# EDGAR Filing Document

**Accession Number:** 0000796229
**File Stem:** 0001829126-25-009738
**Filing Date:** 2025-12
**Character Count:** 419666
**Document Hash:** 27542feb5c61847cd9a8acb559345858
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009738.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001829126-25-009738

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04719
- **FILM NUMBER:** 251551725

**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>September 30, 2025</u>

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

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

Item 1. Reports to Stockholders.

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

# Keeley Small Cap Fund

# Class AAA - WESCX

#### Annual Shareholder Report - September 30, 2025
![Image](i6f76a53eb66e3ed65996f50a.jpg)

## Fund Overview
This annual shareholder report contains important information about Keeley Small Cap Fund - Class AAA (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You 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). **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund costs for the last year?
(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** | **$133** | **1.25%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Keeley Small Cap Fund outperformed the Russell 2000 and Russell 2000 Value Indices. Small-cap stocks endured significant intra-year volatility as fiscal, monetary, and trade policy uncertainty created valuation dislocations and opportunities. As uncertainty eased, many of the Fund's holdings sharply appreciated, particularly those with exposure to aerospace and defense and data center expansion trends. Top contributors this fiscal year included nLight, Inc., TTM Technologies, Inc. and Advanced Energy Industries, Inc. Detractors included Champion Homes, Inc., ATN International, Inc. and American Eagle Outfitters, Inc.

## 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](i0c3fe8725ef2fca6b56ad4c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class AAA** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 12108 | 11547 | 11881 |
| **9/17** | 14906 | 13942 | 14323 |
| **9/18** | 16348 | 16067 | 15659 |
| **9/19** | 15440 | 14638 | 14369 |
| **9/20** | 13884 | 14695 | 12231 |
| **9/21** | 23208 | 21702 | 20048 |
| **9/22** | 19776 | 16602 | 16502 |
| **9/23** | 22182 | 18085 | 17795 |
| **9/24** | 27062 | 22924 | 22401 |
| **9/25** | 30574 | 25391 | 24166 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class AAA | 12.98% | 17.10% | 11.82% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Russell 2000 Value Index | 7.88% | 14.59% | 9.23% |

---

## Fund Statistics
* Total Net Assets$70,557,056

* Number of Portfolio Holdings81

* Portfolio Turnover Rate47%

* Management Fees$397,949

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. | 3.8% |
| AAR Corp. | 3.6% |
| IMAX Corp. | 3.2% |
| OPENLANE Inc. | 2.9% |
| TTM Technologies Inc. | 2.9% |
| Flowserve Corp. | 2.5% |
| Ethan Allen Interiors Inc. | 2.5% |
| Advanced Energy Industries Inc. | 2.4% |
| Advance Auto Parts Inc. | 2.3% |
| Heidrick & Struggles International Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| U.S. Government Obligations | 2.6% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ibee14670f1a42929bab1ce01.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.0% |
| Retail | 8.4% |
| Health Care | 7.0% |
| Semiconductors | 6.8% |
| Computer Software and Services | 6.5% |
| Financial Services | 6.5% |
| Diversified Industrial | 5.8% |
| Electronics | 5.7% |
| Other Industry sectors | 41.2% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i6f76a53eb66e3ed65996f50a.jpg)

#### Keeley Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

#### Class AAA - WESCX

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the TETON Westwood SmallCap Equity Fund was renamed the Keeley Small Cap Fund.

## 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-25-ATSR

# Keeley Small Cap Fund

# Class C - WWSCX

#### Annual Shareholder Report - September 30, 2025
![Image](i6f76a53eb66e3ed65996f50a.jpg)

## Fund Overview
This annual shareholder report contains important information about Keeley Small Cap Fund - Class C (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You 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). **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund costs for the last year?
(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** | **$212** | **2.00%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Keeley Small Cap Fund outperformed the Russell 2000 and Russell 2000 Value Indices. Small-cap stocks endured significant intra-year volatility as fiscal, monetary, and trade policy uncertainty created valuation dislocations and opportunities. As uncertainty eased, many of the Fund's holdings sharply appreciated, particularly those with exposure to aerospace and defense and data center expansion trends. Top contributors this fiscal year included nLight, Inc., TTM Technologies, Inc. and Advanced Energy Industries, Inc. Detractors included Champion Homes, Inc., ATN International, Inc. and American Eagle Outfitters, Inc.

## 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](id1d9573ab1750e5a1c57fcd4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class C** | **Keeley Small Cap Fund - Class C (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 12024 | 11924 | 11547 | 11881 |
| **9/17** | 14698 | 14456 | 13942 | 14323 |
| **9/18** | 15990 | 15583 | 16067 | 15659 |
| **9/19** | 14998 | 14469 | 14638 | 14369 |
| **9/20** | 13375 | 12775 | 14695 | 12231 |
| **9/21** | 22196 | 21072 | 21702 | 20048 |
| **9/22** | 18781 | 17652 | 16602 | 16502 |
| **9/23** | 20902 | 19469 | 18085 | 17795 |
| **9/24** | 25311 | 23381 | 22924 | 22401 |
| **9/25** | 28373 | 25975 | 25391 | 24166 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class C | 12.10% | 16.23% | 10.99% |
| Keeley Small Cap Fund - Class C (includes sales charge) | 11.10% | 16.23% | 10.99% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Russell 2000 Value Index | 7.88% | 14.59% | 9.23% |

---

## Fund Statistics
* Total Net Assets$70,557,056

* Number of Portfolio Holdings81

* Portfolio Turnover Rate47%

* Management Fees$397,949

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. | 3.8% |
| AAR Corp. | 3.6% |
| IMAX Corp. | 3.2% |
| OPENLANE Inc. | 2.9% |
| TTM Technologies Inc. | 2.9% |
| Flowserve Corp. | 2.5% |
| Ethan Allen Interiors Inc. | 2.5% |
| Advanced Energy Industries Inc. | 2.4% |
| Advance Auto Parts Inc. | 2.3% |
| Heidrick & Struggles International Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| U.S. Government Obligations | 2.6% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](i18405f1c5270253982eda568.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.0% |
| Retail | 8.4% |
| Health Care | 7.0% |
| Semiconductors | 6.8% |
| Computer Software and Services | 6.5% |
| Financial Services | 6.5% |
| Diversified Industrial | 5.8% |
| Electronics | 5.7% |
| Other Industry sectors | 41.2% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i6f76a53eb66e3ed65996f50a.jpg)

#### Keeley Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

#### Class C - WWSCX

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the TETON Westwood SmallCap Equity Fund was renamed the Keeley Small Cap Fund.

## 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-25-ATSR

# Keeley Small Cap Fund

# Class I - WWSIX

#### Annual Shareholder Report - September 30, 2025
![Image](i6f76a53eb66e3ed65996f50a.jpg)

## Fund Overview
This annual shareholder report contains important information about Keeley Small Cap Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You 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). **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund costs for the last year?
(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** | **$107** | **1.00%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Keeley Small Cap Fund outperformed the Russell 2000 and Russell 2000 Value Indices. Small-cap stocks endured significant intra-year volatility as fiscal, monetary, and trade policy uncertainty created valuation dislocations and opportunities. As uncertainty eased, many of the Fund's holdings sharply appreciated, particularly those with exposure to aerospace and defense and data center expansion trends. Top contributors this fiscal year included nLight, Inc., TTM Technologies, Inc. and Advanced Energy Industries, Inc. Detractors included Champion Homes, Inc., ATN International, Inc. and American Eagle Outfitters, Inc.

## 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](id7242e0340536533b6e2ee56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class I** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **09/15** | 10000 | 10000 | 10000 |
| **09/16** | 12147 | 11547 | 11881 |
| **09/17** | 14990 | 13942 | 14323 |
| **09/18** | 16473 | 16067 | 15659 |
| **09/19** | 15605 | 14638 | 14369 |
| **09/20** | 14064 | 14695 | 12231 |
| **09/21** | 23565 | 21702 | 20048 |
| **09/22** | 20140 | 16602 | 16502 |
| **09/23** | 22639 | 18085 | 17795 |
| **09/24** | 27685 | 22924 | 22401 |
| **09/25** | 31365 | 25391 | 24166 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class I | 13.29% | 17.40% | 12.11% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Russell 2000 Value Index | 7.88% | 14.59% | 9.23% |

---

## Fund Statistics
* Total Net Assets$70,557,056

* Number of Portfolio Holdings81

* Portfolio Turnover Rate47%

* Management Fees$397,949

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. | 3.8% |
| AAR Corp. | 3.6% |
| IMAX Corp. | 3.2% |
| OPENLANE Inc. | 2.9% |
| TTM Technologies Inc. | 2.9% |
| Flowserve Corp. | 2.5% |
| Ethan Allen Interiors Inc. | 2.5% |
| Advanced Energy Industries Inc. | 2.4% |
| Advance Auto Parts Inc. | 2.3% |
| Heidrick & Struggles International Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| U.S. Government Obligations | 2.6% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](icbfa6a773e1b26ecf8538d3b.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.0% |
| Retail | 8.4% |
| Health Care | 7.0% |
| Semiconductors | 6.8% |
| Computer Software and Services | 6.5% |
| Financial Services | 6.5% |
| Diversified Industrial | 5.8% |
| Electronics | 5.7% |
| Other Industry sectors | 41.2% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i6f76a53eb66e3ed65996f50a.jpg)

#### Keeley Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

#### Class I - WWSIX

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the TETON Westwood SmallCap Equity Fund was renamed the Keeley Small Cap Fund.

## 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-25-ATSR

# Keeley Small Cap Fund

# Class A - WWSAX

#### Annual Shareholder Report - September 30, 2025
![Image](i6f76a53eb66e3ed65996f50a.jpg)

## Fund Overview
This annual shareholder report contains important information about Keeley Small Cap Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You 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). **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund costs for the last year?
(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** | **$133** | **1.25%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Keeley Small Cap Fund outperformed the Russell 2000 and Russell 2000 Value Indices. Small-cap stocks endured significant intra-year volatility as fiscal, monetary, and trade policy uncertainty created valuation dislocations and opportunities. As uncertainty eased, many of the Fund's holdings sharply appreciated, particularly those with exposure to aerospace and defense and data center expansion trends. Top contributors this fiscal year included nLight, Inc., TTM Technologies, Inc. and Advanced Energy Industries, Inc. Detractors included Champion Homes, Inc., ATN International, Inc. and American Eagle Outfitters, Inc.

## 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](i33d753804f55249afa89f87c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Keeley Small Cap Fund - Class A** | **Keeley Small Cap Fund - Class A (includes sales charge)** | **Russell 2000 Index** | **Russell 2000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 12088 | 11605 | 11547 | 11881 |
| **9/17** | 14841 | 14247 | 13942 | 14323 |
| **9/18** | 16233 | 15584 | 16067 | 15659 |
| **9/19** | 15300 | 14688 | 14638 | 14369 |
| **9/20** | 13717 | 13169 | 14695 | 12231 |
| **9/21** | 22922 | 22005 | 21702 | 20048 |
| **9/22** | 19535 | 18754 | 16602 | 16502 |
| **9/23** | 21912 | 21036 | 18085 | 17795 |
| **9/24** | 26735 | 25666 | 22924 | 22401 |
| **9/25** | 30200 | 28992 | 25391 | 24166 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Header | **1 Year** | **5 Year** | **10 Year** |
| Keeley Small Cap Fund - Class A | 12.96% | 17.10% | 11.69% |
| Keeley Small Cap Fund - Class A (includes sales charge) | 8.44% | 16.14% | 11.23% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Russell 2000 Value Index | 7.88% | 14.59% | 9.23% |

---

## Fund Statistics
* Total Net Assets$70,557,056

* Number of Portfolio Holdings81

* Portfolio Turnover Rate47%

* Management Fees$397,949

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. | 3.8% |
| AAR Corp. | 3.6% |
| IMAX Corp. | 3.2% |
| OPENLANE Inc. | 2.9% |
| TTM Technologies Inc. | 2.9% |
| Flowserve Corp. | 2.5% |
| Ethan Allen Interiors Inc. | 2.5% |
| Advanced Energy Industries Inc. | 2.4% |
| Advance Auto Parts Inc. | 2.3% |
| Heidrick & Struggles International Inc. | 2.2% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| U.S. Government Obligations | 2.6% |
| Other Assets and Liabilities (Net) | 0.1% |

---

### Industry Allocation (% of net assets)
![Bar Graph showing Allocation by Industry](ibbcd5a44d5f0bffce1e1bc08.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Banking | 12.0% |
| Retail | 8.4% |
| Health Care | 7.0% |
| Semiconductors | 6.8% |
| Computer Software and Services | 6.5% |
| Financial Services | 6.5% |
| Diversified Industrial | 5.8% |
| Electronics | 5.7% |
| Other Industry sectors | 41.2% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](i6f76a53eb66e3ed65996f50a.jpg)

#### Keeley Small Cap Fund

#### Annual Shareholder Report - September 30, 2025

#### Class A - WWSAX

## Material Fund Changes
On May 1, 2025, Keeley-Teton announced that it had agreed to transfer its investment management business to its affiliate, Gabelli Funds, LLC.

Effective June 27, 2025, the TETON Westwood SmallCap Equity Fund was renamed the Keeley Small Cap Fund.

## 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-25-ATSR

# TETON Westwood Balanced Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class AAA - WEBAX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Balanced Fund - Class AAA (the "Fund) for the period of October 1, 2024 to September 30, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at 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 year?
(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** | **$147** | **1.43%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Westwood Balanced Fund trailed its blended benchmark. Stocks gained through the period, rallying from a market low in early April. Bonds started a rally in January, after inflation data provided support to potential Fed rate cuts in 2025, pushing bond prices higher. In the portfolio, our exposure to equities overall was beneficial, but security selection was a detractor, especially in the Information Technology and Industrials sectors. Our fixed income holdings were a positive factor, supported by investment grade and high yield corporate bonds; our longer-duration Treasuries gained as rates declined.

## 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](i289c79f7859d467c438447e3.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 10855 | 11543 | 11194 | 10586 |
| **9/17** | 11978 | 13691 | 12425 | 10585 |
| **9/18** | 13094 | 16143 | 13729 | 10440 |
| **9/19** | 13937 | 16829 | 14547 | 11622 |
| **9/20** | 13913 | 19379 | 16453 | 12555 |
| **9/21** | 16269 | 25193 | 19388 | 12413 |
| **9/22** | 14096 | 21295 | 16747 | 10557 |
| **9/23** | 15445 | 25899 | 18873 | 10656 |
| **9/24** | 18568 | 35314 | 23196 | 11861 |
| **9/25** | 19535 | 41529 | 26192 | 12177 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class AAA | 5.21% | 7.02% | 6.93% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 11.63% | 9.64% | 9.98% |
| Bloomberg US Government / Credit Bond Index | 2.67% | (0.61)% | 1.99% |

---

## Fund Statistics
* Total Net Assets$34,038,264

* Number of Portfolio Holdings108

* Portfolio Turnover Rate77%

* Management Fees$264,052

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.6% |
| NVIDIA Corp. | 4.6% |
| Amazon.com Inc. | 4.0% |
| Apple Inc. | 3.6% |
| Abbott Laboratories | 1.6% |
| Meta Platforms Inc. | 1.6% |
| McKesson Corp. | 1.4% |
| Broadcom Inc. | 2.1% |
| U.S. Treasury Bonds | 3.0% |
| U.S. Treasury Notes | 3.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.1% |
| Corporate Bonds | 24.9% |
| U.S. Government Obligations | 6.8% |
| Short Term Investment | 6.4% |
| Convertible Corporate Bonds | 2.7% |
| Mandatory Convertible Securities | 0.9% |
| Foreign Government Obligations | 0.9% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i9a5e11aa2eaea4919f8f5e9d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.0% |
| Computer Software and Services | 10.8% |
| Semiconductors | 7.8% |
| U.S. Government Obligations | 6.8% |
| Other Investment Companies | 6.4% |
| Health Care | 6.3% |
| Computer Hardware | 4.5% |
| Consumer Services | 4.0% |
| Other Industry sectors | 39.1% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Balanced Fund

#### Annual Shareholder Report - September 30, 2025

#### Class AAA - WEBAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Balanced Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class C - WBCCX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Balanced Fund - Class C (the "Fund) for the period of October 1, 2024 to September 30, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at 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 year?
(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** | **$223** | **2.18%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Westwood Balanced Fund trailed its blended benchmark. Stocks gained through the period, rallying from a market low in early April. Bonds started a rally in January, after inflation data provided support to potential Fed rate cuts in 2025, pushing bond prices higher. In the portfolio, our exposure to equities overall was beneficial, but security selection was a detractor, especially in the Information Technology and Industrials sectors. Our fixed income holdings were a positive factor, supported by investment grade and high yield corporate bonds; our longer-duration Treasuries gained as rates declined.

## 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](iada39b626dd85020c94a887f.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 10779 | 10679 | 11543 | 11194 | 10586 |
| **9/17** | 11816 | 11599 | 13691 | 12425 | 10585 |
| **9/18** | 12825 | 12474 | 16143 | 13729 | 10440 |
| **9/19** | 13540 | 13045 | 16829 | 14547 | 11622 |
| **9/20** | 13412 | 12792 | 19379 | 16453 | 12555 |
| **9/21** | 15562 | 14715 | 25193 | 19388 | 12413 |
| **9/22** | 13379 | 12525 | 21295 | 16747 | 10557 |
| **9/23** | 14540 | 13486 | 25899 | 18873 | 10656 |
| **9/24** | 17363 | 15970 | 35314 | 23196 | 11861 |
| **9/25** | 18136 | 16521 | 41529 | 26192 | 12177 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class C | 4.45% | 6.22% | 6.13% |
| TETON Westwood Balanced Fund - Class C (includes sales charge) | 3.45% | 6.22% | 6.13% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 11.63% | 9.64% | 9.98% |
| Bloomberg US Government / Credit Bond Index | 2.67% | (0.61)% | 1.99% |

---

## Fund Statistics
* Total Net Assets$34,038,264

* Number of Portfolio Holdings108

* Portfolio Turnover Rate77%

* Management Fees$264,052

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.6% |
| NVIDIA Corp. | 4.6% |
| Amazon.com Inc. | 4.0% |
| Apple Inc. | 3.6% |
| Abbott Laboratories | 1.6% |
| Meta Platforms Inc. | 1.6% |
| McKesson Corp. | 1.4% |
| Broadcom Inc. | 2.1% |
| U.S. Treasury Bonds | 3.0% |
| U.S. Treasury Notes | 3.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.1% |
| Corporate Bonds | 24.9% |
| U.S. Government Obligations | 6.8% |
| Short Term Investment | 6.4% |
| Convertible Corporate Bonds | 2.7% |
| Mandatory Convertible Securities | 0.9% |
| Foreign Government Obligations | 0.9% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5f654f3baf95dda8bc47df54.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.0% |
| Computer Software and Services | 10.8% |
| Semiconductors | 7.8% |
| U.S. Government Obligations | 6.8% |
| Other Investment Companies | 6.4% |
| Health Care | 6.3% |
| Computer Hardware | 4.5% |
| Consumer Services | 4.0% |
| Other Industry sectors | 39.1% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Balanced Fund

#### Annual Shareholder Report - September 30, 2025

#### Class C - WBCCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Balanced Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class I - WBBIX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Balanced Fund - Class I (the "Fund) for the period of October 1, 2024 to September 30, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at 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 year?
(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** | **$121** | **1.18%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Westwood Balanced Fund trailed its blended benchmark. Stocks gained through the period, rallying from a market low in early April. Bonds started a rally in January, after inflation data provided support to potential Fed rate cuts in 2025, pushing bond prices higher. In the portfolio, our exposure to equities overall was beneficial, but security selection was a detractor, especially in the Information Technology and Industrials sectors. Our fixed income holdings were a positive factor, supported by investment grade and high yield corporate bonds; our longer-duration Treasuries gained as rates declined.

## 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](if986b8bea57c47a4d9692fb3.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 10884 | 11543 | 11194 | 10586 |
| **9/17** | 12051 | 13691 | 12425 | 10585 |
| **9/18** | 13209 | 16143 | 13729 | 10440 |
| **9/19** | 14084 | 16829 | 14547 | 11622 |
| **9/20** | 14097 | 19379 | 16453 | 12555 |
| **9/21** | 16530 | 25193 | 19388 | 12413 |
| **9/22** | 15084 | 21295 | 16747 | 10557 |
| **9/23** | 16571 | 25899 | 18873 | 10656 |
| **9/24** | 19960 | 35314 | 23196 | 11861 |
| **9/25** | 21071 | 41529 | 26192 | 12177 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class I | 5.57% | 7.30% | 7.21% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 11.63% | 9.64% | 9.98% |
| Bloomberg US Government / Credit Bond Index | 2.67% | (0.61)% | 1.99% |

---

## Fund Statistics
* Total Net Assets$34,038,264

* Number of Portfolio Holdings108

* Portfolio Turnover Rate77%

* Management Fees$264,052

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.6% |
| NVIDIA Corp. | 4.6% |
| Amazon.com Inc. | 4.0% |
| Apple Inc. | 3.6% |
| Abbott Laboratories | 1.6% |
| Meta Platforms Inc. | 1.6% |
| McKesson Corp. | 1.4% |
| Broadcom Inc. | 2.1% |
| U.S. Treasury Bonds | 3.0% |
| U.S. Treasury Notes | 3.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.1% |
| Corporate Bonds | 24.9% |
| U.S. Government Obligations | 6.8% |
| Short Term Investment | 6.4% |
| Convertible Corporate Bonds | 2.7% |
| Mandatory Convertible Securities | 0.9% |
| Foreign Government Obligations | 0.9% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i29843a8950e56a1f72e88dea.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.0% |
| Computer Software and Services | 10.8% |
| Semiconductors | 7.8% |
| U.S. Government Obligations | 6.8% |
| Other Investment Companies | 6.4% |
| Health Care | 6.3% |
| Computer Hardware | 4.5% |
| Consumer Services | 4.0% |
| Other Industry sectors | 39.1% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Balanced Fund

#### Annual Shareholder Report - September 30, 2025

#### Class I - WBBIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Balanced Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class A - WEBCX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Balanced Fund - Class A (the "Fund) for the period of October 1, 2024 to September 30, 2025. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at 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 year?
(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** | **$147** | **1.43%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Westwood Balanced Fund trailed its blended benchmark. Stocks gained through the period, rallying from a market low in early April. Bonds started a rally in January, after inflation data provided support to potential Fed rate cuts in 2025, pushing bond prices higher. In the portfolio, our exposure to equities overall was beneficial, but security selection was a detractor, especially in the Information Technology and Industrials sectors. Our fixed income holdings were a positive factor, supported by investment grade and high yield corporate bonds; our longer-duration Treasuries gained as rates declined.

