UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04719
The TETON Westwood Funds
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
John C. Ball
Teton Advisors, Inc.
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-422-3554
Date of fiscal year end: September 30
Date of reporting period: September 30, 2024
EXPLANATORY NOTE: Registrant is filing this amendment to its Form N-CSR for the fiscal quarter ended September 30,2024 originally filed with the Securities and Exchange Commission on December 5, 2024 (Accession Number 0001829126-24-008092). The sole purpose of this amendment is to correct an error within the AAA and A classes found in the Teton SmallCap Equity Fund within the shareholder report. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
| (a) | The Report to Shareholders is attached herewith. |
0000796229gabelli:Russell2000Index40542BroadBasedIndexMember2014-09-30
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class AAA (the "Fund) for the period of October 1, 2023 to September 30, 2024. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Balanced Fund - Class AAA | $153 | 1.39% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Balanced Fund underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. were driven by large-cap growth companies especially those focused on artificial intelligence. As the year wore on, investors widened their focus to include small-cap and value stocks. Bond markets posted double-digit gains led by high yield and corporate debt, as interest rates fell in anticipation of a rate cut by the Federal Reserve. We increased our equity position to take advantage of the rally. We also shortened the duration of the fixed-income allocation, as interest rates have declined.
How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Total Return Based on $10,000 Investment
| TETON Westwood Balanced Fund - Class AAA | S&P 500 Index | 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | Bloomberg Government / Credit Bond Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 10,003 | 9,939 | 10,073 | 10,273 |
| 9/16 | 10,858 | 11,473 | 11,241 | 10,875 |
| 9/17 | 11,981 | 13,608 | 12,496 | 10,874 |
| 9/18 | 13,098 | 16,045 | 13,770 | 10,725 |
| 9/19 | 13,941 | 16,727 | 14,745 | 11,939 |
| 9/20 | 13,917 | 19,261 | 16,559 | 12,898 |
| 9/21 | 16,274 | 25,039 | 19,465 | 12,752 |
| 9/22 | 14,099 | 21,165 | 16,494 | 10,846 |
| 9/23 | 15,449 | 25,741 | 18,695 | 10,946 |
| 9/24 | 18,573 | 35,098 | 23,618 | 12,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Balanced Fund - Class AAA | 20.22% | 5.91% | 6.39% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 26.33% | 9.75% | 8.83% |
| Bloomberg Government / Credit Bond Index | 11.31% | 0.41% | 2.00% |
- Total Net Assets$38,526,411
- Number of Portfolio Holdings97
- Portfolio Turnover Rate36%
- Management Fees$281,878
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Microsoft Corp. | 4.0% |
| U.S. Treasury Notes | 4.0% |
| U.S. Treasury Bonds | 3.6% |
| Bank of America Corp. | 2.4% |
| AP Moller - Maersk A/S | 2.3% |
| Energy Transfer LP | 2.2% |
| UnitedHealth Group Inc. | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| NVIDIA Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
Portfolio Weighting (% of net assets)
| Common Stocks | 65.0% |
| Corporate Bonds | 26.3% |
| U.S. Government Obligations | 7.6% |
| Convertible Corporate Bonds | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 14.0% |
| Computer Software and Services | 11.6% |
| Health Care | 8.6% |
| Retail | 6.6% |
| Equipment and Supplies | 5.2% |
| Real Estate | 4.7% |
| Food and Beverage | 4.3% |
| Transportation | 4.1% |
| Other Industry sectors | 40.7% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class C (the "Fund) for the period of October 1, 2023 to September 30, 2024. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Balanced Fund - Class C | $235 | 2.14% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Balanced Fund underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. were driven by large-cap growth companies especially those focused on artificial intelligence. As the year wore on, investors widened their focus to include small-cap and value stocks. Bond markets posted double-digit gains led by high yield and corporate debt, as interest rates fell in anticipation of a rate cut by the Federal Reserve. We increased our equity position to take advantage of the rally. We also shortened the duration of the fixed-income allocation, as interest rates have declined.
How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Total Return Based on $10,000 Investment
| 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 Government / Credit Bond Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,920 | 9,820 | 9,939 | 10,073 | 10,273 |
| 9/16 | 10,693 | 10,487 | 11,473 | 11,241 | 10,875 |
| 9/17 | 11,721 | 11,391 | 13,608 | 12,496 | 10,874 |
| 9/18 | 12,722 | 12,250 | 16,045 | 13,770 | 10,725 |
| 9/19 | 13,432 | 12,811 | 16,727 | 14,745 | 11,939 |
| 9/20 | 13,305 | 12,562 | 19,261 | 16,559 | 12,898 |
| 9/21 | 15,437 | 14,450 | 25,039 | 19,465 | 12,752 |
| 9/22 | 13,273 | 12,300 | 21,165 | 16,494 | 10,846 |
| 9/23 | 14,424 | 13,243 | 25,741 | 18,695 | 10,946 |
| 9/24 | 17,225 | 15,683 | 35,098 | 23,618 | 12,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Balanced Fund - Class C | 19.42% | 5.10% | 5.59% |
| TETON Westwood Balanced Fund - Class C (includes sales charge) | 18.42% | 5.10% | 5.59% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 26.33% | 9.75% | 8.83% |
| Bloomberg Government / Credit Bond Index | 11.31% | 0.41% | 2.00% |
- Total Net Assets$38,526,411
- Number of Portfolio Holdings97
- Portfolio Turnover Rate36%
- Management Fees$281,878
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Microsoft Corp. | 4.0% |
| U.S. Treasury Notes | 4.0% |
| U.S. Treasury Bonds | 3.6% |
| Bank of America Corp. | 2.4% |
| AP Moller - Maersk A/S | 2.3% |
| Energy Transfer LP | 2.2% |
| UnitedHealth Group Inc. | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| NVIDIA Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
Portfolio Weighting (% of net assets)
| Common Stocks | 65.0% |
| Corporate Bonds | 26.3% |
| U.S. Government Obligations | 7.6% |
| Convertible Corporate Bonds | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 14.0% |
| Computer Software and Services | 11.6% |
| Health Care | 8.6% |
| Retail | 6.6% |
| Equipment and Supplies | 5.2% |
| Real Estate | 4.7% |
| Food and Beverage | 4.3% |
| Transportation | 4.1% |
| Other Industry sectors | 40.7% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class I (the "Fund) for the period of October 1, 2023 to September 30, 2024. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Balanced Fund - Class I | $126 | 1.14% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Balanced Fund underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. were driven by large-cap growth companies especially those focused on artificial intelligence. As the year wore on, investors widened their focus to include small-cap and value stocks. Bond markets posted double-digit gains led by high yield and corporate debt, as interest rates fell in anticipation of a rate cut by the Federal Reserve. We increased our equity position to take advantage of the rally. We also shortened the duration of the fixed-income allocation, as interest rates have declined.
How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Total Return Based on $10,000 Investment
| TETON Westwood Balanced Fund - Class I | S&P 500 Index | 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | Bloomberg Government / Credit Bond Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 10,020 | 9,939 | 10,073 | 10,273 |
| 9/16 | 10,876 | 11,473 | 11,241 | 10,875 |
| 9/17 | 12,042 | 13,608 | 12,496 | 10,874 |
| 9/18 | 13,199 | 16,045 | 13,770 | 10,725 |
| 9/19 | 14,074 | 16,727 | 14,745 | 11,939 |
| 9/20 | 14,061 | 19,261 | 16,559 | 12,898 |
| 9/21 | 16,488 | 25,039 | 19,465 | 12,752 |
| 9/22 | 14,320 | 21,165 | 16,494 | 10,846 |
| 9/23 | 15,732 | 25,741 | 18,695 | 10,946 |
| 9/24 | 18,949 | 35,098 | 23,618 | 12,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Balanced Fund - Class I | 20.45% | 6.17% | 6.65% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 26.33% | 9.75% | 8.83% |
| Bloomberg Government / Credit Bond Index | 11.31% | 0.41% | 2.00% |
- Total Net Assets$38,526,411
- Number of Portfolio Holdings97
- Portfolio Turnover Rate36%
- Management Fees$281,878
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Microsoft Corp. | 4.0% |
| U.S. Treasury Notes | 4.0% |
| U.S. Treasury Bonds | 3.6% |
| Bank of America Corp. | 2.4% |
| AP Moller - Maersk A/S | 2.3% |
| Energy Transfer LP | 2.2% |
| UnitedHealth Group Inc. | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| NVIDIA Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
Portfolio Weighting (% of net assets)
| Common Stocks | 65.0% |
| Corporate Bonds | 26.3% |
| U.S. Government Obligations | 7.6% |
| Convertible Corporate Bonds | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 14.0% |
| Computer Software and Services | 11.6% |
| Health Care | 8.6% |
| Retail | 6.6% |
| Equipment and Supplies | 5.2% |
| Real Estate | 4.7% |
| Food and Beverage | 4.3% |
| Transportation | 4.1% |
| Other Industry sectors | 40.7% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Balanced Fund - Class A (the "Fund) for the period of October 1, 2023 to September 30, 2024. The Balanced Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses a top-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. The Fund invests in seasoned large capitalization companies. Debt securities in the strategy include investment grade corporates and government issues. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Balanced Fund - Class A | $153 | 1.39% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Balanced Fund underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. were driven by large-cap growth companies especially those focused on artificial intelligence. As the year wore on, investors widened their focus to include small-cap and value stocks. Bond markets posted double-digit gains led by high yield and corporate debt, as interest rates fell in anticipation of a rate cut by the Federal Reserve. We increased our equity position to take advantage of the rally. We also shortened the duration of the fixed-income allocation, as interest rates have declined.
How has the Fund performed over the past 10 years?
The performance chart reflects a hypothetical $10,000 investment in the class of shares noted (assuming the maximum sales charge) compared to an appropriate broad-based securities market index and more narrowly based indexes that reflect the market sectors in which the Fund invests over a 10-year period. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains distribution. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
Total Return Based on $10,000 Investment
| 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 Government / Credit Bond Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,978 | 9,579 | 9,939 | 10,073 | 10,273 |
| 9/16 | 10,800 | 9,954 | 11,473 | 11,241 | 10,875 |
| 9/17 | 11,895 | 10,528 | 13,608 | 12,496 | 10,874 |
| 9/18 | 12,975 | 11,025 | 16,045 | 13,770 | 10,725 |
| 9/19 | 13,771 | 11,232 | 16,727 | 14,745 | 11,939 |
| 9/20 | 13,712 | 10,737 | 19,261 | 16,559 | 12,898 |
| 9/21 | 16,025 | 12,041 | 25,039 | 19,465 | 12,752 |
| 9/22 | 13,885 | 10,015 | 21,165 | 16,494 | 10,846 |
| 9/23 | 15,210 | 10,527 | 25,741 | 18,695 | 10,946 |
| 9/24 | 18,296 | 12,160 | 35,098 | 23,618 | 12,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Balanced Fund - Class A | 20.28% | 5.84% | 6.23% |
| TETON Westwood Balanced Fund - Class A (includes sales charge) | 15.50% | 4.99% | 5.79% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 60% S&P 500 + 40% Bloomberg Gov't / Credit Bond Index | 26.33% | 9.75% | 8.83% |
| Bloomberg Government / Credit Bond Index | 11.31% | 0.41% | 2.00% |
- Total Net Assets$38,526,411
- Number of Portfolio Holdings97
- Portfolio Turnover Rate36%
- Management Fees$281,878
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Microsoft Corp. | 4.0% |
| U.S. Treasury Notes | 4.0% |
| U.S. Treasury Bonds | 3.6% |
| Bank of America Corp. | 2.4% |
| AP Moller - Maersk A/S | 2.3% |
| Energy Transfer LP | 2.2% |
| UnitedHealth Group Inc. | 2.2% |
| JPMorgan Chase & Co. | 2.0% |
| NVIDIA Corp. | 2.0% |
| Johnson & Johnson | 2.0% |
Portfolio Weighting (% of net assets)
| Common Stocks | 65.0% |
| Corporate Bonds | 26.3% |
| U.S. Government Obligations | 7.6% |
| Convertible Corporate Bonds | 0.8% |
| Short Term Investment | 0.1% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 14.0% |
| Computer Software and Services | 11.6% |
| Health Care | 8.6% |
| Retail | 6.6% |
| Equipment and Supplies | 5.2% |
| Real Estate | 4.7% |
| Food and Beverage | 4.3% |
| Transportation | 4.1% |
| Other Industry sectors | 40.7% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Balanced Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Convertible Securities Fund - Class AAA (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Teton Convertible Securities Fund - Class AAA | $122 | 1.15% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year but could not keep up with the best performers in the index. Relative performance improved later as the market rotation from mega cap to small cap benefitted many balanced convertible issues. Top contributors this year included some semiconductor holdings as well as online education and space system providers. Top detractors were companies undertaking significant capital investment focused on clean energy and electric vehicles.
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
| TETON Westwood Convertible Securities Fund - Class AAA | S&P 500 Index | ICE Bank of America Merrill Lynch U.S. Convertibles Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 8,951 | 9,939 | 9,775 |
| 9/16 | 9,881 | 11,473 | 10,663 |
| 9/17 | 11,278 | 13,608 | 12,188 |
| 9/18 | 12,900 | 16,045 | 13,670 |
| 9/19 | 13,555 | 16,727 | 14,219 |
| 9/20 | 15,697 | 19,261 | 17,233 |
| 9/21 | 18,912 | 25,039 | 21,938 |
| 9/22 | 14,415 | 21,165 | 26,327 |
| 9/23 | 14,680 | 25,741 | 28,299 |
| 9/24 | 16,396 | 35,098 | 32,454 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Convertible Securities Fund - Class AAA | 11.69% | 3.88% | 5.07% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 14.68% | 10.48% | 8.87% |
- Total Net Assets$14,003,628
- Number of Portfolio Holdings58
- Portfolio Turnover Rate71%
- Management Fees$12,119
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| PPL Capital Funding Inc. | 3.8% |
| Northern Oil & Gas Inc. | 3.3% |
| PG&E Corp. | 3.1% |
| ON Semiconductor Corp. | 2.9% |
| NextEra Energy Partners LP | 2.9% |
| CSG Systems International Inc. | 2.9% |
| Sarepta Therapeutics Inc. | 2.8% |
| Array Technologies Inc. | 2.8% |
| Progress Software Corp. | 2.6% |
| Halozyme Therapeutics Inc. | 2.5% |
Portfolio Weighting (% of net assets)
| Convertible Corporate Bonds | 89.6% |
| Mandatory Convertible Securities | 6.3% |
| U.S. Government Obligations | 2.1% |
| Convertible Preferred Stocks | 1.8% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Health Care | 17.5% |
| Computer Software and Services | 17.1% |
| Energy and Utilities: Services | 13.8% |
| Energy and Utilities: Integrated | 10.2% |
| Semiconductors | 9.1% |
| Entertainment | 4.5% |
| Financial Services | 4.3% |
| Real Estate Investment Trusts | 4.2% |
| Consumer Services | 2.5% |
| Other Industry sectors | 16.6% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Convertible Securities Fund - Class C (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Teton Convertible Securities Fund - Class C | $200 | 1.90% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year but could not keep up with the best performers in the index. Relative performance improved later as the market rotation from mega cap to small cap benefitted many balanced convertible issues. Top contributors this year included some semiconductor holdings as well as online education and space system providers. Top detractors were companies undertaking significant capital investment focused on clean energy and electric vehicles.
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
| TETON Westwood Convertible Securities Fund - Class C | TETON Westwood Convertible Securities Fund - Class C (includes sales charge) | S&P 500 Index | ICE Bank of America Merrill Lynch U.S. Convertibles Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 8,889 | 8,800 | 9,939 | 9,775 |
| 9/16 | 9,738 | 9,552 | 11,473 | 10,663 |
| 9/17 | 11,029 | 10,724 | 13,608 | 12,188 |
| 9/18 | 12,524 | 12,069 | 16,045 | 13,670 |
| 9/19 | 13,062 | 12,468 | 16,727 | 14,219 |
| 9/20 | 15,012 | 14,204 | 19,261 | 17,233 |
| 9/21 | 17,946 | 16,838 | 25,039 | 21,938 |
| 9/22 | 13,581 | 12,615 | 21,165 | 26,327 |
| 9/23 | 13,725 | 12,622 | 25,741 | 28,299 |
| 9/24 | 15,219 | 13,870 | 35,098 | 32,454 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Convertible Securities Fund - Class C | 10.88% | 3.10% | 4.29% |
| TETON Westwood Convertible Securities Fund - Class C (includes sales charge) | 9.88% | 3.10% | 4.29% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 14.68% | 10.48% | 8.87% |
- Total Net Assets$14,003,628
- Number of Portfolio Holdings58
- Portfolio Turnover Rate71%
- Management Fees$12,119
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| PPL Capital Funding Inc. | 3.8% |
| Northern Oil & Gas Inc. | 3.3% |
| PG&E Corp. | 3.1% |
| ON Semiconductor Corp. | 2.9% |
| NextEra Energy Partners LP | 2.9% |
| CSG Systems International Inc. | 2.9% |
| Sarepta Therapeutics Inc. | 2.8% |
| Array Technologies Inc. | 2.8% |
| Progress Software Corp. | 2.6% |
| Halozyme Therapeutics Inc. | 2.5% |
Portfolio Weighting (% of net assets)
| Convertible Corporate Bonds | 89.6% |
| Mandatory Convertible Securities | 6.3% |
| U.S. Government Obligations | 2.1% |
| Convertible Preferred Stocks | 1.8% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Health Care | 17.5% |
| Computer Software and Services | 17.1% |
| Energy and Utilities: Services | 13.8% |
| Energy and Utilities: Integrated | 10.2% |
| Semiconductors | 9.1% |
| Entertainment | 4.5% |
| Financial Services | 4.3% |
| Real Estate Investment Trusts | 4.2% |
| Consumer Services | 2.5% |
| Other Industry sectors | 16.6% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Convertible Securities Fund - Class I (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Teton Convertible Securities Fund - Class I | $95 | 0.90% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year but could not keep up with the best performers in the index. Relative performance improved later as the market rotation from mega cap to small cap benefitted many balanced convertible issues. Top contributors this year included some semiconductor holdings as well as online education and space system providers. Top detractors were companies undertaking significant capital investment focused on clean energy and electric vehicles.
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
| TETON Westwood Convertible Securities Fund - Class I | S&P 500 Index | ICE Bank of America Merrill Lynch U.S. Convertibles Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 8,981 | 9,939 | 9,775 |
| 9/16 | 9,929 | 11,473 | 10,663 |
| 9/17 | 11,369 | 13,608 | 12,188 |
| 9/18 | 13,051 | 16,045 | 13,670 |
| 9/19 | 13,746 | 16,727 | 14,219 |
| 9/20 | 15,950 | 19,261 | 17,233 |
| 9/21 | 19,266 | 25,039 | 21,938 |
| 9/22 | 14,727 | 21,165 | 26,327 |
| 9/23 | 15,029 | 25,741 | 28,299 |
| 9/24 | 16,822 | 35,098 | 32,454 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Convertible Securities Fund - Class I | 11.93% | 4.11% | 5.33% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 14.68% | 10.48% | 8.87% |
- Total Net Assets$14,003,628
- Number of Portfolio Holdings58
- Portfolio Turnover Rate71%
- Management Fees$12,119
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| PPL Capital Funding Inc. | 3.8% |
| Northern Oil & Gas Inc. | 3.3% |
| PG&E Corp. | 3.1% |
| ON Semiconductor Corp. | 2.9% |
| NextEra Energy Partners LP | 2.9% |
| CSG Systems International Inc. | 2.9% |
| Sarepta Therapeutics Inc. | 2.8% |
| Array Technologies Inc. | 2.8% |
| Progress Software Corp. | 2.6% |
| Halozyme Therapeutics Inc. | 2.5% |
Portfolio Weighting (% of net assets)
| Convertible Corporate Bonds | 89.6% |
| Mandatory Convertible Securities | 6.3% |
| U.S. Government Obligations | 2.1% |
| Convertible Preferred Stocks | 1.8% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Health Care | 17.5% |
| Computer Software and Services | 17.1% |
| Energy and Utilities: Services | 13.8% |
| Energy and Utilities: Integrated | 10.2% |
| Semiconductors | 9.1% |
| Entertainment | 4.5% |
| Financial Services | 4.3% |
| Real Estate Investment Trusts | 4.2% |
| Consumer Services | 2.5% |
| Other Industry sectors | 16.6% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Convertible Securities Fund - Class A (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks opportunities to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Teton Convertible Securities Fund - Class A | $122 | 1.15% |
How did the Fund perform?
For the fiscal year ended September 30, 2024, the TETON Westwood Convertible Securities Fund underperformed its benchmarks, the S&P 500 and ICE BAML U.S. Convertibles Indices. The Fund was overweight balanced convertibles which performed well this year but could not keep up with the best performers in the index. Relative performance improved later as the market rotation from mega cap to small cap benefitted many balanced convertible issues. Top contributors this year included some semiconductor holdings as well as online education and space system providers. Top detractors were companies undertaking significant capital investment focused on clean energy and electric vehicles.
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
| TETON Westwood Convertible Securities Fund - Class A | TETON Westwood Convertible Securities Fund - Class A (includes sales charge) | S&P 500 Index | ICE Bank of America Merrill Lynch U.S. Convertibles Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 8,938 | 8,578 | 9,939 | 9,775 |
| 9/16 | 9,837 | 9,065 | 11,473 | 10,663 |
| 9/17 | 11,194 | 9,901 | 13,608 | 12,188 |
| 9/18 | 12,785 | 10,859 | 16,045 | 13,670 |
| 9/19 | 13,400 | 10,928 | 16,727 | 14,219 |
| 9/20 | 15,473 | 12,110 | 19,261 | 17,233 |
| 9/21 | 18,638 | 14,004 | 25,039 | 21,938 |
| 9/22 | 14,208 | 10,248 | 21,165 | 26,327 |
| 9/23 | 14,463 | 10,018 | 25,741 | 28,299 |
| 9/24 | 16,148 | 10,737 | 35,098 | 32,454 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Convertible Securities Fund - Class A | 11.65% | 3.80% | 4.91% |
| TETON Westwood Convertible Securities Fund - Class A (includes sales charge) | 7.18% | 2.95% | 4.48% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| ICE Bank of America Merrill Lynch U.S. Convertibles Index | 14.68% | 10.48% | 8.87% |
- Total Net Assets$14,003,628
- Number of Portfolio Holdings58
- Portfolio Turnover Rate71%
- Management Fees$12,119
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| PPL Capital Funding Inc. | 3.8% |
| Northern Oil & Gas Inc. | 3.3% |
| PG&E Corp. | 3.1% |
| ON Semiconductor Corp. | 2.9% |
| NextEra Energy Partners LP | 2.9% |
| CSG Systems International Inc. | 2.9% |
| Sarepta Therapeutics Inc. | 2.8% |
| Array Technologies Inc. | 2.8% |
| Progress Software Corp. | 2.6% |
| Halozyme Therapeutics Inc. | 2.5% |
Portfolio Weighting (% of net assets)
| Convertible Corporate Bonds | 89.6% |
| Mandatory Convertible Securities | 6.3% |
| U.S. Government Obligations | 2.1% |
| Convertible Preferred Stocks | 1.8% |
| Other Assets and Liabilities (Net) | 0.2% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Health Care | 17.5% |
| Computer Software and Services | 17.1% |
| Energy and Utilities: Services | 13.8% |
| Energy and Utilities: Integrated | 10.2% |
| Semiconductors | 9.1% |
| Entertainment | 4.5% |
| Financial Services | 4.3% |
| Real Estate Investment Trusts | 4.2% |
| Consumer Services | 2.5% |
| Other Industry sectors | 16.6% |
| Other Assets and Liabilities (Net) | 0.2% |
TETON Westwood Convertible Securities Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Equity Fund - Class AAA (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Equity Fund - Class AAA | $176 | 1.59% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the TETON Westwood Equity Fund rode a market rally, but underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. posted strong returns, driven mostly by large-cap growth names. The “Magnificent Seven” led the market through June, at which point the markets broadened and small-cap and value stocks gained ground. During the period, three of our top holdings were large banks, and Financials was the best performing sector. Energy stocks had a negative impact on total return, as two large companies declined and the sector as a whole trailed the benchmark.
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
| TETON Westwood Equity Fund - Class AAA | S&P 500 Index | Russell 1000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,910 | 9,939 | 9,558 |
| 9/16 | 11,043 | 11,473 | 11,106 |
| 9/17 | 12,877 | 13,608 | 12,786 |
| 9/18 | 14,698 | 16,045 | 13,994 |
| 9/19 | 15,556 | 16,727 | 14,554 |
| 9/20 | 14,884 | 19,261 | 13,822 |
| 9/21 | 18,901 | 25,039 | 18,661 |
| 9/22 | 17,247 | 21,165 | 16,541 |
| 9/23 | 19,012 | 25,741 | 18,929 |
| 9/24 | 23,018 | 35,098 | 24,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Equity Fund - Class AAA | 21.07% | 8.15% | 8.69% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| Russell 1000 Value Index | 27.76% | 10.69% | 9.23% |
- Total Net Assets$45,640,027
- Number of Portfolio Holdings48
- Portfolio Turnover Rate35%
- Management Fees$441,381
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| UnitedHealth Group Inc. | 3.5% |
| JPMorgan Chase & Co. | 3.5% |
| Johnson & Johnson | 3.4% |
| Microsoft Corp. | 3.1% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corp. | 3.0% |
| Bank of America Corp. | 2.9% |
| Visa Inc. | 2.5% |
| The Goldman Sachs Group Inc. | 2.4% |
| CACI International Inc. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 98.8% |
| Short Term Investment | 1.2% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 12.9% |
| Computer Software and Services | 12.1% |
| Health Care | 11.9% |
| Retail | 9.6% |
| Equipment and Supplies | 7.4% |
| Energy: Integrated | 6.3% |
| Food and Beverage | 5.9% |
| Real Estate | 4.1% |
| Energy: Oil | 3.7% |
| Other Industry sectors | 26.1% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Equity Fund - Class C (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Equity Fund - Class C | $258 | 2.34% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the TETON Westwood Equity Fund rode a market rally, but underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. posted strong returns, driven mostly by large-cap growth names. The “Magnificent Seven” led the market through June, at which point the markets broadened and small-cap and value stocks gained ground. During the period, three of our top holdings were large banks, and Financials was the best performing sector. Energy stocks had a negative impact on total return, as two large companies declined and the sector as a whole trailed the benchmark.
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
| TETON Westwood Equity Fund - Class C | TETON Westwood Equity Fund - Class C (includes sales charge) | S&P 500 Index | Russell 1000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,838 | 9,739 | 9,939 | 9,558 |
| 9/16 | 10,880 | 10,673 | 11,473 | 11,106 |
| 9/17 | 12,590 | 12,244 | 13,608 | 12,786 |
| 9/18 | 14,267 | 13,752 | 16,045 | 13,994 |
| 9/19 | 14,979 | 14,301 | 16,727 | 14,554 |
| 9/20 | 14,224 | 13,445 | 19,261 | 13,822 |
| 9/21 | 17,912 | 16,796 | 25,039 | 18,661 |
| 9/22 | 16,229 | 15,065 | 21,165 | 16,541 |
| 9/23 | 17,749 | 16,326 | 25,741 | 18,929 |
| 9/24 | 21,345 | 19,470 | 35,098 | 24,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Equity Fund - Class C | 20.26% | 7.34% | 7.88% |
| TETON Westwood Equity Fund - Class C (includes sales charge) | 19.26% | 7.34% | 7.88% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| Russell 1000 Value Index | 27.76% | 10.69% | 9.23% |
- Total Net Assets$45,640,027
- Number of Portfolio Holdings48
- Portfolio Turnover Rate35%
- Management Fees$441,381
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| UnitedHealth Group Inc. | 3.5% |
| JPMorgan Chase & Co. | 3.5% |
| Johnson & Johnson | 3.4% |
| Microsoft Corp. | 3.1% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corp. | 3.0% |
| Bank of America Corp. | 2.9% |
| Visa Inc. | 2.5% |
| The Goldman Sachs Group Inc. | 2.4% |
| CACI International Inc. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 98.8% |
| Short Term Investment | 1.2% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 12.9% |
| Computer Software and Services | 12.1% |
| Health Care | 11.9% |
| Retail | 9.6% |
| Equipment and Supplies | 7.4% |
| Energy: Integrated | 6.3% |
| Food and Beverage | 5.9% |
| Real Estate | 4.1% |
| Energy: Oil | 3.7% |
| Other Industry sectors | 26.1% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Equity Fund - Class I (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Equity Fund - Class I | $148 | 1.34% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the TETON Westwood Equity Fund rode a market rally, but underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. posted strong returns, driven mostly by large-cap growth names. The “Magnificent Seven” led the market through June, at which point the markets broadened and small-cap and value stocks gained ground. During the period, three of our top holdings were large banks, and Financials was the best performing sector. Energy stocks had a negative impact on total return, as two large companies declined and the sector as a whole trailed the benchmark.
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
| TETON Westwood Equity Fund - Class I | S&P 500 Index | Russell 1000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,937 | 9,939 | 9,558 |
| 9/16 | 11,096 | 11,473 | 11,106 |
| 9/17 | 12,965 | 13,608 | 12,786 |
| 9/18 | 14,841 | 16,045 | 13,994 |
| 9/19 | 15,744 | 16,727 | 14,554 |
| 9/20 | 15,100 | 19,261 | 13,822 |
| 9/21 | 19,224 | 25,039 | 18,661 |
| 9/22 | 17,586 | 21,165 | 16,541 |
| 9/23 | 19,439 | 25,741 | 18,929 |
| 9/24 | 23,613 | 35,098 | 24,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Equity Fund - Class I | 21.47% | 8.44% | 8.97% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| Russell 1000 Value Index | 27.76% | 10.69% | 9.23% |
- Total Net Assets$45,640,027
- Number of Portfolio Holdings48
- Portfolio Turnover Rate35%
- Management Fees$441,381
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| UnitedHealth Group Inc. | 3.5% |
| JPMorgan Chase & Co. | 3.5% |
| Johnson & Johnson | 3.4% |
| Microsoft Corp. | 3.1% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corp. | 3.0% |
| Bank of America Corp. | 2.9% |
| Visa Inc. | 2.5% |
| The Goldman Sachs Group Inc. | 2.4% |
| CACI International Inc. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 98.8% |
| Short Term Investment | 1.2% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 12.9% |
| Computer Software and Services | 12.1% |
| Health Care | 11.9% |
| Retail | 9.6% |
| Equipment and Supplies | 7.4% |
| Energy: Integrated | 6.3% |
| Food and Beverage | 5.9% |
| Real Estate | 4.1% |
| Energy: Oil | 3.7% |
| Other Industry sectors | 26.1% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Equity Fund - Class A (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide capital appreciation while maintaining a prudent risk profile. The Fund primarily invests in well seasoned companies that have reported positive earnings surprises and are trading well below Westwood’s proprietary growth rate estimates. The Fund invests in 40-60 common stocks. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Equity Fund - Class A | $176 | 1.59% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the TETON Westwood Equity Fund rode a market rally, but underperformed its primary benchmark, the S&P 500 Index. Equity markets in the U.S. posted strong returns, driven mostly by large-cap growth names. The “Magnificent Seven” led the market through June, at which point the markets broadened and small-cap and value stocks gained ground. During the period, three of our top holdings were large banks, and Financials was the best performing sector. Energy stocks had a negative impact on total return, as two large companies declined and the sector as a whole trailed the benchmark.
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
| TETON Westwood Equity Fund - Class A | TETON Westwood Equity Fund - Class A (includes sales charge) | S&P 500 Index | Russell 1000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,893 | 9,497 | 9,939 | 9,558 |
| 9/16 | 10,998 | 10,135 | 11,473 | 11,106 |
| 9/17 | 12,785 | 11,311 | 13,608 | 12,786 |
| 9/18 | 14,560 | 12,366 | 16,045 | 13,994 |
| 9/19 | 15,374 | 12,536 | 16,727 | 14,554 |
| 9/20 | 14,671 | 11,485 | 19,261 | 13,822 |
| 9/21 | 18,624 | 13,996 | 25,039 | 18,661 |
| 9/22 | 16,992 | 12,259 | 21,165 | 16,541 |
| 9/23 | 18,729 | 12,971 | 25,741 | 18,929 |
| 9/24 | 22,695 | 15,089 | 35,098 | 24,184 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Equity Fund - Class A | 21.18% | 8.10% | 8.54% |
| TETON Westwood Equity Fund - Class A (includes sales charge) | 16.33% | 7.22% | 8.10% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| Russell 1000 Value Index | 27.76% | 10.69% | 9.23% |
- Total Net Assets$45,640,027
- Number of Portfolio Holdings48
- Portfolio Turnover Rate35%
- Management Fees$441,381
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| UnitedHealth Group Inc. | 3.5% |
| JPMorgan Chase & Co. | 3.5% |
| Johnson & Johnson | 3.4% |
| Microsoft Corp. | 3.1% |
| Abbott Laboratories | 3.0% |
| Union Pacific Corp. | 3.0% |
| Bank of America Corp. | 2.9% |
| Visa Inc. | 2.5% |
| The Goldman Sachs Group Inc. | 2.4% |
| CACI International Inc. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 98.8% |
| Short Term Investment | 1.2% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 12.9% |
| Computer Software and Services | 12.1% |
| Health Care | 11.9% |
| Retail | 9.6% |
| Equipment and Supplies | 7.4% |
| Energy: Integrated | 6.3% |
| Food and Beverage | 5.9% |
| Real Estate | 4.1% |
| Energy: Oil | 3.7% |
| Other Industry sectors | 26.1% |
Other Assets and Liabilities (Net)Footnote Reference* | (0.0)% |
| Footnote | Description |
Footnote* | Amount represents greater than (0.05)%. |
TETON Westwood Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class AAA (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Mighty Mites Fund - Class AAA | $163 | 1.50% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the Mighty Mites Fund underperformed its broad based benchmark, the S&P 500 Index, and its comparative benchmark, the Dow Jones U.S. Micro-Cap Total Stock Market Index. The Fund’s underperformance is attributable to its exposure to micro-cap stocks, as the Fund seeks to invest in companies that have market capitalizations of $500 million or less at time of purchase. The environment for small caps was challenged relative to large capitalization companies given investor sensitivity to higher interest rates and concerns of an economic slowdown.
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
| TETON Westwood Mighty Mites Fund - Class AAA | Russell 2000 Index | Dow Jones U.S. Micro-Cap Total Stock Market Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,743 | 10,125 | 10,827 |
| 9/16 | 11,203 | 11,691 | 12,702 |
| 9/17 | 13,938 | 14,116 | 16,427 |
| 9/18 | 14,549 | 16,267 | 18,424 |
| 9/19 | 13,385 | 14,821 | 16,840 |
| 9/20 | 12,223 | 14,879 | 14,236 |
| 9/21 | 18,185 | 21,973 | 23,168 |
| 9/22 | 14,432 | 16,810 | 19,822 |
| 9/23 | 16,467 | 18,311 | 22,350 |
| 9/24 | 19,386 | 23,211 | 26,129 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Mighty Mites Fund - Class AAA | 17.73% | 7.69% | 6.85% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 16.91% | 3.73% | 4.31% |
- Total Net Assets$263,073,382
- Number of Portfolio Holdings294
- Portfolio Turnover Rate2%
- Management Fees$2,965,587
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Ducommun Inc. | 3.5% |
| Nathan's Famous Inc. | 3.5% |
| Gencor Industries Inc. | 2.9% |
| The Eastern Co. | 2.8% |
| Distribution Solutions Group Inc. | 2.5% |
| Full House Resorts Inc. | 2.3% |
| Myers Industries Inc. | 2.2% |
| Park-Ohio Holdings Corp. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Flushing Financial Corp. | 1.7% |
Portfolio Weighting (% of net assets)
| Common Stocks | 100.2% |
| U.S. Government Obligations | 0.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.4)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 13.9% |
| Diversified Industrial | 13.3% |
| Equipment and Supplies | 6.2% |
| Hotels and Gaming | 5.6% |
| Electronics | 5.5% |
| Machinery | 5.2% |
| Aviation: Parts and Services | 5.0% |
| Health Care | 4.7% |
| Building and Construction | 4.0% |
| Other Industry sectors | 37.0% |
| Other Assets and Liabilities (Net) | (0.4)% |
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class C (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Mighty Mites Fund - Class C | $244 | 2.25% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the Mighty Mites Fund underperformed its broad based benchmark, the S&P 500 Index, and its comparative benchmark, the Dow Jones U.S. Micro-Cap Total Stock Market Index. The Fund’s underperformance is attributable to its exposure to micro-cap stocks, as the Fund seeks to invest in companies that have market capitalizations of $500 million or less at time of purchase. The environment for small caps was challenged relative to large capitalization companies given investor sensitivity to higher interest rates and concerns of an economic slowdown.
