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.

Keeley Small Cap Fund

Class AAA - WESCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class AAA (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You may find additional information about the Fund at https://gabelli.com/ticker/WESCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Keeley Small Cap Fund - Class AAA	$68	1.25%

How did the Fund perform?

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

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $10,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $10,000 Investment

Table Summary
	Keeley Small Cap Fund - Class AAA	Russell 2000 Index	Russell 2000 Value Index
03/16	10,000	10,000	10,000
03/17	13,379	12,622	12,937
03/18	14,991	14,110	13,601
03/19	14,904	14,399	13,624
03/20	10,720	10,945	9,586
03/21	22,038	21,326	18,889
03/22	23,945	20,091	19,516
03/23	21,260	17,759	16,986
03/24	25,310	21,259	20,171
03/25	24,775	20,407	19,542
03/26	35,185	25,655	25,031

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$86,007,468
Number of Portfolio Holdings89
Portfolio Turnover Rate12%
Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WESCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NetScout Systems Inc.	3.3%
Advanced Energy Industries Inc.	2.6%
Flowserve Corp.	2.6%
AAR Corp.	2.6%
MKS Inc.	2.5%
OPENLANE Inc.	2.4%
TTM Technologies Inc.	2.3%
MYR Group Inc.	2.2%
IMAX Corp.	2.2%
Ultra Clean Holdings Inc.	2.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	94.5%
U.S. Government Obligations	5.1%
Other Assets and Liabilities (Net)	0.4%

Industry Allocation (% of net assets)

Bar Graph showing Allocation by Industry

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

Keeley Small Cap Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - WESCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/WESCX/.

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

Email: info@gabelli.com

Householding

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

WESCX-26-SATSR

Keeley Small Cap Fund

Class C - WWSCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class C (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You may find additional information about the Fund at https://gabelli.com/ticker/WWSCX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Keeley Small Cap Fund - Class C	$109	2.00%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	Keeley Small Cap Fund - Class C	Keeley Small Cap Fund - Class C (includes sales charge)	Russell 2000 Index	Russell 2000 Value Index
03/16	10,000	10,000	10,000	10,000
03/17	13,283	13,183	12,622	12,937
03/18	14,763	14,652	14,110	13,601
03/19	14,576	14,466	14,399	13,624
03/20	10,408	10,330	10,945	9,586
03/21	21,227	21,067	21,326	18,889
03/22	22,896	22,724	20,091	19,516
03/23	20,169	20,017	17,759	16,986
03/24	23,829	23,650	21,259	20,171
03/25	23,158	22,984	20,407	19,542
03/26	32,651	32,405	25,655	25,031

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$86,007,468
Number of Portfolio Holdings89
Portfolio Turnover Rate12%
Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WWSCX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NetScout Systems Inc.	3.3%
Advanced Energy Industries Inc.	2.6%
Flowserve Corp.	2.6%
AAR Corp.	2.6%
MKS Inc.	2.5%
OPENLANE Inc.	2.4%
TTM Technologies Inc.	2.3%
MYR Group Inc.	2.2%
IMAX Corp.	2.2%
Ultra Clean Holdings Inc.	2.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	94.5%
U.S. Government Obligations	5.1%
Other Assets and Liabilities (Net)	0.4%

Industry Allocation (% of net assets)

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

Keeley Small Cap Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - WWSCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/WWSCX/.

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

Email: info@gabelli.com

Householding

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

WWSCX-26-SATSR

Keeley Small Cap Fund

Class I - WWSIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class I (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You may find additional information about the Fund at https://gabelli.com/ticker/WWSIX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Keeley Small Cap Fund - Class I	$55	1.00%

How did the Fund perform?

How has the Fund performed over the past 10 years?

The performance chart of the fund class presented reflects a hypothetical $500,000 investment, assuming the maximum sales charge, compared to a broad-based securities market index and more narrowly based indices reflecting market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses were deducted.

Total Return Based on a $500,000 Investment

Table Summary
	Keeley Small Cap Fund - Class I	Russell 2000 Index	Russell 2000 Value Index
03/16	500,000	500,000	500,000
03/17	670,669	631,100	646,850
03/18	753,079	705,507	680,033
03/19	750,507	719,970	681,189
03/20	541,312	547,249	479,285
03/21	1,115,543	1,066,314	944,431
03/22	1,215,144	1,004,575	975,786
03/23	1,081,906	887,944	849,324
03/24	1,290,997	1,062,957	1,008,572
03/25	1,266,647	1,020,333	977,105
03/26	1,803,766	1,282,762	1,251,574

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$86,007,468
Number of Portfolio Holdings89
Portfolio Turnover Rate12%
Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WWSIX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NetScout Systems Inc.	3.3%
Advanced Energy Industries Inc.	2.6%
Flowserve Corp.	2.6%
AAR Corp.	2.6%
MKS Inc.	2.5%
OPENLANE Inc.	2.4%
TTM Technologies Inc.	2.3%
MYR Group Inc.	2.2%
IMAX Corp.	2.2%
Ultra Clean Holdings Inc.	2.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	94.5%
U.S. Government Obligations	5.1%
Other Assets and Liabilities (Net)	0.4%

Industry Allocation (% of net assets)

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

Keeley Small Cap Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - WWSIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/WWSIX/.

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

Email: info@gabelli.com

Householding

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

WWSIX-26-SATSR

Keeley Small Cap Fund

Class A - WWSAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Keeley Small Cap Fund - Class A (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow, and earnings growth potential. You may find additional information about the Fund at https://gabelli.com/ticker/WWSAX/. You may also request information by contacting us at 800-GABELLI (800-422-3554).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Keeley Small Cap Fund - Class A	$68	1.25%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on a $10,000 Investment

Table Summary
	Keeley Small Cap Fund - Class A	Keeley Small Cap Fund - Class A (includes sales charge)	Russell 2000 Index	Russell 2000 Value Index
03/16	10,000	10,000	10,000	10,000
03/17	13,351	12,817	12,622	12,937
03/18	14,918	13,748	14,110	13,601
03/19	14,796	13,090	14,399	13,624
03/20	10,616	9,017	10,945	9,586
03/21	21,794	17,770	21,326	18,889
03/22	23,675	18,532	20,091	19,516
03/23	21,023	15,797	17,759	16,986
03/24	25,024	18,052	21,259	20,171
03/25	24,484	16,956	20,407	19,542
03/26	34,792	23,131	25,655	25,031

Average Annual Total Returns

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

Fund Statistics

Total Net Assets$86,007,468
Number of Portfolio Holdings89
Portfolio Turnover Rate12%
Management Fees$219,490

Past performance does not guarantee future results. Call 800-GABELLI (800-422-3554) or visit https://gabelli.com/ticker/WWSAX/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
NetScout Systems Inc.	3.3%
Advanced Energy Industries Inc.	2.6%
Flowserve Corp.	2.6%
AAR Corp.	2.6%
MKS Inc.	2.5%
OPENLANE Inc.	2.4%
TTM Technologies Inc.	2.3%
MYR Group Inc.	2.2%
IMAX Corp.	2.2%
Ultra Clean Holdings Inc.	2.2%

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	94.5%
U.S. Government Obligations	5.1%
Other Assets and Liabilities (Net)	0.4%

Industry Allocation (% of net assets)

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

Keeley Small Cap Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - WWSAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://gabelli.com/ticker/WWSAX/.

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

Email: info@gabelli.com

Householding

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

WWSAX-26-SATSR

TETON Westwood Balanced Fund

Class AAA - WEBAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Balanced Fund - Class AAA (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Balanced Fund - Class AAA	$82	1.65%

How did the Fund perform?

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

How has the Fund performed over the past 10 years?

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

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Balanced Fund - Class AAA	S&P 500 Index	60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	Bloomberg US Government / Credit Bond Index
3/16	10,000	10,000	10,000	10,000
3/17	10,840	11,717	11,152	10,054
3/18	11,856	13,356	12,267	10,193
3/19	12,383	14,625	12,945	10,649
3/20	11,850	13,604	12,906	11,695
3/21	14,677	21,270	17,730	11,796
3/22	15,831	24,599	19,271	11,342
3/23	14,759	22,697	17,330	10,796
3/24	16,784	29,479	20,834	10,984
3/25	17,374	31,912	21,963	11,496
3/26	18,497	37,592	24,913	11,939

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Balanced Fund - Class AAA	(0.62)%	6.46%	4.74%	6.34%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	(0.80)%	12.22%	7.33%	9.21%
Bloomberg US Government / Credit Bond Index	0.69%	3.86%	0.24%	1.79%

Fund Statistics

Total Net Assets$30,168,006
Number of Portfolio Holdings109
Portfolio Turnover Rate19%
Management Fees$121,101

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
U.S. Treasury Bonds	3.9%
Amazon.com Inc.	3.6%
NVIDIA Corp.	3.5%
U.S. Treasury Notes	3.3%
Broadcom Inc.	2.0%
NextEra Energy Inc.	1.6%
Deere & Co.	1.6%
CSX Corp.	1.5%
Johnson & Johnson	1.5%
Thermo Fisher Scientific Inc.	1.5%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Westwood Balanced Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - WEBAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEBAX-26-SATSR