## 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](ie4cd58654d935e3ff445cda3.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 10824 | 10392 | 11543 | 11194 | 10586 |
| **9/17** | 11921 | 11445 | 13691 | 12425 | 10585 |
| **9/18** | 13004 | 12485 | 16143 | 13729 | 10440 |
| **9/19** | 13801 | 13250 | 16829 | 14547 | 11622 |
| **9/20** | 13741 | 13192 | 19379 | 16453 | 12555 |
| **9/21** | 16059 | 15417 | 25193 | 19388 | 12413 |
| **9/22** | 13915 | 13359 | 21295 | 16747 | 10557 |
| **9/23** | 15242 | 14633 | 25899 | 18873 | 10656 |
| **9/24** | 18333 | 17601 | 35314 | 23196 | 11861 |
| **9/25** | 19289 | 18518 | 41529 | 26192 | 12177 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Balanced Fund - Class A | 5.21% | 7.02% | 6.79% |
| TETON Westwood Balanced Fund - Class A (includes sales charge) | 0.97% | 6.14% | 6.36% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 11.63% | 9.64% | 9.98% |
| Bloomberg US Government / Credit Bond Index | 2.67% | (0.61)% | 1.99% |

---

## Fund Statistics
* Total Net Assets$34,038,264

* Number of Portfolio Holdings108

* Portfolio Turnover Rate77%

* Management Fees$264,052

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 4.6% |
| NVIDIA Corp. | 4.6% |
| Amazon.com Inc. | 4.0% |
| Apple Inc. | 3.6% |
| Abbott Laboratories | 1.6% |
| Meta Platforms Inc. | 1.6% |
| McKesson Corp. | 1.4% |
| Broadcom Inc. | 2.1% |
| U.S. Treasury Bonds | 3.0% |
| U.S. Treasury Notes | 3.8% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 61.1% |
| Corporate Bonds | 24.9% |
| U.S. Government Obligations | 6.8% |
| Short Term Investment | 6.4% |
| Convertible Corporate Bonds | 2.7% |
| Mandatory Convertible Securities | 0.9% |
| Foreign Government Obligations | 0.9% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i3e47c6b2f7257db023473406.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 18.0% |
| Computer Software and Services | 10.8% |
| Semiconductors | 7.8% |
| U.S. Government Obligations | 6.8% |
| Other Investment Companies | 6.4% |
| Health Care | 6.3% |
| Computer Hardware | 4.5% |
| Consumer Services | 4.0% |
| Other Industry sectors | 39.1% |
| Other Assets and Liabilities (Net) | (3.7)% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Balanced Fund

#### Annual Shareholder Report - September 30, 2025

#### Class A - WEBCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Convertible Securities Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class AAA - WESRX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Convertible Securities Fund - Class AAA (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at 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 year?
(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** | **$130** | **1.16%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year, with a few moving sharply higher and becoming more equity sensitive as the market moved higher. As a result, relative performance was quite strong. Top contributors this year included companies involved in building and powering high performance computing as well as rare earths. Top detractors were companies involved in energy and software.

## 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](ib035cb6287b4eef8c4e62c63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class AAA** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11039 | 11543 | 10908 |
| **9/17** | 12600 | 13691 | 12468 |
| **9/18** | 14412 | 16143 | 13991 |
| **9/19** | 15145 | 16829 | 14552 |
| **9/20** | 17538 | 19379 | 19093 |
| **9/21** | 21130 | 25193 | 24306 |
| **9/22** | 16104 | 21295 | 19443 |
| **9/23** | 16401 | 25899 | 20900 |
| **9/24** | 18318 | 35314 | 23968 |
| **9/25** | 22839 | 41529 | 28666 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Convertible Securities Fund - Class AAA | 24.68% | 5.42% | 8.61% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 19.60% | 8.46% | 13.80% |

---

## Fund Statistics
* Total Net Assets$13,292,474

* Number of Portfolio Holdings76

* Portfolio Turnover Rate63%

* Management Fees$1,786

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. | 4.3% |
| CSG Systems International Inc. | 3.3% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Alibaba Group Holding Ltd. | 2.8% |
| Parsons Corp. | 2.6% |
| Hewlett Packard Enterprise Co. | 2.6% |
| Digital Realty Trust LP | 2.4% |
| Riot Platforms Inc. | 2.3% |
| Uber Technologies Inc. | 2.2% |
| Array Technologies Inc. | 2.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 86.7% |
| Mandatory Convertible Securities | 11.3% |
| Convertible Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i8c2c7f416ef7ebeb058c5a31.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Computer Software and Services | 19.0% |
| Health Care | 17.4% |
| Financial Services | 14.6% |
| Energy and Utilities: Services | 10.9% |
| Real Estate Investment Trusts | 6.0% |
| Energy and Utilities: Integrated | 3.5% |
| Semiconductors | 3.4% |
| Aerospace and Defense | 3.1% |
| Other Industry sectors | 20.2% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Convertible Securities Fund

#### Annual Shareholder Report - September 30, 2025

#### Class AAA - WESRX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Convertible Securities Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class C - WEICX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Convertible Securities Fund - Class C (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at 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 year?
(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** | **$214** | **1.91%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year, with a few moving sharply higher and becoming more equity sensitive as the market moved higher. As a result, relative performance was quite strong. Top contributors this year included companies involved in building and powering high performance computing as well as rare earths. Top detractors were companies involved in energy and software.

## 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](i6f3a8e6e8b43738379d627c0.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 10955 | 10855 | 11543 | 10908 |
| **9/17** | 12408 | 12186 | 13691 | 12468 |
| **9/18** | 14089 | 13715 | 16143 | 13991 |
| **9/19** | 14695 | 14168 | 16829 | 14552 |
| **9/20** | 16889 | 16142 | 19379 | 19093 |
| **9/21** | 20190 | 19135 | 25193 | 24306 |
| **9/22** | 15279 | 14336 | 21295 | 19443 |
| **9/23** | 15442 | 14345 | 25899 | 20900 |
| **9/24** | 17122 | 15762 | 35314 | 23968 |
| **9/25** | 21178 | 19339 | 41529 | 28666 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Convertible Securities Fund - Class C | 23.69% | 4.63% | 7.79% |
| TETON Westwood Convertible Securities Fund - Class C (includes sales charge) | 22.69% | 4.63% | 7.79% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 19.60% | 8.46% | 13.80% |

---

## Fund Statistics
* Total Net Assets$13,292,474

* Number of Portfolio Holdings76

* Portfolio Turnover Rate63%

* Management Fees$1,786

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. | 4.3% |
| CSG Systems International Inc. | 3.3% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Alibaba Group Holding Ltd. | 2.8% |
| Parsons Corp. | 2.6% |
| Hewlett Packard Enterprise Co. | 2.6% |
| Digital Realty Trust LP | 2.4% |
| Riot Platforms Inc. | 2.3% |
| Uber Technologies Inc. | 2.2% |
| Array Technologies Inc. | 2.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 86.7% |
| Mandatory Convertible Securities | 11.3% |
| Convertible Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i61351f61e587868beb50de36.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Computer Software and Services | 19.0% |
| Health Care | 17.4% |
| Financial Services | 14.6% |
| Energy and Utilities: Services | 10.9% |
| Real Estate Investment Trusts | 6.0% |
| Energy and Utilities: Integrated | 3.5% |
| Semiconductors | 3.4% |
| Aerospace and Defense | 3.1% |
| Other Industry sectors | 20.2% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Convertible Securities Fund

#### Annual Shareholder Report - September 30, 2025

#### Class C - WEICX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Convertible Securities Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class I - WESIX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Convertible Securities Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at 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 year?
(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** | **$103** | **0.91%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year, with a few moving sharply higher and becoming more equity sensitive as the market moved higher. As a result, relative performance was quite strong. Top contributors this year included companies involved in building and powering high performance computing as well as rare earths. Top detractors were companies involved in energy and software.

## 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](i01ded637f3b3618636cf50c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Convertible Securities Fund - Class I** | **S&P 500 Index** | **ICE Bank of America Merrill Lynch U.S. Convertibles Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11056 | 11543 | 10908 |
| **9/17** | 12660 | 13691 | 12468 |
| **9/18** | 14532 | 16143 | 13991 |
| **9/19** | 15306 | 16829 | 14552 |
| **9/20** | 17759 | 19379 | 19093 |
| **9/21** | 21451 | 25193 | 24306 |
| **9/22** | 16398 | 21295 | 19443 |
| **9/23** | 16734 | 25899 | 20900 |
| **9/24** | 18731 | 35314 | 23968 |
| **9/25** | 23426 | 41529 | 28666 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Convertible Securities Fund - Class I | 25.07% | 5.69% | 8.88% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 19.60% | 8.46% | 13.80% |

---

## Fund Statistics
* Total Net Assets$13,292,474

* Number of Portfolio Holdings76

* Portfolio Turnover Rate63%

* Management Fees$1,786

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. | 4.3% |
| CSG Systems International Inc. | 3.3% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Alibaba Group Holding Ltd. | 2.8% |
| Parsons Corp. | 2.6% |
| Hewlett Packard Enterprise Co. | 2.6% |
| Digital Realty Trust LP | 2.4% |
| Riot Platforms Inc. | 2.3% |
| Uber Technologies Inc. | 2.2% |
| Array Technologies Inc. | 2.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 86.7% |
| Mandatory Convertible Securities | 11.3% |
| Convertible Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i9f9ac48cd547341b19246539.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Computer Software and Services | 19.0% |
| Health Care | 17.4% |
| Financial Services | 14.6% |
| Energy and Utilities: Services | 10.9% |
| Real Estate Investment Trusts | 6.0% |
| Energy and Utilities: Integrated | 3.5% |
| Semiconductors | 3.4% |
| Aerospace and Defense | 3.1% |
| Other Industry sectors | 20.2% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Convertible Securities Fund

#### Annual Shareholder Report - September 30, 2025

#### Class I - WESIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Convertible Securities Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class A - WEIAX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Convertible Securities Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at 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 year?
(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** | **$131** | **1.16%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the Teton Convertible Securities Fund outperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year, with a few moving sharply higher and becoming more equity sensitive as the market moved higher. As a result, relative performance was quite strong. Top contributors this year included companies involved in building and powering high performance computing as well as rare earths. Top detractors were companies involved in energy and software.

## 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](ib3bd69d4e66219d5c4bb3516.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11006 | 10568 | 11543 | 10908 |
| **9/17** | 12523 | 12025 | 13691 | 12468 |
| **9/18** | 14304 | 13735 | 16143 | 13991 |
| **9/19** | 14992 | 14396 | 16829 | 14552 |
| **9/20** | 17311 | 16622 | 19379 | 19093 |
| **9/21** | 20850 | 20021 | 25193 | 24306 |
| **9/22** | 15895 | 15263 | 21295 | 19443 |
| **9/23** | 16181 | 15538 | 25899 | 20900 |
| **9/24** | 18066 | 17348 | 35314 | 23968 |
| **9/25** | 22531 | 21636 | 41529 | 28666 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Convertible Securities Fund - Class A | 24.72% | 5.41% | 8.46% |
| TETON Westwood Convertible Securities Fund - Class A (includes sales charge) | 19.76% | 4.56% | 8.02% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 19.60% | 8.46% | 13.80% |

---

## Fund Statistics
* Total Net Assets$13,292,474

* Number of Portfolio Holdings76

* Portfolio Turnover Rate63%

* Management Fees$1,786

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. | 4.3% |
| CSG Systems International Inc. | 3.3% |
| Liberty Media Corp.-Liberty Formula One | 3.0% |
| Alibaba Group Holding Ltd. | 2.8% |
| Parsons Corp. | 2.6% |
| Hewlett Packard Enterprise Co. | 2.6% |
| Digital Realty Trust LP | 2.4% |
| Riot Platforms Inc. | 2.3% |
| Uber Technologies Inc. | 2.2% |
| Array Technologies Inc. | 2.1% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Convertible Corporate Bonds | 86.7% |
| Mandatory Convertible Securities | 11.3% |
| Convertible Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 1.9% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](ic02fc6513e2c81a54664324d.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Computer Software and Services | 19.0% |
| Health Care | 17.4% |
| Financial Services | 14.6% |
| Energy and Utilities: Services | 10.9% |
| Real Estate Investment Trusts | 6.0% |
| Energy and Utilities: Integrated | 3.5% |
| Semiconductors | 3.4% |
| Aerospace and Defense | 3.1% |
| Other Industry sectors | 20.2% |
| Other Assets and Liabilities (Net) | 1.9% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Convertible Securities Fund

#### Annual Shareholder Report - September 30, 2025

#### Class A - WEIAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Equity Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class AAA - WESWX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Equity Fund - Class AAA (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at 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 year?
(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** | **$170** | **1.68%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Equity Fund underperformed its benchmarks, the S&P 500 and the Russell 1000 Value Indexes. The stock market struggled to a bear market low in April, then rebounded as investors cheered the delay of global tariffs. Lower-quality and growth-oriented companies led the gains, but those companies generally do not meet our quality-value investment criteria. Our stock selections struggled in this environment, particularly those in the Information Technology and Industrials sectors, as our semiconductor selections lagged. Our selections in Consumer Discretionary and Materials did well.

## 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](i1d959363d761b539ec877b77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class AAA** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11143 | 11543 | 11620 |
| **9/17** | 12994 | 13691 | 13377 |
| **9/18** | 14832 | 16143 | 14641 |
| **9/19** | 15698 | 16829 | 15227 |
| **9/20** | 15019 | 19379 | 14461 |
| **9/21** | 19073 | 25193 | 19524 |
| **9/22** | 17405 | 21295 | 17306 |
| **9/23** | 19185 | 25899 | 19805 |
| **9/24** | 23227 | 35314 | 25302 |
| **9/25** | 23893 | 41529 | 27691 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class AAA | 2.87% | 9.73% | 9.10% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

## Fund Statistics
* Total Net Assets$42,314,496

* Number of Portfolio Holdings50

* Portfolio Turnover Rate75%

* Management Fees$431,803

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 3.8% |
| Amazon.com Inc. | 3.5% |
| Abbott Laboratories | 2.5% |
| General Dynamics Corp. | 2.5% |
| The Progressive Corp. | 2.5% |
| Apple Inc. | 2.5% |
| Meta Platforms Inc. | 2.3% |
| McKesson Corp. | 2.3% |
| O'Reilly Automotive Inc. | 2.3% |
| Packaging Corp. of America | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Short Term Investment | 0.8% |
| 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](i47d6d89c2596aaf62a76abb0.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 20.5% |
| Retail | 10.8% |
| Computer Software and Services | 10.7% |
| Health Care | 8.9% |
| Commercial Services and Supplies | 5.0% |
| Materials | 4.4% |
| Energy: Integrated | 4.2% |
| Diversified Industrial | 4.1% |
| Other Industry sectors | 31.4% |
| 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% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Equity Fund

#### Annual Shareholder Report - September 30, 2025

#### Class AAA - WESWX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Equity Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class C - WEQCX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Equity Fund - Class C (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at 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 year?
(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** | **$246** | **2.43%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Equity Fund underperformed its benchmarks, the S&P 500 and the Russell 1000 Value Indexes. The stock market struggled to a bear market low in April, then rebounded as investors cheered the delay of global tariffs. Lower-quality and growth-oriented companies led the gains, but those companies generally do not meet our quality-value investment criteria. Our stock selections struggled in this environment, particularly those in the Information Technology and Industrials sectors, as our semiconductor selections lagged. Our selections in Consumer Discretionary and Materials did well.

## 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](i162535c35123c62e277496bd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class C** | **TETON Westwood Equity Fund - Class C (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11059 | 10959 | 11543 | 11620 |
| **9/17** | 12797 | 12572 | 13691 | 13377 |
| **9/18** | 14502 | 14121 | 16143 | 14641 |
| **9/19** | 15225 | 14684 | 16829 | 15227 |
| **9/20** | 14458 | 13804 | 19379 | 14461 |
| **9/21** | 18206 | 17246 | 25193 | 19524 |
| **9/22** | 16495 | 15468 | 21295 | 17306 |
| **9/23** | 18040 | 16763 | 25899 | 19805 |
| **9/24** | 21695 | 19991 | 35314 | 25302 |
| **9/25** | 22184 | 20241 | 41529 | 27691 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class C | 2.25% | 8.94% | 8.29% |
| TETON Westwood Equity Fund - Class C (includes sales charge) | 1.25% | 8.94% | 8.29% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

## Fund Statistics
* Total Net Assets$42,314,496

* Number of Portfolio Holdings50

* Portfolio Turnover Rate75%

* Management Fees$431,803

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 3.8% |
| Amazon.com Inc. | 3.5% |
| Abbott Laboratories | 2.5% |
| General Dynamics Corp. | 2.5% |
| The Progressive Corp. | 2.5% |
| Apple Inc. | 2.5% |
| Meta Platforms Inc. | 2.3% |
| McKesson Corp. | 2.3% |
| O'Reilly Automotive Inc. | 2.3% |
| Packaging Corp. of America | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Short Term Investment | 0.8% |
| 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](i953fc49ec787d3191ce87921.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 20.5% |
| Retail | 10.8% |
| Computer Software and Services | 10.7% |
| Health Care | 8.9% |
| Commercial Services and Supplies | 5.0% |
| Materials | 4.4% |
| Energy: Integrated | 4.2% |
| Diversified Industrial | 4.1% |
| Other Industry sectors | 31.4% |
| 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% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Equity Fund

#### Annual Shareholder Report - September 30, 2025

#### Class C - WEQCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Equity Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class I - WEEIX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Equity Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at 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 year?
(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** | **$145** | **1.43%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Equity Fund underperformed its benchmarks, the S&P 500 and the Russell 1000 Value Indexes. The stock market struggled to a bear market low in April, then rebounded as investors cheered the delay of global tariffs. Lower-quality and growth-oriented companies led the gains, but those companies generally do not meet our quality-value investment criteria. Our stock selections struggled in this environment, particularly those in the Information Technology and Industrials sectors, as our semiconductor selections lagged. Our selections in Consumer Discretionary and Materials did well.

## 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](i4f62dff51d3e280aa0309fd8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class I** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11166 | 11543 | 11620 |
| **9/17** | 13048 | 13691 | 13377 |
| **9/18** | 14936 | 16143 | 14641 |
| **9/19** | 15844 | 16829 | 15227 |
| **9/20** | 15196 | 19379 | 14461 |
| **9/21** | 19347 | 25193 | 19524 |
| **9/22** | 17698 | 21295 | 17306 |
| **9/23** | 19563 | 25899 | 19805 |
| **9/24** | 23763 | 35314 | 25302 |
| **9/25** | 24482 | 41529 | 27691 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class I | 3.03% | 10.01% | 9.37% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

## Fund Statistics
* Total Net Assets$42,314,496

* Number of Portfolio Holdings50

* Portfolio Turnover Rate75%

* Management Fees$431,803

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 3.8% |
| Amazon.com Inc. | 3.5% |
| Abbott Laboratories | 2.5% |
| General Dynamics Corp. | 2.5% |
| The Progressive Corp. | 2.5% |
| Apple Inc. | 2.5% |
| Meta Platforms Inc. | 2.3% |
| McKesson Corp. | 2.3% |
| O'Reilly Automotive Inc. | 2.3% |
| Packaging Corp. of America | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Short Term Investment | 0.8% |
| 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](ifd6c1d1b8a834a163e4d9667.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 20.5% |
| Retail | 10.8% |
| Computer Software and Services | 10.7% |
| Health Care | 8.9% |
| Commercial Services and Supplies | 5.0% |
| Materials | 4.4% |
| Energy: Integrated | 4.2% |
| Diversified Industrial | 4.1% |
| Other Industry sectors | 31.4% |
| 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% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Equity Fund

#### Annual Shareholder Report - September 30, 2025

#### Class I - WEEIX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Equity Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class A - WEECX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Equity Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood's proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at 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 year?
(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** | **$170** | **1.68%** |

---

## How did the Fund perform?
For the fiscal year ended September 30, 2025, the TETON Equity Fund underperformed its benchmarks, the S&P 500 and the Russell 1000 Value Indexes. The stock market struggled to a bear market low in April, then rebounded as investors cheered the delay of global tariffs. Lower-quality and growth-oriented companies led the gains, but those companies generally do not meet our quality-value investment criteria. Our stock selections struggled in this environment, particularly those in the Information Technology and Industrials sectors, as our semiconductor selections lagged. Our selections in Consumer Discretionary and Materials did well.

## 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](i641601880ae1a9daafaa834d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **TETON Westwood Equity Fund - Class A** | **TETON Westwood Equity Fund - Class A (includes sales charge)** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11117 | 10672 | 11543 | 11620 |
| **9/17** | 12924 | 12407 | 13691 | 13377 |
| **9/18** | 14717 | 14129 | 16143 | 14641 |
| **9/19** | 15540 | 14918 | 16829 | 15227 |
| **9/20** | 14831 | 14237 | 19379 | 14461 |
| **9/21** | 18826 | 18073 | 25193 | 19524 |
| **9/22** | 17176 | 16489 | 21295 | 17306 |
| **9/23** | 18932 | 18175 | 25899 | 19805 |
| **9/24** | 22942 | 22024 | 35314 | 25302 |
| **9/25** | 23576 | 22633 | 41529 | 27691 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Equity Fund - Class A | 2.77% | 9.71% | 8.96% |
| TETON Westwood Equity Fund - Class A (includes sales charge) | (1.34)% | 8.82% | 8.51% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Russell 1000 Value Index | 9.44% | 13.88% | 10.72% |

---

## Fund Statistics
* Total Net Assets$42,314,496

* Number of Portfolio Holdings50

* Portfolio Turnover Rate75%

* Management Fees$431,803

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)

---

| | |
|:---|:---|
| Alphabet Inc. | 3.8% |
| Amazon.com Inc. | 3.5% |
| Abbott Laboratories | 2.5% |
| General Dynamics Corp. | 2.5% |
| The Progressive Corp. | 2.5% |
| Apple Inc. | 2.5% |
| Meta Platforms Inc. | 2.3% |
| McKesson Corp. | 2.3% |
| O'Reilly Automotive Inc. | 2.3% |
| Packaging Corp. of America | 2.3% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.2% |
| Short Term Investment | 0.8% |
| 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](i8cbfcea1a155396590fe19c2.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 20.5% |
| Retail | 10.8% |
| Computer Software and Services | 10.7% |
| Health Care | 8.9% |
| Commercial Services and Supplies | 5.0% |
| Materials | 4.4% |
| Energy: Integrated | 4.2% |
| Diversified Industrial | 4.1% |
| Other Industry sectors | 31.4% |
| 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% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Equity Fund

#### Annual Shareholder Report - September 30, 2025

#### Class A - WEECX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Mighty Mites Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class AAA - WEMMX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class AAA (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at 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 year?
(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** | **$156** | **1.49%** |

---

## How did the Fund perform?
While the Mighty Mites portfolio benefited from strong performance in many industrials holdings, it lagged its benchmarks for the year as underweight positioning in technology companies detracted from relative performance and several core positions underperformed. As always, we assess our holdings based on our calculation of Private Market Value and believe that catalysts are in place in the coming year to narrow the large discounts we currently observe. Top contributors included Astronics Corp, Ducommun Inc. and Nathan's Famous Inc. Detractors included Full House Resorts Inc, and Neogen Corp.

