TETON Westwood Balanced Fund Class AAA NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-04719

The TETON Westwood Funds

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

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, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained inForm 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

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TETON WESTWOOD FUNDS

Mighty Mites^SMFund

SmallCap Equity Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Annual Report

September 30, 2019

Beginning on January 1, 2021, 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 call800-937-8966 or send an email request to info@tetonadv.com.

TETON WESTWOOD FUNDS

(Unaudited)


	Class AAA Shares																					Class A Shares
	Average Annual Returns – September 30, 2019 (a)																					Average Annual Returns – September 30, 2019 (a)(b)(c)
	1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbursements			1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbursements
Mighty Mites		(8.00	)%		6.00	%		10.07	%		9.33	%		10.44	%		1.40	%		1.40	%		(11.93	)%		4.88	%		9.34	%		8.77	%		10.00	%		1.65	%		1.65	%
SmallCap Equity		(5.56	)		8.55			10.60			8.79			7.48			1.72			1.25			(9.52	)		7.40			9.88			8.24			7.11			1.97			1.50
Convertible Securities		5.08			6.28			9.37			6.62			7.56			2.03			1.15			0.63			5.16			8.65			6.07			7.14			2.28			1.40
Equity		5.84			9.24			11.06			8.31			10.03			1.60			1.60			1.37			8.10			10.34			7.75			9.66			1.85			1.85
Balanced		6.44			6.87			7.94			6.62			8.33			1.34			1.34			1.88			5.74			7.24			6.06			7.91			1.59			1.59
Intermediate Bond		4.97			1.63			1.93			2.66			4.34			2.22			1.00			0.68			0.71			1.41			2.26			4.12			2.32			1.10

	Class C Shares																					Class I Shares
	Average Annual Returns – September 30, 2019 (a)(c)(d)																					Average Annual Returns – September 30, 2019 (a)(c)
	1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbursements			1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbursements
Mighty Mites		(9.61	)%		5.22	%		9.25	%		8.52	%		9.74	%		2.15	%		2.15	%		(7.80	)%		6.27	%		10.34	%		9.54	%		10.59	%		1.15	%		1.15	%
SmallCap Equity		(7.14	)		7.74			9.78			7.85			6.81			2.47			2.00			(5.27	)		8.82			10.88			9.01			7.62			1.47			1.00
Convertible Securities		3.30			5.49			8.55			5.82			6.97			2.78			1.90			5.33			6.57			9.64			6.84			7.71			1.78			0.90
Equity		3.99			8.42			10.23			7.50			9.50			2.35			2.35			6.08			9.50			11.32			8.51			10.12			1.35			1.35
Balanced		4.58			6.08			7.15			5.82			7.75			2.09			2.09			6.63			7.13			8.22			6.82			8.45			1.09			1.09
Intermediate Bond		3.15			0.88			1.16			1.89			3.84			2.97			1.75			5.14			1.86			2.18			2.84			4.44			1.97			0.75

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. For the SmallCap Equity, Convertible Securities, and Intermediate Bond Funds (and for the Mighty Mites Fund through September 30, 2005), Teton Advisors, Inc. (the Adviser) reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2021 and are renewable annually by the Adviser. The Funds, except for the Equity, Balanced, and Intermediate Bond Funds, impose a 2.00% redemption fee on shares sold or exchanged within seven days after the date of purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.

(b)	Includes the effect of the maximum 4.00% sales charge at the beginning of the period.

(c)

The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares. The performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.

(d)	Assuming payment of the 1.00% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.


	Inception Dates
	Class AAA Shares	Class A Shares	Class C Shares	Class I Shares
Mighty Mites	05/11/98	11/26/01	08/03/01	01/11/08
SmallCap Equity	04/15/97	11/26/01	11/26/01	01/11/08
Convertible Securities	09/30/97	05/09/01	11/26/01	01/11/08
Equity	01/02/87	01/28/94	02/13/01	01/11/08
Balanced	10/01/91	04/06/93	09/25/01	01/11/08
Intermediate Bond	10/01/91	07/26/01	10/22/01	01/11/08

The TETON Westwood Funds file complete schedules of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on FormN-PORT. Shareholders may obtain this information at www.tetonadv.com or by calling the Funds at800-WESTWOOD(800-937-8966). The Funds’ FormN-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Proxy Voting

Each Fund files FormN-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to portfolio securities are available without charge, upon request, by (i) calling800-WESTWOOD(800-937-8966); (ii) writing to The TETON Westwood Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) visiting the SEC’s website at www.sec.gov.

Performance Discussion (Unaudited)

Mighty Mites Fund

For the fiscal year ended September 30, 2019, the TETON Westwood Mighty Mites Fund net asset value (NAV) per Class AAA Share depreciated (8.0)% versus a loss of (8.9)% for the Russell 2000 Index. See the next page for additional performance information.

The Fund primarily invests in small andmicro-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), and possess a catalyst that can unlock hidden value within the enterprise. As such, (y)our portfolio is diversified across a broad cross section of companies sharing these valuation characteristics.

U.S. equity markets declined sharply in the fourth quarter of 2018 as investor sentiment turned negative in the face of an increasingly conflicted set of economic indicators. On one hand, the broad U.S. economy and consumer remained healthy with low unemployment, persistent job and wage growth, manageable inflation, and robust corporate profits. On the other, pockets of the economy such as housing and autos showed signs of slowing, global commodity prices, led by oil, declined steeply, and growth in many international markets stalled. Added to these factors was a fiercely divided U.S. government, intensifying trade disputes with China and other nations, and mounting (but now dissipating) concerns that the Federal Reserve might move too aggressively to raise interest rates, and the results were extensive pessimism and widespread selling as the year came to an end.

U.S. stock market indices rebounded during the first quarter of 2019 following sharp declines atyear-end as economic indicators slowed, but data suggested the U.S. economy was still on a solid foundation. Additionally, fourth quarter earnings reports were exceptional, as double-digit earnings growth including the benefit of the Tax Cut and Jobs Act and multiple expansion supported the recovery in share prices.

The U.S. economic data were mixed in the first quarter; consequently, the Federal Open Market Committee maintained the federal funds rate at2.25%-2.50% following four rate hikes in 2018. The pause eased concerns that the committee would raise rates too quickly; however, the yield curve temporarily inverted, which raised recession fears.

The U.S. consumer remained resilient as employment and household wealth were at healthy levels and near historical highs. According to the Bureau of Labor Statistics (BLS) report, the March unemployment rate was 3.8% and wages increased over 3%. Household wealth was $104 trillion including the impact of equity losses in the fourth quarter.

Markets strengthened in the second quarter of 2019 despite continued deceleration in global growth and weakening indicators in key segments of the U.S. economy. The U.S. unemployment rate through June stood near record lows (3.7%) and domestic GDP growth remained solid through the first quarter (increased 3.1%).

Over the course of the third quarter of 2019, U.S. equity markets fluctuated widely as investors worked to discount an increasingly divergent set of macroeconomic indicators. As expected, The Federal Reserve acted to reduce interest rates for the first time in a decade with two 25 basis point cuts in July and September, but stopped short of communicating an ongoing policy towards lower rates. Lower unemployment and persistent wage growth suggested a strengthening U.S. consumer, but consumer confidence declined more than anticipated in both August and September. Second quarter earnings were broadly ahead of expectations and U.S. corporate profits continued to rise.

Among our stronger performing stocks for the year were Aerojet Rocketdyne Holdings (5.8% of net assets as of September 30, 2019), a technology-based company providing solutions to customers in the aerospace, defense, and real estate markets; Casella Waste Systems, Inc. (1.8%), which serves customers with integrated services beyond the traditional waste disposal model; and Federal Signal Corp. (1.9%), a designer and manufacturer of products and integrated solutions for municipal, governmental, industrial, and commercial customers.

Some of the weaker holdings in the portfolio included Ferro Corp. (1.3%), a leading provider of functional coatings and color solutions; Marine Products Corp. (1.2%), a manufacturer of fiberglass motorized boats distributed through its independent dealer network; and Twin Disc, Inc. (0.6%), which provides transmission technology for drivelines and powertrains for tractors, trucks, turbines, work boats, and pleasure craft.

We appreciate your continued confidence and trust.


Average Annual Returns through September 30, 2019 (a) (Unaudited)
	1 Year			5 Year			10 Year			15 Year			Since Inception (5/11/98)
Mighty Mites Fund Class AAA		(8.00	)%		6.00	%		10.07	%		9.33	%		10.44	%
Dow Jones U.S.Micro-Cap Total Stock Market Index		(17.33	)		4.90			9.16			6.20			7.67	(b)
Russell 2000 Index		(8.89	)		8.19			11.19			8.19			6.99
Lipper Small Cap Value Fund Average		(8.99	)		5.41			9.45			7.26			7.51	(b)

In the current prospectuses dated January 28, 2019, as amended March 18, 2019, the expense ratio for Class AAA Shares is 1.40%. See page 38 for the expense ratios for the year ended September 30, 2019. Class AAA Shares do not have a sales charge.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. Teton Advisors, Inc., (the Adviser) reimbursed expenses through September 30, 2005 to limit the expense ratios. Had such limitations not been in place, returns would have been lower. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Dow Jones U.S.Micro-Cap Total Stock Market Index is designed to provide a comprehensive measure of themicro-cap segment of the U.S. stock market. The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. The Lipper Small Cap Value Fund Average reflects the average performance of mutual funds classified in this particular category. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

Dow Jones U.S.Micro-Cap Total Stock Market Index and Lipper Small Cap Value Fund Average since inception performance is as of April 30, 1998.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE MIGHTY MITES FUND CLASS AAA, THE RUSSELL 2000 INDEX,

AND THE DOW JONES U.S. MICRO-CAP TOTAL STOCK MARKET INDEX (Unaudited)

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*Past performance is not predictive of future results.The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

SmallCap Equity Fund (Unaudited)

For the fiscal year ended September 30, 2019, the TETON Westwood SmallCap Equity Fund NAV per Class AAA Share decreased (5.6)% compared with a loss of (8.9)% for the Russell 2000 Index. See the next page for additional performance information.

The Fund invests primarily in small cap companies that, throughbottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or Private Market Value. The Fund characterizes small capitalization companies as those companies with a market capitalization between $100 million and $2.5 billion at the time of the Fund’s initial investment.

U.S. equity markets declined sharply in the fourth quarter of 2018 as investor sentiment turned negative in the face of an increasingly conflicted set of economic indicators. A year that began on a strong note of optimism, confidence and synchronized global growth violently reversed to close out with doubt and concern over potential global growth. The sharp market decline in the fourth quarter was caused by a host of factors: U.S. Federal Reserve monetary tightening, fears over a trade war with China, slowing global growth, collapsing oil prices, and a federal government shutdown.

The first quarter of 2019 saw stocks post their strongest first quarter in over a decade. Major indexes have recouped almost all of the losses sustained in the final months of 2018, when fears over a potential economic slowdown sent global markets tumbling. Much of the rally was driven by relief that central banks were backing off rate hike campaigns amidst slowing growth from the Eurozone to China. Consequently, long term interest rates have declined, with three-month U.S. Treasury bills slightly higher than the yield onten-year U.S. treasury notes.

The two primary fears which gripped the market in December — escalating trade disputes and steadily rising interest rates — abruptly turned around in the first quarter. Firstly, U.S. and Chinese officials placed a stay on added tariffs while negotiating towards a solution. Concurrently, earnings reports continued to reflect the absorption of inflation (provoked by an initial round of tariffs last fall) via pass-through pricing. In still another dramatic reversal, the Federal Reserve acknowledged market concerns by signaling a hold to further interest rate hikes for the year, citing a diminished inflation outlook and slowing global growth (namely Europe). With both of those exogenous threats receding, the focus returned to economic growth, albeit at a moderating pace.

Stocks posted solid gains in the quarter amidst volatility wrought by headlines and emotion. Stocks sharply reversed course twice over fears that China trade sanctions would impede global economic growth. The S&P 500 gained 17%, so far this year, its best first half performance since 1997, while the Russell 2000small-cap benchmark has lagged. We view this environment as ripe with opportunity. Such markets overlay our active investment style of combining cumulative research that identifies quality companies with our disciplined pricing approach of using both upside and downside price targets to guide our entry and exit points. Having already identified which stocks we would like to own and at what price serves to quickly highlight opportunities during exaggerated market swings, we look to deploy capital following a record year of takeout activity within the portfolio.

The second quarter of 2019 began on a stable economic note as the Purchasing Manager Index (PMI) marked a rebound in March for both the U.S. (rising from 54.2 to 55.3) and China (from 49.3 to 50.5) after easing in prior months. Even the Eurozone and Germany, both already at contraction levels below a reading of 50, halted their declines. The month of May began with President Trump’s escalation of trade tensions, coming in the form of a Sunday morning “tweet” (May 5) threatening a spike in tariffs to 25% on Chinese goods by the end of the week. May closed out with another “tweet” (May 30) that threatened to upend the USMCA Agreement (NAFTA 2.0) by imposing an arbitrary 5% tariff that would accelerate to 25% unless illegal immigration was deemed solved. This injection of uncertainty caused a sustained decline in the market. Alongside investors, corporate leaders responded to uncertainty, reflected in durable goods orders (excluding aircraft) which declined sequentially for three out of the last four months.

In September of last year, President Trump decisively intensified the trade battle against China with the publication of “U.S. Section 301 Final List 3”, outlining additional tariffs on a broader swath of goods. Since late last summer, small capitalization stocks (as measured by the Russell 2000 Index and the Russell 2000 Value Index) have declined while the larger cap S&P 500 Index remains slightly higher. Domestic-orientation was expected to shield small cap companies from potential tariff-driven overseas weakness. But it became clear that increased trade actions have extended that pressure to the domestic economy. At the moment, recession forecasts have frequented news headlines along with debates around “stall speed”, the lowest level of growth which the economy can sustain.

At the end of the fund’s final fiscal quarter, macro data points were undeniably gloomier than at the start. Chief among these are the manufacturing indices — those which directly correlate with the impact of tariff actions upon the production of goods. Though the U.S. purchasing managers index (PMI) appeared to stabilize earlier in the year, it turned downwards following additional tariff actions and has now marked two months below a reading of 50 (seen as contractionary). Similar PMI measurements in the Eurozone have continued 18 months of freefall readings, with Germany marking a reading of 41.7 in September and linked quarter GDP of-0.1% in Q2.

In response, The Federal Reserve is attempting to extend the economic expansion, with two 25 basis point cuts during the quarter. While the Fed forecast no further rate cuts for the year, Chairman Powell stated “we’re prepared to be aggressive” if the economy weakens more. Market expectations rose for a third cut by the end of the year based upon interpretation of recent data.

Among our stronger performing stocks for the year were: Entegris Inc. (3.0% of net assets as of September 30, 2019), a global leader in advanced materials science, including filtration products, gas delivery systems, and specialty coatings; Cypress Semiconductor Corp. (1.9%), whose products include programmablesystems-on-chips, general-purpose microcontrollers, andUSB-based connectivity solutions; and Winnebago Industries Inc. (2.0%), a U.S. manufacturer of outdoor lifestyle products whose brands include Winnebago, Grand Design, and Chris-Craft.

Some of the weaker holdings in the portfolio included Centennial Resource Development (0.6%), an independent oil producer focused in the southern Delaware Basin;Patterson-UTI Energy Inc. (2.1%), which provides drilling and pressure pumping services, directional drilling, and rental equipment for oil fields; and Ferro Corp. (0.9%), a global supplier of technology-based functional coatings and color solutions for glass, metal, ceramic, and other substrates.

We thank you for your continued confidence and trust.


Average Annual Returns through September 30, 2019 (a) (Unaudited)													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(4/15/97)
SmallCap Equity Fund Class AAA		(5.56)	%		8.55	%		10.60	%		8.79	%		7.48	%
Russell 2000 Index		(8.89)			8.19			11.19			8.19			8.32
Russell 2000 Value Index		(8.24)			7.17			10.06			7.23			8.90

In the current prospectuses dated January 28, 2019, the gross expense ratio for Class AAA Shares is 1.72%, and the net expense ratio is 1.25% after contractual reimbursements by Teton Advisors, Inc. (the Adviser) in place through January 31, 2020. See page 39 for the expense ratios for the year ended September 30, 2019. Class AAA Shares do not have a sales charge.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. The Russell 2000 Value Index measures the performance of the small capitalization sector of the U.S. equity market and is a subset of the Russell 2000 Index. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE SMALLCAP EQUITY FUND

CLASS AAA AND THE RUSSELL 2000 INDEX (Unaudited)

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*	Past performance is not predictive of future results.The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Convertible Securities Fund (Unaudited)

For the fiscal year ended September 30, 2019, the TETON Convertible Securities Fund NAV per Class AAA Share appreciated 5.1% compared with gains of 4.3% and 4.0% for the Standard & Poor’s (S&P) 500 Index and the ICE Bank of America Merrill Lynch U.S. Convertibles Index, respectively. See the next page for additional performance information.

The Fund invests in convertible securities. By investing in convertible securities, the portfolio managers seek the opportunity 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.

U.S. equity markets, including the convertible market, declined sharply in the fourth quarter of 2018 as investor sentiment turned negative in the face of an increasingly conflicted set of economic indicators. A year that began on a strong note of optimism, confidence and synchronized global growth violently reversed to close out with doubt and concern over potential global growth. The sharp market decline in the fourth quarter was caused by a host of factors: U.S. Federal Reserve monetary tightening, fears over a trade war with China, slowing global growth, collapsing oil prices, and a federal government shutdown.

The first quarter of 2019 was a quarter of reversals. There was a reversal of equity prices as the poor performance of the fourth quarter of 2018 was replaced by a strong upward move. There was a reversal of interest rate expectations as10-year treasury bonds, once expected to move above 3.5% traded below 2.5%. We saw a reversal of expectations for Federal Reserve Board tightening of monetary policy. Through all of this, convertible securities performed well and participated in most of the rise in the equity market. For the quarter, the S&P 500 Index was up 13.6%.

Among U.S. convertible issues, the Technology and Energy sectors had the strongest performance for the quarter, while Transports and Finance underperformed. Equity sensitive convertibles drove returns, outperforming balanced convertibles and the credit sensitive (yield alternative) segment of the Index. By keeping pace with equity markets during the strong start to the year, we saw the benefits of using convertibles as a reduced volatility equity alternative. The asymmetrical return structure allowed us to outperform falling equity markets in 2018 while remaining invested so as not to miss the rebound at the beginning of 2019.

The second quarter of 2019 was a quarter of continuation. There was a continuation of rising equity prices, as the strong bounce back from the poor performance of the fourth quarter of 2018 brought equity prices back to near record levels. The Federal Reserve Board continued to raise expectation of a loosening of monetary policy. Through all of this, convertible securities performed well, and participated in most of the rise in the equity market. Among U.S. convertible issues, the Technology and Communications sectors had the strongest performance during the quarter, while Consumer Staples and Transports underperformed. Equity sensitive convertibles drove returns, outperforming balanced convertibles and the credit sensitive (yield alternative) segment of the Index.

Mixed signals in the U.S. economy caused more volatility in the markets during the third quarter of 2019, the final quarter of the Fund’s fiscal year. There was strong performance in stocks in July followed by a pullback in August and September. The Federal Reserve cut interest rates for a second time, citing a global business slowdown caused by the ongoing trade negotiations. Disruption in the oil markets caused by disputes in the Middle East and the attack on the Saudi Aramco oil facility also raised concern, while manufacturing in the U.S. showed some weakness.

After a strong start to the year, the Convertible securities market was down marginally in the third quarter of 2019. The U.S. convertible market ended the quarter with 456 issues and $219 billion in market capitalization. Issuance was strong, driven by declining interest rates and strong equity markets providing an opportunity for issuers to raise capital at attractive rates. September alone saw issuance of $17 billion globally including $11.4 billion in the U.S.

Among our stronger performing positions for the year were: MercadoLibre 2.0%, 8/15/28 (1.5% of net assets as of September 30, 3019), which hosts the largest online commerce and payments ecosystem in Latin America; Pros Holdings Inc. 2.0%, 6/01/47 (1.1%), a provider ofAI-based solutions for conducting commerce in the digital economy; and Coupa Software Inc. 0.375%, 1/15/23 (1.3%), a cloud platform for business spending which helps customers achieve cost savings and drive profitability.

Some of the weaker holdings in the portfolio included Bristow Group Inc. 4.5%, 6/01/23 (0.1%), a provider of industrial aviation services offering helicopter transportation, search and rescue, and aircraft support services to government and civil organizations; Evolent Health Inc. 1.5%, 10/15/25 (0.9%), which partners with health systems and health care providers to gain operational scale and improve clinical performance; and Teladoc 3.0%, 12/15/22 (1.0%), a provider of virtual health care solutions serving businesses and individuals.

We appreciate your continued confidence and trust.


Average Annual Returns through September 30, 2019 (a) (Unaudited)
	1 Year			5 Year			10 Year			15 Year			Since Inception (9/30/97)
Convertible Securities Fund Class AAA		5.08	%		6.28	%		9.37	%		6.62	%		7.56	%
S&P 500 Index		4.25			10.84			13.24			9.01			7.35
ICE Bank of America Merrill Lynch U.S. Convertibles Index		4.01			7.29			9.94			7.51			7.17

In the current prospectuses dated January 28, 2019, the gross expense ratio for Class AAA Shares is 2.03%, and the net expense ratio is 1.15%, after contractual reimbursements by Teton Advisors, Inc. (the Adviser) in place through January 31, 2020. See page 40 for the expense ratios for the year ended September 30, 2019. Class AAA Shares do not have a sales charge.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The ICE Bank of America Merrill Lynch U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are exchangeable into U.S. equities that have a market value of more than $50 million. Dividends are considered reinvested. You cannot invest directly in an index.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE CONVERTIBLE SECURITIES FUND

CLASS AAA, THE S&P 500 INDEX AND

THE ICE BANK OF AMERICA MERRILL LYNCH U.S. CONVERTIBLES INDEX (Unaudited)

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*	Past performance is not predictive of future results.The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Equity Fund (Unaudited)

The TETON Westwood Equity Fund outperformed the benchmark S&P 500 Index over the fiscal year. For the twelve months ended September 30, 2019, the Equity Fund Class AAA shares posted a gain of 5.8%, net of expenses, versus the S&P 500 Index gain of 4.3%. See the next page for additional performance information.