TETON Westwood Balanced Fund

Class C - WBCCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Balanced Fund - Class C (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Balanced Fund - Class C	$119	2.40%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Balanced Fund - Class C	TETON Westwood Balanced Fund - Class C (includes sales charge)	S&P 500 Index	60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	Bloomberg US Government / Credit Bond Index
3/16	10,000	10,000	10,000	10,000	10,000
3/17	10,766	10,666	11,717	11,152	10,054
3/18	11,694	11,586	13,356	12,267	10,193
3/19	12,119	12,007	14,625	12,945	10,649
3/20	11,509	11,402	13,604	12,906	11,695
3/21	14,150	14,018	21,270	17,730	11,796
3/22	15,146	15,005	24,599	19,271	11,342
3/23	14,006	13,876	22,697	17,330	10,796
3/24	15,818	15,671	29,479	20,834	10,984
3/25	16,253	16,102	31,912	21,963	11,496
3/26	17,170	17,010	37,592	24,913	11,939

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Balanced Fund - Class C	(1.00)%	5.64%	3.94%	5.55%
TETON Westwood Balanced Fund - Class C (includes sales charge)	(1.99)%	4.64%	3.94%	5.55%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	(0.80)%	12.22%	7.33%	9.21%
Bloomberg US Government / Credit Bond Index	0.69%	3.86%	0.24%	1.79%

Fund Statistics

Total Net Assets$30,168,006
Number of Portfolio Holdings109
Portfolio Turnover Rate19%
Management Fees$121,101

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
U.S. Treasury Bonds	3.9%
Amazon.com Inc.	3.6%
NVIDIA Corp.	3.5%
U.S. Treasury Notes	3.3%
Broadcom Inc.	2.0%
NextEra Energy Inc.	1.6%
Deere & Co.	1.6%
CSX Corp.	1.5%
Johnson & Johnson	1.5%
Thermo Fisher Scientific Inc.	1.5%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Westwood Balanced Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - WBCCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WBCCX-26-SATSR

TETON Westwood Balanced Fund

Class I - WBBIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Balanced Fund - Class I (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Balanced Fund - Class I	$70	1.40%

How did the Fund perform?

How has the Fund performed over the past 10 years?

The performance chart reflects a hypothetical $500,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Total Return Based on $500,000 Investment

Table Summary
	TETON Westwood Balanced Fund - Class I	S&P 500 Index	60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	Bloomberg US Government / Credit Bond Index
3/16	500,000	500,000	500,000	500,000
3/17	543,563	585,850	557,610	502,700
3/18	595,971	667,810	613,338	509,637
3/19	624,084	731,252	647,267	532,469
3/20	598,737	680,211	645,300	584,757
3/21	743,710	1,063,510	886,500	589,786
3/22	804,386	1,229,949	963,537	567,080
3/23	751,659	1,134,874	866,508	539,803
3/24	857,137	1,473,974	1,041,682	549,196
3/25	889,468	1,595,577	1,098,162	574,788
3/26	949,306	1,879,590	1,245,667	596,975

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Balanced Fund - Class I	(0.51)%	6.73%	5.00%	6.62%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	(0.80)%	12.22%	7.33%	9.21%
Bloomberg US Government / Credit Bond Index	0.69%	3.86%	0.24%	1.79%

Fund Statistics

Total Net Assets$30,168,006
Number of Portfolio Holdings109
Portfolio Turnover Rate19%
Management Fees$121,101

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
U.S. Treasury Bonds	3.9%
Amazon.com Inc.	3.6%
NVIDIA Corp.	3.5%
U.S. Treasury Notes	3.3%
Broadcom Inc.	2.0%
NextEra Energy Inc.	1.6%
Deere & Co.	1.6%
CSX Corp.	1.5%
Johnson & Johnson	1.5%
Thermo Fisher Scientific Inc.	1.5%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Westwood Balanced Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - WBBIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WBBIX-26-SATSR

TETON Westwood Balanced Fund

Class A - WEBCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Balanced Fund - Class A (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-balanced/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Balanced Fund - Class A	$82	1.65%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Balanced Fund - Class A	TETON Westwood Balanced Fund - Class A (includes sales charge)	S&P 500 Index	60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	Bloomberg US Government / Credit Bond Index
3/16	10,000	10,000	10,000	10,000	10,000
3/17	10,817	10,382	11,717	11,152	10,054
3/18	11,801	10,872	13,356	12,267	10,193
3/19	12,292	10,868	14,625	12,945	10,649
3/20	11,736	9,961	13,604	12,906	11,695
3/21	14,517	11,828	21,270	17,730	11,796
3/22	15,662	12,252	24,599	19,271	11,342
3/23	14,588	10,954	22,697	17,330	10,796
3/24	16,607	11,966	29,479	20,834	10,984
3/25	17,194	11,890	31,912	21,963	11,496
3/26	18,298	12,147	37,592	24,913	11,939

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Balanced Fund - Class A	(0.60)%	6.42%	4.74%	6.23%
TETON Westwood Balanced Fund - Class A (includes sales charge)	(4.60)%	2.16%	3.89%	5.79%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index	(0.80)%	12.22%	7.33%	9.21%
Bloomberg US Government / Credit Bond Index	0.69%	3.86%	0.24%	1.79%

Fund Statistics

Total Net Assets$30,168,006
Number of Portfolio Holdings109
Portfolio Turnover Rate19%
Management Fees$121,101

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
U.S. Treasury Bonds	3.9%
Amazon.com Inc.	3.6%
NVIDIA Corp.	3.5%
U.S. Treasury Notes	3.3%
Broadcom Inc.	2.0%
NextEra Energy Inc.	1.6%
Deere & Co.	1.6%
CSX Corp.	1.5%
Johnson & Johnson	1.5%
Thermo Fisher Scientific Inc.	1.5%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Westwood Balanced Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - WEBCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-balanced/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEBCX-26-SATSR

TETON Convertible Securities Fund

Class AAA - WESRX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Convertible Securities Fund - Class AAA (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Teton Convertible Securities Fund - Class AAA	$57	1.15%

How did the Fund perform?

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

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Convertible Securities Fund - Class AAA	S&P 500 Index	ICE Bank of America Merrill Lynch U.S. Convertibles Index
3/16	10,000	10,000	10,000
3/17	11,406	11,717	11,771
3/18	12,970	13,356	13,022
3/19	13,877	14,625	14,043
3/20	13,478	13,604	13,549
3/21	19,562	21,270	23,593
3/22	18,913	24,599	23,071
3/23	16,544	22,697	20,570
3/24	16,786	29,479	18,340
3/25	18,157	31,912	19,490
3/26	21,729	37,592	24,371

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Convertible Securities Fund - Class AAA	(1.94)%	19.67%	2.10%	8.06%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
ICE Bank of America Merrill Lynch U.S. Convertibles Index	5.77%	25.04%	5.22%	11.80%

Fund Statistics

Total Net Assets$11,346,286
Number of Portfolio Holdings74
Portfolio Turnover Rate48%
Management Fees$(30,533)

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
PPL Capital Funding Inc.	4.1%
Bridgebio Pharma Inc.	3.0%
Hewlett Packard Enterprise Co.	2.8%
Digital Realty Trust LP	2.8%
Microchip Technology Inc.	2.5%
BrightSpring Health Services Inc.	2.5%
Alibaba Group Holding Ltd.	2.5%
Lumentum Holdings Inc.	2.4%
Applied Digital Corp.	2.3%
OSI Systems Inc.	2.3%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Convertible Securities Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - WESRX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WESRX-26-SATSR

TETON Convertible Securities Fund

Class C - WEICX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Convertible Securities Fund - Class C (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Teton Convertible Securities Fund - Class C	$94	1.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Convertible Securities Fund - Class C	TETON Convertible Securities Fund - Class C (includes sales charge)	S&P 500 Index	ICE Bank of America Merrill Lynch U.S. Convertibles Index
3/16	10,000	10,000	10,000	10,000
3/17	11,307	11,207	11,717	11,771
3/18	12,771	12,658	13,356	13,022
3/19	13,562	13,442	14,625	14,043
3/20	13,064	12,948	13,604	13,549
3/21	18,823	18,656	21,270	23,593
3/22	18,066	17,907	24,599	23,071
3/23	15,685	15,546	22,697	20,570
3/24	15,792	15,652	29,479	18,340
3/25	16,936	16,786	31,912	19,490
3/26	20,126	19,948	37,592	24,371

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Convertible Securities Fund - Class C	(2.22)%	18.83%	1.35%	7.24%
TETON Convertible Securities Fund - Class C (includes sales charge)	(3.19)%	17.83%	1.35%	7.24%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
ICE Bank of America Merrill Lynch U.S. Convertibles Index	5.77%	25.04%	5.22%	11.80%

Fund Statistics

Total Net Assets$11,346,286
Number of Portfolio Holdings74
Portfolio Turnover Rate48%
Management Fees$(30,533)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
PPL Capital Funding Inc.	4.1%
Bridgebio Pharma Inc.	3.0%
Hewlett Packard Enterprise Co.	2.8%
Digital Realty Trust LP	2.8%
Microchip Technology Inc.	2.5%
BrightSpring Health Services Inc.	2.5%
Alibaba Group Holding Ltd.	2.5%
Lumentum Holdings Inc.	2.4%
Applied Digital Corp.	2.3%
OSI Systems Inc.	2.3%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Convertible Securities Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - WEICX

Where can I find additional information about the Fund?

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEICX-26-SATSR

TETON Convertible Securities Fund

Class I - WESIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Convertible Securities Fund - Class I (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Teton Convertible Securities Fund - Class I	$44	0.90%

How did the Fund perform?

How has the Fund performed over the past 10 years?