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
| TETON Westwood Mighty Mites Fund - Class C | TETON Westwood Mighty Mites Fund - Class C (includes sales charge) | Russell 2000 Index | Dow Jones U.S. Micro-Cap Total Stock Market Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,676 | 9,579 | 10,125 | 10,827 |
| 9/16 | 11,036 | 10,830 | 11,691 | 12,702 |
| 9/17 | 13,632 | 13,269 | 14,116 | 16,427 |
| 9/18 | 14,127 | 13,618 | 16,267 | 18,424 |
| 9/19 | 12,898 | 12,309 | 14,821 | 16,840 |
| 9/20 | 11,686 | 11,041 | 14,879 | 14,236 |
| 9/21 | 17,255 | 16,193 | 21,973 | 23,168 |
| 9/22 | 13,593 | 12,629 | 16,810 | 19,822 |
| 9/23 | 15,392 | 14,174 | 18,311 | 22,350 |
| 9/24 | 17,990 | 16,424 | 23,211 | 26,129 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Mighty Mites Fund - Class C | 16.88% | 6.88% | 6.05% |
| TETON Westwood Mighty Mites Fund - Class C (includes sales charge) | 15.88% | 6.88% | 6.05% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 16.91% | 3.73% | 4.31% |
- Total Net Assets$263,073,382
- Number of Portfolio Holdings294
- Portfolio Turnover Rate2%
- Management Fees$2,965,587
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Ducommun Inc. | 3.5% |
| Nathan's Famous Inc. | 3.5% |
| Gencor Industries Inc. | 2.9% |
| The Eastern Co. | 2.8% |
| Distribution Solutions Group Inc. | 2.5% |
| Full House Resorts Inc. | 2.3% |
| Myers Industries Inc. | 2.2% |
| Park-Ohio Holdings Corp. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Flushing Financial Corp. | 1.7% |
Portfolio Weighting (% of net assets)
| Common Stocks | 100.2% |
| U.S. Government Obligations | 0.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.4)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 13.9% |
| Diversified Industrial | 13.3% |
| Equipment and Supplies | 6.2% |
| Hotels and Gaming | 5.6% |
| Electronics | 5.5% |
| Machinery | 5.2% |
| Aviation: Parts and Services | 5.0% |
| Health Care | 4.7% |
| Building and Construction | 4.0% |
| Other Industry sectors | 37.0% |
| Other Assets and Liabilities (Net) | (0.4)% |
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class I (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Mighty Mites Fund - Class I | $136 | 1.25% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the Mighty Mites Fund underperformed its broad based benchmark, the S&P 500 Index, and its comparative benchmark, the Dow Jones U.S. Micro-Cap Total Stock Market Index. The Fund’s underperformance is attributable to its exposure to micro-cap stocks, as the Fund seeks to invest in companies that have market capitalizations of $500 million or less at time of purchase. The environment for small caps was challenged relative to large capitalization companies given investor sensitivity to higher interest rates and concerns of an economic slowdown.
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
| TETON Westwood Mighty Mites Fund - Class I | Russell 2000 Index | Dow Jones U.S. Micro-Cap Total Stock Market Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,772 | 10,125 | 10,827 |
| 9/16 | 11,259 | 11,691 | 12,702 |
| 9/17 | 14,045 | 14,116 | 16,427 |
| 9/18 | 14,701 | 16,267 | 18,424 |
| 9/19 | 13,554 | 14,821 | 16,840 |
| 9/20 | 12,411 | 14,879 | 14,236 |
| 9/21 | 18,509 | 21,973 | 23,168 |
| 9/22 | 14,726 | 16,810 | 19,822 |
| 9/23 | 16,844 | 18,311 | 22,350 |
| 9/24 | 19,875 | 23,211 | 26,129 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Mighty Mites Fund - Class I | 18.00% | 7.96% | 7.11% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 16.91% | 3.73% | 4.31% |
- Total Net Assets$263,073,382
- Number of Portfolio Holdings294
- Portfolio Turnover Rate2%
- Management Fees$2,965,587
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Ducommun Inc. | 3.5% |
| Nathan's Famous Inc. | 3.5% |
| Gencor Industries Inc. | 2.9% |
| The Eastern Co. | 2.8% |
| Distribution Solutions Group Inc. | 2.5% |
| Full House Resorts Inc. | 2.3% |
| Myers Industries Inc. | 2.2% |
| Park-Ohio Holdings Corp. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Flushing Financial Corp. | 1.7% |
Portfolio Weighting (% of net assets)
| Common Stocks | 100.2% |
| U.S. Government Obligations | 0.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.4)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 13.9% |
| Diversified Industrial | 13.3% |
| Equipment and Supplies | 6.2% |
| Hotels and Gaming | 5.6% |
| Electronics | 5.5% |
| Machinery | 5.2% |
| Aviation: Parts and Services | 5.0% |
| Health Care | 4.7% |
| Building and Construction | 4.0% |
| Other Industry sectors | 37.0% |
| Other Assets and Liabilities (Net) | (0.4)% |
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood Mighty Mites Fund - Class A (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom-up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV). Private Market Value is the value the Fund’s adviser, believes informed investors would be willing to pay to acquire a company. As such, the portfolio is diversified across a broad cross section of companies sharing these valuation characteristics. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3544.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| Mighty Mites Fund - Class A | $163 | 1.50% |
How did the Fund perform?
During the fiscal year ended September 30, 2024, the Mighty Mites Fund underperformed its broad based benchmark, the S&P 500 Index, and its comparative benchmark, the Dow Jones U.S. Micro-Cap Total Stock Market Index. The Fund’s underperformance is attributable to its exposure to micro-cap stocks, as the Fund seeks to invest in companies that have market capitalizations of $500 million or less at time of purchase. The environment for small caps was challenged relative to large capitalization companies given investor sensitivity to higher interest rates and concerns of an economic slowdown.
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
| TETON Westwood Mighty Mites Fund - Class A | TETON Westwood Mighty Mites Fund - Class A (includes sales charge) | Russell 2000 Index | Dow Jones U.S. Micro-Cap Total Stock Market Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,723 | 9,334 | 10,125 | 10,827 |
| 9/16 | 11,146 | 10,273 | 11,691 | 12,702 |
| 9/17 | 13,836 | 12,242 | 14,116 | 16,427 |
| 9/18 | 14,408 | 12,239 | 16,267 | 18,424 |
| 9/19 | 13,217 | 10,779 | 14,821 | 16,840 |
| 9/20 | 12,040 | 9,426 | 14,879 | 14,236 |
| 9/21 | 18,028 | 13,459 | 21,973 | 23,168 |
| 9/22 | 14,309 | 10,255 | 16,810 | 19,822 |
| 9/23 | 16,327 | 11,233 | 18,311 | 22,350 |
| 9/24 | 19,213 | 12,690 | 23,211 | 26,129 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood Mighty Mites Fund - Class A | 17.68% | 7.62% | 6.68% |
| TETON Westwood Mighty Mites Fund - Class A (includes sales charge) | 12.97% | 6.75% | 6.24% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Dow Jones U.S. Micro-Cap Total Stock Market Index | 16.91% | 3.73% | 4.31% |
- Total Net Assets$263,073,382
- Number of Portfolio Holdings294
- Portfolio Turnover Rate2%
- Management Fees$2,965,587
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| Ducommun Inc. | 3.5% |
| Nathan's Famous Inc. | 3.5% |
| Gencor Industries Inc. | 2.9% |
| The Eastern Co. | 2.8% |
| Distribution Solutions Group Inc. | 2.5% |
| Full House Resorts Inc. | 2.3% |
| Myers Industries Inc. | 2.2% |
| Park-Ohio Holdings Corp. | 2.0% |
| The Monarch Cement Co. | 1.8% |
| Flushing Financial Corp. | 1.7% |
Portfolio Weighting (% of net assets)
| Common Stocks | 100.2% |
| U.S. Government Obligations | 0.1% |
| Preferred Stocks | 0.1% |
| Other Assets and Liabilities (Net) | (0.4)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Financial Services | 13.9% |
| Diversified Industrial | 13.3% |
| Equipment and Supplies | 6.2% |
| Hotels and Gaming | 5.6% |
| Electronics | 5.5% |
| Machinery | 5.2% |
| Aviation: Parts and Services | 5.0% |
| Health Care | 4.7% |
| Building and Construction | 4.0% |
| Other Industry sectors | 37.0% |
| Other Assets and Liabilities (Net) | (0.4)% |
TETON Westwood Mighty Mites Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class AAA (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| SmallCap Equity Fund - Class AAA | $139 | 1.25% |
How did the Fund perform?
During the twelve months ended September 30, 2024, the TETON Westwood SmallCap Equity Fund underperformed the Russell 2000 Index. The primary detractors included value-oriented technology holdings, mixed returns for our healthcare names, and a drag from single stock that was acquired at a significant premium following the marking period. Our banks, trading at low valuations, drove strong gains into the advent of a rate-cutting cycle. Also, a data center related name powered our industrials. The Fund remains value-oriented in pursuit of opportunities, preferring companies with downside protection in the form of solid balance sheets or defensible business models.
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
| TETON Westwood SmallCap Equity Fund - Class AAA | Russell 2000 Index | Russell 2000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,760 | 10,125 | 9,840 |
| 9/16 | 11,817 | 11,691 | 11,691 |
| 9/17 | 14,547 | 14,116 | 14,093 |
| 9/18 | 15,955 | 16,267 | 15,408 |
| 9/19 | 15,068 | 14,821 | 14,139 |
| 9/20 | 13,549 | 14,879 | 12,035 |
| 9/21 | 22,649 | 21,973 | 19,727 |
| 9/22 | 19,299 | 16,810 | 16,238 |
| 9/23 | 21,648 | 18,311 | 17,511 |
| 9/24 | 26,411 | 23,211 | 22,042 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood SmallCap Equity Fund - Class AAA | 22.00% | 11.88% | 10.20% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Russell 2000 Value Index | 25.88% | 9.29% | 8.22% |
- Total Net Assets$70,706,671
- Number of Portfolio Holdings84
- Portfolio Turnover Rate21%
- Management Fees$481,319
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| NetScout Systems Inc. | 2.8% |
| Flowserve Corp. | 2.8% |
| OPENLANE Inc. | 2.7% |
| American Eagle Outfitters Inc. | 2.7% |
| Advanced Energy Industries Inc. | 2.7% |
| Patterson Cos. Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| Ethan Allen Interiors Inc. | 2.5% |
| Enerpac Tool Group Corp. | 2.5% |
| AAR Corp. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 99.0% |
| U.S. Government Obligations | 1.1% |
| Other Assets and Liabilities (Net) | (0.1)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Banking | 12.6% |
| Health Care | 10.6% |
| Retail | 7.9% |
| Financial Services | 6.4% |
| Computer Software and Services | 6.2% |
| Electronics | 5.6% |
| Energy and Utilities | 5.4% |
| Semiconductors | 5.3% |
| Business Services | 5.2% |
| Other Industry sectors | 34.9% |
| Other Assets and Liabilities (Net) | (0.1)% |
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class C (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| SmallCap Equity Fund - Class C | $221 | 2.00% |
How did the Fund perform?
During the twelve months ended September 30, 2024, the TETON Westwood SmallCap Equity Fund underperformed the Russell 2000 Index. The primary detractors included value-oriented technology holdings, mixed returns for our healthcare names, and a drag from single stock that was acquired at a significant premium following the marking period. Our banks, trading at low valuations, drove strong gains into the advent of a rate-cutting cycle. Also, a data center related name powered our industrials. The Fund remains value-oriented in pursuit of opportunities, preferring companies with downside protection in the form of solid balance sheets or defensible business models.
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
| TETON Westwood SmallCap Equity Fund - Class C | TETON Westwood SmallCap Equity Fund - Class C (includes sales charge) | Russell 2000 Index | Russell 2000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,681 | 9,584 | 10,125 | 9,840 |
| 9/16 | 11,640 | 11,428 | 11,691 | 11,691 |
| 9/17 | 14,229 | 13,855 | 14,116 | 14,093 |
| 9/18 | 15,480 | 14,935 | 16,267 | 15,408 |
| 9/19 | 14,519 | 13,868 | 14,821 | 14,139 |
| 9/20 | 12,948 | 12,244 | 14,879 | 12,035 |
| 9/21 | 21,487 | 20,197 | 21,973 | 19,727 |
| 9/22 | 18,182 | 16,919 | 16,810 | 16,238 |
| 9/23 | 20,235 | 18,660 | 18,311 | 17,511 |
| 9/24 | 24,502 | 22,409 | 23,211 | 22,042 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood SmallCap Equity Fund - Class C | 21.09% | 11.03% | 9.37% |
| TETON Westwood SmallCap Equity Fund - Class C (includes sales charge) | 20.09% | 11.03% | 9.37% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Russell 2000 Value Index | 25.88% | 9.29% | 8.22% |
- Total Net Assets$70,706,671
- Number of Portfolio Holdings84
- Portfolio Turnover Rate21%
- Management Fees$481,319
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| NetScout Systems Inc. | 2.8% |
| Flowserve Corp. | 2.8% |
| OPENLANE Inc. | 2.7% |
| American Eagle Outfitters Inc. | 2.7% |
| Advanced Energy Industries Inc. | 2.7% |
| Patterson Cos. Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| Ethan Allen Interiors Inc. | 2.5% |
| Enerpac Tool Group Corp. | 2.5% |
| AAR Corp. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 99.0% |
| U.S. Government Obligations | 1.1% |
| Other Assets and Liabilities (Net) | (0.1)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Banking | 12.6% |
| Health Care | 10.6% |
| Retail | 7.9% |
| Financial Services | 6.4% |
| Computer Software and Services | 6.2% |
| Electronics | 5.6% |
| Energy and Utilities | 5.4% |
| Semiconductors | 5.3% |
| Business Services | 5.2% |
| Other Industry sectors | 34.9% |
| Other Assets and Liabilities (Net) | (0.1)% |
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class I (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| SmallCap Equity Fund - Class I | $111 | 1.00% |
How did the Fund perform?
During the twelve months ended September 30, 2024, the TETON Westwood SmallCap Equity Fund underperformed the Russell 2000 Index. The primary detractors included value-oriented technology holdings, mixed returns for our healthcare names, and a drag from single stock that was acquired at a significant premium following the marking period. Our banks, trading at low valuations, drove strong gains into the advent of a rate-cutting cycle. Also, a data center related name powered our industrials. The Fund remains value-oriented in pursuit of opportunities, preferring companies with downside protection in the form of solid balance sheets or defensible business models.
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
| TETON Westwood SmallCap Equity Fund - Class I | Russell 2000 Index | Russell 2000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,780 | 10,125 | 9,840 |
| 9/16 | 11,880 | 11,691 | 11,691 |
| 9/17 | 14,660 | 14,116 | 14,093 |
| 9/18 | 16,111 | 16,267 | 15,408 |
| 9/19 | 15,262 | 14,821 | 14,139 |
| 9/20 | 13,756 | 14,879 | 12,035 |
| 9/21 | 23,047 | 21,973 | 19,727 |
| 9/22 | 19,696 | 16,810 | 16,238 |
| 9/23 | 22,141 | 18,311 | 17,511 |
| 9/24 | 27,076 | 23,211 | 22,042 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood SmallCap Equity Fund - Class I | 22.29% | 12.15% | 10.47% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Russell 2000 Value Index | 25.88% | 9.29% | 8.22% |
- Total Net Assets$70,706,671
- Number of Portfolio Holdings84
- Portfolio Turnover Rate21%
- Management Fees$481,319
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| NetScout Systems Inc. | 2.8% |
| Flowserve Corp. | 2.8% |
| OPENLANE Inc. | 2.7% |
| American Eagle Outfitters Inc. | 2.7% |
| Advanced Energy Industries Inc. | 2.7% |
| Patterson Cos. Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| Ethan Allen Interiors Inc. | 2.5% |
| Enerpac Tool Group Corp. | 2.5% |
| AAR Corp. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 99.0% |
| U.S. Government Obligations | 1.1% |
| Other Assets and Liabilities (Net) | (0.1)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Banking | 12.6% |
| Health Care | 10.6% |
| Retail | 7.9% |
| Financial Services | 6.4% |
| Computer Software and Services | 6.2% |
| Electronics | 5.6% |
| Energy and Utilities | 5.4% |
| Semiconductors | 5.3% |
| Business Services | 5.2% |
| Other Industry sectors | 34.9% |
| Other Assets and Liabilities (Net) | (0.1)% |
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
This Annual shareholder report contains important information about TETON Westwood SmallCap Equity Fund - Class A (the "Fund") for the period of October 1, 2023 to September 30, 2024. The Fund seeks to provide long-term capital appreciation. The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion. The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential. You can find additional information about the Fund at www.tetonadv.com/mutual-fund-performance/. You can also request this information by contacting us at (800) 422-3554.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10k Investment | Costs Paid as a % of a $10k Investment |
|---|
| SmallCap Equity Fund - Class A | $139 | 1.25% |
How did the Fund perform?
During the twelve months ended September 30, 2024, the TETON Westwood SmallCap Equity Fund underperformed the Russell 2000 Index. The primary detractors included value-oriented technology holdings, mixed returns for our healthcare names, and a drag from single stock that was acquired at a significant premium following the marking period. Our banks, trading at low valuations, drove strong gains into the advent of a rate-cutting cycle. Also, a data center related name powered our industrials. The Fund remains value-oriented in pursuit of opportunities, preferring companies with downside protection in the form of solid balance sheets or defensible business models.
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
| TETON Westwood SmallCap Equity Fund - Class A | TETON Westwood SmallCap Equity Fund - Class A (includes sales charge) | Russell 2000 Index | Russell 2000 Value Index |
|---|
| 9/14 | 10,000 | 10,000 | 10,000 | 10,000 |
| 9/15 | 9,728 | 9,339 | 10,125 | 9,840 |
| 9/16 | 11,759 | 10,838 | 11,691 | 11,691 |
| 9/17 | 14,437 | 12,774 | 14,116 | 14,093 |
| 9/18 | 15,791 | 13,412 | 16,267 | 15,408 |
| 9/19 | 14,883 | 12,135 | 14,821 | 14,139 |
| 9/20 | 13,344 | 10,445 | 14,879 | 12,035 |
| 9/21 | 22,298 | 16,756 | 21,973 | 19,727 |
| 9/22 | 19,002 | 13,710 | 16,810 | 16,238 |
| 9/23 | 21,315 | 14,762 | 18,311 | 17,511 |
| 9/24 | 26,006 | 17,290 | 23,211 | 22,042 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| TETON Westwood SmallCap Equity Fund - Class A | 22.01% | 11.81% | 10.03% |
| TETON Westwood SmallCap Equity Fund - Class A (includes sales charge) | 17.12% | 10.90% | 9.58% |
| Russell 2000 Index | 26.76% | 9.39% | 8.78% |
| Russell 2000 Value Index | 25.88% | 9.29% | 8.22% |
- Total Net Assets$70,706,671
- Number of Portfolio Holdings84
- Portfolio Turnover Rate21%
- Management Fees$481,319
Past performance does not guarantee future results. Call (800) 422-3554 or visit www.tetonadv.com/mutual-fund-performance/ for current month-end performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.
What did the Fund invest in?
Top 10 Holdings (% of net assets)
| NetScout Systems Inc. | 2.8% |
| Flowserve Corp. | 2.8% |
| OPENLANE Inc. | 2.7% |
| American Eagle Outfitters Inc. | 2.7% |
| Advanced Energy Industries Inc. | 2.7% |
| Patterson Cos. Inc. | 2.6% |
| Mueller Water Products Inc. | 2.6% |
| Ethan Allen Interiors Inc. | 2.5% |
| Enerpac Tool Group Corp. | 2.5% |
| AAR Corp. | 2.4% |
Portfolio Weighting (% of net assets)
| Common Stocks | 99.0% |
| U.S. Government Obligations | 1.1% |
| Other Assets and Liabilities (Net) | (0.1)% |
Industry Allocation (% of net assets)
| Industry Weighting | . |
|---|
| Banking | 12.6% |
| Health Care | 10.6% |
| Retail | 7.9% |
| Financial Services | 6.4% |
| Computer Software and Services | 6.2% |
| Electronics | 5.6% |
| Energy and Utilities | 5.4% |
| Semiconductors | 5.3% |
| Business Services | 5.2% |
| Other Industry sectors | 34.9% |
| Other Assets and Liabilities (Net) | (0.1)% |
TETON Westwood SmallCap Equity Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.tetonadv.com/mutual-fund-performance/.
Contact Us
Phone: (800) 422-3554
Email: info@tetonadv.com
If you wish to receive a copy of this document at a new address, contact (800) 422-3554
| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
| (b) | There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR. |
| (c) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR. |
| (e) | A copy of the Code of Ethics is filed as an Exhibit. |
| Item 3. | Audit Committee Financial Expert. |
As of the end of the period covered by the report, the registrant’s board of directors has determined that James P. Conn is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.
| Item 4. | Principal Accountant Fees and Services. |
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $131,504 in 2023 and $134,133 in 2024. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 in 2023 and $0 in 2024. |
Tax Fees
| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $24,020 in 2023 and $24,505 in 2024. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns. |
All Other Fees
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2023 and $0 in 2024. |
| (e)(1) | Audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| | | |
| | | Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Advisers, Inc., and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit. |
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
| (f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
| (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $24,020 in 2023 and $24,505 in 2024. |
| (h) | The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
| (j) | The registrant is not a foreign issuer. |
| Item 5. | Audit Committee of Listed Registrants. |
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| (a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
The annual financial statements are attached herewith.
TETON WESTWOOD FUNDS
| Convertible Securities Fund |
Annual Report
September 30, 2024
| As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.tetonadv.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Funds, you may call 800-937-8966 or send an email request to info@tetonadv.com. |
Performance Discussion (Unaudited)
Mighty Mites Fund
To Our Shareholders,
For the fiscal year ended September 30, 2024, the net asset value (NAV) total return per Class AAA of the TETON Westwood Mighty Mites Fund was 17.7%, compared with a total returns of 26.8% for the Russell 2000 Index and 16.9% for the Dow Jones U.S. Micro-Cap Total Stock Market Index.
SmallCap Equity Fund
To Our Shareholders,
For the fiscal year ended September 30, 2024, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood SmallCap Equity Fund was 22.0%, compared with a total return of 26.8% for the Russell 2000 Index.
Convertible Securities Fund
To Our Shareholders,
For the fiscal year ended September 30, 2024, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was 11.7%, compared with a total return of 36.4% and 14.7% for the Standard & Poor’s (S&P) 500 Index and the ICE BofA U.S. Convertibles Index, respectively.
Equity Fund
To Our Shareholders,
For the fiscal year ended September 30, 2024, the net asset value (NAV) total return per Class AAA Share of the Equity Fund was 21.1%, compared with a total return of 36.4% for the S&P 500 Index.
Balanced Fund
To Our Shareholders,
For the fiscal year ended September 30, 2024, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was 20.2%, compared with total return of 11.3% and 26.3% for the Bloomberg Government/Credit Bond Index and the common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Government/Credit Bond Index, respectively.
Summary of Portfolio Holdings (Unaudited)
The following tables present portfolio holdings as a percent of net assets as of September 30, 2024:
TETON Westwood Mighty Mites Fund
| Financial Services | | | 13.9 | % |
| Diversified Industrial | | | 13.3 | % |
| Equipment and Supplies | | | 6.2 | % |
| Hotels and Gaming | | | 5.6 | % |
| Electronics | | | 5.5 | % |
| Machinery | | | 5.2 | % |
| Aviation: Parts and Services | | | 5.0 | % |
| Health Care | | | 4.7 | % |
| Building and Construction | | | 4.0 | % |
| Restaurants | | | 3.6 | % |
| Food and Beverage | | | 3.4 | % |
| Automotive: Parts and Accessories | | | 2.7 | % |
| Manufactured Housing and Recreational Vehicles | | | 2.4 | % |
| Consumer Products | | | 2.2 | % |
| Real Estate | | | 2.1 | % |
| Energy and Utilities: Water | | | 2.1 | % |
| Business Services | | | 2.0 | % |
| Aerospace and Defense | | | 1.7 | % |
| Automotive | | | 1.7 | % |
| Specialty Chemicals | | | 1.7 | % |
| Computer Software and Services | | | 1.6 | % |
| Agriculture | | | 1.5 | % |
| Broadcasting | | | 1.4 | % |
| Retail | | | 1.2 | % |
| Energy and Utilities: Natural Gas | | | 0.9 | % |
| Communications Equipment | | | 0.7 | % |
| Environmental Control | | | 0.6 | % |
| Consumer Services | | | 0.6 | % |
| Energy and Utilities: Services | | | 0.5 | % |
| Communications | | | 0.4 | % |
| Educational Services | | | 0.4 | % |
| Entertainment | | | 0.4 | % |
| Telecommunications | | | 0.4 | % |
| Publishing | | | 0.3 | % |
| Semiconductors | | | 0.3 | % |
| Metals and Mining | | | 0.1 | % |
| U.S. Government Obligations | | | 0.1 | % |
| Miscellaneous | | | 0.0 | %* |
| Paper and Forest Products | | | 0.0 | %* |
| Other Assets and Liabilities (Net) | | | (0.4 | )% |
| | | | 100.0 | % |
| * | Amount represents less than 0.05%. |
TETON Westwood SmallCap Equity Fund
| Banking | | | 12.6 | % |
| Health Care | | | 10.6 | % |
| Retail | | | 7.9 | % |
| Financial Services | | | 6.4 | % |
| Computer Software and Services | | | 6.2 | % |
| Electronics | | | 5.6 | % |
| Energy and Utilities | | | 5.4 | % |
| Semiconductors | | | 5.3 | % |
| Business Services | | | 5.2 | % |
| Diversified Industrial | | | 5.0 | % |
| Building and Construction | | | 3.4 | % |
| Consumer Products | | | 3.4 | % |
| Communications | | | 2.8 | % |
| Equipment and Supplies | | | 2.8 | % |
| Broadcasting | | | 2.8 | % |
| Aviation: Parts and Services | | | 2.7 | % |
| Machinery | | | 2.6 | % |
| Real Estate | | | 2.2 | % |
| Automotive | | | 2.0 | % |
| Specialty Chemicals | | | 1.4 | % |
| Transportation | | | 1.3 | % |
| U.S. Government Obligations | | | 1.1 | % |
| Materials | | | 0.9 | % |
| Aerospace | | | 0.5 | % |
| Other Assets and Liabilities (Net) | | | (0.1 | )% |
| | | | 100.0 | % |
TETON Convertible Securities Fund
| Health Care | | | 17.5 | % |
| Computer Software and Services | | | 17.1 | % |
| Energy and Utilities: Services | | | 13.8 | % |
| Energy and Utilities: Integrated | | | 10.2 | % |
| Semiconductors | | | 9.1 | % |
| Entertainment | | | 4.5 | % |
| Financial Services | | | 4.3 | % |
| Real Estate Investment Trusts | | | 4.2 | % |
| Consumer Services | | | 2.5 | % |
| Energy and Energy Services | | | 2.2 | % |
| Telecommunications | | | 2.2 | % |
| U.S. Government Obligations | | | 2.1 | % |
| Diversified Industrial | | | 1.6 | % |
| Metals and Mining | | | 1.6 | % |
| Aerospace and Defense | | | 1.5 | % |
| Specialty Chemicals | | | 1.4 | % |
| Business Services | | | 1.2 | % |
| Consumer Products | | | 1.1 | % |
| Real Estate | | | 1.0 | % |
| Transportation | | | 0.7 | % |
| Other Assets and Liabilities (Net) | | | 0.2 | % |
| | | | 100.0 | % |
Summary of Portfolio Holdings (Unaudited) (Continued)
TETON Westwood Equity Fund
| Financial Services | | | 12.9 | % |
| Computer Software and Services | | | 12.1 | % |
| Health Care | | | 11.9 | % |
| Retail | | | 9.6 | % |
| Equipment and Supplies | | | 7.4 | % |
| Energy: Integrated | | | 6.3 | % |
| Food and Beverage | | | 5.9 | % |
| Real Estate | | | 4.1 | % |
| Energy: Oil | | | 3.7 | % |
| Computer Hardware | | | 3.6 | % |
| Transportation | | | 3.0 | % |
| Banking | | | 2.9 | % |
| Business Services | | | 2.5 | % |
| Commercial Services and Supplies | | | 2.0 | % |
| Aerospace | | | 2.0 | % |
| Diversified Industrial | | | 1.9 | % |
| Air Freight and Logistics | | | 1.9 | % |
| Electronics | | | 1.8 | % |
| Energy and Energy Services | | | 1.8 | % |
| Consumer Products | | | 1.5 | % |
| Short Term Investment | | | 1.2 | % |
| Other Assets and Liabilities (Net) | | | (0.0 | )%* |
| | | | 100.0 | % |
| * | Amount represents greater than (0.05)%. |
TETON Westwood Balanced Fund
| Financial Services | | | 14.0 | % |
| Computer Software and Services | | | 11.6 | % |
| Health Care | | | 8.6 | % |
| U.S. Government Obligations | | | 7.6 | % |
| Retail | | | 6.6 | % |
| Equipment and Supplies | | | 5.2 | % |
| Real Estate | | | 4.7 | % |
| Food and Beverage | | | 4.3 | % |
| Transportation | | | 4.1 | % |
| Energy and Energy Services | | | 3.9 | % |
| Energy: Oil | | | 3.5 | % |
| Computer Hardware | | | 3.0 | % |
| Diversified Industrial | | | 3.0 | % |
| Semiconductors | | | 2.6 | % |
| Energy: Integrated | | | 2.5 | % |
| Banking | | | 2.5 | % |
| Aerospace | | | 1.9 | % |
| Consumer Services | | | 1.7 | % |
| Electronics | | | 1.6 | % |
| Business Services | | | 1.6 | % |
| Air Freight and Logistics | | | 1.4 | % |
| Automotive: Parts and Accessories | | | 1.3 | % |
| Commercial Services and Supplies | | | 1.2 | % |
| Consumer Products | | | 0.9 | % |
| Telecommunications | | | 0.4 | % |
| Short Term Investment | | | 0.1 | % |
| Other Assets and Liabilities (Net) | | | 0.2 | % |
| | | | 100.0 | % |
TETON Westwood Mighty Mites Fund
Schedule of Investments — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS — 100.2% | | | | | | | | |
| | | | | Aerospace and Defense — 1.7% | | | | | | | | |
| | 92,500 | | | Allient Inc. | | $ | 2,193,610 | | | $ | 1,756,575 | |
| | 87,000 | | | Avio SpA | | | 1,182,317 | | | | 1,191,182 | |
| | 96,500 | | | Innovative Solutions and Support Inc.† | | | 358,461 | | | | 629,180 | |
| | 6,700 | | | Kratos Defense & Security Solutions Inc.† | | | 41,027 | | | | 156,110 | |
| | 58,400 | | | Park Aerospace Corp. | | | 907,391 | | | | 760,952 | |
| | | | | | | | 4,682,806 | | | | 4,493,999 | |
| | | | | Agriculture — 1.5% | | | | | | | | |
| | 215 | | | J.G. Boswell Co. | | | 136,405 | | | | 118,465 | |
| | 144,200 | | | Limoneira Co. | | | 2,570,858 | | | | 3,821,300 | |
| | 29,500 | | | S&W Seed Co.† | | | 85,208 | | | | 5,458 | |
| | | | | | | | 2,792,471 | | | | 3,945,223 | |
| | | | | Automotive — 1.7% | | | | | | | | |
| | 10,000 | | | Rush Enterprises Inc., Cl. A | | | 66,485 | | | | 528,300 | |
| | 61,727 | | | Rush Enterprises Inc., Cl. B | | | 549,634 | | | | 2,959,810 | |
| | 44,900 | | | Wabash National Corp. | | | 84,761 | | | | 861,631 | |
| | | | | | | | 700,880 | | | | 4,349,741 | |
| | | | | Automotive: Parts and Accessories — 2.6% | | | | | | | | |
| | 80,228 | | | Commercial Vehicle Group Inc.† | | | 650,927 | | | | 260,741 | |
| | 24,750 | | | Dana Inc. | | | 167,062 | | | | 261,360 | |
| | 50,000 | | | Garrett Motion Inc.† | | | 381,000 | | | | 409,000 | |
| | 3,200 | | | Modine Manufacturing Co.† | | | 27,227 | | | | 424,928 | |
| | 7,800 | | | Motorcar Parts of America Inc.† | | | 102,503 | | | | 57,642 | |
| | 80,000 | | | Puradyn Filter Technologies Inc.† | | | 13,773 | | | | 0 | |
| | 33,200 | | | Standard Motor Products Inc. | | | 370,073 | | | | 1,102,240 | |
| | 100,060 | | | Strattec Security Corp.† | | | 2,027,611 | | | | 4,268,560 | |
| | 20,500 | | | Titan International Inc.† | | | 88,257 | | | | 166,665 | |
| | | | | | | | 3,828,433 | | | | 6,951,136 | |
| | | | | Aviation: Parts and Services — 5.0% | | | | | | | | |
| | 178,000 | | | Astronics Corp.† | | | 2,074,141 | | | | 3,467,440 | |
| | 23,896 | | | Astronics Corp., Cl. B† | | | 144,646 | | | | 469,556 | |
| | 141,000 | | | Ducommun Inc.† | | | 3,280,445 | | | | 9,282,030 | |
| | | | | | | | 5,499,232 | | | | 13,219,026 | |
| | | | | Broadcasting — 1.4% | | | | | | | | |
| | 3,500 | | | Beasley Broadcast Group Inc., Cl. A† | | | 228,772 | | | | 37,660 | |
| | 10,000 | | | Corus Entertainment Inc., Cl. B† | | | 7,718 | | | | 1,257 | |
| | 30,280 | | | Dish TV India Ltd., GDR† | | | 22,113 | | | | 3,028 | |
| | 248,240 | | | Gray Television Inc. | | | 342,098 | | | | 1,330,566 | |
| | 87,000 | | | Gray Television Inc., Cl. A | | | 629,140 | | | | 605,520 | |
| | 32,000 | | | Sinclair Inc. | | | 51,619 | | | | 489,600 | |
| | 117,000 | | | Townsquare Media Inc., Cl. A | | | 820,515 | | | | 1,188,720 | |
| | | | | | | | 2,101,975 | | | | 3,656,351 | |
| | | | | Building and Construction — 4.0% | | | | | | | | |
| | 59,059 | | | Armstrong Flooring Inc.† | | | 10,194 | | | | 12 | |
| | 60,400 | | | Gibraltar Industries Inc.† | | | 1,375,430 | | | | 4,223,772 | |
| | 5,000 | | | Granite Construction Inc. | | | 112,794 | | | | 396,400 | |
| | 2,050 | | | Herc Holdings Inc. | | | 49,318 | | | | 326,831 | |
| | 12,000 | | | INNOVATE Corp.† | | | 170,282 | | | | 44,400 | |
| | 7,000 | | | MYR Group Inc.† | | | 121,474 | | | | 715,610 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 24,689 | | | The Monarch Cement Co. | | $ | 676,434 | | | $ | 4,690,910 | |
| | | | | | | | 2,515,926 | | | | 10,397,935 | |
| | | | | Business Services — 2.0% | | | | | | | | |
| | 36,900 | | | Du-Art Film Laboratories Inc.†(a) | | | 0 | | | | 159,998 | |
| | 4,100 | | | Du-Art Film Laboratories Inc.†(a) | | | 0 | | | | 17,778 | |
| | 3,000 | | | ICF International Inc. | | | 64,859 | | | | 500,370 | |
| | 31,000 | | | OPENLANE Inc.† | | | 163,597 | | | | 523,280 | |
| | 2,298,900 | | | Trans-Lux Corp.†(b) | | | 1,195,110 | | | | 1,670,151 | |
| | 32,000 | | | Viad Corp.† | | | 737,233 | | | | 1,146,560 | |
| | 32,000 | | | Willdan Group Inc.† | | | 807,376 | | | | 1,310,400 | |
| | | | | | | | 2,968,175 | | | | 5,328,537 | |
| | | | | Communications — 0.4% | | | | | | | | |
| | 20,000 | | | Clearfield Inc.† | | | 602,050 | | | | 779,200 | |
| | 33,000 | | | Ooma Inc.† | | | 466,396 | | | | 375,870 | |
| | | | | | | | 1,068,446 | | | | 1,155,070 | |
| | | | | Communications Equipment — 0.7% | | | | | | | | |
| | 51,000 | | | Anterix Inc.† | | | 1,642,767 | | | | 1,920,660 | |
| | | | | | | | | | | | | |
| | | | | Computer Software and Services — 1.6% | | | | | | | | |
| | 40,000 | | | 3D Systems Corp.† | | | 136,586 | | | | 113,600 | |
| | 518,000 | | | Alithya Group Inc., Cl. A† | | | 1,163,452 | | | | 668,220 | |
| | 87,000 | | | American Software Inc., Cl. A | | | 727,628 | | | | 973,530 | |
| | 4,000 | | | Cardlytics Inc.† | | | 41,253 | | | | 12,800 | |
| | 45,000 | | | DHI Group Inc.† | | | 81,549 | | | | 82,800 | |
| | 10,000 | | | Digi International Inc.† | | | 124,708 | | | | 275,300 | |
| | 10,000 | | | Materialise NV, ADR† | | | 58,532 | | | | 54,800 | |
| | 123,000 | | | Mitek Systems Inc.† | | | 686,211 | | | | 1,066,410 | |
| | 24,600 | | | Playstudios Inc.† | | | 123,446 | | | | 37,146 | |
| | 10,000 | | | Red Violet Inc.† | | | 250,591 | | | | 284,500 | |
| | 1,000 | | | Tyler Technologies Inc.† | | | 16,928 | | | | 583,720 | |
| | 1,605 | | | Urgent.ly Inc.† | | | 340,618 | | | | 1,091 | |
| | | | | | | | 3,751,502 | | | | 4,153,917 | |
| | | | | Consumer Products — 2.2% | | | | | | | | |
| | 14,000 | | | Acme United Corp. | | | 240,362 | | | | 582,960 | |
| | 10,000 | | | Bassett Furniture Industries Inc. | | | 146,404 | | | | 144,500 | |
| | 25,000 | | | Glatfelter Corp.† | | | 71,302 | | | | 45,000 | |
| | 900,000 | | | Goodbaby International Holdings Ltd.† | | | 200,204 | | | | 104,195 | |
| | 5,000 | | | Johnson Outdoors Inc., Cl. A | | | 145,741 | | | | 181,000 | |
| | 184,000 | | | Lifetime Brands Inc. | | | 1,832,580 | | | | 1,203,360 | |
| | 252,000 | | | Marine Products Corp. | | | 1,732,674 | | | | 2,441,880 | |
| | 4,400 | | | MarineMax Inc.† | | | 78,993 | | | | 155,188 | |
| | 10,200 | | | Oil-Dri Corp. of America | | | 204,623 | | | | 703,698 | |
| | 5,700 | | | PC Group Inc.†(a) | | | 3,465 | | | | 1 | |
| | 2,200,000 | | | Playmates Holdings Ltd. | | | 263,717 | | | | 161,310 | |
| | | | | | | | 4,920,065 | | | | 5,723,092 | |
| | | | | Consumer Services — 0.6% | | | | | | | | |
| | 143,000 | | | 1-800-Flowers.com Inc., Cl. A† | | | 781,584 | | | | 1,133,990 | |
| | 63,400 | | | Bowlin Travel Centers Inc.† | | | 86,945 | | | | 240,603 | |
| | 3,500 | | | Carriage Services Inc. | | | 53,964 | | | | 114,905 | |
| | | | | | | | 922,493 | | | | 1,489,498 | |
| | | | | Diversified Industrial — 13.3% | | | | | | | | |
| | 175,600 | | | American Outdoor Brands Inc.† | | | 1,592,460 | | | | 1,619,032 | |
| | 113,200 | | | Ampco-Pittsburgh Corp.† | | | 451,374 | | | | 226,400 | |
See accompanying notes to financial statements.