The Fund seeks to provide capital appreciation. The Fund’s secondary goal is to produce current income.

Markets remained volatile during the second quarter of 2019, after one of the strongest starts to the year, as investor sentiment oscillated with each passing headline. Growth concerns were temporarily placated with the initial U.S. GDP estimate exceeding forecasts at 3.2% for the first quarter of 2019, though that marked the high point for expectations. Corporations reported better than expected earnings, with management teams expressing caution regarding implications from moderating growth and disruptions from the trade dispute. Optimism around a potential trade deal was crushed as negotiations collapsed, with little progress made during the quarter. Hope rested on theG-20 meeting that happened over the last weekend in June which produced some progress towards a resolution. These headwinds culminated in pressures on interest rates, as investors moved into safe haven assets, which sent the yield on the10-year treasury to multi-year lows below 2%. Inflation remained relatively tame, further bolstering confidence in the Federal Reserve’s pivot towards easier monetary policy.

Equity markets ended the third quarter of 2019 in positive territory despite continued concerns over the ongoing trade dispute and future economic growth given the deterioration of economic data. The U.S. market outperformed international equities and large caps fared far better than small caps. GDP growth for the second quarter remained steady at 2%, though several economic indicators such as the ISM’s PMI for the manufacturing segment fell into contraction. Investors continued to look for additional clues regarding the health of the economy given the longevity of the business cycle. The Federal Reserve cut rates twice during the quarter, marking the first time for such actions in over a decade. Interest rates fell sharply during the quarter, notably the yield on the10-year U.S. treasury declined to 1.66%, falling 34 basis points over increasing demand for safe-haven assets amidst the uncertainty. The impact from macroeconomic uncertainty clearly weighed on business confidence, though company fundamentals have so far remained relatively resilient.

Among our stronger performing positions for the year were: Motorola Solutions, Inc. (2.1% of net assets as of September 30, 2019), a leader in mission-critical communications, including command center software, video security, and managed and support services; WEC Energy Group Inc. (2.0%), a Midwest electric and natural gas holding company serving 4.5 million customers in Wisconsin, Illinois, Michigan, and Minnesota; and NextEra Energy, Inc. (2.0%), a clean energy company headquartered in Florida, and which owns Florida Power & Light Company and Gulf Power Company, which together serve more than five million customers in Florida.

Some of the weaker holdings in the portfolio included: EOG Resources, Inc. (2.0%), a crude oil and natural gas exploration and production company with reserves in the U.S., Trinidad, and China; FedEx Corporation (no longer held), which provides customers and businesses worldwide with a portfolio of transportation,e-commerce, and business services; and CVS Health Corporation (3.8%), a health care company that provides retail pharmacy, pharmacy benefits management, clinical services, and specialty pharmacy services.

We appreciate your continued confidence and trust.


Average Annual Returns through September 30, 2019 (a) (Unaudited)
													Since
	1 Year			5 Year			10 Year			15 Year			Inception (1/2/87)
Equity Fund Class AAA		5.84	%		9.24	%		11.06	%		8.31	%		10.03	%
S&P 500 Index		4.25			10.84			13.24			9.01			10.41	(b)

In the current prospectuses dated January 28, 2019, the expense ratio for Class AAA Shares is 1.60%. See page 41 for the expense ratios for the year ended September 30, 2019. Class AAA Shares do not have a sales charge.

(a)

(b)	S&P 500 Index since inception performance is as of December 31, 1986.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE EQUITY FUND CLASS AAA AND THE S&P 500 INDEX (Unaudited)

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*	Past performance is not predictive of future results.The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Balanced Fund (Unaudited)

For fiscal year ended September 30, 2019, the TETON Westwood Balanced Fund Class AAA Shares posted a return of 6.4%, net of expenses, versus the Bloomberg Barclays Government/Credit Bond Index return of 11.3%. The Fund’s return was less than a common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Barclays Capital Government/Credit Bond Index which returned 7.1%. See the next page for additional performance information.

The Fund invests in a combination of equity and debt securities. The Fund is primarily equity-oriented, and uses atop-down approach in seeking to provide equity-like returns but with lower volatility than a fully invested equity portfolio. Westwood Management Corp., the Fund’ssub-adviser (the “WestwoodSub-Adviser”) will typically invest 30% to 70% of the Fund’s assets in equity securities and 70% to 30% in debt securities, and the balance of the Fund’s assets in cash or cash equivalents. The actual mix of assets will vary depending on the WestwoodSub-Adviser’s analysis of market and economic conditions.

The Fund invests in stocks of seasoned companies. Seasoned companies generally have market capitalizations of $1 billion or more and have been operating for at least three years. The WestwoodSub-Adviser chooses stocks of seasoned companies with proven records and above-average earnings growth potential. The WestwoodSub-Adviser has disciplines in place that serve as sell signals such as a security reaching a predetermined price target, a change to a company’s fundamentals that make the risk/reward profile unattractive, or a need to improve the overall risk/reward profile of the Fund.

The debt securities held by the Fund are investment grade securities of corporate and government issuers and commercial paper and mortgage and asset-backed securities. Investment grade debt securities are securities rated in one of the four highest ratings categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”). The Fund may invest in fixed income securities of any maturity.

The Fund may also invest up to 25% of its total assets in foreign equity securities and in European Depositary Receipts (“EDRs”) or American Depositary Receipts (“ADRs”), including in those of companies located in emerging markets. The Fund may also invest in foreign debt securities.

The fourth quarter of 2018 saw the S&P 500 Index suffered one of the worst quarters in the last 50 years, having fallen over 13% and ending the year with pessimism reigning supreme. Small caps fared worse, down over 20%, with growth declining moderately more than value for both small and large cap stocks. Global equity markets declined as well, adding to their losses for the year. The same fears generally throughout the year were cited as causes — trade wars, slowing growth, and higher interest rates. Making progress with China in resolving theon-going trade dispute seemed challenging; earnings reports weighed on sentiment as results were underwhelming. Yields on intermediate Treasuries fell, and total returns on investment grade bonds were mixed for the period. Yields on the5-year Treasury note fell by 44 basis points from 2.95% to 2.51%, while the 10 year Treasury note fell by 38 basis points from 3.06% to 2.68% during the quarter. Notwithstanding some inter-period volatility, the trend was clearly down. The U.S. Treasury Yield Curve continued to flatten as the yield differential between10-year and2-year Treasuries slightly narrowed. Investment grade credit spreads widened by approximately 48 basis points during the quarter causing U.S. Treasury and Agencies to outperform duration matched corporates. The higher the quality and longer the duration the more these debt securities participated in the December rally.

In the first quarter of 2019 the S&P 500 Index reversed course from the end of the year and rallied for one of the best first quarters to start the year in two decades. The major worries of the market that pressured shares turned into tailwinds. Fears over growth were placated for the majority of companies when they reported earnings. This optimism drove small cap stocks to outpace large caps and growth stocks to rally over value stocks. Optimism also rose for a potential trade deal with China, as some progress appeared to have been made which helped bolster both domestic and global markets during the quarter. Credit in general benefitted from the Fed’s perceived “dovish” shift in policy guidance early in the first quarter of 2019. Hence yields on intermediate Treasuries fell, and total returns on investment grade bonds rebounded smartly for the period. Yields on the5-year Treasury note fell by 28 basis points from 2.51% to 2.23%, while the10-year Treasury note fell by 27 basis points from 2.68% to 2.41% during the quarter.

Markets remained volatile during the second quarter of 2019, after one of the strongest starts to the year, as investor sentiment oscillated with each passing headline. Growth concerns were temporarily placated with the initial U.S. GDP estimate exceeding forecasts at 3.2% for the first quarter of 2019, though that marked the high point for expectations. Corporations reported better than expected earnings, with management teams expressing caution regarding implications from moderating growth and disruptions from the trade dispute. After a reported collapse of trade negotiations in May damaged market sentiment, optimism increased at the end of June with progress toward a resolution at theG-20 meeting in Japan. Interest rates moved significantly lower during the quarter reflecting the concerns regarding economic strength and the flight to quality in Treasuries the increased uncertainty and volatility brings. The10-year Treasury, which had begun the quarter in the2.40%-2.50% range and peaked at about 2.60% in April, traded below 2.00% in June and settled in.

We appreciate your confidence and trust.


Average Annual Returns through September 30, 2019 (a) (Unaudited)
													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(10/1/91)
Balanced Fund Class AAA		6.44	%		6.87	%		7.94	%		6.62	%		8.33	%
Bloomberg Barclays Government/Credit Bond Index		11.32			3.61			3.94			4.26			5.74	(b)
S&P 500 Index		4.25			10.84			13.24			9.01			9.76	(b)
60% S&P 500 Index and 40% Bloomberg Barclays Government/Credit Bond Index(c)		7.08			7.95			9.52			7.11			8.15

In the current prospectuses dated January 28, 2019, the expense ratio for Class AAA Shares is 1.34%. See page 42 for the expense ratios for the year ended September 30, 2019. Class AAA Shares do not have a sales charge.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. Teton Advisors, Inc. (the Adviser) reimbursed expenses in years prior to 1998 to limit the expense ratio. Had such limitation not been in place, returns would have been lower. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Bloomberg Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(b)	S&P 500 Index and Bloomberg Barclays Government/Credit Bond Index since inception performances are as of September 30, 1991.

(c)	The Blended Index consists of a blend of 60% of the S&P 500 Index and 40% of the Bloomberg Barclays Government/Credit Bond Index.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE BALANCED FUND CLASS AAA,

THE S&P 500 INDEX, AND A COMPOSITE OF 60% OF THE S&P 500 INDEX AND 40% OF

THE BLOOMBERG BARCLAYS GOVERNMENT/CREDIT BOND INDEX (Unaudited)

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*	Past performance is not predictive of future results.The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Intermediate Bond Fund (Unaudited)

For the fiscal year ended September 30, 2019, the TETON Westwood Intermediate Bond Fund NAV per Class AAA Share increased 5.0% compared with the Bloomberg Barclays Government/Credit Bond Index which was up 11.3%. See page 14 for additional performance information.

Under normal market conditions the Fund invests at least 80% of its net assets (which includes, for purposes of this test, the amount of any borrowings for investment purposes) in bonds of various types and with various maturities. The Intermediate Bond Fund focuses on investment grade bonds of domestic corporations and governments. Investment grade debt securities are securities rated in the four highest ratings categories by a Nationally Recognized Statistical Rating Organization.

The fourth quarter of 2018 saw global uncertainty and volatility in the equity markets, and the reversal of performance for higher quality fixed income assets. Yields on intermediate Treasuries fell, and total returns on investment grade bonds were mixed for the period. Yields on the5-year Treasury note fell by 44 basis points from 2.95% to 2.51%, while the 10 year Treasury note fell by 38 basis points from 3.06% to 2.68% during the quarter. Notwithstanding some inter-period volatility, the trend was clearly down. The U.S. Treasury Yield Curve continued to flatten as the yield differential between10-year and2-year Treasuries slightly narrowed. Investment grade credit spreads widened by approximately 48 basis points during the quarter causing U.S. Treasury and Agencies to outperform duration matched corporates. The higher the quality and longer the duration the more these debt securities participated in the December rally.

Credit in general benefitted from the Fed’s perceived “dovish” shift in policy guidance early in the first quarter of 2019. Hence yields on intermediate Treasuries fell, and total returns on investment grade bonds rebounded smartly for the period. Yields on the5-year Treasury note fell by 28 basis points from 2.51% to 2.23%, while the10-year Treasury note fell by 28 basis points from 2.68% to 2.41% during the quarter. Notwithstanding some mild inter-period volatility, the trend was clearly down. The U.S. Treasury Yield Curve continued to flatten as the yield differential between10-year and2-year Treasuries slightly narrowed. Investment grade credit spreads tightened by approximately 32 basis points during the quarter causing corporate bonds to outperform duration matched U.S. Agency and U.S. Treasury securities. Longer duration fixed income securities participated more fully in the quarter’s rally, significantly outperforming shorter dated bonds.

The markets were volatile during the second quarter of 2019, after one of the strongest first quarters in decades for equities. Daily headlines, tweets and the game of “Deal or No Deal” in trade negotiations, put investors on a bit of a rollercoaster. While corporate earnings were generally better than expected, indications of moderating domestic growth and the aforementioned trade “wars” kept traders and investors cautious and reactive. Growth concerns were temporarily placated with the initial U.S. GDP estimate exceeding forecasts at 3.2% for the first quarter of 2019, though that marked the high point for expectations. After a reported collapse of trade negotiations in May damaged market sentiment, optimism increased at the end of June with progress toward a resolution at theG-20 meeting in Japan. Interest rates moved significantly lower during the quarter reflecting the concerns regarding economic strength and the flight to quality in Treasuries the increased uncertainty and volatility brings. The10-year Treasury, which had begun the quarter in the2.40%-2.50% range and peaked at about 2.60% in April, traded below 2.00% in June and settled in.

Equity markets ended the third quarter of 2019 in positive territory despite continued concerns over the ongoing trade dispute and future economic growth given the deterioration of economic data. The U.S. market outperformed international equities and large caps fared far better than small caps. GDP growth for the second quarter remained steady at 2%, though several economic indicators such as the ISM’s PMI for the manufacturing segment fell into contraction. Investors continue to look for additional clues regarding the health of the economy given the longevity of the business cycle. The Federal Reserve cut rates twice during the quarter, marking the first time for such actions in over a decade. Interest rates fell sharply during the quarter, notably the yield on the10-year U.S. treasury declined to 1.66%, falling 34 basis points over increasing demand for safe-haven assets amidst the uncertainty. The impact from macroeconomic uncertainty clearly weighed on business confidence.

We appreciate your continued confidence and trust.


Average Annual Returns through September 30, 2019 (a) (Unaudited)
													Since
													Inception
	1 Year			5 Year			10 Year			15 Year			(10/1/91)
Intermediate Bond Fund Class AAA		4.97	%		1.63	%		1.93	%		2.66	%		4.34	%
Bloomberg Barclays Government/Credit Bond Index		11.32			3.61			3.94			4.26			5.74	(b)

In the current prospectuses dated January 28, 2019, the gross expense ratio for AAA Shares is 2.22%, and the net expense ratio is 1.00% after contractual reimbursements by Teton Advisors, Inc., (the Adviser) in place through January 31, 2020. See page 43 for the expense ratios for the year ended September 30, 2019. Class AAA Shares do not have a sales charge.

(a)

(b)

The Bloomberg Barclays Government/Credit Bond Index since inception performance is as of September 30, 1991.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE

INTERMEDIATE BOND FUND CLASS AAA AND

THE BLOOMBERG BARCLAYS GOVERNMENT/CREDIT BOND INDEX (Unaudited)

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*	Past performance is not predictive of future results.The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2019 through September 30, 2019

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table on page 16 illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended September 30, 2019.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from April 1, 2019 through September 30, 2019


Expense Table

	Actual Fund Return												Hypothetical 5% Return
	Beginning			Ending			Annualized			Expenses			Beginning			Ending			Annualized			Expenses
	Account Value			Account Value			Expense			Paid During			Account Value			Account Value			Expense			Paid During
	04/01/19			09/30/19			Ratio			Period^*			04/01/19			09/30/19			Ratio			Period^*
TETON Westwood Mighty Mites Fund
Class AAA		$	1,000.00		$	1,001.20		1.39	%		$	6.97		$	1,000.00		$	1,018.10		1.39	%		$	7.03
Class A		$	1,000.00		$	1,000.00		1.64	%		$	8.22		$	1,000.00		$	1,016.85		1.64	%		$	8.29
Class C		$	1,000.00		$	997.70		2.14	%		$	10.72		$	1,000.00		$	1,014.34		2.14	%		$	10.81
Class I		$	1,000.00		$	1,002.70		1.14	%		$	5.72		$	1,000.00		$	1,019.35		1.14	%		$	5.77
TETON Westwood SmallCap Equity Fund
Class AAA		$	1,000.00		$	1,005.60		1.25	%		$	6.28		$	1,000.00		$	1,018.80		1.25	%		$	6.33
Class A		$	1,000.00		$	1,004.70		1.50	%		$	7.54		$	1,000.00		$	1,017.55		1.50	%		$	7.59
Class C		$	1,000.00		$	1,002.10		2.00	%		$	10.04		$	1,000.00		$	1,015.04		2.00	%		$	10.10
Class I		$	1,000.00		$	1,007.50		1.00	%		$	5.03		$	1,000.00		$	1,020.05		1.00	%		$	5.06
TETON Convertible Securities Fund
Class AAA		$	1,000.00		$	1,057.40		1.15	%		$	5.93		$	1,000.00		$	1,019.30		1.15	%		$	5.82
Class A		$	1,000.00		$	1,055.70		1.40	%		$	7.21		$	1,000.00		$	1,018.05		1.40	%		$	7.08
Class C		$	1,000.00		$	1,053.00		1.90	%		$	9.78		$	1,000.00		$	1,015.54		1.90	%		$	9.60
Class I		$	1,000.00		$	1,058.50		0.90	%		$	4.64		$	1,000.00		$	1,020.56		0.90	%		$	4.56
TETON Westwood Equity Fund
Class AAA		$	1,000.00		$	1,088.60		1.65	%		$	8.64		$	1,000.00		$	1,016.80		1.65	%		$	8.34
Class A		$	1,000.00		$	1,087.90		1.90	%		$	9.94		$	1,000.00		$	1,015.54		1.90	%		$	9.60
Class C		$	1,000.00		$	1,084.90		2.41	%		$	12.60		$	1,000.00		$	1,012.99		2.41	%		$	12.16
Class I		$	1,000.00		$	1,089.80		1.40	%		$	7.33		$	1,000.00		$	1,018.05		1.40	%		$	7.08
TETON Westwood Balanced Fund
Class AAA		$	1,000.00		$	1,072.30		1.39	%		$	7.22		$	1,000.00		$	1,018.10		1.39	%		$	7.03
Class A		$	1,000.00		$	1,071.40		1.63	%		$	8.46		$	1,000.00		$	1,016.90		1.63	%		$	8.24
Class C		$	1,000.00		$	1,068.50		2.15	%		$	11.15		$	1,000.00		$	1,014.29		2.15	%		$	10.86
Class I		$	1,000.00		$	1,073.80		1.14	%		$	5.93		$	1,000.00		$	1,019.35		1.14	%		$	5.77
TETON Westwood Intermediate Bond Fund
Class AAA		$	1,000.00		$	1,027.20		1.02	%		$	5.18		$	1,000.00		$	1,019.95		1.02	%		$	5.16
Class A		$	1,000.00		$	1,026.70		1.12	%		$	5.69		$	1,000.00		$	1,019.45		1.12	%		$	5.67
Class C		$	1,000.00		$	1,023.20		1.78	%		$	9.03		$	1,000.00		$	1,016.14		1.78	%		$	9.00
Class I		$	1,000.00		$	1,027.60		0.77	%		$	3.91		$	1,000.00		$	1,021.21		0.77	%		$	3.90

*	Expenses are equal to the Funds’ annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 365.