The performance chart reflects a hypothetical $100,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Total Return Based on $100,000 Investment

Table Summary
	TETON Convertible Securities Fund - Class I	S&P 500 Index	ICE Bank of America Merrill Lynch U.S. Convertibles Index
3/16	100,000	100,000	100,000
3/17	114,352	117,170	117,710
3/18	130,528	133,562	130,223
3/19	139,969	146,250	140,432
3/20	136,201	136,042	135,489
3/21	198,180	212,702	235,927
3/22	192,137	245,990	230,713
3/23	168,406	226,975	205,703
3/24	171,217	294,795	183,399
3/25	185,520	319,115	183,399
3/26	222,635	375,918	229,329

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Convertible Securities Fund - Class I	(1.77)%	20.01%	2.35%	8.33%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
ICE Bank of America Merrill Lynch U.S. Convertibles Index	5.77%	25.04%	5.22%	11.80%

Fund Statistics

Total Net Assets$11,346,286
Number of Portfolio Holdings74
Portfolio Turnover Rate48%
Management Fees$(30,533)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
PPL Capital Funding Inc.	4.1%
Bridgebio Pharma Inc.	3.0%
Hewlett Packard Enterprise Co.	2.8%
Digital Realty Trust LP	2.8%
Microchip Technology Inc.	2.5%
BrightSpring Health Services Inc.	2.5%
Alibaba Group Holding Ltd.	2.5%
Lumentum Holdings Inc.	2.4%
Applied Digital Corp.	2.3%
OSI Systems Inc.	2.3%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Convertible Securities Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - WESIX

Where can I find additional information about the Fund?

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WESIX-26-SATSR

TETON Convertible Securities Fund

Class A - WEIAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Convertible Securities Fund - Class A (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-convertible-securities/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Teton Convertible Securities Fund - Class A	$57	1.15%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Convertible Securities Fund - Class A	TETON Convertible Securities Fund - Class A (includes sales charge)	S&P 500 Index	ICE Bank of America Merrill Lynch U.S. Convertibles Index
3/16	10,000	10,000	10,000	10,000
3/17	11,378	10,919	11,717	11,771
3/18	12,910	11,890	13,356	13,022
3/19	13,781	12,186	14,625	14,043
3/20	13,344	11,327	13,604	13,549
3/21	19,333	15,752	21,270	23,593
3/22	18,692	14,617	24,599	23,071
3/23	16,351	12,278	22,697	20,570
3/24	16,592	12,459	29,479	18,340
3/25	17,913	13,450	31,912	19,490
3/26	21,454	16,109	37,592	24,371

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Convertible Securities Fund - Class A	(1.88)%	19.76%	2.10%	7.93%
TETON Convertible Securities Fund - Class A (includes sales charge)	(5.80)%	14.96%	1.27%	7.49%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
ICE Bank of America Merrill Lynch U.S. Convertibles Index	5.77%	25.04%	5.22%	11.80%

Fund Statistics

Total Net Assets$11,346,286
Number of Portfolio Holdings74
Portfolio Turnover Rate48%
Management Fees$(30,533)

What did the Fund invest in?

Top 10 Holdings (% of net assets)

Table Summary
PPL Capital Funding Inc.	4.1%
Bridgebio Pharma Inc.	3.0%
Hewlett Packard Enterprise Co.	2.8%
Digital Realty Trust LP	2.8%
Microchip Technology Inc.	2.5%
BrightSpring Health Services Inc.	2.5%
Alibaba Group Holding Ltd.	2.5%
Lumentum Holdings Inc.	2.4%
Applied Digital Corp.	2.3%
OSI Systems Inc.	2.3%

Portfolio Weighting (% of net assets)

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

Industry Allocation (% of net assets)

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

TETON Convertible Securities Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - WEIAX

Where can I find additional information about the Fund?

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEIAX-26-SATSR

TETON Westwood Equity Fund

Class AAA - WESWX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Equity Fund - Class AAA (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-equity/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Equity Fund - Class AAA	$90	1.80%

How did the Fund perform?

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

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Equity Fund - Class AAA	S&P 500 Index	Russell 1000 Value Index
3/16	10,000	10,000	10,000
3/17	11,327	11,717	11,922
3/18	12,855	13,356	12,751
3/19	13,475	14,625	13,474
3/20	11,844	13,604	11,160
3/21	16,983	21,270	17,420
3/22	19,238	24,599	19,453
3/23	17,877	22,697	18,303
3/24	20,846	29,479	22,013
3/25	21,281	31,912	23,594
3/26	22,258	37,592	27,338

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Equity Fund - Class AAA	(0.31)%	4.59%	5.56%	8.33%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Russell 1000 Value Index	5.99%	15.87%	9.43%	10.58%

Fund Statistics

Total Net Assets$37,790,503
Number of Portfolio Holdings53
Portfolio Turnover Rate27%
Management Fees$201,070

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
Short Term Investment	0.4%
Other Assets and Liabilities (Net) ^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	19.8%
Retail	10.0%
Health Care	9.4%
Diversified Industrial	8.3%
Computer Software and Services	7.9%
Energy and Utilities: Integrated	7.3%
Energy: Oil	6.1%
Food and Beverage	4.4%
Other Industry sectors	26.8%
Other Assets and Liabilities (Net)^{Footnote Reference1}	0.0%

Footnote	Description
Footnote¹	Amount represents less than 0.05%

TETON Westwood Equity Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - WESWX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WESWX-26-SATSR

TETON Westwood Equity Fund

Class C - WEQCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Equity Fund - Class C (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-equity/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Equity Fund - Class C	$137	2.56%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Equity Fund - Class C	TETON Westwood Equity Fund - Class C (includes sales charge)	S&P 500 Index	Russell 1000 Value Index
3/16	10,000	10,000	10,000	10,000
3/17	11,253	11,153	11,717	11,922
3/18	12,667	12,554	13,356	12,751
3/19	13,174	13,057	14,625	13,474
3/20	11,506	11,403	13,604	11,160
3/21	16,339	16,194	21,270	17,420
3/22	18,376	18,213	24,599	19,453
3/23	16,953	16,803	22,697	18,303
3/24	19,633	19,458	29,479	22,013
3/25	19,892	19,715	31,912	23,594
3/26	23,751	23,540	37,592	27,338

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Equity Fund - Class C	14.05%	19.40%	7.77%	9.04%
TETON Westwood Equity Fund - Class C (includes sales charge)	13.05%	18.40%	7.77%	9.04%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Russell 1000 Value Index	5.99%	15.87%	9.43%	10.58%

Fund Statistics

Total Net Assets$37,790,503
Number of Portfolio Holdings53
Portfolio Turnover Rate27%
Management Fees$201,070

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
Short Term Investment	0.4%
Other Assets and Liabilities (Net) ^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	19.8%
Retail	10.0%
Health Care	9.4%
Diversified Industrial	8.3%
Computer Software and Services	7.9%
Energy and Utilities: Integrated	7.3%
Energy: Oil	6.1%
Food and Beverage	4.4%
Other Industry sectors	26.8%
Other Assets and Liabilities (Net)^{Footnote Reference1}	0.0%

Footnote	Description
Footnote¹	Amount represents less than 0.05%

TETON Westwood Equity Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - WEQCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEQCX-26-SATSR

TETON Westwood Equity Fund

Class I - WEEIX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Equity Fund - Class I (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-equity/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Equity Fund - Class I	$77	1.55%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $500,000 Investment

Table Summary
	TETON Westwood Equity Fund - Class I	S&P 500 Index	Russell 1000 Value Index
3/16	500,000	500,000	500,000
3/17	567,986	585,850	596,100
3/18	645,997	667,810	637,529
3/19	679,097	731,252	673,677
3/20	598,611	680,211	558,007
3/21	860,262	1,063,510	870,992
3/22	976,969	1,229,949	972,637
3/23	909,434	1,134,874	915,154
3/24	1,064,034	1,473,974	1,100,656
3/25	1,088,742	1,595,577	1,179,683
3/26	1,141,356	1,879,590	1,366,899

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Equity Fund - Class I	(0.19)%	4.83%	5.82%	8.60%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Russell 1000 Value Index	5.99%	15.87%	9.43%	10.58%

Fund Statistics

Total Net Assets$37,790,503
Number of Portfolio Holdings53
Portfolio Turnover Rate27%
Management Fees$201,070

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
Short Term Investment	0.4%
Other Assets and Liabilities (Net) ^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	19.8%
Retail	10.0%
Health Care	9.4%
Diversified Industrial	8.3%
Computer Software and Services	7.9%
Energy and Utilities: Integrated	7.3%
Energy: Oil	6.1%
Food and Beverage	4.4%
Other Industry sectors	26.8%
Other Assets and Liabilities (Net)^{Footnote Reference1}	0.0%

Footnote	Description
Footnote¹	Amount represents less than 0.05%

TETON Westwood Equity Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - WEEIX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEEIX-26-SATSR

TETON Westwood Equity Fund

Class A - WEECX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Equity Fund - Class A (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-equity/. You can also request this information by contacting us at (800) 422-3554.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Equity Fund - Class A	$90	1.80%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Equity Fund - Class A	TETON Westwood Equity Fund - Class A (includes sales charge)	S&P 500 Index	Russell 1000 Value Index
3/16	10,000	10,000	10,000	10,000
3/17	11,299	10,847	11,717	11,922
3/18	12,795	11,792	13,356	12,751
3/19	13,372	11,831	14,625	13,474
3/20	11,735	9,967	13,604	11,160
3/21	16,791	13,691	21,270	17,420
3/22	19,021	14,889	24,599	19,453
3/23	17,671	13,279	22,697	18,303
3/24	20,625	14,879	29,479	22,013
3/25	21,054	14,581	31,912	23,594
3/26	21,997	14,625	37,592	27,338

