 21300 | Strattec Security Corp.† | 420970 | 1668642 |
| 20200 | Titan International Inc.† | 86140 | 139582 |
|  |  | 1603532 | 4377922 |
|  | **Aviation: Parts and Services — 4.2%** |  |  |
| 57000 | Astronics Corp.† | 562177 | 3803610 |
| 21748 | Astronics Corp., Cl. B† | 129000 | 1451570 |
| 19500 | Ducommun Inc.† | 196498 | 2379000 |
|  |  | 887675 | 7634180 |
|  | **Broadcasting — 1.9%** |  |  |
| 1000 | Beasley Broadcast Group Inc., Cl. A† | 6637 | 3340 |
| 10000 | Corus Entertainment Inc., Cl. B† | 3403 | 216 |
| 30280 | Dish TV India Ltd., GDR† | 22113 | 303 |
| 80000 | Entravision Communications Corp., Cl. A | 208841 | 237600 |
| 236740 | Gray Media Inc. | 246379 | 1027451 |
| 87000 | Gray Media Inc., Cl. A | 629140 | 1079670 |
| 28800 | Sinclair Inc. | 50115 | 372672 |
| 115000 | Townsquare Media Inc., Cl. A | 734688 | 624450 |
|  |  | 1901316 | 3345702 |
|  | **Building and Construction — 4.1%** |  |  |
| 59059 | Armstrong Flooring Inc.† | 10195 | 6 |
| 52000 | Gibraltar Industries Inc.† | 1174494 | 2073240 |
| 3500 | Granite Construction Inc. | 74874 | 419580 |
| 400 | Herc Holdings Inc. | 9496 | 39820 |
| 7000 | INNOVATE Corp.† | 55783 | 39760 |
| 6000 | MYR Group Inc.† | 100899 | 1693920 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
| 12490 | The Monarch Cement Co. | $354859 | $3184950 |
|  |  | 1780600 | 7451276 |
|  | **Business Services — 1.0%** |  |  |
| 36900 | Du-Art Film Laboratories Inc., Non-Voting†(a) | 0 | 44501 |
| 4100 | Du-Art Film Laboratories Inc., Voting†(a) | 0 | 4945 |
| 5000 | ICF International Inc. | 261732 | 326450 |
| 26000 | OPENLANE Inc.† | 136877 | 757900 |
| 10000 | Pursuit Attractions and Hospitality Inc.† | 196457 | 366300 |
| 2299195 | Trans-Lux Corp.†(b) | 1195128 | 252911 |
|  |  | 1790194 | 1753007 |
|  | **Communications Equipment — 1.2%** |  |  |
| 53000 | Anterix Inc.† | 1343094 | 2024070 |
| 5000 | Clearfield Inc.† | 166840 | 132350 |
|  |  | 1509934 | 2156420 |
|  | **Computer Software and Services — 1.9%** |  |  |
| 40000 | 3D Systems Corp.† | 136586 | 75200 |
| 468000 | Alithya Group Inc., Cl. A† | 1043612 | 462665 |
| 2500 | Cardlytics Inc.† | 25652 | 2625 |
| 45000 | DHI Group Inc.† | 81549 | 126450 |
| 8000 | Digi International Inc.† | 99724 | 385600 |
| 100000 | Kaltura Inc.† | 151681 | 122000 |
| 10000 | Materialise NV, ADR† | 58532 | 49400 |
| 89800 | Mitek Systems Inc.† | 405061 | 1212300 |
| 25000 | N-able Inc.† | 109000 | 116750 |
| 7000 | PAR Technology Corp.† | 95550 | 93310 |
| 4000 | Rapid7 Inc.† | 47678 | 22040 |
| 8000 | Red Violet Inc.† | 198232 | 276800 |
| 1000 | Tyler Technologies Inc.† | 16928 | 342380 |
| 43164 | Weave Communications Inc.† | 272274 | 199417 |
|  |  | 2742059 | 3486937 |
|  | **Consumer Products — 1.8%** |  |  |
| 9500 | Bassett Furniture Industries Inc. | 138304 | 134425 |
| 1000000 | Goodbaby International Holdings Ltd. | 217275 | 123705 |
| 5000 | Johnson Outdoors Inc., Cl. A | 145741 | 232550 |
| 50900 | Lifetime Brands Inc. | 409639 | 292166 |
| 223000 | Marine Products Corp. | 1513145 | 1621210 |
| 3000 | MarineMax Inc.† | 52591 | 81180 |
| 10200 | Oil-Dri Corp. of America | 103321 | 663918 |
| 5700 | PC Group Inc.†(a) | 3465 | 0 |
| 2200000 | Playmates Holdings Ltd. | 263717 | 148702 |
| 500 | Sturm Ruger & Co. Inc. | 15630 | 20045 |
|  |  | 2862828 | 3317901 |
|  | **Consumer Services — 0.4%** |  |  |
| 105800 | 1-800-Flowers.com Inc., Cl. A† | 389276 | 321632 |
| 63400 | Bowlin Travel Centers Inc.† | 86945 | 249796 |
| 8000 | Matthews International Corp., Cl. A | 223614 | 206560 |
|  |  | 699835 | 777988 |
|  | **Diversified Industrial — 12.9%** |  |  |
| 116957 | American Outdoor Brands Inc.† | 947123 | 1092378 |
| 139000 | Burnham Holdings Inc., Cl. A | 2007219 | 3614000 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued)—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Diversified Industrial (Continued)** |  |  |
| 3500 | Columbus McKinnon Corp. | $41535 | $50855 |
| 93500 | Distribution Solutions Group Inc.† | 581422 | 2453440 |
| 21300 | Graham Corp.† | 153234 | 1680996 |
| 1000 | Griffon Corp. | 10020 | 72680 |
| 14500 | Haulotte Group SA | 77957 | 35866 |
| 400 | Hyster-Yale Inc. | 11320 | 13004 |
| 98641 | L.B. Foster Co., Cl. A† | 1266140 | 2752084 |
| 4100 | MSA Safety Inc. | 118927 | 672195 |
| 249500 | Myers Industries Inc. | 4333915 | 5284410 |
| 154300 | Park-Ohio Holdings Corp. | 2926664 | 3709372 |
| 19100 | RWC Inc.(a) | 297859 | 272175 |
| 400 | Standex International Corp. | 10214 | 101944 |
| 91500 | Twin Disc Inc. | 1077284 | 1378905 |
| 6700 | Velan Inc. | 46979 | 76339 |
|  |  | 13907812 | 23260643 |
|  | **Educational Services — 0.2%** |  |  |
| 8700 | Universal Technical Institute Inc.† | 23979 | 314070 |
|  | **Electronics — 3.6%** |  |  |
| 62000 | Arlo Technologies Inc.† | 175470 | 882260 |
| 3250 | Badger Meter Inc. | 55735 | 495137 |
| 45071 | CTS Corp. | 418677 | 2152591 |
| 7200 | Daktronics Inc.† | 41880 | 140760 |
| 31000 | Kimball Electronics Inc.† | 193486 | 734390 |
| 1690 | Methode Electronics Inc. | 9891 | 9329 |
| 1500 | Napco Security Technologies Inc. | 30450 | 59085 |
| 20000 | Stoneridge Inc.† | 160561 | 96600 |
| 109000 | Ultralife Corp.† | 755149 | 710680 |
| 30035 | Vishay Precision Group Inc.† | 663546 | 1304120 |
|  |  | 2504845 | 6584952 |
|  | **Energy and Utilities: Natural Gas — 1.2%** |  |  |
| 94500 | RGC Resources Inc. | 1336873 | 2083725 |
| 3200 | Unitil Corp. | 153661 | 167168 |
|  |  | 1490534 | 2250893 |
|  | **Energy and Utilities: Services — 1.9%** |  |  |
| 160000 | Alvopetro Energy Ltd. | 108946 | 1096111 |
| 20000 | Dawson Geophysical Co.† | 51166 | 69200 |
| 81000 | Navigator Holdings Ltd. | 729786 | 1565730 |
| 58000 | RPC Inc. | 104841 | 410640 |
| 6500 | Subsea 7 SA, ADR | 23304 | 200720 |
|  |  | 1018043 | 3342401 |
|  | **Energy and Utilities: Water — 2.5%** |  |  |
| 31320 | Artesian Resources Corp., Cl. A | 817336 | 997542 |
| 8500 | Cadiz Inc.† | 65530 | 41735 |
| 20060 | California Water Service Group | 404523 | 909520 |
| 30400 | Consolidated Water Co. Ltd. | 304500 | 1006848 |
| 27000 | Energy Recovery Inc.† | 75223 | 271890 |
| 5000 | Middlesex Water Co. | 102056 | 260250 |
| 31570 | The York Water Co. | 502365 | 961307 |
|  |  | 2271533 | 4449092 |
|  | **Entertainment — 1.8%** |  |  |
| 30000 | IMAX Corp.† | 129139 | 1140300 |
| 139000 | Reading International Inc., Cl. A† | 874712 | 157070 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 74360 | Reading International Inc., Cl. B† | $673309 | $669240 |
| 53000 | Sportech plc†(a) | 218767 | 56647 |
| 65000 | The Marcus Corp. | 794553 | 1116050 |
| 900 | TKO Group Holdings Inc. | 9319 | 181485 |
|  |  | 2699799 | 3320792 |
|  | **Environmental Control — 0.4%** |  |  |
| 9910 | Casella Waste Systems Inc., Cl. A† | 38251 | 786259 |
|  | **Equipment and Supplies — 4.8%** |  |  |
| 400 | AZZ Inc. | 14747 | 50052 |
| 3700 | Federal Signal Corp. | 23981 | 400118 |
| 14700 | Interpump Group SpA | 81658 | 550508 |
| 34200 | Maezawa Kyuso Industries Co. Ltd. | 92537 | 335309 |
| 45000 | Pitney Bowes Inc. | 173794 | 497250 |
| 128700 | The Eastern Co. | 2421322 | 2604888 |
| 40200 | The Gorman-Rupp Co. | 917565 | 2497626 |
| 12700 | The Manitowoc Co. Inc.† | 147052 | 147955 |
| 86000 | Titan Machinery Inc.† | 1176954 | 1437920 |
| 32500 | TransAct Technologies Inc.† | 107732 | 106925 |
|  |  | 5157342 | 8628551 |
|  | **Financial Services — 15.1%** |  |  |
| 1000 | Ameris Bancorp | 8386 | 77990 |
| 19000 | Atlantic American Corp. | 70387 | 44270 |
| 30000 | Atlantic Union Bankshares Corp. | 897983 | 1072200 |
| 5660 | Beacon Financial Corp. | 94045 | 169800 |
| 1800 | Burke & Herbert Financial Services Corp. | 57436 | 112122 |
| 67500 | Capital City Bank Group Inc. | 1638475 | 2933550 |
| 1200 | Capitol Federal Financial Inc. | 12990 | 8556 |
| 12000 | Citizens & Northern Corp. | 234194 | 268080 |
| 3400 | Columbia Banking System Inc. | 87395 | 93262 |
| 3800 | ConnectOne Bancorp Inc. | 80175 | 101726 |
| 19000 | Crazy Woman Creek Bancorp Inc. | 369887 | 583300 |
| 2000 | Eagle Bancorp Inc. | 41972 | 49740 |
| 98 | Farmers & Merchants Bank of Long Beach | 410050 | 810950 |
| 37800 | Farmers National Banc Corp. | 315347 | 497448 |
| 5000 | First Internet Bancorp | 100000 | 101900 |
| 90000 | Flushing Financial Corp. | 1358039 | 1382400 |
| 70500 | FNB Corp. | 683201 | 1178760 |
| 21000 | FS Bancorp Inc. | 364724 | 810390 |
| 13500 | Hanover Bancorp Inc. | 283500 | 291465 |
| 9030 | Hope Bancorp Inc. | 47351 | 100865 |
| 14850 | Huntington Bancshares Inc. | 167738 | 232402 |
| 30000 | I3 Verticals Inc., Cl. A† | 447761 | 670800 |
| 10000 | KKR & Co. Inc. | 935 | 925000 |
| 30000 | Legacy Housing Corp.† | 329422 | 612900 |
| 54500 | Medallion Financial Corp. | 115545 | 466520 |
| 13600 | Northrim BanCorp Inc. | 74943 | 311168 |
| 15000 | Primis Financial Corp. | 225835 | 199200 |
| 25530 | Renasant Corp. | 275523 | 922399 |
| 2500 | Seacoast Banking Corp. of Florida | 77229 | 75725 |
| 3500 | Security National Corp. | 327591 | 665000 |
| 53500 | Silvercrest Asset Management Group Inc., Cl. A | 717197 | 719040 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued)—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 16800 | Southern First Bancshares Inc.† | $670140 | $915600 |
| 4300 | Southside Bancshares Inc. | 136560 | 133687 |
| 1000 | SouthState Bank Corp. | 32590 | 92520 |
| 16500 | Sprott Inc. | 361970 | 2354669 |
| 43800 | Stellar Bancorp Inc. | 1225113 | 1603518 |
| 5400 | Thomasville Bancshares Inc. | 206184 | 503550 |
| 4400 | Towne Bank | 126842 | 148148 |
| 4620 | TrustCo Bank Corp. NY | 106260 | 202264 |
| 7000 | United Bankshares Inc. | 220850 | 289940 |
| 42000 | Valley National Bancorp | 277335 | 515760 |
| 29958 | Value Line Inc. | 287472 | 1057218 |
| 33280 | Washington Trust Bancorp Inc. | 743879 | 1113549 |
| 59000 | Waterstone Financial Inc. | 627873 | 1063770 |
| 67000 | Western New England Bancorp Inc. | 561006 | 866310 |
| 65000 | Wright Investors' Service Holdings Inc.† | 27925 | 11050 |
|  |  | 15527255 | 27360481 |
|  | **Food and Beverage — 3.0%** |  |  |
| 32000 | Andrew Peller Ltd., Cl. A | 132818 | 119848 |
| 10000 | BellRing Brands Inc.† | 140000 | 160900 |
| 1200 | Bridgford Foods Corp.† | 18826 | 8940 |
| 68800 | Calavo Growers Inc. | 1781597 | 1774352 |
| 85000 | Corby Spirit and Wine Ltd., Cl. A | 1230622 | 881101 |
| 192000 | Crimson Wine Group Ltd.† | 1641388 | 846720 |
| 22000 | Farmer Brothers Co.† | 71216 | 27940 |
| 1350 | Hanover Foods Corp., Cl. A | 101653 | 67500 |
| 450 | Hanover Foods Corp., Cl. B | 37509 | 27900 |
| 37000 | Iwatsuka Confectionery Co. Ltd. | 638562 | 746038 |
| 500 | J & J Snack Foods Corp. | 7207 | 39635 |
| 10000 | Lifeway Foods Inc.† | 122735 | 193400 |
| 235200 | Tingyi (Cayman Islands) Holding Corp. | 345177 | 389340 |
| 207400 | Vitasoy International Holdings Ltd. | 108284 | 164784 |
| 20500 | Willamette Valley Vineyards Inc.† | 71464 | 52685 |
|  |  | 6449058 | 5501083 |
|  | **Health Care — 4.9%** |  |  |
| 18000 | Accuray Inc.† | 37971 | 6986 |
| 10000 | Acme United Corp. | 171349 | 449100 |
| 4500 | Boiron SA | 76215 | 140436 |
| 6200 | CareDx Inc.† | 29271 | 107632 |
| 500 | Collegium Pharmaceutical Inc.† | 9215 | 16535 |
| 20000 | Electromed Inc.† | 41480 | 468200 |
| 45500 | Exelixis Inc.† | 86677 | 1951495 |
| 185000 | InfuSystem Holdings Inc.† | 501438 | 1707550 |
| 2000 | LeMaitre Vascular Inc. | 46792 | 218340 |
| 700 | Mesa Laboratories Inc. | 20935 | 61894 |
| 181660 | Neogen Corp.† | 253827 | 1687621 |
| 53100 | NeoGenomics Inc.† | 172076 | 394002 |
| 5000 | Neuronetics Inc.† | 12056 | 7250 |
| 30000 | Niagen Bioscience Inc.† | 118184 | 132300 |
| 1500 | Omnicell Inc.† | 23551 | 50070 |
| 140000 | OPKO Health Inc.† | 351022 | 159600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 10000 | Option Care Health Inc.† | $73328 | $269200 |
| 17300 | Orthofix Medical Inc.† | 285319 | 198431 |
| 2500 | QuidelOrtho Corp.† | 27931 | 41075 |
| 900 | STERIS plc | 33904 | 199017 |
| 53761 | United-Guardian Inc. | 432232 | 356435 |
| 1000 | Utah Medical Products Inc. | 25584 | 61990 |
| 8000 | Varex Imaging Corp.† | 114515 | 84880 |
| 400 | Zealand Pharma A/S† | 5080 | 18252 |
|  |  | 2949952 | 8788291 |
|  | **Hotels and Gaming — 3.2%** |  |  |
| 6000 | Caesars Entertainment Inc.† | 24411 | 158580 |
| 1000 | Canterbury Park Holding Corp. | 13530 | 15400 |
| 500 | Churchill Downs Inc. | 4899 | 44915 |
| 1190119 | Full House Resorts Inc.† | 3249970 | 2677768 |
| 20000 | Genius Sports Ltd.† | 81525 | 88600 |
| 50000 | Golden Entertainment Inc. | 538257 | 1334500 |
| 202900 | Inspired Entertainment Inc.† | 1191281 | 1446677 |
|  |  | 5103873 | 5766440 |
|  | **Machinery — 3.7%** |  |  |
| 36800 | Astec Industries Inc. | 1163126 | 1981312 |
| 4400 | DMG Mori AG | 22722 | 243607 |
| 247700 | Gencor Industries Inc.† | 1552810 | 3715500 |
| 10000 | Stratasys Ltd.† | 78700 | 78100 |
| 8500 | Tennant Co. | 240360 | 564400 |
| 1300 | The Middleby Corp.† | 12754 | 172354 |
|  |  | 3070472 | 6755273 |
|  | **Manufactured Housing and Recreational Vehicles — 2.0%** |  |  |
| 300 | Cavco Industries Inc.† | 21402 | 145287 |
| 800 | Champion Homes Inc.† | 5344 | 59496 |
| 93750 | Nobility Homes Inc. | 1376273 | 2812969 |
| 17000 | Winnebago Industries Inc. | 145535 | 526830 |
|  |  | 1548554 | 3544582 |
|  | **Metals and Mining — 1.8%** |  |  |
| 130000 | Ampco-Pittsburgh Corp.† | 475124 | 873600 |
| 50000 | Monro Inc. | 841409 | 802000 |
| 17200 | OR Royalties Inc. | 202617 | 654938 |
| 400000 | Tanami Gold NL† | 17082 | 25390 |
| 113000 | Tredegar Corp.† | 1132452 | 898350 |
|  |  | 2668684 | 3254278 |
|  | **Paper and Forest Products — 0.0%** |  |  |
| 1923 | Magnera Corp.† | 71297 | 18288 |
|  | **Publishing — 0.5%** |  |  |
| 17000 | Lee Enterprises Inc.† | 150050 | 146370 |
| 205000 | The E.W. Scripps Co., Cl. A† | 681446 | 762600 |
|  |  | 831496 | 908970 |
|  | **Real Estate — 2.4%** |  |  |
| 108000 | AmBase Corp.† | 110174 | 16755 |
| 115700 | Capital Properties Inc., Cl. A | 1230342 | 1564843 |
| 28000 | DREAM Unlimited Corp., Cl. A | 309437 | 368945 |
| 35000 | FRP Holdings Inc.† | 570400 | 765800 |
| 18000 | Gyrodyne LLC† | 273095 | 133560 |
| 2508 | Royalty LLC†(a) | 0 | 319 |
| 82000 | Tejon Ranch Co.† | 1550241 | 1544880 |
| 25000 | Trinity Place Holdings Inc.†(a) | 0 | 0 |
|  |  | 4043689 | 4395102 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued)—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Restaurants — 1.2%** |  |  |
| 21425 | Nathan's Famous Inc. | $37091 | $2158140 |
|  | **Retail — 1.4%** |  |  |
| 115000 | Arko Corp. | 614125 | 639400 |
| 21496 | Lands' End Inc.† | 239869 | 241615 |
| 57004 | Movado Group Inc. | 857525 | 1392038 |
| 5000 | Natural Grocers by Vitamin Cottage Inc. | 66139 | 129250 |
| 80000 | Sportsman's Warehouse Holdings Inc.† | 421751 | 112800 |
| 900 | Village Super Market Inc., Cl. A | 20013 | 38007 |
|  |  | 2219422 | 2553110 |
|  | **Semiconductors — 1.4%** |  |  |
| 42000 | Ultra Clean Holdings Inc.† | 85776 | 2611560 |
|  | **Specialty Chemicals — 1.6%** |  |  |
| 70890 | Core Molding Technologies Inc.† | 574624 | 1587936 |
| 4300 | Hawkins Inc. | 77091 | 660480 |
| 3500 | Minerals Technologies Inc. | 115215 | 248220 |
| 4000 | T. Hasegawa Co. Ltd. | 83685 | 71201 |
| 66900 | The General Chemical Group Inc.†(a) | 6021 | 0 |
| 98285 | Treatt plc | 490502 | 255757 |
|  |  | 1347138 | 2823594 |
|  | **Telecommunications — 0.9%** |  |  |
| 36000 | A10 Networks Inc. | 223388 | 832320 |
| 4800 | Frequency Electronics Inc.† | 45973 | 212448 |
| 4579 | NETGEAR Inc.† | 79132 | 100005 |
| 30000 | Nuvera Communications Inc.† | 219358 | 405000 |
| 200 | Preformed Line Products Co. | 17722 | 54150 |
| 2400 | Shenandoah Telecommunications Co. | 13960 | 37008 |
|  |  | 599533 | 1640931 |
|  | **TOTAL COMMON STOCKS** | 96315890 | 176993014 |
| **** |  | **** | **** |
|  | **PREFERRED STOCKS — 0.1%** |  |  |
|  | **Automotive: Parts and Accessories — 0.1%** |  |  |
| 6300 | Jungheinrich AG | 17633 | 188746 |
|  | **TOTAL PREFERRED STOCKS** | 17633 | 188746 |
| **** |  | **** | **** |
|  | **RIGHTS — 0.0%** |  |  |
|  | **Health Care — 0.0%** |  |  |
| 25000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 500 |
|  | **Metals and Mining — 0.0%** |  |  |
| 60000 | Pan American Silver Corp., CVR† | 44994 | 36000 |
|  | **TOTAL RIGHTS** | 44994 | 36500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 2.1%** |  |  |
| $3900000 | U.S. Treasury Bills,<br> 3.607% to 3.648%††, 04/23/26 to 06/25/26 | $3879193 | $3879117 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 3879193 | 3879117 |
|  | **TOTAL INVESTMENTS — 100.0%** | $100257710 | 181097377 |
|  | **Other Assets and Liabilities (Net) — (0.0)%** |  | (27291) |
|  | **NET ASSETS — 100.0%** |  | $181070086 |