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) | | | | | | | | |
| | | | | Diversified Industrial (Continued) | | | | | | | | |
| | 170,000 | | | Burnham Holdings Inc., Cl. A(b) | | $ | 2,491,996 | | | $ | 2,337,500 | |
| | 34,200 | | | Columbus McKinnon Corp. | | | 484,432 | | | | 1,231,200 | |
| | 169,591 | | | Distribution Solutions Group Inc.† | | | 1,071,890 | | | | 6,530,950 | |
| | 98,000 | | | Graham Corp.† | | | 900,176 | | | | 2,899,820 | |
| | 1,000 | | | Griffon Corp. | | | 10,020 | | | | 70,000 | |
| | 17,000 | | | Haulotte Group SA† | | | 91,271 | | | | 56,392 | |
| | 500 | | | Hyster-Yale Inc. | | | 14,150 | | | | 31,885 | |
| | 291,200 | | | Intevac Inc.† | | | 1,325,381 | | | | 990,080 | |
| | 2,000 | | | John Bean Technologies Corp. | | | 56,853 | | | | 197,020 | |
| | 162,837 | | | L.B. Foster Co., Cl. A† | | | 2,356,924 | | | | 3,326,760 | |
| | 5,600 | | | MSA Safety Inc. | | | 177,587 | | | | 993,104 | |
| | 415,000 | | | Myers Industries Inc. | | | 7,310,085 | | | | 5,735,300 | |
| | 172,419 | | | Park-Ohio Holdings Corp. | | | 3,411,681 | | | | 5,293,263 | |
| | 19,300 | | | RWC Inc.†(a) | | | 304,448 | | | | 154,400 | |
| | 4,400 | | | Standex International Corp. | | | 119,758 | | | | 804,232 | |
| | 12,500 | | | Steel Partners Holdings LP† | | | 411,536 | | | | 511,875 | |
| | 109,700 | | | Tredegar Corp.† | | | 1,239,078 | | | | 799,713 | |
| | 103,000 | | | Twin Disc Inc. | | | 1,254,965 | | | | 1,286,470 | |
| | | | | | | | 25,076,065 | | | | 35,095,396 | |
| | | | | Educational Services — 0.4% | | | | | | | | |
| | 70,700 | | | Universal Technical Institute Inc.† | | | 196,625 | | | | 1,149,582 | |
| | | | | | | | | | | | | |
| | | | | Electronics — 5.5% | | | | | | | | |
| | 80,000 | | | Arlo Technologies Inc.† | | | 229,001 | | | | 968,800 | |
| | 3,750 | | | Badger Meter Inc. | | | 64,309 | | | | 819,038 | |
| | 16,470 | | | Bel Fuse Inc., Cl. A | | | 247,293 | | | | 1,637,612 | |
| | 82,200 | | | CTS Corp. | | | 785,599 | | | | 3,976,836 | |
| | 44,000 | | | Daktronics Inc.† | | | 292,913 | | | | 568,040 | |
| | 30,000 | | | IMAX Corp.† | | | 129,139 | | | | 615,300 | |
| | 30,000 | | | Kimball Electronics Inc.† | | | 179,496 | | | | 555,300 | |
| | 2,000 | | | Mesa Laboratories Inc. | | | 59,814 | | | | 259,720 | |
| | 1,690 | | | Methode Electronics Inc. | | | 9,891 | | | | 20,212 | |
| | 4,700 | | | Napco Security Technologies Inc. | | | 95,410 | | | | 190,162 | |
| | 48,000 | | | Stoneridge Inc.† | | | 448,557 | | | | 537,120 | |
| | 47,400 | | | Ultra Clean Holdings Inc.† | | | 96,849 | | | | 1,892,682 | |
| | 111,000 | | | Ultralife Corp.† | | | 770,670 | | | | 1,003,440 | |
| | 50,012 | | | Vishay Precision Group Inc.† | | | 1,269,471 | | | | 1,295,311 | |
| | | | | | | | 4,678,412 | | | | 14,339,573 | |
| | | | | Energy and Utilities: Natural Gas — 0.9% | | | | | | | | |
| | 94,330 | | | RGC Resources Inc. | | | 1,332,606 | | | | 2,129,028 | |
| | 3,500 | | | Unitil Corp. | | | 167,989 | | | | 212,030 | |
| | | | | | | | 1,500,595 | | | | 2,341,058 | |
| | | | | Energy and Utilities: Services — 0.5% | | | | | | | | |
| | 195,000 | | | Alvopetro Energy Ltd. | | | 211,690 | | | | 746,867 | |
| | 24,000 | | | Dawson Geophysical Co. | | | 62,929 | | | | 37,920 | |
| | 58,000 | | | RPC Inc. | | | 104,842 | | | | 368,880 | |
| | 6,500 | | | Subsea 7 SA, ADR | | | 23,304 | | | | 104,455 | |
| | | | | | | | 402,765 | | | | 1,258,122 | |
| | | | | Energy and Utilities: Water — 2.1% | | | | | | | | |
| | 31,820 | | | Artesian Resources Corp., Cl. A | | | 822,364 | | | | 1,183,067 | |
| | 8,700 | | | Cadiz Inc.† | | | 71,966 | | | | 26,361 | |
| | 21,300 | | | California Water Service Group | | | 430,157 | | | | 1,154,886 | |
| | | | | | | | | Market | |
| Shares | | | | | Cost | | | Value | |
| | 38,900 | | | Consolidated Water Co. Ltd. | | $ | 405,941 | | | $ | 980,669 | |
| | 28,000 | | | Energy Recovery Inc.† | | | 79,387 | | | | 486,920 | |
| | 5,000 | | | Middlesex Water Co. | | | 102,056 | | | | 326,200 | |
| | 36,660 | | | The York Water Co. | | | 604,003 | | | | 1,373,284 | |
| | | | | | | | 2,515,874 | | | | 5,531,387 | |
| | | | | Entertainment — 0.4% | | | | | | | | |
| | 43,307 | | | Borussia Dortmund GmbH & Co. KGaA† | | | 266,536 | | | | 176,197 | |
| | 1,500 | | | Canterbury Park Holding Corp. | | | 18,543 | | | | 28,950 | |
| | 53,000 | | | Sportech plc†(a) | | | 218,767 | | | | 59,521 | |
| | 6,500 | | | TKO Group Holdings Inc.† | | | 70,942 | | | | 804,115 | |
| | | | | | | | 574,788 | | | | 1,068,783 | |
| | | | | Environmental Control — 0.6% | | | | | | | | |
| | 15,000 | | | Casella Waste Systems Inc., Cl. A† | | | 57,949 | | | | 1,492,350 | |
| | | | | | | | | | | | | |
| | | | | Equipment and Supplies — 6.2% | | | | | | | | |
| | 9,200 | | | AZZ Inc. | | | 344,980 | | | | 760,012 | |
| | 97,890 | | | Core Molding Technologies Inc.† | | | 815,883 | | | | 1,684,687 | |
| | 11,500 | | | Federal Signal Corp. | | | 75,689 | | | | 1,074,790 | |
| | 20,000 | | | Interpump Group SpA | | | 112,726 | | | | 932,374 | |
| | 34,200 | | | Maezawa Kyuso Industries Co. Ltd. | | | 92,537 | | | | 302,202 | |
| | 50,000 | | | Pitney Bowes Inc. | | | 192,057 | | | | 356,500 | |
| | 228,182 | | | The Eastern Co. | | | 4,301,246 | | | | 7,404,506 | |
| | 60,000 | | | The Gorman-Rupp Co. | | | 1,378,151 | | | | 2,337,000 | |
| | 17,200 | | | The Manitowoc Co. Inc.† | | | 206,904 | | | | 165,464 | |
| | 86,300 | | | Titan Machinery Inc.† | | | 1,184,518 | | | | 1,202,159 | |
| | 32,500 | | | TransAct Technologies Inc.† | | | 107,732 | | | | 157,950 | |
| | | | | | | | 8,812,423 | | | | 16,377,644 | |
| | | | | Financial Services — 13.9% | | | | | | | | |
| | 1,800 | | | Ameris Bancorp | | | 14,994 | | | | 112,302 | |
| | 20,000 | | | Atlantic American Corp. | | | 74,504 | | | | 34,000 | |
| | 26,000 | | | Atlantic Union Bankshares Corp. | | | 687,863 | | | | 979,420 | |
| | 8,000 | | | Bank7 Corp. | | | 176,000 | | | | 299,760 | |
| | 5,660 | | | Berkshire Hills Bancorp Inc. | | | 94,045 | | | | 152,424 | |
| | 2,000 | | | Burke & Herbert Financial Services Corp. | | | 63,817 | | | | 121,980 | |
| | 7,000 | | | Cadence Bank | | | 196,743 | | | | 222,950 | |
| | 77,500 | | | Capital City Bank Group Inc. | | | 1,885,840 | | | | 2,734,975 | |
| | 4,000 | | | Capitol Federal Financial Inc. | | | 44,332 | | | | 23,360 | |
| | 14,000 | | | Citizens & Northern Corp. | | | 274,025 | | | | 275,660 | |
| | 5,000 | | | ConnectOne Bancorp Inc. | | | 111,579 | | | | 125,250 | |
| | 19,600 | | | Crazy Woman Creek Bancorp Inc.† | | | 377,259 | | | | 646,800 | |
| | 2,500 | | | Eagle Bancorp Inc. | | | 52,126 | | | | 56,450 | |
| | 172 | | | Farmers & Merchants Bank of Long Beach | | | 723,820 | | | | 920,200 | |
| | 40,000 | | | Farmers National Banc Corp. | | | 333,870 | | | | 604,800 | |
| | 20,000 | | | First Internet Bancorp | | | 400,000 | | | | 685,200 | |
| | 299,000 | | | Flushing Financial Corp. | | | 4,601,667 | | | | 4,359,420 | |
| | 71,000 | | | FNB Corp. | | | 688,413 | | | | 1,001,810 | |
| | 32,116 | | | FS Bancorp Inc. | | | 589,634 | | | | 1,428,841 | |
| | 10 | | | Guaranty Corp., Cl. A†(a) | | | 137,500 | | | | 27,500 | |
| | 14,000 | | | Hanover Bancorp Inc. | | | 294,000 | | | | 250,460 | |
| | 9,030 | | | Hope Bancorp Inc. | | | 47,336 | | | | 113,417 | |
| | 66,791 | | | I3 Verticals Inc., Cl. A† | | | 1,040,582 | | | | 1,423,316 | |
| | 15,500 | | | ICC Holdings Inc.† | | | 155,000 | | | | 356,035 | |
| | 28,300 | | | KKR & Co. Inc. | | | 3,635 | | | | 3,695,414 | |
See accompanying notes to financial statements.
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) | | | | | | | | |
| | | | | Financial Services (Continued) | | | | | | | | |
| | 62,000 | | | Legacy Housing Corp.† | | $ | 714,440 | | | $ | 1,695,700 | |
| | 700 | | | LendingTree Inc.† | | | 20,386 | | | | 40,621 | |
| | 85,000 | | | Medallion Financial Corp. | | | 265,164 | | | | 691,900 | |
| | 4,197 | | | Northrim BanCorp Inc. | | | 91,497 | | | | 298,910 | |
| | 8,500 | | | Pacific Premier Bancorp Inc. | | | 225,522 | | | | 213,860 | |
| | 15,000 | | | Primis Financial Corp. | | | 225,835 | | | | 182,700 | |
| | 29,530 | | | Renasant Corp. | | | 318,692 | | | | 959,725 | |
| | 19,000 | | | Sandy Spring Bancorp Inc. | | | 529,684 | | | | 596,030 | |
| | 3,000 | | | Seacoast Banking Corp. of Florida | | | 92,978 | | | | 79,950 | |
| | 3,600 | | | Security National Corp. | | | 336,038 | | | | 507,600 | |
| | 65,000 | | | Silvercrest Asset Management Group Inc., Cl. A | | | 879,892 | | | | 1,120,600 | |
| | 28,000 | | | Southern First Bancshares Inc.† | | | 1,158,760 | | | | 954,240 | |
| | 4,600 | | | Southside Bancshares Inc. | | | 146,828 | | | | 153,778 | |
| | 1,400 | | | SouthState Corp. | | | 45,316 | | | | 136,052 | |
| | 21,000 | | | Sprott Inc. | | | 477,861 | | | | 910,060 | |
| | 62,500 | | | Stellar Bancorp Inc. | | | 1,758,803 | | | | 1,618,125 | |
| | 4,500 | | | Territorial Bancorp Inc. | | | 99,712 | | | | 46,980 | |
| | 5,500 | | | Thomasville Bancshares Inc. | | | 209,436 | | | | 366,850 | |
| | 4,500 | | | Towne Bank | | | 130,009 | | | | 148,770 | |
| | 4,620 | | | TrustCo Bank Corp. NY | | | 106,260 | | | | 152,783 | |
| | 7,400 | | | United Bankshares Inc. | | | 234,089 | | | | 274,540 | |
| | 44,000 | | | Valley National Bancorp | | | 291,064 | | | | 398,640 | |
| | 31,800 | | | Value Line Inc. | | | 314,878 | | | | 1,478,700 | |
| | 38,410 | | | Washington Trust Bancorp Inc. | | | 858,892 | | | | 1,237,186 | |
| | 63,000 | | | Waterstone Financial Inc. | | | 670,706 | | | | 926,100 | |
| | 75,000 | | | Western New England Bancorp Inc. | | | 633,464 | | | | 637,500 | |
| | 90,000 | | | Wright Investors’ Service Holdings Inc.† | | | 44,175 | | | | 16,650 | |
| | | | | | | | 23,948,965 | | | | 36,496,294 | |
| | | | | Food and Beverage — 3.4% | | | | | | | | |
| | 43,150 | | | Andrew Peller Ltd., Cl. A | | | 180,163 | | | | 125,387 | |
| | 15,000 | | | BellRing Brands Inc.† | | | 210,000 | | | | 910,800 | |
| | 1,900 | | | Bridgford Foods Corp.† | | | 32,687 | | | | 17,309 | |
| | 77,500 | | | Calavo Growers Inc. | | | 2,050,229 | | | | 2,211,075 | |
| | 20,000 | | | ChromaDex Corp.† | | | 51,837 | | | | 73,000 | |
| | 113,000 | | | Corby Spirit and Wine Ltd., Cl. A | | | 1,672,955 | | | | 1,066,125 | |
| | 267,500 | | | Crimson Wine Group Ltd.† | | | 2,313,977 | | | | 1,687,925 | |
| | 424,309 | | | Farmer Brothers Co.† | | | 1,903,127 | | | | 840,132 | |
| | 1,350 | | | Hanover Foods Corp., Cl. A | | | 101,654 | | | | 85,050 | |
| | 450 | | | Hanover Foods Corp., Cl. B | | | 37,509 | | | | 27,900 | |
| | 40,000 | | | Iwatsuka Confectionery Co. Ltd. | | | 690,017 | | | | 714,698 | |
| | 800 | | | J & J Snack Foods Corp. | | | 11,532 | | | | 137,696 | |
| | 10,000 | | | Lifeway Foods Inc.† | | | 104,645 | | | | 259,200 | |
| | 3,800 | | | Scheid Vineyards Inc., Cl. A† | | | 42,493 | | | | 22,325 | |
| | 4,000 | | | T. Hasegawa Co. Ltd. | | | 83,685 | | | | 91,146 | |
| | 235,200 | | | Tingyi (Cayman Islands) Holding Corp. | | | 345,177 | | | | 339,464 | |
| | 207,400 | | | Vitasoy International Holdings Ltd. | | | 108,284 | | | | 147,536 | |
| | 23,000 | | | Willamette Valley Vineyards Inc.† | | | 88,087 | | | | 80,040 | |
| | | | | | | | 10,028,058 | | | | 8,836,808 | |
| Shares | | | | | Cost | | | Market
Value | |
| | | | | Health Care — 4.7% | | | | | | | | |
| | 50,000 | | | Accuray Inc.† | | $ | 181,953 | | | $ | 90,000 | |
| | 5,000 | | | Boiron SA | | | 84,683 | | | | 180,887 | |
| | 7,900 | | | CareDx Inc.† | | | 40,532 | | | | 246,677 | |
| | 1,800 | | | Collegium Pharmaceutical Inc.† | | | 33,173 | | | | 69,552 | |
| | 24,500 | | | Cutera Inc.† | | | 208,194 | | | | 19,326 | |
| | 37,142 | | | Electromed Inc.† | | | 106,693 | | | | 797,439 | |
| | 56,700 | | | Exelixis Inc.† | | | 108,014 | | | | 1,471,365 | |
| | 195,000 | | | InfuSystem Holdings Inc.† | | | 592,673 | | | | 1,306,500 | |
| | 4,854 | | | LeMaitre Vascular Inc. | | | 116,959 | | | | 450,888 | |
| | 186,160 | | | Neogen Corp.† | | | 261,642 | | | | 3,129,350 | |
| | 55,100 | | | NeoGenomics Inc.† | | | 178,571 | | | | 812,725 | |
| | 10,000 | | | Neuronetics Inc.† | | | 29,855 | | | | 7,598 | |
| | 1,500 | | | Omnicell Inc.† | | | 23,551 | | | | 65,400 | |
| | 150,000 | | | OPKO Health Inc.† | | | 376,095 | | | | 223,500 | |
| | 21,000 | | | Option Care Health Inc.† | | | 182,763 | | | | 657,300 | |
| | 20,200 | | | Orthofix Medical Inc.† | | | 341,291 | | | | 315,524 | |
| | 2,500 | | | QuidelOrtho Corp.† | | | 27,931 | | | | 114,000 | |
| | 1,100 | | | STERIS plc | | | 43,860 | | | | 266,794 | |
| | 54,761 | | | United-Guardian Inc. | | | 444,627 | | | | 869,605 | |
| | 1,000 | | | Utah Medical Products Inc. | | | 25,584 | | | | 66,910 | |
| | 2,500 | | | Zealand Pharma A/S† | | | 31,749 | | | | 303,514 | |
| | 63,000 | | | Zimvie Inc.† | | | 1,107,668 | | | | 999,810 | |
| | | | | | | | 4,548,061 | | | | 12,464,664 | |
| | | | | Hotels and Gaming — 5.6% | | | | | | | | |
| | 15,200 | | | Caesars Entertainment Inc.† | | | 61,848 | | | | 634,448 | |
| | 900 | | | Churchill Downs Inc. | | | 8,818 | | | | 121,689 | |
| | 1,202,119 | | | Full House Resorts Inc.† | | | 3,279,251 | | | | 6,034,637 | |
| | 64,000 | | | Gambling.com Group Ltd.† | | | 475,880 | | | | 641,280 | |
| | 20,000 | | | Genius Sports Ltd.† | | | 81,525 | | | | 156,800 | |
| | 101,500 | | | Golden Entertainment Inc. | | | 1,180,967 | | | | 3,226,685 | |
| | 234,000 | | | Inspired Entertainment Inc.† | | | 1,394,693 | | | | 2,169,180 | |
| | 14,413 | | | PlayAGS Inc.† | | | 101,988 | | | | 164,164 | |
| | 107,000 | | | The Marcus Corp. | | | 1,340,855 | | | | 1,612,490 | |
| | | | | | | | 7,925,825 | | | | 14,761,373 | |
| | | | | Machinery — 5.2% | | | | | | | | |
| | 112,500 | | | Astec Industries Inc. | | | 3,873,053 | | | | 3,593,250 | |
| | 4,400 | | | DMG Mori AG | | | 22,722 | | | | 217,955 | |
| | 363,000 | | | Gencor Industries Inc.† | | | 2,298,238 | | | | 7,572,180 | |
| | 11,200 | | | Tennant Co. | | | 316,709 | | | | 1,075,648 | |
| | 9,520 | | | The Middleby Corp.† | | | 93,400 | | | | 1,324,517 | |
| | | | | | | | 6,604,122 | | | | 13,783,550 | |
| | | | | Manufactured Housing and Recreational Vehicles — 2.4% | | | | | |
| | 300 | | | Cavco Industries Inc.† | | | 21,402 | | | | 128,472 | |
| | 11,800 | | | Champion Homes Inc.† | | | 78,819 | | | | 1,119,230 | |
| | 100,750 | | | Nobility Homes Inc. | | | 1,471,529 | | | | 3,828,500 | |
| | 20,000 | | | Winnebago Industries Inc. | | | 175,053 | | | | 1,162,200 | |
| | | | | | | | 1,746,803 | | | | 6,238,402 | |
| | | | | Metals and Mining — 0.1% | | | | | | | | |
| | 18,000 | | | Osisko Gold Royalties Ltd. | | | 213,548 | | | | 333,395 | |
| | 400,000 | | | Tanami Gold NL† | | | 17,082 | | | | 9,126 | |
| | | | | | | | 230,630 | | | | 342,521 | |
| | | | | Paper and Forest Products — 0.0% | | | | | | | | |
| | 50 | | | Keweenaw Land Association Ltd.† | | | 3,051 | | | | 1,625 | |
| | | | | | | | | | | | | |
| | | | | Publishing — 0.3% | | | | | | | | |
| | 8,700 | | | DallasNews Corp. | | | 38,972 | | | | 36,453 | |
| | 19,000 | | | Lee Enterprises Inc.† | | | 272,548 | | | | 165,490 | |
See accompanying notes to financial statements.
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) | | | | | | | | |
| | | | | Publishing (Continued) | | | | | | | | |
| | 310,000 | | | The E.W. Scripps Co., Cl. A† | | $ | 1,453,699 | | | $ | 695,950 | |
| | | | | | | | 1,765,219 | | | | 897,893 | |
| | | | | Real Estate — 2.1% | | | | | | | | |
| | 112,000 | | | AmBase Corp.† | | | 116,854 | | | | 44,240 | |
| | 115,300 | | | Capital Properties Inc., Cl. A | | | 1,229,847 | | | | 1,139,164 | |
| | 28,000 | | | DREAM Unlimited Corp., Cl. A | | | 309,437 | | | | 698,318 | |
| | 35,881 | | | FRP Holdings Inc.† | | | 585,482 | | | | 1,071,407 | |
| | 19,956 | | | Gyrodyne LLC† | | | 336,031 | | | | 158,051 | |
| | 181,200 | | | Reading International Inc., Cl. A† | | | 1,168,341 | | | | 295,356 | |
| | 74,530 | | | Reading International Inc., Cl. B† | | | 676,821 | | | | 619,344 | |
| | 2,508 | | | Royalty LLC†(a) | | | 0 | | | | 319 | |
| | 86,100 | | | Tejon Ranch Co.† | | | 1,654,003 | | | | 1,511,055 | |
| | 36,000 | | | Trinity Place Holdings Inc.† | | | 68,996 | | | | 1,440 | |
| | | | | | | | 6,145,812 | | | | 5,538,694 | |
| | | | | Restaurants — 3.6% | | | | | | | | |
| | 51,000 | | | Denny’s Corp.† | | | 275,047 | | | | 328,950 | |
| | 112,900 | | | Nathan’s Famous Inc. | | | 523,547 | | | | 9,133,610 | |
| | | | | | | | 798,594 | | | | 9,462,560 | |
| | | | | Retail — 1.2% | | | | | | | | |
| | 100,000 | | | Arko Corp. | | | 571,333 | | | | 702,000 | |
| | 14,500 | | | Big 5 Sporting Goods Corp. | | | 75,889 | | | | 30,305 | |
| | 23,500 | | | Lands’ End Inc.† | | | 279,288 | | | | 405,845 | |
| | 29,100 | | | Movado Group Inc. | | | 313,730 | | | | 541,260 | |
| | 14,000 | | | Natural Grocers by Vitamin Cottage Inc. | | | 197,578 | | | | 415,660 | |
| | 62,200 | | | Sportsman’s Warehouse Holdings Inc.† | | | 414,981 | | | | 168,562 | |
| | 31,800 | | | Village Super Market Inc., Cl. A | | | 734,660 | | | | 1,010,922 | |
| | | | | | | | 2,587,459 | | | | 3,274,554 | |
| | | | | Semiconductors — 0.3% | | | | | | | | |
| | 83,427 | | | SkyWater Technology Inc.† | | | 731,451 | | | | 757,517 | |
| | | | | | | | | | | | | |
| | | | | Specialty Chemicals — 1.7% | | | | | | | | |
| | 10,500 | | | Hawkins Inc. | | | 188,763 | | | | 1,338,435 | |
| | 3,500 | | | Minerals Technologies Inc. | | | 115,215 | | | | 270,305 | |
| | 98,000 | | | Navigator Holdings Ltd. | | | 922,480 | | | | 1,574,860 | |
| | 10,800 | | | Neo Performance Materials Inc. | | | 133,816 | | | | 65,481 | |
| | 66,900 | | | The General Chemical Group Inc.†(a) | | | 6,021 | | | | 0 | |
| | 183,285 | | | Treatt plc | | | 1,003,571 | | | | 1,099,018 | |
| | | | | | | | 2,369,866 | | | | 4,348,099 | |
| | | | | Telecommunications — 0.4% | | | | | | | | |
| | 36,000 | | | A10 Networks Inc. | | | 223,388 | | | | 519,840 | |
| | 7,500 | | | Frequency Electronics Inc. | | | 72,131 | | | | 90,600 | |
| | 2,306 | | | NETGEAR Inc.† | | | 32,445 | | | | 46,258 | |
| | 30,000 | | | Nuvera Communications Inc.† | | | 219,358 | | | | 240,000 | |
| | 800 | | | Preformed Line Products Co. | | | 70,887 | | | | 102,464 | |
| | 2,400 | | | Shenandoah Telecommunications Co. | | | 13,960 | | | | 33,864 | |
| | | | | | | | 632,169 | | | | 1,033,026 | |
| | | | | TOTAL COMMON STOCKS | | | 151,276,752 | | | | 263,675,660 | |
| Shares | | | | | Cost | | | Market
Value | |
| | | | | PREFERRED STOCKS — 0.1% | | | | | | | | |
| | | | | Automotive: Parts and Accessories — 0.1% | | | | | | | | |
| | 6,300 | | | Jungheinrich AG | | $ | 17,633 | | | $ | 189,768 | |
| | | | | | | | | | | | | |
| | | | | TOTAL PREFERRED STOCKS | | | 17,633 | | | | 189,768 | |
| | | | | | | | | | | | | |
| | | | | RIGHTS — 0.0% | | | | | | | | |
| | | | | Energy and Utilities: Services — 0.0% | | | | | | | | |
| | 85,500 | | | Pineapple Energy Inc., CVR† | | | 0 | | | | 90,220 | |
| | | | | | | | | | | | | |
| | | | | Health Care — 0.0% | | | | | | | | |
| | 25,000 | | | Paratek Pharmaceuticals Inc., CVR† | | | 0 | | | | 500 | |
| | | | | | | | | | | | | |
| | | | | Metals and Mining — 0.0% | | | | | | | | |
| | 60,000 | | | Pan American Silver Corp., CVR† | | | 44,994 | | | | 25,500 | |
| | | | | | | | | | | | | |
| | | | | TOTAL RIGHTS | | | 44,994 | | | | 116,220 | |
| | | | | | | | | | | | | |
| | | | | WARRANTS — 0.0% | | | | | | | | |
| | | | | Diversified Industrial — 0.0% | | | | | | | | |
| | 47,000 | | | Ampco-Pittsburgh Corp., expire 08/01/25† | | | 32,110 | | | | 4,818 | |
| | | | | | | | | | | | | |
| | | | | Health Care — 0.0% | | | | | | | | |
| | 8,737 | | | Option Care Health Inc., Cl. A, expire 06/30/25† | | | 7,979 | | | | 25,366 | |
| | 8,737 | | | Option Care Health Inc., Cl. B, expire 06/20/25† | | | 7,554 | | | | 15,053 | |
| | | | | | | | 15,533 | | | | 40,419 | |
| | | | | TOTAL WARRANTS | | | 47,643 | | | | 45,237 | |
Principal
Amount | | | | | | | | | |
| | | | | U.S. GOVERNMENT OBLIGATIONS — 0.1% | | | | | | | | |
| $ | 130,000 | | | U.S. Treasury Bill, | | | | | | | | |
| | | | | 4.544%††, 12/26/24 | | | 128,604 | | | | 128,601 | |
| | | | | | | | | | | | | |
| | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS | | | 128,604 | | | | 128,601 | |
| | | | | | | | | | | | | |
| | | | | TOTAL MISCELLANEOUS INVESTMENTS — 0.0%(c) | | | 37,484 | | | | 36,378 | |
| | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS — 100.4% | | $ | 151,553,110 | | | | 264,191,864 | |
| | | | | | | | | | | | | |
| | | | | Other Assets and Liabilities (Net) — (0.4)% | | | | | | | (1,118,482 | ) |
| | | | | | | | | | | | | |
| | | | | NET ASSETS — 100.0% | | | | | | $ | 263,073,382 | |
| (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. |
| (c) | Represents undisclosed, unrestricted securities which the Fund has held for less than one year. |
| † | Non-income producing security. |
| †† | Represents annualized yield at date of purchase. |
| | |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| GDR | Global Depositary Receipt |
See accompanying notes to financial statements.