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Equity Fund - Class A	(0.33)%	4.48%	5.55%	8.20%
TETON Westwood Equity Fund - Class A (includes sales charge)	(4.31)%	0.30%	4.69%	7.76%
S&P 500 Index	(1.79)%	17.80%	12.06%	14.16%
Russell 1000 Value Index	5.99%	15.87%	9.43%	10.58%

Fund Statistics

Total Net Assets$37,790,503
Number of Portfolio Holdings53
Portfolio Turnover Rate27%
Management Fees$201,070

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	99.6%
Short Term Investment	0.4%
Other Assets and Liabilities (Net) ^{Footnote Reference*}	0.0%

Footnote	Description
Footnote^*	Amount represents less than 0.05%

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	19.8%
Retail	10.0%
Health Care	9.4%
Diversified Industrial	8.3%
Computer Software and Services	7.9%
Energy and Utilities: Integrated	7.3%
Energy: Oil	6.1%
Food and Beverage	4.4%
Other Industry sectors	26.8%
Other Assets and Liabilities (Net)^{Footnote Reference1}	0.0%

Footnote	Description
Footnote¹	Amount represents less than 0.05%

TETON Westwood Equity Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - WEECX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-equity/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEECX-26-SATSR

TETON Westwood Mighty Mites Fund

Class AAA - WEMMX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class AAA (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). PMV is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. You can also request this information by contacting us at (800) 422-3544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Mighty Mites Fund - Class AAA	$80	1.55%

How did the Fund perform?

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

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Mighty Mites Fund - Class AAA	Russell 2000 Index	Dow Jones U.S. Micro-Cap Total Stock Market Index
3/16	10,000	10,000	10,000
3/17	12,404	12,622	12,732
3/18	13,704	14,110	14,435
3/19	13,268	14,399	14,409
3/20	9,837	10,945	10,649
3/21	17,733	21,326	23,341
3/22	17,571	20,091	18,556
3/23	16,689	17,759	14,442
3/24	18,956	21,259	16,298
3/25	17,744	20,407	15,549
3/26	22,600	25,655	20,599

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Mighty Mites Fund - Class AAA	7.23%	27.36%	4.97%	8.50%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
Dow Jones U.S. Micro-Cap Total Stock Market Index	(1.33)%	32.48%	(2.48)%	7.45%

Fund Statistics

Total Net Assets$181,070,086
Number of Portfolio Holdings277
Portfolio Turnover Rate1%
Management Fees$917,849

Past performance does not guarantee future results. Call (800) 422-3554 or visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/ for more recent performance information. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.8%
U.S. Government Obligations	2.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	15.1%
Diversified Industrial	12.9%
Health Care	4.9%
Equipment and Supplies	4.8%
Aviation: Parts and Services	4.2%
Building and Construction	4.1%
Machinery	3.7%
Electronics	3.6%
Other Industry sectors	46.7%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

TETON Westwood Mighty Mites Fund

Semi-Annual Shareholder Report - March 31, 2026

Class AAA - WEMMX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEMMX-26-SATSR

TETON Westwood Mighty Mites Fund

Class C - WMMCX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class C (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). PMV is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. You can also request this information by contacting us at (800) 422-3544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Mighty Mites Fund - Class C	$119	2.30%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Mighty Mites Fund - Class C	TETON Westwood Mighty Mites Fund - Class C (includes sales charge)	Russell 2000 Index	Dow Jones U.S. Micro-Cap Total Stock Market Index
3/16	10,000	10,000	10,000	10,000
3/17	12,313	12,213	12,622	12,732
3/18	13,499	13,389	14,110	14,435
3/19	12,973	12,867	14,399	14,409
3/20	9,542	9,465	10,945	10,649
3/21	17,083	16,944	21,326	23,341
3/22	16,791	16,655	20,091	18,556
3/23	15,837	15,708	17,759	14,442
3/24	17,849	17,704	21,259	16,298
3/25	16,583	16,448	20,407	15,549
3/26	20,965	20,794	25,655	20,599

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Mighty Mites Fund - Class C	6.82%	26.43%	4.18%	7.68%
TETON Westwood Mighty Mites Fund - Class C (includes sales charge)	5.82%	25.43%	4.18%	7.68%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
Dow Jones U.S. Micro-Cap Total Stock Market Index	(1.33)%	32.48%	(2.48)%	7.45%

Fund Statistics

Total Net Assets$181,070,086
Number of Portfolio Holdings277
Portfolio Turnover Rate1%
Management Fees$917,849

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.8%
U.S. Government Obligations	2.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	15.1%
Diversified Industrial	12.9%
Health Care	4.9%
Equipment and Supplies	4.8%
Aviation: Parts and Services	4.2%
Building and Construction	4.1%
Machinery	3.7%
Electronics	3.6%
Other Industry sectors	46.7%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

TETON Westwood Mighty Mites Fund

Semi-Annual Shareholder Report - March 31, 2026

Class C - WMMCX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WMMCX-26-SATSR

TETON Westwood Mighty Mites Fund

Class I - WEIMX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class I (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). PMV is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. You can also request this information by contacting us at (800) 422-3544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Mighty Mites Fund - Class I	$67	1.30%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $500,000 Investment

Table Summary
	TETON Westwood Mighty Mites Fund - Class I	Russell 2000 Index	Dow Jones U.S. Micro-Cap Total Stock Market Index
3/16	500,000	500,000	500,000
3/17	621,893	631,100	636,592
3/18	688,621	705,507	721,756
3/19	668,223	719,970	720,453
3/20	496,790	547,249	532,431
3/21	897,695	1,066,314	1,167,044
3/22	891,489	1,004,575	927,793
3/23	849,038	887,944	722,114
3/24	966,841	1,062,957	814,905
3/25	906,922	1,020,333	777,473
3/26	1,158,546	1,282,762	1,029,958

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Mighty Mites Fund - Class I	7.35%	27.74%	5.23%	8.77%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
Dow Jones U.S. Micro-Cap Total Stock Market Index	(1.33)%	32.48%	(2.48)%	7.45%

Fund Statistics

Total Net Assets$181,070,086
Number of Portfolio Holdings277
Portfolio Turnover Rate1%
Management Fees$917,849

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.8%
U.S. Government Obligations	2.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	15.1%
Diversified Industrial	12.9%
Health Care	4.9%
Equipment and Supplies	4.8%
Aviation: Parts and Services	4.2%
Building and Construction	4.1%
Machinery	3.7%
Electronics	3.6%
Other Industry sectors	46.7%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

TETON Westwood Mighty Mites Fund

Semi-Annual Shareholder Report - March 31, 2026

Class I - WEIMX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WEIMX-26-SATSR

TETON Westwood Mighty Mites Fund

Class A - WMMAX

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class A (the "Fund") for the period of October 1, 2025 to March 31, 2026. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). PMV is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/. You can also request this information by contacting us at (800) 422-3544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10k Investment	Costs Paid as a % of a $10k Investment
Mighty Mites Fund - Class A	$80	1.55%

How did the Fund perform?

How has the Fund performed over the past 10 years?

Total Return Based on $10,000 Investment

Table Summary
	TETON Westwood Mighty Mites Fund - Class A	TETON Westwood Mighty Mites Fund - Class A (includes sales charge)	Russell 2000 Index	Dow Jones U.S. Micro-Cap Total Stock Market Index
3/16	10,000	10,000	10,000	10,000
3/17	12,374	11,879	12,622	12,732
3/18	13,636	12,567	14,110	14,435
3/19	13,170	11,652	14,399	14,409
3/20	9,740	8,272	10,945	10,649
3/21	17,533	14,296	21,326	23,341
3/22	17,367	13,594	20,091	18,556
3/23	16,498	12,398	17,759	14,442
3/24	18,748	13,524	21,259	16,298
3/25	17,541	12,148	20,407	15,549
3/26	22,336	14,849	25,655	20,599

Average Annual Total Returns

Table Summary
	6 months	1 Year	5 Year	10 Year
TETON Westwood Mighty Mites Fund - Class A	7.22%	27.33%	4.96%	8.37%
TETON Westwood Mighty Mites Fund - Class A (includes sales charge)	2.93%	22.24%	4.11%	7.93%
Russell 2000 Index	3.10%	25.72%	3.77%	9.88%
Dow Jones U.S. Micro-Cap Total Stock Market Index	(1.33)%	32.48%	(2.48)%	7.45%

Fund Statistics

Total Net Assets$181,070,086
Number of Portfolio Holdings277
Portfolio Turnover Rate1%
Management Fees$917,849

What did the Fund invest in?

Top 10 Holdings (% of net assets)

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

Portfolio Weighting (% of net assets)

Table Summary
Common Stocks	97.8%
U.S. Government Obligations	2.1%
Preferred Stocks	0.1%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

Industry Allocation (% of net assets)

Table Summary
Industry Weighting	.
Financial Services	15.1%
Diversified Industrial	12.9%
Health Care	4.9%
Equipment and Supplies	4.8%
Aviation: Parts and Services	4.2%
Building and Construction	4.1%
Machinery	3.7%
Electronics	3.6%
Other Industry sectors	46.7%
Other Assets and Liabilities (Net)^{Footnote Reference*}	(0.0)%

Footnote	Description
Footnote^*	Amount represents greater than (0.05%)

TETON Westwood Mighty Mites Fund

Semi-Annual Shareholder Report - March 31, 2026

Class A - WMMAX

Where can I find additional information about the Fund?