---

---

| | |
|:---|:---|
| (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. |
| †† | Represents annualized yields at dates of purchase. |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| GDR | Global Depositary Receipt |

---

See accompanying notes to financial statements.

**TETON Convertible Securities Fund**

**Schedule of Investments—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **CONVERTIBLE CORPORATE BONDS — 83.2%** |  |  |
|  | **Aerospace and Defense — 5.3%** |  |  |
| $150000 | AeroVironment Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/30 | $170868 | $147150 |
| 50000 | AST SpaceMobile Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp; 2.000%, 01/15/36(a) | 45707 | 52937 |
| 200000 | BlackSky Technology Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp; 8.250%, 08/01/33(a) | 210373 | 241500 |
| 150000 | Voyager Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 11/15/30(a) | 149740 | 155850 |
|  |  | 576688 | 597437 |
|  | **Automotive: Parts and Accessories — 1.0%** |  |  |
| 100000 | Plug Power Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp; 6.750%, 12/01/33(a) | 95167 | 112861 |
|  | **Computer Software and Services — 7.5%** |  |  |
| 100000 | Akamai Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 05/15/33(a) | 100000 | 138675 |
| 50000 | Bitdeer Technologies Group, |  |  |
|  | &nbsp;&nbsp;&nbsp; 4.000%, 11/15/31(a) | 50217 | 41375 |
| 200000 | CyberArk Software Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp; Zero Coupon, 06/15/30(a) | 199677 | 205860 |
| 70000 | Lumentum Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp; 0.375%, 03/15/32(a) | 96424 | 269817 |
|  | Nebius Group NV |  |  |
| 30000 | &nbsp;&nbsp;&nbsp;1.250%, 03/15/31(a) | 30000 | 28911 |
| 90000 | &nbsp;&nbsp;&nbsp;2.625%, 03/15/33(a) | 90392 | 84114 |
| 100000 | Whitefiber Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/01/31(a) | 100000 | 83500 |
|  |  | 666710 | 852252 |
|  | **Consumer Products — 0.9%** |  |  |
| 100000 | Zoetis Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/15/29(a) | 100000 | 99500 |
|  | **Consumer Services — 2.1%** |  |  |
| 200000 | Uber Technologies Inc., Ser. 2028, |  |  |
|  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 200168 | 240850 |
|  | **Diversified Industrial — 2.0%** |  |  |
| 200000 | BWX Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 11/01/30(a) | 202800 | 207600 |
| 25000 | Enovix Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/15/30(a) | 24092 | 19837 |
|  |  | 226892 | 227437 |
|  | **Energy and Energy Services — 7.5%** |  |  |
| 20000 | Bloom Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 19542 | 143936 |
| 150000 | Centrus Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 08/15/32(a) | 190298 | 159412 |
| 150000 | Energy Fuels Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 11/01/31(a) | 182390 | 176025 |
| 50000 | Liberty Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 03/01/31(a) | 49950 | 54825 |
| 120000 | Ormat Technologies Inc., Ser. A, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/31(a) | 121242 | 124914 |
| 150000 | Solaris Energy Infrastructure Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 10/01/31 | 166017 | 188063 |
|  |  | 729439 | 847175 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **Energy and Utilities: Integrated — 0.0%** |  |  |
| $5000 | Crescent Energy Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 03/15/31(a) | $5000 | $5752 |
|  | **Energy and Utilities: Natural Gas — 1.7%** |  |  |
| 100000 | CMS Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 05/01/31(a) | 100000 | 102675 |
| 75000 | WEC Energy Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 06/01/29 | 75000 | 92869 |
|  |  | 175000 | 195544 |
|  | **Energy and Utilities: Services — 10.3%** |  |  |
| 200000 | FirstEnergy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 01/15/31(a) | 209313 | 230800 |
| 200000 | Fluor Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 227376 | 247050 |
| 200000 | Northern Oil & Gas Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 204928 | 220069 |
| 400000 | PPL Capital Funding Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 396705 | 469100 |
|  |  | 1038322 | 1167019 |
|  | **Environmental Control — 0.8%** |  |  |
| 100000 | PureCycle Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 08/15/30 | 99883 | 87860 |
|  | **Equipment and Supplies — 1.4%** |  |  |
| 150000 | Mirion Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30(a) | 150000 | 163237 |
|  | **Financial Services — 7.8%** |  |  |
| 315000 | Bitfarms Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 01/15/31(a) | 271345 | 204750 |
| 150000 | Cleanspark Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 02/15/32(a) | 150000 | 101400 |
| 20000 | Dave Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 04/01/31(a) | 20704 | 19020 |
| 100000 | Pagaya Technologies Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.125%, 10/01/29 | 207591 | 115250 |
| 200000 | Riot Platforms Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30 | 197666 | 230500 |
| 60000 | Terawulf Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 05/01/32(a) | 60275 | 62125 |
| 150000 | WisdomTree Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/01/31(a) | 152398 | 155595 |
|  |  | 1059979 | 888640 |
|  | **Health Care — 20.9%** |  |  |
| 200000 | ANI Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 09/01/29 | 203146 | 248625 |
| 110000 | Arrowhead Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 01/15/32 | 118208 | 114081 |
| 200000 | Bridgebio Pharma Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 03/01/31 | 212616 | 339650 |
| 100000 | Cogent Biosciences Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.625%, 11/15/31 | 108883 | 122650 |
| 20000 | CRISPR Therapeutics AG, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.731%, 03/01/31(a) | 20322 | 19600 |
| 200000 | Cytokinetics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 10/01/31(a) | 214515 | 255375 |
| 250000 | Halozyme Therapeutics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.875%, 11/15/32(a) | 258171 | 247250 |

---

See accompanying notes to financial statements.

**TETON Convertible Securities Fund**

**Schedule of Investments (Continued)—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market <br>Value** |
|  | **CONVERTIBLE CORPORATE BONDS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| $50000 | Indivior Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.625%, 03/15/31(a) | $50000 | $51000 |
| 365000 | Invacare Corp., Escrow, |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 05/08/28(b) | 504 | 0 |
| 150000 | Ionis Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/30(a) | 156732 | 156656 |
| 100000 | Ligand Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 10/01/30(a) | 106726 | 121200 |
|  | OSI Systems Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;2.250%, 08/01/29 | 100842 | 153525 |
| 100000 | &nbsp;&nbsp;&nbsp;0.500%, 02/01/31(a) | 100000 | 102300 |
| 200000 | Sarepta Therapeutics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/01/30(a) | 172026 | 167750 |
| 150000 | Tempus AI Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 07/15/30(a) | 150342 | 143363 |
| 100000 | TransMedics Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 06/01/28 | 109906 | 129645 |
|  |  | 2082939 | 2372670 |
|  | **Metals and Mining — 3.4%** |  |  |
| 40000 | Endeavour Silver Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 01/15/31(a) | 40000 | 43352 |
| 80000 | First Majestic Silver Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.125%, 01/15/31(a) | 80000 | 101920 |
| 100000 | MP Materials Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30(a) | 179518 | 238500 |
|  |  | 299518 | 383772 |
|  | **Real Estate — 2.8%** |  |  |
| 300000 | Digital Realty Trust LP, REIT, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29(a) | 301645 | 318339 |
|  | **Retail — 3.4%** |  |  |
| 200000 | Alibaba Group Holding Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 211710 | 277750 |
| 100000 | GameStop Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/32(a) | 103754 | 103400 |
|  |  | 315464 | 381150 |
|  | **Semiconductors — 2.1%** |  |  |
| 50000 | Cohu Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 01/15/31(a) | 51526 | 67300 |
| 150000 | indie Semiconductor Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29(a) | 128049 | 144750 |
| 25000 | Ultra Clean Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 03/15/31(a) | 25000 | 26544 |
|  |  | 204575 | 238594 |
|  | **Telecommunications — 2.3%** |  |  |
| 100000 | Applied Digital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 06/01/30 | 98054 | 265700 |
|  | **TOTAL CONVERTIBLE CORPORATE BONDS** | 8425443 | 9445789 |
| **Shares** |  |  |  |
|  | **MANDATORY CONVERTIBLE SECURITIES(c) — 14.4%** |  |  |
|  | **Aerospace and Defense — 0.7%** |  |  |
| 1175 | The Boeing Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 62666 | 76234 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Aviation: Parts and Services — 0.9%** |  |  |
| 2000 | VSE Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 02/01/29 | $105616 | $100600 |
|  | **Business Services — 0.8%** |  |  |
| 2000 | Oracle Corp., Ser. D, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 01/15/29 | 98079 | 90020 |
|  | **Computer Software and Services — 2.8%** |  |  |
| 5000 | Hewlett Packard Enterprise Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 251650 | 322550 |
|  | **Energy and Energy Services — 0.9%** |  |  |
| 2000 | The Southern Co., Ser. A, |  |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/15/28 | 100665 | 102800 |
|  | **Energy and Utilities: Integrated — 1.9%** |  |  |
| 4000 | NextEra Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.234%, 11/01/27 | 186492 | 210160 |
|  | **Financial Services — 1.4%** |  |  |
| 3000 | Shift4 Payments Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 05/01/28 | 290104 | 160920 |
|  | **Health Care — 2.5%** |  |  |
| 2000 | BrightSpring Health Services Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/01/27 | 100000 | 284080 |
|  | **Semiconductors — 2.5%** |  |  |
| 5000 | Microchip Technology Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 250751 | 284850 |
|  | **TOTAL MANDATORY CONVERTIBLE SECURITIES** | 1446023 | 1632214 |
| **Principal**<br> **Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 1.9%** |  |  |
| $215000 | U.S. Treasury Bill, |  |  |
|  | &nbsp;&nbsp;&nbsp;3.643%†, 06/18/26 | 213318 | 213328 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 213318 | 213328 |
|  | **TOTAL INVESTMENTS — 99.5%** | $10084784 | 11291331 |
|  | **Other Assets and Liabilities (Net) — 0.5%** |  | 54955 |
|  | **NET ASSETS — 100.0%** |  | $11346286 |

---

---

| | |
|:---|:---|
| (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. |
| (b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) | 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. |
| † | Represents annualized yield at date of purchase. |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**TETON Westwood Equity Fund**