## 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](i34087a50df05fe18bd111d5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class AAA** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11498 | 11547 | 11044 |
| **9/17** | 14306 | 13942 | 13456 |
| **9/18** | 14933 | 16067 | 15801 |
| **9/19** | 13738 | 14638 | 13075 |
| **9/20** | 12546 | 14695 | 13590 |
| **9/21** | 18666 | 21702 | 21243 |
| **9/22** | 14814 | 16602 | 13480 |
| **9/23** | 16903 | 18085 | 13433 |
| **9/24** | 19900 | 22924 | 15691 |
| **9/25** | 21796 | 25391 | 20007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class AAA | 9.53% | 11.68% | 8.10% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 27.50% | 8.05% | 7.17% |

---

## Fund Statistics
* Total Net Assets$202,022,342

* Number of Portfolio Holdings282

* Portfolio Turnover Rate2%

* Management Fees$2,048,476

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)

---

| | |
|:---|:---|
| Astronics Corp. | 3.0% |
| Nathan's Famous Inc. | 2.7% |
| Myers Industries Inc. | 2.6% |
| Ducommun Inc. | 2.2% |
| Full House Resorts Inc. | 1.9% |
| L.B. Foster Co. | 1.9% |
| Burnham Holdings Inc. | 1.9% |
| Gencor Industries Inc. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |
| Park-Ohio Holdings Corp. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| U.S. Government Obligations | 0.3% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](id756b675854fa718e13c222e.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.5% |
| Diversified Industrial | 13.2% |
| Equipment and Supplies | 5.7% |
| Electronics | 5.6% |
| Aviation: Parts and Services | 5.2% |
| Hotels and Gaming | 4.9% |
| Health Care | 4.8% |
| Building and Construction | 4.1% |
| Other Industry sectors | 41.9% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Mighty Mites Fund

#### Annual Shareholder Report - September 30, 2025

#### Class AAA - WEMMX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Mighty Mites Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class C - WMMCX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class C (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at 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 year?
(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** | **$234** | **2.24%** |

---

## How did the Fund perform?
While the Mighty Mites portfolio benefited from strong performance in many industrials holdings, it lagged its benchmarks for the year as underweight positioning in technology companies detracted from relative performance and several core positions underperformed. As always, we assess our holdings based on our calculation of Private Market Value and believe that catalysts are in place in the coming year to narrow the large discounts we currently observe. Top contributors included Astronics Corp, Ducommun Inc. and Nathan's Famous Inc. Detractors included Full House Resorts Inc, and Neogen Corp.

## 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](ie47decd2497517c55ef83683.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11406 | 11306 | 11547 | 11044 |
| **9/17** | 14089 | 13853 | 13942 | 13456 |
| **9/18** | 14601 | 14217 | 16067 | 15801 |
| **9/19** | 13331 | 12851 | 14638 | 13075 |
| **9/20** | 12078 | 11527 | 14695 | 13590 |
| **9/21** | 17834 | 16905 | 21702 | 21243 |
| **9/22** | 14050 | 13184 | 16602 | 13480 |
| **9/23** | 15908 | 14796 | 18085 | 13433 |
| **9/24** | 18593 | 17146 | 22924 | 15691 |
| **9/25** | 20215 | 18470 | 25391 | 20007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class C | 8.72% | 10.85% | 7.29% |
| TETON Westwood Mighty Mites Fund - Class C (includes sales charge) | 7.72% | 10.85% | 7.29% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 27.50% | 8.05% | 7.17% |

---

## Fund Statistics
* Total Net Assets$202,022,342

* Number of Portfolio Holdings282

* Portfolio Turnover Rate2%

* Management Fees$2,048,476

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)

---

| | |
|:---|:---|
| Astronics Corp. | 3.0% |
| Nathan's Famous Inc. | 2.7% |
| Myers Industries Inc. | 2.6% |
| Ducommun Inc. | 2.2% |
| Full House Resorts Inc. | 1.9% |
| L.B. Foster Co. | 1.9% |
| Burnham Holdings Inc. | 1.9% |
| Gencor Industries Inc. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |
| Park-Ohio Holdings Corp. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| U.S. Government Obligations | 0.3% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i5b4fe28cb19f623a6f661edd.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.5% |
| Diversified Industrial | 13.2% |
| Equipment and Supplies | 5.7% |
| Electronics | 5.6% |
| Aviation: Parts and Services | 5.2% |
| Hotels and Gaming | 4.9% |
| Health Care | 4.8% |
| Building and Construction | 4.1% |
| Other Industry sectors | 41.9% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Mighty Mites Fund

#### Annual Shareholder Report - September 30, 2025

#### Class C - WMMCX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Mighty Mites Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class I - WEIMX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class I (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at 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 year?
(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** | **$130** | **1.24%** |

---

## How did the Fund perform?
While the Mighty Mites portfolio benefited from strong performance in many industrials holdings, it lagged its benchmarks for the year as underweight positioning in technology companies detracted from relative performance and several core positions underperformed. As always, we assess our holdings based on our calculation of Private Market Value and believe that catalysts are in place in the coming year to narrow the large discounts we currently observe. Top contributors included Astronics Corp, Ducommun Inc. and Nathan's Famous Inc. Detractors included Full House Resorts Inc, and Neogen Corp.

## 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](ide78778f80f8db38f700bffe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TETON Westwood Mighty Mites Fund - Class I** | **Russell 2000 Index** | **Dow Jones U.S. Micro-Cap Total Stock Market Index** |
| **9/15** | 10000 | 10000 | 10000 |
| **9/16** | 11522 | 11547 | 11044 |
| **9/17** | 14373 | 13942 | 13456 |
| **9/18** | 15044 | 16067 | 15801 |
| **9/19** | 13870 | 14638 | 13075 |
| **9/20** | 12700 | 14695 | 13590 |
| **9/21** | 18940 | 21702 | 21243 |
| **9/22** | 15069 | 16602 | 13480 |
| **9/23** | 17235 | 18085 | 13433 |
| **9/24** | 20338 | 22924 | 15691 |
| **9/25** | 22341 | 25391 | 20007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class I | 9.85% | 11.96% | 8.37% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 27.50% | 8.05% | 7.17% |

---

## Fund Statistics
* Total Net Assets$202,022,342

* Number of Portfolio Holdings282

* Portfolio Turnover Rate2%

* Management Fees$2,048,476

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)

---

| | |
|:---|:---|
| Astronics Corp. | 3.0% |
| Nathan's Famous Inc. | 2.7% |
| Myers Industries Inc. | 2.6% |
| Ducommun Inc. | 2.2% |
| Full House Resorts Inc. | 1.9% |
| L.B. Foster Co. | 1.9% |
| Burnham Holdings Inc. | 1.9% |
| Gencor Industries Inc. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |
| Park-Ohio Holdings Corp. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| U.S. Government Obligations | 0.3% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i9c96ed3a8bcc90ad6e094e13.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.5% |
| Diversified Industrial | 13.2% |
| Equipment and Supplies | 5.7% |
| Electronics | 5.6% |
| Aviation: Parts and Services | 5.2% |
| Hotels and Gaming | 4.9% |
| Health Care | 4.8% |
| Building and Construction | 4.1% |
| Other Industry sectors | 41.9% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Mighty Mites Fund

#### Annual Shareholder Report - September 30, 2025

#### Class I - WEIMX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

# TETON Westwood Mighty Mites Fund
![Image](ib5c3015b74f614827d424c2b.jpg)

# Class A - WMMAX

#### Annual Shareholder Report - September 30, 2025

## Fund Overview
This annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class A (the "Fund") for the period of October 1, 2024 to September 30, 2025. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund's adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at 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 year?
(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** | **$156** | **1.49%** |

---

## How did the Fund perform?
While the Mighty Mites portfolio benefited from strong performance in many industrials holdings, it lagged its benchmarks for the year as underweight positioning in technology companies detracted from relative performance and several core positions underperformed. As always, we assess our holdings based on our calculation of Private Market Value and believe that catalysts are in place in the coming year to narrow the large discounts we currently observe. Top contributors included Astronics Corp, Ducommun Inc. and Nathan's Famous Inc. Detractors included Full House Resorts Inc, and Neogen Corp.

## 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](i26b13837758f09f0352bd685.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** |
| **9/15** | 10000 | 10000 | 10000 | 10000 |
| **9/16** | 11464 | 11006 | 11547 | 11044 |
| **9/17** | 14231 | 13661 | 13942 | 13456 |
| **9/18** | 14818 | 14226 | 16067 | 15801 |
| **9/19** | 13595 | 13051 | 14638 | 13075 |
| **9/20** | 12384 | 11888 | 14695 | 13590 |
| **9/21** | 18420 | 17683 | 21702 | 21243 |
| **9/22** | 14620 | 14035 | 16602 | 13480 |
| **9/23** | 16682 | 16014 | 18085 | 13433 |
| **9/24** | 19631 | 18846 | 22924 | 15691 |
| **9/25** | 21505 | 20645 | 25391 | 20007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **<u>1 Year</u>** | **<u>5 Year</u>** | **<u>10 Year</u>** |
| TETON Westwood Mighty Mites Fund - Class A | 9.55% | 11.67% | 7.96% |
| TETON Westwood Mighty Mites Fund - Class A (includes sales charge) | 5.17% | 10.76% | 7.52% |
| Russell 2000 Index | 10.76% | 11.56% | 9.77% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 27.50% | 8.05% | 7.17% |

---

## Fund Statistics
* Total Net Assets$202,022,342

* Number of Portfolio Holdings282

* Portfolio Turnover Rate2%

* Management Fees$2,048,476

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)

---

| | |
|:---|:---|
| Astronics Corp. | 3.0% |
| Nathan's Famous Inc. | 2.7% |
| Myers Industries Inc. | 2.6% |
| Ducommun Inc. | 2.2% |
| Full House Resorts Inc. | 1.9% |
| L.B. Foster Co. | 1.9% |
| Burnham Holdings Inc. | 1.9% |
| Gencor Industries Inc. | 1.8% |
| Gibraltar Industries Inc. | 1.7% |
| Park-Ohio Holdings Corp. | 1.6% |

---

### Portfolio Weighting (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| U.S. Government Obligations | 0.3% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | 0.1% |

---

#### Industry Allocation (% of net assets)
![Group By Industry Chart](i673ec5b0c090e3960f936886.jpg)

---

| | |
|:---|:---|
| **Industry Weighting** | **.** |
| Financial Services | 14.5% |
| Diversified Industrial | 13.2% |
| Equipment and Supplies | 5.7% |
| Electronics | 5.6% |
| Aviation: Parts and Services | 5.2% |
| Hotels and Gaming | 4.9% |
| Health Care | 4.8% |
| Building and Construction | 4.1% |
| Other Industry sectors | 41.9% |
| Other Assets and Liabilities (Net) | 0.1% |

---

![Image](ib5c3015b74f614827d424c2b.jpg)

#### TETON Westwood Mighty Mites Fund

#### Annual Shareholder Report - September 30, 2025

#### Class A - WMMAX

## Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit 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-25-ATSR

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

**Item 2.** **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code
 of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

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

As of the end of the period covered by the report, the registrant's board of directors has determined that James P. Conn is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed
 for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's
 annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings
 or engagements for those fiscal years are $134,133 in 2024 and $136,815 in 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed
 in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the
 performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 in
 2024 and $0 in 2025.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $24,505 in 2024 and $24,990 in 2025. Tax fees represent tax compliance
 services provided in connection with the review of the Registrant's tax returns.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2024 and $0 in 2025.

---

| | |
|:---|:---|
| (e)(1) | Audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
|  | Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Advisers, Inc., and any affiliate of Gabelli Funds, LLC ("Gabelli") that provides services to the registrant (a "Covered Services Provider") if the registered public accounting firm's engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to the other persons (other than Gabelli or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

(b) N/A

(c) 0%

(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended
 on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than
 fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees
 billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant
 for each of the last two fiscal years of the registrant was $24,505 in 2024 and $24,990 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the
 registrant's board of directors has considered whether the provision of non-audit services that were rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides
 ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
 with maintaining the principal accountant's independence.

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) The registrant is not a foreign issuer.

**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 1(a) of this form.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 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

Annual Report

September 30, 2025

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

**Performance Discussion (Unaudited)**

**Mighty Mites Fund**

For the fiscal year ended September 30, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Mighty Mites Fund was 9.5%, compared with a total returns of 10.8% for the Russell 2000 Index and 27.5% for the Dow Jones U.S. Micro-Cap Total Stock Market Index, respectively.

**Convertible Securities Fund**

For the fiscal year ended September 30, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was 24.7%, compared with a total return of 17.6% and 19.6% for the Standard & Poor's (S&P) 500 Index and the ICE BofA U.S. Convertibles Index, respectively.

**Equity Fund**

For the fiscal year ended September 30, 2025, the net asset value (NAV) total return per Class AAA Share of the Equity Fund was 2.9%, compared with a total return of 17.6% for the S&P 500 Index.

**Balanced Fund**

For the fiscal year ended September 30, 2025, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was 5.2%, compared with a total return of 2.7% and 11.6%, for the Bloomberg Government/Credit Bond Index and the common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Government/Credit Bond Index, respectively.

**Summary of Portfolio Holdings (Unaudited)**

The following tables present portfolio holdings as a percent of net assets as of September 30, 2025:

***TETON Westwood Mighty Mites Fund***

---

| | |
|:---|:---|
| Financial Services | 14.5% |
| Diversified Industrial | 13.2% |
| Equipment and Supplies | 5.7% |
| Electronics | 5.6% |
| Aviation: Parts and Services | 5.2% |
| Hotels and Gaming | 4.9% |
| Health Care | 4.8% |
| Building and Construction | 4.1% |
| Machinery | 3.8% |
| Food and Beverage | 3.6% |
| Aerospace and Defense | 3.5% |
| Automotive: Parts and Accessories | 2.8% |
| Restaurants | 2.8% |
| Real Estate | 2.5% |
| Energy and Utilities: Water | 2.4% |
| Consumer Products | 2.2% |
| Manufactured Housing and Recreational Vehicles | 1.9% |
| Broadcasting | 1.7% |
| Automotive | 1.7% |
| Computer Software and Services | 1.5% |
| Retail | 1.4% |

---

---

| | | |
|:---|:---|:---|
| Specialty Chemicals | 1.3 | % |
| Business Services | 1.2 | % |
| Energy and Utilities: Natural Gas | 1.1 | % |
| Agriculture | 0.9 | % |
| Metals and Mining | 0.8 | % |
| Communications Equipment | 0.7 | % |
| Telecommunications | 0.7 | % |
| Energy and Utilities: Services | 0.6 | % |
| Semiconductors | 0.6 | % |
| Environmental Control | 0.5 | % |
| Consumer Services | 0.5 | % |
| Publishing | 0.4 | % |
| U.S. Government Obligations | 0.3 | % |
| Communications | 0.2 | % |
| Educational Services | 0.2 | % |
| Entertainment | 0.1 | % |
| Paper and Forest Products | 0.0 | %\* |
| Other Assets and Liabilities (Net) | 0.1 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

***TETON Convertible Securities Fund***

---

| | |
|:---|:---|
| Computer Software and Services | 19.0% |
| Health Care | 17.4% |
| Financial Services | 14.6% |
| Energy and Utilities: Services | 10.9% |
| Real Estate Investment Trusts | 6.0% |
| Energy and Utilities: Integrated | 3.5% |
| Semiconductors | 3.4% |
| Aerospace and Defense | 3.1% |
| Entertainment | 3.0% |
| Energy and Energy Services | 2.8% |

---

---

| | |
|:---|:---|
| Retail | 2.8% |
| Business Services | 2.7% |
| Consumer Services | 2.6% |
| Telecommunications | 2.0% |
| Metals and Mining | 1.8% |
| Equipment and Supplies | 1.4% |
| Energy and Utilities: Natural Gas | 0.7% |
| Diversified Industrial | 0.4% |
| Other Assets and Liabilities (Net) | 1.9% |
|  | 100.0% |

---

***TETON Westwood Equity Fund***

---

| | |
|:---|:---|
| Financial Services | 20.5% |
| Retail | 10.8% |
| Computer Software and Services | 10.7% |
| Health Care | 8.9% |
| Commercial Services and Supplies | 5.0% |
| Materials | 4.4% |
| Energy: Integrated | 4.2% |
| Diversified Industrial | 4.1% |
| Energy: Oil | 3.9% |
| Real Estate Investment Trusts | 3.8% |
| Business Services | 3.7% |
| Food and Beverage | 3.1% |

---

---

| | | |
|:---|:---|:---|
| Aerospace and Defense | 2.5 | % |
| Computer Hardware | 2.5 | % |
| Telecommunications | 2.0 | % |
| Energy and Energy Services | 2.0 | % |
| Equipment and Supplies | 1.9 | % |
| Entertainment | 1.9 | % |
| Semiconductors | 1.8 | % |
| Consumer Products | 1.5 | % |
| Short Term Investment | 0.8 | % |
| Other Assets and Liabilities (Net) | (0.0 |)%\*\* |
|  | 100.0 | % |

---

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

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

***TETON Westwood Balanced Fund***

---

| | |
|:---|:---|
| Financial Services | 18.0% |
| Computer Software and Services | 10.8% |
| Semiconductors | 7.8% |
| U.S. Government Obligations | 6.8% |
| Short Term Investment | 6.4% |
| Health Care | 6.3% |
| Computer Hardware | 4.5% |
| Consumer Services | 4.0% |
| Energy: Oil | 4.0% |
| Diversified Industrial | 3.7% |
| Retail | 3.7% |
| Real Estate | 3.2% |
| Food and Beverage | 3.1% |
| Materials | 2.7% |
| Aerospace and Defense | 2.2% |
| Energy and Energy Services | 2.0% |

---

---

| | |
|:---|:---|
| Energy: Integrated | 1.9% |
| Business Services | 1.9% |
| Electronics | 1.5% |
| Telecommunication Services | 1.4% |
| Commercial Services and Supplies | 1.2% |
| Communications | 0.9% |
| Foreign Government Obligations | 0.9% |
| Transportation | 0.7% |
| Automotive: Parts and Accessories | 0.7% |
| Energy and Utilities: Water | 0.6% |
| Telecommunications | 0.6% |
| Equipment and Supplies | 0.6% |
| Entertainment | 0.6% |
| Consumer Products | 0.5% |
| Energy and Utilities: Natural Gas | 0.5% |
| Other Assets and Liabilities (Net) | (3.7)% |
|  | 100.0% |