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of September 30, 2019:


*TETON Westwood Mighty Mites Fund*
Diversified Industrial	11.8	%	Automotive	1.2	%
Financial Services	9.6	%	Metals and Mining	1.2	%
Health Care	8.7	%	Consumer Services	0.8	%
Equipment and Supplies	6.9	%	Semiconductors	0.8	%
Aerospace and Defense	6.6	%	Energy and Utilities: Natural Gas	0.8	%
Hotels and Gaming	4.6	%	Entertainment	0.7	%
Electronics	3.7	%	Agriculture	0.6	%
Real Estate	3.5	%	Communications Equipment	0.4	%
Food and Beverage	3.2	%	U.S. Government Obligations	0.4	%
Business Services	3.1	%	Energy and Utilities: Integrated	0.2	%
Consumer Products	3.0	%	Energy and Utilities: Services	0.2	%
Machinery	2.8	%	Wireless Communications	0.2	%
Specialty Chemicals	2.2	%	Paper and Forest Products	0.2	%
Telecommunications	2.2	%	Closed-End Funds	0.1	%
Aviation: Parts and Services	2.2	%	Airlines	0.1	%
Computer Software and Services	2.1	%	Educational Services	0.1	%
Restaurants	2.1	%	Miscellaneous	0.1	%
Manufactured Housing and Recreational Vehicles	2.1	%	Energy and Utilities	0.1	%
Building and Construction	2.1	%	Transportation	0.0	%*
Environmental Control	1.9	%	Energy and Utilities: Oil	0.0	%*
Retail	1.8	%	Other Assets and Liabilities (Net)	(0.1	)%

Automotive: Parts and Accessories	1.7	%		100.0	%

Energy and Utilities: Water	1.5	%
Publishing	1.3	%	* Amount represents less than 0.05%.
Broadcasting	1.2	%
*TETON Westwood SmallCap Equity Fund*
Banking	24.3	%	Consumer Products	2.2	%
Semiconductors	11.4	%	Diversified Industrial	1.7	%
Energy and Utilities	8.2	%	Communications	1.5	%
U.S. Government Obligations	7.2	%	Machinery	1.2	%
Computer Software and Services	6.5	%	Equipment and Supplies	1.1	%
Health Care	5.8	%	Real Estate	1.1	%
Electronics	4.9	%	Environmental Control	1.0	%
Communications Equipment	4.9	%	Aviation: Parts and Services	0.8	%
Business Services	4.5	%	Broadcasting	0.8	%
Financial Services	3.5	%	Aerospace	0.8	%
Automotive	3.4	%	Transportation	0.6	%
Specialty Chemicals	3.3	%	Other Assets and Liabilities (Net)	(5.8	)%

Retail	2.8	%		100.0	%

Building and Construction	2.3	%
*TETON Convertible Securities Fund*
Computer Software and Services	23.2	%	Energy and Utilities: Water	1.2	%
Health Care	16.4	%	Aviation: Parts and Services	1.1	%
Semiconductors	8.8	%	Equipment and Supplies	1.1	%
Energy and Utilities: Integrated	7.4	%	Publishing	1.1	%
Energy and Utilities: Services	5.9	%	Aerospace and Defense	1.0	%
Financial Services	4.5	%	Consumer Products	1.0	%
Telecommunications	4.3	%	Consumer Services	0.8	%
U.S. Government Obligations	4.2	%	Agriculture	0.2	%
Communications Equipment	3.6	%	Other Assets and Liabilities (Net)	(1.4	)%

Business Services	3.5	%		100.0	%

Real Estate Investment Trusts	3.1	%
Diversified Industrial	2.9	%
Transportation	2.1	%
Cable and Satellite	1.5	%
Industrials	1.3	%
Automotive	1.2	%

Summary of Portfolio Holdings (Unaudited) (Continued)


*TETON Westwood Equity Fund*
Health Care	12.1	%	Entertainment	2.7	%
Banking	11.7	%	Business Services	2.2	%
Financial Services	8.5	%	Consumer Products	2.1	%
Retail	8.4	%	Energy and Energy Services	2.0	%
Computer Software and Services	8.2	%	Diversified Industrial	1.9	%
Energy: Integrated	8.0	%	Transportation	1.7	%
Food and Beverage	6.4	%	Other Investment Companies	1.1	%
Aerospace	6.1	%	Semiconductors	1.0	%
Telecommunications	5.5	%	Other Assets and Liabilities (Net)	0.3	%

Real Estate	5.2	%		100.0	%

Energy: Oil	4.9	%
*TETON Westwood Balanced Fund*
U.S. Treasury Notes	10.9	%	Energy: Oil	2.9	%
Financial Services	10.5	%	Transportation	2.5	%
Health Care	10.4	%	Diversified Industrial	2.0	%
Banking	9.1	%	U.S. Treasury Inflation Indexed Notes	2.0	%
Retail	5.9	%	Federal National Mortgage Association	1.9	%
Computer Software and Services	5.5	%	Federal Home Loan Mortgage Corp.	1.9	%
Aerospace	5.0	%	Entertainment	1.6	%
Energy: Integrated	4.8	%	Business Services	1.2	%
U.S. Treasury Bonds	3.7	%	Energy and Energy Services	1.2	%
Food and Beverage	3.7	%	Semiconductors	0.6	%
Consumer Products	3.4	%	Other Assets and Liabilities (Net)	(0.3	)%

Telecommunications	3.3	%		100.0	%

Other Investment Companies	3.3	%
Real Estate	3.0	%
*TETON Westwood Intermediate Bond Fund*
Corporate Bonds	85.9	%
U.S. Government Obligations	12.2	%
Convertible Corporate Bonds	1.8	%
U.S. Government Agency Obligations	0.3	%
Other Assets and Liabilities (Net)	(0.2	)%

	100.0	%

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments — September 30, 2019


Shares			Cost		Market Value
		*COMMON STOCKS — 98.8%**
		Aerospace and Defense — 6.6%
	1,108,900	Aerojet Rocketdyne Holdings Inc.†	$	5,098,958	$	56,010,539
	438,040	Various Securities		7,233,061		7,481,314

				12,332,019		63,491,853


		Agriculture — 0.6%
	728,690	Various Securities		6,092,176		5,378,492

		Airlines — 0.1%
	265,000	Various Securities		15,815		1,119,300

		Automotive — 1.2%
	297,790	Various Securities		3,706,776		11,853,437

		Automotive: Parts and Accessories — 1.6%
	1,360,757	Various Securities		18,686,396		15,535,619

		Aviation: Parts and Services — 2.2%
	188,040	Ducommun Inc.†		4,760,004		7,972,896
	196,200	Kaman Corp.		4,994,792		11,666,052
	37,396	Various Securities		228,168		1,097,022

				9,982,964		20,735,970


		Broadcasting — 1.2%
	902,000	Beasley Broadcast Group Inc., Cl. A(a)		4,965,303		2,796,200
	1,332,028	Various Securities		4,016,891		9,172,501

				8,982,194		11,968,701


		Building and Construction — 2.1%
	133,000	Gibraltar Industries Inc.†		3,133,522		6,110,020
	98,400	The Monarch Cement Co.		2,612,568		6,051,600
	1,098,074	Various Securities		8,455,116		7,793,415

				14,201,206		19,955,035


		Business Services — 3.1%
	402,451	Team Inc.†		6,327,227		7,264,241
	28,792	Trans-Lux Corp.†(a)(b)(c)		25,123		14,756
	941,292	Trans-Lux Corp.†(a)		821,332		482,412
	1,871,561	Various Securities		14,698,126		22,172,407

				21,871,808		29,933,816


		Communications Equipment — 0.4%
	719,000	Various Securities		4,614,058		4,029,705

		Computer Software and Services — 2.1%
	2,590,792	Various Securities		15,799,952		20,703,250

		Consumer Products — 3.0%
	800,000	Marine Products Corp.		5,766,933		11,328,000
	5,969,212	Various Securities		16,214,919		17,526,334

				21,981,852		28,854,334


		Consumer Services — 0.8%
	445,320	1-800-Flowers.com Inc., Cl. A†		1,653,925		6,588,509
	118,800	Various Securities		1,103,912		1,273,434

				2,757,837		7,861,943


		Diversified Industrial — 11.8%
	270,000	Burnham Holdings Inc., Cl. A(a)		4,323,837		3,847,500
	84,673	Chase Corp.		1,320,157		9,262,379
	516,579	Griffon Corp.		5,735,883		10,832,662
	65,120	John Bean Technologies Corp.		1,905,047		6,474,882
	287,170	Lawson Products Inc.†		4,302,426		11,122,094
	1,022,900	Myers Industries Inc.		15,911,250		18,054,185
	215,431	Park-Ohio Holdings Corp.		4,957,445		6,432,770
	640,000	Steel Partners Holdings LP†		10,328,342		8,192,000
	519,000	Tredegar Corp.		8,837,769		10,130,880
	522,554	Twin Disc Inc.†		9,615,851		5,533,847
	3,076,308	Various Securities		23,299,571		24,401,181

				90,537,578		114,284,380


Shares			Cost		Market Value
		Educational Services — 0.1%
	125,000	Various Securities	$	615,524	$	680,000

		Electronics — 3.7%
	169,999	Bel Fuse Inc., Cl. A(a)		3,107,228		2,330,686
	339,500	CTS Corp.		2,824,101		10,986,220
	63,771	EMRISE Corp.†(d)		0		0
	700,000	Schmitt Industries Inc.†(a)		1,612,360		1,599,500
	188,038	Stoneridge Inc.†		1,977,743		5,823,537
	773,174	Various Securities		5,808,088		14,767,115

				15,329,520		35,507,058


		Energy and Utilities: Integrated — 0.2%
	29,000	Various Securities		683,833		2,316,230

		Energy and Utilities: Natural Gas — 0.8%
	1,237,784	Various Securities		2,772,380		7,231,837

		Energy and Utilities: Oil — 0.0%
	71,830	Various Securities		468,742		311,742

		Energy and Utilities: Services — 0.2%
	1,761,550	Various Securities		5,098,198		2,300,173

		Energy and Utilities: Water — 1.5%
	81,304	SJW Group		2,054,236		5,552,250
	333,156	Various Securities		4,533,732		9,197,408

				6,587,968		14,749,658

		Entertainment — 0.7%
	1,519,130	Various Securities		5,207,608		7,173,599

		Environmental Control — 1.9%
	407,853	Casella Waste Systems Inc., Cl. A†		2,022,942		17,513,208
	45,621	Various Securities		689,128		792,601

				2,712,070		18,305,809

		Equipment and Supplies — 6.9%
	192,766	CIRCOR International Inc.†		6,300,943		7,238,363
	571,000	Federal Signal Corp.		3,734,986		18,694,540
	210,000	Interpump Group SpA		1,523,486		6,637,819
	490,000	Kimball International Inc., Cl. B		5,071,210		9,457,000
	360,431	The Eastern Co.(a)		6,673,582		8,945,897
	337,820	The L.S. Starrett Co., Cl. A†(a)		3,705,434		1,959,356
	1,092,178	Various Securities		12,175,256		14,110,099

				39,184,897		67,043,074

		Financial Services — 9.1%
	302,158	Atlantic Capital Bancshares Inc.†		5,339,986		5,239,420
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		8,904,000
	657,872	Flushing Financial Corp.		11,253,397		13,292,304
	10	Guaranty Corp., Cl. A†(d)		137,500		75,000
	4,061,185	Various Securities		48,157,484		60,483,265

				71,045,532		87,993,989

		Food and Beverage — 3.2%
	2,260,562	Various Securities		26,524,853		31,207,587

		Health Care — 8.7%
	130,000	BioTelemetry Inc.†		908,156		5,294,900
	384,940	Cutera Inc.†		5,778,772		11,251,796
	154,000	Neogen Corp.†		476,321		10,488,940
	114,000	Quidel Corp.†		1,394,874		6,993,900
	117,934	SurModics Inc.†		2,409,935		5,394,301
	2,000	Targanta Therapeutics Corp., Escrow†(d)		0		0
	278,000	Zealand Pharma A/S†		3,494,481		7,077,891
	2,617,920	Various Securities		16,399,868		37,472,956

				30,862,407		83,974,684


		Hotels and Gaming — 4.6%
	66,620	Churchill Downs Inc.		1,086,907		8,224,572

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value
		*COMMON STOCKS (Continued)**
		Hotels and Gaming (Continued)
	641,210	Golden Entertainment Inc.†	$	6,807,644	$	8,521,681
	353,812	The Marcus Corp.		4,455,756		13,094,582
	2,019,240	Various Securities		10,853,034		14,745,624


				23,203,341		44,586,459


		Machinery — 2.8%
	326,000	Astec Industries Inc.		11,457,875		10,138,600
	559,000	Gencor Industries Inc.†		3,819,715		6,489,990
	151,334	Various Securities		2,733,575		10,121,673


				18,011,165		26,750,263


		Manufactured Housing and Recreational Vehicles — 2.1%
	55,555	Cavco Industries Inc.†		3,142,786		10,671,560
	338,750	Various Securities		3,479,255		9,552,465


				6,622,041		20,224,025


		Metals and Mining — 1.2%
	717,000	Osisko Gold Royalties Ltd.		10,420,098		6,662,090
	1,103,540	Various Securities		2,669,519		4,411,387


				13,089,617		11,073,477


		Paper and Forest Products — 0.2%
	26,800	Various Securities		2,281,278		1,876,000

		Publishing — 1.3%
	852,600	The E.W. Scripps Co., Cl. A		5,156,637		11,322,528
	279,057	Various Securities		1,187,290		899,909


				6,343,927		12,222,437


		Real Estate — 3.5%
	281,450	Griffin Industrial Realty Inc.(a)		8,150,899		10,681,028
	527,269	Reading International Inc., Cl. A†		4,919,287		6,306,137
	2,508	Royalty LLC†(d)		0		255
	1,444,907	Various Securities		13,634,450		16,645,740


				26,704,636		33,633,160


		Restaurants — 2.1%
	222,234	Nathan’s Famous Inc.(a)		3,237,026		15,967,513
	109,639	Various Securities		3,147,040		4,324,144


				6,384,066		20,291,657


		Retail — 1.8%
	172,240	Ingles Markets Inc., Cl. A		2,977,603		6,693,246
	907,584	Various Securities		11,172,431		10,222,162


				14,150,034		16,915,408


		Semiconductors — 0.8%
	162,740	Entegris Inc.		1,088,226		7,658,544
	2,000	Various Securities		23,663		23,360


				1,111,889		7,681,904


		Specialty Chemicals — 2.2%
	1,086,593	Ferro Corp.†		5,209,733		12,886,993
	267,226	General Chemical Group Inc.†(a)		59,859		2,138
	713,301	Various Securities		7,984,840		8,531,898


				13,254,432		21,421,029


		Telecommunications — 2.2%
	278,000	Shenandoah Telecommunications Co.		1,472,162		8,832,060
	1,881,491	Various Securities		14,397,561		11,910,097


				15,869,723		20,742,157

		Transportation — 0.0%
	17,000	Various Securities		374,911		323,000


Shares			Cost		Market Value
		Wireless Communications — 0.2%
	1,100,000	Various Securities	$	1,366,361	$	2,156,000

		TOTAL COMMON STOCKS		587,423,584		954,398,251


		*CLOSED-END FUNDS — 0.1%**
	127,800	Various Securities		1,152,872		1,137,420


		*PREFERRED STOCKS — 0.6%**
		Automotive: Parts and Accessories — 0.1%
	46,300	Various Securities		186,816		998,195

		Financial Services — 0.5%
	233,000	Various Securities		7,323,349		4,932,610

		TOTAL PREFERRED STOCKS		7,510,165		5,930,805

		*CONVERTIBLE PREFERRED STOCKS — 0.1%**
		Energy and Utilities — 0.1%
	15,095	Various Securities		313,221		332,090

		Food and Beverage — 0.0%
	500	Various Securities		7,625		15,590

		TOTAL CONVERTIBLE PREFERRED STOCKS		320,846		347,680

		*RIGHTS — 0.0%**
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(d)		1		1


		Health Care — 0.0%
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(d)		103,591		0
	400,000	Various Securities		137,800		228,000


				241,391		228,000

		Specialty Chemicals — 0.0%
	30,000	A. Schulman Inc., CVR†(d)		15,690		15,690

		TOTAL RIGHTS		257,082		243,691

		*WARRANTS — 0.0%**
		Energy and Utilities — 0.0%
	86	Key Energy Services Inc., expire 12/15/21†(d)		0		17
	86	Key Energy Services Inc., expire 12/15/20†(d)		0		4


				0		21

		Environmental Control — 0.0%
	200	Various Securities		58		43

		Health Care — 0.0%
	17,474	Various Securities		15,533		5,846

		TOTAL WARRANTS		15,591		5,910

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — September 30, 2019


Principal Amount			Cost		Market Value

		*CONVERTIBLE CORPORATE BONDS — 0.0%**
		Telecommunications — 0.0%
	$ 180,000	Various Securities	$	180,000	$	215,308


		*U.S. GOVERNMENT OBLIGATIONS — 0.4%**
	3,796,000	Various Securities		3,783,123		3,784,099


		TOTAL MISCELLANEOUS INVESTMENTS — 0.1%(e)		568,202		559,073


		TOTAL INVESTMENTS — 100.1%	$	601,211,465		966,622,237


		Other Assets and Liabilities (Net) — (0.1)%				(906,592	)


		NET ASSETS — 100.0%			$	965,715,645

This Summary Schedule of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings, each investment of any issuer that exceeds 1% of the Fund’s net assets, and affiliated or Level 3 securities, if any.

“Various Securities” consist of issuers not identified as a top 50 holding, issues or issuers not exceeding 1% of net assets individually or in the aggregate, any issuers that are not affiliated or level 3 securities, if any as of September 30, 2019. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

(a)	Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b)	Security 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.

(c)	At September 30, 2019, the Fund held an investment in a restricted and illiquid security amounting to $14,756 or 0.00% of net assets., which was valued under methods approved by the Board of Trustees as follows:

Acquisition
Shares

Issuer

Acquisition
Date

Acquisition
Cost

09/30/19
Carrying
Value
Per Share

06/01/09-

28,792

Trans-Lux Corp.

09/25/18

$25,123

$0.5125

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

(e)	Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year.

†	Non-income producing security.

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments — September 30, 2019


Shares			Cost		Market Value

		COMMON STOCKS — 98.6%
		Aerospace — 0.8%
	3,600	Hexcel Corp.	$	109,475	$	295,668


		Automotive — 3.4%
	14,100	Rush Enterprises Inc., Cl. A		359,374		543,978
	19,700	Winnebago Industries Inc.		598,273		755,495


				957,647		1,299,473

		Aviation: Parts and Services — 0.8%
	8,000	AAR Corp.		267,789		329,680


		Banking — 24.3%
	22,600	Atlantic Capital Bancshares Inc.†		410,019		391,884
	9,433	Atlantic Union Bankshares Corp.		223,128		351,332
	15,600	Banc of California Inc.		288,439		220,584
	13,200	BankUnited Inc.		364,856		443,784
	5,900	Berkshire Hills Bancorp Inc.		153,535		172,811
	21,662	Cadence BanCorp		342,301		379,951
	13,400	CenterState Bank Corp.		309,741		321,399
	8,400	Columbia Banking System Inc.		257,223		309,960
	3,200	Financial Institutions Inc.		56,688		96,576
	34,400	First Foundation Inc.		531,613		525,460
	10,200	Flushing Financial Corp.		164,000		206,091
	9,300	Glacier Bancorp Inc.		175,557		376,278
	20,100	Heritage Commerce Corp.		186,247		236,276
	52,050	Investors Bancorp Inc.		561,191		591,288
	19,000	LegacyTexas Financial Group Inc.		451,549		827,070
	6,500	Live Oak Bancshares Inc.		114,239		117,650
	12,150	OceanFirst Financial Corp.		261,398		286,740
	17,350	OFG Bancorp		174,937		379,965
	8,200	Oritani Financial Corp.		123,867		145,099
	17,000	PCSB Financial Corp.		286,964		339,830
	29,206	Sterling Bancorp		320,389		585,872
	22,200	TrustCo Bank Corp.		147,725		180,930
	19,050	Umpqua Holdings Corp.		280,046		313,563
	24,600	Valley National Bancorp		244,266		267,402
	23,700	Veritex Holdings Inc.		632,717		575,081
	14,000	Washington Federal Inc.		300,174		517,860
	4,700	Washington Trust Bancorp Inc.		125,134		227,057


				7,487,943		9,387,793

		Broadcasting — 0.8%
	11,800	Chicken Soup For The Soul
		Entertainment Inc.†		120,542		114,460
	17,600	Hemisphere Media Group Inc.†		206,059		215,072


				326,601		329,532

		Building and Construction — 2.3%
	6,300	EMCOR Group Inc.		295,185		542,556
	10,900	MYR Group Inc.†		185,196		341,061


				480,381		883,617

		Business Services — 4.5%
	21,000	ABM Industries Inc.		654,558		762,720
	4,850	FTI Consulting Inc.†		153,369		514,051
	6,600	McGrath RentCorp		210,364		459,294


				1,018,291		1,736,065

		Communications — 1.5%
	16,100	Meredith Corp.		588,589		590,226


		Communications Equipment — 4.9%
	94,500	Extreme Networks Inc.†		563,293		687,487
	122,800	Infinera Corp.†		850,952		669,260
	5,722	Lumentum Holdings Inc.†		246,293		306,470
	15,500	Switch Inc., Cl. A		111,834		242,110


				1,772,372		1,905,327

		Computer Software and Services — 6.5%
	8,300	Bottomline Technologies Inc.†		225,173		326,605
	31,300	Cloudera Inc.†		169,562		277,318


Shares			Cost		Market Value

	4,100	LogMeIn Inc.	$	282,556	$	290,936
	44,000	NetScout Systems Inc.†		973,417		1,014,640
	15,600	Progress Software Corp.		358,726		593,736


				2,009,434		2,503,235

		Consumer Products — 2.2%
	21,900	Hanesbrands Inc.		354,390		335,508
	7,300	Oxford Industries Inc.		444,262		523,410


				798,652		858,918

		Diversified Industrial — 1.7%
	3,900	Fabrinet†		142,528		203,970
	24,300	Steelcase Inc., Cl. A		340,140		447,120


				482,668		651,090

		Electronics — 4.9%
	13,300	Advanced Energy Industries Inc.†		614,276		763,553
	5,800	FARO Technologies Inc.†		184,846		280,430
	12,100	Plantronics Inc.		470,296		451,572
	25,700	TTM Technologies Inc.†		299,653		313,412
	900	Woodward Inc.		55,787		97,047


				1,624,858		1,906,014

		Energy and Utilities — 8.2%
	9,300	Apergy Corp.†		285,750		251,565
	55,200	Centennial Resource Development Inc., Cl. A†		765,408		249,228
	41,200	Magnolia Oil & Gas Corp., Cl. A†		487,727		457,320
	27,000	Matador Resources Co.†		515,467		446,310
	23,700	Oceaneering International Inc.†		442,687		321,135
	34,500	Parsley Energy Inc., Cl. A		822,353		579,600
	94,200	Patterson-UTI Energy Inc.		1,500,341		805,410
	2,100	Penn Virginia Corp.†		88,616		61,047


				4,908,349		3,171,615

		Environmental Control — 1.0%
	22,600	Evoqua Water Technologies Corp.†		212,104		384,652


		Equipment and Supplies — 1.1%
	11,300	CIRCOR International Inc.†		447,379		424,315


		Financial Services — 3.5%
	3,703	Brookfield Asset Management Inc., Cl. A		196,926		196,592
	16,600	Brown & Brown Inc.		250,019		598,596
	11,800	Coastal Financial Corp.†		168,394		178,298
	6,500	Stifel Financial Corp.		262,650		372,970


				877,989		1,346,456

		Health Care — 5.8%
	2,700	AMN Healthcare Services Inc.†		133,553		155,412
	1,780	ICU Medical Inc.†		129,303		284,088
	12,800	Natus Medical Inc.†		362,734		407,552
	6,550	Omnicell Inc.†		163,674		473,369
	44,900	Patterson Cos. Inc.		796,800		800,118
	4,100	Supernus Pharmaceuticals Inc.†		121,200		112,668


				1,707,264		2,233,207

		Machinery — 1.2%
	42,300	Mueller Water Products Inc., Cl. A		471,820		475,452


		Real Estate — 1.1%
	6,000	Equity Commonwealth, REIT		181,068		205,500
	15,200	Paramount Group Inc., REIT		234,541		202,920


				415,609		408,420

		Retail — 2.8%
	3,550	American Eagle Outfitters Inc.		45,213		57,581
	38,000	Ethan Allen Interiors Inc.		721,833		725,800
	14,100	The Hain Celestial Group Inc.†		253,723		302,797


				1,020,769		1,086,178

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Semiconductors — 11.4%
	2,600	Cabot Microelectronics Corp.	$	123,045	$	367,146
	30,900	Cypress Semiconductor Corp.		278,213		721,206
	24,300	Entegris Inc.		375,870		1,143,558
	28,100	FormFactor Inc.†		281,699		523,925
	12,600	MACOM Technology Solutions Holdings Inc.†		231,736		270,837
	20,600	Marvell Technology Group Ltd.		288,418		514,382
	8,400	Nanometrics Inc.†		252,067		274,008
	10,861	Versum Materials Inc.		285,361		574,873


				2,116,409		4,389,935

		Specialty Chemicals — 3.3%
	41,400	Darling Ingredients Inc.†		684,837		791,982
	29,100	Ferro Corp.†		442,466		345,126
	4,700	PolyOne Corp.		137,107		153,455