TETON Westwood SmallCap Equity Fund
Schedule of Investments — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS — 99.0% | | | | | | | | |
| | | | | Aerospace — 0.5% | | | | | | | | |
| | 5,260 | | | Hexcel Corp. | | $ | 214,874 | | | $ | 325,226 | |
| | | | | | | | | | | | | |
| | | | | Automotive — 2.0% | | | | | | | | |
| | 26,625 | | | Rush Enterprises Inc., Cl. A | | | 572,200 | | | | 1,406,599 | |
| | | | | | | | | | | | | |
| | | | | Aviation: Parts and Services — 2.7% | | | | | | | | |
| | 26,311 | | | AAR Corp.† | | | 526,309 | | | | 1,719,687 | |
| | 6,704 | | | Standard Motor Products Inc. | | | 215,460 | | | | 222,573 | |
| | | | | | | | 741,769 | | | | 1,942,260 | |
| | | | | Banking — 12.6% | | | | | | | | |
| | 15,533 | | | Atlantic Union Bankshares Corp. | | | 437,254 | | | | 585,128 | |
| | 40,800 | | | Banc of California Inc. | | | 638,651 | | | | 600,984 | |
| | 37,211 | | | Columbia Banking System Inc. | | | 1,005,203 | | | | 971,579 | |
| | 21,500 | | | Five Star Bancorp | | | 485,843 | | | | 639,195 | |
| | 7,000 | | | Glacier Bancorp Inc. | | | 147,883 | | | | 319,900 | |
| | 29,050 | | | OceanFirst Financial Corp. | | | 579,382 | | | | 540,040 | |
| | 42,100 | | | Old National Bancorp | | | 706,858 | | | | 785,586 | |
| | 10,433 | | | SouthState Corp. | | | 702,009 | | | | 1,013,879 | |
| | 28,800 | | | USCB Financial Holdings Inc. | | | 315,551 | | | | 439,200 | |
| | 51,720 | | | Valley National Bancorp | | | 543,421 | | | | 468,583 | |
| | 55,700 | | | Veritex Holdings Inc. | | | 1,427,976 | | | | 1,466,024 | |
| | 20,100 | | | WaFd Inc. | | | 519,315 | | | | 700,485 | |
| | 10,970 | | | Washington Trust Bancorp Inc. | | | 397,178 | | | | 353,344 | |
| | | | | | | | 7,906,524 | | | | 8,883,927 | |
| | | | | Broadcasting — 2.8% | | | | | | | | |
| | 168,388 | | | Grupo Televisa SAB, ADR | | | 378,722 | | | | 431,073 | |
| | 74,707 | | | IMAX Corp.† | | | 1,185,310 | | | | 1,532,241 | |
| | | | | | | | 1,564,032 | | | | 1,963,314 | |
| | | | | Building and Construction — 3.4% | | | | | | | | |
| | 16,082 | | | Champion Homes Inc.† | | | 896,884 | | | | 1,525,377 | |
| | 8,395 | | | MYR Group Inc.† | | | 350,904 | | | | 858,221 | |
| | | | | | | | 1,247,788 | | | | 2,383,598 | |
| | | | | Business Services — 5.2% | | | | | | | | |
| | 29,600 | | | ABM Industries Inc. | | | 1,067,935 | | | | 1,561,696 | |
| | 4,600 | | | FTI Consulting Inc.† | | | 349,572 | | | | 1,046,776 | |
| | 27,848 | | | Heidrick & Struggles International Inc. | | | 721,925 | | | | 1,082,173 | |
| | | | | | | | 2,139,432 | | | | 3,690,645 | |
| | | | | Communications — 2.8% | | | | | | | | |
| | 27,146 | | | ATN International Inc. | | | 597,948 | | | | 877,902 | |
| | 78,307 | | | Harmonic Inc.† | | | 893,200 | | | | 1,140,933 | |
| | | | | | | | 1,491,148 | | | | 2,018,835 | |
| | | | | Computer Software and Services — 6.2% | | | | | | | | |
| | 93,171 | | | NetScout Systems Inc.† | | | 1,962,824 | | | | 2,026,469 | |
| | 12,503 | | | Progress Software Corp. | | | 458,686 | | | | 842,327 | |
| | 20,235 | | | Teradata Corp.† | | | 592,255 | | | | 613,930 | |
| | 181,576 | | | Vimeo Inc.† | | | 815,578 | | | | 916,959 | |
| | | | | | | | 3,829,343 | | | | 4,399,685 | |
| | | | | Consumer Products — 3.4% | | | | | | | | |
| | 112,790 | | | OPENLANE Inc.† | | | 1,696,320 | | | | 1,903,895 | |
| | 1,959 | | | Oxford Industries Inc. | | | 115,520 | | | | 169,963 | |
| | 52,874 | | | The Duckhorn Portfolio Inc.† | | | 466,246 | | | | 307,198 | |
| | | | | | | | 2,278,086 | | | | 2,381,056 | |
| Shares | | | | | Cost | | | Market
Value | |
| | | | | Diversified Industrial — 5.0% | | | | | | | | |
| | 2,460 | | | Albany International Corp., Cl. A | | $ | 156,589 | | | $ | 218,571 | |
| | 11,070 | | | Apogee Enterprises Inc. | | | 371,210 | | | | 775,066 | |
| | 41,900 | | | Enerpac Tool Group Corp. | | | 885,291 | | | | 1,755,191 | |
| | 19,664 | | | Kennametal Inc. | | | 521,994 | | | | 509,887 | |
| | 6,460 | | | Worthington Enterprises Inc. | | | 310,653 | | | | 267,767 | |
| | | | | | | | 2,245,737 | | | | 3,526,482 | |
| | | | | Electronics — 5.6% | | | | | | | | |
| | 17,908 | | | Advanced Energy Industries Inc. | | | 1,193,842 | | | | 1,884,638 | |
| | 23,000 | | | FARO Technologies Inc.† | | | 348,926 | | | | 440,220 | |
| | 11,910 | | | Sonos Inc.† | | | 182,103 | | | | 146,374 | |
| | 80,300 | | | TTM Technologies Inc.† | | | 1,076,777 | | | | 1,465,475 | |
| | | | | | | | 2,801,648 | | | | 3,936,707 | |
| | | | | Energy and Utilities — 5.4% | | | | | | | | |
| | 5,900 | | | Diamondback Energy Inc. | | | 188,260 | | | | 1,017,160 | |
| | 40,400 | | | Magnolia Oil & Gas Corp., Cl. A | | | 508,204 | | | | 986,568 | |
| | 32,900 | | | Oceaneering International Inc.† | | | 201,160 | | | | 818,223 | |
| | 53,700 | | | Patterson-UTI Energy Inc. | | | 220,091 | | | | 410,805 | |
| | 13,749 | | | Riley Exploration Permian Inc. | | | 360,194 | | | | 364,211 | |
| | 37,600 | | | Shoals Technologies Group Inc., Cl. A† | | | 212,105 | | | | 210,936 | |
| | | | | | | | 1,690,014 | | | | 3,807,903 | |
| | | | | Equipment and Supplies — 2.8% | | | | | | | | |
| | 39,000 | | | Flowserve Corp. | | | 1,283,091 | | | | 2,015,910 | |
| | | | | | | | | | | | | |
| | | | | Financial Services — 6.4% | | | | | | | | |
| | 14,100 | | | First Interstate BancSystem Inc., Cl. A | | | 331,914 | | | | 432,588 | |
| | 16,821 | | | Heritage Financial Corp. | | | 282,134 | | | | 366,193 | |
| | 8,280 | | | Horace Mann Educators Corp. | | | 289,733 | | | | 289,386 | |
| | 16,105 | | | Mercury General Corp. | | | 518,418 | | | | 1,014,293 | |
| | 17,881 | | | Stewart Information Services Corp. | | | 775,594 | | | | 1,336,426 | |
| | 6,686 | | | Stifel Financial Corp. | | | 208,596 | | | | 627,815 | |
| | 17,600 | | | Univest Financial Corp. | | | 484,444 | | | | 495,264 | |
| | | | | | | | 2,890,833 | | | | 4,561,965 | |
| | | | | Health Care — 10.6% | | | | | | | | |
| | 16,542 | | | AMN Healthcare Services Inc.† | | | 1,000,815 | | | | 701,215 | |
| | 84,725 | | | Axogen Inc.† | | | 424,065 | | | | 1,187,845 | |
| | 50,827 | | | Embecta Corp. | | | 784,314 | | | | 716,661 | |
| | 6,360 | | | Haemonetics Corp.† | | | 465,719 | | | | 511,217 | |
| | 21,914 | | | Omnicell Inc.† | | | 688,332 | | | | 955,450 | |
| | 71,070 | | | Orthofix Medical Inc.† | | | 887,386 | | | | 1,110,113 | |
| | 83,370 | | | Patterson Cos. Inc. | | | 1,913,058 | | | | 1,820,801 | |
| | 15,800 | | | Supernus Pharmaceuticals Inc.† | | | 454,696 | | | | 492,644 | |
| | | | | | | | 6,618,385 | | | | 7,495,946 | |
| | | | | Machinery — 2.6% | | | | | | | | |
| | 83,400 | | | Mueller Water Products Inc., Cl. A | | | 951,803 | | | | 1,809,780 | |
| | | | | | | | | | | | | |
| | | | | Materials — 0.9% | | | | | | | | |
| | 12,690 | | | Avient Corp. | | | 421,009 | | | | 638,561 | |
See accompanying notes to financial statements.
TETON Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS (Continued) | | | | | | | | |
| | | | | Real Estate — 2.2% | | | | | | | | |
| | 23,467 | | | Alpine Income Property Trust Inc., REIT | | $ | 405,067 | | | $ | 427,099 | |
| | 36,400 | | | CareTrust REIT Inc. | | | 696,589 | | | | 1,123,304 | |
| | | | | | | | 1,101,656 | | | | 1,550,403 | |
| | | | | Retail — 7.9% | | | | | | | | |
| | 14,071 | | | Advance Auto Parts Inc. | | | 781,825 | | | | 548,628 | |
| | 84,586 | | | American Eagle Outfitters Inc. | | | 1,081,699 | | | | 1,893,881 | |
| | 42,307 | | | El Pollo Loco Holdings Inc.† | | | 367,495 | | | | 579,606 | |
| | 56,082 | | | Ethan Allen Interiors Inc. | | | 1,186,902 | | | | 1,788,455 | |
| | 20,300 | | | Urban Outfitters Inc.† | | | 477,828 | | | | 777,693 | |
| | | | | | | | 3,895,749 | | | | 5,588,263 | |
| | | | | Semiconductors — 5.3% | | | | | | | | |
| | 35,945 | | | Cohu Inc.† | | | 1,133,238 | | | | 923,787 | |
| | 7,266 | | | FormFactor Inc.† | | | 178,256 | | | | 334,236 | |
| | 7,400 | | | MKS Instruments Inc. | | | 628,411 | | | | 804,454 | |
| | 77,788 | | | nLight Inc.† | | | 877,480 | | | | 831,554 | |
| | 1,625 | | | Onto Innovation Inc.† | | | 135,368 | | | | 337,285 | |
| | 12,637 | | | Ultra Clean Holdings Inc.† | | | 325,821 | | | | 504,595 | |
| | | | | | | | 3,278,574 | | | | 3,735,911 | |
| | | | | Specialty Chemicals — 1.4% | | | | | | | | |
| | 14,296 | | | Darling Ingredients Inc.† | | | 469,597 | | | | 531,239 | |
| | 6,243 | | | Minerals Technologies Inc. | | | 296,543 | | | | 482,147 | |
| | | | | | | | 766,140 | | | | 1,013,386 | |
| | | | | Transportation — 1.3% | | | | | | | | |
| | 17,513 | | | The Greenbrier Companies Inc. | | | 511,664 | | | | 891,237 | |
| | | | | | | | | | | | | |
| | | | | TOTAL COMMON STOCKS | | | 50,441,499 | | | | 69,967,599 | |
| | | | | | | | | | | | | |
| Principal | | | | | | | | | |
| Amount | | | | | | | | | |
| | | | | U.S. GOVERNMENT OBLIGATIONS — 1.1% | | | | | | | | |
| $ | 815,000 | | | U.S. Treasury Bills, | | | | | | | | |
| | | | | 5.036% to 5.144%††, 10/31/24 to 11/29/24 | | | 808,979 | | | | 809,368 | |
| | | | | | | | | | | | | |
| | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS | | | 808,979 | | | | 809,368 | |
| | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS — 100.1% | | $ | 51,250,478 | | | | 70,776,967 | |
| | | | | | | | | | | | | |
| | | | | Other Assets and Liabilities (Net) — (0.1)% | | | | | | | (70,296 | ) |
| | | | | | | | | | | | | |
| | | | | NET ASSETS — 100.0% | | | | | | $ | 70,706,671 | |
| † | Non-income producing security. |
| †† | Represents annualized yields at dates of purchase. |
| | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
TETON Convertible Securities Fund
Schedule of Investments — September 30, 2024
Principal
Amount | | | | | Cost | | | Market
Value | |
| | | | | CONVERTIBLE CORPORATE BONDS — 89.6% | | | | | | | | |
| | | | | Aerospace and Defense — 1.5% | | | | | | | | |
| $ | 100,000 | | | Rocket Lab USA Inc., | | | | | | | | |
| | | | | 4.250%, 02/01/29(a) | | $ | 101,649 | | | $ | 210,062 | |
| | | | | | | | | | | | | |
| | | | | Business Services — 1.2% | | | | | | | | |
| | 150,000 | | | MicroStrategy Inc., | | | | | | | | |
| | | | | 2.250%, 06/15/32(a) | | | 150,000 | | | | 166,500 | |
| | | | | | | | | | | | | |
| | | | | Computer Software and Services — 15.0% | | | | | | | | |
| | 275,000 | | | Cardlytics Inc., | | | | | | | | |
| | | | | 4.250%, 04/01/29(a) | | | 204,985 | | | | 146,643 | |
| | 400,000 | | | CSG Systems International Inc., | | | | | | | | |
| | | | | 3.875%, 09/15/28 | | | 397,497 | | | | 400,600 | |
| | 200,000 | | | Lumentum Holdings Inc., | | | | | | | | |
| | | | | 1.500%, 12/15/29 | | | 201,993 | | | | 233,134 | |
| | 200,000 | | | PagerDuty Inc., | | | | | | | | |
| | | | | 1.500%, 10/15/28(a) | | | 200,000 | | | | 200,996 | |
| | 300,000 | | | Progress Software Corp., | | | | | | | | |
| | | | | 3.500%, 03/01/30(a) | | | 303,066 | | | | 361,200 | |
| | 250,000 | | | Rapid7 Inc., | | | | | | | | |
| | | | | 1.250%, 03/15/29 | | | 246,204 | | | | 236,136 | |
| | 100,000 | | | Snowflake Inc., | | | | | | | | |
| | | | | Zero Coupon, 10/01/29(a) | | | 100,000 | | | | 103,250 | |
| | 160,000 | | | Varonis Systems Inc., | | | | | | | | |
| | | | | 1.000%, 09/15/29(a) | | | 163,322 | | | | 172,400 | |
| | 200,000 | | | Vertex Inc., | | | | | | | | |
| | | | | 0.750%, 05/01/29(a) | | | 201,144 | | | | 251,000 | |
| | | | | | | | 2,018,211 | | | | 2,105,359 | |
| | | | | Consumer Products — 1.1% | | | | | | | | |
| | 150,000 | | | Spectrum Brands Inc., | | | | | | | | |
| | | | | 3.375%, 06/01/29(a) | | | 148,007 | | | | 156,036 | |
| | | | | | | | | | | | | |
| | | | | Consumer Services — 2.5% | | | | | | | | |
| | 80,000 | | | Alibaba Group Holding Ltd., | | | | | | | | |
| | | | | 0.500%, 06/01/31(a)(b) | | | 86,586 | | | | 98,460 | |
| | 200,000 | | | Uber Technologies Inc., Ser. 2028, | | | | | | | | |
| | | | | 0.875%, 12/01/28(a) | | | 200,260 | | | | 250,900 | |
| | | | | | | | 286,846 | | | | 349,360 | |
| | | | | Energy and Energy Services — 2.2% | | | | | | | | |
| | 250,000 | | | Bloom Energy Corp., | | | | | | | | |
| | | | | 3.000%, 06/01/28 | | | 248,197 | | | | 230,413 | |
| | 75,000 | | | WEC Energy Group Inc., | | | | | | | | |
| | | | | 4.375%, 06/01/29(a) | | | 75,000 | | | | 83,362 | |
| | | | | | | | 323,197 | | | | 313,775 | |
| | | | | Energy and Utilities: Integrated — 10.2% | | | | | | | | |
| | 528,000 | | | Array Technologies Inc., | | | | | | | | |
| | | | | 1.000%, 12/01/28 | | | 480,329 | | | | 393,988 | |
| | 425,000 | | | NextEra Energy Partners LP, | | | | | | | | |
| | | | | 2.500%, 06/15/26(a) | | | 418,618 | | | | 401,076 | |
| | 397,000 | | | PG&E Corp., | | | | | | | | |
| | | | | 4.250%, 12/01/27(a) | | | 402,177 | | | | 430,447 | |
| | 300,000 | | | Sunnova Energy International Inc., | | | | | | | | |
| | | | | 2.625%, 02/15/28 | | | 228,667 | | | | 197,040 | |
| | | | | | | | 1,529,791 | | | | 1,422,551 | |
| | | | | Energy and Utilities: Services — 13.8% | | | | | | | | |
| | 200,000 | | | Fluor Corp., | | | | | | | | |
| | | | | 1.125%, 08/15/29 | | | 239,560 | | | | 245,200 | |
Principal
Amount | | | | | Cost | | | Market
Value | |
| $ | 200,000 | | | Kosmos Energy Ltd., | | | | | | | | |
| | | | | 3.125%, 03/15/30(a) | | $ | 205,474 | | | $ | 185,450 | |
| | 300,000 | | | Nabors Industries Inc., | | | | | | | | |
| | | | | 1.750%, 06/15/29 | | | 226,438 | | | | 234,893 | |
| | 400,000 | | | Northern Oil & Gas Inc., | | | | | | | | |
| | | | | 3.625%, 04/15/29 | | | 419,304 | | | | 458,100 | |
| | 500,000 | | | PPL Capital Funding Inc., | | | | | | | | |
| | | | | 2.875%, 03/15/28 | | | 494,330 | | | | 530,875 | |
| | 250,000 | | | TXNM Energy Inc., | | | | | | | | |
| | | | | 5.750%, 06/01/54(a) | | | 250,000 | | | | 272,284 | |
| | | | | | | | 1,835,106 | | | | 1,926,802 | |
| | | | | Entertainment — 4.5% | | | | | | | | |
| | 250,000 | | | Liberty Media Corp., | | | | | | | | |
| | | | | 2.375%, 09/30/53(a) | | | 269,459 | | | | 299,625 | |
| | 300,000 | | | Liberty Media Corp.-Liberty Formula One, | | | | | | | | |
| | | | | 2.250%, 08/15/27 | | | 290,921 | | | | 331,172 | |
| | | | | | | | 560,380 | | | | 630,797 | |
| | | | | Financial Services — 4.3% | | | | | | | | |
| | 300,000 | | | Global Payments Inc., | | | | | | | | |
| | | | | 1.500%, 03/01/31(a) | | | 305,590 | | | | 288,000 | |
| | 300,000 | | | SoFi Technologies Inc., | | | | | | | | |
| | | | | 1.250%, 03/15/29(a) | | | 298,251 | | | | 320,250 | |
| | | | | | | | 603,841 | | | | 608,250 | |
| | | | | Health Care — 14.5% | | | | | | | | |
| | 275,000 | | | Amphastar Pharmaceuticals Inc., | | | | | | | | |
| | | | | 2.000%, 03/15/29 | | | 279,234 | | | | 291,757 | |
| | 100,000 | | | ANI Pharmaceuticals Inc., | | | | | | | | |
| | | | | 2.250%, 09/01/29(a) | | | 101,370 | | | | 105,813 | |
| | 100,000 | | | Coherus Biosciences Inc., | | | | | | | | |
| | | | | 1.500%, 04/15/26 | | | 79,063 | | | | 78,500 | |
| | 250,000 | | | Evolent Health Inc., | | | | | | | | |
| | | | | 3.500%, 12/01/29(a) | | | 256,848 | | | | 269,812 | |
| | 300,000 | | | Halozyme Therapeutics Inc., | | | | | | | | |
| | | | | 1.000%, 08/15/28 | | | 306,250 | | | | 357,000 | |
| | 150,000 | | | Immunocore Holdings plc, | | | | | | | | |
| | | | | 2.500%, 02/01/30(a) | | | 151,471 | | | | 129,882 | |
| | 365,000 | | | Invacare Corp., Escrow, | | | | | | | | |
| | | | | Zero Coupon, 05/08/28(c) | | | 4 | | | | 0 | |
| | 200,000 | | | Jazz Investments I Ltd., | | | | | | | | |
| | | | | 3.125%, 09/15/30(a) | | | 209,543 | | | | 209,300 | |
| | 250,000 | | | Pacira BioSciences Inc., | | | | | | | | |
| | | | | 2.125%, 05/15/29(a) | | | 197,829 | | | | 189,307 | |
| | 350,000 | | | Sarepta Therapeutics Inc., | | | | | | | | |
| | | | | 1.250%, 09/15/27 | | | 400,936 | | | | 397,600 | |
| | | | | | | | 1,982,548 | | | | 2,028,971 | |
| | | | | Metals and Mining — 1.6% | | | | | | | | |
| | 200,000 | | | MP Materials Corp., | | | | | | | | |
| | | | | 3.000%, 03/01/30(a) | | | 199,572 | | | | 220,229 | |
| | | | | | | | | | | | | |
| | | | | Real Estate — 1.0% | | | | | | | | |
| | 150,000 | | | Summit Hotel Properties Inc., | | | | | | | | |
| | | | | 1.500%, 02/15/26 | | | 137,011 | | | | 141,966 | |
| | | | | | | | | | | | | |
| | | | | Real Estate Investment Trusts — 4.2% | | | | | | | | |
| | 250,000 | | | Redfin Corp., | | | | | | | | |
| | | | | 0.500%, 04/01/27 | | | 188,776 | | | | 184,375 | |
See accompanying notes to financial statements.
TETON Convertible Securities Fund
Schedule of Investments (Continued) — September 30, 2024
Principal
Amount | | | | | Cost | | | Market
Value | |
| | | | | CONVERTIBLE CORPORATE BONDS (Continued) | | | | | |
| | | | | Real Estate Investment Trusts (Continued) | | | | | | | | |
| $ | 250,000 | | | Redwood Trust Inc., | | | | | | | | |
| | | | | 7.750%,06/15/27 | | $ | 250,000 | | | $ | 250,500 | |
| | 150,000 | | | Rexford Industrial Realty LP, | | | | | | | | |
| | | | | 4.125%, 03/15/29(a) | | | 150,455 | | | | 159,600 | |
| | | | | | | | 589,231 | | | | 594,475 | |
| | | | | Semiconductors — 9.1% | | | | | | | | |
| | 400,000 | | | indie Semiconductor Inc., | | | | | | | | |
| | | | | 4.500%, 11/15/27(a) | | | 409,916 | | | | 356,000 | |
| | 250,000 | | | MKS Instruments Inc., | | | | | | | | |
| | | | | 1.250%, 06/01/30(a) | | | 250,000 | | | | 250,375 | |
| | 400,000 | | | ON Semiconductor Corp., | | | | | | | | |
| | | | | 0.500%, 03/01/29 | | | 391,299 | | | | 405,900 | |
| | 250,000 | | | OSI Systems Inc., | | | | | | | | |
| | | | | 2.250%, 08/01/29(a) | | | 252,405 | | | | 260,479 | |
| | | | | | | | 1,303,620 | | | | 1,272,754 | |
| | | | | Telecommunications — 2.2% | | | | | | | | |
| | 261,000 | | | Infinera Corp., | | | | | | | | |
| | | | | 3.750%, 08/01/28 | | | 254,954 | | | | 300,453 | |
| | | | | | | | | | | | | |
| | | | | Transportation — 0.7% | | | | | | | | |
| | 100,000 | | | Air Transport Services Group Inc., | | | | | | | | |
| | | | | 3.875%, 08/15/29 | | | 100,000 | | | | 94,410 | |
| | | | | | | | | | | | | |
| | | | | TOTAL CONVERTIBLE CORPORATE BONDS | | | 12,123,964 | | | | 12,542,750 | |
| | | | | | | | | | | | | |
| Shares | | | | | | | | | |
| | | | | CONVERTIBLE PREFERRED STOCKS — 1.8% | | | | | | | | |
| | | | | Health Care — 1.8% | | | | | | | | |
| | 11,225 | | | Invacare Holdings Corp., Ser. A, | | | | | | | | |
| | | | | 9.000%(c) | | | 280,625 | | | | 252,563 | |
| | | | | | | | | | | | | |
| | | | | TOTAL CONVERTIBLE PREFERRED STOCKS | | | 280,625 | | | | 252,563 | |
| | | | | | | | | | | | | |
| | | | | MANDATORY CONVERTIBLE SECURITIES(d) — 6.3% | | | | | |
| | | | | Computer Software and Services — 2.1% | | | | | | | | |
| | 5,000 | | | Hewlett Packard Enterprise Co., | | | | | | | | |
| | | | | 7.625%, 09/01/27 | | | 251,650 | | | | 302,550 | |
| | | | | | | | | | | | | |
| | | | | Diversified Industrial — 1.6% | | | | | | | | |
| | 4,500 | | | Chart Industries Inc., Ser. B, | | | | | | | | |
| | | | | 6.750%, 12/15/25 | | | 223,050 | | | | 226,125 | |
| | | | | | | | | | | | | |
| | | | | Health Care — 1.2% | | | | | | | | |
| | 3,000 | | | BrightSpring Health Services Inc., | | | | | | | | |
| | | | | 6.750%, 02/01/27 | | | 150,000 | | | | 167,220 | |
| | | | | | | | | | | | | |
| | | | | Specialty Chemicals — 1.4% | | | | | | | | |
| | 4,250 | | | Albemarle Corp., | | | | | | | | |
| | | | | 7.250%, 03/01/27 | | | 205,748 | | | | 191,250 | |
| | | | | | | | | | | | | |
| | | | | TOTAL MANDATORY CONVERTIBLE SECURITIES | | | 830,448 | | | | 887,145 | |
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS — 0.0% | | | | | | | | |
| | | | | Health Care — 0.0% | | | | | | | | |
| | 5,023 | | | Invacare Holdings Corp.†(c) | | $ | 0 | | | $ | 0 | |
| | | | | | | | | | | | | |
| | | | | TOTAL COMMON STOCKS | | | 0 | | | | 0 | |
Principal
Amount | | | | | | | | | |
| | | | | U.S. GOVERNMENT OBLIGATIONS — 2.1% | | | | | | | | |
| $ | 295,000 | | | U.S. Treasury Bill, | | | | | | | | |
| | | | 4.671%††, 12/19/24 | | | 292,012 | | | | 292,085 | |
| | | | | | | | | | | | | |
| | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS | | | 292,012 | | | | 292,085 | |
| | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS — 99.8% | | $ | 13,527,049 | | | | 13,974,543 | |
| | | | | | | | | | | | | |
| | | | | Other Assets and Liabilities (Net) — 0.2% | | | | | | | 29,085 | |
| | | | | | | | | | | | | |
| | | | | NET ASSETS — 100.0% | | | | | | $ | 14,003,628 | |
| (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) | At September 30, 2024, the Fund held an investment in a restricted and illiquid security amounting to $98,460 or 0.70% of net assets, which was valued under methods approved by the Board of Trustees as follows: |
Acquisition
Principal
Amount | | | Issuer | | Acquisition
Dates | | | Acquisition
Cost | | | 09/30/24
Carrying
Value
Per Bond | |
| $ | 80,000 | | | Alibaba Group Holding Ltd., | | | | | | | | | | | |
| | | | | 0.500%, 06/01/31 | | 05/23/24 - 09/25/24 | | | $ | 86,600 | | | $ | 123.0750 | |
| (c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) | Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder. |
| † | Non-income producing security. |
| †† | Represents annualized yield at date of purchase. |
See accompanying notes to financial statements.
TETON Westwood Equity Fund
Schedule of Investments — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS — 98.8% | | | | | | | | |
| | | | | Aerospace — 2.0% | | | | | | | | |
| | 3,091 | | | General Dynamics Corp. | | $ | 885,218 | | | $ | 934,100 | |
| | | | | | | | | | | | | |
| | | | | Air Freight and Logistics — 1.9% | | | | | | | | |
| | 3,107 | | | FedEx Corp. | | | 713,566 | | | | 850,324 | |
| | | | | | | | | | | | | |
| | | | | Banking — 2.9% | | | | | | | | |
| | 33,328 | | | Bank of America Corp. | | | 1,074,060 | | | | 1,322,455 | |
| | | | | | | | | | | | | |
| | | | | Business Services — 2.5% | | | | | | | | |
| | 4,234 | | | Visa Inc., Cl. A | | | 943,284 | | | | 1,164,138 | |
| | | | | | | | | | | | | |
| | | | | Commercial Services and Supplies — 2.0% | | | | | | | | |
| | 4,502 | | | Waste Management Inc. | | | 827,738 | | | | 934,615 | |
| | | | | | | | | | | | | |
| | | | | Computer Hardware — 3.6% | | | | | | | | |
| | 3,999 | | | Apple Inc. | | | 645,625 | | | | 931,767 | |
| | 19,678 | | | HP Inc. | | | 714,354 | | | | 705,850 | |
| | | | | | | | 1,359,979 | | | | 1,637,617 | |
| | | | | Computer Software and Services — 12.1% | | | | | | | | |
| | 2,942 | | | Accenture plc, Cl. A | | | 884,433 | | | | 1,039,938 | |
| | 5,448 | | | Alphabet Inc., Cl. A | | | 541,640 | | | | 903,551 | |
| | 2,164 | | | CACI International Inc., Cl. A† | | | 654,516 | | | | 1,091,868 | |
| | 3,289 | | | Microsoft Corp. | | | 762,617 | | | | 1,415,257 | |
| | 3,953 | | | Salesforce Inc. | | | 915,017 | | | | 1,081,975 | |
| | | | | | | | 3,758,223 | | | | 5,532,589 | |
| | | | | Consumer Products — 1.5% | | | | | | | | |
| | 6,462 | | | Church & Dwight Co. Inc. | | | 581,478 | | | | 676,701 | |
| | | | | | | | | | | | | |
| | | | | Diversified Industrial — 1.9% | | | | | | | | |
| | 4,209 | | | Honeywell International Inc. | | | 751,422 | | | | 870,042 | |
| | | | | | | | | | | | | |
| | | | | Electronics — 1.8% | | | | | | | | |
| | 10,340 | | | Microchip Technology Inc. | | | 779,593 | | | | 830,199 | |
| | | | | | | | | | | | | |
| | | | | Energy and Energy Services — 1.8% | | | | | | | | |
| | 3,642 | | | EOG Resources Inc. | | | 340,578 | | | | 447,711 | |
| | 2,751 | | | Valero Energy Corp. | | | 391,808 | | | | 371,468 | |
| | | | | | | | 732,386 | | | | 819,179 | |
| | | | | Energy: Integrated — 6.3% | | | | | | | | |
| | 7,494 | | | DTE Energy Co. | | | 788,138 | | | | 962,304 | |
| | 11,358 | | | NextEra Energy Inc. | | | 517,359 | | | | 960,092 | |
| | 9,806 | | | WEC Energy Group Inc. | | | 909,039 | | | | 943,141 | |
| | | | | | | | 2,214,536 | | | | 2,865,537 | |
| | | | | Energy: Oil — 3.7% | | | | | | | | |
| | 5,434 | | | Chevron Corp. | | | 668,205 | | | | 800,265 | |
| | 7,461 | | | Exxon Mobil Corp. | | | 863,332 | | | | 874,579 | |
| | | | | | | | 1,531,537 | | | | 1,674,844 | |
| | | | | Equipment and Supplies — 7.4% | | | | | | | | |
| | 6,545 | | | Boise Cascade Co. | | | 892,901 | | | | 922,714 | |
| | 3,367 | | | Danaher Corp. | | | 844,091 | | | | 936,093 | |
| | 2,377 | | | Hubbell Inc. | | | 746,839 | | | | 1,018,188 | |
| | 1,880 | | | Littelfuse Inc. | | | 454,855 | | | | 498,670 | |
| | | | | | | | 2,938,686 | | | | 3,375,665 | |
| | | | | Financial Services — 12.9% | | | | | | | | |
| | 3,104 | | | Arthur J. Gallagher & Co. | | | 566,171 | | | | 873,372 | |
| | 1,946 | | | Berkshire Hathaway Inc., Cl. B† | | | 553,285 | | | | 895,666 | |
| | 7,482 | | | JPMorgan Chase & Co. | | | 1,047,987 | | | | 1,577,654 | |
| | 2,260 | | | The Goldman Sachs Group Inc. | | | 791,950 | | | | 1,118,949 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 2,164 | | | The Progressive Corp. | | $ | 279,957 | | | $ | 549,137 | |
| | 15,438 | | | Wells Fargo & Co. | | | 641,236 | | | | 872,093 | |
| | | | | | | | 3,880,586 | | | | 5,886,871 | |
| | | | | Food and Beverage — 5.9% | | | | | | | | |
| | 2,122 | | | Domino’s Pizza Inc. | | | 828,782 | | | | 912,757 | |
| | 5,501 | | | PepsiCo Inc. | | | 591,565 | | | | 935,445 | |
| | 4,423 | | | The Hershey Co. | | | 927,653 | | | | 848,243 | |
| | | | | | | | 2,348,000 | | | | 2,696,445 | |
| | | | | Health Care — 11.9% | | | | | | | | |
| | 12,111 | | | Abbott Laboratories | | | 1,339,459 | | | | 1,380,775 | |
| | 3,857 | | | Becton Dickinson & Co. | | | 806,912 | | | | 929,923 | |
| | 9,595 | | | Johnson & Johnson | | | 1,555,570 | | | | 1,554,966 | |
| | 2,711 | | | UnitedHealth Group Inc. | | | 898,116 | | | | 1,585,067 | |
| | | | | | | | 4,600,057 | | | | 5,450,731 | |
| | | | | Real Estate — 4.1% | | | | | | | | |
| | 8,461 | | | Federal Realty Investment Trust, REIT | | | 879,753 | | | | 972,761 | |
| | 7,251 | | | Prologis Inc., REIT | | | 816,318 | | | | 915,656 | |
| | | | | | | | 1,696,071 | | | | 1,888,417 | |
| | | | | Retail — 9.6% | | | | | | | | |
| | 5,800 | | | Darden Restaurants Inc. | | | 954,215 | | | | 951,954 | |
| | 3,341 | | | McDonald’s Corp. | | | 909,772 | | | | 1,017,368 | |
| | 796 | | | O’Reilly Automotive Inc.† | | | 626,808 | | | | 916,674 | |
| | 1,331 | | | The Home Depot Inc. | | | 226,033 | | | | 539,321 | |
| | 11,760 | | | Walmart Inc. | | | 534,583 | | | | 949,620 | |
| | | | | | | | 3,251,411 | | | | 4,374,937 | |
| | | | | Transportation — 3.0% | | | | | | | | |
| | 5,477 | | | Union Pacific Corp. | | | 1,020,584 | | | | 1,349,971 | |
| | | | | | | | | | | | | |
| | | | | TOTAL COMMON STOCKS | | | 35,888,415 | | | | 45,135,377 | |
| | | | | | | | | | | | | |
| | | | | SHORT TERM INVESTMENT — 1.2% | | | | | | | | |
| | | | | Other Investment Companies — 1.2% | | | | | | | | |
| | 526,158 | | | Dreyfus Treasury Securities Cash Management, 4.880%* | | | 526,158 | | | | 526,158 | |
| | | | | | | | | | | | | |
| | | | | TOTAL SHORT TERM INVESTMENT | | | 526,158 | | | | 526,158 | |
| | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS — 100.0% | | $ | 36,414,573 | | | | 45,661,535 | |
| | | | | | | | | | | | | |
| | | | | Other Assets and Liabilities (Net) — (0.0)% | | | | | | | (21,508 | ) |
| | | | | | | | | | | | | |
| | | | | NET ASSETS — 100.0% | | | | | | $ | 45,640,027 | |
| * | 1 day yield as of September 30, 2024. |
| † | Non-income producing security. |
| | |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
TETON Westwood Balanced Fund
Schedule of Investments — September 30, 2024
| Shares | | | | | Cost | | | Market
Value | |
| | | | | COMMON STOCKS — 65.0% | | | | | | | | |
| | | | | Aerospace — 1.2% | | | | | | | | |
| | 1,530 | | | General Dynamics Corp. | | $ | 439,222 | | | $ | 462,366 | |
| | | | | | | | | | | | | |
| | | | | Air Freight and Logistics — 1.4% | | | | | | | | |
| | 1,905 | | | FedEx Corp. | | | 441,399 | | | | 521,360 | |
| | | | | | | | | | | | | |
| | | | | Automotive: Parts and Accessories — 1.3% | | | | | | | | |
| | 434 | | | O’Reilly Automotive Inc.† | | | 317,810 | | | | 499,794 | |
| | | | | | | | | | | | | |
| | | | | Banking — 1.3% | | | | | | | | |
| | 12,891 | | | Bank of America Corp. | | | 551,260 | | | | 511,515 | |
| | | | | | | | | | | | | |
| | | | | Business Services — 1.6% | | | | | | | | |
| | 2,211 | | | Visa Inc., Cl. A | | | 492,047 | | | | 607,915 | |
| | | | | | | | | | | | | |
| | | | | Commercial Services and Supplies — 1.2% | | | | | | | | |
| | 2,224 | | | Waste Management Inc. | | | 413,269 | | | | 461,702 | |
| | | | | | | | | | | | | |
| | | | | Computer Hardware — 2.2% | | | | | | | | |
| | 2,088 | | | Apple Inc. | | | 391,187 | | | | 486,504 | |
| | 10,275 | | | HP Inc. | | | 372,400 | | | | 368,564 | |
| | | | | | | | 763,587 | | | | 855,068 | |
| | | | | Computer Software and Services — 9.8% | | | | | | | | |
| | 1,485 | | | Accenture plc, Cl. A | | | 406,404 | | | | 524,918 | |
| | 2,519 | | | Alphabet Inc., Cl. A | | | 336,062 | | | | 417,776 | |
| | 1,054 | | | CACI International Inc.,Cl. A† | | | 322,219 | | | | 531,806 | |
| | 864 | | | Cadence Design Systems Inc.† | | | 117,276 | | | | 234,170 | |
| | 3,576 | | | Microsoft Corp. | | | 1,033,949 | | | | 1,538,753 | |
| | 1,973 | | | Salesforce Inc. | | | 451,877 | | | | 540,030 | |
| | | | | | | | 2,667,787 | | | | 3,787,453 | |
| | | | | Consumer Products — 0.9% | | | | | | | | |
| | 3,358 | | | Church & Dwight Co. Inc. | | | 297,610 | | | | 351,650 | |
| | | | | | | | | | | | | |
| | | | | Consumer Services — 1.7% | | | | | | | | |
| | 3,495 | | | Amazon.com Inc.† | | | 500,372 | | | | 651,223 | |
| | | | | | | | | | | | | |
| | | | | Diversified Industrial — 1.2% | | | | | | | | |
| | 2,265 | | | Honeywell International Inc. | | | 431,288 | | | | 468,198 | |
| | | | | | | | | | | | | |
| | | | | Electronics — 1.6% | | | | | | | | |
| | 4,543 | | | Microchip Technology Inc. | | | 329,546 | | | | 364,758 | |
| | 282 | | | Monolithic Power Systems Inc. | | | 105,701 | | | | 260,709 | |
| | | | | | | | 435,247 | | | | 625,467 | |
| | | | | Energy and Energy Services — 1.1% | | | | | | | | |
| | 1,846 | | | EOG Resources Inc. | | | 236,449 | | | | 226,929 | |
| | 1,589 | | | Valero Energy Corp. | | | 225,930 | | | | 214,563 | |
| | | | | | | | 462,379 | | | | 441,492 | |
| | | | | Energy: Integrated — 2.5% | | | | | | | | |
| | 2,492 | | | DTE Energy Co. | | | 264,479 | | | | 319,998 | |
| | 3,597 | | | NextEra Energy Inc. | | | 135,144 | | | | 304,054 | |
| | 3,566 | | | WEC Energy Group Inc. | | | 341,087 | | | | 342,978 | |
| | | | | | | | 740,710 | | | | 967,030 | |
| | | | | Energy: Oil — 1.9% | | | | | | | | |
| | 2,497 | | | Chevron Corp. | | | 337,982 | | | | 367,733 | |
| | 3,242 | | | Exxon Mobil Corp. | | | 376,306 | | | | 380,027 | |
| | | | | | | | 714,288 | | | | 747,760 | |
| | | | | Equipment and Supplies — 5.2% | | | | | | | | |
| | 2,923 | | | Amphenol Corp., Cl. A | | | 96,080 | | | | 190,463 | |
| | 3,219 | | | Boise Cascade Co. | | | 439,022 | | | | 453,815 | |
| | 1,961 | | | Danaher Corp. | | | 493,798 | | | | 545,197 | |
| Shares | | | | | Cost | | | Market
Value | |
| | 1,311 | | | Hubbell Inc. | | $ | 413,489 | | | $ | 561,567 | |
| | 954 | | | Littelfuse Inc. | | | 231,378 | | | | 253,048 | |
| | | | | | | | 1,673,767 | | | | 2,004,090 | |
| | | | | Financial Services — 7.3% | | | | | | | | |
| | 1,438 | | | Arthur J. Gallagher & Co. | | | 269,812 | | | | 404,610 | |
| | 841 | | | Berkshire Hathaway Inc., Cl. B† | | | 243,958 | | | | 387,079 | |
| | 3,709 | | | JPMorgan Chase & Co. | | | 651,418 | | | | 782,080 | |
| | 1,096 | | | The Goldman Sachs Group Inc. | | | 385,610 | | | | 542,640 | |
| | 1,186 | | | The Progressive Corp. | | | 158,398 | | | | 300,959 | |
| | 7,008 | | | Wells Fargo & Co. | | | 290,405 | | | | 395,882 | |
| | | | | | | | 1,999,601 | | | | 2,813,250 | |
| | | | | Food and Beverage — 2.2% | | | | | | | | |
| | 2,783 | | | PepsiCo Inc. | | | 372,917 | | | | 473,249 | |
| | 1,861 | | | The Hershey Co. | | | 392,618 | | | | 356,903 | |
| | | | | | | | 765,535 | | | | 830,152 | |
| | | | | Health Care — 7.2% | | | | | | | | |
| | 6,209 | | | Abbott Laboratories | | | 684,929 | | | | 707,888 | |
| | 1,967 | | | Becton Dickinson & Co. | | | 439,550 | | | | 474,244 | |
| | 4,636 | | | Johnson & Johnson | | | 767,497 | | | | 751,310 | |
| | 1,415 | | | UnitedHealth Group Inc. | | | 470,779 | | | | 827,322 | |
| | | | | | | | 2,362,755 | | | | 2,760,764 | |
| | | | | Real Estate — 2.7% | | | | | | | | |
| | 4,279 | | | Federal Realty Investment Trust, REIT | | | 446,562 | | | | 491,956 | |
| | 4,263 | | | Prologis Inc., REIT | | | 516,873 | | | | 538,332 | |
| | | | | | | | 963,435 | | | | 1,030,288 | |
| | | | | Retail — 5.7% | | | | | | | | |
| | 2,804 | | | Darden Restaurants Inc. | | | 462,633 | | | | 460,221 | |
| | 1,057 | | | Domino’s Pizza Inc. | | | 416,331 | | | | 454,658 | |
| | 1,642 | | | McDonald’s Corp. | | | 448,327 | | | | 500,005 | |
| | 659 | | | The Home Depot Inc. | | | 136,844 | | | | 267,027 | |
| | 6,132 | | | Walmart Inc. | | | 286,754 | | | | 495,159 | |
| | | | | | | | 1,750,889 | | | | 2,177,070 | |
| | | | | Semiconductors — 2.0% | | | | | | | | |
| | 6,197 | | | NVIDIA Corp. | | | 295,148 | | | | 752,564 | |
| | | | | | | | | | | | | |
| | | | | Transportation — 1.8% | | | | | | | | |
| | 2,859 | | | Union Pacific Corp. | | | 559,085 | | | | 704,686 | |
| | | | | | | | | | | | | |
| | | | | TOTAL COMMON STOCKS | | | 20,038,490 | | | | 25,032,857 | |
| | | | | | | | | | |
| Principal | | | | | | | | | |
| Amount | | | | | | | | | |
| | | | | CORPORATE BONDS — 26.3% | | | | | | | | |
| | | | | Aerospace — 0.7% | | | | | | | | |
| $ | 255,000 | | | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, | | | | | | | | |
| | | | 4.450%, 10/01/25 | | | 259,587 | | | | 254,375 | |
| | | | | | | | | | | | | |
| | | | | Banking — 1.2% | | | | | | | | |
| | 450,000 | | | Fifth Third Bancorp, | | | | | | | | |
| | | | | 2.375%, 01/28/25 | | | 449,992 | | | | 446,400 | |
See accompanying notes to financial statements.