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit https://www.tetonadv.com/teton-westwood-funds/tw-mighty-mites/.

Phone: (800) 422-3554

Email: info@tetonadv.com

Householding

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

WMMAX-26-SATSR

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

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

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

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

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

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

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.

Teton Advisors, LLC serves as investment adviser (the Alpha G Adviser) to the Mighty Mites Fund, the Equity Fund, and the Balanced Fund. Keeley-Teton Advisors, LLC serves as investment adviser (the Keeley-Teton Adviser, and collectively the Advisers) to the Convertible Securities Fund. The Advisers make investment decisions for each Fund and continuously review and administers the Funds’ investment programs and manages the operations of each Fund under the general supervision of the Company’s Board of Trustees (the Board).

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

Security Valuation. The Board has designated the Advisers as the valuation designees (Valuation Designee) under Rule 2a-5. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Valuation Designee so determines, by such other method as the Valuation Designee shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser. Investments in open-end investment companies are valued at each underlying fund’s NAV per share as of the report date.

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

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:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2026 is as follows:

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

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

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

Securities Sold Short. The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the six months ended March 31, 2026, there were no short sales.

Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses

between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

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

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

Restricted Securities. Each Fund may invest up to 10% (except for the Mighty Mites Fund and Convertible Securities Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. Securities deemed as liquid are not included in the limitations described above. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Funds held as of March 31, 2026, refer to the Schedules of Investments.

Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2026, the Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was each less than one basis point.

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

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

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

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

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites Fund and Equity Fund, and quarterly for the Convertible Securities Fund and Balanced Fund. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined

in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, utilization of tax equalization, timing differences, the redemptions in-kind and premiums amortization, reversal of prior year real estate investment trust capital gain, redesignation of dividends paid, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.

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

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

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

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of March 31, 2026, the Advisers have reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Advisers will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

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

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

There was a reduction in the Mighty Mites Fund’s advisory fee paid to its Adviser relating to certain portfolio holdings, i.e., unsupervised assets, with respect to which the Adviser transferred dispositive and voting control to the Mighty Mites Fund’s Proxy Voting Committee. During the six months ended March 31, 2026, the Mighty Mites Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities (Strattec Security Corp., Bel Fuse Inc., Cl. A, and Full House Resorts Inc.), and the respective Adviser reduced its advisory fee with respect to such securities by $21,656.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the Convertible Securities Fund in the event annual expenses of such Funds exceed certain prescribed limits as described in the paragraph below. Such fee waiver/reimbursement arrangements continue at least until January 31, 2027. For the six months ended March 31, 2026, and the respective Adviser waived fees or reimbursed expenses in the amounts of $94,130 for the Convertible Securities Fund.

In addition, the Convertible Securities Fund is obliged to repay their respective Adviser for a period of three fiscal years, following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of these Funds fall below the following expense limitations based on average net assets for the Convertible Securities Fund for Class AAA Shares 1.15%, for Class A Shares 1.15%, for Class C Shares 1.90%, and for Class I Shares 0.90%. As of March 31, 2026, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

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

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

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

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

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2026, other than short term securities, are as follows:

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. There was no such activity during the six months ended March 31, 2026 and the fiscal year ended September 30, 2025.

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

During the six months ended March 31, 2026, the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the Balanced Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $1,607, $384, $475, and $453, respectively.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement, charged monthly to a Fund when its ending monthly net assets exceed $50 million. During the six months ended March 31, 2026, the Mighty Mites Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

8. Line of Credit. The Funds participate in an unsecured line of credit, which expires on June 24, 2026 and may be renewed annually, of up to $75,000,000 under which each fund may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended March 31, 2026, there were no borrowings under the line of credit.

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

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

10. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund’s transactions in the securities of these issuers during the six months ended March 31, 2026 is set forth below:

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

12. Segment Reporting. Each Fund’s Principal Executive Officer and Principal Financial Officer act as each Fund’s chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and the each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies, and executed by each Fund’s portfolio management team, comprised of investment professionals employed by the Advisers. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s Schedule of Investments, Statement of Operations and Changes in Net Assets and Financial Highlights.

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

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.

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

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

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

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.

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.

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.

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:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of March 31, 2026 is as follows:

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.

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

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

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

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

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

Restricted Securities. The Fund may invest up to 10% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2026, the Fund did not hold any restricted securities.

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

(including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends. The Fund owns real estate investment trusts (REITs), and the distributions received from REITs may be classified as dividends, capital gains, or return of capital.

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

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains as determined under GAAP. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

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

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.

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

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

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

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

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

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

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

5. Portfolio Securities. Purchases and sales of securities during the six months ended March 31, 2026, other than short term securities and U.S. Government obligations, aggregated $11,106,095 and $8,805,578, respectively.

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended March 31, 2026 and the fiscal year ended September 30, 2025, the Fund realized net gain of $1,222,150 and $983,611 on $1,980,219 and $1,430,514 of redemptions-in-kind, including cash of $94,836 and $82,414, respectively.

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

During the six months ended March 31, 2026, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $586.

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

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

8. Line of Credit. The Fund participates in an unsecured and uncommitted line of credit, which expires on June 24, 2026 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the bank for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the Overnight Federal Funds Rate plus 135 basis points or the Overnight Bank Funding Rate plus 135 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended March 31, 2026, there were no borrowings under the line of credit.

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

are subject to a maximum front-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

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

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

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

11. Segment Reporting. The Fund’s Principal Executive Officer and Principal Financial Officer act as the Fund’s chief operating decision maker (CODM), as defined in ASC Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is guided by the Fund’s investment objective and principal investment strategies, and executed by the Fund’s portfolio management team, comprised of investment professionals employed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s Schedule of Investments, Statements of Operations and Changes in Net Assets and Financial Highlights.

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

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

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;

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

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

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.

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.

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.

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

Consumer Products	1.8	%
Metals and Mining	1.8	%
Specialty Chemicals	1.6	%
Semiconductors	1.4	%
Retail	1.4	%
Energy and Utilities: Natural Gas	1.2	%
Restaurants	1.2	%
Communications Equipment	1.2	%
Business Services	1.0	%
Telecommunications	0.9	%
Agriculture	0.9	%
Publishing	0.5	%
Environmental Control	0.4	%
Consumer Services	0.4	%
Educational Services	0.2	%
Paper and Forest Products	0.0	%*
Other Assets and Liabilities (Net)	(0.0	)%**
	100.0	%

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

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

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

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

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

Shares			Cost		Market Value
		COMMON STOCKS — 97.8%
		Aerospace and Defense — 3.6%
	46,000	Allient Inc.	$	1,064,533	$	2,718,140
	15,000	Avio SpA		248,669		573,880
	111,000	Innovative Solutions and Support Inc.†		506,321		2,278,830
	1,500	Kratos Defense & Security Solutions Inc.†		5,647		105,765
	30,700	Park Aerospace Corp.		449,285		840,566
				2,274,455		6,517,181
		Agriculture — 0.9%
	205	J.G. Boswell Co.		130,205		112,750
	113,000	Limoneira Co.		1,976,986		1,516,460
	7,000	S&W Seed Co.†		4,527		770
				2,111,718		1,629,980
		Automotive — 2.0%
	8,000	Rush Enterprises Inc., Cl. A		52,923		528,880
	40,800	Rush Enterprises Inc., Cl. B		351,886		2,625,480
	43,200	Wabash National Corp.		81,507		372,384
				486,316		3,526,744
		Automotive: Parts and Accessories — 2.4%
	44,228	Commercial Vehicle Group Inc.†		301,649		150,818
	40,000	Garrett Motion Inc.		297,828		726,800
	2,200	Modine Manufacturing Co.†		18,326		476,762
	7,800	Motorcar Parts of America Inc.†		102,503		86,268
	80,000	Puradyn Filter Technologies Inc.†		13,774		0
	32,500	Standard Motor Products Inc.		362,342		1,129,050
	21,300	Strattec Security Corp.†		420,970		1,668,642
	20,200	Titan International Inc.†		86,140		139,582
				1,603,532		4,377,922
		Aviation: Parts and Services — 4.2%
	57,000	Astronics Corp.†		562,177		3,803,610
	21,748	Astronics Corp., Cl. B†		129,000		1,451,570
	19,500	Ducommun Inc.†		196,498		2,379,000
				887,675		7,634,180
		Broadcasting — 1.9%
	1,000	Beasley Broadcast Group Inc., Cl. A†		6,637		3,340
	10,000	Corus Entertainment Inc., Cl. B†		3,403		216
	30,280	Dish TV India Ltd., GDR†		22,113		303
	80,000	Entravision Communications Corp., Cl. A		208,841		237,600
	236,740	Gray Media Inc.		246,379		1,027,451
	87,000	Gray Media Inc., Cl. A		629,140		1,079,670
	28,800	Sinclair Inc.		50,115		372,672
	115,000	Townsquare Media Inc., Cl. A		734,688		624,450
				1,901,316		3,345,702
		Building and Construction — 4.1%
	59,059	Armstrong Flooring Inc.†		10,195		6
	52,000	Gibraltar Industries Inc.†		1,174,494		2,073,240
	3,500	Granite Construction Inc.		74,874		419,580
	400	Herc Holdings Inc.		9,496		39,820
	7,000	INNOVATE Corp.†		55,783		39,760
	6,000	MYR Group Inc.†		100,899		1,693,920