				1,264,410		1,290,563

		Transportation — 0.6%
	7,800	The Greenbrier Companies Inc.		213,945		234,936


		TOTAL COMMON STOCKS		31,580,747		38,122,367

		RIGHTS — 0.0%
		Specialty Chemicals — 0.0%
	22,200	A. Schulman Inc., CVR†(a)		11,611		11,611


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 7.2%
	$2,787,000	U.S. Treasury Bills, 1.938% to 2.034%††, 10/17/19 to 11/21/19	$	2,779,706	$	2,780,246


		TOTAL INVESTMENTS — 105.8%	$	34,372,064		40,914,224


		Other Assets and Liabilities (Net) — (5.8)%				(2,245,383	)


		NET ASSETS — 100.0%			$	38,668,841

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

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

CVR	Contingent Value Right REIT

Real	Estate Investment Trust

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments — September 30, 2019


Principal Amount			Cost		Market Value

		CONVERTIBLE CORPORATE BONDS — 71.4%
		Aerospace and Defense — 1.0%
	$250,000	Aerojet Rocketdyne Holdings Inc.,
		2.250%, 12/15/23	$	253,359	$	499,219


		Automotive — 1.2%
	615,000	Tesla Inc.,
		2.000%, 05/15/24		603,949		626,181


		Aviation: Parts and Services — 1.1%
	500,000	Kaman Corp.,
		3.250%, 05/01/24		529,688		572,897


		Business Services — 3.5%
	509,000	Bristow Group Inc.,
		4.500%, 06/01/23		545,113		63,625
	750,000	Perficient Inc.,
		2.375%, 09/15/23		751,303		896,841
	310,000	RingCentral Inc.,
		Zero Coupon, 03/15/23		320,572		501,360
	292,000	Team Inc.,
		5.000%, 08/01/23		291,448		323,408


				1,908,436		1,785,234

		Cable and Satellite — 1.5%
	800,000	DISH Network Corp.,
		3.375%, 08/15/26		805,282		734,965


		Communications Equipment — 3.6%
	985,000	InterDigital Inc.,
		2.000%, 06/01/24(a)		987,869		970,839
	712,000	Lumentum Holdings Inc.,
		0.250%, 03/15/24		784,773		827,708


				1,772,642		1,798,547
		Computer Software and Services — 22.7%
	500,000	Blackline Inc.,
		0.125%, 08/01/24(a)		501,217		479,276
	840,000	Boingo Wireless Inc.,
		1.000%, 10/01/23(a)		759,341		694,125
	590,000	Coupa Software Inc.,
		0.125%, 06/15/25(a)		605,413		646,787
	550,000	CSG Systems International Inc.,
		4.250%, 03/15/36(a)		569,938		624,512
	700,000	Evolent Health Inc.,
		1.500%, 10/15/25(a)		661,680		453,250
	523,000	GDS Holdings Ltd.,
		2.000%, 06/01/25		438,735		544,759
	750,000	IAC Financeco 3 Inc.,
		2.000%, 01/15/30(a)		751,937		811,850
	440,000	LivePerson Inc.,
		0.750%, 03/01/24(a)		443,177		514,074
	500,000	MercadoLibre Inc.,
		2.000%, 08/15/28		491,658		736,491
	305,000	Nice Systems Inc.,
		1.250%, 01/15/24		319,373		545,520
	100,000	Okta Inc.,
		0.250%, 02/15/23		104,348		210,470
		0.125%, 09/01/25(a)		380,206		359,118
	500,000	PAR Technology Corp.,
		4.500%, 04/15/24(a)		530,442		556,277
	570,000	Pluralsight Inc.,
		0.375%, 03/01/24(a)		499,514		490,181


Principal Amount			Cost		Market Value

	$500,000	Proofpoint Inc.,
		0.250%, 08/15/24(a)	$	528,897	$	542,570
	500,000	PROS Holdings Inc.,
		1.000%, 05/15/24(a)		627,952		568,258
	250,000	Q2 Holdings Inc.,
		0.750%, 02/15/23		274,956		367,344
		0.750%, 06/01/26(a)		396,441		415,800
	200,000	SailPoint Technologies Holding Inc.,
		0.125%, 09/15/24(a)		200,000		191,050
	400,000	Splunk Inc.,
		1.125%, 09/15/25		407,467		439,250
	800,000	Vocera Communications Inc.,
		1.500%, 05/15/23		856,512		840,651
	500,000	Workiva Inc.,
		1.125%, 08/15/26(a)		495,522		458,635


				10,844,726		11,490,248

		Consumer Services — 0.8%
	300,000	Extra Space Storage LP,
		3.125%, 10/01/35(a)		306,786		383,463


		Diversified Industrial — 1.9%
	300,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		363,128		376,872
	500,000	KBR Inc.,
		2.500%, 11/01/23(a)		507,978		580,345


				871,106		957,217

		Energy and Utilities: Integrated — 1.3%
	750,000	SunPower Corp.,
		4.000%, 01/15/23		650,049		682,192


		Energy and Utilities: Services — 2.2%
	1,100,000	Cheniere Energy Inc.,
		4.250%, 03/15/45		821,997		853,875
	250,000	Tesla Energy Operations Inc.,
		1.625%, 11/01/19		248,612		247,686


				1,070,609		1,101,561

		Financial Services — 1.2%
	300,000	Encore Capital Europe Finance Ltd.,
		4.500%, 09/01/23		314,665		310,190
	199,000	LendingTree Inc.,
		0.625%, 06/01/22		219,919		319,256


				534,584		629,446

		Health Care — 15.1%
	495,000	Aerie Pharmaceuticals Inc.,
		1.500%, 10/01/24(a)		544,001		498,968
	235,000	Clovis Oncology Inc.,
		4.500%, 08/01/24(a)		235,000		177,470
	350,000	CONMED Corp.,
		2.625%, 02/01/24(a)		364,210		434,910
	195,000	DexCom Inc.,
		0.750%, 12/01/23(a)		201,585		229,071
	500,000	Exact Sciences Corp.,
		0.375%, 03/15/27		514,099		541,900

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments (Continued) — September 30, 2019


Principal Amount			Cost		Market Value

		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
	$404,000	Insulet Corp.,
		1.375%, 11/15/24	$	446,844	$	744,250
		0.375%, 09/01/26(a)		300,000		305,673
	300,000	Intercept Pharmaceuticals Inc.,
		2.000%, 05/15/26		280,163		271,125
	400,000	Invacare Corp.,
		4.500%, 06/01/22		384,616		336,089
	495,000	Invitae Corp.,
		2.000%, 09/01/24(a)		514,280		494,134
	337,000	Neurocrine Biosciences Inc.,
		2.250%, 05/15/24		371,541		462,266
	500,000	Pacira BioSciences Inc.,
		2.375%, 04/01/22		507,436		494,235
	400,000	Paratek Pharmaceuticals Inc.,
		4.750%, 05/01/24		395,524		293,187
	100,000	Repligen Corp.,
		0.375%, 07/15/24		100,000		99,375
	350,000	Retrophin Inc.,
		2.500%, 09/15/25		324,348		260,824
	708,000	Supernus Pharmaceuticals Inc.,
		0.625%, 04/01/23		721,089		659,218
	770,000	Tabula Rasa HealthCare Inc.,
		1.750%, 02/15/26(a)		778,906		835,795
	300,000	Teladoc Health Inc.,
		3.000%, 12/15/22		308,641		513,469


				7,292,283		7,651,959

		Publishing — 1.1%
	500,000	Gannett Co. Inc.,
		4.750%, 04/15/24		534,757		541,600


		Semiconductors — 6.8%
	250,000	Adesto Technologies Corp.,
		4.250%, 09/15/24(a)		250,000		253,809
	250,000	Cypress Semiconductor Corp.,
		4.500%, 01/15/22		273,428		436,532
	500,000	Inphi Corp.,
		1.125%, 12/01/20		528,023		781,270
	500,000	Knowles Corp.,
		3.250%, 11/01/21		525,889		643,028
	758,000	Rambus Inc.,
		1.375%, 02/01/23		742,572		754,782
	300,000	Teradyne Inc.,
		1.250%, 12/15/23		359,557		571,140


				2,679,469		3,440,561

		Telecommunications — 4.3%
	305,000	8x8 Inc.,
		0.500%, 02/01/24(a)		325,527		321,048
	1,000,000	Infinera Corp.,
		2.125%, 09/01/24		874,402		872,570
	500,000	Liberty Latin America Ltd.,
		2.000%, 07/15/24(a)		499,516		500,567
	300,000	Twilio Inc.,
		0.250%, 06/01/23		300,591		501,381


				2,000,036		2,195,566

		Transportation — 2.1%
	500,000	Atlas Air Worldwide Holdings Inc.,
		1.875%, 06/01/24		442,671		415,937


Principal Amount			Cost		Market Value

	$590,000	GOL Equity Finance SA,
		3.750%, 07/15/24(a)	$	600,504	$	622,819


				1,043,175		1,038,756

		TOTAL CONVERTIBLE CORPORATE BONDS		33,700,936		36,129,612


Shares

		CONVERTIBLE PREFERRED STOCKS — 2.3%
		Agriculture — 0.2%
	1,000	Bunge Ltd., 4.875%		94,950		101,630


		Financial Services — 2.1%
	600	Bank of America Corp., 7.250%, Ser. L		804,556		899,526
	117	Wells Fargo & Co., 7.500%, Ser. L		149,190		178,131


				953,746		1,077,657

		TOTAL CONVERTIBLE PREFERRED STOCKS		1,048,696		1,179,287


		MANDATORY CONVERTIBLE SECURITIES (b) — 23.0%
		Consumer Products — 1.0%
	5,150	Energizer Holdings Inc., Ser. A
		7.500%, 01/15/22		521,484		487,602

		Diversified Industrial — 1.0%
	4,000	Colfax Corp.,
		5.750%, 01/15/22		416,600		522,160

		Energy and Utilities: Integrated — 6.1%
	20,200	CenterPoint Energy Inc., Ser. B
		7.000%, 09/01/21		1,034,043		1,055,652
	5,000	DTE Energy Co.,
		6.500%, 10/01/19		266,172		290,050
	14,000	NextEra Energy Inc.,
		4.872%, 09/01/22		680,031		702,380
		Sempra Energy,
	3,535	Ser. A, 6.000%, 01/15/21		360,105		417,837
	1,970	Ser. B, 6.750%, 07/15/21		207,963		231,790
	7,500	The Southern Co.,
		6.750%, 08/01/22		376,645		401,325


				2,924,959		3,099,034

		Energy and Utilities: Services — 3.7%
	10,180	American Electric Power Co. Inc.,
		6.125%, 03/15/22		516,072		560,714
��	5,000	Dominion Energy Inc., Ser. A
		7.250%, 06/01/22		508,795		528,750
	14,705	South Jersey Industries Inc.,
		7.250%, 04/15/21		779,922		759,807


				1,804,789		1,849,271

		Energy and Utilities: Water — 1.2%
	9,720	Aqua America Inc.,
		6.000%, 04/30/22		545,865		589,032

		Equipment and Supplies — 1.1%
	500	Danaher Corp., Ser. A
		4.750%, 04/15/22		515,260		570,025


		Financial Services — 1.2%
	2,538	Assurant Inc., Ser. D
		6.500%, 03/15/21		260,201		317,301
	6,000	New York Community Capital Trust V,
		6.000%, 11/01/51		300,700		300,000


				560,901		617,301

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES (b) (Continued)
		Health Care — 1.3%
	2,730	Avantor Inc., Ser. A
		6.250%, 05/15/22	$	154,885	$	146,574
	8,494	Becton Dickinson and Co., Ser. A
		6.125%, 05/01/20		463,626		525,864


				618,511		672,438

		Industrials — 1.3%
	8,032	International Flavors &
		Fragrances Inc.,
		6.000%, 09/15/21		416,608		377,825
	5,200	Rexnord Corp., Ser. A
		5.750%, 11/15/19		267,069		284,960


				683,677		662,785

		Real Estate Investment Trusts — 3.1%
	504	Crown Castle International Corp., Ser. A
		6.875%, 08/01/20		538,469		636,134
	7,500	QTS Realty Trust Inc., Ser. B
		6.500 %,		781,733		911,175


				1,320,202		1,547,309

		Semiconductors — 2.0%
	1,005	Broadcom Inc., Ser. A
		8.000%, 09/30/22		1,006,500		1,030,513

		TOTAL MANDATORY CONVERTIBLE SECURITIES		10,918,748		11,647,470


Shares			Cost		Market Value
		COMMON STOCKS — 0.5%
		Computer Software and Services — 0.5%
	1,664	Alibaba Group Holding Ltd., ADR†	$	248,934	$	278,271


Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 4.2%
	$2,139,000	U.S. Treasury Bills, 1.762% to 2.065%††, 10/24/19 to 12/26/19		2,130,962		2,130,933


		TOTAL INVESTMENTS — 101.4%	$	48,048,276		51,365,573

		Other Assets and Liabilities (Net) — (1.4)%				(728,226	)

		NET ASSETS — 100.0%			$	50,637,347

(a)	Security 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)	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 yields at dates of purchase.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

TETON Westwood Equity Fund

Schedule of Investments — September 30, 2019


Shares			Cost		Market Value
		COMMON STOCKS — 98.6%
		Aerospace — 6.1%
	6,095	General Dynamics Corp.	$	923,606	$	1,113,739
	2,989	Northrop Grumman Corp.		957,069		1,120,247
	3,127	The Boeing Co.		501,736		1,189,730


				2,382,411		3,423,716

		Banking — 11.7%
	65,805	Bank of America Corp.		1,221,600		1,919,532
	17,113	JPMorgan Chase & Co.		1,020,220		2,014,029
	33,185	Wells Fargo & Co.		1,631,033		1,673,851
	20,865	Western Alliance Bancorp		1,093,105		961,459


				4,965,958		6,568,871

		Business Services — 2.2%
	8,902	Equifax Inc.		1,094,820		1,252,244


		Computer Software and Services — 8.2%
	10,302	Activision Blizzard Inc.		571,183		545,182
	876	Alphabet Inc., Cl. A†		728,398		1,069,719
	2,995	Apple Inc.		605,526		670,790
	2,514	CACI International Inc., Cl. A†		545,179		581,388
	12,755	Microsoft Corp.		1,140,333		1,773,328


				3,590,619		4,640,407

		Consumer Products — 2.1%
	16,083	Colgate-Palmolive Co.		939,339		1,182,261


		Diversified Industrial — 1.9%
	6,294	Honeywell International Inc.		806,073		1,064,945


		Energy and Energy Services — 2.0%
	15,093	EOG Resources Inc.		1,359,469		1,120,202


		Energy: Integrated — 8.0%
	17,475	CMS Energy Corp.		791,822		1,117,526
	8,450	DTE Energy Co.		1,005,475		1,123,512
	4,854	NextEra Energy Inc.		393,231		1,130,933
	11,807	WEC Energy Group Inc.		575,099		1,122,846


				2,765,627		4,494,817

		Energy: Oil — 4.9%
	14,152	Chevron Corp.		1,436,499		1,678,427
	18,935	ConocoPhillips		1,277,509		1,078,916


				2,714,008		2,757,343

		Entertainment — 2.7%
	11,838	The Walt Disney Co.		1,434,732		1,542,728


		Financial Services — 8.5%
	20,785	American International Group Inc.		1,074,177		1,157,725
	8,941	Assurant Inc.		1,129,981		1,124,957
	7,421	Chubb Ltd.		809,279		1,198,046
	23,175	U.S. Bancorp		1,284,200		1,282,505


				4,297,637		4,763,233


Shares			Cost		Market Value
		Food and Beverage — 6.4%
	21,757	General Mills Inc.	$	1,099,594	$	1,199,246
	27,130	Hormel Foods Corp.		982,257		1,186,395
	8,791	PepsiCo Inc.		767,588		1,205,246


				2,849,439		3,590,887

		Health Care — 12.1%
	14,030	Abbott Laboratories		600,555		1,173,890
	5,770	Becton, Dickinson and Co.		999,872		1,459,579
	13,070	Johnson & Johnson		1,405,201		1,690,997
	13,150	Medtronic plc		1,105,102		1,428,353
	4,772	UnitedHealth Group Inc.		1,112,005		1,037,051


				5,222,735		6,789,870

		Real Estate — 5.2%
	4,690	Crown Castle International Corp., REIT		526,567		651,957
	4,568	Public Storage, REIT		985,751		1,120,393
	30,122	STORE Capital Corp., REIT		1,079,270		1,126,864


				2,591,588		2,899,214

		Retail — 8.4%
	7,969	Advance Auto Parts Inc.		1,230,325		1,318,073
	33,994	CVS Health Corp.		2,553,219		2,144,002
	5,441	The Home Depot Inc.		697,474		1,262,421


				4,481,018		4,724,496

		Semiconductors — 1.0%
	23,415	Marvell Technology Group Ltd.		540,980		584,672


		Telecommunications — 5.5%
	51,803	AT&T Inc.		2,023,429		1,960,225
	6,807	Motorola Solutions Inc.		800,837		1,159,981


				2,824,266		3,120,206

		Transportation — 1.7%
	5,860	Union Pacific Corp.		334,043		949,203


		TOTAL COMMON STOCKS		45,194,762		55,469,315

		SHORT TERM INVESTMENT — 1.1%
		Other Investment Companies — 1.1%
	639,544	Dreyfus Treasury Securities Cash Management, 1.830%*		639,544		639,544


		TOTAL INVESTMENTS — 99.7%	$	45,834,306		56,108,859


		Other Assets and Liabilities (Net) — 0.3%				164,419


		NET ASSETS — 100.0%			$	56,273,278

*	1 day yield as of September 30, 2019.

†	Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments — September 30, 2019


Shares			Cost		Market Value
		COMMON STOCKS — 58.8%
		Aerospace — 4.0%
	4,045	General Dynamics Corp.	$	596,080	$	739,143
	2,377	Northrop Grumman Corp.		761,078		890,876
	2,032	The Boeing Co.		335,763		773,115


				1,692,921		2,403,134

		Banking — 7.0%
	42,064	Bank of America Corp.		585,144		1,227,007
	11,050	JPMorgan Chase & Co.		644,585		1,300,475
	21,466	Wells Fargo & Co.		1,058,924		1,082,745
	13,168	Western Alliance Bancorp		692,414		606,781


				2,981,067		4,217,008

		Business Services — 1.2%
	5,276	Equifax Inc.		650,509		742,175


		Computer Software and Services — 5.0%
	6,534	Activision Blizzard Inc.		362,267		345,779
	621	Alphabet Inc., Cl. A†		516,899		758,328
	1,948	Apple Inc.		394,117		436,294
	1,597	CACI International Inc., Cl. A†		346,268		369,322
	7,624	Microsoft Corp.		512,676		1,059,965


				2,132,227		2,969,688

		Consumer Products — 1.2%
	9,853	Colgate-Palmolive Co.		563,237		724,294


		Diversified Industrial — 1.1%
	3,989	Honeywell International Inc.		493,926		674,939


		Energy and Energy Services — 1.2%
	9,646	EOG Resources Inc.		848,186		715,926


		Energy: Integrated — 4.8%
	11,169	CMS Energy Corp.		506,227		714,257
	5,401	DTE Energy Co.		643,242		718,117
	3,103	NextEra Energy Inc.		280,702		722,968
	7,546	WEC Energy Group Inc.		373,286		717,625


				1,803,457		2,872,967

		Energy: Oil — 2.9%
	9,060	Chevron Corp.		884,718		1,074,516
	11,341	ConocoPhillips		782,761		646,210


				1,667,479		1,720,726

		Entertainment — 1.6%
	7,309	The Walt Disney Co.		890,783		952,509


		Financial Services — 5.1%
	13,470	American International Group Inc.		697,264		750,279
	5,662	Assurant Inc.		715,567		712,393
	4,714	Chubb Ltd.		521,203		761,028
	14,701	U.S. Bancorp		814,784		813,553


				2,748,818		3,037,253

		Food and Beverage — 3.7%
	13,341	General Mills Inc.		673,221		735,356
	17,622	Hormel Foods Corp.		639,407		770,610
	5,367	PepsiCo Inc.		489,021		735,816


				1,801,649		2,241,782

		Health Care — 7.2%
	9,100	Abbott Laboratories		342,946		761,397
	3,570	Becton, Dickinson and Co.		628,159		903,067
	8,367	Johnson & Johnson		872,925		1,082,522
	8,404	Medtronic plc		704,329		912,842
	3,058	UnitedHealth Group Inc.		712,728		664,565


				3,261,087		4,324,393


Shares			Cost		Market Value
		Real Estate — 3.0%
	2,573	Crown Castle International Corp., REIT	$	288,652	$	357,673
	2,920	Public Storage, REIT		621,821		716,188
	19,800	STORE Capital Corp., REIT		710,086		740,718


				1,620,559		1,814,579

		Retail — 4.9%
	4,399	Advance Auto Parts Inc.		687,926		727,595
	22,206	CVS Health Corp.		1,642,376		1,400,532
	3,490	The Home Depot Inc.		491,211		809,750


				2,821,513		2,937,877

		Semiconductors — 0.6%
	15,232	Marvell Technology Group Ltd.		351,794		380,343


		Telecommunications — 3.3%
	32,950	AT&T Inc.		1,289,478		1,246,828
	4,315	Motorola Solutions Inc.		505,603		735,319


				1,795,081		1,982,147

		Transportation — 1.0%
	3,755	Union Pacific Corp.		244,004		608,235


		TOTAL COMMON STOCKS		28,368,297		35,319,975


Principal Amount
		CORPORATE BONDS — 17.8%
		Aerospace — 1.0%
	$595,000	Northrop Grumman Corp.,
		2.550%, 10/15/22		598,387		603,172


		Banking — 2.1%
	600,000	The Goldman Sachs Group Inc., MTN,
		3.850%, 07/08/24		600,203		635,545
	600,000	Wells Fargo & Co., MTN,
		3.500%, 03/08/22		605,632		619,332


				1,205,835		1,254,877

		Computer Software and Services — 0.5%
	300,000	Apple Inc.,
		3.450%, 02/09/45		320,139		318,524


		Consumer Products — 2.2%
	500,000	Colgate-Palmolive Co., MTN,
		2.100%, 05/01/23		497,603		502,819
	800,000	Costco Wholesale Corp.,
		1.700%, 12/15/19		799,599		799,491