TETON Westwood Balanced Fund
Schedule of Investments (Continued) — September 30, 2024
Principal
Amount | | | | | Cost | | | Market
Value | |
| | | | | CORPORATE BONDS (Continued) | | | | | | | | |
| | | | | Computer Hardware — 0.8% | | | | | | | | |
| $ | 295,000 | | | Dell International LLC/EMC Corp., | | | | | | | | |
| | | | | 5.750%, 02/01/33 | | $ | 293,457 | | | $ | 316,432 | |
| | | | | | | | | | | | | |
| | | | | Computer Software and Services — 1.8% | | | | | | | | |
| | 250,000 | | | Cloud Software Group Inc., | | | | | | | | |
| | | | | 6.500%, 03/31/29 | | | 230,584 | | | | 248,560 | |
| | | | | Oracle Corp. | | | | | | | | |
| | 240,000 | | | 6.250%, 11/09/32 | | | 240,381 | | | | 265,437 | |
| | 135,000 | | | 6.900%, 11/09/52 | | | 135,539 | | | | 162,701 | |
| | | | | | | | 606,504 | | | | 676,698 | |
| | | | | Diversified Industrial — 1.8% | | | | | | | | |
| | 510,000 | | | Cabot Corp., | | | | | | | | |
| | | | | 4.000%, 07/01/29 | | | 509,210 | | | | 506,027 | |
| | 191,000 | | | Jabil Inc., | | | | | | | | |
| | | | | 1.700%, 04/15/26 | | | 191,119 | | | | 183,015 | |
| | | | | | | | 700,329 | | | | 689,042 | |
| | | | | Energy and Energy Services — 2.8% | | | | | | | | |
| | | | | Energy Transfer LP | | | | | | | | |
| | 330,000 | | | 7.125% (a)(b) | | | 282,150 | | | | 337,723 | |
| | 250,000 | | | 6.000%, 02/01/29 | | | 239,928 | | | | 256,213 | |
| | 235,000 | | | 6.250%, 04/15/49 | | | 272,878 | | | | 246,975 | |
| | 260,000 | | | Plains All American Pipeline LP/PAA Finance Corp., | | | | | | | | |
| | | | | 3.800%, 09/15/30 | | | 269,306 | | | | 247,750 | |
| | | | | | | | 1,064,262 | | | | 1,088,661 | |
| | | | | Energy: Oil — 1.6% | | | | | | | | |
| | 10,000 | | | Civitas Resources Inc., | | | | | | | | |
| | | | | 8.375%, 07/01/28 | | | 10,000 | | | | 10,409 | |
| | 95,000 | | | Diamondback Energy Inc., | | | | | | | | |
| | | | | 6.250%, 03/15/33 | | | 98,768 | | | | 102,304 | |
| | 275,000 | | | MPLX LP, | | | | | | | | |
| | | | | 2.650%, 08/15/30 | | | 274,271 | | | | 247,378 | |
| | 259,000 | | | Piedmont Natural Gas Co. Inc., | | | | | | | | |
| | | | | 5.050%, 05/15/52 | | | 257,554 | | | | 249,257 | |
| | | | | | | | 640,593 | | | | 609,348 | |
| | | | | Financial Services — 6.7% | | | | | | | | |
| | 210,000 | | | Ally Financial Inc., (U.S. Secured Overnight Financing Rate + 3.26%), | | | | | | | | |
| | | | | 6.992%, 06/13/29(b) | | | 210,047 | | | | 222,019 | |
| | 500,000 | | | Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.21%), | | | | | | | | |
| | | | | 2.572%, 10/20/32(b) | | | 488,049 | | | | 438,157 | |
| | 500,000 | | | Bank of Montreal, MTN, | | | | | | | | |
| | | | | 2.650%, 03/08/27 | | | 494,254 | | | | 483,442 | |
| | 405,000 | | | Blue Owl Capital Corp., | | | | | | | | |
| | | | | 3.400%, 07/15/26 | | | 404,843 | | | | 392,189 | |
| | 500,000 | | | Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%), | | | | | | | | |
| | | | | 3.070%, 02/24/28(b) | | | 495,716 | | | | 486,000 | |
| | 370,000 | | | HSBC Holdings plc, (U.S. Secured Overnight Financing Rate + 3.03%), | | | | | | | | |
| | | | | 7.336%, 11/03/26(b) | | | 370,000 | | | | 380,605 | |
Principal
Amount | | | | | Cost | | | Market
Value | |
| $ | 190,000 | | | State Street Corp., Ser. I, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.61%), | | | | | | | | |
| | | | | 6.700% (a)(b) | | $ | 190,389 | | | $ | 197,200 | |
| | | | | | | | 2,653,298 | | | | 2,599,612 | |
| | | | | Food and Beverage — 2.1% | | | | | | | | |
| | 250,000 | | | Performance Food Group Inc., | | | | | | | | |
| | | | | 6.125%, 09/15/32 | | | 253,801 | | | | 256,005 | |
| | 250,000 | | | Pilgrim’s Pride Corp., | | | | | | | | |
| | | | | 6.250%, 07/01/33 | | | 247,967 | | | | 265,866 | |
| | 380,000 | | | The J.M. Smucker Co., | | | | | | | | |
| | | | | 3.550%, 03/15/50 | | | 386,695 | | | | 284,913 | |
| | | | | | | | 888,463 | | | | 806,784 | |
| | | | | Health Care — 0.6% | | | | | | | | |
| | 225,000 | | | CHS/Community Health Systems Inc., | | | | | | | | |
| | | | | 10.875%, 01/15/32 | | | 243,158 | | | | 248,289 | |
| | | | | | | | | | | | | |
| | | | | Real Estate — 2.0% | | | | | | | | |
| | 150,000 | | | Brixmor Operating Partnership LP, | | | | | | | | |
| | | | | 2.250%, 04/01/28 | | | 149,889 | | | | 138,297 | |
| | 200,000 | | | Iron Mountain Inc., | | | | | | | | |
| | | | | 5.000%, 07/15/28 | | | 187,386 | | | | 197,556 | |
| | 250,000 | | | MPT Operating Partnership LP/MPT Finance Corp., | | | | | | | | |
| | | | | 4.625%, 08/01/29 | | | 200,622 | | | | 201,573 | |
| | 265,000 | | | Realty Income Corp., | | | | | | | | |
| | | | | 2.850%, 12/15/32 | | | 274,701 | | | | 231,569 | |
| | | | | | | | 812,598 | | | | 768,995 | |
| | | | | Retail — 0.9% | | | | | | | | |
| | 200,000 | | | AutoZone Inc., | | | | | | | | |
| | | | | 1.650%, 01/15/31 | | | 198,578 | | | | 168,745 | |
| | 200,000 | | | CVS Health Corp., | | | | | | | | |
| | | | | 3.250%, 08/15/29 | | | 201,686 | | | | 188,903 | |
| | | | | | | | 400,264 | | | | 357,648 | |
| | | | | Semiconductors — 0.6% | | | | | | | | |
| | 235,000 | | | Broadcom Inc., | | | | | | | | |
| | | | | 4.150%, 11/15/30 | | | 258,949 | | | | 231,728 | |
| | | | | | | | | | | | | |
| | | | | Telecommunications — 0.4% | | | | | | | | |
| | 270,000 | | | Charter Communications Operating LLC/Charter Communications Operating Capital Corp., | | | | | | | | |
| | | | | 3.700%, 04/01/51 | | | 277,252 | | | | 171,918 | |
| | | | | | | | | | | | | |
| | | | | Transportation — 2.3% | | | | | | | | |
| | 875,000 | | | AP Moller - Maersk A/S, | | | | | | | | |
| | | | | 4.500%, 06/20/29 | | | 872,172 | | | | 883,912 | |
| | | | | | | | | | | | | |
| | | | | TOTAL CORPORATE BONDS | | | 10,420,878 | | | | 10,149,842 | |
See accompanying notes to financial statements.
TETON Westwood Balanced Fund
Schedule of Investments (Continued) — September 30, 2024
Principal
Amount | | | | | Cost | | | Market
Value | |
| | | | | CONVERTIBLE CORPORATE BONDS — 0.8% | | | | | | | | |
| | | | | Health Care — 0.8% | | | | | | | | |
| $ | 325,000 | | | Exact Sciences Corp., | | | | | | | | |
| | | | | 0.375%, 03/15/27 | | $ | 349,722 | | | $ | 315,575 | |
| | | | | | | | | | | | | |
| | | | | TOTAL CONVERTIBLE CORPORATE BONDS | | | 349,722 | | | | 315,575 | |
| | | | | | | | | | | | | |
| | | | | U.S. GOVERNMENT OBLIGATIONS — 7.6% | | | | | | | | |
| | | | | U.S. Treasury Bonds — 3.6% | | | | | | | | |
| | 365,000 | | | 2.500%, 02/15/45 | | | 333,935 | | | | 278,740 | |
| | 565,000 | | | 2.500%, 05/15/46 | | | 572,231 | | | | 425,494 | |
| | 285,000 | | | 2.250%, 08/15/46 | | | 299,199 | | | | 203,875 | |
| | 235,000 | | | 1.875%, 02/15/51 | | | 215,921 | | | | 147,086 | |
| | 410,000 | | | 3.000%, 08/15/52 | | | 342,601 | | | | 329,137 | |
| | | | | | | | 1,763,887 | | | | 1,384,332 | |
| | | | | U.S. Treasury Notes — 4.0% | | | | | | | | |
| | 375,000 | | | 3.750%, 08/31/26 | | | 373,816 | | | | 375,542 | |
| | 1,150,000 | | | 3.875%, 08/15/34 | | | 1,150,545 | | | | 1,156,918 | |
| | | | | | | | 1,524,361 | | | | 1,532,460 | |
| | | | | TOTAL U.S. GOVERNMENT OBLIGATIONS | | | 3,288,248 | | | | 2,916,792 | |
| | | | | | | | | | | | | |
| Shares | | | | | | | | | | | |
| | | | | SHORT TERM INVESTMENT — 0.1% | | | | | | | | |
| | | | | Other Investment Companies — 0.1% | | | | | | | | |
| | 27,829 | | | Dreyfus Treasury Securities Cash Management, 4.880%* | | | 27,829 | | | | 27,829 | |
| | | | | | | | | | | | | |
| | | | | TOTAL SHORT TERM INVESTMENT | | | 27,829 | | | | 27,829 | |
| | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS — 99.8% | | $ | 34,125,167 | | | | 38,442,895 | |
| | | | | | | | | | | | | |
| | | | | Other Assets and Liabilities (Net) — 0.2% | | | | | | | 83,516 | |
| | | | | | | | | | | | | |
| | | | | NET ASSETS — 100.0% | | | | | | $ | 38,526,411 | |
| † | Non-income producing security. |
| (a) | Security is perpetual and has no stated maturity date. |
| (b) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of September 30, 2024. |
| * | 1 day yield as of September 30, 2024. |
| | |
| MTN | Medium Term Note |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
TETON Westwood Funds
Statements of Assets and Liabilities
September 30, 2024
| | | Mighty
Mites Fund | | | SmallCap
Equity Fund | | | Convertible
Securities Fund | |
| Assets: | | | | | | | | | | | | |
| Investments, at value (Cost $147,866,004, $51,250,478, and $13,527,049, respectively) | | $ | 260,184,213 | | | $ | 70,776,967 | | | $ | 13,974,543 | |
| Investments in affiliates, at value (Cost $3,687,106) | | | 4,007,651 | | | | — | | | | — | |
| Cash | | | 1,726 | | | | — | | | | 537 | |
| Foreign currency, at value (Cost $2,648) | | | 2,640 | | | | — | | | | — | |
| Receivable for Fund shares sold | | | 118,145 | | | | 14,435 | | | | — | |
| Receivable for investments sold | | | 74,508 | | | | — | | | | 200,620 | |
| Receivable from Adviser | | | — | | | | 31,822 | | | | 21,167 | |
| Dividends and interest receivable | | | 161,628 | | | | 39,536 | | | | 72,449 | |
| Prepaid expenses | | | 42,343 | | | | 45,332 | | | | 39,504 | |
| Total Assets | | | 264,592,854 | | | | 70,908,092 | | | | 14,308,820 | |
| | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | — | |
| Payable to bank | | | — | | | | 73,620 | | | | | |
| Payable for investments purchased | | | — | | | | — | | | | 209,977 | |
| Payable for Fund shares redeemed | | | 852,524 | | | | 465 | | | | — | |
| Payable for investment advisory fees | | | 204,516 | | | | 56,888 | | | | 11,732 | |
| Payable for distribution fees | | | 35,631 | | | | 5,234 | | | | 1,974 | |
| Payable for accounting fees | | | 13,821 | | | | 11,250 | | | | — | |
| Payable for custodian fees | | | 10,401 | | | | 2,334 | | | | 14,215 | |
| Payable for legal and audit fees | | | 53,450 | | | | 42,533 | | | | 34,910 | |
| Payable for shareholder communications expenses | | | 125,508 | | | | 3,871 | | | | 15,344 | |
| Payable for shareholder services fees | | | 221,261 | | | | 3,481 | | | | 11,039 | |
| Other accrued expenses | | | 2,360 | | | | 1,745 | | | | 6,001 | |
| Total Liabilities | | | 1,519,472 | | | | 201,421 | | | | 305,192 | |
| | | | | | | | | | | | | |
| Commitments and Contingencies (See Note 3) | | | | | | | | | | | | |
| Net Assets | | $ | 263,073,382 | | | $ | 70,706,671 | | | $ | 14,003,628 | |
| | | | | | | | | | | | | |
| Net Assets Consist of: | | | | | | | | | | | | |
| Paid-in capital | | $ | 152,652,945 | | | $ | 42,854,291 | | | $ | 13,686,818 | |
| Total distributable earnings | | | 110,420,437 | | | | 27,852,380 | | | | 316,810 | |
| Net Assets | | $ | 263,073,382 | | | $ | 70,706,671 | | | $ | 14,003,628 | |
| | | | | | | | | | | | | |
| Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized: | | | | | | | | | | | | |
| Class AAA: | | | | | | | | | | | | |
| Net assets | | $ | 69,834,247 | | | $ | 9,155,604 | | | $ | 3,283,433 | |
| Shares of beneficial interest outstanding | | | 4,349,456 | | | | 337,716 | | | | 267,189 | |
| Net Asset Value, offering, and redemption price per share | | $ | 16.06 | | | $ | 27.11 | | | $ | 12.29 | |
| Class A: | | | | | | | | | | | | |
| Net assets | | $ | 63,424,128 | | | $ | 9,670,163 | | | $ | 2,181,062 | |
| Shares of beneficial interest outstanding | | | 4,205,085 | | | | 380,938 | | | | 170,332 | |
| Net Asset Value and redemption price per share | | $ | 15.08 | | | $ | 25.39 | | | $ | 12.80 | |
| Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | | $ | 15.71 | | | $ | 26.45 | | | $ | 13.33 | |
| Class C: | | | | | | | | | | | | |
| Net assets | | $ | 10,721,301 | | | $ | 1,818,797 | | | $ | 1,082,772 | |
| Shares of beneficial interest outstanding | | | 890,649 | | | | 89,082 | | | | 78,308 | |
| Net Asset Value and offering price per share (a) | | $ | 12.04 | | | $ | 20.42 | | | $ | 13.83 | |
| Class I: | | | | | | | | | | | | |
| Net assets | | $ | 119,093,706 | | | $ | 50,062,107 | | | $ | 7,456,361 | |
| Shares of beneficial interest outstanding | | | 7,152,587 | | | | 1,761,452 | | | | 604,518 | |
| Net Asset Value, offering, and redemption price per share | | $ | 16.65 | | | $ | 28.42 | | | $ | 12.33 | |
| (a) | Redemption price varies based on the length of time held. |
See accompanying notes to financial statements.
TETON Westwood Funds
Statements of Assets and Liabilities (Continued)
September 30, 2024
| | | Equity
Fund | | | Balanced
Fund | |
| Assets: | | | | | | | | |
| Investments, at value (Cost $36,414,573 and $34,125,167, respectively) | | $ | 45,661,535 | | | $ | 38,442,895 | |
| Receivable for Fund shares sold | | | 1,735 | | | | — | |
| Dividends and interest receivable | | | 22,513 | | | | 144,089 | |
| Prepaid expenses | | | 49,395 | | | | 47,681 | |
| Total Assets | | | 45,735,178 | | | | 38,634,665 | |
| Liabilities: | | | | | | | | |
| Payable for Fund shares redeemed | | | — | | | | 12,741 | |
| Payable for investment advisory fees | | | 37,170 | | | | 23,598 | |
| Payable for distribution fees | | | 9,056 | | | | 7,599 | |
| Payable for custodian fees | | | 2,740 | | | | 13,557 | |
| Payable for legal and audit fees | | | 34,910 | | | | 34,910 | |
| Payable for shareholder communications expenses | | | 2,996 | | | | 8,137 | |
| Payable for shareholder services fees | | | 6,507 | | | | 5,946 | |
| Other accrued expenses | | | 1,772 | | | | 1,766 | |
| Total Liabilities | | | 95,151 | | | | 108,254 | |
| Net Assets | | $ | 45,640,027 | | | $ | 38,526,411 | |
| | | | | | | | | |
| Net Assets Consist of: | | | | | | | | |
| Paid-in capital | | $ | 33,289,619 | | | $ | 32,282,531 | |
| Total distributable earnings | | | 12,350,408 | | | | 6,243,880 | |
| Net Assets | | $ | 45,640,027 | | | $ | 38,526,411 | |
| | | | | | | | | |
| Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized: | | | | | | | | |
| Class AAA: | | | | | | | | |
| Net assets | | $ | 43,651,730 | | | $ | 29,661,036 | |
| Shares of beneficial interest outstanding | | | 3,597,589 | | | | 2,734,878 | |
| Net Asset Value, offering, and redemption price per share | | $ | 12.13 | | | $ | 10.85 | |
| Class A: | | | | | | | | |
| Net assets | | $ | 793,850 | | | $ | 5,040,597 | |
| Shares of beneficial interest outstanding | | | 65,467 | | | | 460,471 | |
| Net Asset Value and redemption price per share | | $ | 12.13 | | | $ | 10.95 | |
| Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price) | | $ | 12.64 | | | $ | 11.41 | |
| Class C: | | | | | | | | |
| Net assets | | $ | 12,960 | | | $ | 628,117 | |
| Shares of beneficial interest outstanding | | | 1,197 | | | | 56,554 | |
| Net Asset Value and offering price per share (a) | | $ | 10.83 | | | $ | 11.11 | |
| Class I: | | | | | | | | |
| Net assets | | $ | 1,181,487 | | | $ | 3,196,661 | |
| Shares of beneficial interest outstanding | | | 97,841 | | | | 295,394 | |
| Net Asset Value, offering, and redemption price per share | | $ | 12.08 | | | $ | 10.82 | |
| (a) | Redemption price varies based on the length of time held. |
See accompanying notes to financial statements.
TETON Westwood Funds
Statements of Operations
For the Year Ended September 30, 2024
| | | Mighty
Mites Fund | | | SmallCap
Equity Fund | | | Convertible
Securities Fund | |
| Investment Income: | | | | | | | | | | | | |
| Dividends - unaffiliated (net of foreign withholding taxes of $62,142, $1,682, and $0, respectively) | | $ | 4,114,993 | | | $ | 1,156,531 | | | $ | 48,383 | |
| Dividends - affiliated | | | 526,285 | | | | — | | | | — | |
| Interest | | | 22,910 | | | | 135,954 | | | | 565,206 | |
| Total Investment Income | | | 4,664,188 | | | | 1,292,485 | | | | 613,589 | |
| Expenses: | | | | | | | | | | | | |
| Investment advisory fees | | | 3,090,818 | | | | 713,437 | | | | 171,035 | |
| Distribution fees - Class AAA | | | 187,406 | | | | 21,184 | | | | 8,074 | |
| Distribution fees - Class A | | | 168,067 | | | | 20,762 | | | | 5,558 | |
| Distribution fees - Class C | | | 139,429 | | | | 21,617 | | | | 12,290 | |
| Accounting fees | | | 45,000 | | | | 45,000 | | | | — | |
| Custodian fees | | | 71,297 | | | | 12,232 | | | | 10,997 | |
| Legal and audit fees | | | 94,435 | | | | 52,027 | | | | 40,279 | |
| Registration expenses | | | 29,942 | | | | 29,741 | | | | 34,898 | |
| Shareholder communications expenses | | | 174,498 | | | | 42,548 | | | | 26,326 | |
| Shareholder services fees | | | 320,777 | | | | 19,069 | | | | 11,221 | |
| Trustees’ fees | | | 86,702 | | | | 19,555 | | | | 4,756 | |
| Interest expense | | | 32,546 | | | | 103 | | | | 551 | |
| Miscellaneous expenses | | | 37,778 | | | | 14,424 | | | | 13,663 | |
| Total Expenses | | | 4,478,695 | | | | 1,011,699 | | | | 339,648 | |
| Less: | | | | | | | | | | | | |
| Fees waived or expenses reimbursed by Adviser (See Note 3) | | | — | | | | (232,117 | ) | | | (158,916 | ) |
| Custodian fee credits | | | — | | | | (147 | ) | | | (152 | ) |
| Advisory fee reduction on unsupervised assets (See Note 3) | | | (125,231 | ) | | | — | | | | — | |
| Expenses paid indirectly by broker (See Note 6) | | | (4,738 | ) | | | (2,332 | ) | | | (177 | ) |
| Total Reimbursements, Waivers, Reductions, and Credits | | | (129,969 | ) | | | (234,596 | ) | | | (159,245 | ) |
| Net Expenses | | | 4,348,726 | | | | 777,103 | | | | 180,403 | |
| Net Investment Income | | | 315,462 | | | | 515,382 | | | | 433,186 | |
| | | | | | | | | | | | | |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: | | | | | | | | | | | | |
| Net realized gain on investments - unaffiliated | | | 67,451,219 | | | | 8,588,474 | | | | 303,144 | |
| Net realized gain on investments - affiliated | | | 8,972,202 | | | | — | | | | — | |
| Net realized gain on redemptions in-kind | | | 755,678 | | | | — | | | | — | |
| Net realized loss on foreign currency transactions | | | (7,157 | ) | | | — | | | | — | |
| Net realized gain on investments and foreign currency transactions | | | 77,171,942 | | | | 8,588,474 | | | | 303,144 | |
| Net change in unrealized appreciation/depreciation: | | | | | | | | | | | | |
| on investments - unaffiliated | | | (22,498,034 | ) | | | 4,826,093 | | | | 1,052,128 | |
| on investments - affiliated | | | (4,060,540 | ) | | | — | | | | — | |
| on foreign currency translations | | | 1,624 | | | | (3 | ) | | | — | |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | | | (26,556,950 | ) | | | 4,826,090 | | | | 1,052,128 | |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency | | | 50,614,992 | | | | 13,414,564 | | | | 1,355,272 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 50,930,454 | | | $ | 13,929,946 | | | $ | 1,788,458 | |
See accompanying notes to financial statements.
TETON Westwood Funds
Statements of Operations (Continued)
For the Year Ended September 30, 2024
| | | Equity
Fund | | | Balanced
Fund | |
| Investment Income: | | | | | | | | |
| Dividends - unaffiliated (net of foreign withholding taxes of $0 and $0, respectively) | | $ | 896,743 | | | $ | 424,864 | |
| Interest | | | 20,249 | | | | 571,570 | |
| Total Investment Income | | | 916,992 | | | | 996,434 | |
| Expenses: | | | | | | | | |
| Investment advisory fees | | | 441,381 | | | | 281,878 | |
| Distribution fees - Class AAA | | | 105,562 | | | | 72,630 | |
| Distribution fees - Class A | | | 1,851 | | | | 12,261 | |
| Distribution fees - Class C | | | 120 | | | | 7,621 | |
| Custodian fees | | | 9,578 | | | | 11,401 | |
| Legal and audit fees | | | 40,676 | | | | 39,819 | |
| Registration expenses | | | 22,498 | | | | 24,979 | |
| Shareholder communications expenses | | | 30,612 | | | | 29,189 | |
| Shareholder services fees | | | 25,152 | | | | 19,021 | |
| Trustees’ fees | | | 11,874 | | | | 10,110 | |
| Interest expense | | | 355 | | | | 571 | |
| Miscellaneous expenses | | | 12,801 | | | | 12,466 | |
| Total Expenses | | | 702,460 | | | | 521,946 | |
| Less: | | | | | | | | |
| Fees waived or expenses reimbursed by Adviser (See Note 3) | | | — | | | | — | |
| Advisory fee reduction on unsupervised assets (See Note 3) | | | — | | | | — | |
| Expenses paid indirectly by broker (See Note 6) | | | (1,926 | ) | | | (1,841 | ) |
| Total Reimbursements, Waivers, Reductions, and Credits | | | (1,926 | ) | | | (1,841 | ) |
| Net Expenses | | | 700,534 | | | | 520,105 | |
| Net Investment Income | | | 216,458 | | | | 476,329 | |
| | | | | | | | | |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency: | | | | | | | | |
| Net realized gain on investments - unaffiliated | | | 3,074,542 | | | | 1,967,315 | |
| Net realized gain on investments - affiliated | | | — | | | | — | |
| Net realized gain on foreign currency transactions | | | — | | | | — | |
| Net realized gain on investments and foreign currency transactions | | | 3,074,542 | | | | 1,967,315 | |
| Net change in unrealized appreciation/depreciation: | | | | | | | | |
| on investments - unaffiliated | | | 5,157,125 | | | | 4,476,426 | |
| on investments - affiliated | | | — | | | | — | |
| Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | | | 5,157,125 | | | | 4,476,426 | |
| Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency | | | 8,231,667 | | | | 6,443,741 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 8,448,125 | | | $ | 6,920,070 | |
See accompanying notes to financial statements.
TETON Westwood Funds
Statements of Changes in Net Assets
For the Year Ended September 30,
| | | Mighty Mites Fund | |
| | | 2024 | | | 2023 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 315,462 | | | $ | 1,436,522 | |
| Net realized gain/(loss) on investments and foreign currency transactions | | | 76,416,264 | | | | 70,385,508 | |
| Net realized gain on redemptions in-kind | | | 755,678 | | | | 3,330,066 | |
| Net change in unrealized appreciation/depreciation on investments and foreign currency translations | | | (26,556,950 | ) | | | (11,587,171 | ) |
| Net Increase in Net Assets Resulting from Operations | | | 50,930,454 | | | | 63,564,925 | |
| | | | | | | | | |
| Distributions to Shareholders: | | | | | | | | |
| Accumulated earnings | | | | | | | | |
| Class AAA | | | (29,707,098 | ) | | | (11,164,408 | ) |
| Class A | | | (26,539,959 | ) | | | (9,626,296 | ) |
| Class C | | | (5,516,876 | ) | | | (3,076,929 | ) |
| Class I | | | (62,081,812 | ) | | | (33,844,855 | ) |
| Total Distributions to Shareholders | | | (123,845,745 | ) | | | (57,712,488 | ) |
| | | | | | | | | |
| Shares of Beneficial Interest Transactions: | | | | | | | | |
| Proceeds from shares issued | | | | | | | | |
| Class AAA | | | 1,035,602 | | | | 2,567,651 | |
| Class A | | | 9,322,734 | | | | 9,925,813 | |
| Class C | | | 413,016 | | | | 898,544 | |
| Class I | | | 19,514,710 | | | | 29,415,843 | |
| | | | 30,286,062 | | | | 42,807,851 | |
| Proceeds from reinvestment of distributions | | | | | | | | |
| Class AAA | | | 28,933,355 | | | | 10,872,699 | |
| Class A | | | 23,437,080 | | | | 8,304,405 | |
| Class C | | | 5,481,709 | | | | 3,034,798 | |
| Class I | | | 53,174,025 | | | | 25,597,381 | |
| | | | 111,026,169 | | | | 47,809,283 | |
| Cost of shares redeemed | | | | | | | | |
| Class AAA | | | (25,770,769 | ) | | | (16,254,457 | ) |
| Class A | | | (25,353,583 | ) | | | (19,023,694 | ) |
| Class C | | | (9,971,991 | ) | | | (11,957,744 | ) |
| Class I | | | (126,169,955 | ) | | | (113,755,096 | ) |
| | | | (187,266,298 | ) | | | (160,990,991 | ) |
| Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions | | | (45,954,067 | ) | | | (70,373,857 | ) |
| | | | | | | | | |
| Redemption Fees | | | 153 | | | | 14 | |
| | | | | | | | | |
| Net Increase/(Decrease) in Net Assets | | | (118,869,205 | ) | | | (64,521,406 | ) |
| | | | | | | | | |
| Net Assets: | | | | | | | | |
| Beginning of year | | | 381,942,587 | | | | 446,463,993 | |
| End of year | | $ | 263,073,382 | | | $ | 381,942,587 | |
See accompanying notes to financial statements.