---

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 99.5%** |  |  |
|  | **Aerospace and Defense — 3.5%** |  |  |
| 67200 | Allient Inc. | $1575321 | $3007200 |
| 15500 | Avio SpA | 195097 | 973581 |
| 136700 | Innovative Solutions and Support Inc.† | 721080 | 1707383 |
| 5000 | Kratos Defense & Security Solutions Inc.† | 28790 | 456850 |
| 42000 | Park Aerospace Corp. | 626505 | 854280 |
|  |  | 3146793 | 6999294 |
|  | **Agriculture — 0.9%** |  |  |
| 205 | J.G. Boswell Co. | 130205 | 102447 |
| 117500 | Limoneira Co. | 2065872 | 1744875 |
| 8374 | S&W Seed Co.† | 16825 | 2931 |
|  |  | 2212902 | 1850253 |
|  | **Automotive — 1.7%** |  |  |
| 8000 | Rush Enterprises Inc., Cl. A | 52923 | 427760 |
| 43500 | Rush Enterprises Inc., Cl. B | 380830 | 2497770 |
| 43200 | Wabash National Corp. | 81507 | 426384 |
|  |  | 515260 | 3351914 |
|  | **Automotive: Parts and Accessories — 2.7%** |  |  |
| 45928 | Commercial Vehicle Group Inc.† | 319736 | 78078 |
| 14000 | Dana Inc. | 94500 | 280560 |
| 45000 | Garrett Motion Inc. | 339415 | 612900 |
| 3000 | Modine Manufacturing Co.† | 24990 | 426480 |
| 7800 | Motorcar Parts of America Inc.† | 102503 | 129012 |
| 80000 | Puradyn Filter Technologies Inc.† | 13774 | 8 |
| 32500 | Standard Motor Products Inc. | 362342 | 1326650 |
| 35500 | Strattec Security Corp.† | 720346 | 2416130 |
| 20200 | Titan International Inc.† | 86140 | 152712 |
|  |  | 2063746 | 5422530 |
|  | **Aviation: Parts and Services — 5.2%** |  |  |
| 110000 | Astronics Corp.† | 1189486 | 5017100 |
| 23896 | Astronics Corp., Cl. B† | 144647 | 1088941 |
| 46000 | Ducommun Inc.† | 482041 | 4421980 |
|  |  | 1816174 | 10528021 |
|  | **Broadcasting — 1.7%** |  |  |
| 2200 | Beasley Broadcast Group Inc., Cl. A† | 17162 | 11880 |
| 10000 | Corus Entertainment Inc., Cl. B† | 3402 | 647 |
| 30280 | Dish TV India Ltd., GDR† | 22113 | 3028 |
| 236740 | Gray Media Inc. | 246379 | 1368357 |
| 87000 | Gray Media Inc., Cl. A | 629140 | 843900 |
| 28800 | Sinclair Inc. | 50115 | 434880 |
| 116000 | Townsquare Media Inc., Cl. A | 742941 | 779520 |
|  |  | 1711252 | 3442212 |
|  | **Building and Construction — 4.1%** |  |  |
| 59059 | Armstrong Flooring Inc.† | 10195 | 6 |
| 54500 | Gibraltar Industries Inc.† | 1234311 | 3422600 |
| 4700 | Granite Construction Inc. | 106388 | 515355 |
| 400 | Herc Holdings Inc. | 9496 | 46664 |
| 7500 | INNOVATE Corp.† | 67233 | 36675 |
| 6000 | MYR Group Inc.† | 100899 | 1248180 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 12750 | The Monarch Cement Co. | $362550 | $2981332 |
|  |  | 1891072 | 8250812 |
|  | **Business Services — 1.2%** |  |  |
| 36900 | Du-Art Film Laboratories Inc., Non-Voting†(a) | 0 | 44501 |
| 4100 | Du-Art Film Laboratories Inc., Voting†(a) | 0 | 4945 |
| 5000 | GDI Integrated Facility Services Inc.† | 97895 | 99123 |
| 5000 | ICF International Inc. | 261732 | 464000 |
| 28500 | OPENLANE Inc.† | 150236 | 820230 |
| 10000 | Pursuit Attractions and Hospitality Inc.† | 196457 | 361800 |
| 2298900 | Trans-Lux Corp.†(b) | 1195110 | 574725 |
|  |  | 1901430 | 2369324 |
|  | **Communications — 0.2%** |  |  |
| 47927 | Entravision Communications Corp., Cl. A | 119827 | 111670 |
| 20000 | Ooma Inc.† | 276807 | 239800 |
|  |  | 396634 | 351470 |
|  | **Communications Equipment — 0.7%** |  |  |
| 58000 | Anterix Inc.† | 1494085 | 1245260 |
| 5000 | Clearfield Inc.† | 166841 | 171900 |
|  |  | 1660926 | 1417160 |
|  | **Computer Software and Services — 1.5%** |  |  |
| 40000 | 3D Systems Corp.† | 136586 | 116000 |
| 507000 | Alithya Group Inc., Cl. A† | 1141252 | 638820 |
| 4000 | Cardlytics Inc.† | 41253 | 9720 |
| 45000 | DHI Group Inc.† | 81549 | 125100 |
| 8000 | Digi International Inc.† | 99724 | 291680 |
| 10000 | Materialise NV, ADR† | 58532 | 55700 |
| 94000 | Mitek Systems Inc.† | 443174 | 918380 |
| 8000 | Red Violet Inc. | 198232 | 418000 |
| 1000 | Tyler Technologies Inc.† | 16928 | 523160 |
|  |  | 2217230 | 3096560 |
|  | **Consumer Products — 2.2%** |  |  |
| 10000 | Acme United Corp. | 171349 | 411800 |
| 10000 | Bassett Furniture Industries Inc. | 146404 | 156400 |
| 1000000 | Goodbaby International Holdings Ltd. | 217275 | 164483 |
| 5000 | Johnson Outdoors Inc., Cl. A | 145741 | 201950 |
| 98500 | Lifetime Brands Inc. | 868667 | 381195 |
| 243500 | Marine Products Corp. | 1668330 | 2159845 |
| 3000 | MarineMax Inc.† | 52591 | 75990 |
| 13800 | Oil-Dri Corp. of America | 140185 | 842352 |
| 5700 | PC Group Inc.†(a) | 3465 | 0 |
| 2200000 | Playmates Holdings Ltd. | 263717 | 147007 |
|  |  | 3677724 | 4541022 |
|  | **Consumer Services — 0.5%** |  |  |
| 106000 | 1-800-Flowers.com Inc., Cl. A† | 400510 | 487600 |
| 63400 | Bowlin Travel Centers Inc.† | 86945 | 285300 |
| 6500 | Matthews International Corp., Cl. A | 188018 | 157820 |
|  |  | 675473 | 930720 |
|  | **Diversified Industrial — 13.2%** |  |  |
| 115957 | American Outdoor Brands Inc.† | 940409 | 1006507 |
| 108500 | Ampco-Pittsburgh Corp.† | 428297 | 248465 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Diversified Industrial (Continued)** |  |  |
| 150800 | Burnham Holdings Inc., Cl. A | $2193545 | $3736070 |
| 9500 | Columbus McKinnon Corp. | 115522 | 136230 |
| 106000 | Distribution Solutions Group Inc.† | 661185 | 3188480 |
| 34600 | Graham Corp.† | 261260 | 1899540 |
| 1000 | Griffon Corp. | 10020 | 76150 |
| 14500 | Haulotte Group SA | 77957 | 34388 |
| 400 | Hyster-Yale Inc. | 11320 | 14744 |
| 139778 | L.B. Foster Co., Cl. A† | 1959236 | 3767017 |
| 4100 | MSA Safety Inc. | 118927 | 705487 |
| 306000 | Myers Industries Inc. | 5379165 | 5183640 |
| 156000 | Park-Ohio Holdings Corp. | 2979221 | 3313440 |
| 19100 | RWC Inc.(a) | 297859 | 272175 |
| 600 | Standex International Corp. | 15321 | 127140 |
| 13000 | Steel Partners Holdings LP† | 432796 | 549380 |
| 121000 | Tredegar Corp.† | 1297209 | 971630 |
| 97500 | Twin Disc Inc. | 1169297 | 1359150 |
| 6700 | Velan Inc. | 46979 | 75102 |
|  |  | 18395525 | 26664735 |
|  | **Educational Services — 0.2%** |  |  |
| 10000 | Universal Technical Institute Inc.† | 28042 | 325500 |
|  | **Electronics — 5.6%** |  |  |
| 62000 | Arlo Technologies Inc.† | 175470 | 1050900 |
| 3250 | Badger Meter Inc. | 55734 | 580385 |
| 14122 | Bel Fuse Inc., Cl. A | 210388 | 1643095 |
| 65000 | CTS Corp. | 613372 | 2596100 |
| 7900 | Daktronics Inc.† | 47389 | 165268 |
| 30000 | IMAX Corp.† | 129139 | 982500 |
| 32000 | Kimball Electronics Inc.† | 207476 | 955520 |
| 1400 | Mesa Laboratories Inc. | 41870 | 93814 |
| 1690 | Methode Electronics Inc. | 9891 | 12759 |
| 3000 | Napco Security Technologies Inc. | 60900 | 128850 |
| 26000 | Stoneridge Inc.† | 228255 | 198120 |
| 43500 | Ultra Clean Holdings Inc.† | 88936 | 1185375 |
| 110200 | Ultralife Corp.† | 764624 | 751564 |
| 30035 | Vishay Precision Group Inc.† | 663546 | 962622 |
|  |  | 3296990 | 11306872 |
|  | **Energy and Utilities: Natural Gas — 1.1%** |  |  |
| 96000 | RGC Resources Inc. | 1370244 | 2154240 |
| 3200 | Unitil Corp. | 153661 | 153152 |
|  |  | 1523905 | 2307392 |
|  | **Energy and Utilities: Services — 0.6%** |  |  |
| 173000 | Alvopetro Energy Ltd. | 148447 | 830380 |
| 20000 | Dawson Geophysical Co.† | 51166 | 35200 |
| 58000 | RPC Inc. | 104842 | 276080 |
| 6500 | Subsea 7 SA, ADR | 23304 | 132925 |
|  |  | 327759 | 1274585 |
|  | **Energy and Utilities: Water — 2.4%** |  |  |
| 31320 | Artesian Resources Corp., Cl. A | 817336 | 1020876 |
| 8500 | Cadiz Inc.† | 65530 | 40120 |
| 20060 | California Water Service Group | 404523 | 920553 |
| 32500 | Consolidated Water Co. Ltd. | 329562 | 1146600 |
| 28000 | Energy Recovery Inc.† | 79387 | 431760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 5000 | Middlesex Water Co. | $102056 | $270600 |
| 36160 | The York Water Co. | 597003 | 1099987 |
|  |  | 2395397 | 4930496 |
|  | **Entertainment — 0.1%** |  |  |
| 1000 | Canterbury Park Holding Corp. | 13531 | 16180 |
| 53000 | Sportech plc†(a) | 218767 | 59875 |
| 900 | TKO Group Holdings Inc. | 9319 | 181764 |
|  |  | 241617 | 257819 |
|  | **Environmental Control — 0.5%** |  |  |
| 9910 | Casella Waste Systems Inc., Cl. A† | 38251 | 940261 |
|  | **Equipment and Supplies — 5.7%** |  |  |
| 3900 | AZZ Inc. | 143787 | 425607 |
| 84874 | Core Molding Technologies Inc.† | 703696 | 1744161 |
| 3800 | Federal Signal Corp. | 24681 | 452162 |
| 17500 | Interpump Group SpA | 98071 | 800878 |
| 34200 | Maezawa Kyuso Industries Co. Ltd. | 92537 | 344578 |
| 45000 | Pitney Bowes Inc. | 173795 | 513450 |
| 140365 | The Eastern Co. | 2651705 | 3292963 |
| 47200 | The Gorman-Rupp Co. | 1078884 | 2190552 |
| 14400 | The Manitowoc Co. Inc.† | 169663 | 144144 |
| 86000 | Titan Machinery Inc.† | 1176954 | 1439640 |
| 32500 | TransAct Technologies Inc.† | 107732 | 176150 |
|  |  | 6421505 | 11524285 |
|  | **Financial Services — 14.5%** |  |  |
| 1000 | Ameris Bancorp | 8386 | 73310 |
| 19000 | Atlantic American Corp. | 70387 | 54625 |
| 32200 | Atlantic Union Bankshares Corp. | 982747 | 1136338 |
| 5660 | Beacon Financial Corp. | 94045 | 134199 |
| 2000 | Burke & Herbert Financial Services Corp. | 63817 | 123380 |
| 6000 | Cadence Bank | 167738 | 225240 |
| 71500 | Capital City Bank Group Inc. | 1742129 | 2987985 |
| 2500 | Capitol Federal Financial Inc. | 27074 | 15875 |
| 12000 | Citizens & Northern Corp. | 234194 | 237720 |
| 5490 | Columbia Banking System Inc. | 143549 | 141312 |
| 4500 | ConnectOne Bancorp Inc. | 98366 | 111645 |
| 19000 | Crazy Woman Creek Bancorp Inc. | 369888 | 560500 |
| 1000 | Diamond Hill Investment Group Inc. | 147060 | 140010 |
| 2000 | Eagle Bancorp Inc. | 41972 | 40440 |
| 98 | Farmers & Merchants Bank of Long Beach | 410050 | 699720 |
| 37800 | Farmers National Banc Corp. | 315347 | 544698 |
| 10000 | First Internet Bancorp | 200000 | 224300 |
| 106500 | Flushing Financial Corp. | 1617770 | 1470765 |
| 70500 | FNB Corp. | 683201 | 1135755 |
| 21000 | FS Bancorp Inc. | 364724 | 838320 |
| 10 | Guaranty Corp., Cl. A†(a) | 137500 | 660000 |
| 14000 | Hanover Bancorp Inc. | 294000 | 314300 |
| 9030 | Hope Bancorp Inc. | 47351 | 97253 |
| 35000 | I3 Verticals Inc., Cl. A† | 525584 | 1136100 |
| 14500 | KKR & Co. Inc. | 1856 | 1884275 |
| 40000 | Legacy Housing Corp.† | 449422 | 1100400 |
| 60000 | Medallion Financial Corp. | 138954 | 606000 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market <br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Financial Services (Continued)** |  |  |
| 13600 | Northrim BanCorp Inc. | $74943 | $294576 |
| 15000 | Primis Financial Corp. | 225835 | 157650 |
| 25530 | Renasant Corp. | 275523 | 941802 |
| 2500 | Seacoast Banking Corp. of Florida | 77229 | 76075 |
| 3500 | Security National Corp. | 327591 | 586285 |
| 55000 | Silvercrest Asset Management Group Inc., Cl. A | 738514 | 866250 |
| 18000 | Southern First Bancshares Inc.† | 722484 | 794160 |
| 4300 | Southside Bancshares Inc. | 136560 | 121475 |
| 1000 | SouthState Bank Corp. | 32590 | 98870 |
| 20200 | Sprott Inc. | 457248 | 1678906 |
| 55500 | Stellar Bancorp Inc. | 1559080 | 1683870 |
| 5400 | Thomasville Bancshares Inc. | 206184 | 477360 |
| 4400 | Towne Bank | 126843 | 152108 |
| 4620 | TrustCo Bank Corp. NY | 106260 | 167706 |
| 7000 | United Bankshares Inc. | 220850 | 260470 |
| 43200 | Valley National Bancorp | 285572 | 457920 |
| 29958 | Value Line Inc. | 287472 | 1170759 |
| 33280 | Washington Trust Bancorp Inc. | 743879 | 961792 |
| 59000 | Waterstone Financial Inc. | 627873 | 920400 |
| 67000 | Western New England Bancorp Inc. | 561006 | 804670 |
| 80000 | Wright Investors' Service Holdings Inc.† | 37675 | 17200 |
|  |  | 17208322 | 29384769 |
|  | **Food and Beverage — 3.6%** |  |  |
| 32000 | Andrew Peller Ltd., Cl. A | 132818 | 117267 |
| 10000 | BellRing Brands Inc.† | 140000 | 363500 |
| 1500 | Bridgford Foods Corp.† | 24272 | 11917 |
| 76500 | Calavo Growers Inc. | 2018683 | 1969110 |
| 98000 | Corby Spirit and Wine Ltd., Cl. A | 1435208 | 989366 |
| 233000 | Crimson Wine Group Ltd.† | 2006959 | 1207732 |
| 313809 | Farmer Brothers Co.† | 1160629 | 536613 |
| 1350 | Hanover Foods Corp., Cl. A | 101653 | 60750 |
| 450 | Hanover Foods Corp., Cl. B | 37509 | 27900 |
| 37000 | Iwatsuka Confectionery Co. Ltd. | 638562 | 780607 |
| 500 | J & J Snack Foods Corp. | 7207 | 48045 |
| 8100 | Lifeway Foods Inc.† | 83997 | 224856 |
| 25000 | Niagen Bioscience Inc.† | 87403 | 233250 |
| 2300 | Scheid Vineyards Inc., Cl. A† | 22080 | 7107 |
| 4000 | T. Hasegawa Co. Ltd. | 83685 | 78845 |
| 235200 | Tingyi (Cayman Islands) Holding Corp. | 345177 | 314932 |
| 207400 | Vitasoy International Holdings Ltd. | 108284 | 224938 |
| 23000 | Willamette Valley Vineyards Inc.† | 88087 | 83720 |
|  |  | 8522213 | 7280455 |
|  | **Health Care — 4.8%** |  |  |
| 40000 | Accuray Inc.† | 129349 | 66800 |
| 4500 | Boiron SA | 76215 | 147402 |
| 7000 | CareDx Inc.† | 34570 | 101780 |
| 1800 | Collegium Pharmaceutical Inc.† | 33173 | 62982 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 20000 | Electromed Inc.† | $41480 | $491000 |
| 50000 | Exelixis Inc.† | 95250 | 2065000 |
| 185000 | InfuSystem Holdings Inc.† | 501438 | 1916600 |
| 2000 | LeMaitre Vascular Inc. | 46792 | 175020 |
| 186160 | Neogen Corp.† | 261642 | 1062973 |
| 53100 | NeoGenomics Inc.† | 172076 | 409932 |
| 5000 | Neuronetics Inc.† | 12056 | 13650 |
| 1500 | Omnicell Inc.† | 23551 | 45675 |
| 142000 | OPKO Health Inc.† | 356037 | 220100 |
| 17368 | Option Care Health Inc.† | 212379 | 482136 |
| 18500 | Orthofix Medical Inc.† | 310354 | 270840 |
| 2500 | QuidelOrtho Corp.† | 27931 | 73625 |
| 900 | STERIS plc | 34302 | 222696 |
| 53961 | United-Guardian Inc. | 436233 | 420896 |
| 1000 | Utah Medical Products Inc. | 25583 | 62970 |
| 1000 | Zealand Pharma A/S† | 12700 | 72522 |
| 65000 | Zimvie Inc.† | 849524 | 1231100 |
|  |  | 3692635 | 9615699 |
|  | **Hotels and Gaming — 4.9%** |  |  |
| 8500 | Caesars Entertainment Inc.† | 34583 | 229713 |
| 800 | Churchill Downs Inc. | 7838 | 77608 |
| 1191319 | Full House Resorts Inc.† | 3257950 | 3824134 |
| 40000 | Gambling.com Group Ltd.† | 285149 | 327200 |
| 20000 | Genius Sports Ltd.† | 81525 | 247600 |
| 98000 | Golden Entertainment Inc. | 1140319 | 2310840 |
| 202900 | Inspired Entertainment Inc.† | 1191281 | 1903202 |
| 69000 | The Marcus Corp. | 846640 | 1070190 |
|  |  | 6845285 | 9990487 |
|  | **Machinery — 3.8%** |  |  |
| 57200 | Astec Industries Inc. | 1883171 | 2753036 |
| 4400 | DMG Mori AG | 22722 | 239694 |
| 253000 | Gencor Industries Inc.† | 1586801 | 3701390 |
| 10000 | Stratasys Ltd.† | 78700 | 112000 |
| 8700 | Tennant Co. | 246015 | 705222 |
| 2000 | The Middleby Corp.† | 19622 | 265860 |
|  |  | 3837031 | 7777202 |
|  | **Manufactured Housing and Recreational Vehicles — 1.9%** |  |  |
| 300 | Cavco Industries Inc.† | 21403 | 174219 |
| 800 | Champion Homes Inc.† | 5344 | 61096 |
| 95450 | Nobility Homes Inc. | 1417119 | 2863500 |
| 20000 | Winnebago Industries Inc. | 185198 | 668800 |
|  |  | 1629064 | 3767615 |
|  | **Metals and Mining — 0.8%** |  |  |
| 47000 | Monro Inc. | 788211 | 844590 |
| 17200 | OR Royalties Inc. | 202617 | 689384 |
| 400000 | Tanami Gold NL† | 17082 | 16675 |
|  |  | 1007910 | 1550649 |
|  | **Paper and Forest Products — 0.0%** |  |  |
| 50 | Keweenaw Land Association Ltd.† | 3051 | 1900 |
| 1923 | Magnera Corp.† | 71297 | 22538 |
|  |  | 74348 | 24438 |
|  | **Publishing — 0.4%** |  |  |
| 15000 | Lee Enterprises Inc.† | 168773 | 81600 |
| 296000 | The E.W. Scripps Co., Cl. A† | 1354300 | 728160 |
|  |  | 1523073 | 809760 |
|  | **Real Estate — 2.5%** |  |  |
| 112000 | AmBase Corp.† | 116853 | 31808 |
| 116700 | Capital Properties Inc., Cl. A | 1246172 | 1301205 |

---

See accompanying notes to financial statements.

**TETON Westwood Mighty Mites Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Real Estate (Continued)** |  |  |
| 28000 | DREAM Unlimited Corp., Cl. A | $309437 | $416670 |
| 35000 | FRP Holdings Inc.† | 570400 | 852600 |
| 17700 | Gyrodyne LLC† | 270392 | 177177 |
| 151500 | Reading International Inc., Cl. A† | 964882 | 222705 |
| 75030 | Reading International Inc., Cl. B† | 680061 | 838085 |
| 2508 | Royalty LLC†(a) | 0 | 319 |
| 83000 | Tejon Ranch Co.† | 1575845 | 1326340 |
| 25000 | Trinity Place Holdings Inc.† | 0 | 0 |
|  |  | 5734042 | 5166909 |
|  | **Restaurants — 2.8%** |  |  |
| 51000 | Denny's Corp.† | 275047 | 266730 |
| 48300 | Nathan's Famous Inc. | 110529 | 5348742 |
|  |  | 385576 | 5615472 |
|  | **Retail — 1.4%** |  |  |
| 130000 | Arko Corp. | 711078 | 594100 |
| 80000 | Big 5 Sporting Goods Corp.† | 168633 | 115200 |
| 23000 | Lands' End Inc.† | 269453 | 324300 |
| 62100 | Movado Group Inc. | 921694 | 1178037 |
| 5000 | Natural Grocers by Vitamin Cottage Inc. | 66139 | 200000 |
| 66000 | Sportsman's Warehouse Holdings Inc.† | 403161 | 182820 |
| 5700 | Village Super Market Inc., Cl. A | 127854 | 212952 |
|  |  | 2668012 | 2807409 |
|  | **Semiconductors — 0.6%** |  |  |
| 60484 | SkyWater Technology Inc.† | 498974 | 1128631 |
|  | **Specialty Chemicals — 1.3%** |  |  |
| 4500 | Hawkins Inc. | 80695 | 822240 |
| 3500 | Minerals Technologies Inc. | 115215 | 217420 |
| 85200 | Navigator Holdings Ltd. | 778841 | 1319748 |
| 66900 | The General Chemical Group Inc.†(a) | 6021 | 0 |
| 98285 | Treatt plc | 490501 | 354913 |
|  |  | 1471273 | 2714321 |
|  | **Telecommunications — 0.7%** |  |  |
| 36000 | A10 Networks Inc. | 223388 | 653400 |
| 5500 | Frequency Electronics Inc.† | 52978 | 186505 |
| 2306 | NETGEAR Inc.† | 32445 | 74691 |
| 30000 | Nuvera Communications Inc.† | 219358 | 378000 |
| 200 | Preformed Line Products Co. | 17722 | 39230 |
| 2400 | Shenandoah Telecommunications Co. | 13960 | 32208 |
|  |  | 559851 | 1364034 |
|  | **TOTAL COMMON STOCKS** | 112213216 | 201081087 |
|  | **PREFERRED STOCKS — 0.1%** |  |  |
|  | **Automotive: Parts and Accessories — 0.1%** |  |  |
| 6300 | Jungheinrich AG | 17633 | 218641 |
|  | **TOTAL PREFERRED STOCKS** | 17633 | 218641 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **RIGHTS — 0.0%** |  |  |
|  | **Energy and Utilities: Services — 0.0%** |  |  |
| 85500 | Pineapple Energy Inc., CVR† | $0 | $5130 |
|  | **Health Care — 0.0%** |  |  |
| 25000 | Paratek Pharmaceuticals Inc., CVR† | 0 | 500 |
|  | **Metals and Mining — 0.0%** |  |  |
| 60000 | Pan American Silver Corp., CVR† | 44994 | 20994 |
|  | **TOTAL RIGHTS** | 44994 | 26624 |
| **Principal <br> Amount** |  |  |  |
|  | **U.S. GOVERNMENT OBLIGATIONS — 0.3%** |  |  |
| $585000 | U.S. Treasury Bills, |  |  |
|  | &nbsp;&nbsp;&nbsp;3.900% to 3.969%††, 12/04/25 to 12/26/25 | 579907 | 579934 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 579907 | 579934 |
|  | **TOTAL INVESTMENTS — 99.9%** | $112855750 | 201906286 |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 116056 |
|  | **NET ASSETS — 100.0%** |  | $202022342 |

---

---

| | |
|:---|:---|
| (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—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Cost** | **Market**<br> **Value** |
|  | **CONVERTIBLE CORPORATE BONDS — 86.7%** |  |  |
|  | **Aerospace and Defense — 2.5%** |  |  |
| $100000 | AST SpaceMobile Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32(a) | $100000 | $104150 |
| 200000 | BlackSky Technology Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 08/01/33(a) | 210916 | 226000 |
|  |  | 310916 | 330150 |
|  | **Business Services — 2.7%** |  |  |
| 25000 | Commvault Systems Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 09/15/30(a) | 25000 | 25862 |
| 50000 | DigitalOcean Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 08/15/30(a) | 50000 | 55844 |
| 200000 | Live Nation Entertainment Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30(a) | 204750 | 222200 |
| 50000 | Terawulf Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/01/31(a) | 50000 | 59750 |
|  |  | 329750 | 363656 |
|  | **Computer Software and Services — 16.4%** |  |  |
| 100000 | Akamai Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 05/15/33(a) | 100000 | 100600 |
| 50000 | Bitdeer Technologies Group, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 07/01/31(a) | 50000 | 68000 |
| 20000 | Cloudflare Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/30(a) | 20000 | 22760 |
| 400000 | CSG Systems International Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 398090 | 445300 |
| 200000 | CyberArk Software Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/30(a) | 199639 | 222580 |
|  | Lumentum Holdings Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 59877 | 120800 |
| 100000 | &nbsp;&nbsp;&nbsp;0.375%, 03/15/32(a) | 100000 | 115050 |
| 200000 | Nutanix Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29(a) | 209359 | 225640 |
| 300000 | Parsons Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 299992 | 342750 |
| 200000 | Progress Software Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/30 | 202538 | 201650 |
| 100000 | Snowflake Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/29 | 100000 | 156738 |
| 150000 | Vertex Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 05/01/29 | 168951 | 153000 |
|  |  | 1908446 | 2174868 |
|  | **Consumer Services — 2.6%** |  |  |
| 50000 | MakeMyTrip Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 07/01/30(a) | 50000 | 51746 |
| 200000 | Uber Technologies Inc., Ser. 2028, |  |  |
|  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 200199 | 294500 |
|  |  | 250199 | 346246 |
|  | **Diversified Industrial — 0.4%** |  |  |
| 50000 | Enovix Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 05/01/28(a) | 47036 | 51275 |
|  | **Energy and Energy Services — 2.8%** |  |  |
| 50000 | Bloom Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 48607 | 223975 |
| 100000 | Centrus Energy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 08/15/32(a) | 113281 | 154625 |
|  |  | 161888 | 378600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Cost** | **Market**<br> **Value** |
|  | **Energy and Utilities: Integrated — 2.1%** |  |  |
| $328000 | Array Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 12/01/28 | $294690 | $285202 |
|  | **Energy and Utilities: Natural Gas — 0.7%** |  |  |
| 75000 | WEC Energy Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 06/01/29 | 75000 | 92175 |
|  | **Energy and Utilities: Services — 10.9%** |  |  |
| 100000 | FirstEnergy Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 01/15/31(a) | 100000 | 108150 |
| 200000 | Fluor Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 231371 | 237800 |
| 100000 | Nabors Industries Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/29 | 61021 | 77000 |
| 200000 | Northern Oil & Gas Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 205703 | 201050 |
| 500000 | PPL Capital Funding Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 495896 | 571375 |
| 200000 | TXNM Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 06/01/54 | 200000 | 261587 |
|  |  | 1293991 | 1456962 |
|  | **Entertainment — 3.0%** |  |  |
| 300000 | Liberty Media Corp.-Liberty Formula One, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 293985 | 398550 |
|  | **Equipment and Supplies — 1.4%** |  |  |
| 150000 | Mirion Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30(a) | 150000 | 185137 |
|  | **Financial Services — 11.2%** |  |  |
| 275000 | Cardlytics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/01/29 | 216935 | 146176 |
| 50000 | Cipher Mining Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/31(a) | 50000 | 55150 |
| 150000 | Cleanspark Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/30(a) | 147964 | 186804 |
| 50000 | Coinbase Global Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/32(a) | 50000 | 55350 |
| 200000 | Jazz Investments I Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 09/15/30 | 208028 | 237800 |
| 200000 | Oddity Finance LLC, |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/30(a) | 206727 | 202250 |
| 200000 | Riot Platforms Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30(a) | 197455 | 306351 |
| 85000 | SoFi Technologies Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29(a) | 82650 | 242165 |
| 50000 | WisdomTree Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 08/15/30(a) | 50000 | 53208 |
|  |  | 1209759 | 1485254 |
|  | **Health Care — 15.8%** |  |  |
| 100000 | Alnylam Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 104929 | 164600 |
| 200000 | ANI Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 09/01/29 | 203593 | 281640 |
| 200000 | Bridgebio Pharma Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 03/01/31(a) | 213902 | 267350 |
| 54000 | Celcuity Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 08/01/31 | 54429 | 71969 |

---

See accompanying notes to financial statements.