				1,297,202		1,302,310

		Diversified Industrial — 0.9%
	510,000	Cabot Corp.,
		4.000%, 07/01/29		508,525		535,247


		Financial Services — 5.4%
	600,000	Capital One Financial Corp.,
		3.750%, 04/24/24		605,849		630,854
	600,000	Ford Motor Credit Co. LLC,
		3.470%, 04/05/21		603,876		603,187
	525,000	KKR Group Finance Co. VI LLC,
		3.750%, 07/01/29		523,555		553,946
	800,000	Morgan Stanley,
		3.591%, (3 Month USD LIBOR plus 1.34%) 07/22/28(a)		852,477		844,001

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — September 30, 2019


Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Financial Services (Continued)
	$600,000	The PNC Financial Services Group Inc., STEP,
		2.854%, 11/09/22	$	595,372	$	613,202


				3,181,129		3,245,190

		Health Care — 3.2%
	500,000	Abbott Laboratories,
		2.550%, 03/15/22		497,064		505,393
	600,000	Aetna Inc.,
		3.500%, 11/15/24		600,620		625,566
	800,000	CVS Health Corp.,
		3.250%, 08/15/29		813,061		805,323


				1,910,745		1,936,282

		Retail — 1.0%
	600,000	Macy’s Retail Holdings Inc.,
		3.450%, 01/15/21		604,909		604,726


		Transportation — 1.5%
	875,000	AP Moller - Maersk A/S,
		4.500%, 06/20/29		869,766		925,690


		TOTAL CORPORATE BONDS		10,496,637		10,726,018


		U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.8%

		Federal Home Loan Mortgage Corp. — 1.9%
	1,100,000	2.375%, 01/13/22		1,103,744		1,117,186

		Federal National Mortgage Association — 1.9%
	1,100,000	2.625%, 09/06/24		1,126,714		1,153,009


		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,230,458		2,270,195


		U. S. GOVERNMENT OBLIGATIONS — 16.6%
		U. S. Treasury Bonds — 3.7%
	1,100,000	2.500%, 02/15/45		990,991		1,183,939
	1,000,000	2.500%, 05/15/46		981,893		1,077,226


				1,972,884		2,261,165


Principal Amount			Cost		Market Value

		U.S. Treasury Inflation Indexed Notes — 2.0%
	$1,117,721	0.875%, 01/15/29	$	1,160,364	$	1,186,209


		U.S. Treasury Notes — 10.9%
	1,000,000	2.250%, 11/15/24		1,021,516		1,032,969
	500,000	2.000%, 02/15/25		497,768		510,664
	800,000	1.625%, 02/15/26		802,480		800,453
	950,000	2.250%, 08/15/27		903,345		993,344
	950,000	2.250%, 11/15/27		901,880		993,937
	1,100,000	2.625%, 02/15/29		1,129,003		1,190,728
	1,000,000	2.250%, 08/15/46		1,060,505		1,025,723


				6,316,497		6,547,818
		TOTAL U.S. GOVERNMENT OBLIGATIONS		9,449,745		9,995,192


Shares
		SHORT TERM INVESTMENT — 3.3%
		Other Investment Companies — 3.3%
	1,978,447	Dreyfus Treasury Securities Cash Management, 1.830%*		1,978,447		1,978,447


		TOTAL INVESTMENTS — 100.3%	$	52,523,584		60,289,827


		Other Assets and Liabilities (Net) — (0.3)%				(169,540	)


		NET ASSETS — 100.0%			$	60,120,287

*	1 day yield as of September 30, 2019.

(a)	The interest rates for these floating rate notes, which will change periodically, are based either on the prime rate or an index of market rates. The reflected rates are in effect as of September 30, 2019. The maturity dates reflected are the final maturity dates.

†	Non-income producing security.

MTN	Medium Term Note

REIT	Real Estate Investment Trust

STEP	Step coupon security. The rate disclosed is that in effect at September 30, 2019.

See accompanying notes to financial statements.

TETON Westwood Intermediate Bond Fund

Schedule of Investments — September 30, 2019


Principal Amount			Cost		Market Value
		CORPORATE BONDS — 85.9%
		Aerospace — 1.0%
	$ 50,000	Arconic Inc.,
		5.400%, 04/15/21	$	51,597	$	51,744


		Agriculture — 2.9%
	140,000	Bunge Ltd Finance Corp.,
		4.350%, 03/15/24		138,553		147,563


		Automotive: Parts and Accessories — 1.0%
	50,000	Lear Corp.,
		5.250%, 01/15/25		51,681		51,650


		Banking — 2.0%
	50,000	JPMorgan Chase & Co.,
		3.207%, (3 Month USD LIBOR plus 0.70%) 04/01/23(a)		50,057		51,242
		3.513%, (3 Month USD LIBOR plus 1.23%) 10/24/23(a)		50,000		50,825


				100,057		102,067

		Business Services — 1.0%
	50,000	Aramark Services Inc.,
		4.750%, 06/01/26		51,369		51,500


		Computer Hardware — 2.1%
	100,000	Seagate HDD Cayman,
		4.750%, 06/01/23		104,321		104,667


		Diversified Industrial — 10.2%
	50,000	Church & Dwight Co. Inc.,
		2.450%, 08/01/22		49,256		50,167
	75,000	CNH Industrial Capital LLC,
		3.875%, 10/15/21		77,135		77,131
	75,000	Flowserve Corp.,
		4.000%, 11/15/23		77,617		77,419
	50,000	Stericycle Inc.,
		5.375%, 07/15/24		52,386		51,500
	75,000	Trinity Industries Inc.,
		4.550%, 10/01/24		76,261		76,511
	125,000	United Rentals North America Inc.,
		4.625%, 07/15/23		127,032		128,231
	50,000	Wabtec Corp.,
		4.375%, 08/15/23		50,545		52,559


				510,232		513,518

		Energy — 13.0%
	75,000	Energy Transfer Operating LP,
		4.250%, 03/15/23		78,671		78,416
	50,000	EQM Midstream Partners LP,
		4.750%, 07/15/23		50,383		50,186
	40,000	Kinder Morgan Energy Partners LP,
		5.300%, 09/15/20		40,841		41,151
	250,000	MPLX LP,
		6.250%, 10/15/22		254,059		256,435
	75,000	NRG Energy Inc.,
		3.750%, 06/15/24		77,406		77,241
	75,000	Plains All American Pipeline LP/PAA Finance Corp.,
		3.650%, 06/01/22		74,922		76,951
	75,000	Western Midstream Operating LP,
		5.375%, 06/01/21		76,934		77,148


				653,216		657,528


Principal Amount			Cost		Market Value
		Financial Services — 20.4%
	$ 50,000	Ally Financial Inc.,
		4.125%, 03/30/20	$	50,361	$	50,437
	200,000	Capital One Financial Corp.,
		3.750%, 04/24/24		201,949		210,285
	75,000	CyrusOne LP / CyrusOne Finance Corp.,
		5.000%, 03/15/24		76,768		77,813
	75,000	Equinix Inc.,
		5.750%, 01/01/25		77,488		78,238
	125,000	Ford Motor Credit Co. LLC,
		3.157%, 08/04/20		124,455		125,331
		3.200%, 01/15/21		75,000		75,121
	125,000	General Motors Financial Co. Inc.,
		3.700%, 11/24/20		125,594		126,594
		3.414%, (3 Month USD LIBOR plus 1.31%) 06/30/22(a)		75,276		75,067
	75,000	Jefferies Financial Group Inc.,
		5.500%, 10/18/23		77,846		81,434
	125,000	MPT Operating Partnership LP /MPT Finance Corp.,
		6.375%, 03/01/24		129,826		131,193


				1,014,563		1,031,513

		Food and Beverage — 6.2%
	100,000	Anheuser-Busch InBev Finance Inc.,
		3.700%, 02/01/24		102,298		106,842
	50,000	Conagra Brands Inc.,
		3.250%, 09/15/22		50,957		51,193
	50,000	Lamb Weston Holdings Inc.,
		4.625%, 11/01/24		52,605		52,870
	100,000	Mondelēz International Inc.,
		5.375%, 02/10/20		100,081		101,107


				305,941		312,012

		Health Care — 6.3%
	75,000	Bausch Health Cos. Inc.,
		7.000%, 03/15/24		79,019		79,010
	75,000	Becton Dickinson and Co.,
		3.363%, 06/06/24		74,407		78,282
	100,000	HCA Inc.,
		5.000%, 03/15/24		103,145		109,304
	50,000	Tenet Healthcare Corp.,
		4.625%, 07/15/24		51,419		51,574


				307,990		318,170

		Metals and Mining — 2.1%
	100,000	Kinross Gold Corp.,
		5.125%, 09/01/21		102,283		104,000


		Real Estate — 4.6%
	150,000	Service Properties Trust,
		4.350%, 10/01/24		149,824		151,947
	75,000	Vornado Realty LP,
		3.500%, 01/15/25		77,497		77,485


				227,321		229,432

		Retail — 1.0%
	50,000	Macy’s Retail Holdings Inc.,
		2.875%, 02/15/23		49,148		49,461

See accompanying notes to financial statements.

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — September 30, 2019


Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Specialty Chemicals — 4.8%
	$ 35,000	Celanese US Holdings LLC,
		5.875%, 06/15/21	$	36,586	$	36,962
	75,000	Huntsman International LLC,
		5.125%, 11/15/22		78,003		80,015
	75,000	Methanex Corp.,
		5.250%, 03/01/22		76,604		77,968
	50,000	The Chemours Co.,
		6.625%, 05/15/23		51,090		49,563


				242,283		244,508

		Telecommunications — 7.3%
	100,000	AT&T Inc.,
		3.900%, 03/11/24		101,794		106,104
	75,000	Charter Communications Operating LLC/Charter Communications Operating Capital,
		4.464%, 07/23/22		76,821		78,987
	75,000	Equinix Inc.,
		5.375%, 05/15/27		81,074		81,047
	50,000	Level 3 Financing Inc.,
		5.375%, 01/15/24		50,906		51,117
	50,000	T-Mobile USA Inc.,
		4.000%, 04/15/22		51,538		51,375


				362,133		368,630

		TOTAL CORPORATE BONDS		4,272,688		4,337,963
		CONVERTIBLE CORPORATE BONDS —1.8%
		Business Services — 0.9%
	50,000	Macquarie Infrastructure Corp.,
		2.000%, 10/01/23		45,722		45,750


		Computer Hardware — 0.9%
	50,000	Western Digital Corp.,
		1.500%, 02/01/24		44,618		48,125


		TOTAL CONVERTIBLE CORPORATE BONDS		90,340		93,875


Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%
		Government National Mortgage Association — 0.3%
	$ 3,305	6.000%, 12/15/33	$	3,323	$	3,792
	10,678	5.500%, 01/15/34		10,719		12,113


				14,042		15,905

		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		14,042		15,905


		U. S. GOVERNMENT OBLIGATIONS — 12.2%
		U. S. Treasury Notes — 8.1%
	150,000	2.625%, 06/15/21		149,875		152,323
	250,000	2.000%, 02/15/25		249,280		255,332


				399,155		407,655

		U.S. Treasury Bonds — 4.1%
	150,000	5.375%, 02/15/31		161,695		206,851


		TOTAL U.S. GOVERNMENT OBLIGATIONS		560,850		614,506


		TOTAL INVESTMENTS — 100.2%	$	4,937,920		5,062,249


		Other Assets and Liabilities (Net) — (0.2)%				(12,354	)


		NET ASSETS — 100.0%			$	5,049,895

(a)	The interest rates for these floating rate notes, which will change periodically, are based either on the prime rate or an index of market rates. The reflected rates are in effect as of September 30, 2019. The maturity dates reflected are the final maturity dates.

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Assets and Liabilities

September 30, 2019


					Convertible
	Mighty		SmallCap		Securities
	Mites Fund		Equity Fund		Fund
Assets:
Investments, at value (cost $564,529,482, $34,372,064, and $48,048,276, respectively)		$917,995,251		$40,914,224		$51,365,573
Investments in affiliates, at value (cost $36,681,983)		48,626,986		—		—
Foreign currency, at value (cost $2,604)		2,590		—		—
Cash		2,659		96,481		—
Receivable for Fund shares sold		275,417		11,410		93,026
Receivable for investments sold		1,110,038		—		—
Receivable from Adviser		—		1,103		18,934
Dividends and interest receivable - unaffiliated		622,343		23,425		231,643
Dividends and interest receivable - affiliated		45,100		—		—
Prepaid expenses		33,162		24,805		30,060
Total Assets		968,713,546		41,071,448		51,739,236
Liabilities:
Payable to custodian		—		—		1,004,611
Payable for investments purchased		34,960		2,226,245		—
Payable for Fund shares redeemed		1,611,458		86,645		7,003
Payable for investment advisory fees		798,529		31,941		40,965
Payable for distribution fees.		154,550		6,044		6,288
Payable for accounting fees		7,500		—		—
Payable for custodian fees		76,269		3,605		3,748
Payable for legal and audit fees		50,644		31,318		23,742
Payable for shareholder communications expenses		101,785		8,772		7,738
Payable for shareholder services fees		154,282		4,469		4,292
Other accrued expenses		7,924		3,568		3,502
Total Liabilities		2,997,901		2,402,607		1,101,889
Net Assets		$965,715,645		$38,668,841		$50,637,347
Net Assets Consist of:
Paid-in capital		$573,346,323		$31,886,737		$47,059,341
Total distributable earnings		392,369,322		6,782,104		3,578,006
Net Assets		$965,715,645		$38,668,841		$50,637,347
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$156,266,489		$7,757,876		$5,167,758
Shares of beneficial interest outstanding		6,109,031		431,603		372,827
Net Asset Value,offering, and redemption price per share		$25.58		$17.97		$13.86
Class A:
Net assets		$75,976,896		$4,439,648		$4,821,137
Shares of beneficial interest outstanding		3,102,230		261,501		336,511
Net Asset Valueand redemption price per share		$24.49		$16.98		$14.33
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$25.51		$17.69		$14.93
Class C:
Net assets		$108,356,182		$3,163,960		$4,245,827
Shares of beneficial interest outstanding		5,102,477		221,591		277,465
Net Asset Valueand offering price per share(a)		$21.24		$14.28		$15.30
Class I:
Net assets		$625,116,078		$23,307,357		$36,402,625
Shares of beneficial interest outstanding		23,775,666		1,243,688		2,617,305
Net Asset Value,offering, and redemption price per share		$26.29		$18.74		$13.91

(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, 2019


			Balanced		Intermediate
	Equity Fund		Fund		Bond Fund
Assets:
Investments, at value (cost $45,834,306, $52,523,584, and $ 4,937,920, respectively)		$56,108,859		$60,289,827		$5,062,249
Investments in affiliates, at value		—		—		—
Cash		—		—		—
Receivable for Fund shares sold		1,216		7,404		642
Receivable for investments sold		623,826		365,069		—
Receivable from Adviser		—		—		7,547
Dividends and interest receivable - unaffiliated		48,962		177,246		48,981
Dividends and interest receivable - affiliated		—		—		—
Prepaid expenses		22,089		27,451		18,478
Total Assets		56,804,952		60,866,997		5,137,897
Liabilities:
Payable to custodian		—		—		41,880
Payable for investments purchased		405,150		628,743		—
Payable for Fund shares redeemed		10,295		7,372		923
Payable for investment advisory fees		46,270		36,867		3,037
Payable for distribution fees		11,085		14,825		1,347
Payable for accounting fees		7,500		7,500		—
Payable for custodian fees		5,144		5,585		2,116
Payable for legal and audit fees		24,278		24,307		25,749
Payable for shareholder communications expenses		9,478		9,999		6,215
Payable for shareholder services fees		8,886		7,847		3,082
Other accrued expenses		3,588		3,665		3,653
Total Liabilities		531,674		746,710		88,002
Net Assets		$56,273,278		$60,120,287		$5,049,895
Net Assets Consist of:
Paid-in capital		$41,090,448		$48,623,390		$4,991,931
Total distributable earnings		15,182,830		11,496,897		57,964
Net Assets		$56,273,278		$60,120,287		$5,049,895
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$50,848,623		$44,637,669		$3,106,060
Shares of beneficial interest outstanding		4,015,775		3,812,379		278,912
Net Asset Value,offering, and redemption price per share		$12.66		$11.71		$11.14
Class A:
Net assets		$1,366,333		$9,552,681		$932,285
Shares of beneficial interest outstanding		108,178		810,519		83,789
Net Asset Valueand redemption price per share.		$12.63		$11.79		$11.13
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$13.16		$12.28		$11.59
Class C:
Net assets		$104,282		$2,195,603		$550,060
Shares of beneficial interest outstanding		8,865		182,855		52,096
Net Asset Valueand offering price per share(a)		$11.76		$12.01		$10.56
Class I:
Net assets		$3,954,040		$3,734,334		$461,490
Shares of beneficial interest outstanding		313,199		319,445		41,409
Net Asset Value,offering, and redemption price per share		$12.62		$11.69		$11.14

(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, 2019


							Convertible
	Mighty			SmallCap			Securities
	Mites Fund			Equity Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $97,219, $2,257,and $0, respectively)		$ 10,774,692			$ 592,509			$ 430,094
Dividends - affiliated		1,060,364			—			—
Interest		2,877,362			45,519			359,347
Total Investment Income		14,712,418			638,028			789,441
Expenses:
Investment advisory fees		11,285,565			400,003			359,124
Distribution fees - Class AAA		447,901			20,265			11,407
Distribution fees - Class A		443,512			21,795			20,007
Distribution fees - Class C		1,302,254			30,662			32,649
Accounting fees		45,000			—			—
Custodian fees		184,215			11,755			10,065
Interest expense		77			131			110
Legal and audit fees		67,400			32,580			25,164
Registration expenses		77,580			57,133			56,872
Shareholder communications expenses		275,243			25,565			23,341
Shareholder services fees		1,011,772			15,206			17,576
Trustees’ fees		129,162			4,333			3,579
Miscellaneous expenses		43,285			11,090			12,271
Total Expenses		15,312,966			630,518			572,165
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(155,872	)		(183,238	)
Advisory fee reduction on unsupervised assets (See Note 3)		(60,653	)		—			—
Custodian fee credits		(2,660	)		(330	)		(447	)
Expenses paid by broker (See Note 6)		(4,446	)		(1,461	)		(1,094)
Total Reimbursements, Waivers, Reductions, and Credits		(67,759	)		(157,663	)		(184,779	)
Net Expenses.		15,245,207			472,855			387,386
Net Investment Income/(Loss)		(532,789	)		165,173			402,055
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		36,131,567			1,189,102			800,895
Net realized loss on investments - affiliated		(223,106	)		—			—
Net realized gain/(loss) on foreign currency transactions		3,770			(24	)		—
Net realized gain on investments and foreign currency transactions		35,912,231			1,189,078			800,895
Net change in unrealized appreciation/depreciation:
on investments		(158,509,021	)		(2,429,472	)		1,016,004
on foreign currency translations		(3,384	)		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(158,512,405	)		(2,429,472	)		1,016,004
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(122,600,174	)		(1,240,394	)		1,816,899
Net Increase/(Decrease) in Net Assets Resulting from Operations		$(123,132,963	)		$(1,075,221	)		$2,218,954

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Operations (Continued)

For the Year Ended September 30, 2019


	Equity Fund			Balanced Fund				Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $ 0, $0, and $0, respectively)	$	1,345,721			$	918,634				—
Dividends - affiliated		—				—				—
Interest		15,346				583,945			$	215,025
Total Investment Income		1,361,067				1,502,579				215,025
Expenses:
Investment advisory fees		555,605				447,549				42,543
Distribution fees - Class AAA		124,520				109,423				8,514
Distribution fees - Class A		6,559				44,626				2,427
Distribution fees - Class C		2,310				33,052				6,873
Accounting fees		45,000				45,000				—
Custodian fees		12,174				12,983				5,127
Interest expense		—				—				863
Legal and audit fees		25,966				26,091				26,714
Registration expenses		56,963				57,379				42,673
Shareholder communications expenses		27,428				28,348				18,585
Shareholder services fees		35,412				37,665				10,949
Trustees’ fees		6,180				2,891				790
Miscellaneous expenses		11,712				11,817				9,098
Total Expenses		909,829				856,824				175,156
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—				—				(103,301	)
Advisory fee reduction on unsupervised assets (See Note 3)		—				—				—
Custodian fee credits		—				—				—
Expenses paid by broker (See Note 6)		(1,542	)			(1,498	)			—
Total Reimbursements, Waivers, Reductions, and Credits		(1,542	)			(1,498	)			(103,301	)
Net Expenses		908,287				855,326				71,855
Net Investment Income		452,780				647,253				143,170
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		4,834,985				3,898,057				28,897
Net realized loss on investments - affiliated		—				—				—
Net realized gain/(loss) on foreign currency transactions		—				—				—
Net realized gain on investments and foreign currency transactions		4,834,985				3,898,057				28,897
Net change in unrealized appreciation/depreciation: on investments		(2,435,331	)			(1,085,484	)			167,373
Net change in unrealized appreciation/depreciation on investments		(2,435,331	)			(1,085,484	)			167,373
Net Realized and Unrealized Gain on Investments and Foreign Currency		2,399,654				2,812,573				196,270
Net Increase in Net Assets Resulting from Operations	$	2,852,434			$	3,459,826			$	339,440

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Changes in Net Assets

For the Year Ended September 30,


	Mighty Mites Fund						SmallCap Equity Fund
	2019			2018			2019			2018
Operations:
Net investment income/(loss)	$	(532,789	)	$	(2,977,303	)	$	165,173		$	(9,202	)
Net realized gain/(loss) on investments and foreign currency transactions		35,912,231			45,140,471			1,189,078			4,343,612
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(158,512,405	)		18,650,429			(2,429,472	)		(1,384,607	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(123,132,963	)		60,813,597			(1,075,221	)		2,949,803
Distributions to Shareholders
Accumulated earnings
Class AAA		(7,361,282	)		(16,091,681	)		(988,127	)		(799,266	)
Class A		(3,810,847	)		(8,606,993	)		(503,509	)		(335,705	)
Class C		(6,494,377	)		(12,671,430	)		(375,663	)		(226,732	)
Class I		(29,681,828	)		(47,329,053	)		(2,141,704	)		(1,361,990	)
Class T*		—			(659	)		—			(93	)
		(47,348,334	)		(84,699,816	)		(4,009,003	)		(2,723,786	)
Return of capital
Class AAA		—			—			—			—
Class A		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
		—			—			—			—
Distributions to Shareholders		(47,348,334	)		(84,699,816	)		(4,009,003	)		(2,723,786	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		10,468,795			32,706,439			1,119,732			2,106,780
Class A		14,953,915			21,168,410			891,774			1,565,274
Class C		6,646,050			22,014,819			1,696,887			967,543
Class I		118,030,977			310,712,422			11,711,478			7,976,771
		150,099,737			386,602,090			15,419,871			12,616,368
Proceeds from reinvestment of distributions
Class AAA		7,212,093			15,814,254			983,405			789,372
Class A		3,441,845			7,945,275			502,766			333,554
Class C		5,725,757			10,953,006			357,015			200,988
Class I		19,854,881			30,327,154			2,133,536			1,335,363
Class T*		—			660			—			93
		36,234,576			65,040,349			3,976,722			2,659,370
Cost of shares redeemed
Class AAA		(61,793,617	)		(90,591,578	)		(2,044,177	)		(2,969,647	)
Class A		(40,281,984	)		(83,818,036	)		(1,164,895	)		(457,749	)
Class C		(49,090,524	)		(40,163,303	)		(1,345,840	)		(483,289	)
Class I		(335,035,651	)		(129,221,594	)		(9,981,231	)		(5,321,296	)
Class T*		—			(11,417	)		—			(1,199	)
		(486,201,776	)		(343,805,928	)		(14,536,143	)		(9,233,180	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(299,867,463	)		107,836,511			4,860,450			6,042,558
Redemption Fees		1,291			972			2			—
Net Increase/(Decrease) in Net Assets		(470,347,469	)		83,951,264			(223,772	)		6,268,575
Net Assets:
Beginning of year		1,436,063,114			1,352,111,850			38,892,613			32,624,038
End of year	$	965,715,645		$	1,436,063,114		$	38,668,841		$	38,892,613

*	Class T Shares were liquidated on August 31, 2018.