**Schedule of Investments—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 99.6%** |  |  |
|  | **Aerospace and Defense — 1.0%** |  |  |
| 1165 | General Dynamics Corp. | $318916 | $399851 |
|  | **Business Services — 2.0%** |  |  |
| 2478 | Visa Inc., Cl. A | 588121 | 748951 |
|  | **Commercial Services and Supplies — 2.9%** |  |  |
| 4623 | Advanced Drainage Systems Inc. | 719840 | 633952 |
| 5259 | Veralto Corp. | 533593 | 465001 |
|  |  | 1253433 | 1098953 |
|  | **Communications Equipment — 2.3%** |  |  |
| 2028 | Motorola Solutions Inc. | 808520 | 880091 |
|  | **Computer Hardware — 2.0%** |  |  |
| 2951 | Apple Inc. | 700067 | 748934 |
|  | **Computer Software and Services — 7.9%** |  |  |
| 3201 | Alphabet Inc., Cl. A | 475224 | 920480 |
| 3423 | Dell Technologies Inc., Cl. C | 525892 | 561817 |
| 1347 | Meta Platforms Inc., Cl. A | 995821 | 770659 |
| 1950 | Microsoft Corp. | 634664 | 721831 |
|  |  | 2631601 | 2974787 |
|  | **Diversified Industrial — 8.3%** |  |  |
| 780 | CACI International Inc., Cl. A† | 473758 | 424219 |
| 21881 | CSX Corp. | 767883 | 898215 |
| 1568 | Deere & Co. | 787405 | 883254 |
| 9692 | RB Global Inc. | 1060333 | 928978 |
|  |  | 3089379 | 3134666 |
|  | **Energy and Utilities: Integrated — 7.3%** |  |  |
| 7713 | Entergy Corp. | 738338 | 866633 |
| 10920 | NextEra Energy Inc. | 579561 | 1014249 |
| 7505 | WEC Energy Group Inc. | 665401 | 868854 |
|  |  | 1983300 | 2749736 |
|  | **Energy: Oil — 6.1%** |  |  |
| 4305 | Chevron Corp. | 564221 | 890704 |
| 5272 | Exxon Mobil Corp. | 609090 | 894448 |
| 6937 | The Williams Companies Inc. | 504186 | 504875 |
|  |  | 1677497 | 2290027 |
|  | **Entertainment — 1.8%** |  |  |
| 26343 | Warner Music Group Corp., Cl. A | 804417 | 672800 |
|  | **Equipment and Supplies — 2.1%** |  |  |
| 1644 | Hubbell Inc. | 530296 | 806777 |
|  | **Financial Services — 19.8%** |  |  |
| 2435 | Arthur J. Gallagher & Co. | 497944 | 527372 |
| 1985 | Berkshire Hathaway Inc., Cl. B† | 968211 | 951212 |
| 4218 | Cullen/Frost Bankers Inc. | 548832 | 578203 |
| 4749 | Intercontinental Exchange Inc. | 810689 | 746923 |
| 2656 | JPMorgan Chase & Co. | 452631 | 781289 |
| 5179 | KKR & Co. Inc. | 736706 | 479058 |
| 1625 | LPL Financial Holdings Inc. | 590782 | 488849 |
| 1524 | MSCI Inc. | 886804 | 821451 |
| 6365 | SouthState Bank Corp. | 658240 | 588890 |
| 4243 | The Progressive Corp. | 792941 | 841132 |
| 8401 | Wells Fargo & Co. | 495925 | 668804 |
|  |  | 7439705 | 7473183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Food and Beverage — 4.4%** |  |  |
| 5584 | PepsiCo Inc. | $739800 | $867139 |
| 3921 | The Hershey Co. | 799546 | 815137 |
|  |  | 1539346 | 1682276 |
|  | **Health Care — 9.4%** |  |  |
| 4325 | Abbott Laboratories | 480559 | 444048 |
| 3688 | Johnson & Johnson | 595779 | 901494 |
| 531 | McKesson Corp. | 353365 | 459506 |
| 6520 | Merck & Co. Inc. | 588738 | 784291 |
| 1941 | Thermo Fisher Scientific Inc. | 946063 | 954060 |
|  |  | 2964504 | 3543399 |
|  | **Materials — 2.9%** |  |  |
| 1887 | Eagle Materials Inc. | 411238 | 357492 |
| 3475 | Packaging Corp. of America | 694982 | 737465 |
|  |  | 1106220 | 1094957 |
|  | **Real Estate — 2.1%** |  |  |
| 5999 | Prologis Inc., REIT | 607623 | 792948 |
|  | **Retail — 10.0%** |  |  |
| 5424 | Amazon.com Inc.† | 1178502 | 1129656 |
| 1525 | McDonald's Corp. | 454454 | 473955 |
| 8895 | O'Reilly Automotive Inc.† | 503005 | 821097 |
| 2731 | The Home Depot Inc. | 1086363 | 898199 |
| 3611 | Walmart Inc. | 229147 | 448775 |
|  |  | 3451471 | 3771682 |
|  | **Semiconductors — 4.4%** |  |  |
| 7401 | Qnity Electronics Inc. | 671000 | 853927 |
| 4097 | Texas Instruments Inc. | 649769 | 795392 |
|  |  | 1320769 | 1649319 |
|  | **Telecommunications — 1.8%** |  |  |
| 3245 | T-Mobile US Inc. | 756502 | 681547 |
|  | **Transportation — 1.1%** |  |  |
| 2046 | JB Hunt Transport Services Inc. | 345641 | 433548 |
|  | **TOTAL COMMON STOCKS** | 33917328 | 37628432 |
|  | **SHORT TERM INVESTMENT — 0.4%** |  |  |
|  | **Other Investment Companies — 0.4%** |  |  |
| 149585 | Dreyfus Treasury Securities Cash Management - Institutional Shares, 3.530%\* | 149585 | 149585 |
|  | **TOTAL SHORT TERM INVESTMENT** | 149585 | 149585 |
|  | **TOTAL INVESTMENTS — 100.0%** | $34066913 | 37778017 |
|  | **Other Assets and Liabilities (Net) — 0.0%** |  | 12486 |
|  | **NET ASSETS — 100.0%** |  | $37790503 |

---

---

| | |
|:---|:---|
| \* | 1 day yield as of March 31, 2026. |
| † | Non-income producing security. |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 61.8%** |  |  |
|  | **Aerospace and Defense — 0.7%** |  |  |
| 584 | General Dynamics Corp. | $164068 | $200440 |
|  | **Automotive: Parts and Accessories — 0.6%** |  |  |
| 2066 | O'Reilly Automotive Inc.† | 147504 | 190712 |
|  | **Business Services — 1.2%** |  |  |
| 1160 | Visa Inc., Cl. A | 279786 | 350598 |
|  | **Commercial Services and Supplies — 1.0%** |  |  |
| 2209 | Advanced Drainage Systems Inc. | 344890 | 302920 |
|  | **Communications Equipment — 1.4%** |  |  |
| 966 | Motorola Solutions Inc. | 385124 | 419215 |
|  | **Computer Hardware — 2.1%** |  |  |
| 1410 | Apple Inc. | 311128 | 357844 |
| 1634 | Dell Technologies Inc., Cl. C | 251039 | 268188 |
|  |  | 562167 | 626032 |
|  | **Computer Software and Services — 3.9%** |  |  |
| 1505 | Alphabet Inc., Cl. A | 306553 | 432778 |
| 705 | Meta Platforms Inc., Cl. A | 506458 | 403351 |
| 935 | Microsoft Corp. | 469573 | 346109 |
|  |  | 1282584 | 1182238 |
|  | **Consumer Services — 3.6%** |  |  |
| 5156 | Amazon.com Inc.† | 1137191 | 1073840 |
|  | **Diversified Industrial — 5.8%** |  |  |
| 375 | CACI International Inc., Cl. A† | 227768 | 203951 |
| 11300 | CSX Corp. | 396729 | 463865 |
| 851 | Deere & Co. | 426246 | 479369 |
| 4641 | RB Global Inc. | 507685 | 444840 |
| 1960 | Veralto Corp. | 199761 | 173303 |
|  |  | 1758189 | 1765328 |
|  | **Electronics — 1.0%** |  |  |
| 267 | Monolithic Power Systems Inc. | 129091 | 291924 |
|  | **Energy and Utilities: Integrated — 3.5%** |  |  |
| 3237 | Entergy Corp. | 309413 | 363709 |
| 5230 | NextEra Energy Inc. | 355179 | 485762 |
| 1849 | WEC Energy Group Inc. | 162568 | 214059 |
|  |  | 827160 | 1063530 |
|  | **Energy: Oil — 2.7%** |  |  |
| 1306 | Chevron Corp. | 203339 | 270212 |
| 1829 | Exxon Mobil Corp. | 211832 | 310308 |
| 3322 | The Williams Companies Inc. | 241445 | 241775 |
|  |  | 656616 | 822295 |
|  | **Entertainment — 1.1%** |  |  |
| 12593 | Warner Music Group Corp., Cl. A | 384542 | 321625 |
|  | **Equipment and Supplies — 0.7%** |  |  |
| 459 | Hubbell Inc. | 152108 | 225250 |
|  | **Financial Services — 10.4%** |  |  |
| 1164 | Arthur J. Gallagher & Co. | 300773 | 252099 |
| 949 | Berkshire Hathaway Inc., Cl. B† | 474366 | 454761 |
| 1933 | Cullen/Frost Bankers Inc. | 251863 | 264976 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 1641 | Intercontinental Exchange Inc. | $279264 | $258096 |
| 1294 | JPMorgan Chase & Co. | 274097 | 380643 |
| 2931 | KKR & Co. Inc. | 414697 | 271118 |
| 780 | LPL Financial Holdings Inc. | 281286 | 234647 |
| 729 | MSCI Inc. | 424139 | 392938 |
| 2058 | SouthState Bank Corp. | 221570 | 190406 |
| 1211 | The Progressive Corp. | 297686 | 240069 |
| 2401 | Wells Fargo & Co. | 175103 | 191144 |
|  |  | 3394844 | 3130897 |
|  | **Food and Beverage — 2.1%** |  |  |
| 2626 | PepsiCo Inc. | 413267 | 407792 |
| 1089 | The Hershey Co. | 201264 | 226392 |
|  |  | 614531 | 634184 |
|  | **Health Care — 5.8%** |  |  |
| 2078 | Abbott Laboratories | 237840 | 213348 |
| 1894 | Johnson & Johnson | 312123 | 462969 |
| 255 | McKesson Corp. | 173312 | 220667 |
| 3189 | Merck & Co. Inc. | 287958 | 383605 |
| 934 | Thermo Fisher Scientific Inc. | 453534 | 459089 |
|  |  | 1464767 | 1739678 |
|  | **Materials — 1.8%** |  |  |
| 1110 | Eagle Materials Inc. | 243947 | 210290 |
| 1629 | Packaging Corp. of America | 328508 | 345706 |
|  |  | 572455 | 555996 |
|  | **Real Estate — 0.8%** |  |  |
| 1843 | Prologis Inc., REIT | 188194 | 243608 |
|  | **Retail — 3.0%** |  |  |
| 787 | McDonald's Corp. | 234926 | 244592 |
| 1310 | The Home Depot Inc. | 522246 | 430846 |
| 1850 | Walmart Inc. | 159237 | 229918 |
|  |  | 916409 | 905356 |
|  | **Semiconductors — 7.3%** |  |  |
| 1186 | Broadcom Inc. | 347657 | 367079 |
| 6134 | NVIDIA Corp. | 990178 | 1069770 |
| 3369 | Qnity Electronics Inc. | 306253 | 388715 |
| 2020 | Texas Instruments Inc. | 323219 | 392163 |
|  |  | 1967307 | 2217727 |
|  | **Telecommunication Services — 0.6%** |  |  |
| 830 | T-Mobile US Inc. | 196329 | 174325 |
|  | **Transportation — 0.7%** |  |  |
| 974 | JB Hunt Transport Services Inc. | 164546 | 206391 |
|  | **TOTAL COMMON STOCKS** | 17690402 | 18644109 |
|  | **MANDATORY CONVERTIBLE SECURITIES(a) — 1.0%** |  |  |
|  | **Aerospace and Defense — 1.0%** |  |  |
| 4550 | The Boeing Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/15/27 | 337090 | 295204 |
|  | **TOTAL MANDATORY CONVERTIBLE SECURITIES** | 337090 | 295204 |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments (Continued)—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** |  | **Cost** | **Market<br> Value** |
|  | **CORPORATE BONDS — 24.4%** |  |  |
|  | **Communications — 0.9%** |  |  |
|  | Charter Communications Operating Capital Corp. |  |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.384%, 10/23/35 | $207832 | $203786 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/01/51 | 138494 | 83783 |
|  |  | 346326 | 287569 |
|  | **Computer Hardware — 1.0%** |  |  |
| 295000 | Dell International LLC/EMC Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 02/01/33 | 293682 | 306614 |
|  | **Computer Software and Services — 1.5%** |  |  |
|  | Oracle Corp. |  |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;4.800%, 09/26/32 | 69977 | 66664 |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 11/09/32 | 240321 | 246326 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;6.900%, 11/09/52 | 135528 | 127719 |
|  |  | 445826 | 440709 |
|  | **Diversified Industrial — 0.8%** |  |  |
| 250000 | Cabot Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/29 | 249727 | 247245 |
|  | **Electronics — 0.8%** |  |  |
| 225000 | Flex Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/28 | 230772 | 229660 |
|  | **Energy and Energy Services — 2.2%** |  |  |
|  | Energy Transfer LP |  |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;7.125%(b)(c) | 141075 | 168238 |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 04/15/49 | 271613 | 230890 |
| 245000 | Plains All American Pipeline LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.950%, 06/15/35 | 244396 | 253210 |
|  |  | 657084 | 652338 |
|  | **Energy and Utilities: Natural Gas — 0.6%** |  |  |
| 160000 | Enbridge Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.97%), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.200%, 06/27/54(c) | 161471 | 168340 |
|  | **Energy and Utilities: Water — 0.7%** |  |  |
| 200000 | Aptiv Swiss Holdings Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.39%), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.875%, 12/15/54(c) | 202165 | 201751 |
|  | **Energy: Oil — 3.1%** |  |  |
| 95000 | Diamondback Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 03/15/33 | 98201 | 101432 |
| 275000 | MPLX LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.650%, 08/15/30 | 274446 | 253540 |
| 350000 | Northern Oil & Gas Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.875%, 10/15/33 | 350910 | 362290 |
| 259000 | Piedmont Natural Gas Co. Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.050%, 05/15/52 | 257592 | 228241 |
|  |  | 981149 | 945503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **Financial Services — 6.3%** |  |  |
| $210000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 3.26%), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.992%, 06/13/29(c) | $210029 | $218714 |
| 210000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.74%), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.518%, 10/25/35(c) | 205896 | 210124 |
| 150000 | Blue Owl Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.400%, 07/15/26 | 150008 | 148830 |
| 150000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.070%, 02/24/28(c) | 149263 | 148208 |
| 240000 | Golub Capital Private Credit Fund, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 05/01/30 | 238568 | 235327 |
| 250000 | MPT Operating Partnership LP/MPT Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8.500%, 02/15/32 | 263289 | 253654 |
| 250000 | Sixth Street Lending Partners, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/15/30 | 252145 | 246473 |
| 190000 | State Street Corp., Ser. I, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.61%), |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.700%(b)(c) | 190270 | 193067 |
| 260000 | TPG Operating Group II LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 01/15/36 | 257983 | 251786 |
|  |  | 1917451 | 1906183 |
|  | **Food and Beverage — 1.7%** |  |  |
| 250000 | Performance Food Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 253801 | 250709 |
| 125000 | Pilgrim's Pride Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 124120 | 130993 |
| 200000 | The J.M. Smucker Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.550%, 03/15/50 | 203386 | 137277 |
|  |  | 581307 | 518979 |
|  | **Health Care — 1.3%** |  |  |
| 179000 | CHS/Community Health Systems Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 190586 | 192229 |
| 200000 | CVS Health Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 08/15/29 | 201166 | 191671 |
|  |  | 391752 | 383900 |
|  | **Real Estate — 1.9%** |  |  |
| 150000 | Brixmor Operating Partnership LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/01/28 | 149935 | 144043 |
| 200000 | Iron Mountain Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/15/29 | 204652 | 204028 |
| 265000 | Realty Income Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2.850%, 12/15/32 | 273009 | 235252 |
|  |  | 627596 | 583323 |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments (Continued)—March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **CORPORATE BONDS (Continued)** |  |  |
|  | **Semiconductors — 0.8%** |  |  |
| $235000 | Broadcom Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.150%, 11/15/30 | $253129 | $231405 |
|  | **Transportation — 0.8%** |  |  |
| 250000 | AP Moller - Maersk A/S, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/20/29 | 249430 | 249796 |
|  | **TOTAL CORPORATE BONDS** | 7588867 | 7353315 |
|  | **CONVERTIBLE CORPORATE BONDS — 4.0%** |  |  |
|  | **Aerospace and Defense — 1.0%** |  |  |
| 300000 | Parsons Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 338312 | 295950 |
|  | **Financial Services — 0.3%** |  |  |
| 110000 | MARA Holdings Inc., Zero Coupon, 08/01/32 | 118695 | 78045 |
|  | **Real Estate — 0.9%** |  |  |
| 315000 | Boston Properties LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 10/01/30 | 314334 | 287438 |
|  | **Telecommunication Services — 1.8%** |  |  |
| 80000 | GDS Holdings Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 06/01/32 | 114358 | 115180 |
| 300000 | NextEra Energy Capital Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 | 332424 | 416625 |
|  |  | 446782 | 531805 |
|  | **TOTAL CONVERTIBLE CORPORATE BONDS** | 1218123 | 1193238 |
|  | **U.S. GOVERNMENT OBLIGATIONS — 7.1%** |  |  |
|  | **U.S. Treasury Bonds — 3.9%** |  |  |
| 365000 | &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | 335621 | 256598 |
| 300000 | &nbsp;&nbsp;&nbsp;2.500%, 05/15/46 | 320206 | 206649 |
| 235000 | &nbsp;&nbsp;&nbsp;1.875%, 02/15/51 | 216726 | 130902 |
| 285000 | &nbsp;&nbsp;&nbsp;3.000%, 08/15/52 | 242095 | 203179 |
| 200000 | &nbsp;&nbsp;&nbsp;4.750%, 05/15/55 | 198105 | 195313 |
| 180000 | &nbsp;&nbsp;&nbsp;4.750%, 08/15/55 | 180824 | 175908 |
|  |  | 1493577 | 1168549 |
|  | **U.S. Treasury Notes — 3.2%** |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;4.375%, 05/15/34 | 253888 | 252827 |
| 250000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/34 | 249298 | 243833 |
| 240000 | &nbsp;&nbsp;&nbsp;4.250%, 11/15/34 | 240961 | 240122 |
| 250000 | &nbsp;&nbsp;&nbsp;4.250%, 05/15/35 | 250387 | 249565 |
|  |  | 994534 | 986347 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 2488111 | 2154896 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **FOREIGN GOVERNMENT OBLIGATIONS — 0.9%** |  |  |
|  | **Foreign Government Obligations — 0.9%** |  |  |
| $270000 | Mexico Government International Bond, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/13/55 | $265862 | $284121 |
|  | **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** | 265862 | 284121 |
| **Shares** |  |  |  |
|  | **SHORT TERM INVESTMENT — 0.2%** |  |  |
|  | **Other Investment Companies — 0.2%** |  |  |
| 67713 | Dreyfus Treasury Securities Cash Management - Institutional Shares, 3.530%\* | 67713 | 67713 |
|  | **TOTAL SHORT TERM INVESTMENT** | 67713 | 67713 |
|  | **TOTAL INVESTMENTS — 99.4%** | $29656168 | 29992596 |
|  | **Other Assets and Liabilities (Net) — 0.6%** |  | 175410 |
|  | **NET ASSETS — 100.0%** |  | $30168006 |