**TETON Convertible Securities Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Cost** | **Market**<br> **Value** |
|  | **CONVERTIBLE CORPORATE BONDS (Continued)** |  |  |
|  | **Health Care (Continued)** |  |  |
| $200000 | Cytokinetics Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 10/01/31(a) | $215818 | $229374 |
|  | Evolent Health Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;3.500%, 12/01/29 | 125955 | 120825 |
| 50000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/31(a) | 50000 | 50228 |
| 250000 | Integer Holdings Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30(a) | 248412 | 243500 |
| 365000 | Invacare Corp., Escrow, |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 05/08/28(b) | 101 | 0 |
| 10000 | KalVista Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 10/01/31(a) | 10000 | 10903 |
| 50000 | Ligand Pharmaceuticals Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 10/01/30(a) | 50000 | 56465 |
| 100000 | OSI Systems Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;**2.250%, 08/01/29** | 100963 | 145325 |
| 125000 | Pacira BioSciences Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.125%, 05/15/29 | 98536 | 127312 |
| 150000 | Tempus AI Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 07/15/30(a) | 150381 | 188625 |
| 100000 | TransMedics Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 06/01/28 | 112276 | 142335 |
|  |  | 1739295 | 2100451 |
|  | **Metals and Mining — 1.8%** |  |  |
| 75000 | MP Materials Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30(a) | 74787 | 239100 |
|  | **Real Estate Investment Trusts — 6.0%** |  |  |
| 300000 | Digital Realty Trust LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29(a) | 301865 | 315750 |
| 250000 | Redfin Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 04/01/27 | 211124 | 232125 |
| 250000 | Redwood Trust Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/27 | 250000 | 250750 |
|  |  | 762989 | 798625 |
|  | **Retail — 2.8%** |  |  |
| 200000 | Alibaba Group Holding Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 212871 | 367900 |
|  | **Semiconductors — 1.6%** |  |  |
| 50000 | Cohu Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 01/15/31(a) | 51682 | 51264 |
| 150000 | indie Semiconductor Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29(a) | 125604 | 160959 |
|  |  | 177286 | 212223 |
|  | **Telecommunications — 2.0%** |  |  |
| 100000 | Applied Digital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 06/01/30(a) | 97838 | 250493 |
| 10000 | Impinj Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 09/15/29(a) | 10000 | 10196 |
|  |  | 107838 | 260689 |
|  | **TOTAL CONVERTIBLE CORPORATE BONDS** | 9400726 | 11527063 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** |  | **Cost** | **Market<br> Value** |
|  | **CONVERTIBLE PREFERRED STOCKS — 0.1%** |  |  |
|  | **Health Care — 0.1%** |  |  |
| 11225 | Invacare Holdings Corp., Ser. A, |  |  |
|  | &nbsp;&nbsp;&nbsp;9.000%(b) | $280625 | $16838 |
|  | **TOTAL CONVERTIBLE PREFERRED STOCKS** | 280625 | 16838 |
|  | **MANDATORY CONVERTIBLE SECURITIES(c) — 11.3%** |  |  |
|  | **Aerospace and Defense — 0.6%** |  |  |
| 1175 | The Boeing Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 62666 | 81745 |
|  | **Computer Software and Services — 2.6%** |  |  |
| 5000 | Hewlett Packard Enterprise Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 251650 | 339500 |
|  | **Energy and Utilities: Integrated — 1.4%** |  |  |
| 4000 | NextEra Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.234%, 11/01/27 | 186492 | 188120 |
|  | **Financial Services — 3.4%** |  |  |
| 1000 | Ares Management Corp., Ser. B, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 50000 | 49690 |
| 4000 | KKR & Co. Inc., Ser. D, |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 200000 | 209400 |
| 2000 | Shift4 Payments Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 05/01/28 | 200000 | 189740 |
|  |  | 450000 | 448830 |
|  | **Health Care — 1.5%** |  |  |
| 2000 | BrightSpring Health Services Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/01/27 | 100000 | 202180 |
|  | **Semiconductors — 1.8%** |  |  |
| 4000 | Microchip Technology Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 201093 | 236120 |
|  | **TOTAL MANDATORY CONVERTIBLE SECURITIES** | 1251901 | 1496495 |
|  | **COMMON STOCKS — 0.0%** |  |  |
|  | **Health Care — 0.0%** |  |  |
| 5023 | Invacare Holdings Corp.†(b) | 0 | 0 |
|  | **TOTAL COMMON STOCKS** | 0 | 0 |
|  | **TOTAL INVESTMENTS — 98.1%** | $10933252 | 13040396 |
|  | **Other Assets and Liabilities (Net) — 1.9%** |  | 252078 |
|  | **NET ASSETS — 100.0%** |  | $13292474 |

---

(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.

See accompanying notes to financial statements.

**TETON Convertible Securities Fund**

**Schedule of Investments (Continued)—September 30, 2025**

(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.

† Non-income
 producing security.

See accompanying notes to financial statements.

**TETON Westwood Equity Fund**

**Schedule of Investments—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 99.2%** |  |  |
|  | **Aerospace and Defense — 2.5%** |  |  |
| 3119 | General Dynamics Corp. | $875108 | $1063579 |
|  | **Business Services — 3.7%** |  |  |
| 1889 | TopBuild Corp.† | 700200 | 738334 |
| 2478 | Visa Inc., Cl. A | 588121 | 845940 |
|  |  | 1288321 | 1584274 |
|  | **Commercial Services and Supplies — 5.0%** |  |  |
| 3047 | Advanced Drainage Systems Inc. | 433408 | 422619 |
| 8131 | Veralto Corp. | 821196 | 866846 |
| 3796 | Waste Management Inc. | 710009 | 838271 |
|  |  | 1964613 | 2127736 |
|  | **Computer Hardware — 2.5%** |  |  |
| 4115 | Apple Inc. | 974544 | 1047802 |
|  | **Computer Software and Services — 10.7%** |  |  |
| 1756 | Accenture plc, Cl. A | 530400 | 433030 |
| 6536 | Alphabet Inc., Cl. A | 790878 | 1588902 |
| 1347 | Meta Platforms Inc., Cl. A | 995821 | 989210 |
| 1652 | Microsoft Corp. | 512592 | 855653 |
| 2778 | Salesforce Inc. | 666580 | 658386 |
|  |  | 3496271 | 4525181 |
|  | **Consumer Products — 1.5%** |  |  |
| 7401 | Church & Dwight Co. Inc. | 718804 | 648550 |
|  | **Diversified Industrial — 4.1%** |  |  |
| 26132 | CSX Corp. | 916854 | 927947 |
| 1731 | Deere & Co. | 872017 | 791517 |
|  |  | 1788871 | 1719464 |
|  | **Energy and Energy Services — 2.0%** |  |  |
| 8774 | The Southern Co. | 812305 | 831512 |
|  | **Energy: Integrated — 4.2%** |  |  |
| 11895 | NextEra Energy Inc. | 576225 | 897954 |
| 7505 | WEC Energy Group Inc. | 665401 | 859998 |
|  |  | 1241626 | 1757952 |
|  | **Energy: Oil — 3.9%** |  |  |
| 5434 | Chevron Corp. | 668205 | 843846 |
| 7331 | Exxon Mobil Corp. | 848233 | 826570 |
|  |  | 1516438 | 1670416 |
|  | **Entertainment — 1.9%** |  |  |
| 6936 | The Walt Disney Co. | 745713 | 794172 |
|  | **Equipment and Supplies — 1.9%** |  |  |
| 1911 | Hubbell Inc. | 612778 | 822322 |
|  | **Financial Services — 20.5%** |  |  |
| 2692 | Arthur J. Gallagher & Co. | 493444 | 833820 |
| 1715 | Berkshire Hathaway Inc., Cl. B† | 681019 | 862199 |
| 6818 | Cullen/Frost Bankers Inc. | 875674 | 864318 |
| 4749 | Intercontinental Exchange Inc. | 810689 | 800112 |
| 2914 | JPMorgan Chase & Co. | 487208 | 919163 |
| 5932 | KKR & Co. Inc. | 843819 | 770863 |
| 2609 | LPL Financial Holdings Inc. | 950869 | 867988 |
| 8475 | SouthState Bank Corp. | 857482 | 837923 |
| 4243 | The Progressive Corp. | 792941 | 1047809 |
| 10257 | Wells Fargo & Co. | 572045 | 859742 |
|  |  | 7365190 | 8663937 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **Food and Beverage — 3.1%** |  |  |
| 2700 | PepsiCo Inc. | $303671 | $379188 |
| 4944 | The Hershey Co. | 1013358 | 924775 |
|  |  | 1317029 | 1303963 |
|  | **Health Care — 8.9%** |  |  |
| 7996 | Abbott Laboratories | 890584 | 1070984 |
| 4717 | Johnson & Johnson | 765626 | 874626 |
| 1257 | McKesson Corp. | 863552 | 971083 |
| 1782 | Thermo Fisher Scientific Inc. | 841941 | 864306 |
|  |  | 3361703 | 3780999 |
|  | **Materials — 4.4%** |  |  |
| 3842 | Eagle Materials Inc. | 854380 | 895339 |
| 4375 | Packaging Corp. of America | 869708 | 953444 |
|  |  | 1724088 | 1848783 |
|  | **Real Estate Investment Trusts — 3.8%** |  |  |
| 10606 | Agree Realty Corp. | 826898 | 753450 |
| 7544 | Prologis Inc. | 781851 | 863939 |
|  |  | 1608749 | 1617389 |
|  | **Retail — 10.8%** |  |  |
| 6684 | Amazon.com Inc.† | 1450233 | 1467606 |
| 2836 | McDonald's Corp. | 845135 | 861832 |
| 8895 | O'Reilly Automotive Inc.† | 503005 | 958970 |
| 2080 | The Home Depot Inc. | 850981 | 842795 |
| 4232 | Walmart Inc. | 258503 | 436150 |
|  |  | 3907857 | 4567353 |
|  | **Semiconductors — 1.8%** |  |  |
| 4097 | Texas Instruments Inc. | 649769 | 752742 |
|  | **Telecommunications — 2.0%** |  |  |
| 3516 | T-Mobile US Inc. | 816330 | 841660 |
|  | **TOTAL COMMON STOCKS** | 36786107 | 41969786 |
|  | **SHORT TERM INVESTMENT — 0.8%** |  |  |
|  | **Other Investment Companies — 0.8%** |  |  |
| 352109 | Dreyfus Treasury Securities Cash Management - Institutional Shares, 3.980%\* | 352109 | 352109 |
|  | **TOTAL SHORT TERM INVESTMENT** | 352109 | 352109 |
|  | **TOTAL INVESTMENTS — 100.0%** | $37138216 | 42321895 |
|  | **Other Assets and Liabilities (Net) — (0.0)%** |  | (7399) |
|  | **NET ASSETS — 100.0%** |  | $42314496 |

---

\* 1 day yield as of September 30, 2025. <br> † Non-income producing security.

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market**<br> **Value** |
|  | **COMMON STOCKS — 61.1%** |  |  |
|  | **Aerospace and Defense — 1.3%** |  |  |
| 1317 | General Dynamics Corp. | $374688 | $449097 |
|  | **Automotive: Parts and Accessories — 0.7%** |  |  |
| 2109 | O'Reilly Automotive Inc.† | 150463 | 227371 |
|  | **Business Services — 1.9%** |  |  |
| 542 | TopBuild Corp.† | 207808 | 211846 |
| 1235 | Visa Inc., Cl. A | 295709 | 421604 |
|  |  | 503517 | 633450 |
|  | **Commercial Services and Supplies — 1.2%** |  |  |
| 1532 | Advanced Drainage Systems Inc. | 217559 | 212488 |
| 901 | Waste Management Inc. | 182625 | 198968 |
|  |  | 400184 | 411456 |
|  | **Computer Hardware — 3.6%** |  |  |
| 4832 | Apple Inc. | 1043129 | 1230372 |
|  | **Computer Software and Services — 9.4%** |  |  |
| 895 | Accenture plc, Cl. A | 267078 | 220707 |
| 6433 | Alphabet Inc., Cl. A | 1119986 | 1563862 |
| 719 | Meta Platforms Inc., Cl. A | 516533 | 528019 |
| 819 | Microsoft Corp. | 423890 | 424201 |
| 1917 | Salesforce Inc. | 472066 | 454329 |
|  |  | 2799553 | 3191118 |
|  | **Consumer Products — 0.5%** |  |  |
| 2137 | Church & Dwight Co. Inc. | 225064 | 187265 |
|  | **Consumer Services — 4.0%** |  |  |
| 6248 | Amazon.com Inc.† | 1294016 | 1371873 |
|  | **Diversified Industrial — 3.0%** |  |  |
| 11540 | CSX Corp. | 405140 | 409785 |
| 869 | Deere & Co. | 435590 | 397359 |
| 2001 | Veralto Corp. | 203950 | 213327 |
|  |  | 1044680 | 1020471 |
|  | **Electronics — 0.8%** |  |  |
| 290 | Monolithic Power Systems Inc. | 136329 | 266986 |
|  | **Energy: Integrated — 1.9%** |  |  |
| 2890 | NextEra Energy Inc. | 121434 | 218166 |
| 2170 | The Southern Co. | 202126 | 205651 |
| 1888 | WEC Energy Group Inc. | 165904 | 216346 |
|  |  | 489464 | 640163 |
|  | **Energy: Oil — 1.2%** |  |  |
| 1333 | Chevron Corp. | 207551 | 207002 |
| 1867 | Exxon Mobil Corp. | 216245 | 210504 |
|  |  | 423796 | 417506 |
|  | **Entertainment — 0.6%** |  |  |
| 1700 | The Walt Disney Co. | 167020 | 194650 |
|  | **Equipment and Supplies — 0.6%** |  |  |
| 468 | Hubbell Inc. | 154984 | 201385 |
|  | **Financial Services — 9.5%** |  |  |
| 658 | Arthur J. Gallagher & Co. | 167939 | 203809 |
| 641 | Berkshire Hathaway Inc., Cl. B† | 292407 | 322256 |
| 3428 | Cullen/Frost Bankers Inc. | 439929 | 434568 |
| 1675 | Intercontinental Exchange Inc. | 285119 | 282204 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 1389 | JPMorgan Chase & Co. | $291619 | $438132 |
| 2993 | KKR & Co. Inc. | 423517 | 388940 |
| 1326 | LPL Financial Holdings Inc. | 480810 | 441147 |
| 2101 | SouthState Bank Corp. | 225683 | 207726 |
| 1236 | The Progressive Corp. | 303816 | 305230 |
| 2452 | Wells Fargo & Co. | 178791 | 205527 |
|  |  | 3089630 | 3229539 |
|  | **Food and Beverage — 1.2%** |  |  |
| 1441 | PepsiCo Inc. | 234976 | 202374 |
| 1112 | The Hershey Co. | 206157 | 208000 |
|  |  | 441133 | 410374 |
|  | **Health Care — 5.6%** |  |  |
| 4027 | Abbott Laboratories | 451508 | 539377 |
| 2381 | Johnson & Johnson | 395401 | 441485 |
| 632 | McKesson Corp. | 436489 | 488245 |
| 907 | Thermo Fisher Scientific Inc. | 428999 | 439913 |
|  |  | 1712397 | 1909020 |
|  | **Materials — 2.7%** |  |  |
| 1846 | Eagle Materials Inc. | 410979 | 430192 |
| 2200 | Packaging Corp. of America | 439361 | 479446 |
|  |  | 850340 | 909638 |
|  | **Real Estate — 0.6%** |  |  |
| 1882 | Prologis Inc., REIT | 192192 | 215527 |
|  | **Retail — 3.1%** |  |  |
| 1396 | McDonald's Corp. | 416409 | 424230 |
| 1047 | The Home Depot Inc. | 428151 | 424234 |
| 2128 | Walmart Inc. | 171918 | 219312 |
|  |  | 1016478 | 1067776 |
|  | **Semiconductors — 7.1%** |  |  |
| 1418 | Broadcom Inc. | 415171 | 467812 |
| 8361 | NVIDIA Corp. | 1097786 | 1559996 |
| 2063 | Texas Instruments Inc. | 329848 | 379035 |
|  |  | 1842805 | 2406843 |
|  | **Telecommunications — 0.6%** |  |  |
| 847 | T-Mobile US Inc. | 200266 | 202755 |
|  | **TOTAL COMMON STOCKS** | 18552128 | 20794635 |
|  | **MANDATORY CONVERTIBLE SECURITIES(a) — 0.9%** |  |  |
|  | **Aerospace and Defense — 0.9%** |  |  |
| 4550 | The Boeing Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 337090 | 316544 |
|  | **TOTAL MANDATORY CONVERTIBLE SECURITIES** | 337090 | 316544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | | |
|  | **CORPORATE BONDS — 24.9%** |  |  |
|  | **Communications — 0.9%** |  |  |
|  | Charter Communications Operating Capital Corp. |  |  |
| $200000 | &nbsp;&nbsp;&nbsp;6.384%, 10/23/35 | 208157 | 209609 |
| 135000 | &nbsp;&nbsp;&nbsp;3.700%, 04/01/51 | 138539 | 89108 |
|  |  | 346696 | 298717 |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Cost** | **Market**<br> **Value** |
|  | **CORPORATE BONDS (Continued)** |  |  |
|  | **Computer Hardware — 0.9%** |  |  |
| $295000 | Dell International LLC/EMC Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 02/01/33 | $293605 | $312197 |
|  | **Computer Software and Services — 1.4%** |  |  |
|  | Oracle Corp. |  |  |
| 70000 | &nbsp;&nbsp;&nbsp;4.800%, 09/26/32 | 69976 | 70081 |
| 240000 | &nbsp;&nbsp;&nbsp;6.250%, 11/09/32 | 240341 | 260884 |
| 135000 | &nbsp;&nbsp;&nbsp;6.900%, 11/09/52 | 135532 | 150159 |
|  |  | 445849 | 481124 |
|  | **Diversified Industrial — 0.7%** |  |  |
| 250000 | Cabot Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 07/01/29 | 249688 | 246723 |
|  | **Electronics — 0.7%** |  |  |
| 225000 | Flex Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 01/15/28 | 232382 | 232644 |
|  | **Energy and Energy Services — 2.0%** |  |  |
|  | Energy Transfer LP |  |  |
| 165000 | &nbsp;&nbsp;&nbsp;7.125% (b)(c) | 141075 | 170806 |
| 235000 | &nbsp;&nbsp;&nbsp;6.250%, 04/15/49 | 272045 | 237281 |
| 245000 | Plains All American Pipeline LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.950%, 06/15/35 | 244372 | 255863 |
|  |  | 657492 | 663950 |
|  | **Energy and Utilities: Natural Gas — 0.5%** |  |  |
| 160000 | Enbridge Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.97%), |  |  |
|  | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54(b) | 161545 | 170018 |
|  | **Energy and Utilities: Water — 0.6%** |  |  |
| 200000 | Aptiv Swiss Holdings Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.39%), |  |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54(b) | 202441 | 204729 |
|  | **Energy: Oil — 2.8%** |  |  |
| 10000 | Civitas Resources Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 07/01/28 | 10000 | 10378 |
| 95000 | Diamondback Energy Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/15/33 | 98395 | 102344 |
| 275000 | MPLX LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.650%, 08/15/30 | 274388 | 252671 |
| 350000 | Northern Oil & Gas Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 10/15/33 | 350910 | 348807 |
| 259000 | Piedmont Natural Gas Co. Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;5.050%, 05/15/52 | 257579 | 235445 |
|  |  | 991272 | 949645 |
|  | **Financial Services — 8.1%** |  |  |
| 210000 | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 3.26%), |  |  |
|  | &nbsp;&nbsp;&nbsp;6.992%, 06/13/29(b) | 210035 | 221888 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Cost** | **Market**<br> **Value** |
| $210000 | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.74%), |  |  |
|  | &nbsp;&nbsp;&nbsp;5.518%, 10/25/35(b) | $205737 | $215139 |
| 250000 | Bank of Montreal, MTN, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.650%, 03/08/27 | 248280 | 245498 |
| 250000 | Blue Owl Capital Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.400%, 07/15/26 | 250044 | 247783 |
| 250000 | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%), |  |  |
|  | &nbsp;&nbsp;&nbsp;3.070%, 02/24/28(b) | 248464 | 246249 |
| 240000 | Golub Capital Private Credit Fund, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 05/01/30 | 238415 | 244338 |
| 370000 | HSBC Holdings plc, (U.S. Secured Overnight Financing Rate + 3.03%), |  |  |
|  | &nbsp;&nbsp;&nbsp;7.336%, 11/03/26(b) | 370000 | 370891 |
| 250000 | MPT Operating Partnership LP/MPT Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;8.500%, 02/15/32 | 263937 | 265850 |
| 250000 | Sixth Street Lending Partners, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 01/15/30 | 252403 | 254315 |
| 190000 | State Street Corp., Ser. I, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.61%), |  |  |
|  | &nbsp;&nbsp;&nbsp;6.700%(b)(c) | 190311 | 198024 |
| 260000 | TPG Operating Group II LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;5.375%, 01/15/36 | 257906 | 260840 |
|  |  | 2735532 | 2770815 |
|  | **Food and Beverage — 1.9%** |  |  |
| 250000 | Performance Food Group Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 253801 | 256388 |
| 125000 | Pilgrim's Pride Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 124074 | 133609 |
| 380000 | The J.M. Smucker Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.550%, 03/15/50 | 386522 | 267553 |
|  |  | 764397 | 657550 |
|  | **Health Care — 0.7%** |  |  |
| 225000 | CHS/Community Health Systems Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;10.875%,01/15/32 | 240808 | 238431 |
|  | **Real Estate — 1.7%** |  |  |
| 150000 | Brixmor Operating Partnership LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 04/01/28 | 149919 | 142968 |
| 200000 | Iron Mountain Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/15/29 | 206144 | 206230 |
| 265000 | Realty Income Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.850%, 12/15/32 | 273579 | 236644 |
|  |  | 629642 | 585842 |

---

See accompanying notes to financial statements.