TETON Westwood Funds
Statements of Changes in Net Assets (Continued)
For the Year Ended September 30,
| | SmallCap Equity Fund | | | Convertible Securities Fund | | | Equity Fund | | | Balanced Fund | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 515,382 | | | $ | 532,116 | | | $ | 433,186 | | | $ | 618,124 | | | $ | 216,458 | | | $ | 234,454 | | | $ | 476,329 | | | $ | 474,197 | |
| | | 8,588,474 | | | | 930,537 | | | | 303,144 | | | | (7,481 | ) | | | 3,074,542 | | | | 1,749,578 | | | | 1,967,315 | | | | 842,419 | |
| | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | 4,826,090 | | | | 4,291,987 | | | | 1,052,128 | | | | 735,173 | | | | 5,157,125 | | | | 2,575,378 | | | | 4,476,426 | | | | 2,549,519 | |
| | | 13,929,946 | | | | 5,754,640 | | | | 1,788,458 | | | | 1,345,816 | | | | 8,448,125 | | | | 4,559,410 | | | | 6,920,070 | | | | 3,866,135 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (231,052 | ) | | | (123,982 | ) | | | (88,598 | ) | | | (466,866 | ) | | | (2,068,035 | ) | | | (3,192,830 | ) | | | (980,170 | ) | | | (2,418,152 | ) |
| | | (215,981 | ) | | | (109,934 | ) | | | (57,491 | ) | | | (360,197 | ) | | | (35,880 | ) | | | (59,410 | ) | | | (164,423 | ) | | | (424,683 | ) |
| | | (58,382 | ) | | | (24,161 | ) | | | (20,846 | ) | | | (293,965 | ) | | | (479 | ) | | | (1,829 | ) | | | (22,045 | ) | | | (45,380 | ) |
| | | (1,603,399 | ) | | | (760,837 | ) | | | (278,407 | ) | | | (3,107,468 | ) | | | (63,916 | ) | | | (155,555 | ) | | | (102,852 | ) | | | (254,204 | ) |
| | | (2,108,814 | ) | | | (1,018,914 | ) | | | (445,342 | ) | | | (4,228,496 | ) | | | (2,168,310 | ) | | | (3,409,624 | ) | | | (1,269,490 | ) | | | (3,142,419 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 475,147 | | | | 865,822 | | | | 26,980 | | | | 19,834 | | | | 208,691 | | | | 370,604 | | | | 509,549 | | | | 310,927 | |
| | | 1,480,216 | | | | 1,962,608 | | | | 146,659 | | | | 71,017 | | | | 8,046 | | | | 8,069 | | | | 530,516 | | | | 53,827 | |
| | | 215,454 | | | | 1,295,436 | | | | 34,772 | | | | 77,098 | | | | — | | | | — | | | | 166,879 | | | | 547,576 | |
| | | 12,466,099 | | | | 31,333,039 | | | | 696,074 | | | | 2,413,963 | | | | 85,213 | | | | 143,768 | | | | 860,607 | | | | 513,313 | |
| | | 14,636,916 | | | | 35,456,905 | | | | 904,485 | | | | 2,581,912 | | | | 301,950 | | | | 522,441 | | | | 2,067,551 | | | | 1,425,643 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 229,238 | | | | 122,746 | | | | 87,633 | | | | 463,757 | | | | 2,006,322 | | | | 3,077,989 | | | | 951,866 | | | | 2,350,696 | |
| | | 215,351 | | | | 109,733 | | | | 57,480 | | | | 357,689 | | | | 34,840 | | | | 57,984 | | | | 161,003 | | | | 411,206 | |
| | | 58,382 | | | | 24,161 | | | | 20,768 | | | | 293,074 | | | | 479 | | | | 1,829 | | | | 22,045 | | | | 45,380 | |
| | | 1,603,193 | | | | 760,165 | | | | 277,974 | | | | 3,105,507 | | | | 63,415 | | | | 151,069 | | | | 102,852 | | | | 254,204 | |
| | | 2,106,164 | | | | 1,016,805 | | | | 443,855 | | | | 4,220,027 | | | | 2,105,056 | | | | 3,288,871 | | | | 1,237,766 | | | | 3,061,486 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (606,028 | ) | | | (1,406,921 | ) | | | (453,230 | ) | | | (827,310 | ) | | | (4,919,765 | ) | | | (5,212,589 | ) | | | (4,090,736 | ) | | | (6,764,738 | ) |
| | | (557,739 | ) | | | (1,372,741 | ) | | | (453,974 | ) | | | (1,334,485 | ) | | | (43,511 | ) | | | (186,950 | ) | | | (1,193,806 | ) | | | (1,467,058 | ) |
| | | (1,173,450 | ) | | | (1,099,150 | ) | | | (606,445 | ) | | | (1,941,151 | ) | | | — | | | | (16,324 | ) | | | (565,539 | ) | | | (202,014 | ) |
| | | (23,598,831 | ) | | | (18,625,991 | ) | | | (7,404,299 | ) | | | (19,206,360 | ) | | | (320,543 | ) | | | (1,096,522 | ) | | | (922,619 | ) | | | (1,323,937 | ) |
| | | (25,936,048 | ) | | | (22,504,803 | ) | | | (8,917,948 | ) | | | (23,309,306 | ) | | | (5,283,819 | ) | | | (6,512,385 | ) | | | (6,772,700 | ) | | | (9,757,747 | ) |
| | | (9,192,968 | ) | | | 13,968,907 | | | | (7,569,608 | ) | | | (16,507,367 | ) | | | (2,876,813 | ) | | | (2,701,073 | ) | | | (3,467,383 | ) | | | (5,270,618 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 121 | | | | 1,905 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2,628,285 | | | | 18,706,538 | | | | (6,226,492 | ) | | | (19,390,047 | ) | | | 3,403,002 | | | | (1,551,287 | ) | | | 2,183,197 | | | | (4,546,902 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 68,078,386 | | | | 49,371,848 | | | | 20,230,120 | | | | 39,620,167 | | | | 42,237,025 | | | | 43,788,312 | | | | 36,343,214 | | | | 40,890,116 | |
| | $ | 70,706,671 | | | $ | 68,078,386 | | | $ | 14,003,628 | | | $ | 20,230,120 | | | $ | 45,640,027 | | | $ | 42,237,025 | | | $ | 38,526,411 | | | $ | 36,343,214 | |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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 Year | | | Total
Return† | | | Net Assets,
End of Year
(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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 1.42 | | | | 6 | |
| 2020 | | | 25.58 | | | | (0.07 | ) | | | (2.01 | ) | | | (2.08 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 22.42 | | | | (8.68 | ) | | | 103,109 | | | | (0.31 | ) | | | 1.43 | | | | 1.44 | | | | 2 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 1.43 | | | | 6 | |
| 2020 | | | 24.49 | | | | (0.12 | ) | | | (1.92 | ) | | | (2.04 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 21.37 | | | | (8.91 | ) | | | 68,250 | | | | (0.55 | ) | | | 1.68 | | | | 1.69 | | | | 2 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 2.17 | | | | 6 | |
| 2020 | | | 21.24 | | | | (0.20 | ) | | | (1.65 | ) | | | (1.85 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 18.31 | | | | (9.40 | ) | | | 47,509 | | | | (1.06 | ) | | | 2.18 | | | | 2.19 | | | | 2 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 1.17 | | | | 6 | |
| 2020 | | | 26.29 | | | | (0.01 | ) | | | (2.07 | ) | | | (2.08 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 23.13 | | | | (8.43 | ) | | | 328,187 | | | | (0.05 | ) | | | 1.18 | | | | 1.19 | | | | 2 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Due to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different classes of shares. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
| (e) | Before advisory fee reduction on unsupervised assets totaling 0.04%, 0.04%, 0.03%, 0.02%, and 0.01% of net assets for the fiscal years ended September 30, 2024, 2023, 2022, 2021, and 2020. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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) | | | 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)(b) | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses Net of
Waivers/Credits/
Reimbursements/
Reductions(c) | | | Operating
Expenses Before Waivers/Credits/
Reimbursements/
Reductions | | | Portfolio
Turnover
Rate | |
| SmallCap Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 22.91 | | | $ | 0.14 | | | $ | 4.75 | | | $ | 4.89 | | | $ | (0.18 | ) | | $ | (0.51 | ) | | $ | (0.69 | ) | | $ | 0.00 | | | $ | 27.11 | | | | 22.00 | % | | $ | 9,156 | | | | 0.57 | % | | | 1.25 | % | | | 1.58 | % | | | 21 | % |
| 2023 | | | 20.74 | | | | 0.14 | | | | 2.39 | | | | 2.53 | | | | (0.08 | ) | | | (0.28 | ) | | | (0.36 | ) | | | 0.00 | | | | 22.91 | | | | 12.17 | | | | 7,599 | | | | 0.63 | | | | 1.25 | | | | 1.60 | | | | 17 | |
| 2022 | | | 25.74 | | | | 0.06 | | | | (3.61 | ) | | | (3.55 | ) | | | (0.01 | ) | | | (1.44 | ) | | | (1.45 | ) | | | — | | | | 20.74 | | | | (14.79 | ) | | | 7,300 | | | | 0.23 | | | | 1.25 | | | | 1.64 | | | | 15 | |
| 2021 | | | 15.40 | | | | 0.04 | | | | 10.30 | | | | 10.34 | | | | (0.00 | )(b) | | | — | | | | (0.00 | )(b) | | | — | | | | 25.74 | | | | 67.16 | | | | 9,838 | | | | 0.15 | | | | 1.25 | | | | 1.64 | | | | 21 | |
| 2020 | | | 17.97 | | | | 0.04 | | | | (1.72 | ) | | | (1.68 | ) | | | (0.07 | ) | | | (0.82 | ) | | | (0.89 | ) | | | 0.00 | | | | 15.40 | | | | (10.08 | ) | | | 6,146 | | | | 0.26 | | | | 1.25 | | | | 1.70 | | | | 18 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 21.47 | | | $ | 0.13 | | | $ | 4.45 | | | $ | 4.58 | | | $ | (0.18 | ) | | $ | (0.48 | ) | | $ | (0.66 | ) | | $ | 0.00 | | | $ | 25.39 | | | | 22.01 | % | | $ | 9,670 | | | | 0.57 | % | | | 1.25 | % | | | 1.58 | % | | | 21 | % |
| 2023 | | | 19.45 | | | | 0.14 | | | | 2.23 | | | | 2.37 | | | | (0.09 | ) | | | (0.26 | ) | | | (0.35 | ) | | | 0.00 | | | | 21.47 | | | | 12.17 | | | | 7,125 | | | | 0.63 | | | | 1.25 | | | | 1.60 | | | | 17 | |
| 2022 | | | 24.23 | | | | 0.06 | | | | (3.38 | ) | | | (3.32 | ) | | | (0.02 | ) | | | (1.44 | ) | | | (1.46 | ) | | | — | | | | 19.45 | | | | (14.78 | ) | | | 5,820 | | | | 0.25 | | | | 1.25 | | | | 1.65 | | | | 15 | |
| 2021 | | | 14.50 | | | | 0.03 | | | | 9.70 | | | | 9.73 | | | | — | | | | — | | | | — | | | | — | | | | 24.23 | | | | 67.10 | | | | 5,539 | | | | 0.14 | | | | 1.27 | | | | 1.65 | | | | 21 | |
| 2020 | | | 16.98 | | | | 0.00 | (b) | | | (1.63 | ) | | | (1.63 | ) | | | (0.03 | ) | | | (0.82 | ) | | | (0.85 | ) | | | 0.00 | | | | 14.50 | | | | (10.34 | ) | | | 3,172 | | | | 0.02 | | | | 1.50 | | | | 1.95 | | | | 18 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 17.30 | | | $ | (0.03 | ) | | $ | 3.58 | | | $ | 3.55 | | | $ | (0.05 | ) | | $ | (0.38 | ) | | $ | (0.43 | ) | | $ | 0.00 | | | $ | 20.42 | | | | 21.09 | % | | $ | 1,819 | | | | (0.19 | )% | | | 2.00 | % | | | 2.33 | % | | | 21 | % |
| 2023 | | | 15.73 | | | | (0.02 | ) | | | 1.80 | | | | 1.78 | | | | — | | | | (0.21 | ) | | | (0.21 | ) | | | 0.00 | | | | 17.30 | | | | 11.29 | | | | 2,349 | | | | (0.12 | ) | | | 2.00 | | | | 2.35 | | | | 17 | |
| 2022 | | | 19.98 | | | | (0.10 | ) | | | (2.71 | ) | | | (2.81 | ) | | | — | | | | (1.44 | ) | | | (1.44 | ) | | | — | | | | 15.73 | | | | (15.38 | ) | | | 1,931 | | | | (0.53 | ) | | | 2.00 | | | | 2.39 | | | | 15 | |
| 2021 | | | 12.04 | | | | (0.11 | ) | | | 8.05 | | | | 7.94 | | | | — | | | | — | | | | — | | | | — | | | | 19.98 | | | | 65.95 | | | | 2,336 | | | | (0.60 | ) | | | 2.00 | | | | 2.39 | | | | 21 | |
| 2020 | | | 14.28 | | | | (0.06 | ) | | | (1.36 | ) | | | (1.42 | ) | | | — | | | | (0.82 | ) | | | (0.82 | ) | | | 0.00 | | | | 12.04 | | | | (10.82 | ) | | | 1,597 | | | | (0.46 | ) | | | 2.00 | | | | 2.45 | | | | 18 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 24.01 | | | $ | 0.21 | | | $ | 4.97 | | | $ | 5.18 | | | $ | (0.24 | ) | | $ | (0.53 | ) | | $ | (0.77 | ) | | $ | 0.00 | | | $ | 28.42 | | | | 22.29 | % | | $ | 50,062 | | | | 0.81 | % | | | 1.00 | % | | | 1.33 | % | | | 21 | % |
| 2023 | | | 21.74 | | | | 0.21 | | | | 2.49 | | | | 2.70 | | | | (0.14 | ) | | | (0.29 | ) | | | (0.43 | ) | | | 0.00 | | | | 24.01 | | | | 12.41 | | | | 51,005 | | | | 0.88 | | | | 1.00 | | | | 1.35 | | | | 17 | |
| 2022 | | | 26.90 | | | | 0.13 | | | | (3.77 | ) | | | (3.64 | ) | | | (0.08 | ) | | | (1.44 | ) | | | (1.52 | ) | | | — | | | | 21.74 | | | | (14.54 | ) | | | 34,321 | | | | 0.49 | | | | 1.00 | | | | 1.39 | | | | 15 | |
| 2021 | | | 16.09 | | | | 0.10 | | | | 10.75 | | | | 10.85 | | | | (0.04 | ) | | | — | | | | (0.04 | ) | | | — | | | | 26.90 | | | | 67.55 | | | | 33,644 | | | | 0.40 | | | | 1.00 | | | | 1.39 | | | | 21 | |
| 2020 | | | 18.74 | | | | 0.09 | | | | (1.80 | ) | | | (1.71 | ) | | | (0.12 | ) | | | (0.82 | ) | | | (0.94 | ) | | | 0.00 | | | | 16.09 | | | | (9.87 | ) | | | 17,435 | | | | 0.52 | | | | 1.00 | | | | 1.45 | | | | 18 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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) | | | 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)(b) | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses Net of
Waivers/Credits/
Reimbursements/
Reductions(c) | | | Operating
Expenses Before Waivers/Credits/
Reimbursements/
Reductions | | | Portfolio
Turnover
Rate | |
| Convertible Securities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 11.31 | | | $ | 0.28 | | | $ | 1.02 | | | $ | 1.30 | | | $ | (0.32 | ) | | $ | — | | | $ | (0.32 | ) | | $ | — | | | $ | 12.29 | | | | 11.69 | % | | $ | 3,284 | | | | 2.42 | % | | | 1.15 | % | | | 2.08 | % | | | 71 | % |
| 2023 | | | 12.54 | | | | 0.24 | | | | 0.02 | | | | 0.26 | | | | (0.32 | ) | | | (1.17 | ) | | | (1.49 | ) | | | — | | | | 11.31 | | | | 1.84 | | | | 3,352 | | | | 1.98 | | | | 1.16 | | | | 1.82 | | | | 36 | |
| 2022 | | | 18.26 | | | | 0.02 | | | | (3.96 | ) | | | (3.94 | ) | | | (0.17 | ) | | | (1.61 | ) | | | (1.78 | ) | | | — | | | | 12.54 | | | | (23.78 | ) | | | 4,065 | | | | 0.16 | | | | 1.15 | | | | 1.62 | | | | 39 | |
| 2021 | | | 15.59 | | | | 0.05 | | | | 3.11 | | | | 3.16 | | | | (0.16 | ) | | | (0.33 | ) | | | (0.49 | ) | | | 0.00 | | | | 18.26 | | | | 20.48 | | | | 6,701 | | | | 0.27 | | | | 1.15 | | | | 1.56 | | | | 34 | |
| 2020 | | | 13.86 | | | | 0.16 | | | | 1.98 | | | | 2.14 | | | | (0.25 | ) | | | (0.16 | ) | | | (0.41 | ) | | | 0.00 | | | | 15.59 | | | | 15.80 | | | | 7,392 | | | | 1.12 | | | | 1.15 | | | | 1.62 | | | | 62 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 11.77 | | | $ | 0.29 | | | $ | 1.06 | | | $ | 1.35 | | | $ | (0.32 | ) | | $ | — | | | $ | (0.32 | ) | | $ | — | | | $ | 12.80 | | | | 11.65 | % | | $ | 2,181 | | | | 2.42 | % | | | 1.15 | % | | | 2.08 | % | | | 71 | % |
| 2023 | | | 13.04 | | | | 0.25 | | | | 0.02 | | | | 0.27 | | | | (0.32 | ) | | | (1.22 | ) | | | (1.54 | ) | | | — | | | | 11.77 | | | | 1.80 | | | | 2,243 | | | | 1.95 | | | | 1.16 | | | | 1.82 | | | | 36 | |
| 2022 | | | 18.91 | | | | 0.02 | | | | (4.12 | ) | | | (4.10 | ) | | | (0.16 | ) | | | (1.61 | ) | | | (1.77 | ) | | | — | | | | 13.04 | | | | (23.77 | ) | | | 3,419 | | | | 0.16 | | | | 1.15 | | | | 1.62 | | | | 39 | |
| 2021 | | | 16.13 | | | | 0.04 | | | | 3.22 | | | | 3.26 | | | | (0.15 | ) | | | (0.33 | ) | | | (0.48 | ) | | | 0.00 | | | | 18.91 | | | | 20.45 | | | | 5,417 | | | | 0.24 | | | | 1.17 | | | | 1.58 | | | | 34 | |
| 2020 | | | 14.33 | | | | 0.13 | | | | 2.04 | | | | 2.17 | | | | (0.21 | ) | | | (0.16 | ) | | | (0.37 | ) | | | 0.00 | | | | 16.13 | | | | 15.47 | | | | 6,143 | | | | 0.86 | | | | 1.40 | | | | 1.87 | | | | 62 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 12.70 | | | $ | 0.22 | | | $ | 1.15 | | | $ | 1.37 | | | $ | (0.24 | ) | | $ | — | | | $ | (0.24 | ) | | $ | — | | | $ | 13.83 | | | | 10.88 | % | | $ | 1,083 | | | | 1.69 | % | | | 1.90 | % | | | 2.83 | % | | | 71 | % |
| 2023 | | | 14.04 | | | | 0.16 | | | | 0.03 | | | | 0.19 | | | | (0.22 | ) | | | (1.31 | ) | | | (1.53 | ) | | | — | | | | 12.70 | | | | 1.06 | | | | 1,534 | | | | 1.16 | | | | 1.91 | | | | 2.57 | | | | 36 | |
| 2022 | | | 20.24 | | | | (0.10 | ) | | | (4.43 | ) | | | (4.53 | ) | | | (0.06 | ) | | | (1.61 | ) | | | (1.67 | ) | | | — | | | | 14.04 | | | | (24.32 | ) | | | 3,297 | | | | (0.60 | ) | | | 1.90 | | | | 2.37 | | | | 39 | |
| 2021 | | | 17.26 | | | | (0.10 | ) | | | 3.44 | | | | 3.34 | | | | (0.03 | ) | | | (0.33 | ) | | | (0.36 | ) | | | 0.00 | | | | 20.24 | | | | 19.54 | | | | 5,575 | | | | (0.49 | ) | | | 1.90 | | | | 2.31 | | | | 34 | |
| 2020 | | | 15.30 | | | | 0.06 | | | | 2.19 | | | | 2.25 | | | | (0.13 | ) | | | (0.16 | ) | | | (0.29 | ) | | | 0.00 | | | | 17.26 | | | | 14.93 | | | | 6,130 | | | | 0.37 | | | | 1.90 | | | | 2.37 | | | | 62 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 11.35 | | | $ | 0.31 | | | $ | 1.02 | | | $ | 1.33 | | | $ | (0.35 | ) | | $ | — | | | $ | (0.35 | ) | | $ | — | | | $ | 12.33 | | | | 11.93 | % | | $ | 7,456 | | | | 2.69 | % | | | 0.90 | % | | | 1.83 | % | | | 71 | % |
| 2023 | | | 12.59 | | | | 0.26 | | | | 0.02 | | | | 0.28 | | | | (0.35 | ) | | | (1.17 | ) | | | (1.52 | ) | | | — | | | | 11.35 | | | | 2.05 | | | | 13,101 | | | | 2.14 | | | | 0.91 | | | | 1.57 | | | | 36 | |
| 2022 | | | 18.32 | | | | 0.06 | | | �� | (3.98 | ) | | | (3.92 | ) | | | (0.20 | ) | | | (1.61 | ) | | | (1.81 | ) | | | — | | | | 12.59 | | | | (23.56 | ) | | | 28,839 | | | | 0.39 | | | | 0.90 | | | | 1.37 | | | | 39 | |
| 2021 | | | 15.64 | | | | 0.09 | | | | 3.12 | | | | 3.21 | | | | (0.20 | ) | | | (0.33 | ) | | | (0.53 | ) | | | 0.00 | | | | 18.32 | | | | 20.79 | | | | 55,924 | | | | 0.51 | | | | 0.90 | | | | 1.31 | | | | 34 | |
| 2020 | | | 13.91 | | | | 0.20 | | | | 1.97 | | | | 2.17 | | | | (0.28 | ) | | | (0.16 | ) | | | (0.44 | ) | | | 0.00 | | | | 15.64 | | | | 16.03 | | | | 52,842 | | | | 1.36 | | | | 0.90 | | | | 1.37 | | | | 62 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal year ended September 30, 2023 if credits had not been received, the ratios of operating expenses to average net assets would have been 1.17% (Class AAA and Class A), 1.92% (Class C), and 0.92% (Class I). For the fiscal years ended September 30, 2024, 2022, 2021, and 2020, there was no impact on the expense ratios. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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) | | | Net Realized
and Unrealized Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Net Investment
Income | | | Net Realized
Gain on
Investments | | | Total
Distributions | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses Net of
Waivers/Credits/
Reimbursements/
Reductions(b) | | | Operating
Expenses Before
Waivers/Credits/
Reimbursements/
Reductions | | | Portfolio Turnover
Rate | |
| Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 10.55 | | | $ | 0.05 | | | $ | 2.08 | | | $ | 2.13 | | | $ | (0.08 | ) | | $ | (0.47 | ) | | $ | (0.55 | ) | | $ | 12.13 | | | | 21.07 | % | | $ | 43,652 | | | | 0.48 | % | | | 1.59 | % | | | 1.60 | % | | | 35 | % |
| 2023 | | | 10.28 | | | | 0.05 | | | | 1.03 | | | | 1.08 | | | | (0.04 | ) | | | (0.77 | ) | | | (0.81 | ) | | | 10.55 | | | | 10.23 | | | | 40,346 | | | | 0.51 | | | | 1.64 | | | | 1.64 | | | | 44 | |
| 2022 | | | 13.37 | | | | 0.04 | | | | (0.93 | ) | | | (0.89 | ) | | | (0.00 | )(c) | | | (2.20 | ) | | | (2.20 | ) | | | 10.28 | | | | (8.75 | ) | | | 41,068 | | | | 0.30 | | | | 1.64 | | | | 1.64 | | | | 50 | |
| 2021 | | | 11.02 | | | | 0.00 | (c) | | | 2.89 | | | | 2.89 | | | | (0.06 | ) | | | (0.48 | ) | | | (0.54 | ) | | | 13.37 | | | | 26.99 | | | | 49,468 | | | | 0.00 | (d) | | | 1.64 | | | | 1.64 | | | | 66 | |
| 2020 | | | 12.66 | | | | 0.08 | | | | (0.53 | ) | | | (0.45 | ) | | | (0.11 | ) | | | (1.08 | ) | | | (1.19 | ) | | | 11.02 | | | | (4.32 | ) | | | 44,109 | | | | 0.70 | | | | 1.63 | | | | 1.63 | | | | 46 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 10.54 | | | $ | 0.05 | | | $ | 2.09 | | | $ | 2.14 | | | $ | (0.08 | ) | | $ | (0.47 | ) | | $ | (0.55 | ) | | $ | 12.13 | | | | 21.18 | % | | $ | 794 | | | | 0.49 | % | | | 1.59 | % | | | 1.60 | % | | | 35 | % |
| 2023 | | | 10.27 | | | | 0.06 | | | | 1.02 | | | | 1.08 | | | | (0.04 | ) | | | (0.77 | ) | | | (0.81 | ) | | | 10.54 | | | | 10.22 | | | | 688 | | | | 0.51 | | | | 1.64 | | | | 1.64 | | | | 44 | |
| 2022 | | | 13.36 | | | | 0.04 | | | | (0.93 | ) | | | (0.89 | ) | | | (0.00 | )(c) | | | (2.20 | ) | | | (2.20 | ) | | | 10.27 | | | | (8.76 | ) | | | 788 | | | | 0.29 | | | | 1.64 | | | | 1.64 | | | | 50 | |
| 2021 | | | 10.99 | | | | 0.00 | (c) | | | 2.88 | | | | 2.88 | | | | (0.03 | ) | | | (0.48 | ) | | | (0.51 | ) | | | 13.36 | | | | 26.94 | | | | 933 | | | | (0.03 | ) | | | 1.67 | | | | 1.67 | | | | 66 | |
| 2020 | | | 12.63 | | | | 0.05 | | | | (0.53 | ) | | | (0.48 | ) | | | (0.08 | ) | | | (1.08 | ) | | | (1.16 | ) | | | 10.99 | | | | (4.57 | ) | | | 1,010 | | | | 0.45 | | | | 1.88 | | | | 1.88 | | | | 46 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.41 | | | $ | (0.03 | ) | | $ | 1.87 | | | $ | 1.84 | | | $ | — | | | $ | (0.42 | ) | | $ | (0.42 | ) | | $ | 10.83 | | | | 20.26 | % | | $ | 13 | | | | (0.27 | )% | | | 2.34 | % | | | 2.35 | % | | | 35 | % |
| 2023 | | | 9.21 | | | | (0.03 | ) | | | 0.92 | | | | 0.89 | | | | — | | | | (0.69 | ) | | | (0.69 | ) | | | 9.41 | | | | 9.37 | | | | 11 | | | | (0.28 | ) | | | 2.39 | | | | 2.39 | | | | 44 | |
| 2022 | | | 12.27 | | | | (0.05 | ) | | | (0.81 | ) | | | (0.86 | ) | | | — | | | | (2.20 | ) | | | (2.20 | ) | | | 9.21 | | | | (9.40 | ) | | | 25 | | | | (0.48 | ) | | | 2.39 | | | | 2.39 | | | | 50 | |
| 2021 | | | 10.18 | | | | (0.11 | ) | | | 2.68 | | | | 2.57 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | | 12.27 | | | | 25.93 | | | | 37 | | | | (1.00 | ) | | | 2.39 | | | | 2.39 | | | | 66 | |
| 2020 | | | 11.76 | | | | (0.00 | )(c) | | | (0.50 | ) | | | (0.50 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 10.18 | | | | (5.04 | ) | | | 38 | | | | (0.01 | ) | | | 2.38 | | | | 2.38 | | | | 46 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 10.50 | | | $ | 0.08 | | | $ | 2.08 | | | $ | 2.16 | | | $ | (0.11 | ) | | $ | (0.47 | ) | | $ | (0.58 | ) | | $ | 12.08 | | | | 21.47 | % | | $ | 1,181 | | | | 0.74 | % | | | 1.34 | % | | | 1.35 | % | | | 35 | % |
| 2023 | | | 10.23 | | | | 0.08 | | | | 1.03 | | | | 1.11 | | | | (0.07 | ) | | | (0.77 | ) | | | (0.84 | ) | | | 10.50 | | | | 10.54 | | | | 1,192 | | | | 0.74 | | | | 1.39 | | | | 1.39 | | | | 44 | |
| 2022 | | | 13.32 | | | | 0.07 | | | | (0.92 | ) | | | (0.85 | ) | | | (0.04 | ) | | | (2.20 | ) | | | (2.24 | ) | | | 10.23 | | | | (8.52 | ) | | | 1,907 | | | | 0.56 | | | | 1.39 | | | | 1.39 | | | | 50 | |
| 2021 | | | 10.98 | | | | 0.03 | | | | 2.88 | | | | 2.91 | | | | (0.09 | ) | | | (0.48 | ) | | | (0.57 | ) | | | 13.32 | | | | 27.31 | | | | 3,004 | | | | 0.25 | | | | 1.39 | | | | 1.39 | | | | 66 | |
| 2020 | | | 12.62 | | | | 0.11 | | | | (0.53 | ) | | | (0.42 | ) | | | (0.14 | ) | | | (1.08 | ) | | | (1.22 | ) | | | 10.98 | | | | (4.09 | ) | | | 2,595 | | | | 0.96 | | | | 1.38 | | | | 1.38 | | | | 46 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Amount represents less than (0.005)%. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | 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) | | | Net Realized
and Unrealized Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Net Investment
Income | | | Net Realized
Gain on
Investments | | | Total
Distributions | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses(b) | | | Portfolio Turnover
Rate | |
| Balanced Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.34 | | | $ | 0.13 | | | $ | 1.71 | | | $ | 1.84 | | | $ | (0.13 | ) | | $ | (0.20 | ) | | $ | (0.33 | ) | | $ | 10.85 | | | | 20.22 | % | | $ | 29,661 | | | | 1.26 | % | | | 1.39 | % | | | 36 | % |
| 2023 | | | 9.20 | | | | 0.11 | | | | 0.77 | | | | 0.88 | | | | (0.12 | ) | | | (0.62 | ) | | | (0.74 | ) | | | 9.34 | | | | 9.57 | | | | 27,932 | | | | 1.18 | | | | 1.46 | | | | 39 | |
| 2022 | | | 12.11 | | | | 0.07 | | | | (1.44 | ) | | | (1.37 | ) | | | (0.07 | ) | | | (1.47 | ) | | | (1.54 | ) | | | 9.20 | | | | (13.36 | ) | | | 31,492 | | | | 0.68 | | | | 1.41 | | | | 46 | |
| 2021 | | | 10.85 | | | | 0.03 | | | | 1.75 | | | | 1.78 | | | | (0.02 | ) | | | (0.50 | ) | | | (0.52 | ) | | | 12.11 | | | | 16.93 | | | | 40,187 | | | | 0.22 | | | | 1.41 | | | | 65 | |
| 2020 | | | 11.71 | | | | 0.10 | | | | (0.11 | ) | | | (0.01 | ) | | | (0.10 | ) | | | (0.75 | ) | | | (0.85 | ) | | | 10.85 | | | | 0.17 | | | | 38,713 | | | | 0.95 | | | | 1.42 | | | | 57 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.42 | | | $ | 0.13 | | | $ | 1.74 | | | $ | 1.87 | | | $ | (0.13 | ) | | $ | (0.21 | ) | | $ | (0.34 | ) | | $ | 10.95 | | | | 20.28 | % | | $ | 5,040 | | | | 1.26 | % | | | 1.39 | % | | | 36 | % |
| 2023 | | | 9.28 | | | | 0.11 | | | | 0.77 | | | | 0.88 | | | | (0.12 | ) | | | (0.62 | ) | | | (0.74 | ) | | | 9.42 | | | | 9.54 | | | | 4,813 | | | | 1.18 | | | | 1.46 | | | | 39 | |
| 2022 | | | 12.20 | | | | 0.07 | | | | (1.45 | ) | | | (1.38 | ) | | | (0.07 | ) | | | (1.47 | ) | | | (1.54 | ) | | | 9.28 | | | | (13.35 | ) | | | 5,702 | | | | 0.66 | | | | 1.41 | | | | 46 | |
| 2021 | | | 10.93 | | | | 0.02 | | | | 1.77 | | | | 1.79 | | | | (0.02 | ) | | | (0.50 | ) | | | (0.52 | ) | | | 12.20 | | | | 16.87 | | | | 8,454 | | | | 0.20 | | | | 1.43 | | | | 65 | |
| 2020 | | | 11.79 | | | | 0.08 | | | | (0.11 | ) | | | (0.03 | ) | | | (0.08 | ) | | | (0.75 | ) | | | (0.83 | ) | | | 10.93 | | | | (0.43 | ) | | | 7,981 | | | | 0.70 | | | | 1.67 | | | | 57 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.55 | | | $ | 0.05 | | | $ | 1.77 | | | $ | 1.82 | | | $ | (0.05 | ) | | $ | (0.21 | ) | | $ | (0.26 | ) | | $ | 11.11 | | | | 19.42 | % | | $ | 628 | | | | 0.51 | % | | | 2.14 | % | | | 36 | % |
| 2023 | | | 9.43 | | | | 0.04 | | | | 0.78 | | | | 0.82 | | | | (0.07 | ) | | | (0.63 | ) | | | (0.70 | ) | | | 9.55 | | | | 8.67 | | | | 884 | | | | 0.45 | | | | 2.21 | | | | 39 | |
| 2022 | | | 12.39 | | | | (0.02 | ) | | | (1.46 | ) | | | (1.48 | ) | | | (0.01 | ) | | | (1.47 | ) | | | (1.48 | ) | | | 9.43 | | | | (14.02 | ) | | | 491 | | | | (0.15 | ) | | | 2.16 | | | | 46 | |
| 2021 | | | 11.15 | | | | (0.07 | ) | | | 1.81 | | | | 1.74 | | | | — | | | | (0.50 | ) | | | (0.50 | ) | | | 12.39 | | | | 16.03 | | | | 1,212 | | | | (0.57 | ) | | | 2.16 | | | | 65 | |
| 2020 | | | 12.01 | | | | 0.02 | | | | (0.11 | ) | | | (0.09 | ) | | | (0.02 | ) | | | (0.75 | ) | | | (0.77 | ) | | | 11.15 | | | | (0.95 | ) | | | 1,215 | | | | 0.20 | | | | 2.17 | | | | 57 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.32 | | | $ | 0.15 | | | $ | 1.71 | | | $ | 1.86 | | | $ | (0.16 | ) | | $ | (0.20 | ) | | $ | (0.36 | ) | | $ | 10.82 | | | | 20.45 | % | | $ | 3,197 | | | | 1.52 | % | | | 1.14 | % | | | 36 | % |
| 2023 | | | 9.18 | | | | 0.14 | | | | 0.77 | | | | 0.91 | | | | (0.15 | ) | | | (0.62 | ) | | | (0.77 | ) | | | 9.32 | | | | 9.86 | | | | 2,714 | | | | 1.43 | | | | 1.21 | | | | 39 | |
| 2022 | | | 12.09 | | | | 0.10 | | | | (1.44 | ) | | | (1.34 | ) | | | (0.10 | ) | | | (1.47 | ) | | | (1.57 | ) | | | 9.18 | | | | (13.15 | ) | | | 3,205 | | | | 0.93 | | | | 1.16 | | | | 46 | |
| 2021 | | | 10.83 | | | | 0.05 | | | | 1.76 | | | | 1.81 | | | | (0.05 | ) | | | (0.50 | ) | | | (0.55 | ) | | | 12.09 | | | | 17.26 | | | | 3,649 | | | | 0.47 | | | | 1.16 | | | | 65 | |
| 2020 | | | 11.69 | | | | 0.13 | | | | (0.11 | ) | | | 0.02 | | | | (0.13 | ) | | | (0.75 | ) | | | (0.88 | ) | | | 10.83 | | | | 0.09 | | | | 4,131 | | | | 1.19 | | | | 1.17 | | | | 57 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
See accompanying notes to financial statements.