---

---

| | |
|:---|:---|
| † | Non-income producing security. |
| (a) | 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. |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | 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, 2026. |
| \* | 1 day yield as of March 31, 2026. |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Mighty<br> Mites Fund** | **Convertible<br> Securities<br> Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $99,062,582 and $10,084,784, respectively) | $180844466 | $11291331 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (Cost $1,195,128) | 252911 |  |
| &nbsp;&nbsp;&nbsp;Cash | 4881 | 1326 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 4730 | 295 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 104662 |  |
| &nbsp;&nbsp;&nbsp;Receivable from Advisers |  | 22886 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 333090 | 35971 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 71011 | 48077 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 181615751 | 11399886 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 122906 |  |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 154845 | 9823 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 28651 | 1818 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |  |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 31151 | 6144 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 44110 | 19573 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 96117 | 14736 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 56570 | 1506 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 3815 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 545665 | 53600 |
| **Commitments and Contingencies (See Note 3)** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $181070086 | $11346286 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $82690473 | $9584675 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 98379613 | 1761611 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $181070086 | $11346286 |
| **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 | $59636545 | $3639913 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3905462 | 265406 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $15.27 | $13.71 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $51098774 | $2138761 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3564719 | 149366 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and redemption price per share | $14.33 | $14.32 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | $14.93 | $14.92 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $5339069 | $654992 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 469118 | 42352 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and offering price per share (a) | $11.38 | $15.47 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $64995698 | $4912620 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 4100770 | 356829 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $15.85 | $13.77 |

---

(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, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Equity Fund** | **Balanced Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $34,066,913 and $29,656,168, respectively) | $37778017 | $29992596 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 837 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 19458 | 160452 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 65079 | 70577 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 37863391 | 30223625 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 340 | 100 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 32813 | 19673 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 8033 | 6042 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 3452 | 2864 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 21518 | 20897 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 2381 | 3297 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 3827 | 2398 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 524 | 348 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 72888 | 55619 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $37790503 | $30168006 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $33295217 | $29087373 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 4495286 | 1080633 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $37790503 | $30168006 |
| **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 | $36476799 | $23118001 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3644412 | 2490520 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $10.01 | $9.28 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $531449 | $3853149 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 53119 | 411201 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and redemption price per share | $10.00 | $9.37 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | $10.42 | $9.76 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $102 | $187458 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 10 | 19704 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and offering price per share (a) | $10.20 | $9.51 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $782153 | $3009398 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 78431 | 324904 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $9.97 | $9.26 |

---

(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, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Mighty<br> Mites Fund** | **Convertible<br> Securities<br> Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - unaffiliated (net of foreign withholding taxes of $20,930 and $0, respectively) | $1783369 | $39479 |
| &nbsp;&nbsp;&nbsp;Interest | 28394 | 97934 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 1811763 | 137413 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 939505 | 63597 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 74974 | 4751 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 64493 | 2881 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 30825 | 3810 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 29132 | 2237 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 37974 | 14115 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 41585 | 39271 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 62551 | 15589 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 59801 | 5325 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 37929 | 2606 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 15057 | 9096 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 1416326 | 163278 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Advisers (See Note 3) |  | (94130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits |  | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) | (21656) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (1607) | (384) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Waivers, Reductions, and Credits** | (23263) | (94599) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 1393063 | 68679 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 418700 | 68734 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 20663500 | 628046 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (1300) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 20662200 | 628046 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (7889037) | (900597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated | (321832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | (113) |  |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (8210982) | (900597) |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 12451218 | (272551) |
| **Net Increase/Decrease in Net Assets Resulting from Operations** | $12869918 | $(203817) |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Operations (Continued)**

**For the Six Months Ended March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Equity Fund** | **Balanced Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - unaffiliated (net of foreign withholding taxes of $337 and $161, respectively) | $376394 | $155679 |
| &nbsp;&nbsp;&nbsp;Interest | 3986 | 266428 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 380380 | 422107 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 201070 | 121101 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 48494 | 31097 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 685 | 5357 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C |  | 1030 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 4918 | 6049 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 16601 | 16027 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 41207 | 41279 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 19111 | 17813 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 12175 | 9364 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 8090 | 6499 |
| &nbsp;&nbsp;&nbsp;Interest expense | 509 | 500 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 8043 | 7979 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 360903 | 264095 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Advisers (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) | (475) | (453) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Waivers, Reductions, and Credits** | (475) | (453) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 360428 | 263642 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 19952 | 158465 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 1371786 | 1158120 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 1371786 | 1158120 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (1472575) | (1466918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated |  |  |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (1472575) | (1466918) |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | (100789) | (308798) |
| **Net Decrease in Net Assets Resulting from Operations** | $(80837) | $(150333) |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Changes in Net Assets**

**March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites Fund** | **Mighty Mites Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **For the<br> Year Ended<br> September 30,**<br>**2025** | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **For the <br> Year Ended<br> September 30,**<br>**2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $418700 | $535472 | $68734 | $240284 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 20662200 | 40445703 | 628046 | 911533 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (8210982) | (23585488) | (900597) | 1659650 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | 12869918 | 17395687 | (203817) | 2811467 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (11429433) |  | (250127) | (77708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10016598) |  | (151954) | (44583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1264997) |  | (48647) | (12388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (14167202) |  | (418581) | (158861) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (36878230) |  | (869309) | (293540) |
| **Shares of Beneficial Interest Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 241377 | 338592 | 95110 | 107362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2718927 | 3024266 | 152083 | 198354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 137071 | 391939 |  | 81697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2513047 | 5976455 | 857212 | 93303 |
|  | 5610422 | 9731252 | 1104405 | 480716 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 11133446 |  | 247355 | 76797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 9021117 |  | 151921 | 44573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1264152 |  | 48647 | 12388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12801232 |  | 417484 | 158499 |
|  | 34219947 |  | 865407 | 292257 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (7087304) | (12851487) | (115284) | (407981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (8745121) | (16411244) | (277639) | (531574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2351707) | (4492463) | (203595) | (496200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (18590181) | (54422785) | (2246356) | (2566309) |
|  | (36774313) | (88177979) | (2842874) | (4002064) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions** | 3056056 | (78446727) | (873062) | (3229091) |
| &nbsp;&nbsp;&nbsp;Redemption Fees |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets** | (20952256) | (61051040) | (1946188) | (711154) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 202022342 | 263073382 | 13292474 | 14003628 |
| &nbsp;&nbsp;&nbsp;End of period | $181070086 | $202022342 | $11346286 | $13292474 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

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

**March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Fund** | **Equity Fund** | **Balanced Fund** | **Balanced Fund** |
|  | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **For the<br> Year Ended<br> September 30,**<br>**2025** | **For the<br> Six Months Ended<br> March 31,<br> 2026**<br>**(Unaudited)** | **For the <br> Year Ended<br> September 30,**<br>**2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $19952 | $64056 | $158465 | $447407 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 1371786 | 5135653 | 1158120 | 3749110 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1472575) | (4063283) | (1466918) | (2514382) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets Resulting from Operations** | (80837) | 1136426 | (150333) | 1682135 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (5140735) | (3424156) | (3083112) | (2047441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (73959) | (57772) | (553746) | (355266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (983) | (26778) | (39232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (116699) | (96407) | (360534) | (228940) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | – | – |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (5331393) | (3579318) | (4024170) | (2670879) |
| **Shares of Beneficial Interest Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 102868 | 426992 | 172028 | 671562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 148 | 5188 | 51615 | 58298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1476 | 4828 | 409006 | 371475 |
|  | 104492 | 437109 | 632649 | 1101335 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 5015143 | 3331770 | 2993315 | 1983960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 73442 | 57444 | 539924 | 346553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 983 | 26778 | 39232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 115223 | 95495 | 360405 | 228940 |
|  | 5203808 | 3485692 | 3920422 | 2598685 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (4203315) | (4296851) | (3134823) | (5285946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (40239) | (242418) | (828300) | (654773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (13047) | (47455) | (388953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (176509) | (253124) | (238248) | (869751) |
|  | (4420063) | (4805440) | (4248826) | (7199423) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions** | 888237 | (882639) | 304245 | (3499403) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets** | (4523993) | (3325531) | (3870258) | (4488147) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 42314496 | 45640027 | 34038264 | 38526411 |
| &nbsp;&nbsp;&nbsp;End of period | $37790503 | $42314496 | $30168006 | $34038264 |

---

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)(b)** | **Net Realized <br> and Unrealized <br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Redemption<br> Fees(a)(c)** | <br>**Net Asset Value,**<br> **End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(d)** | **Operating<br> Expenses Before Waivers/Credits/<br> Reimbursements/<br> Reductions(e)** | **Portfolio<br> Turnover<br> Rate** |
| **Mighty Mites Fund** | **Mighty Mites Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $17.59 | $0.03 | $0.91 | $0.94 | $(0.07) | $(3.19) | $(3.26) | $— | $15.27 | 7.23% | $59636 | 0.38 %(g) | 1.55 %(g) | 1.58 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 16.06 | 0.03 | 1.50 | 1.53 |  |  |  |  | 17.59 | 9.53 | 62698 | 0.18 | 1.49 (h) | 1.53 | 2 |
| &nbsp;&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 (h) | 1.54 | 2 |
| &nbsp;&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 (h) | 1.51 | 2 |
| &nbsp;&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 (h) | 1.43 | 3 |
| &nbsp;&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 (h) | 1.42 | 6 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $16.52 | $0.03 | $0.85 | $0.88 | $(0.08) | $(2.99) | $(3.07) | $— | $14.33 | 7.22% | $51099 | 0.38 %(g) | 1.55 %(g) | 1.58 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 15.08 | 0.03 | 1.41 | 1.44 |  |  |  |  | 16.52 | 9.55 | 54656 | 0.18 | 1.49 (h) | 1.53 | 2 |
| &nbsp;&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 (h) | 1.54 | 2 |
| &nbsp;&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 (h) | 1.51 | 2 |
| &nbsp;&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 (h) | 1.43 | 3 |
| &nbsp;&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 (h) | 1.43 | 6 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $13.09 | $(0.02) | $0.68 | $0.66 | $— | $(2.37) | $(2.37) | $— | $11.38 | 6.82% | $5339 | (0.39)%(g) | 2.30 %(g) | 2.33 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 12.04 | (0.07) | 1.12 | 1.05 |  |  |  |  | 13.09 | 8.72 | 7169 | (0.58) | 2.24 (h) | 2.28 | 2 |
| &nbsp;&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 (h) | 2.29 | 2 |
| &nbsp;&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 (h) | 2.26 | 2 |
| &nbsp;&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 (h) | 2.18 | 3 |
| &nbsp;&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 (h) | 2.17 | 6 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $18.29 | $0.05 | $0.94 | $0.99 | $(0.12) | $(3.31) | $(3.43) | $— | $15.85 | 7.35% | $64996 | 0.62 %(g) | 1.30 %(g) | 1.33 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 16.65 | 0.07 | 1.57 | 1.64 |  |  |  |  | 18.29 | 9.85 | 77499 | 0.42 | 1.24 (h) | 1.28 | 2 |
| &nbsp;&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 (h) | 1.29 | 2 |
| &nbsp;&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 (h) | 1.26 | 2 |
| &nbsp;&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 (h) | 1.18 | 3 |
| &nbsp;&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 (h) | 1.17 | 6 |

---

† 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 0.02%, 0.04%, 0.04%, 0.04%, 0.03%, and 0.02% of net assets for the six months ended March
 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021.

(f) For the six
 months ended March 31, 2026, unaudited.

(g) Annualized.

(h) The Fund incurred
 interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.45%
 (Class AAA and Class A), 2.20% (Class C), and 1.20% (Class I) for the fiscal year ended September 30, 2025. For the fiscal years ended
 September 30, 2024, 2023, 2022, and 2021, there was no material impact on the expense ratios.

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized <br> and Unrealized <br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Redemption<br> Fees(a)(b)** | <br>**Net Asset Value,**<br> **End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(c)** | **Operating<br> Expenses Before Waivers/Credits/<br> Reimbursements/<br> Reductions** | **Portfolio<br> Turnover<br> Rate** |
| **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $14.98 | $0.07 | $(0.34) | $(0.27) | $(0.15) | $(0.85) | $(1.00) | $— | $13.71 | (1.94)% | $3640 | 0.99 %(e) | 1.15 %(e) | 2.64 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 12.29 | 0.24 | 2.75 | 2.99 | (0.30) |  | (0.30) | 0.00 | 14.98 | 24.68 | 3734 | 1.79 | 1.16 (f) | 2.16 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 11.31 | 0.28 | 1.02 | 1.30 | (0.32) |  | (0.32) |  | 12.29 | 11.69 | 3284 | 2.42 | 1.15 (f) | 2.08 | 71 |
| &nbsp;&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 (f) | 1.82 | 36 |
| &nbsp;&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 (f) | 1.62 | 39 |
| &nbsp;&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 (f) | 1.56 | 34 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $15.63 | $0.08 | $(0.36) | $(0.28) | $(0.15) | $(0.88) | $(1.03) | $— | $14.32 | (1.88)% | $2139 | 0.99 %(e) | 1.15 %(e) | 2.64 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 12.80 | 0.24 | 2.88 | 3.12 | (0.29) |  | (0.29) | 0.00 | 15.63 | 24.72 | 2307 | 1.79 | 1.16 (f) | 2.16 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 11.77 | 0.29 | 1.06 | 1.35 | (0.32) |  | (0.32) |  | 12.80 | 11.65 | 2181 | 2.42 | 1.15 (f) | 2.08 | 71 |
| &nbsp;&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 (f) | 1.82 | 36 |
| &nbsp;&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 (f) | 1.62 | 39 |
| &nbsp;&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 (f) | 1.58 | 34 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $16.88 | $0.02 | $(0.38) | $(0.36) | $(0.10) | $(0.95) | $(1.05) | $— | $15.47 | (2.22)% | $655 | 0.27 %(e) | 1.90 %(e) | 3.39 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 13.83 | 0.15 | 3.10 | 3.25 | (0.20) |  | (0.20) | 0.00 | 16.88 | 23.69 | 869 | 1.04 | 1.91 (f) | 2.91 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 12.70 | 0.22 | 1.15 | 1.37 | (0.24) |  | (0.24) |  | 13.83 | 10.88 | 1083 | 1.69 | 1.90 (f) | 2.83 | 71 |
| &nbsp;&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 (f) | 2.57 | 36 |
| &nbsp;&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 (f) | 2.37 | 39 |
| &nbsp;&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 (f) | 2.31 | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $15.04 | $0.09 | $(0.34) | $(0.25) | $(0.17) | $(0.85) | $(1.02) | $— | $13.77 | (1.77)% | $4912 | 1.28 %(e) | 0.90 %(e) | 2.39 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 12.33 | 0.27 | 2.78 | 3.05 | (0.34) |  | (0.34) | 0.00 | 15.04 | 25.07 | 6382 | 2.04 | 0.91 (f) | 1.91 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 11.35 | 0.31 | 1.02 | 1.33 | (0.35) |  | (0.35) |  | 12.33 | 11.93 | 7456 | 2.69 | 0.90 (f) | 1.83 | 71 |
| &nbsp;&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 (f) | 1.57 | 36 |
| &nbsp;&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 (f) | 1.37 | 39 |
| &nbsp;&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 (f) | 1.31 | 34 |

---

† 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, 2026 and the fiscal
 years ended September 30, 2025 and 2023, if credits had not been received, the ratios of operating expenses to average net assets would
 have been 1.16%, 1.18% and 1.17% (Class AAA and Class A), 1.91%, 1.93% and 1.92% (Class C), and 0.91%, 0.93% and 0.92% (Class I). For
 the fiscal years ended September 30, 2024, 2022, and 2021, there was no material impact on the expense ratios.