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

For the Year Ended September 30,


Convertible Securities Fund						Equity Fund						Balanced Fund						Intermediate Bond Fund
2019			2018			2019			2018			2019			2018			2019			2018

$	402,055		$	68,502		$	452,780		$	368,498		$	647,253		$	605,530		$	143,170		$	118,467
	800,895			1,234,059			4,834,985			7,812,617			3,898,057			6,409,044			28,897			(91,525	)
	1,016,004			1,169,874			(2,435,331	)		72,520			(1,085,484	)		(1,288,447	)		167,373			(94,183	)
	2,218,954			2,472,435			2,852,434			8,253,635			3,459,826			5,726,127			339,440			(67,241	)
	(249,390	)		(66,250	)		(7,382,923	)		(5,968,512	)		(5,372,476	)		(3,431,212	)		(68,846	)		(116,646	)
	(200,657	)		(37,108	)		(193,992	)		(269,080	)		(956,205	)		(538,815	)		(13,451	)		(11,813	)
	(139,526	)		(10,436	)		(62,356	)		(73,250	)		(461,298	)		(275,807	)		(8,702	)		(28,098	)
	(1,206,229	)		(189,216	)		(693,652	)		(569,904	)		(435,231	)		(217,833	)		(52,198	)		(95,203	)
	—			—			—			—			—			—			—			—
	(1,795,802	)		(303,010	)		(8,332,923	)		(6,880,746	)		(7,225,210	)		(4,463,667	)		(143,197	)		(251,760	)
	—			—			—			—			—			—			—			(28	)
	—			—			—			—			—			—			—			(3	)
	—			—			—			—			—			—			—			(9	)
	—			—			—			—			—			—			—			(21	)
	—			—			—			—			—			—			—			(61	)
	(1,795,802	)		(303,010	)		(8,332,923	)		(6,880,746	)		(7,225,210	)		(4,463,667	)		(143,197	)		(251,821	)
	1,224,687			910,760			425,605			485,651			8,157,431			1,658,895			514,330			591,965
	1,587,810			1,906,290			69,261			10,444			3,417,235			2,483,948			1,085,817			1,209,949
	1,949,173			2,049,285			59,376			4,655			466,783			296,276			128,417			115,342
	24,516,359			11,790,310			225,838			902,820			366,124			3,251,539			67,414			278,911
	29,278,029			16,656,645			780,080			1,403,570			12,407,573			7,690,658			1,795,978			2,196,167
	242,035			64,447			7,101,811			5,773,371			5,219,980			3,348,972			66,869			113,042
	197,189			36,464			193,971			269,063			933,418			524,840			13,385			9,857
	139,286			10,398			58,166			69,569			456,569			272,907			8,694			27,825
	1,205,642			189,122			687,138			519,472			413,205			197,338			50,257			94,841
	—			—			—			—			—			—			—			—
	1,784,152			300,431			8,041,086			6,631,475			7,023,172			4,344,057			139,205			245,565
	(806,900	)		(1,104,825	)		(6,493,308	)		(7,112,237	)		(11,122,683	)		(11,680,874	)		(1,002,190	)		(809,987	)
	(677,142	)		(1,257,996	)		(203,757	)		(1,352,885	)		(3,128,537	)		(2,643,723	)		(498,327	)		(1,379,664	)
	(817,524	)		(565,784	)		(377,696	)		(310,799	)		(2,905,019	)		(714,072	)		(410,095	)		(395,612	)
	(7,837,496	)		(1,657,866	)		(1,341,652	)		(1,609,894	)		(758,150	)		(1,562,514	)		(2,012,886	)		(865,754	)
	—			—			—			—			—			—			—			—
	(10,139,062	)		(4,586,471	)		(8,416,413	)		(10,385,815	)		(17,914,389	)		(16,601,183	)		(3,923,498	)		(3,451,017	)
	20,923,119			12,370,605			404,753			(2,350,770	)		1,516,356			(4,566,468	)		(1,988,315	)		(1,009,285	)
	—			—			—			—			—			—			—			—
	21,346,271			14,540,030			(5,075,736	)		(977,881	)		(2,249,028	)		(3,304,008	)		(1,792,072	)		(1,328,347	)
	29,291,076			14,751,046			61,349,014			62,326,895			62,369,315			65,673,323			6,841,967			8,170,314
$	50,637,347		$	29,291,076		$	56,273,278		$	61,349,014		$	60,120,287		$	62,369,315		$	5,049,895		$	6,841,967

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights

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


Year Ended September 30	Net Asset Value, Beginning of Year			Income (Loss) from Investment Operations												Distributions to Shareholders																	Ratios to Average Net Assets/Supplemental Data
																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
				Net Investment Income (Loss)(a)(b)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				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)									Portfolio Turnover Rate
Mighty Mites Fund
Class AAA
2019		$	28.86		$	(0.03	)		$	(2.28	)		$	(2.31	)		$	(0.97	)		$	(0.97	)		$	0.00		$	25.58		(8.0	)%		$	156,267		(0.11	)%		1.41	%		1.41	%		8	%
2018			29.42			(0.07	)			1.32				1.25				(1.81	)			(1.81	)			0.00			28.86		4.4				226,938		(0.25	)		1.40			1.40			9
2017			24.76			(0.12	)			5.97				5.85				(1.19	)			(1.19	)			0.00			29.42		24.4				274,161		(0.46	)		1.41			1.42			8
2016			22.02			(0.15	)			3.41				3.26				(0.52	)			(0.52	)			0.00			24.76		15.0				256,488		(0.67	)		1.41			1.41			6
2015			23.01			(0.06	)			(0.50	)			(0.56	)			(0.43	)			(0.43	)			0.00			22.02		(2.6	)			265,145		(0.27	)		1.40			1.41			13
Class A
2019		$	27.75		$	(0.09	)		$	(2.20	)		$	(2.29	)		$	(0.97	)		$	(0.97	)		$	0.00		$	24.49		(8.3	)%		$	75,977		(0.35	)%		1.66	%		1.66	%		8	%
2018			28.42			(0.14	)			1.28				1.14				(1.81	)			(1.81	)			0.00			27.75		4.1				111,572		(0.50	)		1.65			1.65			9
2017			24.01			(0.18	)			5.78				5.60				(1.19	)			(1.19	)			0.00			28.42		24.1				169,017		(0.72	)		1.66			1.67			8
2016			21.43			(0.20	)			3.30				3.10				(0.52	)			(0.52	)			0.00			24.01		14.6				141,893		(0.92	)		1.66			1.66			6
2015			22.45			(0.12	)			(0.47	)			(0.59	)			(0.43	)			(0.43	)			0.00			21.43		(2.8	)			154,000		(0.51	)		1.65			1.66			13
Class C
2019		$	24.32		$	(0.18	)		$	(1.93	)		$	(2.11	)		$	(0.97	)		$	(0.97	)		$	0.00		$	21.24		(8.7	)%		$	108,356		(0.85	)%		2.16	%		2.16	%		8	%
2018			25.24			(0.24	)			1.13				0.89				(1.81	)			(1.81	)			0.00			24.32		3.6				166,600		(1.00	)		2.15			2.15			9
2017			21.55			(0.27	)			5.15				4.88				(1.19	)			(1.19	)			0.00			25.24		23.5				180,282		(1.21	)		2.16			2.17			8
2016			19.38			(0.28	)			2.97				2.69				(0.52	)			(0.52	)			0.00			21.55		14.1				175,241		(1.41	)		2.16			2.16			6
2015			20.44			(0.21	)			(0.42	)			(0.63	)			(0.43	)			(0.43	)			0.00			19.38		(3.2	)			187,216		(1.01	)		2.15			2.16			13
Class I
2019		$	29.57		$	0.04			$	(2.35	)		$	(2.31	)		$	(0.97	)		$	(0.97	)		$	0.00		$	26.29		(7.8	)%		$	625,116		0.15	%		1.16	%		1.16	%		8	%
2018			30.02			0.00	(c)			1.36				1.36				(1.81	)			(1.81	)			0.00			29.57		4.7				930,953		0.00	(f)		1.15			1.15			9
2017			25.18			(0.06	)			6.09				6.03				(1.19	)			(1.19	)			0.00			30.02		24.7				728,641		(0.22	)		1.16			1.17			8
2016			22.34			(0.10	)			3.46				3.36				(0.52	)			(0.52	)			0.00			25.18		15.2				476,493		(0.44	)		1.16			1.16			6
2015			23.27			(0.00	)(c)			(0.50	)			(0.50	)			(0.43	)			(0.43	)			0.00			22.34		(2.3	)			488,846		(0.01	)		1.15			1.16			13

†	Total return represents aggregate total return of a hypothetical $1,000 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 data are 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 the years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(e)	Before advisory fee reduction on unsupervised assets totaling 0.01% and 0.01% of net assets for the years ended September 30, 2017 and 2015, respectively. For the years ended September 30, 2019, 2018, and 2016 there was no impact on the expense ratios.

(f)	Amount represents less than 0.005%.

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights

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


Year Ended September 30	Net Asset Value, Beginning of Year			Income (Loss) from Investment Operations												Distributions to Shareholders												Redemption Fees(b)			Net Asset Value, End of Year			Total Return†			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(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/ Reimbursements(c)			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2019		$	21.49		$	0.06			$	(1.28	)		$	(1.22	)			—			$	(2.30	)		$	(2.30	)		$	0.00		$	17.97		(5.6	)%		$	7,758		0.33	%		1.25	%		1.64	%		35	%
2018			21.37			(0.02	)			2.00				1.98				—				(1.86	)			(1.86	)			—			21.49		9.7				9,286		(0.08	)		1.25			1.72			32
2017			19.03			(0.04	)			4.17				4.13				—				(1.79	)			(1.79	)			0.00			21.37		23.1				9,295		(0.22	)		1.36			1.74			38
2016			18.54			(0.04	)			3.57				3.53				—				(3.04	)			(3.04	)			0.00			19.03		21.1				10,855		(0.25	)		1.50			1.79			18
2015			20.52			(0.09	)			(0.29	)			(0.38	)			—				(1.60	)			(1.60	)			—			18.54		(2.4	)			7,721		(0.47	)		1.50			1.66			23
Class A
2019		$	20.48		$	0.01			$	(1.21	)		$	(1.20	)			—			$	(2.30	)		$	(2.30	)		$	0.00		$	16.98		(5.8	)%		$	4,440		0.08	%		1.50	%		1.89	%		35	%
2018			20.50			(0.07	)			1.91				1.84				—				(1.86	)			(1.86	)			—			20.48		9.4				5,024		(0.33	)		1.50			1.97			32
2017			18.37			(0.09	)			4.01				3.92				—				(1.79	)			(1.79	)			0.00			20.50		22.8				3,580		(0.47	)		1.60			1.99			38
2016			18.02			(0.08	)			3.47				3.39				—				(3.04	)			(3.04	)			0.00			18.37		20.9				2,871		(0.49	)		1.75			2.04			18
2015			20.05			(0.14	)			(0.29	)			(0.43	)			—				(1.60	)			(1.60	)			—			18.02		(2.7	)			3,258		(0.71	)		1.75			1.91			23
Class C
2019		$	17.69		$	(0.06	)		$	(1.05	)		$	(1.11	)			—			$	(2.30	)		$	(2.30	)		$	0.00		$	14.28		(6.2	)%		$	3,164		(0.41	)%		2.00	%		2.39	%		35	%
2018			18.04			(0.15	)			1.66				1.51				—				(1.86	)			(1.86	)			—			17.69		8.8				2,895		(0.83	)		2.00			2.47			32
2017			16.43			(0.16	)			3.56				3.40				—				(1.79	)			(1.79	)			0.00			18.04		22.2				2,247		(0.97	)		2.11			2.49			38
2016			16.49			(0.15	)			3.13				2.98				—				(3.04	)			(3.04	)			0.00			16.43		20.2				2,268		(0.99	)		2.25			2.54			18
2015			18.56			(0.22	)			(0.25	)			(0.47	)			—				(1.60	)			(1.60	)			—			16.49		(3.2	)			3,081		(1.21	)		2.25			2.41			23
Class I
2019		$	22.27		$	0.11			$	(1.32	)		$	(1.21	)		$	(0.02	)		$	(2.30	)		$	(2.32	)		$	0.00		$	18.74		(5.3	)%		$	23,307		0.60	%		1.00	%		1.39	%		35	%
2018			22.04			0.04				2.05				2.09				—				(1.86	)			(1.86	)			—			22.27		9.9				21,688		0.17			1.00			1.47			32
2017			19.53			0.01				4.29				4.30				—				(1.79	)			(1.79	)			0.00			22.04		23.4				17,501		0.03			1.09			1.49			38
2016			18.90			0.00	(b)			3.67				3.67				—				(3.04	)			(3.04	)			0.00			19.53		21.5				10,883		0.00			1.25			1.54			18
2015			20.85			(0.04	)			(0.31	)			(0.35	)			—				(1.60	)			(1.60	)			—			18.90		(2.2	)			9,778		(0.21	)		1.25			1.41			23

†	Total return represents aggregate total return of a hypothetical $1,000 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 data are 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. Had such payments not been received during the year ended September 30, 2016, the expense ratios would have been 1.51%, 1.76%, 2.26%, and 1.26% for Class AAA, Class A, Class C, and Class I, respectively. For the years ended September 30, 2019, 2018, 2017, and 2015, these credits had no material impact on the expense ratios.

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights

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


Year Ended September 30	Net Asset Value, Beginning of 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/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Convertible Securities Fund
Class AAA
2019		$13.98		$ 0.13			$ 0.51			$ 0.64			$(0.23	)		$(0.53	)		$(0.76	)		$13.86		5.1	%		$ 5,168		1.00	%		1.15	%(b)		1.66	%		28	%
2018		12.41		0.04			1.73			1.77			(0.20	)		—			(0.20	)		13.98		14.4			4,523		0.34			1.15	(b)		2.03			35
2017		11.59		0.07			1.49			1.56			(0.21	)		(0.53	)		(0.74	)		12.41		14.1			4,138		0.57			1.15			2.47			40
2016		10.53		0.04			1.05			1.09			(0.03	)		—			(0.03	)		11.59		10.4			4,240		0.38			2.00	(b)		2.74			20
2015		11.79		0.04			(1.27	)		(1.23	)		(0.03	)		—			(0.03	)		10.53		(10.5	)		5,525		0.31			2.00	(b)		2.40			19
Class A
2019		$14.43		$ 0.10			$ 0.53			$ 0.63			$(0.20	)		$(0.53	)		$(0.73	)		$14.33		4.8	%		$ 4,821		0.76	%		1.40	%(b)		1.91	%		28	%
2018		12.79		0.01			1.80			1.81			(0.17	)		—			(0.17	)		14.43		14.2			3,711		0.09			1.40	(b)		2.28			35
2017		11.94		0.05			1.52			1.57			(0.19	)		(0.53	)		(0.72	)		12.79		13.8			2,670		0.42			1.40			2.72			40
2016		10.87		0.01			1.08			1.09			(0.02	)		—			(0.02	)		11.94		10.1			1,191		0.10			2.25	(b)		2.99			20
2015		12.18		0.01			(1.30	)		(1.29	)		(0.02	)		—			(0.02	)		10.87		(10.6	)		1,081		0.06			2.25	(b)		2.65			19
Class C
2019		$15.36		$ 0.04			$ 0.56			$ 0.60			$(0.13	)		$(0.53	)		$(0.66	)		$15.30		4.3	%		$ 4,246		0.26	%		1.90	%(b)		2.41	%		28	%
2018		13.62		(0.06	)		1.90			1.84			(0.10	)		—			(0.10	)		15.36		13.6			2,960		(0.40	)		1.90	(b)		2.78			35
2017		12.69		(0.02	)		1.63			1.61			(0.15	)		(0.53	)		(0.68	)		13.62		13.3			1,307		(0.19	)		1.90			3.22			40
2016		11.59		(0.04	)		1.14			1.10			(0.00	)(c)		—			(0.00	)(c)		12.69		9.6			873		(0.37	)		2.75	(b)		3.49			20
2015		13.04		(0.06	)		(1.39	)		(1.45	)		(0.00	)(c)		—			(0.00	)(c)		11.59		(11.1	)		943		(0.44	)		2.75	(b)		3.15			19
Class I
2019		$14.03		$ 0.18			$ 0.49			$ 0.67			$(0.26	)		$(0.53	)		$(0.79	)		$13.91		5.3	%		$36,402		1.32	%		0.90	%(b)		1.41	%		28	%
2018		12.44		0.08			1.75			1.83			(0.24	)		—			(0.24	)		14.03		14.8			18,097		0.56			0.90	(b)		1.78			35
2017		11.61		0.12			1.48			1.60			(0.24	)		(0.53	)		(0.77	)		12.44		14.5			6,636		1.00			0.90			2.22			40
2016		10.56		0.07			1.04			1.11			(0.06	)		—			(0.06	)		11.61		10.6			394		0.61			1.75	(b)		2.49			20
2015		11.80		0.07			(1.27	)		(1.20	)		(0.04	)		—			(0.04	)		10.56		(10.2	)		251		0.56			1.75	(b)		2.15			19

†	Total return represents aggregate total return of a hypothetical $1,000 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 data are calculated using the average shares outstanding method.

(b)

The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been received, the expense ratios for the years ended September 30, 2016 and 2015 would have been 2.01% and 2.02% (Class AAA), 2.26% and 2.27% (Class A), 2.76% and 2.77% (Class C), and 1.76% and 1.77% (Class I), respectively. For the years ended September 30, 2019 and 2018, these credits had no impact on the expense ratios.