TETON Westwood Funds
Notes to Financial Statements
1. Organization. The TETON Westwood Funds (the Trust) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified open-end management investment company and currently consists of five active separate investment portfolios: TETON Westwood Mighty Mites Fund (Mighty Mites Fund), TETON Westwood SmallCap Equity Fund (SmallCap Equity Fund), TETON Convertible Securities Fund (Convertible Securities Fund), TETON Westwood Equity Fund (Equity Fund), and TETON Westwood Balanced Fund (Balanced Fund), individually, a “Fund” and collectively, the “Funds.” Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.
The investment objectives of each Fund are as follows:
| ● | Mighty Mites Fund seeks to provide long term capital appreciation by investing primarily in micro-capitalization equity securities. |
| | | |
| ● | SmallCap Equity Fund seeks to provide long term capital appreciation by investing primarily in smaller capitalization equity securities. |
| | | |
| ● | Convertible Securities Fund seeks to provide a high level of current income as well as long term capital appreciation. |
| | | |
| ● | Equity Fund seeks to provide capital appreciation. The Equity Fund’s secondary goal is to produce current income. |
| | | |
| ● | Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach. |
Teton Advisors, LLC serves as (the “Adviser”) to the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the Balanced Fund; and Keeley-Teton Advisors, LLC serves as (the “Adviser”) to the SmallCap Equity Fund. The Adviser makes investment decisions for the Fund and continuously reviews and administers the Funds’ investment program and manages the operations of each Fund under the general supervision of the Company’s Board.
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. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by the Adviser. Investments in open-end investment companies are valued at each underlying fund’s NAV per share as of the report date.
Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities fair value, in which case these securities will be fair value as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.
TETON Westwood Funds
Notes to Financial Statements (Continued)
Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.
The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
| ● | Level 1 — quoted prices in active markets for identical securities; |
| ● | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and |
| ● | Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of September 30, 2024 is as follows:
| | | | Valuation Inputs | | | | | |
| | | | Level 1
Quoted Prices | | | | Level 2
Other Significant
Observable Inputs | | | | Level 3
Significant
Unobservable Inputs | | | | Total
Market Value at 09/30/24 | |
| MIGHTY MITES FUND | | | | | | | | | | | | | | | | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | | | | | |
| Common Stocks | | | | | | | | | | | | | | | | |
| Automotive: Parts and Accessories | | $ | 6,951,136 | | | $ | 0 | | | | — | | | $ | 6,951,136 | |
| Business Services | | | 3,480,610 | | | | 1,670,151 | | | $ | 177,776 | | | | 5,328,537 | |
| Consumer Products | | | 5,723,091 | | | | — | | | | 1 | | | | 5,723,092 | |
| Consumer Services | | | 1,248,895 | | | | 240,603 | | | | — | | | | 1,489,498 | |
| Diversified Industrial | | | 32,639,874 | | | | 2,337,500 | | | | 154,400 | | | | 35,131,774 | |
| Entertainment | | | 1,009,262 | | | | — | | | | 59,521 | | | | 1,068,783 | |
| Financial Services | | | 35,805,344 | | | | 663,450 | | | | 27,500 | | | | 36,496,294 | |
| Food and Beverage | | | 8,701,533 | | | | 135,275 | | | | — | | | | 8,836,808 | |
| Manufactured Housing and Recreational Vehicles | | | 2,409,902 | | | | 3,828,500 | | | | — | | | | 6,238,402 | |
| Real Estate | | | 5,380,324 | | | | 158,051 | | | | 319 | | | | 5,538,694 | |
| Specialty Chemicals | | | 4,348,099 | | | | — | | | | 0 | | | | 4,348,099 | |
| Other Industries (a) | | | 146,560,921 | | | | — | | | | — | | | | 146,560,921 | |
| Total Common Stocks | | | 254,258,991 | | | | 9,033,530 | | | | 419,517 | | | | 263,712,038 | |
| Preferred Stocks (a) | | | 189,768 | | | | — | | | | — | | | | 189,768 | |
| Rights (a) | | | 25,500 | | | | 90,720 | | | | — | | | | 116,220 | |
| Warrants (a) | | | 4,818 | | | | 40,419 | | | | — | | | | 45,237 | |
| U.S. Government Obligations | | | — | | | | 128,601 | | | | — | | | | 128,601 | |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | | $ | 254,479,077 | | | $ | 9,293,270 | | | $ | 419,517 | (b) | | $ | 264,191,864 | |
| | | | | | | | | | | | | | | | | |
| SMALLCAP EQUITY FUND | | | | | | | | | | | | | | | | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | | | | | |
| Common Stocks (c) | | $ | 69,967,599 | | | | — | | | | — | | | $ | 69,967,599 | |
| U.S. Government Obligations | | | — | | | $ | 809,368 | | | | — | | | | 809,368 | |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | | $ | 69,967,599 | | | $ | 809,368 | | | | — | | | $ | 70,776,967 | |
| | | | | | | | | | | | | | | | | |
| CONVERTIBLE SECURITIES FUND | | | | | | | | | | | | | | | | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | | | | | |
| Convertible Corporate Bonds (c) | | | — | | | $ | 12,542,750 | | | $ | 0 | | | $ | 12,542,750 | |
| Convertible Preferred Stocks (c) | | | — | | | | — | | | | 252,563 | | | | 252,563 | |
| Mandatory Convertible Securities (c) | | $ | 887,145 | | | | — | | | | — | | | | 887,145 | |
| Common Stocks (c) | | | — | | | | — | | | | 0 | | | | 0 | |
| U.S. Government Obligations | | | — | | | | 292,085 | | | | — | | | | 292,085 | |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | | $ | 887,145 | | | $ | 12,834,835 | | | $ | 252,563 | (b) | | $ | 13,974,543 | |
TETON Westwood Funds
Notes to Financial Statements (Continued)
| | | Valuation Inputs | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other Significant
Observable Inputs | | | Level 3
Significant
Unobservable Inputs | | | Total
Market Value
at 09/30/24 | |
| EQUITY FUND | | | | | | | | | | | | | | | | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | | | | | |
| Common Stocks (c) | | $ | 45,135,377 | | | | — | | | | — | | | $ | 45,135,377 | |
| Short Term Investment | | | 526,158 | | | | — | | | | — | | | | 526,158 | |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | | $ | 45,661,535 | | | | — | | | | — | | | $ | 45,661,535 | |
| | | | | | | | | | | | | | | | | |
| BALANCED FUND | | | | | | | | | | | | | | | | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | | | | | |
| Common Stocks (c) | | $ | 25,032,857 | | | | — | | | | — | | | $ | 25,032,857 | |
| Corporate Bonds (c) | | | — | | | $ | 10,149,842 | | | | — | | | | 10,149,842 | |
| Convertible Corporate Bonds (c) | | | — | | | | 315,575 | | | | — | | | | 315,575 | |
| U.S. Government Obligations | | | — | | | | 2,916,792 | | | | — | | | | 2,916,792 | |
| Short Term Investment | | | 27,829 | | | | — | | | | — | | | | 27,829 | |
| TOTAL INVESTMENTS IN SECURITIES – ASSETS | | $ | 25,060,686 | | | $ | 13,382,209 | | | | — | | | $ | 38,442,895 | |
| (a) | Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings. |
| (b) | The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Trustees. |
| (c) | Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings. |
The following table reconciles Level 3 investments for the Convertible Securities Fund for which significant unobservable inputs were used to determine fair value.
| | | Balance
as of
09/30/23 | | | Accrued
discounts/
(premiums) | | | Realized gain/(loss) | | | Net Change
in unrealized
appreciation/
depreciation† | | | Purchases | | | Sales | | | Transfers
Into
Level 3 | | | Transfers
Out of
Level 3 | | | Balance
as of
09/30/24 | | | Net change
in unrealized
appreciation/
depreciation
during the
period on
Level 3
investments
still held at
09/30/24† | |
| INVESTMENTS IN SECURITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ASSETS (Market Value): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks (a) | | $ | 50 | | | | — | | | | — | | | $ | (50 | ) | | | — | | | | — | | | | — | | | | — | | | $ | 0 | | | $ | (50 | ) |
| Convertible Corporate Bonds (a) | | | 0 | | | | — | | | | — | | | | 0 | | | | — | | | | — | | | | — | | | | — | | | | 0 | | | | 0 | |
| Convertible Preferred Stocks (a) | | | 280,625 | | | | — | | | | — | | | | (28,062 | ) | | | — | | | | — | | | | — | | | | — | | | | 252,563 | | | | (28,062 | ) |
| TOTAL INVESTMENTS IN SECURITIES | | $ | 280,675 | | | | — | | | | — | | | $ | (28,112 | ) | | | — | | | | — | | | | — | | | | — | | | $ | 252,563 | | | $ | (28,112 | ) |
| † | Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations. |
| (a) | Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings. |
At September 30, 2024, the total value of Level 3 investments for the Mighty Mites Fund was less than 1% of total net assets.
The following table summarizes the valuation techniques used and unobservable inputs developed by the Board of Trustees to determine the fair value of certain, material Level 3 investments.
| | | Asset Type | | | Valuation
Technique | | | Fair Value | | | Primary
Unobservable
Input | | | Range | |
| Convertible Securities Fund | | Convertible Preferred Stock | | | Third party vendor pricing | | | $ | 252,563 | | | Broker quote | | | $ | 20-25 | |
TETON Westwood Funds
Notes to Financial Statements (Continued)
Additional Information to Evaluate Qualitative Information.
General. The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.
Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.
Securities Sold Short. The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the fiscal year ended September 30, 2024, there were no short sales.
Foreign Currency Translations. The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.
Foreign Securities. The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.
Restricted Securities. Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets.
TETON Westwood Funds
Notes to Financial Statements (Continued)
Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. Securities deemed as liquid are not included in the limitations described above. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Funds held as of September 30, 2024, refer to the Schedules of Investments.
Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the fiscal year ended September 30, 2024, the Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was each less than one basis point.
Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.
Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.
In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.
Custodian Fee Credits and Interest Expense. When cash balances are maintained in a Fund’s custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under each custody arrangement are included in custodian fees in the Statements of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, a Fund is charged an overdraft fee equal to 90% of the current Treasury Bill rate on outstanding balances. These amounts, if any, would be included in the Statements of Operations.
Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites Fund, SmallCap Equity Fund, and Equity Fund, and quarterly for the Convertible Securities Fund and Balanced Fund. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, utilization of tax equalization, timing differences, the redemptions in-kind and premiums amortization, reversal of prior year real estate investment trust capital gain, redesignation of dividends paid, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.
For the fiscal year ended September 30, 2024, the following reclassifications were made to increase/decrease such amounts with offsetting adjustments to paid-in capital:
| | | Accumulated Earnings/ (Losses) | | | Paid-in Capital | |
| Mighty Mites Fund | | $ | (12,082,607 | ) | | $ | 12,082,607 | |
TETON Westwood Funds
Notes to Financial Statements (Continued)
The tax character of distributions paid during the fiscal years ended September 30, 2024 and 2023 was as follows:
| | | Mighty Mites Fund | | | SmallCap Equity Fund | | | Convertible Securities Fund | |
| | | Year Ended September 30, | | | Year Ended September 30, | | | Year Ended September 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Ordinary income (inclusive of short term capital gains) | | $ | 1,870,619 | | | $ | 3,485,946 | | | $ | 618,736 | | | $ | 304,228 | | | $ | 445,342 | | | $ | 743,998 | |
| Net long term capital gains | | | 133,107,895 | | | | 64,307,540 | | | | 1,490,078 | | | | 714,686 | | | | — | | | | 3,484,498 | |
| Total distributions paid | | $ | 134,978,514 | * | | $ | 67,793,486 | * | | $ | 2,108,814 | | | $ | 1,018,914 | | | $ | 445,342 | | | $ | 4,228,496 | |
| | | Equity Fund | | | Balanced Fund | |
| | | Year Ended
September 30, | | | Year Ended
September 30, | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| Ordinary income (inclusive of short term capital gains) | | $ | 428,926 | | | $ | 149,117 | | | $ | 502,273 | | | $ | 488,569 | |
| Net long term capital gains | | | 1,739,384 | | | | 3,260,507 | | | | 767,217 | | | | 2,653,850 | |
| Total distributions paid | | $ | 2,168,310 | | | $ | 3,409,624 | | | $ | 1,269,490 | | | $ | 3,142,419 | |
| * | Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization. |
Provision for Income Taxes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Funds’ net investment company taxable income and net capital gains.
At September 30, 2024, the components of accumulated earnings/(losses) on a tax basis were as follows:
| | | Mighty
Mites Fund | | | SmallCap
Equity Fund | | | Convertible
Securities Fund | | | Equity Fund | | | Balanced Fund | |
| Undistributed ordinary income (inclusive of short term capital gains) | | $ | — | | | $ | 357,603 | | | $ | 53,279 | | | $ | 33,213 | | | $ | — | |
| Undistributed long term capital gain | | | — | | | | 8,000,627 | | | | — | | | | 3,070,234 | | | | 2,219,244 | |
| Accumulated capital loss carryforward | | | — | | | | — | | | | (145,855 | ) | | | — | | | | — | |
| Unrealized appreciation | | | 110,420,437 | | | | 19,494,150 | | | | 409,386 | | | | 9,246,961 | | | | 4,308,623 | |
| Qualified late year loss deferrals* | | | — | | | | — | | | | — | | | | — | | | | (283,987 | ) |
| Total accumulated earnings | | $ | 110,420,437 | | | $ | 27,852,380 | | | $ | 316,810 | | | $ | 12,350,408 | | | $ | 6,243,880 | |
| * | Qualified late year losses related to passive foreign investment companies, ordinary losses, and losses on sales of securities and foreign currency realized after October 31 (certain ordinary losses incurred after December 31) and prior to the Funds’ year end may be elected as occurring on the first day of the following year. |
The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. Convertible Securities Fund has a long term capital loss carryforward with no expiration of $145,855.
At September 30, 2024, the temporary differences between book basis and tax basis unrealized appreciation/depreciation on investments was primarily due to deferral of losses from wash sales for tax purposes, premium amortization, and basis adjustments in partnerships.
The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at September 30, 2024:
| | | Mighty
Mites Fund | | | SmallCap
Equity Fund | | | Convertible
Securities Fund | | | Equity Fund | | | Balanced Fund | |
| Aggregate cost of investments | | $ | 153,769,527 | | | $ | 51,282,814 | | | $ | 13,565,157 | | | $ | 36,414,574 | | | $ | 34,134,272 | |
| Gross unrealized appreciation | | $ | 126,943,767 | | | $ | 20,955,166 | | | $ | 848,012 | | | $ | 9,358,082 | | | $ | 5,367,711 | |
| Gross unrealized depreciation | | | (16,521,430 | ) | | | (1,461,013 | ) | | | (438,626 | ) | | | (111,121 | ) | | | (1,059,088 | ) |
| Net unrealized appreciation | | $ | 110,422,337 | | | $ | 19,494,153 | | | $ | 409,386 | | | $ | 9,246,961 | | | $ | 4,308,623 | |
TETON Westwood Funds
Notes to Financial Statements (Continued)
The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of September 30, 2024, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.
3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the Advisory Agreements) with Teton Advisors, LLC and Keeley-Teton Advisors, LLC, individually an “Adviser” and collectively, the “Advisers,” which provide that the Funds will pay the respective Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, and Equity Fund, and 0.75% for the Balanced Fund, of the value of each Fund’s average daily net assets. In accordance with the Advisory Agreements, the Advisers provide a continuous investment program for the Funds’ portfolios, oversee the administration of all aspects of the Funds’ business and affairs, and pay the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Advisers. Teton Advisors, LLC is the Adviser of the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the Balanced Fund; and Keeley-Teton Advisors, LLC is the Adviser of the SmallCap Equity Fund.
There was a reduction in the Mighty Mites Fund’s advisory fee paid to its Adviser relating to certain portfolio holdings, i.e., unsupervised assets, with respect to which the Adviser transferred dispositive and voting control to the Mighty Mites Fund’s Proxy Voting Committee. During the fiscal year ended September 30, 2024, the Mighty Mites Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities (Strattec Security Corp., Bel Fuse Inc., Cl. A, and Full House Resorts Inc.), and the Adviser reduced its advisory fee with respect to such securities by $125,231.
The respective Advisers have contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund and Convertible Securities Fund in the event annual expenses of such Funds exceed certain prescribed limits as described in the paragraph below. Such fee waiver/reimbursement arrangements continue at least until January 31, 2025. For the fiscal year ended September 30, 2024, the respective Advisers waived fees or reimbursed expenses in the amounts of $232,117 and $158,916 for the SmallCap Equity Fund and Convertible Securities Fund, respectively.
In addition, the SmallCap Equity Fund and the Convertible Securities Fund are obliged to repay their respective Advisers for a period of two and three fiscal years, respectively, following the fiscal year in which the Advisers reimbursed the Funds only to the extent that the operating expenses of these Funds fall below the following expense limitations based on average net assets for the SmallCap Equity Fund and the Convertible Securities Fund for Class AAA Shares 1.25% and 1.15%, respectively, for Class A Shares 1.25% and 1.15%, respectively, for Class C Shares 2.00% and 1.90%, respectively, and for Class I Shares 1.00% and 0.90%, respectively. As of September 30, 2024, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:
| | | For the year ended
September 30, 2023, expiring
September 30,
2025 | | | For the year ended
September 30, 2024, expiring
September 30,
2026 | | | Total | |
| SmallCap Equity Fund | | $ | 235,115 | | | $ | 232,117 | | | $ | 467,232 | |
| | | For the year ended
September 30, 2022, expiring
September 30,
2025 | | | For the year ended
September 30, 2023, expiring
September 30,
2026 | | | For the year ended
September 30, 2024, expiring
September 30,
2027 | | | Total | |
| Convertible Securities Fund | | $ | 271,186 | | | $ | 199,238 | | | $ | 158,916 | | | $ | 629,340 | |
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.
TETON Westwood Funds
Notes to Financial Statements (Continued)
The Advisers have a sub-administration agreement for each of the Funds with Gabelli Funds, LLC. Gabelli Funds, LLC has entered into an agreement with BNY Mellon Investment Servicing (US) Inc. to provide certain administrative services to the Funds.
4. Distribution Plan. The Trust’s Board has adopted a distribution plan (the Plan) for each class of shares, except Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.
5. Portfolio Securities. Purchases and sales (including maturities) of securities during the fiscal year ended September 30, 2024, other than short term securities, are as follows:
| | | Purchases
(excluding U.S.
Government
Securities) | | | Sales
(excluding U.S.
Government
Securities) | | | Purchases
of U.S.
Government
Securities | | | Sales of U.S.
Government
Securities | |
| Mighty Mites Fund | | $ | 6,292,868 | | | $ | 160,790,453 | | | | — | | | | — | |
| SmallCap Equity Fund | | | 14,623,787 | | | | 22,059,168 | | | | — | | | | — | |
| Convertible Securities Fund | | | 11,846,165 | | | | 18,283,072 | | | | — | | | | — | |
| Equity Fund | | | 15,416,709 | | | | 20,134,095 | | | | — | | | | — | |
| Balanced Fund | | | 11,697,238 | | | | 16,795,698 | | | $ | 1,782,181 | | | $ | 787,016 | |
6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the fiscal year ended September 30, 2023 the Mighty Mites Fund realized net gain of $3,330,066 on $5,113,100 of redemptions-in kind, including cash of $152,957. During the fiscal year ended September 30, 2024 the Mighty Mites Fund realized net gain of $755,678 on $1,368,998 of redemptions-in-kind, including cash of $106,145, with an affiliated entity.
7. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2024, the Mighty Mites Fund paid $40,131 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $2,934 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.
During the fiscal year ended September 30, 2024, the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,738, $2,332, $177, $1,926, and $1,841, 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 fiscal year ended September 30, 2024, the Mighty Mites Fund and SmallCap Equity Fund each accrued $45,000 and $45,000 in connection with the cost of computing these Funds’ NAVs.
During the fiscal year ended September 30, 2024, the Mighty Mites Fund engaged in sales transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act and amounted to $2,481,325 in sales transactions.
8. Line of Credit. The Fund participates in an unsecured line of credit, which expires on June 25, 2025 and may be renewed annually, of up to $75,000,000 under which it may borrow up to one-third 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 year ended September 30, 2024, there were no borrowings outstanding under the line of credit.
9. Shares of Beneficial Interest. The Funds offer four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.
TETON Westwood Funds
Notes to Financial Statements (Continued)
The Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the fiscal years ended September 30, 2024 and 2023 can be found in the Statements of Changes in Net Assets under Redemption Fees.
Transactions in shares of beneficial interest were as follows:
| | | Mighty Mites Fund | | | SmallCap Equity Fund | | | Convertible Securities Fund | |
| | | Year Ended
September 30,
2024 | | | Year Ended
September 30,
2023 | | | Year Ended
September 30,
2024 | | | Year Ended
September 30,
2023 | | | Year Ended
September 30,
2024 | | | Year Ended
September 30,
2023 | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 59,557 | | | | 119,158 | | | | 19,478 | | | | 36,907 | | | | 2,341 | | | | 1,655 | |
| Shares issued upon reinvestment of distributions | | | 1,739,585 | | | | 522,977 | | | | 10,335 | | | | 5,284 | | | | 7,462 | | | | 39,294 | |
| Shares redeemed | | | (1,427,239 | ) | | | (759,003 | ) | | | (23,778 | ) | | | (62,432 | ) | | | (39,065 | ) | | | (68,660 | ) |
| Net increase/(decrease) in Class AAA Shares | | | 371,903 | | | | (116,868 | ) | | | 6,035 | | | | (20,241 | ) | | | (29,262 | ) | | | (27,711 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 551,332 | | | | 491,661 | | | | 63,862 | | | | 91,215 | | | | 11,929 | | | | 5,434 | |
| Shares issued upon reinvestment of distributions | | | 1,501,019 | | | | 425,431 | | | | 10,368 | | | | 5,040 | | | | 4,701 | | | | 29,135 | |
| Shares redeemed | | | (1,499,627 | ) | | | (950,241 | ) | | | (25,196 | ) | | | (63,555 | ) | | | (36,864 | ) | | | (106,219 | ) |
| Net increase/(decrease) in Class A Shares | | | 552,724 | | | | (33,149 | ) | | | 49,034 | | | | 32,700 | | | | (20,234 | ) | | | (71,650 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 31,138 | | | | 55,227 | | | | 11,871 | | | | 74,916 | | | | 2,735 | | | | 5,365 | |
| Shares issued upon reinvestment of distributions | | | 436,078 | | | | 192,198 | | | | 3,473 | | | | 1,369 | | | | 1,576 | | | | 22,140 | |
| Shares redeemed | | | (720,578 | ) | | | (734,904 | ) | | | (62,026 | ) | | | (63,314 | ) | | | (46,804 | ) | | | (141,500 | ) |
| Net increase/(decrease) in Class C Shares | | | (253,362 | ) | | | (487,479 | ) | | | (46,682 | ) | | | 12,971 | | | | (42,493 | ) | | | (113,995 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,058,664 | | | | 1,334,886 | | | | 485,008 | | | | 1,286,692 | | | | 59,014 | | | | 195,549 | |
| Shares issued upon reinvestment of distributions | | | 3,074,080 | | | | 1,183,420 | | | | 69,103 | | | | 31,295 | | | | 23,670 | | | | 262,026 | |
| Shares redeemed in-kind | | | (64,484 | ) | | | (235,627 | ) | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | (6,544,924 | ) | | | (4,867,869 | ) | | | (917,068 | ) | | | (772,594 | ) | | | (632,759 | ) | | | (1,594,068 | ) |
| Net increase/(decrease) in Class I Shares | | | (2,476,664 | ) | | | (2,585,190 | ) | | | (362,957 | ) | | | 545,393 | | | | (550,075 | ) | | | (1,136,493 | ) |
| | | Equity Fund | | | Balanced Fund | |
| | | Year Ended
September 30,
2024 | | | Year Ended
September 30,
2023 | | | Year Ended
September 30,
2024 | | | Year Ended
September 30,
2023 | |
| Class AAA | | | | | | | | | | | | | | | | |
| Shares sold | | | 19,064 | | | | 34,310 | | | | 51,252 | | | | 32,484 | |
| Shares issued upon reinvestment of distributions | | | 193,474 | | | | 282,384 | | | | 98,155 | | | | 249,096 | |
| Shares redeemed | | | (440,473 | ) | | | (487,335 | ) | | | (406,499 | ) | | | (713,834 | ) |
| Net decrease in Class AAA Shares | | | (227,935 | ) | | | (170,641 | ) | | | (257,092 | ) | | | (432,254 | ) |
| | | | | | | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | |
| Shares sold | | | 726 | | | | 747 | | | | 51,610 | | | | 5,674 | |
| Shares issued upon reinvestment of distributions | | | 3,363 | | | | 5,320 | | | | 16,452 | | | | 43,162 | |
| Shares redeemed | | | (3,928 | ) | | | (17,540 | ) | | | (118,404 | ) | | | (152,459 | ) |
| Net increase/(decrease) in Class A Shares | | | 161 | | | | (11,473 | ) | | | (50,342 | ) | | | (103,623 | ) |
| | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | 17,090 | | | | 56,549 | |
| Shares issued upon reinvestment of distributions | | | 52 | | | | 187 | | | | 2,262 | | | | 4,695 | |
| Shares redeemed | | | — | | | | (1,739 | ) | | | (55,305 | ) | | | (20,857 | ) |
| Net increase/(decrease) in Class C Shares | | | 52 | | | | (1,552 | ) | | | (35,953 | ) | | | 40,387 | |
| | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | |
| Shares sold | | | 7,657 | | | | 13,612 | | | | 84,157 | | | | 54,428 | |
| Shares issued upon reinvestment of distributions | | | 6,156 | | | | 13,949 | | | | 10,593 | | | | 26,994 | |
| Shares redeemed | | | (29,476 | ) | | | (100,453 | ) | | | (90,719 | ) | | | (139,274 | ) |
| Net increase/(decrease) in Class I Shares | | | (15,663 | ) | | | (72,892 | ) | | | 4,031 | | | | (57,852 | ) |
TETON Westwood Funds
Notes to Financial Statements (Continued)
10. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund’s transactions in the securities of these issuers during the fiscal year ended September 30, 2024 is set forth below:
| | | Market Value at
September 30,
2023 | | | Purchases | | | Sales
Proceeds | | | Realized Gain/(Loss) | | | Change In Unrealized
Appreciation/ (Depreciation) | | | Market Value at September 30, 2024 | | | Dividend
Income | | | Percent Owned of Shares | |
| Bel Fuse Inc., Cl. A* | | $ | 5,368,107 | | | | — | | | $ | 6,603,399 | | | $ | 4,775,462 | | | $ | (1,902,558 | ) | | $ | — | | | $ | 16,552 | | | | — | |
| Burnham Holdings Inc., Cl. A | | | 2,640,071 | | | | — | | | | 514,146 | | | | (238,003 | ) | | | 449,578 | | | | 2,337,500 | | | | 174,914 | | | | 5.61 | % |
| Nathan's Famous Inc.* | | | 14,909,260 | | | | — | | | | 6,966,798 | | | | 4,434,896 | | | | (3,243,748 | ) | | | — | | | | 334,819 | | | | — | |
| Trans-Lux Corp.† | | | 1,035,000 | | | | — | | | | 884 | | | | (153 | ) | | | 636,188 | | | | 1,670,151 | | | | — | | | | 17.03 | % |
| Total | | $ | 23,952,438 | | | | | | | | | | | $ | 8,972,202 | | | $ | (4,060,540 | ) | | $ | 4,007,651 | | | $ | 526,285 | | | | | |
| * | Security is no longer considered affiliated at September 30, 2024. |
| † | Non-income producing security. |
11. Indemnifications. The Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.
12. Subsequent Events. Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
TETON Westwood Funds
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of TETON Westwood Funds and Shareholders of TETON Westwood Mighty MitesSM Fund, TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of TETON Westwood Mighty MitesSM Fund and the accompanying statements of assets and liabilities, including the schedules of investments, of TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund (constituting TETON Westwood Funds, hereafter collectively referred to as the "Funds") as of September 30, 2024, the related statements of operations for the year ended September 30, 2024, the statements of changes in net assets for each of the two years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2024 and each of the financial highlights for each of the five years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
November 27, 2024
We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.
TETON Westwood Funds
Liquidity Risk Management Program (Unaudited)
In accordance with Rule 22e-4 under the 1940 Act, each Fund has established a liquidity risk management program (collectively, the LRM Program) to govern their approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.
The LRM Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.
At a meeting of the Board held on May 15, 2024, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that each Fund is primarily invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, each Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.
There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to each Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.
TETON Westwood Funds
2024 Tax Notice to Shareholders (Unaudited)
U.S. Government Income – The percentage of the ordinary income dividend paid by the Mighty Mites Fund, the SmallCap Equity Fund, the Convertible Securities Fund, and the Balanced Fund, (the “Funds”) during the year ended September 30, 2024 which was derived from U.S. Treasury securities was 1.95%, 16.22%, 3.58%, and 5.66%, respectively. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser for the applicability of the information provided as to your specific situation.
Mighty Mites Fund – During the fiscal year ended September 30, 2024, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totaling $0.0967, $0.0931, $0.9726, and $0.1404 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $133,107,895. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the fiscal year ended September 30, 2024, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 2.54% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
SmallCap Equity Fund – During the fiscal year ended September 30, 2024, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.1792, $0.1815, $0.0507, and $0.2360 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $1,490,078. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the fiscal year ended September 30, 2024, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 16.42% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
Convertible Securities Fund – During the fiscal year ended September 30, 2024, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.3245, $0.3229, $0.2389, and $0.3537 per share for Class AAA, Class A, Class C, and Class I Shares, respectively. For the fiscal year ended September 30, 2024, 9.98% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 10.04% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 83.54% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
Equity Fund – During the fiscal year ended September 30, 2024, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.1087, $0.1084, $0.0254, and $0.1363 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $ 1,739,384. For the fiscal year ended September 30, 2024, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 2.56% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.
Balanced Fund – During the fiscal year ended September 30, 2024, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.1374, $0.1371, $0.0547, and $0.1628 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $767,217. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the fiscal year ended September 30, 2024, 76.15% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 77.84% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 49.27% of the ordinary income distributions as qualified interest income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 100% of the ordinary income distribution as qualified short term capital gain pursuant to the American Jobs Creation Act of 2004.
All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.
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TETON WESTWOOD FUNDS
TETON Westwood Mighty MitesSM Fund
TETON Westwood SmallCap Equity Fund
TETON Convertible Securities Fund
TETON Westwood Equity Fund
TETON Westwood Balanced Fund
One Corporate Center
Rye, New York 10580-1422
General and Account Information:
800-WESTWOOD [800-937-8966]
fax: 914-921-5118
website: www.tetonadv.com
email: info@tetonadv.com
Board of Trustees
| ANTHONY S. COLAVITA | | NICHOLAS F. GALLUCCIO* | | WERNER J. ROEDER |
| Attorney, | | Co-Chairman, | | Former Vice President of |
| Anthony S. Colavita, P.C. | | Teton Advisors, Inc. | | Medical Affairs (Medical |
| | | | | Director) of New York |
| | | | | Presbyterian/Lawrence Hospital |
| | | | | |
| JAMES P. CONN | | MARY E. HAUCK | | SALVATORE J. ZIZZA |
| Former Managing Director | | Former Senior Portfolio Manager, | | Chairman, |
| and Chief Investment Officer, | | Gabelli-O’Connor Fixed Income | | Zizza & Associates Corp. |
| Financial Security Assurance | | Mutual Fund Management | | |
| Holdings Ltd. | | Company | | |
| | | | | |
| LESLIE F. FOLEY | | MICHAEL J. MELARKEY | | * Interested Trustee |
| Attorney | | Of Counsel, | | |
| | | McDonald Carano Wilson LLP | | |
| | | Officers | | |
| | | | | |
| JOHN C. BALL | | RICHARD J. WALZ | | PETER GOLDSTEIN |
| President, Treasurer, Principal | | Chief Compliance Officer | | Secretary & Vice President |
| Financial & Accounting Officer | | | | |
| | Investment Adviser | Distributor |
| | Teton Advisors, LLC | G.distributors, LLC |
| | Keeley-Teton Advisors, LLC* | |
| | | |
| | Transfer Agent and Disbursing Agent | Legal Counsel |
| | SS&C Global Investor and Distribution | Paul Hastings LLP |
| | Solutions, Inc. | |
| | | * Investment Adviser of TETON Westwood |
| | | SmallCap Equity Fund |
| We have separated the portfolio managers’ commentaries from the financial statements and investment portfolios due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentaries is unrestricted. Both the commentaries and the financial statements, including the portfolio of investments, will be available on our website at www.tetonadv.com. |
This report is submitted for the information of the shareholders of the TETON Westwood Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
GABWWQ324AR
| (b) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
The Financial Highlights are attached herewith.