(d) For the six
 months ended March 31, 2026, unaudited.

(e) Annualized.

(f) The Fund incurred
 interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.15%
 (Class AAA and Class A), 1.90% (Class C), and 0.90% (Class I) for the fiscal year ended September 30, 2025. For the fiscal years ended
 September 30, 2024, 2023, 2022, and 2021, there was no material impact on the expense ratios.

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized <br> and Unrealized Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Net Asset Value,<br> End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(b)** | **Operating<br> Expenses Before<br> Waivers/Credits/<br> Reimbursements/<br> Reductions** | **Portfolio<br> Turnover<br> Rate** |
| **Equity Fund** | **Equity Fund** | **Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $11.53 | $0.00 (d) | $(0.03) | $(0.03) | $— | $(1.49) | $(1.49) | $10.01 | (0.31)% | $36477 | 0.09 %(e) | 1.80 %(e) | 1.80 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 12.13 | 0.02 | 0.34 | 0.36 | (0.04) | (0.92) | (0.96) | 11.53 | 2.87 | 40783 | 0.14 | 1.68 (f) | 1.68 | 75 |
| &nbsp;&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 (f) | 1.60 | 35 |
| &nbsp;&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;&nbsp;2022 | 13.37 | 0.04 | (0.93) | (0.89) | (0.00)(d) | (2.20) | (2.20) | 10.28 | (8.75) | 41068 | 0.30 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;&nbsp;2021 | 11.02 | 0.00 (d) | 2.89 | 2.89 | (0.06) | (0.48) | (0.54) | 13.37 | 26.99 | 49468 | (0.00)(g) | 1.64 | 1.64 | 66 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $11.52 | $0.00 (d) | $(0.03) | $(0.03) | $— | $(1.49) | $(1.49) | $10.00 | (0.33)% | $532 | 0.09 %(e) | 1.80 %(e) | 1.80 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 12.13 | 0.02 | 0.33 | 0.35 | (0.04) | (0.92) | (0.96) | 11.52 | 2.77 | 574 | 0.14 | 1.68 (f) | 1.68 | 75 |
| &nbsp;&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 (f) | 1.60 | 35 |
| &nbsp;&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;&nbsp;2022 | 13.36 | 0.04 | (0.93) | (0.89) | (0.00)(d) | (2.20) | (2.20) | 10.27 | (8.76) | 788 | 0.29 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;&nbsp;2021 | 10.99 | 0.00 (d) | 2.88 | 2.88 | (0.03) | (0.48) | (0.51) | 13.36 | 26.94 | 933 | (0.03) | 1.67 | 1.67 | 66 |
| **Class C**(h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.27 | $(0.04) | $1.30 | $1.26 | $— | $(1.33) | $(1.33) | $10.20 | 14.05% | $0 (i) | (0.76)%(e) | 2.56 %(e) | 2.56 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 10.83 | (0.06) | 0.32 | 0.26 |  | (0.82) | (0.82) | 10.27 | 2.25 | 0 (i) | (0.57) | 2.43 (f) | 2.43 | 75 |
| &nbsp;&nbsp;&nbsp;2024 | 9.41 | (0.03) | 1.87 | 1.84 |  | (0.42) | (0.42) | 10.83 | 20.26 | 13 | (0.27) | 2.34 (f) | 2.35 | 35 |
| &nbsp;&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;&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;&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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $11.47 | $0.02 | $(0.04) | $(0.02) | $— | $(1.48) | $(1.48) | $9.97 | (0.19)% | $782 | 0.34 %(e) | 1.55 %(e) | 1.55 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 12.08 | 0.04 | 0.34 | 0.38 | (0.07) | (0.92) | (0.99) | 11.47 | 3.03 | 957 | 0.40 | 1.43 (f) | 1.43 | 75 |
| &nbsp;&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 (f) | 1.35 | 35 |
| &nbsp;&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;&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;&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 |

---

† 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, 2026, unaudited.

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

(e) Annualized.

(f) The Fund incurred
 interest expense. For the six months ended March 31, 2026 and the fiscal years ended September 30, 2025 and 2024, there was no material
 impact on the expense ratios.

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

(h) Due to Class
 C's relatively low net assets, certain ratios, total returns and per share amounts have been affected by rounding and may not conform
 to other share classes.

(i) Actual net
 assets for Class C are $102.08 and $102.79 for the six months ended March 31, 2026 and the fiscal year ended September 30, 2025.

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized <br> and Unrealized Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Net Asset Value,<br> End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(b)** | **Operating<br> Expenses Before<br> Waivers/Credits/<br> Reimbursements/<br> Reductions** | **Portfolio<br> Turnover<br> Rate** |
| **Balanced Fund** | **Balanced Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.62 | $0.05 | $(0.10) | $(0.05) | $(0.05) | $(1.24) | $(1.29) | $9.28 | (0.62)% | $23118 | 0.96 %(d) | 1.65 %(d)(e) | 1.65 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 10.85 | 0.13 | 0.41 | 0.54 | (0.13) | (0.64) | (0.77) | 10.62 | 5.21 | 26286 | 1.26 | 1.43 (e) | 1.44 | 77 |
| &nbsp;&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 (e) | 1.39 | 36 |
| &nbsp;&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;&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;&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 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.72 | $0.05 | $(0.10) | $(0.05) | $(0.05) | $(1.25) | $(1.30) | $9.37 | (0.60)% | $3853 | 0.96 %(d) | 1.65 %(d)(e) | 1.65 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 10.95 | 0.13 | 0.41 | 0.54 | (0.13) | (0.64) | (0.77) | 10.72 | 5.21 | 4662 | 1.26 | 1.43 (e) | 1.44 | 77 |
| &nbsp;&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 (e) | 1.39 | 36 |
| &nbsp;&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;&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;&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 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.88 | $0.01 | $(0.10) | $(0.09) | $(0.01) | $(1.27) | $(1.28) | $9.51 | (1.00)% | $188 | 0.21 %(d) | 2.40 %(d)(e) | 2.40 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 11.11 | 0.05 | 0.43 | 0.48 | (0.06) | (0.65) | (0.71) | 10.88 | 4.45 | 236 | 0.50 | 2.18 (e) | 2.19 | 77 |
| &nbsp;&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 (e) | 2.14 | 36 |
| &nbsp;&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;&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;&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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.60 | $0.06 | $(0.10) | $(0.04) | $(0.06) | $(1.24) | $(1.30) | $9.26 | (0.51)% | $3009 | 1.22 %(d) | 1.40 %(d)(e) | 1.40 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 10.82 | 0.16 | 0.42 | 0.58 | (0.16) | (0.64) | (0.80) | 10.60 | 5.57 | 2854 | 1.51 | 1.18 (e) | 1.19 | 77 |
| &nbsp;&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 (e) | 1.14 | 36 |
| &nbsp;&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;&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;&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 |

---

† 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, 2026, unaudited.

(d) Annualized.

(e) The Fund incurred
 interest expense. For the six months ended March 31, 2026 and the fiscal years ended September 30, 2025 and 2024, there was no material
 impact on the expense ratios.

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 four active separate investment portfolios: TETON Westwood Mighty Mites Fund (Mighty Mites 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.

● 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 investment adviser (the Alpha G Adviser) to the Mighty Mites Fund, the Equity Fund, and the Balanced Fund. Keeley-Teton Advisors, LLC serves as investment adviser (the Keeley-Teton Adviser, and collectively the Advisers) to the Convertible Securities Fund. The Advisers make investment decisions for each Fund and continuously review and administers the Funds' investment programs and manages the operations of each Fund under the general supervision of the Company's Board of Trustees (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. 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.*** The Board has designated the Advisers as the valuation designees (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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 Valuation Designee 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 Valuation Designee determines such amount does not reflect the securities fair value, in which case these securities will be fair value as determined by the Valuation Designee. 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 Valuation Designee. 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, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **<br> Level 1**<br> **Quoted Prices** | **Level 2**<br> **Other Significant<br> Observable Inputs** | **Level 3**<br> **Significant<br> Unobservable<br> Inputs** | **<br> Total<br> Market Value<br> at 03/31/26** |
| **MIGHTY MITES FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture | $1629210 | $770 |  | $1629980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automotive: Parts and Accessories | 4377922 | 0 |  | 4377922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation: Parts and Services | 6182610 | 1451570 |  | 7634180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | 1450650 | 252911 | $49446 | 1753007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | 3317901 |  | 0 | 3317901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Industrial | 22988468 |  | 272175 | 23260643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 3264145 |  | 56647 | 3320792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 27349431 | 11050 |  | 27360481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and Beverage | 5405683 | 95400 |  | 5501083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 4394783 |  | 319 | 4395102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals | 2823594 |  | 0 | 2823594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | 1235931 | 405000 |  | 1640931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Industries (a) | 89977398 |  |  | 89977398 |
| Total Common Stocks | 174397726 | 2216701 | 378587 | 176993014 |
| Preferred Stocks (a) | 188746 |  |  | 188746 |
| Rights (a) | 36000 | 500 |  | 36500 |
| U.S. Government Obligations |  | 3879117 |  | 3879117 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $174622472 | $6096318 | $378587 <sup>(b)</sup> | $181097377 |
| **CONVERTIBLE SECURITIES FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Convertible Corporate Bonds (c) |  | $9445789 | $0 | $9445789 |
| Mandatory Convertible Securities (c) | $1632214 |  |  | 1632214 |
| U.S. Government Obligations |  | 213328 |  | 213328 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $1632214 | $9659117 | $0 <sup>(b)</sup> | $11291331 |
| **EQUITY FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| **Common Stocks (c)** | $37628432 |  |  | $37628432 |
| Short Term Investment | 149585 |  |  | 149585 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $37778017 |  |  | $37778017 |

---

**TETON Westwood Funds**

**Notes to Financial Statements (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2**<br> **Other Significant**<br> **Observable Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total<br> Market Value**<br> **at 03/31/26** |
| **BALANCED FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (c) | $18644109 |  |  | $18644109 |
| Mandatory Convertible Securities (c) | 295204 |  |  | 295204 |
| Corporate Bonds (c) |  | $7353315 |  | 7353315 |
| Convertible Corporate Bonds (c) |  | 1193238 |  | 1193238 |
| U.S. Government Obligations |  | 2154896 |  | 2154896 |
| Foreign Government Obligations (c) |  | 284121 |  | 284121 |
| Short Term Investment | 67713 |  |  | 67713 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $19007026 | $10985570 |  | $29992596 |

---

(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 Advisers 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.

***General.*** The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Advisers – 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 Advisers report 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, 2026, 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

**TETON Westwood Funds**

**Notes to Financial Statements (Unaudited) (Continued)**

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 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 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, 2026, 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, 2026, 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. The Funds own real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***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 Advisers 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 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

**TETON Westwood Funds**

**Notes to Financial Statements (Unaudited) (Continued)**

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, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites<br> Fund** | **Convertible<br> Securities Fund** | **Equity<br> Fund** | **Balanced <br>Fund** |
| Ordinary income (inclusive of short term capital gains) | $— | $293540 | $97269 | $450169 |
| Net long term capital gains | 5488853 |  | 3482049 | 2220710 |
| Total distributions paid | $5488853 \* | $293540 | $3579318 | $2670879 |

---

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

***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 following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites<br> Fund** | **Convertible<br> Securities Fund** | **Equity <br> Fund** | **Balanced<br> Fund** |
| Aggregate cost of investments | $101668117 | $10084784 | $34066913 | $29669340 |
| Gross unrealized appreciation | $88442617 | $1696440 | $5380529 | $2242579 |
| Gross unrealized depreciation | (9013357) | (489893) | (1669425) | (1919323) |
| Net unrealized appreciation | $79429260 | $1206547 | $3711104 | $323256 |

---

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, 2026, the Advisers have 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 Advisers will monitor the Funds' tax positions to determine if adjustments to this conclusion are necessary.

***Recent Accounting Pronouncement.*** During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, each Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**3. Investment Advisory Agreements and Other Transactions.** The Funds have entered into investment advisory agreements (the Advisory Agreements) with the Advisers, which provides 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, the Convertible Securities Fund, and the 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 Westwood Funds**

**Notes to Financial Statements (Unaudited) (Continued)**

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, 2026, 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 respective Adviser reduced its advisory fee with respect to such securities by $21,656.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the 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, 2027. For the six months ended March 31, 2026, and the respective Adviser waived fees or reimbursed expenses in the amounts of $94,130 for the Convertible Securities Fund.

In addition, the Convertible Securities Fund is obliged to repay their respective Adviser for a period of three fiscal years, following the fiscal year in which the Adviser 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 Convertible Securities Fund for Class AAA Shares 1.15%, for Class A Shares 1.15%, for Class C Shares 1.90%, and for Class I Shares 0.90%. As of March 31, 2026, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> year ended<br> September 30, <br> 2023, expiring<br> September 30, <br> 2026** | **For the <br> year ended<br> September 30, <br> 2024, expiring<br> September 30, <br> 2027** | **For the <br> year ended<br> September 30, <br> 2025, expiring<br> September 30, <br> 2028** | **For the <br> six months ended <br> March 31, <br> 2026, expiring<br> September 30, <br> 2029** | **Total** |
| **Convertible Securities Fund** | $199238 | $158916 | $127540 | $94130 | $579824 |

---

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 Advisers, 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, 2026, other than short term securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases<br> (excluding<br> U.S. Government<br> Securities)** | **Sales<br> (excluding<br> U.S. Government<br> Securities)** | **Purchases of<br> U.S. Government<br> Securities** | **Sales of<br> U.S. Government**<br> **Securities** |
| **Mighty Mites Fund** | $1560031 | $38109673 |  |  |
| **Convertible Securities Fund** | 5975190 | 7658605 |  |  |
| **Equity Fund** | 10884156 | 15119468 |  |  |
| **Balanced Fund** | 5916021 | 8647944 | $180830 | $301586 |

---

**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. There was no such activity during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025.

**TETON Westwood Funds**

**Notes to Financial Statements (Unaudited) (Continued)**

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2026, the Mighty Mites Fund paid $12,321 in brokerage commissions on security trades to G.research, LLC, an affiliate of the respective Adviser. Additionally, the Distributor retained a total of $388 and $5 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares for the Mighty Mites Fund and the Balanced Fund, respectively.

During the six months ended March 31, 2026, the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the 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 $1,607, $384, $475, and $453, 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, 2026, the Mighty Mites Fund accrued $22,500 in connection with the cost of computing the Fund's NAV.