Shares			Cost		Market Value
	12,490	The Monarch Cement Co.	$	354,859	$	3,184,950
				1,780,600		7,451,276
		Business Services — 1.0%
	36,900	Du-Art Film Laboratories Inc., Non-Voting†(a)		0		44,501
	4,100	Du-Art Film Laboratories Inc., Voting†(a)		0		4,945
	5,000	ICF International Inc.		261,732		326,450
	26,000	OPENLANE Inc.†		136,877		757,900
	10,000	Pursuit Attractions and Hospitality Inc.†		196,457		366,300
	2,299,195	Trans-Lux Corp.†(b)		1,195,128		252,911
				1,790,194		1,753,007
		Communications Equipment — 1.2%
	53,000	Anterix Inc.†		1,343,094		2,024,070
	5,000	Clearfield Inc.†		166,840		132,350
				1,509,934		2,156,420
		Computer Software and Services — 1.9%
	40,000	3D Systems Corp.†		136,586		75,200
	468,000	Alithya Group Inc., Cl. A†		1,043,612		462,665
	2,500	Cardlytics Inc.†		25,652		2,625
	45,000	DHI Group Inc.†		81,549		126,450
	8,000	Digi International Inc.†		99,724		385,600
	100,000	Kaltura Inc.†		151,681		122,000
	10,000	Materialise NV, ADR†		58,532		49,400
	89,800	Mitek Systems Inc.†		405,061		1,212,300
	25,000	N-able Inc.†		109,000		116,750
	7,000	PAR Technology Corp.†		95,550		93,310
	4,000	Rapid7 Inc.†		47,678		22,040
	8,000	Red Violet Inc.†		198,232		276,800
	1,000	Tyler Technologies Inc.†		16,928		342,380
	43,164	Weave Communications Inc.†		272,274		199,417
				2,742,059		3,486,937
		Consumer Products — 1.8%
	9,500	Bassett Furniture Industries Inc.		138,304		134,425
	1,000,000	Goodbaby International Holdings Ltd.		217,275		123,705
	5,000	Johnson Outdoors Inc., Cl. A		145,741		232,550
	50,900	Lifetime Brands Inc.		409,639		292,166
	223,000	Marine Products Corp.		1,513,145		1,621,210
	3,000	MarineMax Inc.†		52,591		81,180
	10,200	Oil-Dri Corp. of America		103,321		663,918
	5,700	PC Group Inc.†(a)		3,465		0
	2,200,000	Playmates Holdings Ltd.		263,717		148,702
	500	Sturm Ruger & Co. Inc.		15,630		20,045
				2,862,828		3,317,901
		Consumer Services — 0.4%
	105,800	1-800-Flowers.com Inc., Cl. A†		389,276		321,632
	63,400	Bowlin Travel Centers Inc.†		86,945		249,796
	8,000	Matthews International Corp., Cl. A		223,614		206,560
				699,835		777,988
		Diversified Industrial — 12.9%
	116,957	American Outdoor Brands Inc.†		947,123		1,092,378
	139,000	Burnham Holdings Inc., Cl. A		2,007,219		3,614,000

Shares			Cost		Market Value
	74,360	Reading International Inc., Cl. B†	$	673,309	$	669,240
	53,000	Sportech plc†(a)		218,767		56,647
	65,000	The Marcus Corp.		794,553		1,116,050
	900	TKO Group Holdings Inc.		9,319		181,485
				2,699,799		3,320,792
		Environmental Control — 0.4%
	9,910	Casella Waste Systems Inc., Cl. A†		38,251		786,259

		Equipment and Supplies — 4.8%
	400	AZZ Inc.		14,747		50,052
	3,700	Federal Signal Corp.		23,981		400,118
	14,700	Interpump Group SpA		81,658		550,508
	34,200	Maezawa Kyuso Industries Co. Ltd.		92,537		335,309
	45,000	Pitney Bowes Inc.		173,794		497,250
	128,700	The Eastern Co.		2,421,322		2,604,888
	40,200	The Gorman-Rupp Co.		917,565		2,497,626
	12,700	The Manitowoc Co. Inc.†		147,052		147,955
	86,000	Titan Machinery Inc.†		1,176,954		1,437,920
	32,500	TransAct Technologies Inc.†		107,732		106,925
				5,157,342		8,628,551
		Financial Services — 15.1%
	1,000	Ameris Bancorp		8,386		77,990
	19,000	Atlantic American Corp.		70,387		44,270
	30,000	Atlantic Union Bankshares Corp.		897,983		1,072,200
	5,660	Beacon Financial Corp.		94,045		169,800
	1,800	Burke & Herbert Financial Services Corp.		57,436		112,122
	67,500	Capital City Bank Group Inc.		1,638,475		2,933,550
	1,200	Capitol Federal Financial Inc.		12,990		8,556
	12,000	Citizens & Northern Corp.		234,194		268,080
	3,400	Columbia Banking System Inc.		87,395		93,262
	3,800	ConnectOne Bancorp Inc.		80,175		101,726
	19,000	Crazy Woman Creek Bancorp Inc.		369,887		583,300
	2,000	Eagle Bancorp Inc.		41,972		49,740
	98	Farmers & Merchants Bank of Long Beach		410,050		810,950
	37,800	Farmers National Banc Corp.		315,347		497,448
	5,000	First Internet Bancorp		100,000		101,900
	90,000	Flushing Financial Corp.		1,358,039		1,382,400
	70,500	FNB Corp.		683,201		1,178,760
	21,000	FS Bancorp Inc.		364,724		810,390
	13,500	Hanover Bancorp Inc.		283,500		291,465
	9,030	Hope Bancorp Inc.		47,351		100,865
	14,850	Huntington Bancshares Inc.		167,738		232,402
	30,000	I3 Verticals Inc., Cl. A†		447,761		670,800
	10,000	KKR & Co. Inc.		935		925,000
	30,000	Legacy Housing Corp.†		329,422		612,900
	54,500	Medallion Financial Corp.		115,545		466,520
	13,600	Northrim BanCorp Inc.		74,943		311,168
	15,000	Primis Financial Corp.		225,835		199,200
	25,530	Renasant Corp.		275,523		922,399
	2,500	Seacoast Banking Corp. of Florida		77,229		75,725
	3,500	Security National Corp.		327,591		665,000
	53,500	Silvercrest Asset Management Group Inc., Cl. A		717,197		719,040

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 2.1%
$	3,900,000	U.S. Treasury Bills, 3.607% to 3.648%††, 04/23/26 to 06/25/26	$	3,879,193	$	3,879,117
		TOTAL U.S. GOVERNMENT OBLIGATIONS		3,879,193		3,879,117

		TOTAL INVESTMENTS — 100.0%	$	100,257,710		181,097,377

		Other Assets and Liabilities (Net) — (0.0)%				(27,291	)

		NET ASSETS — 100.0%			$	181,070,086

(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

(a)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c)	Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.
†	Represents annualized yield at date of purchase.

REIT	Real Estate Investment Trust

*	1 day yield as of March 31, 2026.
†	Non-income producing security.

REIT	Real Estate Investment Trust

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 24.4%
		Communications — 0.9%
		Charter Communications Operating Capital Corp.
$	200,000	6.384%, 10/23/35	$	207,832	$	203,786
	135,000	3.700%, 04/01/51		138,494		83,783
				346,326		287,569
		Computer Hardware — 1.0%
	295,000	Dell International LLC/EMC Corp.,
		5.750%, 02/01/33		293,682		306,614

		Computer Software and Services — 1.5%
		Oracle Corp.
	70,000	4.800%, 09/26/32		69,977		66,664
	240,000	6.250%, 11/09/32		240,321		246,326
	135,000	6.900%, 11/09/52		135,528		127,719
				445,826		440,709
		Diversified Industrial — 0.8%
	250,000	Cabot Corp.,
		4.000%, 07/01/29		249,727		247,245

		Electronics — 0.8%
	225,000	Flex Ltd.,
		6.000%, 01/15/28		230,772		229,660

		Energy and Energy Services — 2.2%
		Energy Transfer LP
	165,000	7.125%(b)(c)		141,075		168,238
	235,000	6.250%, 04/15/49		271,613		230,890
	245,000	Plains All American Pipeline LP,
		5.950%, 06/15/35		244,396		253,210
				657,084		652,338
		Energy and Utilities: Natural Gas — 0.6%
	160,000	Enbridge Inc., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.97%),
		7.200%, 06/27/54(c)		161,471		168,340

		Energy and Utilities: Water — 0.7%
	200,000	Aptiv Swiss Holdings Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.39%),
		6.875%, 12/15/54(c)		202,165		201,751

		Energy: Oil — 3.1%
	95,000	Diamondback Energy Inc.,
		6.250%, 03/15/33		98,201		101,432
	275,000	MPLX LP,
		2.650%, 08/15/30		274,446		253,540
	350,000	Northern Oil & Gas Inc.,
		7.875%, 10/15/33		350,910		362,290
	259,000	Piedmont Natural Gas Co. Inc.,
		5.050%, 05/15/52		257,592		228,241
				981,149		945,503

†	Non-income producing security.
(a)	Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.
(b)	Security is perpetual and has no stated maturity date.
(c)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of March 31, 2026.
*	1 day yield as of March 31, 2026.