TETON Westwood Funds
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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 Year | | | Total
Return† | | | Net Assets,
End of Year
(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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 1.42 | | | | 6 | |
| 2020 | | | 25.58 | | | | (0.07 | ) | | | (2.01 | ) | | | (2.08 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 22.42 | | | | (8.68 | ) | | | 103,109 | | | | (0.31 | ) | | | 1.43 | | | | 1.44 | | | | 2 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 1.43 | | | | 6 | |
| 2020 | | | 24.49 | | | | (0.12 | ) | | | (1.92 | ) | | | (2.04 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 21.37 | | | | (8.91 | ) | | | 68,250 | | | | (0.55 | ) | | | 1.68 | | | | 1.69 | | | | 2 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 2.17 | | | | 6 | |
| 2020 | | | 21.24 | | | | (0.20 | ) | | | (1.65 | ) | | | (1.85 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 18.31 | | | | (9.40 | ) | | | 47,509 | | | | (1.06 | ) | | | 2.18 | | | | 2.19 | | | | 2 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | % | | | 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 | | | | 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 | | | | 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 | | | | 1.17 | | | | 6 | |
| 2020 | | | 26.29 | | | | (0.01 | ) | | | (2.07 | ) | | | (2.08 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 0.00 | | | | 23.13 | | | | (8.43 | ) | | | 328,187 | | | | (0.05 | ) | | | 1.18 | | | | 1.19 | | | | 2 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Due to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different classes of shares. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
| (e) | Before advisory fee reduction on unsupervised assets totaling 0.04%, 0.04%, 0.03%, 0.02%, and 0.01% of net assets for the fiscal years ended September 30, 2024, 2023, 2022, 2021, and 2020. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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) | | | 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)(b) | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses Net of
Waivers/Credits/
Reimbursements/
Reductions(c) | | | Operating
Expenses Before Waivers/Credits/
Reimbursements/
Reductions | | | Portfolio
Turnover
Rate | |
| SmallCap Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 22.91 | | | $ | 0.14 | | | $ | 4.75 | | | $ | 4.89 | | | $ | (0.18 | ) | | $ | (0.51 | ) | | $ | (0.69 | ) | | $ | 0.00 | | | $ | 27.11 | | | | 22.00 | % | | $ | 9,156 | | | | 0.57 | % | | | 1.25 | % | | | 1.58 | % | | | 21 | % |
| 2023 | | | 20.74 | | | | 0.14 | | | | 2.39 | | | | 2.53 | | | | (0.08 | ) | | | (0.28 | ) | | | (0.36 | ) | | | 0.00 | | | | 22.91 | | | | 12.17 | | | | 7,599 | | | | 0.63 | | | | 1.25 | | | | 1.60 | | | | 17 | |
| 2022 | | | 25.74 | | | | 0.06 | | | | (3.61 | ) | | | (3.55 | ) | | | (0.01 | ) | | | (1.44 | ) | | | (1.45 | ) | | | — | | | | 20.74 | | | | (14.79 | ) | | | 7,300 | | | | 0.23 | | | | 1.25 | | | | 1.64 | | | | 15 | |
| 2021 | | | 15.40 | | | | 0.04 | | | | 10.30 | | | | 10.34 | | | | (0.00 | )(b) | | | — | | | | (0.00 | )(b) | | | — | | | | 25.74 | | | | 67.16 | | | | 9,838 | | | | 0.15 | | | | 1.25 | | | | 1.64 | | | | 21 | |
| 2020 | | | 17.97 | | | | 0.04 | | | | (1.72 | ) | | | (1.68 | ) | | | (0.07 | ) | | | (0.82 | ) | | | (0.89 | ) | | | 0.00 | | | | 15.40 | | | | (10.08 | ) | | | 6,146 | | | | 0.26 | | | | 1.25 | | | | 1.70 | | | | 18 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 21.47 | | | $ | 0.13 | | | $ | 4.45 | | | $ | 4.58 | | | $ | (0.18 | ) | | $ | (0.48 | ) | | $ | (0.66 | ) | | $ | 0.00 | | | $ | 25.39 | | | | 22.01 | % | | $ | 9,670 | | | | 0.57 | % | | | 1.25 | % | | | 1.58 | % | | | 21 | % |
| 2023 | | | 19.45 | | | | 0.14 | | | | 2.23 | | | | 2.37 | | | | (0.09 | ) | | | (0.26 | ) | | | (0.35 | ) | | | 0.00 | | | | 21.47 | | | | 12.17 | | | | 7,125 | | | | 0.63 | | | | 1.25 | | | | 1.60 | | | | 17 | |
| 2022 | | | 24.23 | | | | 0.06 | | | | (3.38 | ) | | | (3.32 | ) | | | (0.02 | ) | | | (1.44 | ) | | | (1.46 | ) | | | — | | | | 19.45 | | | | (14.78 | ) | | | 5,820 | | | | 0.25 | | | | 1.25 | | | | 1.65 | | | | 15 | |
| 2021 | | | 14.50 | | | | 0.03 | | | | 9.70 | | | | 9.73 | | | | — | | | | — | | | | — | | | | — | | | | 24.23 | | | | 67.10 | | | | 5,539 | | | | 0.14 | | | | 1.27 | | | | 1.65 | | | | 21 | |
| 2020 | | | 16.98 | | | | 0.00 | (b) | | | (1.63 | ) | | | (1.63 | ) | | | (0.03 | ) | | | (0.82 | ) | | | (0.85 | ) | | | 0.00 | | | | 14.50 | | | | (10.34 | ) | | | 3,172 | | | | 0.02 | | | | 1.50 | | | | 1.95 | | | | 18 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 17.30 | | | $ | (0.03 | ) | | $ | 3.58 | | | $ | 3.55 | | | $ | (0.05 | ) | | $ | (0.38 | ) | | $ | (0.43 | ) | | $ | 0.00 | | | $ | 20.42 | | | | 21.09 | % | | $ | 1,819 | | | | (0.19 | )% | | | 2.00 | % | | | 2.33 | % | | | 21 | % |
| 2023 | | | 15.73 | | | | (0.02 | ) | | | 1.80 | | | | 1.78 | | | | — | | | | (0.21 | ) | | | (0.21 | ) | | | 0.00 | | | | 17.30 | | | | 11.29 | | | | 2,349 | | | | (0.12 | ) | | | 2.00 | | | | 2.35 | | | | 17 | |
| 2022 | | | 19.98 | | | | (0.10 | ) | | | (2.71 | ) | | | (2.81 | ) | | | — | | | | (1.44 | ) | | | (1.44 | ) | | | — | | | | 15.73 | | | | (15.38 | ) | | | 1,931 | | | | (0.53 | ) | | | 2.00 | | | | 2.39 | | | | 15 | |
| 2021 | | | 12.04 | | | | (0.11 | ) | | | 8.05 | | | | 7.94 | | | | — | | | | — | | | | — | | | | — | | | | 19.98 | | | | 65.95 | | | | 2,336 | | | | (0.60 | ) | | | 2.00 | | | | 2.39 | | | | 21 | |
| 2020 | | | 14.28 | | | | (0.06 | ) | | | (1.36 | ) | | | (1.42 | ) | | | — | | | | (0.82 | ) | | | (0.82 | ) | | | 0.00 | | | | 12.04 | | | | (10.82 | ) | | | 1,597 | | | | (0.46 | ) | | | 2.00 | | | | 2.45 | | | | 18 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 24.01 | | | $ | 0.21 | | | $ | 4.97 | | | $ | 5.18 | | | $ | (0.24 | ) | | $ | (0.53 | ) | | $ | (0.77 | ) | | $ | 0.00 | | | $ | 28.42 | | | | 22.29 | % | | $ | 50,062 | | | | 0.81 | % | | | 1.00 | % | | | 1.33 | % | | | 21 | % |
| 2023 | | | 21.74 | | | | 0.21 | | | | 2.49 | | | | 2.70 | | | | (0.14 | ) | | | (0.29 | ) | | | (0.43 | ) | | | 0.00 | | | | 24.01 | | | | 12.41 | | | | 51,005 | | | | 0.88 | | | | 1.00 | | | | 1.35 | | | | 17 | |
| 2022 | | | 26.90 | | | | 0.13 | | | | (3.77 | ) | | | (3.64 | ) | | | (0.08 | ) | | | (1.44 | ) | | | (1.52 | ) | | | — | | | | 21.74 | | | | (14.54 | ) | | | 34,321 | | | | 0.49 | | | | 1.00 | | | | 1.39 | | | | 15 | |
| 2021 | | | 16.09 | | | | 0.10 | | | | 10.75 | | | | 10.85 | | | | (0.04 | ) | | | — | | | | (0.04 | ) | | | — | | | | 26.90 | | | | 67.55 | | | | 33,644 | | | | 0.40 | | | | 1.00 | | | | 1.39 | | | | 21 | |
| 2020 | | | 18.74 | | | | 0.09 | | | | (1.80 | ) | | | (1.71 | ) | | | (0.12 | ) | | | (0.82 | ) | | | (0.94 | ) | | | 0.00 | | | | 16.09 | | | | (9.87 | ) | | | 17,435 | | | | 0.52 | | | | 1.00 | | | | 1.45 | | | | 18 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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) | | | 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)(b) | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses Net of
Waivers/Credits/
Reimbursements/
Reductions(c) | | | Operating
Expenses Before Waivers/Credits/
Reimbursements/
Reductions | | | Portfolio
Turnover
Rate | |
| Convertible Securities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 11.31 | | | $ | 0.28 | | | $ | 1.02 | | | $ | 1.30 | | | $ | (0.32 | ) | | $ | — | | | $ | (0.32 | ) | | $ | — | | | $ | 12.29 | | | | 11.69 | % | | $ | 3,284 | | | | 2.42 | % | | | 1.15 | % | | | 2.08 | % | | | 71 | % |
| 2023 | | | 12.54 | | | | 0.24 | | | | 0.02 | | | | 0.26 | | | | (0.32 | ) | | | (1.17 | ) | | | (1.49 | ) | | | — | | | | 11.31 | | | | 1.84 | | | | 3,352 | | | | 1.98 | | | | 1.16 | | | | 1.82 | | | | 36 | |
| 2022 | | | 18.26 | | | | 0.02 | | | | (3.96 | ) | | | (3.94 | ) | | | (0.17 | ) | | | (1.61 | ) | | | (1.78 | ) | | | — | | | | 12.54 | | | | (23.78 | ) | | | 4,065 | | | | 0.16 | | | | 1.15 | | | | 1.62 | | | | 39 | |
| 2021 | | | 15.59 | | | | 0.05 | | | | 3.11 | | | | 3.16 | | | | (0.16 | ) | | | (0.33 | ) | | | (0.49 | ) | | | 0.00 | | | | 18.26 | | | | 20.48 | | | | 6,701 | | | | 0.27 | | | | 1.15 | | | | 1.56 | | | | 34 | |
| 2020 | | | 13.86 | | | | 0.16 | | | | 1.98 | | | | 2.14 | | | | (0.25 | ) | | | (0.16 | ) | | | (0.41 | ) | | | 0.00 | | | | 15.59 | | | | 15.80 | | | | 7,392 | | | | 1.12 | | | | 1.15 | | | | 1.62 | | | | 62 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 11.77 | | | $ | 0.29 | | | $ | 1.06 | | | $ | 1.35 | | | $ | (0.32 | ) | | $ | — | | | $ | (0.32 | ) | | $ | — | | | $ | 12.80 | | | | 11.65 | % | | $ | 2,181 | | | | 2.42 | % | | | 1.15 | % | | | 2.08 | % | | | 71 | % |
| 2023 | | | 13.04 | | | | 0.25 | | | | 0.02 | | | | 0.27 | | | | (0.32 | ) | | | (1.22 | ) | | | (1.54 | ) | | | — | | | | 11.77 | | | | 1.80 | | | | 2,243 | | | | 1.95 | | | | 1.16 | | | | 1.82 | | | | 36 | |
| 2022 | | | 18.91 | | | | 0.02 | | | | (4.12 | ) | | | (4.10 | ) | | | (0.16 | ) | | | (1.61 | ) | | | (1.77 | ) | | | — | | | | 13.04 | | | | (23.77 | ) | | | 3,419 | | | | 0.16 | | | | 1.15 | | | | 1.62 | | | | 39 | |
| 2021 | | | 16.13 | | | | 0.04 | | | | 3.22 | | | | 3.26 | | | | (0.15 | ) | | | (0.33 | ) | | | (0.48 | ) | | | 0.00 | | | | 18.91 | | | | 20.45 | | | | 5,417 | | | | 0.24 | | | | 1.17 | | | | 1.58 | | | | 34 | |
| 2020 | | | 14.33 | | | | 0.13 | | | | 2.04 | | | | 2.17 | | | | (0.21 | ) | | | (0.16 | ) | | | (0.37 | ) | | | 0.00 | | | | 16.13 | | | | 15.47 | | | | 6,143 | | | | 0.86 | | | | 1.40 | | | | 1.87 | | | | 62 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 12.70 | | | $ | 0.22 | | | $ | 1.15 | | | $ | 1.37 | | | $ | (0.24 | ) | | $ | — | | | $ | (0.24 | ) | | $ | — | | | $ | 13.83 | | | | 10.88 | % | | $ | 1,083 | | | | 1.69 | % | | | 1.90 | % | | | 2.83 | % | | | 71 | % |
| 2023 | | | 14.04 | | | | 0.16 | | | | 0.03 | | | | 0.19 | | | | (0.22 | ) | | | (1.31 | ) | | | (1.53 | ) | | | — | | | | 12.70 | | | | 1.06 | | | | 1,534 | | | | 1.16 | | | | 1.91 | | | | 2.57 | | | | 36 | |
| 2022 | | | 20.24 | | | | (0.10 | ) | | | (4.43 | ) | | | (4.53 | ) | | | (0.06 | ) | | | (1.61 | ) | | | (1.67 | ) | | | — | | | | 14.04 | | | | (24.32 | ) | | | 3,297 | | | | (0.60 | ) | | | 1.90 | | | | 2.37 | | | | 39 | |
| 2021 | | | 17.26 | | | | (0.10 | ) | | | 3.44 | | | | 3.34 | | | | (0.03 | ) | | | (0.33 | ) | | | (0.36 | ) | | | 0.00 | | | | 20.24 | | | | 19.54 | | | | 5,575 | | | | (0.49 | ) | | | 1.90 | | | | 2.31 | | | | 34 | |
| 2020 | | | 15.30 | | | | 0.06 | | | | 2.19 | | | | 2.25 | | | | (0.13 | ) | | | (0.16 | ) | | | (0.29 | ) | | | 0.00 | | | | 17.26 | | | | 14.93 | | | | 6,130 | | | | 0.37 | | | | 1.90 | | | | 2.37 | | | | 62 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 11.35 | | | $ | 0.31 | | | $ | 1.02 | | | $ | 1.33 | | | $ | (0.35 | ) | | $ | — | | | $ | (0.35 | ) | | $ | — | | | $ | 12.33 | | | | 11.93 | % | | $ | 7,456 | | | | 2.69 | % | | | 0.90 | % | | | 1.83 | % | | | 71 | % |
| 2023 | | | 12.59 | | | | 0.26 | | | | 0.02 | | | | 0.28 | | | | (0.35 | ) | | | (1.17 | ) | | | (1.52 | ) | | | — | | | | 11.35 | | | | 2.05 | | | | 13,101 | | | | 2.14 | | | | 0.91 | | | | 1.57 | | | | 36 | |
| 2022 | | | 18.32 | | | | 0.06 | | | | (3.98 | ) | | | (3.92 | ) | | | (0.20 | ) | | | (1.61 | ) | | | (1.81 | ) | | | — | | | | 12.59 | | | | (23.56 | ) | | | 28,839 | | | | 0.39 | | | | 0.90 | | | | 1.37 | | | | 39 | |
| 2021 | | | 15.64 | | | | 0.09 | | | | 3.12 | | | | 3.21 | | | | (0.20 | ) | | | (0.33 | ) | | | (0.53 | ) | | | 0.00 | | | | 18.32 | | | | 20.79 | | | | 55,924 | | | | 0.51 | | | | 0.90 | | | | 1.31 | | | | 34 | |
| 2020 | | | 13.91 | | | | 0.20 | | | | 1.97 | | | | 2.17 | | | | (0.28 | ) | | | (0.16 | ) | | | (0.44 | ) | | | 0.00 | | | | 15.64 | | | | 16.03 | | | | 52,842 | | | | 1.36 | | | | 0.90 | | | | 1.37 | | | | 62 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | Amount represents less than $0.005 per share. |
| (c) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the fiscal year ended September 30, 2023 if credits had not been received, the ratios of operating expenses to average net assets would have been 1.17% (Class AAA and Class A), 1.92% (Class C), and 0.92% (Class I). For the fiscal years ended September 30, 2024, 2022, 2021, and 2020, there was no impact on the expense ratios. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | Income (Loss) from Investment Operations | | | 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) | | | Net Realized
and Unrealized Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Net Investment
Income | | | Net Realized
Gain on
Investments | | | Total
Distributions | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses Net of
Waivers/Credits/
Reimbursements/
Reductions(b) | | | Operating
Expenses Before
Waivers/Credits/
Reimbursements/
Reductions | | | Portfolio Turnover
Rate | |
| Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 10.55 | | | $ | 0.05 | | | $ | 2.08 | | | $ | 2.13 | | | $ | (0.08 | ) | | $ | (0.47 | ) | | $ | (0.55 | ) | | $ | 12.13 | | | | 21.07 | % | | $ | 43,652 | | | | 0.48 | % | | | 1.59 | % | | | 1.60 | % | | | 35 | % |
| 2023 | | | 10.28 | | | | 0.05 | | | | 1.03 | | | | 1.08 | | | | (0.04 | ) | | | (0.77 | ) | | | (0.81 | ) | | | 10.55 | | | | 10.23 | | | | 40,346 | | | | 0.51 | | | | 1.64 | | | | 1.64 | | | | 44 | |
| 2022 | | | 13.37 | | | | 0.04 | | | | (0.93 | ) | | | (0.89 | ) | | | (0.00 | )(c) | | | (2.20 | ) | | | (2.20 | ) | | | 10.28 | | | | (8.75 | ) | | | 41,068 | | | | 0.30 | | | | 1.64 | | | | 1.64 | | | | 50 | |
| 2021 | | | 11.02 | | | | 0.00 | (c) | | | 2.89 | | | | 2.89 | | | | (0.06 | ) | | | (0.48 | ) | | | (0.54 | ) | | | 13.37 | | | | 26.99 | | | | 49,468 | | | | 0.00 | (d) | | | 1.64 | | | | 1.64 | | | | 66 | |
| 2020 | | | 12.66 | | | | 0.08 | | | | (0.53 | ) | | | (0.45 | ) | | | (0.11 | ) | | | (1.08 | ) | | | (1.19 | ) | | | 11.02 | | | | (4.32 | ) | | | 44,109 | | | | 0.70 | | | | 1.63 | | | | 1.63 | | | | 46 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 10.54 | | | $ | 0.05 | | | $ | 2.09 | | | $ | 2.14 | | | $ | (0.08 | ) | | $ | (0.47 | ) | | $ | (0.55 | ) | | $ | 12.13 | | | | 21.18 | % | | $ | 794 | | | | 0.49 | % | | | 1.59 | % | | | 1.60 | % | | | 35 | % |
| 2023 | | | 10.27 | | | | 0.06 | | | | 1.02 | | | | 1.08 | | | | (0.04 | ) | | | (0.77 | ) | | | (0.81 | ) | | | 10.54 | | | | 10.22 | | | | 688 | | | | 0.51 | | | | 1.64 | | | | 1.64 | | | | 44 | |
| 2022 | | | 13.36 | | | | 0.04 | | | | (0.93 | ) | | | (0.89 | ) | | | (0.00 | )(c) | | | (2.20 | ) | | | (2.20 | ) | | | 10.27 | | | | (8.76 | ) | | | 788 | | | | 0.29 | | | | 1.64 | | | | 1.64 | | | | 50 | |
| 2021 | | | 10.99 | | | | 0.00 | (c) | | | 2.88 | | | | 2.88 | | | | (0.03 | ) | | | (0.48 | ) | | | (0.51 | ) | | | 13.36 | | | | 26.94 | | | | 933 | | | | (0.03 | ) | | | 1.67 | | | | 1.67 | | | | 66 | |
| 2020 | | | 12.63 | | | | 0.05 | | | | (0.53 | ) | | | (0.48 | ) | | | (0.08 | ) | | | (1.08 | ) | | | (1.16 | ) | | | 10.99 | | | | (4.57 | ) | | | 1,010 | | | | 0.45 | | | | 1.88 | | | | 1.88 | | | | 46 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.41 | | | $ | (0.03 | ) | | $ | 1.87 | | | $ | 1.84 | | | $ | — | | | $ | (0.42 | ) | | $ | (0.42 | ) | | $ | 10.83 | | | | 20.26 | % | | $ | 13 | | | | (0.27 | )% | | | 2.34 | % | | | 2.35 | % | | | 35 | % |
| 2023 | | | 9.21 | | | | (0.03 | ) | | | 0.92 | | | | 0.89 | | | | — | | | | (0.69 | ) | | | (0.69 | ) | | | 9.41 | | | | 9.37 | | | | 11 | | | | (0.28 | ) | | | 2.39 | | | | 2.39 | | | | 44 | |
| 2022 | | | 12.27 | | | | (0.05 | ) | | | (0.81 | ) | | | (0.86 | ) | | | — | | | | (2.20 | ) | | | (2.20 | ) | | | 9.21 | | | | (9.40 | ) | | | 25 | | | | (0.48 | ) | | | 2.39 | | | | 2.39 | | | | 50 | |
| 2021 | | | 10.18 | | | | (0.11 | ) | | | 2.68 | | | | 2.57 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | | 12.27 | | | | 25.93 | | | | 37 | | | | (1.00 | ) | | | 2.39 | | | | 2.39 | | | | 66 | |
| 2020 | | | 11.76 | | | | (0.00 | )(c) | | | (0.50 | ) | | | (0.50 | ) | | | — | | | | (1.08 | ) | | | (1.08 | ) | | | 10.18 | | | | (5.04 | ) | | | 38 | | | | (0.01 | ) | | | 2.38 | | | | 2.38 | | | | 46 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 10.50 | | | $ | 0.08 | | | $ | 2.08 | | | $ | 2.16 | | | $ | (0.11 | ) | | $ | (0.47 | ) | | $ | (0.58 | ) | | $ | 12.08 | | | | 21.47 | % | | $ | 1,181 | | | | 0.74 | % | | | 1.34 | % | | | 1.35 | % | | | 35 | % |
| 2023 | | | 10.23 | | | | 0.08 | | | | 1.03 | | | | 1.11 | | | | (0.07 | ) | | | (0.77 | ) | | | (0.84 | ) | | | 10.50 | | | | 10.54 | | | | 1,192 | | | | 0.74 | | | | 1.39 | | | | 1.39 | | | | 44 | |
| 2022 | | | 13.32 | | | | 0.07 | | | | (0.92 | ) | | | (0.85 | ) | | | (0.04 | ) | | | (2.20 | ) | | | (2.24 | ) | | | 10.23 | | | | (8.52 | ) | | | 1,907 | | | | 0.56 | | | | 1.39 | | | | 1.39 | | | | 50 | |
| 2021 | | | 10.98 | | | | 0.03 | | | | 2.88 | | | | 2.91 | | | | (0.09 | ) | | | (0.48 | ) | | | (0.57 | ) | | | 13.32 | | | | 27.31 | | | | 3,004 | | | | 0.25 | | | | 1.39 | | | | 1.39 | | | | 66 | |
| 2020 | | | 12.62 | | | | 0.11 | | | | (0.53 | ) | | | (0.42 | ) | | | (0.14 | ) | | | (1.08 | ) | | | (1.22 | ) | | | 10.98 | | | | (4.09 | ) | | | 2,595 | | | | 0.96 | | | | 1.38 | | | | 1.38 | | | | 46 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | Amount represents less than (0.005)%. |
See accompanying notes to financial statements.
TETON Westwood Funds
Financial Highlights (Continued)
Selected data for a share of beneficial interest outstanding throughout each year:
| | | | | | 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) | | | Net Realized
and Unrealized Gain (Loss) on
Investments | | | Total from
Investment
Operations | | | Net Investment
Income | | | Net Realized
Gain on
Investments | | | Total
Distributions | | | Net Asset Value,
End of Year | | | Total
Return† | | | Net Assets,
End of Year
(in 000’s) | | | Net Investment
Income (Loss) | | | Operating
Expenses(b) | | | Portfolio Turnover
Rate | |
| Balanced Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class AAA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.34 | | | $ | 0.13 | | | $ | 1.71 | | | $ | 1.84 | | | $ | (0.13 | ) | | $ | (0.20 | ) | | $ | (0.33 | ) | | $ | 10.85 | | | | 20.22 | % | | $ | 29,661 | | | | 1.26 | % | | | 1.39 | % | | | 36 | % |
| 2023 | | | 9.20 | | | | 0.11 | | | | 0.77 | | | | 0.88 | | | | (0.12 | ) | | | (0.62 | ) | | | (0.74 | ) | | | 9.34 | | | | 9.57 | | | | 27,932 | | | | 1.18 | | | | 1.46 | | | | 39 | |
| 2022 | | | 12.11 | | | | 0.07 | | | | (1.44 | ) | | | (1.37 | ) | | | (0.07 | ) | | | (1.47 | ) | | | (1.54 | ) | | | 9.20 | | | | (13.36 | ) | | | 31,492 | | | | 0.68 | | | | 1.41 | | | | 46 | |
| 2021 | | | 10.85 | | | | 0.03 | | | | 1.75 | | | | 1.78 | | | | (0.02 | ) | | | (0.50 | ) | | | (0.52 | ) | | | 12.11 | | | | 16.93 | | | | 40,187 | | | | 0.22 | | | | 1.41 | | | | 65 | |
| 2020 | | | 11.71 | | | | 0.10 | | | | (0.11 | ) | | | (0.01 | ) | | | (0.10 | ) | | | (0.75 | ) | | | (0.85 | ) | | | 10.85 | | | | 0.17 | | | | 38,713 | | | | 0.95 | | | | 1.42 | | | | 57 | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.42 | | | $ | 0.13 | | | $ | 1.74 | | | $ | 1.87 | | | $ | (0.13 | ) | | $ | (0.21 | ) | | $ | (0.34 | ) | | $ | 10.95 | | | | 20.28 | % | | $ | 5,040 | | | | 1.26 | % | | | 1.39 | % | | | 36 | % |
| 2023 | | | 9.28 | | | | 0.11 | | | | 0.77 | | | | 0.88 | | | | (0.12 | ) | | | (0.62 | ) | | | (0.74 | ) | | | 9.42 | | | | 9.54 | | | | 4,813 | | | | 1.18 | | | | 1.46 | | | | 39 | |
| 2022 | | | 12.20 | | | | 0.07 | | | | (1.45 | ) | | | (1.38 | ) | | | (0.07 | ) | | | (1.47 | ) | | | (1.54 | ) | | | 9.28 | | | | (13.35 | ) | | | 5,702 | | | | 0.66 | | | | 1.41 | | | | 46 | |
| 2021 | | | 10.93 | | | | 0.02 | | | | 1.77 | | | | 1.79 | | | | (0.02 | ) | | | (0.50 | ) | | | (0.52 | ) | | | 12.20 | | | | 16.87 | | | | 8,454 | | | | 0.20 | | | | 1.43 | | | | 65 | |
| 2020 | | | 11.79 | | | | 0.08 | | | | (0.11 | ) | | | (0.03 | ) | | | (0.08 | ) | | | (0.75 | ) | | | (0.83 | ) | | | 10.93 | | | | (0.43 | ) | | | 7,981 | | | | 0.70 | | | | 1.67 | | | | 57 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.55 | | | $ | 0.05 | | | $ | 1.77 | | | $ | 1.82 | | | $ | (0.05 | ) | | $ | (0.21 | ) | | $ | (0.26 | ) | | $ | 11.11 | | | | 19.42 | % | | $ | 628 | | | | 0.51 | % | | | 2.14 | % | | | 36 | % |
| 2023 | | | 9.43 | | | | 0.04 | | | | 0.78 | | | | 0.82 | | | | (0.07 | ) | | | (0.63 | ) | | | (0.70 | ) | | | 9.55 | | | | 8.67 | | | | 884 | | | | 0.45 | | | | 2.21 | | | | 39 | |
| 2022 | | | 12.39 | | | | (0.02 | ) | | | (1.46 | ) | | | (1.48 | ) | | | (0.01 | ) | | | (1.47 | ) | | | (1.48 | ) | | | 9.43 | | | | (14.02 | ) | | | 491 | | | | (0.15 | ) | | | 2.16 | | | | 46 | |
| 2021 | | | 11.15 | | | | (0.07 | ) | | | 1.81 | | | | 1.74 | | | | — | | | | (0.50 | ) | | | (0.50 | ) | | | 12.39 | | | | 16.03 | | | | 1,212 | | | | (0.57 | ) | | | 2.16 | | | | 65 | |
| 2020 | | | 12.01 | | | | 0.02 | | | | (0.11 | ) | | | (0.09 | ) | | | (0.02 | ) | | | (0.75 | ) | | | (0.77 | ) | | | 11.15 | | | | (0.95 | ) | | | 1,215 | | | | 0.20 | | | | 2.17 | | | | 57 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | $ | 9.32 | | | $ | 0.15 | | | $ | 1.71 | | | $ | 1.86 | | | $ | (0.16 | ) | | $ | (0.20 | ) | | $ | (0.36 | ) | | $ | 10.82 | | | | 20.45 | % | | $ | 3,197 | | | | 1.52 | % | | | 1.14 | % | | | 36 | % |
| 2023 | | | 9.18 | | | | 0.14 | | | | 0.77 | | | | 0.91 | | | | (0.15 | ) | | | (0.62 | ) | | | (0.77 | ) | | | 9.32 | | | | 9.86 | | | | 2,714 | | | | 1.43 | | | | 1.21 | | | | 39 | |
| 2022 | | | 12.09 | | | | 0.10 | | | | (1.44 | ) | | | (1.34 | ) | | | (0.10 | ) | | | (1.47 | ) | | | (1.57 | ) | | | 9.18 | | | | (13.15 | ) | | | 3,205 | | | | 0.93 | | | | 1.16 | | | | 46 | |
| 2021 | | | 10.83 | | | | 0.05 | | | | 1.76 | | | | 1.81 | | | | (0.05 | ) | | | (0.50 | ) | | | (0.55 | ) | | | 12.09 | | | | 17.26 | | | | 3,649 | | | | 0.47 | | | | 1.16 | | | | 65 | |
| 2020 | | | 11.69 | | | | 0.13 | | | | (0.11 | ) | | | 0.02 | | | | (0.13 | ) | | | (0.75 | ) | | | (0.88 | ) | | | 10.83 | | | | 0.09 | | | | 4,131 | | | | 1.19 | | | | 1.17 | | | | 57 | |
| † | Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges. |
| (a) | Per share amounts have been calculated using the average shares outstanding method. |
| (b) | The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all years presented, there was no impact on the expense ratios. |
See accompanying notes to financial statements.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:
(1) All directors and all members of any advisory board for regular compensation;
| Anthony S. Colavita | $17,000 |
| James P. Conn | $20,000 |
| Leslie F. Foley | $17,000 |
| Mary E. Hauck | $17,000 |
| Michael J. Melarkey | $17,000 |
| Werner J. Roeder | $14,750 |
| Salvatore J. Zizza | $22,000 |
(2) Each director and each member of an advisory board for special compensation; $0
(3) All officers; $0 and
(4) Each person of whom any officer or director of the Fund is an affiliated person. $0
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Section 15(c) of the 1940 Act contemplates that the Board of Trustees (the Board) of the Fund, including a majority of the Trustees who have no direct or indirect interest in the investment management agreement and are not interested persons of the Trust, as defined in the 1940 Act (the Independent Board Members), are required annually to review and re-approve the terms of the Fund’s existing Management Agreement (the Agreement) and approve any newly proposed terms therein. At a meeting held on August 21, 2024, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Manager and the re-approval of the Management Agreement.
In determining whether to approve the continuance of the Management Agreement, the Board Members considered the following information:
| 1) | The nature, extent, and quality of services provided by the Adviser and the Sub-Advisers. |
The Board reviewed in detail the nature and extent of the services provided by the Adviser and the Sub-Advisers under the Agreements and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services including, for each Fund, monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Adviser provided certain non-advisory and compliance services, including services under the Funds’ Rule 38a-1 compliance program.
The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Trust who are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Funds who had invested through various programs offered by third party financial intermediaries. The Board evaluated these factors based on its direct experience with the Adviser and Sub-Advisers and in consultation with Fund Counsel. The Board noted that the Adviser had, at its expense, engaged BNY to assist it in performing certain of administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, and by the Sub-Advisers, had not diminished over the past year, and that the quality of service continued to be high.
The Board reviewed the personnel responsible for providing services to the Funds and, based on their experience and interaction with the Adviser and Sub-Advisers, concluded that (i) the Adviser and Sub-Advisers were able to retain quality personnel; (ii) the Adviser, Sub-Advisers and their agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Agreements; (iii) the Adviser and Sub-Advisers were responsive to requests of the Board; (iv) the scope and depth of the Adviser’s and Sub-Advisers’ resources were adequate; and (v) the Adviser and Sub-Advisers had kept the Board apprised of developments relating to each Fund and the industry in general. The Board also focused on the Adviser’s reputation and long standing relationship with the Funds. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds.
| 2) | The performance of the Funds, the Adviser, and the Sub-Advisers. |
The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with the Broadridge peer group of other SEC registered funds, and against each Fund’s broad-based securities market benchmarks as reflected in each Fund’s prospectus and annual report. The Board also considered rankings and ratings of the Funds issued by Broadridge over the short, intermediate, and long term. The Board considered each Fund’s one-, three-, five-, and ten-year (where applicable) average annual total return for the periods ended June 30, 2024, but placed greatest emphasis on a Fund’s longer term performance. The peer groups considered by the Board were developed by Broadridge and were comprised of funds within the same Broadridge peer group categories (each, a “Performance Peer Group”). Each Fund’s performance against its respective Performance Peer Group was considered by the Board as providing an objective comparative benchmark against which each Fund’s performance could be assessed. In general, the Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Funds’ shareholders the total return performance that was available in the marketplace, given each Fund’s investment objectives, strategies, limitations, and restrictions. In reviewing the Funds’ performance against their Performance Peer Groups, the Board noted that: (i) the Equity Fund’s performance was below the median for the one-, three-, five-, and ten-year periods; (ii) the Balanced Fund’s performance was above the median for the one-, three-, and ten-year periods, and below the median for the five-year period; (iii) the SmallCap Equity Fund’s performance was above the median for the one-, three-, five-, and ten-year periods; (iv) the Mighty Mites Fund’s performance was below the median for the one-, three-, five-, and ten-year periods; and (v) the Convertible Securities Fund’s performance was below the median for the one-, three-, five-, and ten-year periods. The Board concluded that the Funds’ performance was reasonable in comparison with that of the Performance Peer Groups.
In connection with its assessment of the performance of the Adviser and the Sub-Advisers, the Board considered the Adviser’s and Sub-Advisers’ financial condition and whether they had the resources necessary to continue to carry out their responsibilities under the Agreements. The Board concluded that the Adviser and Sub-Advisers had the financial resources necessary to continue to perform their obligations under the Agreements and to continue to provide the high quality services that they have provided to the Funds to date.
| 3) | The cost of the advisory services and the profits to the Adviser and Sub-Advisers and their affiliates from the relationship with the Funds. |
In connection with the Board’s consideration of the cost of the advisory and sub-advisory services and the profits to the Adviser, Sub-Advisers and their affiliates from their relationships with the Fund, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each Fund against comparative Broadridge expense peer groups (each, an “Expense Peer Group” and collectively the “Expense Peer Groups”). The Board also considered comparative non-advisory fee expenses and comparative total fund expenses of the Funds and each Expense Peer Group. The Board considered this information as useful in assessing whether the Adviser and Sub-Advisers were providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that the SmallCap Equity Fund and the Convertible Securities Fund operated pursuant to expense limitation agreements with the Adviser wherein the Adviser had agreed to limit a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund’s total operating expenses to the level set forth in the Funds’ prospectus. The Board noted that the contractual and actual advisory fees and total expenses (including 12b-1/non-12b-1 fees) for the Equity Fund, Balanced Fund, and Mighty Mites Fund were higher than the median when compared with those of their Expense Peer Groups. In addition, the Board noted that the Convertible Securities Fund and the SmallCap Equity Fund had contractual advisory fees above the median and actual advisory fees below the median when compared with their Expense Peer Groups. Finally, the Board noted that, although the Convertible Securities Fund and the SmallCap Equity Fund had agreements in place to limit expenses, the total expense ratios (including 12b-1/non-12b-1 fees) for the Convertible Securities Fund and SmallCap Equity Fund were above the median when compared with their Expense Peer Groups.
The Board also reviewed the fees charged by the Adviser and Sub-Advisers to provide similar advisory services to other RICs with similar investment objectives and to separate accounts, noting that in some cases the fees charged by the Adviser or Sub-Advisers were higher and in other cases lower than the fees charged to the Funds. In evaluating this information, the Board considered the difference in services provided by the Adviser and Sub-Advisers to these other accounts. In particular, the Board considered the differences in risks involved in managing separate accounts and the Funds from a compliance and regulatory perspective.
The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Funds and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed pro-forma income statements of the Adviser for the year ended December 31, 2023. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to each of the Funds. With respect to the Funds analysis, the Board received an analysis based on each Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Funds to the Adviser under either analysis was not excessive.
| 4) | The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale. |
With respect to the Board’s consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Funds at higher asset levels. The Board also reviewed data from the Expense Peer Groups to assess whether the funds in the Expense Peer Groups had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board concluded that they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.
In addition to the above factors, the Board also discussed other benefits received by the Adviser and Sub-Advisers from their management of the Funds. The Board considered that the Adviser and Sub-Advisers do use soft dollars in connection with their management of the Funds.
Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee and, if applicable, sub-advisory fee, was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement and, with respect to the Equity Fund, Balanced Fund, Mighty Mites Fund, and Convertible Securities Fund, the Sub-Advisory Agreements. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
| Item 16. | Controls and Procedures. |
| (a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
Not applicable.
| (a)(3)(1) | | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(3)(2) | | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | The TETON Westwood Funds | |
| | | |
| By (Signature and Title)* | /s/ John C. Ball | |
| | John C. Ball, Principal Executive Officer | |
| | | |
| Date | 12/13/24 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ John C. Ball | |
| | John C. Ball, Principal Executive Officer | |
| | | |
| Date | 12/13/24 | |
| By (Signature and Title)* | /s/ John C. Ball | |
| | John C. Ball, Principal Financial Officer and Treasurer | |
| | | |
| Date | 12/13/24 | |
| * | Print the name and title of each signing officer under his or her signature. |