**8. Line of Credit.** The Funds participate in an unsecured line of credit, which expires on June 24, 2026 and may be renewed annually, of up to $75,000,000 under which each fund 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, 2026, there were no borrowings 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 and the 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 Funds during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025 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** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Equity Fund** | **Equity Fund** |
|  | **Six Months<br> Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30,**<br> **2025** | **Six Months<br> Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30,**<br> **2025** | **Six Months<br> Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30,**<br> **2025** |
| **Class AAA** |  |  |  |  |  |  |
| Shares sold | 16631 | 21232 | 6220 | 7915 | 10213 | 37286 |
| Shares issued upon reinvestment of distributions | 803279 |  | 17751 | 5783 | 500513 | 283797 |
| Shares redeemed | (479472) | (805664) | (7851) | (31601) | (404896) | (380090) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class AAA Shares | 340438 | (784432) | 16120 | (17903) | 105830 | (59007) |
| **Class A** |  |  |  |  |  |  |
| Shares sold | 198195 | 204364 | 9868 | 13726 | 15 | 461 |
| Shares issued upon reinvestment of distributions | 693399 |  | 10445 | 3212 | 7330 | 4897 |
| Shares redeemed | (635017) | (1101307) | (18562) | (39655) | (4017) | (21034) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class A Shares | 256577 | (896943) | 1751 | (22717) | 3328 | (15676) |
| **Class C** |  |  |  |  |  |  |
| Shares sold | 12054 | 33416 |  | 5436 |  | 10 |
| Shares issued upon reinvestment of distributions | 122022 |  | 3091 | 845 |  | 94 |
| Shares redeemed | (212688) | (376335) | (12193) | (33135) |  | (1291) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class C Shares | (78612) | (342919) | (9102) | (26854) |  | (1187) |
| **Class I** |  |  |  |  |  |  |
| Shares sold | 167496 | 364732 | 56379 | 6976 | 148 | 428 |
| Shares issued upon reinvestment of distributions | 890830 |  | 29857 | 11896 | 11545 | 8197 |
| Shares redeemed | (1195773) | (3279102) | (153920) | (198877) | (16751) | (22977) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class I Shares | (137447) | (2914370) | (67684) | (180005) | (5058) | (14352) |

---

**TETON Westwood Funds**

**Notes to Financial Statements (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** |
|  | **Six Months<br> Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Year Ended**<br> **September 30,**<br> **2025** |
| **Class AAA** |  |  |
| Shares sold | 17996 | 66369 |
| Shares issued upon reinvestment of distributions | 318289 | 190299 |
| Shares redeemed | (321405) | (515906) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class AAA Shares | 14880 | (259238) |
| **Class A** |  |  |
| Shares sold | 5281 | 5721 |
| Shares issued upon reinvestment of distributions | 56866 | 32927 |
| Shares redeemed | (85869) | (64196) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class A Shares | (23722) | (25548) |
| **Class C** |  |  |
| Shares issued upon reinvestment of distributions | 2776 | 3667 |
| Shares redeemed | (4799) | (38494) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class C Shares | (2023) | (34827) |
| **Class I** |  |  |
| Shares sold | 42100 | 37380 |
| Shares issued upon reinvestment of distributions | 38413 | 22016 |
| Shares redeemed | (24961) | (85438) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class I Shares | 55552 | (26042) |

---

**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, 2026 is set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market<br> Value at<br> September 30,<br> 2025** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Loss** | **Change In<br> Unrealized<br> Depreciation** | **Market<br> Value at<br> March 31,<br> 2026** | **Dividend<br> Income** | **Percent<br> Owned of<br> Shares** |
| Trans-Lux Corp.† | $574725 | $18 | $— | $— | $(321832) | $252911 | $— | 17.04% |
| Total | $574725 |  |  | $— | $(321832) | $252911 | $— |  |

---

† 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.** Each Fund's Principal Executive Officer and Principal Financial Officer act as each Fund's chief operating decision maker (CODM), as defined in ASC 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 Advisers. 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.

**13. Subsequent Events.** Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no 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 Alpha G Investment Managers, 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 Funds 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.

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TETON WESTWOOD FUNDS

**TETON Westwood Mighty Mites℠ 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 | MARY E. HAUCK | WERNER J. ROEDER |
| **Attorney,** | **Former Senior Portfolio Manager,** | **Former Vice President of** |
| **Anthony S. Colavita, P.C.** | **Gabelli-O'Connor Fixed Income** | **Medical Affairs (Medical** |
|  | **Mutual Fund Management** | **Director) of New York** |
|  | **Company** | **Presbyterian/Lawrence Hospital** |
| JAMES P. CONN | MICHAEL J. MELARKEY | SALVATORE J. ZIZZA |
| **Former Managing Director** | **Of Counsel,** | **Chairman,** |
| **and Chief Investment Officer,** | **McDonald Carano Wilson LLP** | **Zizza & Associates Corp.** |
| **Financial Security Assurance** |  |  |
| **Holdings Ltd.** |  |  |
| LESLIE F. FOLEY | EILEEN CHEIGH NAKAMURA\* | \*Interested Trustee |
| **Attorney** | **Former VP,** |  |
|  | **Pfizer, Inc.** |  |

---

---

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

---

---

| | |
|:---|:---|
| Investment Advisers | Distributor |
| Keeley-Teton Advisors, LLC | G.distributors, LLC |
| Alpha G Investment Management, Inc. |  |
| Transfer Agent and Disbursing Agent | Legal Counsel |
| SS&C Global Investor and Distribution | Paul Hastings LLP |
| Solutions, Inc. |  |

---

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.

GABWWQ126SR

**Keeley Small Cap Fund**

**Semiannual Report — March 31, 2026**

**To Our Shareholders,**

For the six months ended March 31, 2026, the net asset value (NAV) total return per Class AAA Share of the Keeley Small Cap Fund (the Fund) was 18.6% compared with a total return of 3.1% for the Russell 2000 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2026.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of March 31, 2026:

**The Keeley Small Cap Fund**

---

| | |
|:---|:---|
| Banking | 12.1% |
| Semiconductors | 11.0% |
| Diversified Industrial | 7.1% |
| Health Care | 7.0% |
| Computer Software and Services | 5.7% |
| Energy and Utilities | 5.5% |
| Electronics | 5.4% |
| Retail | 5.3% |
| U.S. Government Obligations | 5.1% |
| Building and Construction | 4.6% |
| Financial Services | 3.5% |
| Machinery | 3.3% |
| Materials | 3.0% |

---

---

| | |
|:---|:---|
| Aviation: Parts and Services | 2.9% |
| Broadcasting | 2.9% |
| Consumer Products | 2.8% |
| Communication Services | 2.7% |
| Equipment and Supplies | 2.6% |
| Real Estate | 2.3% |
| Automotive | 2.1% |
| Business Services | 1.1% |
| Entertainment | 1.0% |
| Transportation | 0.6% |
| Other Assets and Liabilities (Net) | 0.4% |
|  | 100.0% |

---

*The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund's Form N-PORT is available on the SEC's website at www.sec.gov and may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.*

**Proxy Voting**

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund's proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC's website at www.sec.gov.

**Keeley Small Cap Fund**

**Schedule of Investments — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 94.5%** |  |  |
|  | **Automotive — 2.1%** |  |  |
| 27438 | Rush Enterprises Inc., Cl. A | $962010 | $1813926 |
|  | **Aviation: Parts and Services — 2.9%** |  |  |
| 20000 | AAR Corp.† | 561749 | 2189200 |
| 10000 | Standard Motor Products Inc. | 339004 | 347400 |
|  |  | 900753 | 2536600 |
|  | **Banking — 12.1%** |  |  |
| 8916 | Atlantic Union Bankshares Corp. | 331035 | 318658 |
| 56638 | Banc of California Inc. | 843441 | 995696 |
| 37000 | Columbia Banking System Inc. | 1025514 | 1014910 |
| 15698 | First Interstate BancSystem Inc., Cl. A | 411341 | 524313 |
| 23937 | Five Star Bancorp | 605892 | 902904 |
| 7795 | Glacier Bancorp Inc. | 241279 | 348203 |
| 80000 | Huntington Bancshares Inc. | 1031711 | 1252000 |
| 40000 | OceanFirst Financial Corp. | 746862 | 721600 |
| 46871 | Old National Bancorp | 897038 | 1035849 |
| 11616 | SouthState Bank Corp. | 933958 | 1074712 |
| 32065 | USCB Financial Holdings Inc. | 425278 | 594485 |
| 50038 | Valley National Bancorp | 549501 | 614467 |
| 20000 | WaFd Inc. | 555295 | 628000 |
| 12000 | Washington Trust Bancorp Inc. | 374656 | 401520 |
|  |  | 8972801 | 10427317 |
|  | **Broadcasting — 2.9%** |  |  |
| 200000 | Grupo Televisa SAB, ADR | 572742 | 582000 |
| 50000 | IMAX Corp.† | 931854 | 1900500 |
|  |  | 1504596 | 2482500 |
|  | **Building and Construction — 4.6%** |  |  |
| 19742 | Champion Homes Inc.† | 1342049 | 1468213 |
| 6736 | MYR Group Inc.† | 694687 | 1901707 |
| 15000 | Trex Co. Inc.† | 550588 | 546300 |
|  |  | 2587324 | 3916220 |
|  | **Business Services — 1.1%** |  |  |
| 25702 | ABM Industries Inc. | 1034911 | 990041 |
|  | **Communication Services — 2.7%** |  |  |
| 40000 | Anterix Inc.† | 867228 | 1527600 |
| 85000 | Harmonic Inc.† | 918201 | 763300 |
|  |  | 1785429 | 2290900 |
|  | **Computer Software and Services — 5.7%** |  |  |
| 84341 | N-able Inc.† | 511619 | 393873 |
| 90000 | NetScout Systems Inc.† | 1949689 | 2861100 |
| 50000 | PAR Technology Corp.† | 1187299 | 666500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 22000 | Progress Software Corp.† | $1004213 | $564300 |
| 15000 | Teradata Corp.† | 429178 | 384450 |
|  |  | 5081998 | 4870223 |
|  | **Consumer Products — 2.8%** |  |  |
| 70962 | OPENLANE Inc.† | 1233611 | 2068542 |
| 10000 | Oxford Industries Inc. | 404513 | 385100 |
|  |  | 1638124 | 2453642 |
|  | **Diversified Industrial — 7.1%** |  |  |
| 25000 | Albany International Corp., Cl. A | 1414644 | 1305250 |
| 13000 | Apogee Enterprises Inc. | 476333 | 436020 |
| 25000 | Enerpac Tool Group Corp. | 863166 | 911750 |
| 12000 | Hexcel Corp. | 755899 | 971160 |
| 15000 | ICF International Inc. | 1301822 | 979350 |
| 22000 | Kennametal Inc. | 563764 | 794860 |
| 14138 | Worthington Enterprises Inc. | 628013 | 737155 |
|  |  | 6003641 | 6135545 |
|  | **Electronics — 5.4%** |  |  |
| 7000 | Advanced Energy Industries Inc. | 806801 | 2258970 |
| 30000 | Sonos Inc.† | 453209 | 402000 |
| 20000 | TTM Technologies Inc.† | 390956 | 1948400 |
|  |  | 1650966 | 4609370 |
|  | **Energy and Utilities — 5.5%** |  |  |
| 44979 | Magnolia Oil & Gas Corp., Cl. A | 732606 | 1419987 |
| 28892 | Oceaneering International Inc.† | 375125 | 1024799 |
| 68000 | Patterson-UTI Energy Inc. | 373117 | 736440 |
| 10990 | Riley Exploration Permian Inc. | 317549 | 400586 |
| 17546 | SandRidge Energy Inc. | 202311 | 286175 |
| 40000 | Select Water Solutions Inc. | 495569 | 612000 |
| 41861 | Shoals Technologies Group Inc., Cl. A† | 225200 | 275446 |
|  |  | 2721477 | 4755433 |
|  | **Entertainment — 1.0%** |  |  |
| 90000 | Lionsgate Studios Corp.† | 838500 | 863100 |
|  | **Equipment and Supplies — 2.6%** |  |  |
| 30000 | Flowserve Corp. | 1157032 | 2205300 |
|  | **Financial Services — 3.5%** |  |  |
| 18729 | Heritage Financial Corp. | 357051 | 486954 |
| 9222 | Horace Mann Educators Corp. | 333392 | 393595 |
| 10500 | Spartacus Acquisition Corp. II† | 105000 | 105368 |

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Schedule of Investments (Continued) — March 31, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 22000 | Stewart Information Services Corp. | $1134920 | $1354760 |
| 19597 | Univest Financial Corp. | 550376 | 671393 |
|  |  | 2480739 | 3012070 |
|  | **Health Care — 7.0%** |  |  |
| 50000 | Axogen Inc.† | 511686 | 1656500 |
| 45000 | Dentsply Sirona Inc. | 633403 | 522000 |
| 12722 | Haemonetics Corp.† | 768771 | 717012 |
| 20698 | Omnicell Inc.† | 703032 | 690899 |
| 70443 | Orthofix Medical Inc.† | 972536 | 807981 |
| 23000 | Supernus Pharmaceuticals Inc.† | 800769 | 1188870 |
| 25000 | Tandem Diabetes Care Inc.† | 526320 | 479250 |
|  |  | 4916517 | 6062512 |
|  | **Machinery — 3.3%** |  |  |
| 53796 | Mueller Water Products Inc., Cl. A | 881495 | 1478852 |
| 20000 | Tennant Co. | 1447731 | 1328000 |
|  |  | 2329226 | 2806852 |
|  | **Materials — 3.0%** |  |  |
| 20000 | Avient Corp. | 713478 | 726000 |
| 14722 | Darling Ingredients Inc.† | 419897 | 910556 |
| 13000 | Minerals Technologies Inc. | 803526 | 921960 |
|  |  | 1936901 | 2558516 |
|  | **Real Estate — 2.3%** |  |  |
| 25328 | Alpine Income Property Trust Inc., REIT | 422319 | 455904 |
| 40525 | CareTrust REIT Inc. | 851904 | 1485241 |
|  |  | 1274223 | 1941145 |
|  | **Retail — 5.3%** |  |  |
| 23699 | Advance Auto Parts Inc. | 1022423 | 1250122 |
| 60000 | American Eagle Outfitters Inc. | 752538 | 1002000 |
| 47101 | El Pollo Loco Holdings Inc.† | 448265 | 652820 |
| 50000 | Ethan Allen Interiors Inc. | 1206558 | 1113000 |
| 8100 | Urban Outfitters Inc.† | 215422 | 513135 |
|  |  | 3645206 | 4531077 |
|  | **Semiconductors — 11.0%** |  |  |
| 40000 | Cohu Inc.† | 859138 | 1224800 |
| 5000 | Entegris Inc. | 431547 | 586200 |
| 14629 | FormFactor Inc.† | 383928 | 1418867 |
| 12000 | Ichor Holdings Ltd.† | 365353 | 559320 |
| 9240 | MKS Inc. | 887797 | 2123444 |
| 30000 | nLight Inc.† | 322445 | 1710600 |
| 30000 | Ultra Clean Holdings Inc.† | 825010 | 1865400 |
|  |  | 4075218 | 9488631 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **Transportation — 0.6%** |  |  |
| 9971 | The Greenbrier Companies Inc. | $385938 | $524973 |
|  | **TOTAL COMMON STOCKS** | 57883530 | 81275893 |
| **Principal<br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 5.1%** |  |  |
| $4410000 | U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;3.607% to 3.648%††, 05/21/26 to 06/25/26 | 4379027 | 4379058 |
|  | **TOTAL INVESTMENTS — 99.6%** | $62262557 | 85654951 |
|  | **Other Assets and Liabilities (Net) — 0.4%** |  | 352517 |
|  | **NET ASSETS — 100.0%** |  | $86007468 |

---

† Non-income producing security. <br> †† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Statement of Assets and Liabilities**

**March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $62,262,557) | $85654951 |
| &nbsp;&nbsp;&nbsp;Cash | 55628 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 272413 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser | 41262 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 60306 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 74222 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 86158782 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 25147 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 72095 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 5223 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 28019 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 13330 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 151314 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 3,150,280 shares outstanding) | $86007468 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $58427460 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 27580008 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $86007468 |
| **Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:** |  |
| &nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($12,419,621 ÷ 465,986 shares outstanding) | $26.65 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($7,909,343 ÷ 317,292 shares outstanding) | $24.93 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9600, based on maximum sales charge of 4.00% of the offering price) | $25.97 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($1,050,674 ÷ 52,232 shares outstanding) | $20.12 (a) |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($64,627,830 ÷ 2,314,770 shares outstanding) | $27.92 |

---

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

**Statement of Operations**

**For the Six Months Ended March 31, 2026 (Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $542061 |
| &nbsp;&nbsp;&nbsp;Interest | 25863 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 567924 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 379797 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 13066 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 9285 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 5030 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 42176 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 27598 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 22500 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 22301 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 14377 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 12973 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6501 |
| &nbsp;&nbsp;&nbsp;ReFlow service fees | 2775 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 10057 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 568436 |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (160307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits | (365) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Reductions, and Credits** | (161258) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 407178 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 160746 |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 3065228 |
| &nbsp;&nbsp;&nbsp;Net realized gain on in-kind transactions | 1222150 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (16) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, redemption in-kind, and foreign currency transactions | 4287362 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | 7902719 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, and Foreign Currency** | 12190081 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $12350827 |

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31,<br> 2026<br> (Unaudited)** | **Year Ended<br> September 30,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $160746 | $442336 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, redemptions in-kind, and foreign currency transactions | 4287362 | 10831423 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 7902719 | (4036811) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 12350827 | 7236948 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (677947) | (2078774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (508704) | (2219079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (64473) | (395477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3921571) | (9010511) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (5172695) | (13703841) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 2123433 | 1212543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 125344 | (1291753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (26603) | (555497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6050106 | 6951985 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 8272280 | 6317278 |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | 15450412 | (149615) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 70557056 | 70706671 |
| &nbsp;&nbsp;&nbsp;End of period | $86007468 | $70557056 |