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

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights

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


Year Ended September 30			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
Equity Fund
Class AAA
2019		$13.94		$0.10			$ 0.54			$ 0.64			$(0.09	)		$(1.83	)		$(1.92	)		$12.66		5.8	%		$50,849		0.80	%		1.64	%		28	%
2018		13.69		0.08			1.71			1.79			(0.06	)		(1.48	)		(1.54	)		13.94		14.1			54,595		0.59			1.60			33
2017		12.59		0.06			1.91			1.97			(0.07	)		(0.80	)		(0.87	)		13.69		16.6			54,159		0.50			1.62			28
2016		12.22		0.07			1.30			1.37			(0.05	)		(0.95	)		(1.00	)		12.59		11.4			53,063		0.54			1.63			31
2015		13.65		0.05			(0.09	)		(0.04	)		(0.06	)		(1.33	)		(1.39	)		12.22		(0.9	)		53,238		0.37			1.59			28
Class A
2019		$13.90		$0.07			$ 0.54			$ 0.61			$(0.05	)		$(1.83	)		$(1.88	)		$12.63		5.6	%		$ 1,366		0.56	%		1.89	%		28	%
2018		13.64		0.05			1.71			1.76			(0.02	)		(1.48	)		(1.50	)		13.90		13.9			1,435		0.35			1.85			33
2017		12.55		0.04			1.89			1.93			(0.04	)		(0.80	)		(0.84	)		13.64		16.3			2,502		0.28			1.87			28
2016		12.19		0.03			1.31			1.34			(0.03	)		(0.95	)		(0.98	)		12.55		11.2			3,719		0.29			1.88			31
2015		13.61		0.02			(0.09	)		(0.07	)		(0.02	)		(1.33	)		(1.35	)		12.19		(1.1	)		3,125		0.12			1.84			28
Class C
2019		$13.09		$0.00			$ 0.50			$ 0.50			—			$(1.83	)		$(1.83	)		$11.76		5.0	%		$ 104		0.04	%		2.39	%		28	%
2018		12.97		(0.02	)		1.62			1.60			—			(1.48	)		(1.48	)		13.09		13.3			449		(0.17	)		2.35			33
2017		11.99		(0.03	)		1.81			1.78			—			(0.80	)		(0.80	)		12.97		15.7			685		(0.25	)		2.37			28
2016		11.72		(0.03	)		1.25			1.22			—			(0.95	)		(0.95	)		11.99		10.6			843		(0.23	)		2.38			31
2015		13.18		(0.05	)		(0.08	)		(0.13	)		—			(1.33	)		(1.33	)		11.72		(1.6	)		684		(0.37	)		2.34			28
Class I
2019		$13.91		$0.13			$ 0.53			$ 0.66			$(0.12	)		$(1.83	)		$(1.95	)		$12.62		6.1	%		$ 3,954		1.06	%		1.39	%		28	%
2018		13.66		0.11			1.72			1.83			(0.10	)		(1.48	)		(1.58	)		13.91		14.5			4,870		0.84			1.35			33
2017		12.57		0.10			1.89			1.99			(0.10	)		(0.80	)		(0.90	)		13.66		16.9			4,981		0.75			1.37			28
2016		12.21		0.09			1.30			1.39			(0.08	)		(0.95	)		(1.03	)		12.57		11.7			4,258		0.77			1.38			31
2015		13.64		0.08			(0.09	)		(0.01	)		(0.09	)		(1.33	)		(1.42	)		12.21		(0.6	)		4,340		0.61			1.34			28

†	Total return represents aggregate total return of a hypothetical $1,000 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 data are 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 the years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

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(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			Operating Expenses††(b)			Portfolio Turnover Rate

Balanced Fund
Class AAA
2019		$12.39		$0.13		$0.55			$0.68			$(0.13	)		$(1.23	)		$(1.36	)		$11.71		6.4	%		$44,638		1.15	%		1.37	%		44	%
2018		12.16		0.12		0.96			1.08			(0.12	)		(0.73	)		(0.85	)		12.39		9.3			45,181		1.00			1.34			27
2017		11.75		0.11		1.04			1.15			(0.11	)		(0.63	)		(0.74	)		12.16		10.3			50,934		0.93			1.33			23
2016		11.72		0.12		0.85			0.97			(0.12	)		(0.82	)		(0.94	)		11.75		8.6			50,105		1.06			1.35			23
2015		12.91		0.13		(0.08	)		0.05			(0.13	)		(1.11	)		(1.24	)		11.72		0.0			53,989		1.01			1.31			27
Class A
2019		$12.47		$0.10		$0.55			$0.65			$(0.10	)		$(1.23	)		$(1.33	)		$11.79		6.1	%		$ 9,553		0.89	%		1.62	%		44	%
2018		12.23		0.09		0.97			1.06			(0.09	)		(0.73	)		(0.82	)		12.47		9.1			8,719		0.75			1.59			27
2017		11.81		0.08		1.05			1.13			(0.08	)		(0.63	)		(0.71	)		12.23		10.1			8,165		0.68			1.58			23
2016		11.78		0.10		0.85			0.95			(0.10	)		(0.82	)		(0.92	)		11.81		8.2			7,040		0.81			1.60			23
2015		12.97		0.09		(0.07	)		0.02			(0.10	)		(1.11	)		(1.21	)		11.78		(0.2	)		6,577		0.76			1.56			27
Class C
2019		$12.67		$0.05		$0.56			$0.61			$(0.04	)		$(1.23	)		$(1.27	)		$12.01		5.6	%		$ 2,195		0.40	%		2.12	%		44	%
2018		12.41		0.03		0.99			1.02			(0.03	)		(0.73	)		(0.76	)		12.67		8.5			4,544		0.25			2.09			27
2017		11.97		0.02		1.06			1.08			(0.01	)		(0.63	)		(0.64	)		12.41		9.6			4,585		0.18			2.08			23
2016		11.92		0.04		0.87			0.91			(0.04	)		(0.82	)		(0.86	)		11.97		7.8			5,575		0.30			2.10			23
2015		13.12		0.03		(0.08	)		(0.05	)		(0.04	)		(1.11	)		(1.15	)		11.92		(0.8	)		5,260		0.26			2.06			27
Class I
2019		$12.38		$0.16		$0.54			$0.70			$(0.16	)		$(1.23	)		$(1.39	)		$11.69		6.6	%		$ 3,734		1.40	%		1.12	%		44	%
2018		12.15		0.15		0.97			1.12			(0.16	)		(0.73	)		(0.89	)		12.38		9.6			3,925		1.24			1.09			27
2017		11.73		0.14		1.05			1.19			(0.14	)		(0.63	)		(0.77	)		12.15		10.7			1,989		1.18			1.08			23
2016		11.70		0.15		0.85			1.00			(0.15	)		(0.82	)		(0.97	)		11.73		8.8			1,896		1.30			1.10			23
2015		12.90		0.16		(0.09	)		0.07			(0.16	)		(1.11	)		(1.27	)		11.70		0.2			1,856		1.26			1.06			27

†	Total return represents aggregate total return of a hypothetical $1,000 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.

††

The ratios include a reduction for custodian fee credits on cash balances maintained with the custodian (Custodian Fee Credits). Excluding such Custodian Fee Credits, the ratios for the year ended September 30, 2015 would have been 1.32% (Class AAA), 1.57% (Class A), 2.07% (Class C), and 1.07% (Class I), respectively. For the years ended September 30, 2019, 2018, 2017, and 2016, there were no Custodian Fee Credits.

(a)	Per share data are 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 the years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

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(a)			Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Return of Capital				Total Distributions				Net Asset Value, End of Year			Total Return†			Net Assets, End of Year (in 000’s)			Net Investment Income			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Intermediate Bond Fund
Class AAA
2019		$	10.83		$	0.22		$	0.31			$	0.53			$	(0.22	)			—				—			$	(0.22	)		$	11.14		5.0	%		$	3,106		2.02	%		1.00	%		2.47	%		64	%
2018			11.28			0.17			(0.26	)			(0.09	)			(0.18	)		$	(0.18	)		$	0.00	(b)			(0.36	)			10.83		(0.8	)			3,434		1.59			1.00			2.22			32
2017			11.64			0.14			(0.28	)			(0.14	)			(0.14	)			(0.08	)			—				(0.22	)			11.28		(1.2	)			3,683		1.23			1.00			1.52			36
2016			11.56			0.15			0.30				0.45				(0.15	)			(0.22	)			—				(0.37	)			11.64		4.1				4,170		1.32			1.00			1.42			48
2015			11.59			0.18			(0.03	)			0.15				(0.18	)			—				—				(0.18	)			11.56		1.3				5,045		1.58			1.00			1.36			65
Class A
2019		$	10.82		$	0.21		$	0.31			$	0.52			$	(0.21	)			—				—			$	(0.21	)		$	11.13		4.9	%		$	932		1.94	%		1.10	%		2.57	%		64	%
2018			11.26			0.16			(0.25	)			(0.09	)			(0.17	)		$	(0.18	)		$	0.00	(b)			(0.35	)			10.82		(0.8	)			308		1.46			1.10			2.32			32
2017			11.63			0.13			(0.29	)			(0.16	)			(0.13	)			(0.08	)			—				(0.21	)			11.26		(1.4	)			485		1.13			1.10			1.62			36
2016			11.55			0.14			0.30				0.44				(0.14	)			(0.22	)			—				(0.36	)			11.63		3.9				807		1.21			1.10			1.52			48
2015			11.58			0.17			(0.03	)			0.14				(0.17	)			—				—				(0.17	)			11.55		1.2				809		1.48			1.10			1.46			65
Class C
2019		$	10.27		$	0.13		$	0.29			$	0.42			$	(0.13	)			—				—			$	(0.13	)		$	10.56		4.2	%		$	550		1.27	%		1.75	%		3.22	%		64	%
2018			10.70			0.09			(0.25	)			(0.16	)			(0.09	)		$	(0.18	)		$	0.00	(b)			(0.27	)			10.27		(1.5	)			805		0.83			1.75			2.97			32
2017			11.05			0.05			(0.27	)			(0.22	)			(0.05	)			(0.08	)			—				(0.13	)			10.70		(2.0	)			1,102		0.49			1.75			2.27			36
2016			10.99			0.06			0.28				0.34				(0.06	)			(0.22	)			—				(0.28	)			11.05		3.2				1,144		0.51			1.75			2.17			48
2015			11.01			0.09			(0.02	)			0.07				(0.09	)			—				—				(0.09	)			10.99		0.7				398		0.82			1.75			2.11			65
Class I
2019		$	10.84		$	0.25		$	0.30			$	0.55			$	(0.25	)			—				—			$	(0.25	)		$	11.14		5.1	%		$	462		2.27	%		0.75	%		2.22	%		64	%
2018			11.28			0.20			(0.25	)			(0.05	)			(0.21	)		$	(0.18	)		$	0.00	(b)			(0.39	)			10.84		(0.5	)			2,295		1.83			0.75			1.97			32
2017			11.65			0.17			(0.29	)			(0.12	)			(0.17	)			(0.08	)			—				(0.25	)			11.28		(1.0	)			2,900		1.47			0.75			1.27			36
2016			11.57			0.18			0.30				0.48				(0.18	)			(0.22	)			—				(0.40	)			11.65		4.3				14,111		1.56			0.75			1.17			48
2015			11.60			0.21			(0.03	)			0.18				(0.21	)			—				—				(0.21	)			11.57		1.6				13,022		1.82			0.75			1.11			65

†	Total return represents aggregate total return of a hypothetical $1,000 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 data are calculated using the average shares outstanding method.

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

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 diversifiedopen-end management investment company and currently consists of six 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), TETON Westwood Balanced Fund (Balanced Fund), and TETON Westwood Intermediate Bond Fund (Intermediate Bond 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. Class T Shares were first issued on July 5, 2017 for Mighty Mites Fund and SmallCap Equity Fund. Class T shares were liquidated on August 31, 2018.

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.

●

Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity.

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.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals under ASU2018-13. Management has early adopted the removals set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

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 Teton Advisors, Inc. (the Adviser). Investments inopen-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

TETON Westwood Funds

Notes to Financial Statements (Continued)

settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial andnon-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 Funds’ 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, 2019 is as follows:


	Valuation Inputs
	Level 1			Level 2 Other Significant			Level 3 Significant				Total Market Value
	Quoted Prices			Observable Inputs			Unobservable Inputs				at 9/30/19
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Airlines		$	1,078,800		$	40,500			—			$	1,119,300
Automotive: Parts and Accessories			15,533,239			2,380			—				15,535,619
Business Services			28,841,648			1,077,412		$	14,756				29,933,816
Computer Software and Services			20,346,189			357,061			—				20,703,250
Consumer Products			28,727,698			126,636			—				28,854,334
Consumer Services			7,674,173			187,770			—				7,861,943
Diversified Industrial			110,240,684			4,043,696			—				114,284,380
Electronics			33,907,558			1,599,500			0				35,507,058
Energy and Utilities: Natural Gas			4,906,300			2,325,537			—				7,231,837
Financial Services			86,509,220			1,409,769			75,000				87,993,989
Food and Beverage			31,061,666			145,921			—				31,207,587
Health Care			83,974,684			—			0				83,974,684
Real Estate			32,842,283			790,622			255				33,633,160
Specialty Chemicals			21,418,891			2,138			—				21,421,029
Telecommunications			20,492,157			250,000			—				20,742,157
Other Industries (a)			414,951,181			—			—				414,951,181
Total Common Stocks			942,506,371			12,358,942			90,011				954,955,324
Closed-End Funds			1,137,420			—			—				1,137,420
Convertible Corporate Bonds (a)			—			215,308			—				215,308
Preferred Stocks (a)			5,930,805			—			—				5,930,805
Convertible Preferred Stocks (a)			—			347,680			—				347,680
Rights (a)			228,000			2,000			15,691				245,691
Warrants (a)			—			5,889			21				5,910
U.S. Government Obligations			—			3,784,099			—				3,784,099
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	949,802,596		$	16,713,918		$	105,723	(b)		$	966,622,237

TETON Westwood Funds

Notes to Financial Statements (Continued)


	Valuation Inputs
	Level 1			Level 2 Other Significant			Level 3 Significant				Total Market Value
	Quoted Prices			Observable Inputs			Unobservable Inputs				at 09/30/19
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	38,122,367			—			—			$	38,122,367
Rights (c)			—			—		$	11,611				11,611
U.S. Government Obligations			—		$	2,780,246			—				2,780,246
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	38,122,367		$	2,780,246		$	11,611	(d)		$	40,914,224

CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	278,271			—			—			$	278,271
Convertible Corporate Bonds (c)			—		$	36,129,612			—				36,129,612
Convertible Preferred Stocks (c)			1,179,287			—			—				1,179,287
Mandatory Convertible Securities (c)			10,945,090			702,380			—				11,647,470
U.S. Government Obligations			—			2,130,933			—				2,130,933
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	12,402,648		$	38,962,925			—			$	51,365,573

EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	55,469,315			—			—			$	55,469,315
Short Term Investment			639,544			—			—				639,544
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	56,108,859			—			—			$	56,108,859

BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	35,319,975			—			—			$	35,319,975
Corporate Bonds (c)			—		$	10,726,018			—				10,726,018
U.S. Government Agency Obligations			—			2,270,195			—				2,270,195
U.S. Government Obligations			—			9,995,192			—				9,995,192
Short Term Investment			1,978,447			—			—				1,978,447
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	37,298,422		$	22,991,405			—			$	60,289,827

INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds (c)			—		$	4,337,963			—			$	4,337,963
Convertible Corporate Bonds (c)			—			93,875			—				93,875
U.S. Government Agency Obligations			—			15,905			—				15,905
U.S. Government Obligations			—			614,506			—				614,506
TOTAL INVESTMENTS IN SECURITIES – ASSETS			—		$	5,062,249			—			$	5,062,249

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

(b)	Level 3 securities are valued by brokers and pricing services, or recent transactions. At September 30, 2019, the value of these securities was $105,723. The inputs for these securities are not readily available or cannot be reasonably estimated.

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

(d)	Level 3 securities are valued by brokers and pricing services, or recent transactions. At September 30, 2019, the value of these securities was $11,611. The inputs for these securities are not readily available or cannot be reasonably estimated.

During the fiscal year ended September 30, 2019, the Mighty Mites Fund did not have material transfers into or out of Level 3. The Fund’s policy is to recognize transfers among Levels as of the beginning of the reporting period.

During the fiscal year ended September 30, 2019, the SmallCap Equity Fund did not have transfers into or out of Level 3.

There were no Level 3 investments held at September 30, 2019 or September 30, 2018 for the Convertible Securities Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

TETON Westwood Funds

Notes to Financial Statements (Continued)

The following table reconciles Level 3 investments for Mighty Mites Fund and SmallCap Equity Fund:


																												Net change in
																												unrealized
																												appreciation/
																												depreciation
									Change in																			on Level 3
	Balance			Accrued					unrealized										Transfers		Transfers				Balance			investments
MIGHTY MITES	as of			discounts/		Realized			appreciation/										into		out of				as of			still held
FUND	9/30/18			(premiums)		gain			depreciation†				Purchases		Sales				Level 3		Level 3				9/30/19			at 9/30/19†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	6,262,966		—		$	1,051,823		$	(398,567	)		—		$	(6,530,000	)		—		$	(310,967	)		$	75,255		$	15,000
Rights(a)			60,001		—			—			—			—			(44,310	)		—			—				15,691			—
Warrants(a)			58		—			—			(37	)		—			—			—			—				21			(37	)
TOTAL INVESTMENTS IN SECURITIES		$	6,323,025		—		$	1,051,823		$	(398,604	)		—		$	(6,574,310	)		—		$	(310,967	)		$	90,967		$	14,963

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

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


																							Net change
																							in unrealized
																							appreciation/
																							depreciation
																							during the
																							period on
								Change in															Level 3
	Balance			Accrued		Realized		unrealized								Transfers		Transfers		Balance			investments
SMALLCAP EQUITY	as of			discounts/		gain/		appreciation/				Proceeds				into		out of		as of			still held at
FUND	09/30/18			(premiums)		(loss)		depreciation†		Purchases		received				Level 3		Level 3		09/30/19			09/30/19†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Rights (a)		$	44,400		—		—		—		—		$	(32,789	)		—		—		$	11,611		—
TOTAL INVESTMENTS IN SECURITIES		$	44,400		—		—		—		—		$	(32,789	)		—		—		$	11,611		—

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

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

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

TETON Westwood Funds

Notes to Financial Statements (Continued)

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 theex-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, 2019, 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 theover-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. Securities deemed as liquid are not included in the limitations described above. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Funds held as of September 30, 2019, 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, 2019, the Mighty Mites Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than two basis points, the Equity Fund’s and Balanced Fund’s was each less than one basis point and SmallCap Equity Fund’s was less than one half of 1%.

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. Dividend income is recorded on theex-dividend date except for certain dividends from foreign securities that are recorded as soon after theex-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.

TETON Westwood Funds

Notes to Financial Statements (Continued)

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. The Intermediate Bond Fund declares dividends daily and pays those dividends monthly. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on theex-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, timing differences, net operating loss write off, 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, 2019, the following reclassifications were made to increase/decrease such amounts with offsetting adjustments topaid-in capital:


	Accumulated		Paid-in
	Earnings		Capital
Mighty Mites Fund.		$2,478,410		$(2,478,410	)
SmallCap Equity Fund		(35)		35
Intermediate Bond Fund		17		(17	)

The tax character of distributions paid during the fiscal years ended September 30, 2019 and 2018 was as follows:


	Year Ended				Year Ended				Year Ended
	September 30,				September 30,				September 30,
	2019		2018		2019		2018		2019			2018
	Mighty Mites Fund				SmallCap Equity Fund				Convertible Securities Fund
Ordinary income (inclusive of short term capital gains)		—		—	$	518,900	$	155,315		$	1,334,142	$	303,010
Net long term capital gains	$	47,348,334	$	84,699,816		3,490,103		2,568,471			461,660		—

Total distributions paid	$	47,348,334	$	84,699,816	$	4,009,003	$	2,723,786		$	1,795,802	$	303,010

										Intermediate
	Equity Fund				Balanced Fund				Bond Fund
Ordinary income (inclusive of short term capital gains)	$	391,760	$	935,325	$	647,718	$	1,014,660		$	143,197	$	146,250
Net long term capital gains		7,941,163		5,945,421		6,577,492		3,449,007			—		105,510
Return of capital		—		—		—		—			—		61

Total distributions paid	$	8,332,923	$	6,880,746	$	7,225,210	$	4,463,667		$	143,197	$	251,821

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. Therefore, no provision for federal income taxes is required.

TETON Westwood Funds

Notes to Financial Statements (Continued)

At September 30, 2019, the components of accumulated earnings/(losses) on a tax basis were as follows:


	Mighty				SmallCap			Convertible
	Mites				Equity			Securities			Equity			Balanced			Intermediate
	Fund				Fund			Fund			Fund			Fund			Bond Fund
Undistributed ordinary income (inclusive of short term capital gains)			—			$	142,071		$	43,571		$	373,487		$	3,327			—
Undistributed long term capital gains		$	34,500,816				177,135			593,019			4,549,624			3,795,001			—
Accumulated capital loss carryforward			—				—			—			—			—		$	(66,364	)
Unrealized appreciation/(depreciation)			358,998,121				6,462,898			2,941,416			10,259,719			7,698,569			124,328
Other temporary differences			(1,129,615	)			—			—			—			—			—


Total accumulated earnings		$	392,369,322			$	6,782,104		$	3,578,006		$	15,182,830		$	11,496,897		$	57,964

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.

At September 30, 2019, 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, investments in REITs,mark-to-market adjustments on investments in passive foreign investment companies, premium amortization, and basis adjustments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2019:


	Mighty				SmallCap				Convertible
	Mites				Equity				Securities				Equity				Balanced				Intermediate
	Fund				Fund				Fund				Fund				Fund				Bond Fund

Aggregate cost of investments		$	607,621,718			$	34,451,326			$	48,424,157			$	45,849,140			$	52,591,258			$	4,937,921

Gross unrealized appreciation		$	443,288,865			$	8,814,946			$	4,895,703			$	11,424,154			$	8,529,858			$	148,456
Gross unrealized depreciation			(84,288,346	)			(2,352,048	)			(1,954,287	)			(1,164,435	)			(831,289	)			(24,128	)


Net unrealized appreciation		$	359,000,519			$	6,462,898			$	2,941,416			$	10,259,719			$	7,698,569			$	124,328

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 themore-likely-than-not threshold. During the fiscal year ended September 30, 2019, the Funds did not incur any income tax, interest, or penalties. As of September 30, 2019, 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 the Adviser which provide that the Funds will pay the 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, 0.75% for the Balanced Fund, and 0.60% for the Intermediate Bond Fund, of the value of a Fund’s average daily net assets. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for the Funds’ portfolios, oversees the administration of all aspects of the Funds’ business and affairs, and pays the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Adviser.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Mighty Mites Fund with respect to which the Adviser transferred dispositive and voting control to the Funds’ Proxy Voting Committee. During the fiscal year ended September 30, 2019, the Funds’ Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $60,653.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangements continue at least until January 31, 2021. For the fiscal year ended September 30, 2019, the Adviser waived fees or reimbursed expenses in the amounts of $155,872, $183,238, and $103,301 for the SmallCap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund, respectively.

TETON Westwood Funds

Notes to Financial Statements (Continued)

In addition, the SmallCap Equity Fund, the Convertible Securities Fund, and the Intermediate Bond Fund are obliged to repay the Adviser for a period of two fiscal years following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of these Funds fall below the following expense limitations based on average net assets for the SmallCap Equity Fund, the Convertible Securities Fund, and the Intermediate Bond Fund for Class AAA Shares 1.25%, 1.15%, and 1.00%, respectively, for Class A Shares 1.50%, 1.40%, and 1.10%, respectively, for Class C Shares 2.00%, 1.90%, and 1.75%, respectively, and for Class I Shares 1.00%, 0.90%, and 0.75%, respectively. As of September 30, 2019, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are as follows:


	For the year ended September 30, 2018, expiring September 30, 2020		For the year ended September 30, 2019, expiring September 30, 2021		Total
SmallCap Equity Fund.		$163,050		$155,872		$318,922
Convertible Securities Fund		164,831		183,238		348,069
Intermediate Bond Fund		92,897		103,301		196,198

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

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

The Adviser has asub-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.

The Trust pays each Trustee who is not considered an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended, and they are reimbursed by the Trust for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended, the Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Trustee receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

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 Rule12b-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%, 0.50% (for the Intermediate Bond Fund’s Class A Shares at an annual rate of 0.35%), 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, 2019, 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		$	83,309,042		$	149,686,275			—			—
SmallCap Equity Fund			16,804,394			13,299,686			—			—
Convertible Securities Fund			30,096,308			9,470,129			—			—
Equity Fund			15,470,776			22,975,006			—			—
Balanced Fund.			17,048,158			27,761,716		$	8,394,692		$	3,692,456
Intermediate Bond Fund			3,677,789			2,848,618			—			1,624,674

6. Transactions with Affiliates and Other Arrangements.During the fiscal year ended September 30, 2019, the Mighty Mites Fund and the Convertible Securities Fund paid $236,934 and $9, respectively, in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $32,361 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2019, 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.