**TETON Westwood Balanced Fund**

**Schedule of Investments (Continued)—September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** |  | **Cost** | **Market**<br> **Value** |
|  | **CORPORATE BONDS (Continued)** |  |  |
|  | **Retail — 0.6%** |  |  |
| $200000 | CVS Health Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 08/15/29 | $201341 | $191741 |
|  | **Semiconductors — 0.7%** |  |  |
| 235000 | Broadcom Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;4.150%, 11/15/30 | 255093 | 234200 |
|  | **Transportation — 0.7%** |  |  |
| 250000 | AP Moller - Maersk A/S, |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/20/29 | 249349 | 253286 |
|  | **TOTAL CORPORATE BONDS** | 8657132 | 8491612 |
|  | **CONVERTIBLE CORPORATE BONDS — 2.7%** |  |  |
|  | **Financial Services — 0.4%** |  |  |
| 110000 | MARA Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;Zero Coupon, 08/01/32 | 119405 | 118140 |
|  | **Real Estate — 0.9%** |  |  |
| 315000 | Boston Properties LP, |  |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 10/01/30 | 314263 | 315315 |
|  | **Telecommunication Services — 1.4%** |  |  |
| 80000 | GDS Holdings Ltd., |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 06/01/32 | 117502 | 112940 |
| 300000 | NextEra Energy Capital Holdings Inc., |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 | 341176 | 355050 |
|  |  | 458678 | 467990 |
|  | **TOTAL CONVERTIBLE CORPORATE BONDS** | 892346 | 901445 |
|  | **U.S. GOVERNMENT OBLIGATIONS — 6.8%** |  |  |
|  | **U.S. Treasury Bonds — 3.0%** |  |  |
| 365000 | &nbsp;&nbsp;&nbsp;2.500%, 02/15/45 | 335053 | 261246 |
| 300000 | &nbsp;&nbsp;&nbsp;2.500%, 05/15/46 | 320619 | 210832 |
| 235000 | &nbsp;&nbsp;&nbsp;1.875%, 02/15/51 | 216456 | 134143 |
| 285000 | &nbsp;&nbsp;&nbsp;3.000%, 08/15/52 | 241641 | 208323 |
| 200000 | &nbsp;&nbsp;&nbsp;4.750%, 05/15/55 | 198091 | 200516 |
|  |  | 1311860 | 1015060 |
|  | **U.S. Treasury Notes — 3.8%** |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;3.625%, 08/15/28 | 99790 | 100027 |
| 200000 | &nbsp;&nbsp;&nbsp;3.875%, 07/31/30 | 200797 | 201281 |
| 250000 | &nbsp;&nbsp;&nbsp;4.375%, 05/15/34 | 254088 | 255874 |
| 250000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/34 | 249263 | 246240 |
| 240000 | &nbsp;&nbsp;&nbsp;4.250%, 11/15/34 | 241007 | 242784 |
| 250000 | &nbsp;&nbsp;&nbsp;4.250%, 05/15/35 | 250405 | 252344 |
|  |  | 1295350 | 1298550 |
|  | **TOTAL U.S. GOVERNMENT OBLIGATIONS** | 2607210 | 2313610 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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;7.375%, 05/13/55 | $265842 | $297248 |
|  | **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** | 265842 | 297248 |
| **Shares** |  |  |  |
|  | **SHORT TERM INVESTMENT — 6.4%** |  |  |
|  | **Other Investment Companies — 6.4%** |  |  |
| 2176317 | Dreyfus Treasury Securities Cash Management - Institutional Shares, 3.980%\* | 2176317 | 2176317 |
|  | **TOTAL SHORT TERM INVESTMENT** | 2176317 | 2176317 |
|  | **TOTAL INVESTMENTS — 103.7%** | $33488065 | 35291411 |
|  | **Other Assets and Liabilities (Net) — (3.7)%** |  | (1253147) |
|  | **NET ASSETS — 100.0%** |  | $34038264 |

---

---

| | |
|:---|:---|
| † | 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) | 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 September 30, 2025. |
| (c) | Security is perpetual and has no stated maturity date. |
| \* | 1 day yield as of September 30, 2025. |
| MTN | Medium Term Note |
| REIT | Real Estate Investment Trust |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Assets and Liabilities**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **<br> Mighty<br> Mites Fund** | **Convertible<br> Securities**<br> **Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $111,660,640 and $10,933,252, respectively) | $201331561 | $13040396 |
| &nbsp;&nbsp;&nbsp;Investments in affiliates, at value (Cost $1,195,110) | 574725 |  |
| &nbsp;&nbsp;&nbsp;Cash |  | 17828 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $2,778) | 2779 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 21018 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 596400 | 205518 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser |  | 1384 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 154668 | 47797 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 56157 | 53419 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 202737308 | 13366342 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable to bank | 93190 |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 50 |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 166792 | 9000 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 162787 | 10714 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 30278 | 1919 |
| &nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |  |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 26833 | 6578 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 61808 | 27483 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 97569 | 16619 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 62757 | 1483 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 5402 | 72 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 714966 | 73868 |
| **Commitments and Contingencies (See Note 3)** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $202022342 | $13292474 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $79634417 | $10457737 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 122387925 | 2834737 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $202022342 | $13292474 |
| **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 | $62697864 | $3733768 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3565024 | 249286 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $17.59 | $14.98 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $54655958 | $2307391 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3308142 | 147615 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and redemption price per share | $16.52 | $15.63 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | $17.21 | $16.28 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $7168941 | $868674 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 547730 | 51454 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and offering price per share (a) | $13.09 | $16.88 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $77499579 | $6382641 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 4238217 | 424513 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $18.29 | $15.04 |

---

(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)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Equity Fund** | **Balanced Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $37,138,216 and $33,488,065, respectively) | $42321895 | $35291411 |
| &nbsp;&nbsp;&nbsp;Cash | 101 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 958 | 11230 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 189862 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 16581 | 156897 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 62999 | 68567 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 42402534 | 35717967 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 1602662 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed |  | 6676 |
| &nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 34729 | 20903 |
| &nbsp;&nbsp;&nbsp;Payable for distribution fees | 8485 | 6528 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 1814 | 1250 |
| &nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 30226 | 29590 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder communications expenses | 6263 | 7198 |
| &nbsp;&nbsp;&nbsp;Payable for shareholder services fees | 3565 | 2367 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 2956 | 2529 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 88038 | 1679703 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $42314496 | $34038264 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $32406980 | $28783128 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 9907516 | 5255136 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $42314496 | $34038264 |
| **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 | $40783347 | $26286182 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3538582 | 2475640 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $11.53 | $10.62 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $573596 | $4661811 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 49791 | 434923 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and redemption price per share | $11.52 | $10.72 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | $12.00 | $11.17 |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $102.79 | $236353 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 10.008 | 21727 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value** and offering price per share (a) | $10.27 | $10.88 |
| &nbsp;&nbsp;&nbsp;**Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $957450 | $2853918 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 83489 | 269352 |
| &nbsp;&nbsp;&nbsp;**Net Asset Value**, offering, and redemption price per share | $11.47 | $10.60 |

---

(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 Year Ended September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **<br> Mighty<br> Mites Fund** | **Convertible<br> Securities**<br> **Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - unaffiliated (net of foreign withholding taxes of $50,456 and $0, respectively) | $3390156 | $85951 |
| &nbsp;&nbsp;&nbsp;Dividends - affiliated | 144831 |  |
| &nbsp;&nbsp;&nbsp;Interest | 25872 | 296046 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 3560859 | 381997 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2142828 | 129326 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 155756 | 8525 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 137505 | 5238 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 83244 | 9618 |
| &nbsp;&nbsp;&nbsp;Accounting fees | 42429 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 100825 | 124 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 115052 | 21126 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 49254 | 47496 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 96669 | 28469 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 2532 | 1229 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 78743 | 4691 |
| &nbsp;&nbsp;&nbsp;Interest expense | 79692 | 1939 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 41965 | 13211 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 3126494 | 270992 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Adviser (See Note 3) |  | (127540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits |  | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) | (94352) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (6755) | (1615) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Waivers, Reductions, and Credits** | (101107) | (129279) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 3025387 | 141713 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 535472 | 240284 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 40408522 | 911533 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - affiliated | 40400 |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (3219) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 40445703 | 911533 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (24189813) | 1659650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated | 601595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 2730 |  |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (23585488) | 1659650 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 16860215 | 2571183 |
| **Net Increase in Net Assets Resulting from Operations** | $17395687 | $2811467 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Operations (Continued)**

**For the Year Ended September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Equity Fund** | **Balanced Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends - unaffiliated (net of foreign withholding taxes of $0 and $0, respectively) | $757614 | $346816 |
| &nbsp;&nbsp;&nbsp;Interest | 28958 | 599818 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 786572 | 946634 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 431803 | 264052 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 103633 | 67715 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class A | 1695 | 11760 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class C | 97 | 4360 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 10601 | 735 |
| &nbsp;&nbsp;&nbsp;Legal and audit fees | 30499 | 28333 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 48976 | 42665 |
| &nbsp;&nbsp;&nbsp;Shareholder communications expenses | 38782 | 32463 |
| &nbsp;&nbsp;&nbsp;Shareholder services fees | 22715 | 16310 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 15754 | 12920 |
| &nbsp;&nbsp;&nbsp;Interest expense | 18 | 428 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 19935 | 19385 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 724508 | 501126 |
| &nbsp;&nbsp;&nbsp;**Less:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived or expenses reimbursed by Adviser (See Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fee reduction on unsupervised assets (See Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (1992) | (1899) |
| &nbsp;&nbsp;&nbsp;**Total Reimbursements, Waivers, Reductions, and Credits** | (1992) | (1899) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 722516 | 499227 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 64056 | 447407 |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - unaffiliated | 5135653 | 3749110 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments - affiliated |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 5135653 | 3749110 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - unaffiliated | (4063283) | (2514382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments - affiliated |  |  |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (4063283) | (2514382) |
| **Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency** | 1072370 | 1234728 |
| **Net Increase in Net Assets Resulting from Operations** | $1136426 | $1682135 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Statements of Changes in Net Assets**

**For the Year Ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites Fund** | **Mighty Mites Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $535472 | $315462 | $240284 | $433186 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 40445703 | 76416264 | 911533 | 303144 |
| &nbsp;&nbsp;&nbsp;Net realized gain on redemptions in-kind |  | 755678 |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (23585488) | (26556950) | 1659650 | 1052128 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 17395687 | 50930454 | 2811467 | 1788458 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | (29707098) | (77708) | (88598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (26539959) | (44583) | (57491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (5516876) | (12388) | (20846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | (62081812) | (158861) | (278407) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** |  | (123845745) | (293540) | (445342) |
| **Shares of Beneficial Interest Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 338592 | 1035602 | 107362 | 26980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3024266 | 9322734 | 198354 | 146659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 391939 | 413016 | 81697 | 34772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5976455 | 19514710 | 93303 | 696074 |
|  | 9731252 | 30286062 | 480716 | 904485 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA |  | 28933355 | 76797 | 87633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 23437080 | 44573 | 57480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 5481709 | 12388 | 20768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 53174025 | 158499 | 277974 |
|  |  | 111026169 | 292257 | 443855 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (12851487) | (25770769) | (407981) | (453230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (16411244) | (25353583) | (531574) | (453974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (4492463) | (9971991) | (496200) | (606445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (54422785) | (126169955) | (2566309) | (7404299) |
|  | (88177979) | (187266298) | (4002064) | (8917948) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Shares of Beneficial Interest Transactions** | (78446727) | (45954067) | (3229091) | (7569608) |
| &nbsp;&nbsp;&nbsp;Redemption Fees |  | 153 | 10 |  |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets** | (61051040) | (118869205) | (711154) | (6226492) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 263073382 | 381942587 | 14003628 | 20230120 |
| &nbsp;&nbsp;&nbsp;End of year | $202022342 | $263073382 | $13292474 | $14003628 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

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

**For the Year Ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Fund** | **Equity Fund** | **Balanced Fund** | **Balanced Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $64056 | $216458 | $447407 | $476329 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 5135653 | 3074542 | 3749110 | 1967315 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (4063283) | 5157125 | (2514382) | 4476426 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1136426 | 8448125 | 1682135 | 6920070 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (3424156) | (2068035) | (2047441) | (980170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (57772) | (35880) | (355266) | (164423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (983) | (479) | (39232) | (22045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (96407) | (63916) | (228940) | (102852) |
| &nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (3579318) | (2168310) | (2670879) | (1269490) |
| **Shares of Beneficial Interest Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 426992 | 208691 | 671562 | 509549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 5188 | 8046 | 58298 | 530516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 101 |  |  | 166879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4828 | 85213 | 371475 | 860607 |
|  | 437109 | 301950 | 1101335 | 2067551 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 3331770 | 2006322 | 1983960 | 951866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 57444 | 34840 | 346553 | 161003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 983 | 479 | 39232 | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 95495 | 63415 | 228940 | 102852 |
|  | 3485692 | 2105056 | 2598685 | 1237766 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (4296851) | (4919765) | (5285946) | (4090736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (242418) | (43511) | (654773) | (1193806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (13047) |  | (388953) | (565539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (253124) | (320543) | (869751) | (922619) |
|  | (4805440) | (5283819) | (7199423) | (6772700) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Shares of Beneficial Interest Transactions** | (882639) | (2876813) | (3499403) | (3467383) |
| &nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (3325531) | 3403002 | (4488147) | 2183197 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 45640027 | 42237025 | 38526411 | 36343214 |
| &nbsp;&nbsp;&nbsp;End of year | $42314496 | $45640027 | $34038264 | $38526411 |

---

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(d)(e)** | **Operating<br> Expenses Before Waivers/Credits/<br> Reimbursements/<br> Reductions(f)** | **Portfolio<br> Turnover<br> Rate** |
| **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $16.06 | $0.03 | $1.50 | $1.53 | $— | $— | $— | $— | $17.59 | 9.53% | $62698 | 0.18% | 1.49% | 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 | 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 | 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 | 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 | 1.42 | 6 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $15.08 | $0.03 | $1.41 | $1.44 | $— | $— | $— | $— | $16.52 | 9.55% | $54656 | 0.18% | 1.49% | 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 | 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 | 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 | 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 | 1.43 | 6 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.04 | $(0.07) | $1.12 | $1.05 | $— | $— | $— | $— | $13.09 | 8.72% | $7169 | (0.58)% | 2.24% | 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 | 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 | 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 | 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 | 2.17 | 6 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $16.65 | $0.07 | $1.57 | $1.64 | $— | $— | $— | $— | $18.29 | 9.85% | $77499 | 0.42% | 1.24% | 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 | 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 | 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 | 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 | 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 year including
 reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no
 material impact on the expense ratios.

(e) 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.

(f) Before
 advisory fee reduction on unsupervised assets totalling 0.04%, 0.04%, 0.04%, 0.03%, and 0.02% of net assets for the fiscal years ended
 September 30, 2025, 2024, 2023, 2022, and 2021.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights (Continued)**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(c)(d)** | **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;2025 | $12.29 | $0.24 | $2.75 | $2.99 | $(0.30) | $— | $(0.30) | $0.00 | $14.98 | 24.68% | $3734 | 1.79% | 1.16% | 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 | 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 | 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 | 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 | 1.56 | 34 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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% | 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 | 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 | 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 | 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 | 1.58 | 34 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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% | 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 | 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 | 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 | 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 | 2.31 | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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% | 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 | 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 | 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 | 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 | 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 year including
 reinvestment of distributions and does not reflect the applicable sales charges.

(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 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 1.18% and 1.17%
 (Class AAA and Class A), 1.93% and 1.92% (Class C), and 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) 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 year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <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** | **Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(c) | 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 (c) | 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)(e) | 1.64 | 1.64 | 66 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(c) | 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 (c) | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.83 | $(0.06) | $0.32 | $0.26 | $— | $(0.82) | $(0.82) | $10.27 | 2.25% | $0 (f) | (0.57)% | 2.43% | 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 (c) | 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;2025 | $12.08 | $0.04 | $0.34 | $0.38 | $(0.07) | $(0.92) | $(0.99) | $11.47 | 3.03% | $957 | 0.40% | 1.43 %(c) | 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 (c) | 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 year including
 reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no
 material impact on the expense ratios.

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

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

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

(f) Actual
 net assets for Class C are $102.79 for 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 year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <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** | **Balanced Fund** | **Balanced Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(c) | 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 (c) | 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;2025 | $10.95 | $0.13 | $0.41 | $0.54 | $(0.13) | $(0.64) | $(0.77) | $10.72 | 5.21% | $4662 | 1.26% | 1.43 %(c) | 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 (c) | 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;2025 | $11.11 | $0.05 | $0.43 | $0.48 | $(0.06) | $(0.65) | $(0.71) | $10.88 | 4.45% | $236 | 0.50% | 2.18 %(c) | 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 (c) | 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;2025 | $10.82 | $0.16 | $0.42 | $0.58 | $(0.16) | $(0.64) | $(0.80) | $10.60 | 5.57% | $2854 | 1.51% | 1.18 %(c) | 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 (c) | 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 year including
 reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no
 material impact on the expense ratios.

(c) The
 Fund incurred interest expense. For 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**

**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 (the Adviser) to the Funds. The Adviser makes investment decisions for each Fund and continuously reviews and administers the Funds' investment program and manages the operations of each Fund under the general supervision of the Company's Board of 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 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. 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.

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.

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

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 September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 Inputs** |<br>**Total<br> Market Value<br> at 09/30/25** |
| **MIGHTY MITES FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Automotive: Parts and Accessories | $5422522 | $8 |  | $5422530 |
| &nbsp;&nbsp;&nbsp;Building and Construction | 8250806 | 6 |  | 8250812 |
| &nbsp;&nbsp;&nbsp;Business Services | 1745153 | 574725 | $49446 | 2369324 |
| &nbsp;&nbsp;&nbsp;Consumer Products | 4541022 |  | 0 | 4541022 |
| &nbsp;&nbsp;&nbsp;Diversified Industrial | 22656490 | 3736070 | 272175 | 26664735 |
| &nbsp;&nbsp;&nbsp;Entertainment | 197944 |  | 59875 | 257819 |
| &nbsp;&nbsp;&nbsp;Financial Services | 27560784 | 1163985 | 660000 | 29384769 |
| &nbsp;&nbsp;&nbsp;Food and Beverage | 7184698 | 95757 |  | 7280455 |
| &nbsp;&nbsp;&nbsp;Real Estate | 3865385 | 1301205 | 319 | 5166909 |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals | 2714321 |  | 0 | 2714321 |
| &nbsp;&nbsp;&nbsp;Other Industries (a) | 109028391 |  |  | 109028391 |
| Total Common Stocks | 193167516 | 6871756 | 1041815 | 201081087 |
| Preferred Stocks (a) | 218641 |  |  | 218641 |
| Rights (a) | 20994 | 5630 |  | 26624 |
| U.S. Government Obligations |  | 579934 |  | 579934 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $193407151 | $7457320 | $1041815 (b) | $201906286 |
| **CONVERTIBLE SECURITIES FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Convertible Corporate Bonds (c) |  | $11527063 | $0 | $11527063 |
| Convertible Preferred Stocks (c) |  |  | 16838 | 16838 |
| Mandatory Convertible Securities (c) | $1496495 |  |  | 1496495 |
| Common Stocks (c) |  |  | 0 | 0 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $1496495 | $11527063 | $16838 (b) | $13040396 |
| **EQUITY FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (c) | $41969786 |  |  | $41969786 |
| Short Term Investment | 352109 |  |  | 352109 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $42321895 |  |  | $42321895 |
| **BALANCED FUND** |  |  |  |  |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |
| Common Stocks (c) | $20794635 |  |  | $20794635 |
| Mandatory Convertible Securities (c) | 316544 |  |  | 316544 |
| Corporate Bonds (c) |  | $8491612 |  | 8491612 |
| Convertible Corporate Bonds (c) |  | 901445 |  | 901445 |
| U.S. Government Obligations |  | 2313610 |  | 2313610 |
| Foreign Government Obligations (c) |  | 297248 |  | 297248 |

---

**TETON Westwood Funds**

**Notes to Financial Statements (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 Inputs** |<br>**Total<br> Market Value<br> at 09/30/25** |
| Short Term Investment | $2176317 |  |  | $2176317 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $23287496 | $12003915 |  | $35291411 |

---

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

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

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance**<br> **as of**<br> **09/30/24** | **Accrued**<br> **discounts/**<br> **(premiums)** | **Realized** <br> **gain/(loss)** | **Net Change**<br> **in unrealized**<br> **appreciation/**<br> **depreciation†** | **Purchases** | **Sales** | **Transfers**<br> **Into**<br> **Level 3** | **Transfers**<br> **Out of**<br> **Level 3** | **Balance**<br> **as of**<br> **09/30/25** | **Net change<br> in unrealized<br> appreciation/<br> depreciation<br> during the<br> period on<br> Level 3<br> investments<br> still held at<br> 09/30/25†** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |  |  |  |  |  |  |  |
| **ASSETS (Market Value):** |  |  |  |  |  |  |  |  |  |  |
| Common Stocks (a) | $0 |  |  |  |  |  |  |  | $0 |  |
| Convertible Corporate Bonds (a) | 0 |  |  |  |  |  |  |  | 0 |  |
| Convertible Preferred Stocks (a) | 252563 |  |  | $(235725) |  |  |  |  | 16838 | $(235725) |
| **TOTAL INVESTMENTS IN SECURITIES** | $252563 |  |  | $(235725) |  |  |  |  | $16838 | $(235725) |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset Type** | **Valuation<br> Technique** | **Fair Value** | **Primary<br> Unobservable<br> Input** | **Range** |
| Convertible Securities Fund | Convertible Preferred Stock | Third party vendor pricing | $16838 | Broker quote | $1-2 |

---

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

***Fair Valuation.*** Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

***Securities Sold Short.*** The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the fiscal year ended September 30, 2025, there were no short sales.

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

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

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

***Restricted Securities.*** Each Fund may invest up to 10% (except for the Mighty Mites Fund 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 September 30, 2025, refer to the Schedules of Investments.

***Investments in other Investment Companies.*** All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund's expenses. For the fiscal year ended September 30, 2025, the Equity Fund's and Balanced Fund's pro rata portion of the periodic expenses charged by the Acquired Funds was each less than one basis point.

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

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

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

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

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

***Distributions to Shareholders.*** Distributions from net investment income are declared and paid annually for the Mighty Mites Fund and Equity Fund, and quarterly for the Convertible Securities Fund and Balanced Fund. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, utilization of tax equalization, timing differences, 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.