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **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 September 30** |<br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized**<br> **Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total<br> Return†** | **Net Assets,<br> End of Period<br> (in 000's)** | **Net Investment Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(c)** | **Portfolio Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $24.21 | $0.03 | $4.23 | $4.26 | $(0.15) | $(1.67) | $(1.82) | $— | $26.65 | 18.55% | $12419 | 0.25 %(e) | 1.68 %(e) | 1.25 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 27.11 | 0.11 | 3.21 | 3.32 | (0.18) | (6.04) | (6.22) |  | 24.21 | 12.98 | 9372 | 0.48 | 1.66 | 1.25 (f) | 47 |
| &nbsp;&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 | 1.58 | 1.25 (f) | 21 |
| &nbsp;&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 | 1.60 | 1.25 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 25.74 | 0.06 | (3.61) | (3.55) | (0.01) | (1.44) | (1.45) |  | 20.74 | (14.79) | 7300 | 0.23 | 1.64 | 1.25 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 15.40 | 0.04 | 10.30 | 10.34 | (0.00)(b) |  | (0.00)(b) |  | 25.74 | 67.16 | 9838 | 0.15 | 1.64 | 1.25 (f) | 21 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $22.65 | $0.03 | $3.96 | $3.99 | $(0.15) | $(1.56) | $(1.71) | $— | $24.93 | 18.57% | $7909 | 0.25 %(e) | 1.67 %(e) | 1.25 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 25.39 | 0.10 | 3.01 | 3.11 | (0.19) | (5.66) | (5.85) |  | 22.65 | 12.96 | 7071 | 0.47 | 1.66 | 1.25 (f) | 47 |
| &nbsp;&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 | 1.58 | 1.25 (f) | 21 |
| &nbsp;&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 | 1.60 | 1.25 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 24.23 | 0.06 | (3.38) | (3.32) | (0.02) | (1.44) | (1.46) |  | 19.45 | (14.78) | 5820 | 0.25 | 1.65 | 1.25 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 14.50 | 0.03 | 9.70 | 9.73 |  |  |  |  | 24.23 | 67.10 | 5539 | 0.14 | 1.65 | 1.27 (f) | 21 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $18.22 | $(0.05) | $3.21 | $3.16 | $— | $(1.26) | $(1.26) | $— | $20.12 | 18.16% | $1051 | (0.51)%(e) | 2.42 %(e) | 2.00 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 20.42 | (0.05) | 2.40 | 2.35 | (0.01) | (4.54) | (4.55) |  | 18.22 | 12.10 | 978 | (0.29) | 2.41 | 2.00 (f) | 47 |
| &nbsp;&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) | 2.33 | 2.00 (f) | 21 |
| &nbsp;&nbsp;&nbsp;2023 | 15.73 | (0.02) | 1.80 | 1.78 |  | (0.21) | (0.21) | 0.00 | 17.30 | 11.29 | 2349 | (0.12) | 2.35 | 2.00 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 19.98 | (0.10) | (2.71) | (2.81) |  | (1.44) | (1.44) |  | 15.73 | (15.38) | 1931 | (0.53) | 2.39 | 2.00 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 12.04 | (0.11) | 8.05 | 7.94 |  |  |  |  | 19.98 | 65.95 | 2336 | (0.60) | 2.39 | 2.00 (f) | 21 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $25.39 | $0.07 | $4.42 | $4.49 | $(0.21) | $(1.75) | $(1.96) | $— | $27.92 | 18.68% | $64628 | 0.49 %(e) | 1.42 %(e) | 1.00 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 28.42 | 0.18 | 3.38 | 3.56 | (0.25) | (6.34) | (6.59) |  | 25.39 | 13.29 | 53136 | 0.76 | 1.41 | 1.00 (f) | 47 |
| &nbsp;&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 | 1.33 | 1.00 (f) | 21 |
| &nbsp;&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 | 1.35 | 1.00 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 26.90 | 0.13 | (3.77) | (3.64) | (0.08) | (1.44) | (1.52) |  | 21.74 | (14.54) | 34321 | 0.49 | 1.39 | 1.00 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 16.09 | 0.10 | 10.75 | 10.85 | (0.04) |  | (0.04) |  | 26.90 | 67.55 | 33644 | 0.40 | 1.39 | 1.00 (f) | 21 |

---

† 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,
 2026, unaudited.

(e) Annualized.

(f) The Fund incurred interest expense.
 For the fiscal years ended September 30, 2025, 2024, 2022, and 2021, there was no material impact to the expense ratios.

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited)**

**1. Organization.** The Keeley Small Cap Fund (the Fund), formerly TETON Westwood SmallCap Equity Fund, a series of the TETON Westwood Funds (the Trust), was organized as a Massachusetts business trust on June 12, 1986. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund seeks to provide long term capital appreciation by investing primarily in smaller capitalization equity securities.

On May 1, 2025, Keeley-Teton Advisors, LLC (Keeley Teton) announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC (the Transaction). The Transaction did not constitute an "assignment" of the investment advisory agreement for purposes of the Investment Company Act of 1940, and therefore, a shareholder vote was not required.

Gabelli Funds, LLC (the Adviser), with its principal offices located at One Corporate Center, Rye, New York 10580-1422, serves as investment adviser to the Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Fund's investment program and manages the operations of the Fund under the general supervision of the Fund's Board of Trustees (the Board).

**2. Significant Accounting Policies.** As an investment company, the Fund 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. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

***Security Valuation.*** The Board has designated the Adviser as the valuation designee (Valuation Designee) under Rule 2a-5. 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 Valuation Designee so determines, by such other method as the Valuation Designee 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.

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 Valuation Designee 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 security is valued using the closing bid price, unless the Valuation Designee determines such amount does not reflect the security's fair value, in which case these securities will be fair valued as determined by the Valuation Designee. 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 of more dealers in the instrument in question by the Adviser.

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

Securities and assets for which market quotations are not readily available are fair valued as determined by the Valuation Designee. 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 Fund's investments in securities by inputs used to value the Fund's investments as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1**<br> **Quoted Prices** | **Level 2<br> Other Significant<br> Observable<br> Inputs** |<br>**Total<br> Market Value**<br> **at 03/31/26** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $81275893 |  | $81275893 |
| U.S. Government Obligations |  | $4379058 | 4379058 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $81275893 | $4379058 | $85654951 |

---

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

***General.*** The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses 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. When fair valuing a security, factors to consider include recent prices of comparable securities

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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 backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

***Foreign Currency Translations.*** The books and records of the Fund 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 Fund 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 Fund 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 Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

***Restricted Securities.*** The Fund may invest up to 10% 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 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 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. 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. At March 31, 2026, the Fund did not hold any restricted securities.

***Securities Transactions and Investment Income.*** Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

(including amortization of premium and accretion of discount) is recorded on an 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 the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

***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 the 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.

***Distributions to Shareholders*.** Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are 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 as determined under GAAP. 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 Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Distributions paid from:** |  |
| Ordinary income | $466558 |
| Net long term capital gains | 13237283 |
| Total distributions paid | $13703841 |

---

***Provision for Income Taxes.*** The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| Investments | $62329522 | $25910961 | $(2585532) | $23325429 |

---

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund's 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 Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2026, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2026, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund's net assets or results of operations. The Fund's federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund's tax positions to determine if adjustments to this conclusion are necessary.

***Recent Accounting Pronouncement*.** During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendment enhances income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. During the reporting period, the Fund paid less than 1% in foreign or U.S. federal, state or local income taxes.

**3. Investment Advisory Agreement and Other Transactions.** The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund's portfolio, oversees the administration of all aspects of the Fund's business and affairs, and pays the compensation of all Officers and Trustees of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund in the event annual expenses exceed certain prescribed limits as described in the paragraph below. Such fee waiver/reimbursement arrangements continue at least until February 28, 2027. For the six months ended March 31, 2026, the Adviser reimbursed expenses in the amount of $160,307.

In addition, the Fund is obliged to repay the Adviser for a period of two fiscal years, following the fiscal year in which the Adviser reimbursed the Fund only to the extent that the operating expenses of the Fund fall below the expense limitation based on average net assets for Class AAA Shares 1.25%, Class A Shares 1.25%, Class C Shares 2.00%, and for Class I Shares 1.00%. As of March 31, 2026, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are as follows:

---

| | |
|:---|:---|
| For the year ended September 30, 2024, expiring September 30, 2026 | $232117 |
| For the year ended September 30, 2025, expiring September 30, 2027 | 268516 |
| For the six months ended March 31, 2026, expiring September 30, 2028 | 160307 |
|  | $660940 |

---

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

**4. Distribution Plan.** The Fund's Board has adopted a distribution plan (the Plan) for each class of shares, except for 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 of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $11,106,095 and $8,805,578, respectively.

**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 six months ended March 31, 2026 and the fiscal year ended September 30, 2025, the Fund realized net gain of $1,222,150 and $983,611 on $1,980,219 and $1,430,514 of redemptions-in-kind, including cash of $94,836 and $82,414, respectively.

**7. Transactions with Affiliates and Other Arrangements.** During the six months ended March 31, 2026, the Fund paid $595 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $677 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2026, the 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 $586.

The Corporation pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are trustees or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

The cost of calculating the Fund's NAV per share is a Fund expense pursuant to the Advisory Agreement. Under the sub-administration agreement with Bank of New York Mellon, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the six months ended March 31, 2026, the Fund accrued $22,500 in connection with the cost of computing the Fund's NAV.

**8. Line of Credit.** The Fund participates in an unsecured and uncommitted line of credit, which expires on June 24, 2026 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, 2026, there were no borrowings under the line of credit.

**9. Capital Stock.** The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

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 Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **Six Months Ended<br> March 31, <br> 2026<br> (Unaudited)** | **<br>Year Ended<br> September 30, <br> 2025** | **<br>Year Ended<br> September 30, <br> 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 94030 | $2554158 | 23040 | $512799 |
| Shares issued upon reinvestment of distributions | 28465 | 674054 | 87933 | 2062919 |
| Shares redeemed | (43595) | (1104779) | (61603) | (1363175) |
| &nbsp;&nbsp;&nbsp;Net increase | 78900 | $2123433 | 49370 | $1212543 |
| **Class A** |  |  |  |  |
| Shares sold | 29398 | $736267 | 25946 | $547814 |
| Shares issued upon reinvestment of distributions | 22851 | 505921 | 100864 | 2212947 |
| Shares redeemed | (47146) | (1116844) | (195559) | (4052514) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 5103 | $125344 | (68749) | $(1291753) |
| **Class C** |  |  |  |  |
| Shares sold | 3272 | $68150 | 1250 | $21735 |
| Shares issued upon reinvestment of distributions | 3598 | 64473 | 22255 | 395477 |
| Shares redeemed | (8296) | (159226) | (58929) | (972709) |
| &nbsp;&nbsp;&nbsp;Net decrease | (1426) | $(26603) | (35424) | $(555497) |
| **Class I** |  |  |  |  |
| Shares sold | 552244 | $15162979 | 1322568 | $31142618 |
| Shares issued upon reinvestment of distributions | 158245 | 3921310 | 367105 | 9008751 |
| Shares redeemed in-kind | (75870) | (1980219) | (62250) | (1430514) |
| Shares redeemed | (413023) | (11053964) | (1295701) | (31768870) |
| &nbsp;&nbsp;&nbsp;Net increase | 221596 | $6050106 | 331722 | $6951985 |

---

***ReFlow Fund LLC.*** The Fund may participate in the ReFlow Fund LLC liquidity program (ReFlow), which is designed to provide an alternative liquidity source for funds experiencing redemptions. To pay cash to shareholders who redeem their shares on a given day, a fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money. ReFlow provides participating funds with another source of cash by standing ready to purchase shares from a fund up to the amount of the fund's net redemptions on a given day, cumulatively limited to 3% of the outstanding voting shares of a fund. ReFlow generally redeems those shares (in cash or in-kind) when the Fund experiences net sales, at the end of a maximum holding period determined

**Keeley Small Cap Fund**

**Notes to Financial Statements (Unaudited) (Continued)**

by ReFlow, at other times at ReFlow's discretion, or at the direction of the participating fund. In return for this service, a participating fund will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. This fee, if any, is shown in the Statement of Operations.

During the six months ended March 31, 2026 the Fund utilized ReFlow. The shares ReFlow subscribed to, cash redemptions, and redemptions-in-kind were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Shares ReFlow Subscribed to** | **Cash redemptions** | **Redemptions-in-kind** | **Service Fees** |
| 75870 | $94836 | $1885383 | $2775 |

---

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

**11. Segment Reporting.** The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, and executed by the 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 the Fund's Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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

![](ksf_001.jpg)

&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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)(b)** | **Net Realized <br> and Unrealized <br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Redemption<br> Fees(a)(c)** | <br>**Net Asset Value,**<br> **End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(d)** | **Operating<br> Expenses Before Waivers/Credits/<br> Reimbursements/<br> Reductions(e)** | **Portfolio<br> Turnover<br> Rate** |
| **Mighty Mites Fund** | **Mighty Mites Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $17.59 | $0.03 | $0.91 | $0.94 | $(0.07) | $(3.19) | $(3.26) | $— | $15.27 | 7.23% | $59636 | 0.38 %(g) | 1.55 %(g) | 1.58 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 16.06 | 0.03 | 1.50 | 1.53 |  |  |  |  | 17.59 | 9.53 | 62698 | 0.18 | 1.49 (h) | 1.53 | 2 |
| &nbsp;&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 (h) | 1.54 | 2 |
| &nbsp;&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 (h) | 1.51 | 2 |
| &nbsp;&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 (h) | 1.43 | 3 |
| &nbsp;&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 (h) | 1.42 | 6 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $16.52 | $0.03 | $0.85 | $0.88 | $(0.08) | $(2.99) | $(3.07) | $— | $14.33 | 7.22% | $51099 | 0.38 %(g) | 1.55 %(g) | 1.58 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 15.08 | 0.03 | 1.41 | 1.44 |  |  |  |  | 16.52 | 9.55 | 54656 | 0.18 | 1.49 (h) | 1.53 | 2 |
| &nbsp;&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 (h) | 1.54 | 2 |
| &nbsp;&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 (h) | 1.51 | 2 |
| &nbsp;&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 (h) | 1.43 | 3 |
| &nbsp;&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 (h) | 1.43 | 6 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $13.09 | $(0.02) | $0.68 | $0.66 | $— | $(2.37) | $(2.37) | $— | $11.38 | 6.82% | $5339 | (0.39)%(g) | 2.30 %(g) | 2.33 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 12.04 | (0.07) | 1.12 | 1.05 |  |  |  |  | 13.09 | 8.72 | 7169 | (0.58) | 2.24 (h) | 2.28 | 2 |
| &nbsp;&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 (h) | 2.29 | 2 |
| &nbsp;&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 (h) | 2.26 | 2 |
| &nbsp;&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 (h) | 2.18 | 3 |
| &nbsp;&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 (h) | 2.17 | 6 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(f) | $18.29 | $0.05 | $0.94 | $0.99 | $(0.12) | $(3.31) | $(3.43) | $— | $15.85 | 7.35% | $64996 | 0.62 %(g) | 1.30 %(g) | 1.33 %(g) | 1% |
| &nbsp;&nbsp;&nbsp;2025 | 16.65 | 0.07 | 1.57 | 1.64 |  |  |  |  | 18.29 | 9.85 | 77499 | 0.42 | 1.24 (h) | 1.28 | 2 |
| &nbsp;&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 (h) | 1.29 | 2 |
| &nbsp;&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 (h) | 1.26 | 2 |
| &nbsp;&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 (h) | 1.18 | 3 |
| &nbsp;&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 (h) | 1.17 | 6 |

---

† 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 0.02%, 0.04%, 0.04%, 0.04%, 0.03%, and 0.02% of net assets for the six months ended March
 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021.

(f) For the six
 months ended March 31, 2026, unaudited.

(g) Annualized.

(h) The Fund incurred
 interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.45%
 (Class AAA and Class A), 2.20% (Class C), and 1.20% (Class I) for the fiscal year ended September 30, 2025. For the fiscal years ended
 September 30, 2024, 2023, 2022, and 2021, there was no material impact on the expense ratios.