REIT	Real Estate Investment Trust

	Mighty Mites Fund		Convertible Securities Fund
Assets:
Investments, at value (Cost $99,062,582 and $10,084,784, respectively)	$	180,844,466	$	11,291,331
Investments in affiliates, at value (Cost $1,195,128)		252,911		—
Cash		4,881		1,326
Receivable for Fund shares sold		4,730		295
Receivable for investments sold		104,662		—
Receivable from Advisers		—		22,886
Dividends and interest receivable		333,090		35,971
Prepaid expenses		71,011		48,077
Total Assets		181,615,751		11,399,886
Liabilities:
Payable for Fund shares redeemed		122,906		—
Payable for investment advisory fees		154,845		9,823
Payable for distribution fees		28,651		1,818
Payable for accounting fees		7,500		—
Payable for custodian fees		31,151		6,144
Payable for legal and audit fees		44,110		19,573
Payable for shareholder communications expenses		96,117		14,736
Payable for shareholder services fees		56,570		1,506
Other accrued expenses		3,815		—
Total Liabilities		545,665		53,600
Commitments and Contingencies (See Note 3)
Net Assets	$	181,070,086	$	11,346,286

Net Assets Consist of:
Paid-in capital	$	82,690,473	$	9,584,675
Total distributable earnings		98,379,613		1,761,611
Net Assets	$	181,070,086	$	11,346,286

Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	59,636,545	$	3,639,913
Shares of beneficial interest outstanding		3,905,462		265,406
Net Asset Value, offering, and redemption price per share	$	15.27	$	13.71
Class A:
Net assets	$	51,098,774	$	2,138,761
Shares of beneficial interest outstanding		3,564,719		149,366
Net Asset Value and redemption price per share	$	14.33	$	14.32
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	14.93	$	14.92
Class C:
Net assets	$	5,339,069	$	654,992
Shares of beneficial interest outstanding		469,118		42,352
Net Asset Value and offering price per share (a)	$	11.38	$	15.47
Class I:
Net assets	$	64,995,698	$	4,912,620
Shares of beneficial interest outstanding		4,100,770		356,829
Net Asset Value, offering, and redemption price per share	$	15.85	$	13.77

	Equity Fund		Balanced Fund
Assets:
Investments, at value (Cost $34,066,913 and $29,656,168, respectively)	$	37,778,017	$	29,992,596
Receivable for Fund shares sold		837		—
Dividends and interest receivable		19,458		160,452
Prepaid expenses		65,079		70,577
Total Assets		37,863,391		30,223,625
Liabilities:
Payable for Fund shares redeemed		340		100
Payable for investment advisory fees		32,813		19,673
Payable for distribution fees		8,033		6,042
Payable for custodian fees		3,452		2,864
Payable for legal and audit fees		21,518		20,897
Payable for shareholder communications expenses		2,381		3,297
Payable for shareholder services fees		3,827		2,398
Other accrued expenses		524		348
Total Liabilities		72,888		55,619

Net Assets	$	37,790,503	$	30,168,006

Net Assets Consist of:
Paid-in capital	$	33,295,217	$	29,087,373
Total distributable earnings		4,495,286		1,080,633
Net Assets	$	37,790,503	$	30,168,006

Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	36,476,799	$	23,118,001
Shares of beneficial interest outstanding		3,644,412		2,490,520
Net Asset Value, offering, and redemption price per share	$	10.01	$	9.28
Class A:
Net assets	$	531,449	$	3,853,149
Shares of beneficial interest outstanding		53,119		411,201
Net Asset Value and redemption price per share	$	10.00	$	9.37
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	10.42	$	9.76
Class C:
Net assets	$	102	$	187,458
Shares of beneficial interest outstanding		10		19,704
Net Asset Value and offering price per share (a)	$	10.20	$	9.51
Class I:
Net assets	$	782,153	$	3,009,398
Shares of beneficial interest outstanding		78,431		324,904
Net Asset Value, offering, and redemption price per share	$	9.97	$	9.26

	Mighty Mites Fund			Convertible Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $20,930 and $0, respectively)	$	1,783,369		$	39,479
Interest		28,394			97,934
Total Investment Income		1,811,763			137,413
Expenses:
Investment advisory fees		939,505			63,597
Distribution fees - Class AAA		74,974			4,751
Distribution fees - Class A		64,493			2,881
Distribution fees - Class C		30,825			3,810
Accounting fees		22,500			—
Custodian fees		29,132			2,237
Legal and audit fees		37,974			14,115
Registration expenses		41,585			39,271
Shareholder communications expenses		62,551			15,589
Shareholder services fees		59,801			5,325
Trustees’ fees		37,929			2,606
Miscellaneous expenses		15,057			9,096
Total Expenses		1,416,326			163,278
Less:
Fees waived or expenses reimbursed by Advisers (See Note 3)		—			(94,130	)
Custodian fee credits		—			(85	)
Advisory fee reduction on unsupervised assets (See Note 3)		(21,656	)		—
Expenses paid indirectly by broker (See Note 7)		(1,607	)		(384	)
Total Reimbursements, Waivers, Reductions, and Credits		(23,263	)		(94,599	)
Net Expenses		1,393,063			68,679
Net Investment Income		418,700			68,734

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		20,663,500			628,046
Net realized loss on foreign currency transactions		(1,300	)		—
Net realized gain on investments and foreign currency transactions		20,662,200			628,046
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		(7,889,037	)		(900,597	)
on investments - affiliated		(321,832	)		—
on foreign currency translations		(113	)		—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(8,210,982	)		(900,597	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		12,451,218			(272,551	)
Net Increase/Decrease in Net Assets Resulting from Operations	$	12,869,918		$	(203,817	)

	Equity Fund			Balanced Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $337 and $161, respectively)	$	376,394		$	155,679
Interest		3,986			266,428
Total Investment Income		380,380			422,107
Expenses:
Investment advisory fees		201,070			121,101
Distribution fees - Class AAA		48,494			31,097
Distribution fees - Class A		685			5,357
Distribution fees - Class C		—			1,030
Custodian fees		4,918			6,049
Legal and audit fees		16,601			16,027
Registration expenses		41,207			41,279
Shareholder communications expenses		19,111			17,813
Shareholder services fees		12,175			9,364
Trustees’ fees		8,090			6,499
Interest expense		509			500
Miscellaneous expenses		8,043			7,979
Total Expenses		360,903			264,095
Less:
Fees waived or expenses reimbursed by Advisers (See Note 3)		—			—
Advisory fee reduction on unsupervised assets (See Note 3)		—			—
Expenses paid indirectly by broker (See Note 7)		(475	)		(453	)
Total Reimbursements, Waivers, Reductions, and Credits		(475	)		(453	)
Net Expenses		360,428			263,642
Net Investment Income		19,952			158,465

Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		1,371,786			1,158,120
Net realized gain on foreign currency transactions		—			—
Net realized gain on investments and foreign currency transactions		1,371,786			1,158,120
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		(1,472,575	)		(1,466,918	)
on investments - affiliated		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(1,472,575	)		(1,466,918	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(100,789	)		(308,798	)
Net Decrease in Net Assets Resulting from Operations	$	(80,837	)	$	(150,333	)

	Mighty Mites Fund						Convertible Securities Fund
	For the Six Months Ended March 31, 2026			For the Year Ended September 30,			For the Six Months Ended March 31, 2026			For the Year Ended September 30,
	(Unaudited)			2025			(Unaudited)			2025
Operations:
Net investment income	$	418,700		$	535,472		$	68,734		$	240,284
Net realized gain on investments and foreign currency transactions		20,662,200			40,445,703			628,046			911,533
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(8,210,982	)		(23,585,488	)		(900,597	)		1,659,650
Net Increase/(Decrease) in Net Assets Resulting from Operations		12,869,918			17,395,687			(203,817	)		2,811,467

Distributions to Shareholders:
Accumulated earnings
Class AAA		(11,429,433	)		—			(250,127	)		(77,708	)
Class A		(10,016,598	)		—			(151,954	)		(44,583	)
Class C		(1,264,997	)		—			(48,647	)		(12,388	)
Class I		(14,167,202	)		—			(418,581	)		(158,861	)
Total Distributions to Shareholders		(36,878,230	)		—			(869,309	)		(293,540	)

Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		241,377			338,592			95,110			107,362
Class A		2,718,927			3,024,266			152,083			198,354
Class C		137,071			391,939			—			81,697
Class I		2,513,047			5,976,455			857,212			93,303
		5,610,422			9,731,252			1,104,405			480,716
Proceeds from reinvestment of distributions
Class AAA		11,133,446			—			247,355			76,797
Class A		9,021,117			—			151,921			44,573
Class C		1,264,152			—			48,647			12,388
Class I		12,801,232			—			417,484			158,499
		34,219,947			—			865,407			292,257
Cost of shares redeemed
Class AAA		(7,087,304	)		(12,851,487	)		(115,284	)		(407,981	)
Class A		(8,745,121	)		(16,411,244	)		(277,639	)		(531,574	)
Class C		(2,351,707	)		(4,492,463	)		(203,595	)		(496,200	)
Class I		(18,590,181	)		(54,422,785	)		(2,246,356	)		(2,566,309	)
		(36,774,313	)		(88,177,979	)		(2,842,874	)		(4,002,064	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		3,056,056			(78,446,727	)		(873,062	)		(3,229,091	)