For the fiscal year ended September 30, 2025, the following reclassifications were made to increase paid-in capital by $5,428,199, with an offsetting adjustment to total distributable earnings:

---

| | | |
|:---|:---|:---|
|  | **Accumulated<br> Earnings/<br> (Losses)** | **Paid-in<br> Capital** |
| Mighty Mites Fund | $(5428199) | $5428199 |

---

The tax character of distributions paid during the fiscal years ended September 30, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites Fund** | **Mighty Mites Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** |
|  | **Year Ended <br> September 30,** | **Year Ended <br> September 30,** | **Year Ended <br> September 30,** | **Year Ended <br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Ordinary income (inclusive of short term capital gains) |  | $1870619 | $293540 | $445342 |
| Net long term capital gains | $5488853 | 133107895 |  |  |
| Total distributions paid | $5488853 \* | $134978514 \* | $293540 | $445342 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Fund** | **Equity Fund** | **Balanced Fund** | **Balanced Fund** |
|  | **Year Ended <br> September 30,** | **Year Ended <br> September 30,** | **Year Ended <br> September 30,** | **Year Ended <br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Ordinary income (inclusive of short term capital gains) | $97269 | $428926 | $450169 | $502273 |
| Net long term capital gains | 3482049 | 1739384 | 2220710 | 767217 |
| Total distributions paid | $3579318 | $2168310 | $2670879 | $1269490 |

---

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

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

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

At September 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites<br> Fund** | **Convertible<br> Securities Fund** | **Equity Fund** | **Balanced Fund** |
| Undistributed ordinary income (inclusive of short term capital gains) | $1231926 | $769559 | $— | $— |
| Undistributed long term capital gain | 34260098 |  | 4723837 | 3469587 |
| Unrealized appreciation | 86895901 | 2065178 | 5183679 | 1785549 |
| Total accumulated earnings | $122387925 | $2834737 | $9907516 | $5255136 |

---

At September 30, 2025, the temporary differences between book basis and tax basis unrealized appreciation/depreciation on investments was primarily due to deferral of losses from wash sales for tax purposes, premium amortization, investments in passive foreign investment company, and basis adjustments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mighty Mites<br> Fund** | **Convertible**<br> **Securities Fund** | **Equity Fund** | **Balanced Fund** |
| Aggregate cost of investments | $115011215 | $10975218 | $37138216 | $33505862 |
| Gross unrealized appreciation | $98592347 | $2498752 | $5846606 | $2756560 |
| Gross unrealized depreciation | (11696446) | (433574) | (662927) | (971011) |
| Net unrealized appreciation | $86895901 | $2065178 | $5183679 | $1785549 |

---

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 September 30, 2025, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds' net assets or results of operations. The Funds' federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds' tax positions to determine if adjustments to this conclusion are necessary.

***Recent Accounting Pronouncement.*** In December 2023, FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) (ASU 2023-09) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements and does not expect the guidance to have a material impact to the funds.

**3. Investment Advisory Agreements and Other Transactions.** The Funds have entered into investment advisory agreements (the Advisory Agreements) with the Adviser, 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 Adviser provides 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 Adviser.

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 fiscal year ended September 30, 2025, the Mighty Mites Fund's Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities (Strattec Security Corp., Bel Fuse Inc., Cl. A, and Full House Resorts Inc.), and the Adviser reduced its advisory fee with respect to such securities by $94,352.

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

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, 2026. For the fiscal year ended September 30, 2025, the respective Adviser waived fees or reimbursed expenses in the amounts of $127,540 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 September 30, 2025, 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** | **Total** |
| Convertible Securities Fund | $199238 | $158916 | $127540 | $485694 |

---

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

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

**5. Portfolio Securities.** Purchases and sales (including maturities) of securities during the fiscal year ended September 30, 2025, 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 | $5044631 | $84320783 |  |  |
| Convertible Securities Fund | 7965210 | 11215579 |  |  |
| Equity Fund | 32233745 | 36446142 |  |  |
| Balanced Fund | 24951603 | 30986262 | $2110598 | $2584103 |

---

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

**7. Transactions with Affiliates and Other Arrangements.** During the fiscal year ended September 30, 2025, the Mighty Mites Fund paid $27,359 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $1,053 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2025, 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 $6,755, $1,615, $1,992, and $1,899, respectively.

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

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 fiscal year ended September 30, 2025, the Mighty Mites Fund accrued $42,429 in connection with the cost of computing the Fund's NAV.

During the fiscal year ended September 30, 2025, the Mighty Mites Fund engaged in sell transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the Act and amounted to $600 in sell transactions with a loss of $27,855.

**8. Line of Credit.** The Fund participates 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 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 fiscal year ended September 30, 2025, 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 Fund during the fiscal years ended September 30, 2025 and 2024 can be found in the Statements of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mighty Mites Fund** | **Mighty Mites Fund** | **Convertible Securities Fund** | **Convertible Securities Fund** | **Equity Fund** | **Equity Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Class AAA** |  |  |  |  |  |  |
| Shares sold | 21232 | 59557 | 7915 | 2341 | 37286 | 19064 |
| Shares issued upon reinvestment of distributions |  | 1739585 | 5783 | 7462 | 283797 | 193474 |
| Shares redeemed | (805664) | (1427239) | (31601) | (39065) | (380090) | (440473) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class AAA Shares | (784432) | 371903 | (17903) | (29262) | (59007) | (227935) |
| **Class A** |  |  |  |  |  |  |
| Shares sold | 204364 | 551332 | 13726 | 11929 | 461 | 726 |
| Shares issued upon reinvestment of distributions |  | 1501019 | 3212 | 4701 | 4897 | 3363 |
| Shares redeemed | (1101307) | (1499627) | (39655) | (36864) | (21034) | (3928) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class A Shares | (896943) | 552724 | (22717) | (20234) | (15676) | 161 |
| **Class C** |  |  |  |  |  |  |
| Shares sold | 33416 | 31138 | 5436 | 2735 | 10 |  |
| Shares issued upon reinvestment of distributions |  | 436078 | 845 | 1576 | 94 | 52 |
| Shares redeemed | (376335) | (720578) | (33135) | (46804) | (1291) |  |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class C Shares | (342919) | (253362) | (26854) | (42493) | (1187) | 52 |
| **Class I** |  |  |  |  |  |  |
| Shares sold | 364732 | 1058664 | 6976 | 59014 | 428 | 7657 |
| Shares issued upon reinvestment of distributions |  | 3074080 | 11896 | 23670 | 8197 | 6156 |
| Shares redeemed in-kind |  | (64484) |  |  |  |  |
| Shares redeemed | (3279102) | (6544924) | (198877) | (632759) | (22977) | (29476) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class I Shares | (2914370) | (2476664) | (180005) | (550075) | (14352) | (15663) |

---

**TETON Westwood Funds**

**Notes to Financial Statements (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Balanced Fund** | **Balanced Fund** |
|  | **Year Ended<br> September 30,<br> 2025** | **Year Ended<br> September 30,<br> 2024** |
| **Class AAA** |  |  |
| Shares sold | 66369 | 51252 |
| Shares issued upon reinvestment of distributions | 190299 | 98155 |
| Shares redeemed | (515906) | (406499) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class AAA Shares | (259238) | (257092) |
| **Class A** |  |  |
| Shares sold | 5721 | 51610 |
| Shares issued upon reinvestment of distributions | 32927 | 16452 |
| Shares redeemed | (64196) | (118404) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class A Shares | (25548) | (50342) |
| **Class C** |  |  |
| Shares sold |  | 17090 |
| Shares issued upon reinvestment of distributions | 3667 | 2262 |
| Shares redeemed | (38494) | (55305) |
| &nbsp;&nbsp;&nbsp;Net decrease in Class C Shares | (34827) | (35953) |
| **Class I** |  |  |
| Shares sold | 37380 | 84157 |
| Shares issued upon reinvestment of distributions | 22016 | 10593 |
| Shares redeemed | (85438) | (90719) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Class I Shares | (26042) | 4031 |

---

**10. Transactions in Securities of Affiliated Issuers.** The 1940 Act defines affiliated issuers as those in which a Fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund's transactions in the securities of these issuers during the fiscal year ended September 30, 2025 is set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Market<br> Value at<br> September 30,<br> 2024** | **Purchases** | **Sales<br> Proceeds** | **Realized<br> Gain/(Loss)** | **Change In<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Market<br> Value at<br> September 30,<br> 2025** | **Dividend<br> Income** | **Percent<br> Owned of<br> Shares** |
| Burnham Holdings Inc., Cl. A\* | $2337500 |  | $338851 | $40400 | $1697021 | $— | $144831 |  |
| Trans-Lux Corp.† | 1670151 |  |  |  | (1095426) | 574725 |  | 17.03% |
| Total | $4007651 |  |  | $40400 | $601595 | $574725 | $144831 |  |

---

\* Security is no longer considered affiliated at September 30, 2025. <br> † 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 Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and the each Fund's long-term strategic asset allocation is guided by each Fund's investment objective and principal investment strategies, and executed by each Fund's portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statement of Operations and Changes in Net Assets and Financial Highlights.

**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**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of TETON Westwood Funds and Shareholders of TETON Westwood Mighty Mites Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of TETON Westwood Mighty Mites Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund (four of the funds constituting TETON Westwood Funds, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

**/s/ PricewaterhouseCoopers LLP**

**New York, New York**

**November 25, 2025**

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**TETON Westwood Funds**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act, each Fund has established a liquidity risk management program (collectively, the LRM Program) to govern their approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting each Fund's compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that each Fund is primarily invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, each Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to each Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

**TETON Westwood Funds**

**2025 Tax Notice to Shareholders (Unaudited)**

**U.S. Government Income –** The percentage of the ordinary income dividend paid by the Mighty Mites Fund, the Convertible Securities Fund, and the Balanced Fund, (the "Funds") during the fiscal year ended September 30, 2025 which was derived from U.S. Treasury securities was 0.50%, 0.99%, and 100%, respectively. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser for the applicability of the information provided as to your specific situation.

**Mighty Mites Fund –** During the fiscal year ended September 30, 2025, the Fund paid distributions of long term capital gains totaling $5,488,853 (generated from the utilization of equalization). The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Trustees.

**Convertible Securities Fund –** During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.3023, $0.2940, $0.1968, and $0.3354 per share for Class AAA, Class A, Class C, and Class I Shares, respectively. For the fiscal year ended September 30, 2025, 7.67% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 7.67% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 24.29% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

**Equity Fund –** During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.0430, $0.0416, and $0.0732 per share for Class AAA, Class A, and Class I Shares, respectively, and long term capital gains totaling $3,482,049. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Trustees. For the fiscal year ended September 30, 2025, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 3.66% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

**Balanced Fund –** During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.1334, $0.1334, $0.0554, and $0.1597 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $2,220,710. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund's Board of Trustees. For the fiscal year ended September 30, 2025, 67.97% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 69.99% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 100% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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TETON WESTWOOD FUNDS

**TETON Westwood Mighty Mites<sup>SM</sup> 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 |  |  |
| **Attorney** |  |  |

---

---

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

---

---

| | |
|:---|:---|
| Investment Adviser | Distributor |
| Teton Advisors, LLC | G.distributors, LLC |
| 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.

GABWWQ325AR

**Keeley Small Cap Fund**

**Annual Report — September 30, 2025**

**To Our Shareholders,**

For the year ended September 30, 2025, the net asset value (NAV) total return per Class AAA Share of the Keeley Small Cap Fund (the Fund) was 13.0% compared with a total return of 10.8% for the Russell 2000 Index. Other classes of shares are available.

Enclosed are the financial statements, including the schedule of investments, as of September 30, 2025.

**Summary of Portfolio Holdings (Unaudited)**

The following table presents portfolio holdings as a percent of net assets as of September 30, 2025:

**The Keeley Small Cap Fund**

---

| | |
|:---|:---|
| Banking | 12.0% |
| Retail | 8.4% |
| Health Care | 7.0% |
| Semiconductors | 6.8% |
| Computer Software and Services | 6.5% |
| Financial Services | 6.5% |
| Diversified Industrial | 5.8% |
| Electronics | 5.7% |
| Energy and Utilities | 4.8% |
| Business Services | 4.2% |
| Aviation: Parts and Services | 4.2% |
| Building and Construction | 4.1% |

---

---

| | |
|:---|:---|
| Broadcasting | 3.8% |
| Consumer Products | 2.9% |
| U.S. Government Obligations | 2.6% |
| Equipment and Supplies | 2.5% |
| Machinery | 2.5% |
| Real Estate | 2.5% |
| Materials | 2.4% |
| Automotive | 2.1% |
| Communications Sevices | 1.8% |
| Transportation | 0.8% |
| Other Assets and Liabilities (Net) | 0.1% |
|  | 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 — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS — 97.3%** |  |  |
|  | **Automotive — 2.1%** |  |  |
| 27438 | Rush Enterprises Inc., Cl. A | $962010 | $1467110 |
|  | **Aviation: Parts and Services — 4.2%** |  |  |
| 28162 | AAR Corp.† | 1012893 | 2525287 |
| 10000 | Standard Motor Products Inc. | 339004 | 408200 |
|  |  | 1351897 | 2933487 |
|  | **Banking — 12.0%** |  |  |
| 8916 | Atlantic Union Bankshares Corp. | 331035 | 314646 |
| 56638 | Banc of California Inc. | 843441 | 937359 |
| 37000 | Columbia Banking System Inc. | 1025514 | 952380 |
| 23937 | Five Star Bancorp | 605892 | 770771 |
| 7795 | Glacier Bancorp Inc. | 241279 | 379383 |
| 30344 | OceanFirst Financial Corp. | 577970 | 533144 |
| 46871 | Old National Bancorp | 897038 | 1028818 |
| 32065 | USCB Financial Holdings Inc. | 425278 | 559534 |
| 50038 | Valley National Bancorp | 549501 | 530403 |
| 45000 | Veritex Holdings Inc. | 1147097 | 1508850 |
| 22380 | WaFd Inc. | 645552 | 677890 |
| 10000 | Washington Trust Bancorp Inc. | 352895 | 289000 |
|  |  | 7642492 | 8482178 |
|  | **Broadcasting — 3.8%** |  |  |
| 150000 | Grupo Televisa SAB, ADR | 422384 | 403500 |
| 70482 | IMAX Corp.† | 1277152 | 2308285 |
|  |  | 1699536 | 2711785 |
|  | **Building and Construction — 4.1%** |  |  |
| 19742 | Champion Homes Inc.† | 1342049 | 1507697 |
| 6736 | MYR Group Inc.† | 694687 | 1401290 |
|  |  | 2036736 | 2908987 |
|  | **Business Services — 4.2%** |  |  |
| 30433 | ABM Industries Inc. | 1289557 | 1403570 |
| 31006 | Heidrick & Struggles International Inc. | 1003773 | 1543169 |
|  |  | 2293330 | 2946739 |
|  | **Communications Services — 1.8%** |  |  |
| 15000 | Anterix Inc.† | 337404 | 322050 |
| 17000 | ATN International Inc. | 321868 | 254490 |
| 65000 | Harmonic Inc.† | 736005 | 661700 |
|  |  | 1395277 | 1238240 |
|  | **Computer Software and Services — 6.5%** |  |  |
| 34341 | N-able Inc.† | 262939 | 267860 |
| 103728 | NetScout Systems Inc.† | 2238895 | 2679294 |
| 16121 | Progress Software Corp. | 751231 | 708196 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
| 9000 | Teradata Corp.† | $252838 | $193590 |
| 100000 | Vimeo Inc.† | 409090 | 775000 |
|  |  | 3914993 | 4623940 |
|  | **Consumer Products — 2.9%** |  |  |
| 70962 | OPENLANE Inc.† | 1233611 | 2042286 |
|  | **Diversified Industrial — 5.8%** |  |  |
| 15000 | Albany International Corp., Cl. A | 947540 | 799500 |
| 10213 | Apogee Enterprises Inc. | 432020 | 444980 |
| 8924 | Enerpac Tool Group Corp. | 278297 | 365884 |
| 12000 | Hexcel Corp. | 755899 | 752400 |
| 6000 | ICF International Inc. | 581438 | 556800 |
| 19694 | Kennametal Inc. | 496054 | 412195 |
| 14138 | Worthington Enterprises Inc. | 628013 | 784518 |
|  |  | 4119261 | 4116277 |
|  | **Electronics — 5.7%** |  |  |
| 10151 | Advanced Energy Industries Inc. | 1087524 | 1727091 |
| 16913 | Sonos Inc.† | 234331 | 267226 |
| 35000 | TTM Technologies Inc.† | 619799 | 2016000 |
|  |  | 1941654 | 4010317 |
|  | **Energy and Utilities — 4.8%** |  |  |
| 44979 | Magnolia Oil & Gas Corp., Cl. A | 732606 | 1073648 |
| 28892 | Oceaneering International Inc.† | 375125 | 715944 |
| 68000 | Patterson-UTI Energy Inc. | 373117 | 352240 |
| 15307 | Riley Exploration Permian Inc. | 449699 | 414973 |
| 17546 | SandRidge Energy Inc. | 202311 | 197919 |
| 30538 | Select Water Solutions Inc. | 374518 | 326451 |
| 41861 | Shoals Technologies Group Inc., Cl. A† | 225200 | 310190 |
|  |  | 2732576 | 3391365 |
|  | **Equipment and Supplies — 2.5%** |  |  |
| 33903 | Flowserve Corp. | 1289111 | 1801605 |
|  | **Financial Services — 6.5%** |  |  |
| 15698 | First Interstate BancSystem Inc., Cl. A | 411341 | 500295 |
| 18729 | Heritage Financial Corp. | 357051 | 453054 |
| 9222 | Horace Mann Educators Corp. | 333392 | 416558 |
| 11616 | SouthState Bank Corp. | 933958 | 1148474 |
| 19909 | Stewart Information Services Corp. | 986131 | 1459728 |
| 19597 | Univest Financial Corp. | 550376 | 588302 |
|  |  | 3572249 | 4566411 |

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Schedule of Investments (Continued) — September 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Cost** | **Market<br> Value** |
|  | **COMMON STOCKS (Continued)** |  |  |
|  | **Health Care — 7.0%** |  |  |
| 66138 | Axogen Inc.† | $579109 | $1179902 |
| 34608 | Dentsply Sirona Inc. | 513267 | 439176 |
| 13722 | Haemonetics Corp.† | 844269 | 668810 |
| 20698 | Omnicell Inc.† | 703032 | 630254 |
| 81803 | Orthofix Medical Inc.† | 1106002 | 1197596 |
| 17590 | Supernus Pharmaceuticals Inc.† | 554926 | 840626 |
|  |  | 4300605 | 4956364 |
|  | **Machinery — 2.5%** |  |  |
| 53796 | Mueller Water Products Inc., Cl. A | 881495 | 1372874 |
| 4887 | Tennant Co. | 415228 | 396140 |
|  |  | 1296723 | 1769014 |
|  | **Materials — 2.4%** |  |  |
| 17800 | Avient Corp. | 646479 | 586510 |
| 19418 | Darling Ingredients Inc.† | 633218 | 599434 |
| 8651 | Minerals Technologies Inc. | 510837 | 537400 |
|  |  | 1790534 | 1723344 |
|  | **Real Estate — 2.5%** |  |  |
| 25328 | Alpine Income Property Trust Inc., REIT | 422319 | 358898 |
| 40525 | CareTrust REIT Inc. | 851904 | 1405407 |
|  |  | 1274223 | 1764305 |
|  | **Retail — 8.4%** |  |  |
| 26125 | Advance Auto Parts Inc. | 1178750 | 1604075 |
| 87171 | American Eagle Outfitters Inc. | 1215577 | 1491496 |
| 47101 | El Pollo Loco Holdings Inc.† | 448265 | 456880 |
| 59937 | Ethan Allen Interiors Inc. | 1495997 | 1765744 |
| 8100 | Urban Outfitters Inc.† | 215422 | 578583 |
|  |  | 4554011 | 5896778 |
|  | **Semiconductors — 6.8%** |  |  |
| 26275 | Cohu Inc.† | 491922 | 534170 |
| 4000 | Entegris Inc. | 312585 | 369840 |
| 14629 | FormFactor Inc.† | 383928 | 532788 |
| 9240 | MKS Inc. | 887797 | 1143635 |
| 50000 | nLight Inc.† | 537650 | 1481500 |
| 25847 | Ultra Clean Holdings Inc.† | 640805 | 704331 |
|  |  | 3254687 | 4766264 |
|  | **Transportation — 0.8%** |  |  |
| 12000 | The Greenbrier Companies Inc. | 525873 | 554040 |
|  | **TOTAL COMMON STOCKS** | 53181389 | 68670836 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** |  | **Cost** | **Market<br> Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS — 2.6%** |  |  |
| $1845000 | U.S. Treasury Bills,<br> 3.925% to 4.168%††, 11/13/25 to 12/18/25 | $1835033 | $1835261 |
|  | **TOTAL INVESTMENTS — 99.9%** | $55016422 | 70506097 |
|  | **Other Assets and Liabilities (Net) — 0.1%** |  | 50959 |
|  | **NET ASSETS — 100.0%** |  | $70557056 |

---

---

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

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Statement of Assets and Liabilities**

**September 30, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $55,016,422) | $70506097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 81023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 46514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | 16040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 50909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 63670 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 70766716 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 83186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment advisory fees | 57937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for accounting fees | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for distribution fees | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for legal and audit fees | 40579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 16236 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 209660 |
| **Commitments and Contingencies (See Note 3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(applicable to 2,846,107 shares outstanding) | $70557056 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $50155180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 20401876 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $70557056 |
| **Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class AAA:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($9,372,123 ÷ 387,086 shares outstanding) | $24.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share ($7,071,401 ÷ 312,189 shares outstanding) | $22.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV ÷ 0.9600, based on maximum sales charge of 4.00% of the offering price) | $23.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value and offering price per share ($977,862 ÷ 53,658 shares outstanding) | $18.22 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering, and redemption price per share ($53,135,670 ÷ 2,093,174 shares outstanding) | $25.39 |

---

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

**Statement of Operations**

**For the Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1081228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 86559 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1167787 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 666465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class AAA | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class C | 13588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder communications expenses | 51903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and audit fees | 45992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration expenses | 45790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting fees | 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 23891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 21928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees | 12201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;ReFlow service fees | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 22326 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 996507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements (See Note 3) | (268516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid indirectly by broker (See Note 7) | (2452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fee credits | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Reimbursements, Reductions, and Credits** | (271056) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 725451 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 442336 |
| **Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, and Foreign Currency:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 9847828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on in-kind transactions | 983611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments, redemption in-kind, and foreign currency transactions | 10831423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments | (4036814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on foreign currency translations | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (4036811) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain/(Loss) on Investments, Redemptions In-Kind, and Foreign Currency** | 6794612 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $7236948 |

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br>2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $442336 | $515382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments, redemptions in-kind, and foreign currency transactions | 10831423 | 8588474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (4036811) | 4826090 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 7236948 | 13929946 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | (2078774) | (231052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2219079) | (215981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (395477) | (58382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (9010511) | (1603399) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders** | (13703841) | (2108814) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AAA | 1212543 | 98357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1291753) | 1137828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (555497) | (899614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 6951985 | (9529539) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets from Capital Share Transactions** | 6317278 | (9192968) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Redemption Fees** |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase/(Decrease) in Net Assets** | (149615) | 2628285 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 70706671 | 68078386 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $70557056 | $70706671 |

---

See accompanying notes to financial statements.