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized <br> and Unrealized <br> Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Redemption<br> Fees(a)(b)** | <br>**Net Asset Value,**<br> **End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(c)** | **Operating<br> Expenses Before Waivers/Credits/<br> Reimbursements/<br> Reductions** | **Portfolio<br> Turnover<br> Rate** |
| **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $14.98 | $0.07 | $(0.34) | $(0.27) | $(0.15) | $(0.85) | $(1.00) | $— | $13.71 | (1.94)% | $3640 | 0.99 %(e) | 1.15 %(e) | 2.64 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 12.29 | 0.24 | 2.75 | 2.99 | (0.30) |  | (0.30) | 0.00 | 14.98 | 24.68 | 3734 | 1.79 | 1.16 (f) | 2.16 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 11.31 | 0.28 | 1.02 | 1.30 | (0.32) |  | (0.32) |  | 12.29 | 11.69 | 3284 | 2.42 | 1.15 (f) | 2.08 | 71 |
| &nbsp;&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 (f) | 1.82 | 36 |
| &nbsp;&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 (f) | 1.62 | 39 |
| &nbsp;&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 (f) | 1.56 | 34 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $15.63 | $0.08 | $(0.36) | $(0.28) | $(0.15) | $(0.88) | $(1.03) | $— | $14.32 | (1.88)% | $2139 | 0.99 %(e) | 1.15 %(e) | 2.64 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 12.80 | 0.24 | 2.88 | 3.12 | (0.29) |  | (0.29) | 0.00 | 15.63 | 24.72 | 2307 | 1.79 | 1.16 (f) | 2.16 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 11.77 | 0.29 | 1.06 | 1.35 | (0.32) |  | (0.32) |  | 12.80 | 11.65 | 2181 | 2.42 | 1.15 (f) | 2.08 | 71 |
| &nbsp;&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 (f) | 1.82 | 36 |
| &nbsp;&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 (f) | 1.62 | 39 |
| &nbsp;&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 (f) | 1.58 | 34 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $16.88 | $0.02 | $(0.38) | $(0.36) | $(0.10) | $(0.95) | $(1.05) | $— | $15.47 | (2.22)% | $655 | 0.27 %(e) | 1.90 %(e) | 3.39 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 13.83 | 0.15 | 3.10 | 3.25 | (0.20) |  | (0.20) | 0.00 | 16.88 | 23.69 | 869 | 1.04 | 1.91 (f) | 2.91 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 12.70 | 0.22 | 1.15 | 1.37 | (0.24) |  | (0.24) |  | 13.83 | 10.88 | 1083 | 1.69 | 1.90 (f) | 2.83 | 71 |
| &nbsp;&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 (f) | 2.57 | 36 |
| &nbsp;&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 (f) | 2.37 | 39 |
| &nbsp;&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 (f) | 2.31 | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $15.04 | $0.09 | $(0.34) | $(0.25) | $(0.17) | $(0.85) | $(1.02) | $— | $13.77 | (1.77)% | $4912 | 1.28 %(e) | 0.90 %(e) | 2.39 %(e) | 48% |
| &nbsp;&nbsp;&nbsp;2025 | 12.33 | 0.27 | 2.78 | 3.05 | (0.34) |  | (0.34) | 0.00 | 15.04 | 25.07 | 6382 | 2.04 | 0.91 (f) | 1.91 | 63 |
| &nbsp;&nbsp;&nbsp;2024 | 11.35 | 0.31 | 1.02 | 1.33 | (0.35) |  | (0.35) |  | 12.33 | 11.93 | 7456 | 2.69 | 0.90 (f) | 1.83 | 71 |
| &nbsp;&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 (f) | 1.57 | 36 |
| &nbsp;&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 (f) | 1.37 | 39 |
| &nbsp;&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 (f) | 1.31 | 34 |

---

† 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, 2026 and the fiscal
 years ended September 30, 2025 and 2023, if credits had not been received, the ratios of operating expenses to average net assets would
 have been 1.16%, 1.18% and 1.17% (Class AAA and Class A), 1.91%, 1.93% and 1.92% (Class C), and 0.91%, 0.93% and 0.92% (Class I). For
 the fiscal years ended September 30, 2024, 2022, and 2021, there was no material impact on the expense ratios.

(d) For the six
 months ended March 31, 2026, unaudited.

(e) Annualized.

(f) The Fund incurred
 interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.15%
 (Class AAA and Class A), 1.90% (Class C), and 0.90% (Class I) for the fiscal year ended September 30, 2025. For the fiscal years ended
 September 30, 2024, 2023, 2022, and 2021, there was no material impact on the expense ratios.

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized <br> and Unrealized Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Net Asset Value,<br> End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(b)** | **Operating<br> Expenses Before<br> Waivers/Credits/<br> Reimbursements/<br> Reductions** | **Portfolio<br> Turnover<br> Rate** |
| **Equity Fund** | **Equity Fund** | **Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $11.53 | $0.00 (d) | $(0.03) | $(0.03) | $— | $(1.49) | $(1.49) | $10.01 | (0.31)% | $36477 | 0.09 %(e) | 1.80 %(e) | 1.80 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 12.13 | 0.02 | 0.34 | 0.36 | (0.04) | (0.92) | (0.96) | 11.53 | 2.87 | 40783 | 0.14 | 1.68 (f) | 1.68 | 75 |
| &nbsp;&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 (f) | 1.60 | 35 |
| &nbsp;&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;&nbsp;2022 | 13.37 | 0.04 | (0.93) | (0.89) | (0.00)(d) | (2.20) | (2.20) | 10.28 | (8.75) | 41068 | 0.30 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;&nbsp;2021 | 11.02 | 0.00 (d) | 2.89 | 2.89 | (0.06) | (0.48) | (0.54) | 13.37 | 26.99 | 49468 | (0.00)(g) | 1.64 | 1.64 | 66 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $11.52 | $0.00 (d) | $(0.03) | $(0.03) | $— | $(1.49) | $(1.49) | $10.00 | (0.33)% | $532 | 0.09 %(e) | 1.80 %(e) | 1.80 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 12.13 | 0.02 | 0.33 | 0.35 | (0.04) | (0.92) | (0.96) | 11.52 | 2.77 | 574 | 0.14 | 1.68 (f) | 1.68 | 75 |
| &nbsp;&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 (f) | 1.60 | 35 |
| &nbsp;&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;&nbsp;2022 | 13.36 | 0.04 | (0.93) | (0.89) | (0.00)(d) | (2.20) | (2.20) | 10.27 | (8.76) | 788 | 0.29 | 1.64 | 1.64 | 50 |
| &nbsp;&nbsp;&nbsp;2021 | 10.99 | 0.00 (d) | 2.88 | 2.88 | (0.03) | (0.48) | (0.51) | 13.36 | 26.94 | 933 | (0.03) | 1.67 | 1.67 | 66 |
| **Class C**(h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.27 | $(0.04) | $1.30 | $1.26 | $— | $(1.33) | $(1.33) | $10.20 | 14.05% | $0 (i) | (0.76)%(e) | 2.56 %(e) | 2.56 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 10.83 | (0.06) | 0.32 | 0.26 |  | (0.82) | (0.82) | 10.27 | 2.25 | 0 (i) | (0.57) | 2.43 (f) | 2.43 | 75 |
| &nbsp;&nbsp;&nbsp;2024 | 9.41 | (0.03) | 1.87 | 1.84 |  | (0.42) | (0.42) | 10.83 | 20.26 | 13 | (0.27) | 2.34 (f) | 2.35 | 35 |
| &nbsp;&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;&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;&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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $11.47 | $0.02 | $(0.04) | $(0.02) | $— | $(1.48) | $(1.48) | $9.97 | (0.19)% | $782 | 0.34 %(e) | 1.55 %(e) | 1.55 %(e) | 27% |
| &nbsp;&nbsp;&nbsp;2025 | 12.08 | 0.04 | 0.34 | 0.38 | (0.07) | (0.92) | (0.99) | 11.47 | 3.03 | 957 | 0.40 | 1.43 (f) | 1.43 | 75 |
| &nbsp;&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 (f) | 1.35 | 35 |
| &nbsp;&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;&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;&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 |

---

† 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, 2026, unaudited.

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

(e) Annualized.

(f) The Fund incurred
 interest expense. For the six months ended March 31, 2026 and the fiscal years ended September 30, 2025 and 2024, there was no material
 impact on the expense ratios.

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

(h) Due to Class
 C's relatively low net assets, certain ratios, total returns and per share amounts have been affected by rounding and may not conform
 to other share classes.

(i) Actual net
 assets for Class C are $102.08 and $102.79 for the six months ended March 31, 2026 and the fiscal year ended September 30, 2025.

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 September 30** | <br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized <br> and Unrealized Gain (Loss) on<br> Investments** | **Total from<br> Investment<br> Operations** | **Net Investment<br> Income** | **Net Realized<br> Gain on<br> Investments** | **Total<br> Distributions** | <br>**Net Asset Value,<br> End of Period** | <br>**Total<br> Return†** | **Net Assets, <br> End of Period <br> (in 000's)** | **Net Investment<br> Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(b)** | **Operating<br> Expenses Before<br> Waivers/Credits/<br> Reimbursements/<br> Reductions** | **Portfolio<br> Turnover<br> Rate** |
| **Balanced Fund** | **Balanced Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.62 | $0.05 | $(0.10) | $(0.05) | $(0.05) | $(1.24) | $(1.29) | $9.28 | (0.62)% | $23118 | 0.96 %(d) | 1.65 %(d)(e) | 1.65 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 10.85 | 0.13 | 0.41 | 0.54 | (0.13) | (0.64) | (0.77) | 10.62 | 5.21 | 26286 | 1.26 | 1.43 (e) | 1.44 | 77 |
| &nbsp;&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 (e) | 1.39 | 36 |
| &nbsp;&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;&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;&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 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.72 | $0.05 | $(0.10) | $(0.05) | $(0.05) | $(1.25) | $(1.30) | $9.37 | (0.60)% | $3853 | 0.96 %(d) | 1.65 %(d)(e) | 1.65 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 10.95 | 0.13 | 0.41 | 0.54 | (0.13) | (0.64) | (0.77) | 10.72 | 5.21 | 4662 | 1.26 | 1.43 (e) | 1.44 | 77 |
| &nbsp;&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 (e) | 1.39 | 36 |
| &nbsp;&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;&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;&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 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.88 | $0.01 | $(0.10) | $(0.09) | $(0.01) | $(1.27) | $(1.28) | $9.51 | (1.00)% | $188 | 0.21 %(d) | 2.40 %(d)(e) | 2.40 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 11.11 | 0.05 | 0.43 | 0.48 | (0.06) | (0.65) | (0.71) | 10.88 | 4.45 | 236 | 0.50 | 2.18 (e) | 2.19 | 77 |
| &nbsp;&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 (e) | 2.14 | 36 |
| &nbsp;&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;&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;&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 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(c) | $10.60 | $0.06 | $(0.10) | $(0.04) | $(0.06) | $(1.24) | $(1.30) | $9.26 | (0.51)% | $3009 | 1.22 %(d) | 1.40 %(d)(e) | 1.40 %(d) | 19% |
| &nbsp;&nbsp;&nbsp;2025 | 10.82 | 0.16 | 0.42 | 0.58 | (0.16) | (0.64) | (0.80) | 10.60 | 5.57 | 2854 | 1.51 | 1.18 (e) | 1.19 | 77 |
| &nbsp;&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 (e) | 1.14 | 36 |
| &nbsp;&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;&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;&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 |

---

† 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, 2026, unaudited.

(d) Annualized.

(e) The Fund incurred
 interest expense. For the six months ended March 31, 2026 and the fiscal years ended September 30, 2025 and 2024, there was no material
 impact on the expense ratios.

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Financial Highlights**

Selected data for a share of capital stock outstanding throughout each period:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Income (Loss) from Investment Operations** | **Distributions** | **Distributions** | **Distributions** | | | | **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 September 30** |<br>**Net Asset Value,<br> Beginning of Year** | **Net<br> Investment<br> Income<br> (Loss)(a)** | **Net Realized<br> and Unrealized<br> Gain (Loss) on<br> Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized**<br> **Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Period** |<br>**Total<br> Return†** | **Net Assets,<br> End of Period<br> (in 000's)** | **Net Investment Income (Loss)** | **Operating<br> Expenses Before<br> Reimbursement** | **Operating<br> Expenses Net of<br> Reimbursement(c)** | **Portfolio Turnover<br> Rate** |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $24.21 | $0.03 | $4.23 | $4.26 | $(0.15) | $(1.67) | $(1.82) | $— | $26.65 | 18.55% | $12419 | 0.25 %(e) | 1.68 %(e) | 1.25 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 27.11 | 0.11 | 3.21 | 3.32 | (0.18) | (6.04) | (6.22) |  | 24.21 | 12.98 | 9372 | 0.48 | 1.66 | 1.25 (f) | 47 |
| &nbsp;&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 | 1.58 | 1.25 (f) | 21 |
| &nbsp;&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 | 1.60 | 1.25 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 25.74 | 0.06 | (3.61) | (3.55) | (0.01) | (1.44) | (1.45) |  | 20.74 | (14.79) | 7300 | 0.23 | 1.64 | 1.25 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 15.40 | 0.04 | 10.30 | 10.34 | (0.00)(b) |  | (0.00)(b) |  | 25.74 | 67.16 | 9838 | 0.15 | 1.64 | 1.25 (f) | 21 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $22.65 | $0.03 | $3.96 | $3.99 | $(0.15) | $(1.56) | $(1.71) | $— | $24.93 | 18.57% | $7909 | 0.25 %(e) | 1.67 %(e) | 1.25 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 25.39 | 0.10 | 3.01 | 3.11 | (0.19) | (5.66) | (5.85) |  | 22.65 | 12.96 | 7071 | 0.47 | 1.66 | 1.25 (f) | 47 |
| &nbsp;&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 | 1.58 | 1.25 (f) | 21 |
| &nbsp;&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 | 1.60 | 1.25 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 24.23 | 0.06 | (3.38) | (3.32) | (0.02) | (1.44) | (1.46) |  | 19.45 | (14.78) | 5820 | 0.25 | 1.65 | 1.25 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 14.50 | 0.03 | 9.70 | 9.73 |  |  |  |  | 24.23 | 67.10 | 5539 | 0.14 | 1.65 | 1.27 (f) | 21 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $18.22 | $(0.05) | $3.21 | $3.16 | $— | $(1.26) | $(1.26) | $— | $20.12 | 18.16% | $1051 | (0.51)%(e) | 2.42 %(e) | 2.00 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 20.42 | (0.05) | 2.40 | 2.35 | (0.01) | (4.54) | (4.55) |  | 18.22 | 12.10 | 978 | (0.29) | 2.41 | 2.00 (f) | 47 |
| &nbsp;&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) | 2.33 | 2.00 (f) | 21 |
| &nbsp;&nbsp;&nbsp;2023 | 15.73 | (0.02) | 1.80 | 1.78 |  | (0.21) | (0.21) | 0.00 | 17.30 | 11.29 | 2349 | (0.12) | 2.35 | 2.00 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 19.98 | (0.10) | (2.71) | (2.81) |  | (1.44) | (1.44) |  | 15.73 | (15.38) | 1931 | (0.53) | 2.39 | 2.00 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 12.04 | (0.11) | 8.05 | 7.94 |  |  |  |  | 19.98 | 65.95 | 2336 | (0.60) | 2.39 | 2.00 (f) | 21 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026(d) | $25.39 | $0.07 | $4.42 | $4.49 | $(0.21) | $(1.75) | $(1.96) | $— | $27.92 | 18.68% | $64628 | 0.49 %(e) | 1.42 %(e) | 1.00 %(e) | 12% |
| &nbsp;&nbsp;&nbsp;2025 | 28.42 | 0.18 | 3.38 | 3.56 | (0.25) | (6.34) | (6.59) |  | 25.39 | 13.29 | 53136 | 0.76 | 1.41 | 1.00 (f) | 47 |
| &nbsp;&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 | 1.33 | 1.00 (f) | 21 |
| &nbsp;&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 | 1.35 | 1.00 | 17 |
| &nbsp;&nbsp;&nbsp;2022 | 26.90 | 0.13 | (3.77) | (3.64) | (0.08) | (1.44) | (1.52) |  | 21.74 | (14.54) | 34321 | 0.49 | 1.39 | 1.00 (f) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 16.09 | 0.10 | 10.75 | 10.85 | (0.04) |  | (0.04) |  | 26.90 | 67.55 | 33644 | 0.40 | 1.39 | 1.00 (f) | 21 |

---

† 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,
 2026, unaudited.

(e) Annualized.

(f) The Fund incurred interest expense.
 For the fiscal years ended September 30, 2025, 2024, 2022, and 2021, there was no material impact to the expense ratios.

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;

---

| | |
|:---|:---|
| Anthony S. Colavita | $8500 |
| James P. Conn | $13500 |
| Leslie F. Foley | $8500 |
| Mary E. Hauck | $8500 |
| Michael J. Melarkey | $8500 |
| Werner J. Roeder | $10500 |
| Salvatore J. Zizza | $11500 |
| Eileen Nakamura | $0 |

---

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

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

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](teton_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 | June 8, 2026 |

---

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 | June 8, 2026 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | June 8, 2026 |

---

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

## Ex-99.Cert

**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 8, 2026 | /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 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**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;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;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 8, 2026 | /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;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;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 8, 2026 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---