Redemption Fees		—			—			—			10

Net Decrease in Net Assets		(20,952,256	)		(61,051,040	)		(1,946,188	)		(711,154	)

Net Assets:
Beginning of year		202,022,342			263,073,382			13,292,474			14,003,628
End of period	$	181,070,086		$	202,022,342		$	11,346,286		$	13,292,474

			Income (Loss) from Investment Operations									Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)(b)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(c)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(d)			Operating Expenses Before Waivers/Credits/ Reimbursements/ Reductions(e)			Portfolio Turnover Rate
Mighty Mites Fund
Class AAA
2026(f)	$	17.59	$	0.03		$	0.91		$	0.94		$	(0.07	)	$	(3.19	)	$	(3.26	)	$	—	$	15.27		7.23	%	$	59,636		0.38	%(g)		1.55	%(g)		1.58	%(g)		1	%
2025		16.06		0.03			1.50			1.53			—			—			—			—		17.59		9.53			62,698		0.18			1.49	(h)		1.53			2
2024		20.86		0.00	(c)		3.07			3.07			(0.07	)		(7.80	)		(7.87	)		0.00		16.06		17.73			69,834		0.02			1.50	(h)		1.54			2
2023		20.74		0.05			2.86			2.91			(0.13	)		(2.66	)		(2.79	)		0.00		20.86		14.10			82,962		0.23			1.48	(h)		1.51			2
2022		30.25		0.13			(5.39	)		(5.26	)		(0.07	)		(4.18	)		(4.25	)		0.00		20.74		(20.64	)		84,906		0.50			1.41	(h)		1.43			3
2021		22.42		0.13			10.11			10.24			—			(2.41	)		(2.41	)		0.00		30.25		48.78			129,754		0.47			1.40	(h)		1.42			6
Class A
2026(f)	$	16.52	$	0.03		$	0.85		$	0.88		$	(0.08	)	$	(2.99	)	$	(3.07	)	$	—	$	14.33		7.22	%	$	51,099		0.38	%(g)		1.55	%(g)		1.58	%(g)		1	%
2025		15.08		0.03			1.41			1.44			—			—			—			—		16.52		9.55			54,656		0.18			1.49	(h)		1.53			2
2024		19.59		0.00	(c)		2.88			2.88			(0.07	)		(7.32	)		(7.39	)		0.00		15.08		17.68			63,424		0.02			1.50	(h)		1.54			2
2023		19.49		0.05			2.69			2.74			(0.14	)		(2.50	)		(2.64	)		0.00		19.59		14.10			71,537		0.24			1.48	(h)		1.51			2
2022		28.68		0.12			(5.06	)		(4.94	)		(0.07	)		(4.18	)		(4.25	)		0.00		19.49		(20.63	)		71,820		0.48			1.41	(h)		1.43			3
2021		21.37		0.12			9.60			9.72			—			(2.41	)		(2.41	)		0.00		28.68		48.74			98,771		0.44			1.41	(h)		1.43			6
Class C
2026(f)	$	13.09	$	(0.02	)	$	0.68		$	0.66		$	—		$	(2.37	)	$	(2.37	)	$	—	$	11.38		6.82	%	$	5,339		(0.39	)%(g)		2.30	%(g)		2.33	%(g)		1	%
2025		12.04		(0.07	)		1.12			1.05			—			—			—			—		13.09		8.72			7,169		(0.58	)		2.24	(h)		2.28			2
2024		15.74		(0.10	)		2.31			2.21			(0.05	)		(5.86	)		(5.91	)		0.00		12.04		16.88			10,721		(0.74	)		2.25	(h)		2.29			2
2023		15.67		(0.09	)		2.17			2.08			—			(2.01	)		(2.01	)		0.00		15.74		13.23			18,012		(0.52	)		2.23	(h)		2.26			2
2022		23.95		(0.05	)		(4.05	)		(4.10	)		—			(4.18	)		(4.18	)		0.00		15.67		(21.22	)		25,567		(0.25	)		2.16	(h)		2.18			3
2021		18.31		(0.06	)		8.11			8.05			—			(2.41	)		(2.41	)		0.00		23.95		47.66			48,054		(0.27	)		2.15	(h)		2.17			6
Class I
2026(f)	$	18.29	$	0.05		$	0.94		$	0.99		$	(0.12	)	$	(3.31	)	$	(3.43	)	$	—	$	15.85		7.35	%	$	64,996		0.62	%(g)		1.30	%(g)		1.33	%(g)		1	%
2025		16.65		0.07			1.57			1.64			—			—			—			—		18.29		9.85			77,499		0.42			1.24	(h)		1.28			2
2024		21.75		0.05			3.19			3.24			(0.11	)		(8.23	)		(8.34	)		0.00		16.65		18.00			119,094		0.25			1.25	(h)		1.29			2
2023		21.63		0.11			2.99			3.10			(0.20	)		(2.78	)		(2.98	)		0.00		21.75		14.38			209,432		0.48			1.23	(h)		1.26			2
2022		31.38		0.20			(5.62	)		(5.42	)		(0.15	)		(4.18	)		(4.33	)		0.00		21.63		(20.44	)		264,171		0.74			1.16	(h)		1.18			3
2021		23.13		0.21			10.45			10.66			—			(2.41	)		(2.41	)		0.00		31.38		49.13			415,023		0.72			1.15	(h)		1.17			6

	†	Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.
	(a)	Per share amounts have been calculated using the average shares outstanding method.
	(b)	Due to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.
	(c)	Amount represents less than $0.005 per share.
	(d)	The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no material impact on the expense ratios.
	(e)	Before advisory fee reduction on unsupervised assets totalling 0.02%, 0.04%, 0.04%, 0.04%, 0.03%, and 0.02% of net assets for the six months ended March 31, 2026 and the fiscal years ended September 30, 2025, 2024, 2023, 2022, and 2021.
	(f)	For the six months ended March 31, 2026, unaudited.
	(g)	Annualized.
	(h)	The Fund incurred interest expense. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.45% (Class AAA and Class A), 2.20% (Class C), and 1.20% (Class I) for the fiscal year ended September 30, 2025. For the fiscal years ended September 30, 2024, 2023, 2022, and 2021, there was no material impact on the expense ratios.

	●	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.

	●	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).

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total Market Value at 03/31/26
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Agriculture	$	1,629,210	$	770		—		$	1,629,980
Automotive: Parts and Accessories		4,377,922		0		—			4,377,922
Aviation: Parts and Services		6,182,610		1,451,570		—			7,634,180
Business Services		1,450,650		252,911	$	49,446			1,753,007
Consumer Products		3,317,901		—		0			3,317,901
Diversified Industrial		22,988,468		—		272,175			23,260,643
Entertainment		3,264,145		—		56,647			3,320,792
Financial Services		27,349,431		11,050		—			27,360,481
Food and Beverage		5,405,683		95,400		—			5,501,083
Real Estate		4,394,783		—		319			4,395,102
Specialty Chemicals		2,823,594		—		0			2,823,594
Telecommunications		1,235,931		405,000		—			1,640,931
Other Industries (a)		89,977,398		—		—			89,977,398
Total Common Stocks		174,397,726		2,216,701		378,587			176,993,014
Preferred Stocks (a)		188,746		—		—			188,746
Rights (a)		36,000		500		—			36,500
U.S. Government Obligations		—		3,879,117		—			3,879,117
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	174,622,472	$	6,096,318	$	378,587	^(b)	$	181,097,377

CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (c)		—	$	9,445,789	$	0		$	9,445,789
Mandatory Convertible Securities (c)	$	1,632,214		—		—			1,632,214
U.S. Government Obligations		—		213,328		—			213,328
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,632,214	$	9,659,117	$	0	^(b)	$	11,291,331

EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	37,628,432		—		—		$	37,628,432
Short Term Investment		149,585		—		—			149,585
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	37,778,017		—		—		$	37,778,017

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 03/31/26
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	18,644,109		—		—	$	18,644,109
Mandatory Convertible Securities (c)		295,204		—		—		295,204
Corporate Bonds (c)		—	$	7,353,315		—		7,353,315
Convertible Corporate Bonds (c)		—		1,193,238		—		1,193,238
U.S. Government Obligations		—		2,154,896		—		2,154,896
Foreign Government Obligations (c)		—		284,121		—		284,121
Short Term Investment		67,713		—		—		67,713
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	19,007,026	$	10,985,570		—	$	29,992,596

(a)	Please refer to the Summary Schedule of Investments for the industry classifications of these portfolio holdings.
(b)	The inputs for these securities are not readily available and are derived based on the judgment of the Advisers according to procedures approved by the Board of Trustees.
(c)	Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

	Mighty Mites Fund			Convertible Securities Fund		Equity Fund		Balanced Fund
Ordinary income (inclusive of short term capital gains)	$	—		$	293,540	$	97,269	$	450,169
Net long term capital gains		5,488,853			—		3,482,049		2,220,710
Total distributions paid	$	5,488,853	*	$	293,540	$	3,579,318	$	2,670,879

		For the year ended September 30, 2023, expiring September 30, 2026				For the year ended September 30, 2024, expiring September 30, 2027				For the year ended September 30, 2025, expiring September 30, 2028				For the six months ended March 31, 2026, expiring September 30, 2029				Total
Convertible Securities Fund		$	199,238			$	158,916			$	127,540			$	94,130			$	579,824