**Keeley Small Cap Fund**

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Year** |<br>**Total<br> Return†** | **Net Assets, End of Year (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Before Reimbursement** | **Operating Expenses Net of Reimbursement(c)** | **Portfolio Turnover Rate** |
| **Class AAA** | | | | | | | | | | | | | | | |
| &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 %(d) | 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 (d) | 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 (d) | 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 (d) | 21 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(d) | 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 (d) | 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 (d) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 14.50 | 0.03 | 9.70 | 9.73 |  |  |  |  | 24.23 | 67.10 | 5539 | 0.14 | 1.65 | 1.27 (d) | 21 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(d) | 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 (d) | 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 (d) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 12.04 | (0.11) | 8.05 | 7.94 |  |  |  |  | 19.98 | 65.95 | 2336 | (0.60) | 2.39 | 2.00 (d) | 21 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(d) | 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 (d) | 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 (d) | 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 (d) | 21 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no
 material impact on the expense ratios.

(d) 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**

**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 (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 September 30, 2025 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 09/30/25** |
| **INVESTMENTS IN SECURITIES:** |  |  |  |
| **ASSETS (Market Value):** |  |  |  |
| Common Stocks (a) | $68670836 |  | $68670836 |
| U.S. Government Obligations |  | $1835261 | 1835261 |
| **TOTAL INVESTMENTS IN SECURITIES – ASSETS** | $68670836 | $1835261 | $70506097 |

---

(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 (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 September 30, 2025, 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 (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.

***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. Permanent differences were primarily due to the redemptions in-kind. These reclassifications have no impact on the NAV of the Fund. For the fiscal period ended September 30, 2025, reclassifications were made to increase paid-in capital by $983,611, with an offsetting adjustment to total distributable earnings.

The tax character of distributions paid during the fiscal years ended September 30, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> September 30,<br> 2025** | **Year ended<br> September 30,<br> 2024** |
| **Distributions paid from:** |  |  |
| Ordinary income | $466558 | $618736 |
| Net long term capital gains | 13237283 | 1490078 |
| Total distributions paid | $13703841 | $2108814 |

---

***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 (Continued)**

At September 30, 2025, the components of accumulated earnings/losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $333365 |
| Undistributed long term capital gains | 4645816 |
| Net unrealized appreciation on investments and foreign currency translations | 15422695 |
| Total | $20401876 |

---

At September 30, 2025, the temporary difference between book basis and tax basis net unrealized appreciation/(depreciation) on investments was due to deferral of losses from wash sales for tax purposes.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized**<br> **Appreciation** |
| Investments | $55083402 | $16851909 | $(1429214) | $15422695 |

---

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 fiscal year ended September 30, 2025, the Fund did not incur any income tax, interest, or penalties. As of September 30, 2025, 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*.** In December 2023, FASB issued *Accounting Standards Update* (ASU) 2023-09, Income Taxes (Topic 740) (ASU 2023-09) *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements and does not expect the guidance to have a material impact to the funds.

**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, 2026. For the year ended September 30, 2025, the Adviser reimbursed expenses in the amount of $268,516.

**Keeley Small Cap Fund**

**Notes to Financial Statements (Continued)**

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 September 30, 2025, 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 |
|  | $500633 |

---

**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 fiscal year ended September 30, 2025, other than short term securities and U.S. Government obligations, aggregated $30,837,464 and $38,873,879, 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 fiscal year ended September 30, 2025, the Fund realized net gain of $983,611 on $1,430,514 of redemptions-in-kind, including cash of $82,414.

**7. Transactions with Affiliates and Other Arrangements.** During the fiscal year ended September 30, 2025, the Fund paid $1,119 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $362 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2025, 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 $2,452.

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, the fees paid include the cost of calculating the Fund's NAV. The Fund reimburses the Adviser for this service. During the fiscal year ended September 30, 2025, the Fund accrued $45,000 in connection with the cost of computing the Fund's NAV.

**8. Line of Credit.** The Fund participates 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 it may borrow up to 10% of its net assets from

**Keeley Small Cap Fund**

**Notes to Financial Statements (Continued)**

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 fiscal year ended September 30, 2025, there were no borrowings outstanding 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 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 fiscal years ended September 30, 2025 and 2024, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class AAA** |  |  |  |  |
| Shares sold | 23040 | $512799 | 19478 | $475147 |
| Shares issued upon reinvestment of distributions | 87933 | 2062919 | 10335 | 229238 |
| Shares redeemed | (61603) | (1363175) | (23778) | (606028) |
| &nbsp;&nbsp;&nbsp;Net increase | 49370 | $1212543 | 6035 | $98357 |
| **Class A** |  |  |  |  |
| Shares sold | 25946 | $547814 | 63862 | $1480216 |
| Shares issued upon reinvestment of distributions | 100864 | 2212947 | 10368 | 215351 |
| Shares redeemed | (195559) | (4052514) | (25196) | (557739) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | (68749) | $(1291753) | 49034 | $1137828 |
| **Class C** |  |  |  |  |
| Shares sold | 1250 | $21735 | 11871 | $215454 |
| Shares issued upon reinvestment of distributions | 22255 | 395477 | 3473 | 58382 |
| Shares redeemed | (58929) | (972709) | (62026) | (1173450) |
| &nbsp;&nbsp;&nbsp;Net decrease | (35424) | $(555497) | (46682) | $(899614) |
| **Class I** |  |  |  |  |
| Shares sold | 1322568 | $31142618 | 485008 | $12466099 |
| Shares issued upon reinvestment of distributions | 367105 | 9008751 | 69103 | 1603193 |
| Shares redeemed in-kind | (62250) | (1430514) |  |  |
| Shares redeemed | (1295701) | (31768870) | (917068) | (23598831) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) | 331722 | $6951985 | (362957) | $(9529539) |

---

**Keeley Small Cap Fund**

**Notes to Financial Statements (Continued)**

***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 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 fiscal year ended September 30, 2025, 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** |
| 62250 | $82414 | $1348100 | $2024 |

---

**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 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.

**Keeley Small Cap Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of TETON Westwood Funds and Shareholders of Keeley Small Cap Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Keeley Small Cap Fund (one of the funds constituting TETON Westwood Funds, hereafter collectively referred to as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 25, 2025

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

**KEELEY Small Cap Fund**

**Liquidity Risk Management Program (Unaudited)**

In accordance with Rule 22e-4 under the 1940 Act,the Fund has established a liquidity risk management program (the LRM Program) to govern its approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund's liquidity and the monthly classification and re-classification of certain investments that reflect the Committee's assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 27, 2025, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that the Fund is primarily invested in highly liquid securities and, accordingly, continues to be exempt from the requirement to determine a "highly liquid investment minimum" as defined in the Rule 22e-4. Because of that continued qualification for the exemption, the Fund has not adopted a "highly liquid investment minimum" amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee's annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**Keeley Small Cap Fund**

**2025 TAX NOTICE TO SHAREHOLDERS** (Unaudited)

During the fiscal year ended September 30, 2025, the Fund paid to shareholders ordinary income distributions (comprised of net investment income and short term capital gains) totaling $0.1784, $0.1856, $0.0110, and $0.2450 for each of Class AAA, Class A, Class C, and Class I, respectively, and long term capital gains totaling $13,237,283, or the maximum allowable. The distribution of long term capital gains has been designated as a capital gain dividend by the Fund's Board of Trustees. For the fiscal year ended September 30, 2025, 100% of the ordinary income distribution qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 7.32% of the ordinary income distribution as qualified interest income pursuant to the Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010.

**U.S. Government Income:**

The percentage of the ordinary income distribution paid by the Fund during the fiscal year ended September 30, 2025 which was derived from U.S. Treasury securities was 7.32%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund's fiscal year in U.S. Government securities. The Keeley Small Cap Fund did not meet this strict requirement in 2025. The percentage of U.S. Government securities held as of September 30, 2025 was 2.6%. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser as to the applicability of the information provided to your specific situation.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**Gabelli Funds and Your Personal Privacy**

**Who are we?**

The Gabelli Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

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

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

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

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

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

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

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

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

![](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 year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(d)(e)** | **Operating<br> Expenses Before Waivers/Credits/<br> Reimbursements/<br> Reductions(f)** | **Portfolio<br> Turnover<br> Rate** |
| **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** | **Mighty Mites Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $16.06 | $0.03 | $1.50 | $1.53 | $— | $— | $— | $— | $17.59 | 9.53% | $62698 | 0.18% | 1.49% | 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 | 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 | 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 | 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 | 1.42 | 6 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $15.08 | $0.03 | $1.41 | $1.44 | $— | $— | $— | $— | $16.52 | 9.55% | $54656 | 0.18% | 1.49% | 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 | 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 | 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 | 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 | 1.43 | 6 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $12.04 | $(0.07) | $1.12 | $1.05 | $— | $— | $— | $— | $13.09 | 8.72% | $7169 | (0.58)% | 2.24% | 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 | 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 | 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 | 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 | 2.17 | 6 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $16.65 | $0.07 | $1.57 | $1.64 | $— | $— | $— | $— | $18.29 | 9.85% | $77499 | 0.42% | 1.24% | 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 | 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 | 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 | 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 | 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no material impact on the expense ratios.

(e) 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.

(f) Before advisory fee reduction on unsupervised assets totalling 0.04%, 0.04%, 0.04%, 0.03%, and 0.02% of net assets for the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021.

See accompanying notes to financial statements.

**TETON Westwood Funds**

**Financial Highlights (Continued)**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <br> (in 000's)** | **Net Investment**<br> **Income (Loss)** | **Operating<br> Expenses Net of<br> Waivers/Credits/<br> Reimbursements/ <br> Reductions(c)(d)** | **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;2025 | $12.29 | $0.24 | $2.75 | $2.99 | $(0.30) | $— | $(0.30) | $0.00 | $14.98 | 24.68% | $3734 | 1.79% | 1.16% | 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 | 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 | 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 | 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 | 1.56 | 34 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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% | 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 | 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 | 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 | 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 | 1.58 | 34 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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% | 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 | 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 | 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 | 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 | 2.31 | 34 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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% | 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 | 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 | 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 | 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 | 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 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 1.18% and 1.17% (Class AAA and Class A), 1.93% and 1.92% (Class C), and 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) 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 year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <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** | **Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(c) | 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 (c) | 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)(e) | 1.64 | 1.64 | 66 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(c) | 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 (c) | 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $10.83 | $(0.06) | $0.32 | $0.26 | $— | $(0.82) | $(0.82) | $10.27 | 2.25% | $0 (f) | (0.57)% | 2.43% | 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 (c) | 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;2025 | $12.08 | $0.04 | $0.34 | $0.38 | $(0.07) | $(0.92) | $(0.99) | $11.47 | 3.03% | $957 | 0.40% | 1.43 %(c) | 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 (c) | 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no material impact on the expense ratios.

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

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

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

(f) Actual net assets for Class C are $102.79 for 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 year:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 Year** |<br>**Total<br> Return†** | **Net Assets, <br> End of Year <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** | **Balanced Fund** | **Balanced Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class AAA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(c) | 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 (c) | 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;2025 | $10.95 | $0.13 | $0.41 | $0.54 | $(0.13) | $(0.64) | $(0.77) | $10.72 | 5.21% | $4662 | 1.26% | 1.43 %(c) | 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 (c) | 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;2025 | $11.11 | $0.05 | $0.43 | $0.48 | $(0.06) | $(0.65) | $(0.71) | $10.88 | 4.45% | $236 | 0.50% | 2.18 %(c) | 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 (c) | 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;2025 | $10.82 | $0.16 | $0.42 | $0.58 | $(0.16) | $(0.64) | $(0.80) | $10.60 | 5.57% | $2854 | 1.51% | 1.18 %(c) | 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 (c) | 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no material impact on the expense ratios.

(c) The Fund incurred interest expense. For 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 year:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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, Beginning of Year** | **Net Investment Income (Loss)(a)** | **Net Realized and Unrealized Gain (Loss) on Investments** | **Total from Investment Operations** | **Net Investment Income** | **Net Realized Gain on Investments** | **Total Distributions** |<br>**Redemption Fees(a)(b)** |<br>**Net Asset Value, End of Year** |<br>**Total<br> Return†** | **Net Assets, End of Year (in 000's)** | **Net Investment Income (Loss)** | **Operating Expenses Before Reimbursement** | **Operating Expenses Net of Reimbursement(c)** | **Portfolio Turnover Rate** |
| **Class AAA** | | | | | | | | | | | | | | | |
| &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 %(d) | 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 (d) | 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 (d) | 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 (d) | 21 |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(d) | 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 (d) | 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 (d) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 14.50 | 0.03 | 9.70 | 9.73 |  |  |  |  | 24.23 | 67.10 | 5539 | 0.14 | 1.65 | 1.27 (d) | 21 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(d) | 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 (d) | 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 (d) | 15 |
| &nbsp;&nbsp;&nbsp;2021 | 12.04 | (0.11) | 8.05 | 7.94 |  |  |  |  | 19.98 | 65.95 | 2336 | (0.60) | 2.39 | 2.00 (d) | 21 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &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 %(d) | 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 (d) | 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 (d) | 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 (d) | 21 |

---

† Total
 return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including
 reinvestment of distributions and does not reflect the applicable sales charges.

(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 years presented, there was no
 material impact on the expense ratios.

(d) 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.**

Not applicable.

**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 | $10500 |
| Leslie F. Foley | $8500 |
| Mary E. Hauck | $8500 |
| Michael J. Melarkey | $8500 |
| Werner J. Roeder | $10500 |
| Salvatore J. Zizza | $11500 |

---

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

(3) All officers; $0 and

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

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

Section 15(c) of the 1940 Act contemplates that the Board of Directors (the Board) of the Fund, including a majority of the Directors who have no direct or indirect interest in the investment management agreement and are not interested persons of the Corporation, as defined in the 1940 Act (the Independent Board Members), are required annually to review and re-approve the terms of the Fund's existing Management Agreement (the Agreement) and approve any newly proposed terms therein. At a meeting held on August 20, 2025, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Manager and the re-approval of the Management Agreement.

In determining whether to approve the continuance of the Management Agreement, the Board Members considered the following information:

1) *The nature, extent, and quality of services provided by the Advisers and the Sub-Advisers.*

The Board reviewed in detail the nature and extent of the services provided by the Advisers and the Sub-Advisers under the Advisory Agreements and Sub-Advisory Agreements and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Advisers also provided, at their expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services including, for each Fund, monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Advisers provided certain non-advisory and compliance services, including services under the Funds' Rule 38a-1 compliance program.

The Board also considered that the Advisers paid for all compensation of officers and Board Members of the Trust who are affiliated with the Advisers and that the Advisers further provided services to shareholders of the Funds who had invested through various programs offered by third party financial intermediaries. The Board evaluated these factors based on its direct experience with the Advisers and Sub-Advisers and in consultation with Fund Counsel. The Board noted that Gabelli Funds had, at its expense, engaged BNY to assist it in performing certain administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Advisers, either directly or through BNY, and by the Sub-Advisers, had not diminished over the past year, and that the quality of service continued to be high.

The Board reviewed the personnel responsible for providing services to the Funds and, based on their experience and interaction with the Advisers and Sub-Advisers, concluded that (i) the Advisers and Sub-Advisers were able to retain quality personnel; (ii) the Advisers, Sub-Advisers and their agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreements and Sub-Advisory Agreements; (iii) the Advisers and Sub-Advisers were responsive to requests of the Board; (iv) the scope and depth of the Advisers' and Sub-Advisers' resources were adequate; and (v) the Advisers and Sub-Advisers had kept the Board apprised of developments relating to each Fund and the industry in general. The Board also focused on each Adviser's reputation and long standing relationship with the Funds. The Board also believed that the Advisers had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds.

2) *The performance of the Funds, the Advisers, and the Sub-Advisers.*

The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with the Broadridge peer group of other SEC registered funds, and against each Fund's broad-based securities market benchmarks as reflected in each Fund's prospectus and annual report. The Board also considered rankings and ratings of the Funds issued by Broadridge over the short, intermediate, and long term. The Board considered each Fund's one-, three-, five-, and ten-year (where applicable) average annual total return for the periods ended June 30, 2025, but placed greatest emphasis on the Funds' longer term performance. The peer groups considered by the Board were developed by Broadridge and were comprised of funds within the same Broadridge peer group categories (each, a "Broadridge Performance Peer Group," and collectively, the "Broadridge Performance Peer Groups"). Each Fund's performance against its respective Broadridge Performance Peer Group was considered by the Board as providing an objective comparative benchmark against which each Fund's performance could be assessed. In general, the Board considered these comparisons helpful in their assessment as to whether the Advisers were obtaining for the Funds' shareholders the total return performance that was available in the marketplace, given each Fund's investment objectives, strategies, limitations, and restrictions. In reviewing the Funds' performance against their Broadridge Performance Peer Groups, the Board noted that: (i) the Equity Fund's performance was below the median for the one-, three-, five-, and ten-year periods; (ii) the Balanced Fund's performance was below the median for the one-, three-, five-year, and ten-year periods; (iii) the Small Cap Fund's performance was above the median for the one-, five-, and ten-year periods and below the median for the three-year period; (iv) the Mighty Mites Fund's performance was above the median for the one-year period and below the median for the three-, five-, and ten-year periods; and (v) the Convertible Securities Fund's performance was above the median for the one-year period and below the median for the three-, five-, and ten-year periods. The Board concluded that the Funds' performance was reasonable in comparison with that of the Broadridge Performance Peer Groups.

In connection with its assessment of the performance of the Advisers and the Sub-Advisers, the Board considered the Advisers' and Sub-Advisers' financial condition and whether they had the resources necessary to continue to carry out their responsibilities under the Advisory Agreements and Sub-Advisory Agreements, as applicable. The Board concluded that the Advisers and Sub-Advisers had the financial resources necessary to continue to perform their obligations under the Advisory Agreements and Sub-Advisory Agreements and to continue to provide the high-quality services that they have provided to the Funds to date.

3) *The cost of the advisory services and the profits to the Advisers and Sub-Advisers and their affiliates from the relationship with the Funds.*

In connection with the Board's consideration of the cost of the advisory and sub-advisory services and the profits to the Advisers, Sub-Advisers and their affiliates from their relationships with the Fund, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each Fund against comparative Broadridge expense peer groups (each, a "Broadridge Expense Peer Group," and collectively, the "Broadridge Expense Peer Groups"). The Board also considered comparative non-advisory fee expenses and comparative total fund expenses of the Funds and each Broadridge Expense Peer Group. The Board considered this information as useful in assessing whether the Advisers and Sub-Advisers were providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that the Small Cap Fund and the Convertible Securities Fund operated pursuant to expense limitation agreements wherein the investment adviser had agreed to limit a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund's total operating expenses to the level set forth in the Funds' prospectus. The Board noted that the contractual and actual advisory fees and total expenses (including 12b-1/non-12b-1 fees) for the Equity Fund, Balanced Fund, and Mighty Mites Fund were higher than the median when compared with those of their Broadridge Expense Peer Groups. In addition, the Board noted that the Convertible Securities Fund and the Small Cap Fund had contractual advisory fees above the median and actual advisory fees below the median when compared with their Broadridge Expense Peer Groups. Finally, the Board noted that, although the Convertible Securities Fund and the Small Cap Fund had agreements in place to limit expenses, the total expense ratios (including 12b-1/non-12b-1 fees) for the Convertible Securities Fund and Small Cap Fund were above the median when compared with their Broadridge Expense Peer Groups.

The Board also reviewed the fees charged by the Advisers and Sub-Advisers to provide similar advisory services to other RICs with similar investment objectives and to separate accounts, noting that in some cases the fees charged by the Advisers or Sub-Advisers were higher and in other cases lower than the fees charged to the Funds. In evaluating this information, the Board considered the difference in services provided by the Advisers and Sub-Advisers to these other accounts. In particular, the Board considered the differences in risks involved in managing separate accounts and the Funds from a compliance and regulatory perspective.

The Board also considered an analysis prepared by the Advisers of the estimated profitability to the Advisers of their relationship with the Funds and reviewed with the Advisers its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed pro forma income statements of the Advisers for the year ended December 31, 2024. The Board considered one analysis for the Advisers as a whole, and a second analysis for the Advisers with respect to each of the Funds. With respect to the Funds analysis, the Board received an analysis based on each Fund's average net assets during the period as well as a pro forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Funds to the Advisers under either analysis was not excessive.

4) *The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.*

With respect to the Board's consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Funds at higher asset levels. The Board also reviewed data from the Expense Peer Groups to assess whether the funds in the Expense Peer Groups had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Advisers' costs would increase if asset levels rise. The Board concluded that they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5) *Other Factors.*

In addition to the above factors, the Board also discussed other benefits received by the Advisers and Sub-Advisers from their management of the Funds. The Board considered that the Advisers and Sub-Advisers do use soft dollars in connection with their management of the Funds.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund's advisory fee and, if applicable, sub-advisory fee, was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund's Advisory Agreement and, with respect to the Equity Fund, Balanced Fund, Mighty Mites Fund, and Convertible Securities Fund, the Sub-Advisory Agreements. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

**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) [The registrant's Code of Ethics is attached hereto.](teton_ex99codeeth.htm)

(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 | December 5, 2025 |

---

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 | December 5, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John C. Ball |
|  | John C. Ball, Principal Financial Officer and Treasurer |
| Date | December 5, 2025 |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

**Joint Code of Ethics for Chief Executive**

**and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds**

Each affiliated registered investment company (each a "<u>Company</u>") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure -- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "<u>Senior Officers</u>"), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the "<u>Advisor</u>") and/or affiliates of the Advisor (the "Advisory Group") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

● the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the " <u>1940 Act</u> ");

● the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the " <u>Advisers Act</u> ");

● the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the " <u>Trust's 1940 Act Code of Ethics</u> ");

● one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the " <u>Directors</u> ") of each Company that are not "interested persons" of such Company (the " <u>Independent Directors</u> ") within the meaning of the 1940 Act (the " <u>Advisory Group's 1940 Act Code of Ethics</u> " and, together with such Company's 1940 Act Code of Ethics, the " <u>1940 Act Codes of Ethics</u> ");

Revised: July 30, 2014

● the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the " <u>Conflict Policies</u> "); and

● the Advisory Group's policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the " <u>Advisory Policies</u> ").

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the "<u>Additional Conflict Rules</u>".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly**

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

● comply with the laws, rules and regulations that govern the conduct of each Company's operations and report any suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

● adhere to a high standard of business ethics.

**Conflicts Of Interest**

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014 2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the "CCO") and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

● the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, of any of the Companies' service providers, other than the Advisory Group; or

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Advisory Group, such as compensation or equity ownership.

**Disclosures**

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company's standards, policies and procedures designed to promote compliance with this policy.

Revised: July 30, 2014 3

Each Senior Officer must:

● familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

● not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company's independent auditors, such Company's counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics**

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time. *No one will be subject to retaliation because of a good faith report of a suspected violation*.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

● the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

● violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

● if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics**

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014 4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

**Recordkeeping**

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

● that provided the basis for any amendment or waiver to this Code of Ethics; and

● relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

**Amendments**

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company's Directors, including a majority of its Independent Directors.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014 5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company's related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the "whistle blower" policies adopted by the Advisory Group from time to time.

---

| |
|:---|
| Printed Name |
| Signature |
| Date |

---

Revised: July 30, 2014 6

## 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: | December 5, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

---

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

I, John C. Ball, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /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: | December 5, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Executive Officer |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | December 5, 2025 | /s/ John C. Ball |
| | | John C. Ball, Principal Financial Officer and Treasurer |

---