TETON Westwood Funds

Notes to Financial Statements (Continued)

The amount of such expenses paid through this directed brokerage arrangement during this period was $4,446, $1,461, $1,094, $1,542, and $1,498, respectively.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the fiscal year ended September 30, 2019, the Mighty Mites Fund, Equity Fund, and Balanced Fund each accrued $45,000 in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the fiscal year ended September 30, 2019 for the SmallCap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund.

7. Significant Shareholder.As of September 30, 2019, 11.3% of the Convertible Securities Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

8. 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 maximumfront-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase. Class T Shares were liquidated on August 31, 2018.

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 inpaid-in capital. The redemption fees, if any, retained by the Fund during the fiscal year ended September 30, 2019 and September 30, 2018 can be found in the Statements of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:


	Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2019			Year Ended September 30, 2018
	Mighty Mites Fund						SmallCap Equity Fund						Convertible Securities Fund
Class AAA
Shares sold		410,520			1,143,746			61,782			98,106			92,200			68,178
Shares issued upon reinvestment of distributions		282,053			560,590			55,403			38,375			18,828			4,862
Shares redeemed		(2,446,173	)		(3,160,420	)		(117,789	)		(139,152	)		(61,680	)		(83,138	)

Net increase/(decrease) in Class AAA Shares		(1,753,600	)		(1,456,084	)		(604	)		(2,671	)		49,348			(10,098	)

Class A
Shares sold		605,833			772,830			50,966			76,175			113,762			137,957
Shares issued upon reinvestment of distributions		140,312			292,320			29,927			16,975			14,859			2,662
Shares redeemed		(1,665,189	)		(2,991,223	)		(64,736	)		(22,441	)		(49,374	)		(92,023	)

Net increase/(decrease) in Class A Shares		(919,044	)		(1,926,073	)		16,157			70,709			79,247			48,596

Class C
Shares sold		312,594			915,856			126,284			54,393			130,560			136,720
Shares issued upon reinvestment of distributions		268,060			457,902			25,160			11,795			9,874			703
Shares redeemed		(2,329,790	)		(1,664,454	)		(93,482	)		(27,138	)		(55,614	)		(40,750	)

Net increase/(decrease) in Class C Shares		(1,749,136	)		(290,696	)		57,962			39,050			84,820			96,673

Class I
Shares sold		4,540,036			10,607,226			697,664			357,650			1,830,022			868,258
Shares issued upon reinvestment of distributions		757,242			1,051,566			115,514			62,752			92,646			14,082
Shares redeemed		(13,009,360	)		(4,441,243	)		(543,276	)		(240,725	)		(595,550	)		(125,418	)

Net increase/(decrease) in Class I Shares		(7,712,082	)		7,217,549			269,902			179,677			1,327,118			756,922

Class T *
Shares issued upon reinvestment of distributions		—			23			—			5			—			—
Shares redeemed		—			(388	)		—			(55	)		—			—

Net decrease in Class T Shares		—			(365	)		—			(50	)		—			—

*	Class T Shares were liquidated on August 31, 2018.

TETON Westwood Funds

Notes to Financial Statements (Continued)

Transactions in shares of beneficial interest (continued):


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,			September 30,			September 30,
	2019			2018			2019			2018			2019			2018
													Intermediate
	Equity Fund						Balanced Fund						Bond Fund
Class AAA
Shares sold		35,978			36,247			705,719			137,074			47,051			53,773
Shares issued upon reinvestment of distributions		613,282			453,525			479,379			284,434			6,093			10,289
Shares redeemed		(548,911	)		(531,459	)		(1,018,422	)		(963,903	)		(91,204	)		(73,711	)


Net increase/(decrease) in Class AAA Shares		100,349			(41,687	)		166,676			(542,395	)		(38,060	)		(9,649	)

Class A
Shares sold		5,690			788			308,884			205,822			99,206			110,675
Shares issued upon reinvestment of distributions		16,765			21,153			85,110			44,314			1,218			897
Shares redeemed		(17,470	)		(102,192	)		(282,916	)		(218,389	)		(45,119	)		(126,171	)

Net increase/(decrease) in Class A Shares		4,985			(80,251	)		111,078			31,747			55,305			(14,599	)

Class C
Shares sold		5,883			382			40,314			24,212			12,345			10,932
Shares issued upon reinvestment of distributions		5,371			5,783			40,971			22,689			836			2,667
Shares redeemed		(36,678	)		(24,686	)		(257,175	)		(57,658	)		(39,448	)		(38,241	)

Net decrease in Class C Shares		(25,424	)		(18,521	)		(175,890	)		(10,757	)		(26,267	)		(24,642	)

Class I
Shares sold		18,031			67,552			32,773			267,185			6,278			25,437
Shares issued upon reinvestment of distributions		59,647			40,968			37,989			16,765			4,579			8,626
Shares redeemed		(114,473	)		(123,082	)		(68,440	)		(130,604	)		(181,202	)		(79,383	)

Net increase/(decrease) in Class I Shares		(36,795	)		(14,562	)		2,322			153,346			(170,345	)		(45,320	)

9. 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, 2019 is set forth below:


																Change in		Percent
											Realized			Market		Unrealized		Owned of
	Beginning		Shares		Shares		Ending		Dividend		Gain/			Value at		Appreciation/		Shares
	Shares		Purchased		Sold		Shares		Income		(Loss)			September 30, 2019		(Depreciation)		Outstanding
Beasley Broadcast Group Inc.,
Cl. A		850,000		52,000		—		902,000		$ 175,450		—			$ 2,796,200		$(3,262,141)		8.04%
Bel Fuse Inc., Cl. A		175,999		—		(6,000)		169,999		42,240		$(71,458	)		2,330,686		(1,227,135)		7.93%
Burnham Holdings Inc., Cl. A		264,001		5,999		—		270,000		236,280		—			3,847,500		(200,646)		8.91%
General Chemical Group Inc.†		267,226		—		—		267,226		—		—			2,138		134		8.60%
Griffin Industrial Realty Inc.		275,000		7,508		(1,058)		281,450		123,750		13,853			10,681,028		(266,575)		5.55%
Nathan’s Famous Inc.		222,634		—		(400)		222,234		322,679		31,252			15,967,513		(2,320,329)		5.26%
Schmitt Industries Inc.†		701,029		—		(1,029)		700,000		—		422			1,599,500		(367,952)		17.36%
The Eastern Co.		355,131		5,300		—		360,431		157,787		—			8,945,897		(1,284,913)		5.78%
The L.S. Starrett Co., Cl. A†		353,183		4,900		(20,263)		337,820		—		(197,175	)		1,959,356		113,128		5.44%
Trans-Lux Corp.†		411,792		558,292		—		970,084		—		—			497,168		(244,416)		7.22%
Trans-Lux Pfd. 6.000%*		363		—		(363)		—		2,178		—			—		—		—

Total										$1,060,364		$(223,106	)		$48,626,986		$(9,060,845)

†	Non-income producing security.

*	Security is no longer held at September 30, 2019.

10. 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.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TETON Westwood Funds and Shareholders of TETON Westwood Mighty Mites^SM Fund, TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund, TETON Westwood Balanced Fund, and TETON Westwood Intermediate Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of TETON Westwood Mighty Mites^SM 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, TETON Westwood Balanced Fund and TETON Westwood Intermediate Bond Fund (six of the funds constituting TETON Westwood Funds, hereafter collectively referred to as the “Funds”) as of September 30, 2019, the related statements of operations for the year ended September 30, 2019, the statements of changes in net assets for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (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, 2019, 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, 2019 and each of the financial highlights for each of the five years in the period ended September 30, 2019 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, 2019 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 26, 2019

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

2019 Tax Notice to Shareholders (Unaudited)

U.S. Government Income: –The percentage of the ordinary income dividend paid by the SmallCap Equity Fund, the Convertible Securities Fund, the Balanced Fund, and the Intermediate Bond Fund, (the “Funds”) during the year ended September 30, 2019 which was derived from U.S. Treasury securities was 0.41%, 1.32%, 11.59%, and 31.71%, 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 in U.S. Government securities. The Funds did not meet this strict requirement during the fiscal year ended September 30, 2019. 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, 2019, the Fund paid to shareholders long term capital gains totaling $47,348,334. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees.

SmallCap Equity Fund –During the fiscal year ended September 30, 2019, the Fund paid to shareholders ordinary income dividends (comprised of short term capital gains) totaling $0.2862 per share for all Classes of Shares, ordinary income dividends (comprised of net investment income) totaling $0.0242 per share for Class I Shares, and long term capital gains totaling $3,490,103. 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, 2019, 59.79% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 60.68% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain. The Fund designates 6.92% 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, 2019, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.2290, $0.1950, $0.1278, and $0.2620 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $461,660. 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, 2019, 35.70% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 35.04% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 33.76% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain.

Equity Fund –During the fiscal year ended September 30, 2019, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totaling $0.0889, $0.0490, and $0.1236 per share for Class AAA, Class A, and Class I Shares, respectively, and long term capital gains totaling $7,941,163. For the fiscal year ended September 30, 2019, 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 0.78% 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, 2019, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.1316, $0.1030, $0.0350, and $0.1603 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $6,577,492. 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, 2019, 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 38.76% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

Intermediate Bond Fund –During the fiscal year ended September 30, 2019, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.2381, $0.2263, $0.1427, and $0.2675 per share for Class AAA, Class A, Class C, and Class I Shares, respectively. The Fund designates 97.95% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

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

TETON Westwood Funds

Board Consideration andRe-Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

In determining whether to approve the continuance of the Investment Advisory Agreement and Subadvisory Agreement (together, the Agreements), the Board, including a majority of the Trustees who have no direct or indirect interest in the Agreements and are not interested persons of the Funds, as defined in the 1940 Act (the Independent Board Members), considered the following information at a meeting on August 20, 2019:

1) The nature, extent, and quality of services provided by the Adviser and the Subadvisers.

The Board reviewed in detail the nature and extent of the services provided by the Adviser and the Subadvisers 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 certainnon-advisory and compliance services, including services under the Funds’ Rule38a-1 compliance program.

The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Funds 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 Subadvisers and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY, to assist it in performing certain of its 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 Subadvisers, 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 concluded, based on their experience and interaction with the Adviser and Subadvisers, that (i) the Adviser and Subadvisers were able to retain quality personnel, (ii) the Adviser, Subadvisers, 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 Subadvisers were responsive to requests of the Board, (iv) the scope and depth of the Adviser’s and Subadvisers’ resources were adequate, and (v) the Adviser and Subadvisers 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 Subadvisers.

The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with Broadridge peer group of other SEC registered funds, and against each Fund’s broad based securities market benchmarks as reflected in each Fund’s prospectuses 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 average annual total return for the periods ended June 30, 2019, 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 category (the “Performance Peer Group”), regardless of asset size or primary channel of distribution. Each Fund’s performance against the 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, the Board noted that the Equity Fund’s performance was below the median for the one year, three year, five year, and ten year periods; the Balanced Fund’s performance was above the median for the one year, three year, five year, and ten year periods; the SmallCap Equity Fund’s performance was above the median for the one year, three year, five year, and ten year periods; the Mighty Mites Fund’s performance was below the median for the one year, three year, five year, and ten year periods; the Convertible Securities Fund’s performance was above the median for the three year and ten year periods, and below the median for the one year and five year periods; and the Intermediate Bond Fund’s performance was below the median for the one year, three year, five year, and ten year periods. The Board Members 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 Subadvisers, the Board considered the Adviser’s and Subadvisers’ 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 Subadvisers 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 Subadviser and their affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the cost of the advisory and subadvisory services and the profits to the Adviser, Subadvisers 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 (“Expense Peer Group”). The Board also considered comparativenon-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 Subadvisers 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, the Convertible Securities Fund, and the Intermediate Bond Fund operated pursuant to a Fee Waiver and Expense Deferral Agreement with the Adviser wherein the Adviser had agreed to waive 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 respective Fund’s prospectus. The Board noted that the Convertible Securities Fund operated pursuant to an Expense Limitation Agreement 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 advisory fees and total expense ratios for all Funds were higher than the median when compared with those of their Expense Peer Groups. Finally, the Board noted that although the SmallCap Equity Fund, Intermediate Bond Fund, and Convertible Securities Fund had agreements in place to limit advisory fees and expenses, the total expense ratios for the SmallCap Equity, Convertible Securities, and Intermediate Bond Funds were above the median when compared with their Expense Peer Groups. The Board also reviewed the fees charged by the Adviser and Subadvisers 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 Subadvisers 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 Subadvisers 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 reviewedPro-forma Income Statements of the Adviser for the year ended December 31, 2018. 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 Fund analysis, the Board received an analysis based on each Fund’s average net assets during the period as well as apro-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 Expense Peer Group funds 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 under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5) Other Factors.

In addition to the above factors, the Board also discussed other benefits received by the Adviser and Subadvisers from their management of the Funds. The Board considered that the Adviser and Subadvisers 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, with respect to the Equity Fund, the Balanced Fund, and the Intermediate Bond Fund, the subadvisory 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 Subadvisory 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.

TETON Westwood Funds

Additional Fund Information (Unaudited)

The business and affairs of the Trust are managed under the direction of its Board of Trustees. Information pertaining to the Trustees and Officers of the Trust is set forth below. The Trust’s Statement of Additional Information includes additional information about the TETON Westwood Funds’ Trustees and is available, without charge, upon request, by calling800-WESTWOOD(800-937-8966) or by writing to the TETON Westwood Funds at One Corporate Center, Rye, NY 10580-1422.


Name, Position(s), Address¹and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee³
INTERESTED TRUSTEE⁴:

Nicholas F. Galluccio Trustee and Portfolio Manager Age: 69	Since 2017	9	President and Chief Executive Officer of Teton Advisors, Inc. (since 2008); Group Managing Director U.S. Equities (2004-2008), Managing Director U.S. Equities (1994-2004), Senior Vice President (1990-2004) and Vice President (1990-1994) and Vice President (1982-1990) of Trust Company of the West (TCW)	—

INDEPENDENT TRUSTEES⁵:
Anthony S. Colavita⁶ Trustee Age: 58	Since 2017	18	Attorney, Anthony S. Colavita, P.C.	—

James P. Conn Trustee Age: 81	Since 1994	24	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992-1998)	—

Leslie F. Foley⁶ Trustee Age: 51	Since 2017	9	Attorney on the boards of the Boys and Girls Club of Greenwich, Addison Gallery of American Art at Phillips Academy Andover, and National Humanities Center; Vice President, Global Ethics & Compliance and Associate General Counsel for News Corporation (2008-2010)	—

Mary E. Hauck Trustee Age: 77	Since 2017	10	Retired Senior Manager of theGabelli-O’Connor Fixed Income Mutual Funds Management Company	—

Michael J. Melarkey Trustee Age: 69	Since 2017	21	Owner in Pioneer Crossing Casino Group; Of Counsel in the law firm of McDonald Carano Wilson LLP; previously partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015)	Director of Southwest Gas Corporation (natural gas utility)

Kuni Nakamura Trustee Age: 51	Since 2017	33	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)	—

Werner J. Roeder Trustee Age: 79	Since 1994	21	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—

Salvatore J. Zizza^6,7 Trustee Age: 73	Since 2004	31	President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing) (2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)	Director and Chairman ofTrans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)


Name, Position(s), Address¹and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years
OFFICERS:

Bruce N. Alpert President Age: 67	Since 1994	Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008

John C. Ball Treasurer Age: 43	Since 2017	Treasurer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014

Agnes Mullady Vice President Age: 61	Since 2006	Officer of the registered investment companies within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016

Andrea R. Mango Secretary Age: 47	Since 2013	Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President ofclosed-end funds within the Gabelli/GAMCO Fund Complex since 2014

Richard J. Walz Chief Compliance Officer Age: 60	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013

1	Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election orre-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Trust’s AmendedBy-Laws and Amended and Restated Declaration of Trust. For officers, includes time served in prior officer positions with the Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

3	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, i.e., public companies, or other investment companies registered under the Investment Company Act of 1940.

4	“Interested person” of the Funds as defined in the 1940 Act. Mr. Galluccio is considered an “interested person” because of his affiliation with Teton Advisors, Inc. that acts as the Funds’ investment adviser.

5	Trustees who are not interested persons are considered “Independent” Trustees.

6	Mr. Colavita’s father, Anthony J. Colavita, and Ms. Foley’s father, Frank J. Fahrenkopf, Jr., serve as directors of other funds in the Fund Complex. Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be under common control with the Adviser.

On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule13b2-2 of the Securities Exchange Act of 1934, as amended (the 1934 Act). The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Trustee.

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Convertible Securities Fund

TETON Westwood Equity Fund

TETON Westwood Balanced Fund

TETON Westwood Intermediate Bond 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
	e-mail: info@tetonadv.com

	Board of Trustees

ANTHONY S. COLAVITA	NICHOLAS F. GALLUCCIO^*	KUNI NAKAMURA
Attorney, Anthony S. Colavita, P.C.	President and Chief Executive Officer,	President of Advanced Polymer, Inc.
	Teton Advisors, Inc.

JAMES P. CONN	MARY E. HAUCK	WERNER J. ROEDER
Former Managing Director and Chief	Former Senior Portfolio Manager,	Former Medical Director,
Investment Officer, Financial Security	Gabelli-O’Connor Fixed Income Mutual	Lawrence Hospital
Assurance Holdings Ltd.	Fund Management Company

LESLIE F. FOLEY	MICHAEL J. MELARKEY	SALVATORE J. ZIZZA
Attorney	Of Counsel,	Chairman,
	McDonald Carano Wilson LLP	Zizza & Associates Corp.
*Interested Trustee


	Officers

BRUCE N. ALPERT		ANDREA R. MANGO
President		Secretary

JOHN C. BALL		RICHARD J. WALZ
Treasurer		Chief Compliance Officer

AGNES MULLADY
Vice President

Investment Adviser		Distributor
Teton Advisors, Inc.		G.distributors, LLC

Custodian		Legal Counsel
The Bank of New York Mellon		Paul Hastings LLP

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.

GABWWQ319AR

Item 2. Code of Ethics.

(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.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

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 Kuni Nakamura is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent.”

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 $174,075 in 2018 and $141,908 in 2019.

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 2018 and $0 in 2019.

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 $29,410 in 2018 and $30,260 in 2019. 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 2018 and $0 in 2019.

(e)(1)

Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible forpre-approving (i) all audit and permissiblenon-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissiblenon-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 topre-approve any such audit and permissiblenon-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’spre-approval of such services, his or her decision(s). The Committee may also establish detailedpre-approval policies and procedures forpre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’spre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers).Pre-approval by the Committee of any permissiblenon-audit services is not required so long as: (i) the permissiblenon-audit services were not recognized by the registrant at the time of the engagement to benon-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 Rule2-01 of RegulationS-X are as follows:

(b) N/A

(d) N/A

(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 aggregatenon-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including anysub-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 $29,410 in 2018 and $30,260 in 2019.

(h)

The registrant’s audit committee of the board of directorshas considered whether the provision ofnon-audit services that were rendered to the registrant’s investment adviser (not including anysub-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 notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

TETON Westwood Mighty Mites Fund

Schedule of Investments — September 30, 2019


Shares			Cost		Market Value

		COMMON STOCKS — 98.8%
		Aerospace and Defense — 6.6%
	1,108,900	Aerojet Rocketdyne Holdings Inc.†	$	5,098,958	$	56,010,539
	98,040	Allied Motion Technologies Inc.		3,571,398		3,461,792
	82,000	Avio SpA		1,152,319		1,063,577
	123,000	Innovative Solutions & Support Inc.†		472,250		578,100
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		130,165
	128,000	Park Aerospace Corp.		1,994,131		2,247,680


				12,332,019		63,491,853

		Agriculture — 0.6%
	225	J.G. Boswell Co.		144,676		153,675
	218,465	Limoneira Co.		4,187,987		4,011,017
	510,000	S&W Seed Co.†		1,759,513		1,213,800


				6,092,176		5,378,492

		Airlines — 0.1%
	40,000	American Airlines Group Inc.		15,642		1,078,800
	225,000	American Airlines Group Inc., Escrow†		173		40,500


				15,815		1,119,300

		Automotive — 1.2%
	26,250	Lithia Motors Inc., Cl. A		465,325		3,474,975
	20,000	Navistar International Corp.†		152,109		562,200
	29,605	Rush Enterprises Inc., Cl. A		545,615		1,142,161
	104,005	Rush Enterprises Inc., Cl. B		1,800,199		4,152,920
	47,930	Sonic Automotive Inc., Cl. A		611,334		1,505,481
	70,000	Wabash National Corp.		132,194		1,015,700


				3,706,776		11,853,437

		Automotive: Parts and Accessories — 1.6%
	105,000	Dana Inc.		624,231		1,516,200
	12,190	Gentherm Inc.†		177,000		500,826
	400,000	Modine Manufacturing Co.†		4,333,538		4,548,000
	24,000	Motorcar Parts of America Inc.†		315,465		405,600
	80,000	Puradyn Filter Technologies Inc.†		13,774		2,380
	52,028	Standard Motor Products Inc.		570,100		2,525,959
	186,339	Strattec Security Corp.		4,702,192		3,723,053
	329,000	Superior Industries International Inc.		5,964,343		950,810
	31,200	Tenneco Inc., Cl. A		96,359		390,624
	36,000	Titan International Inc.		288,537		97,200
	105,000	Uni-Select Inc.		1,600,857		874,967


				18,686,396		15,535,619

		Aviation: Parts and Services — 2.2%
	13,500	Astronics Corp.†		83,521		396,630
	23,896	Astronics Corp., Cl. B†		144,647		700,392
	188,040	Ducommun Inc.†		4,760,004		7,972,896
	196,200	Kaman Corp.		4,994,792		11,666,052


				9,982,964		20,735,970

		Broadcasting — 1.2%
	902,000	Beasley Broadcast Group Inc., Cl. A(a)		4,965,303		2,796,200
	336,455	Dish TV India Ltd., GDR		265,892		78,730
	199,160	Entercom Communications Corp., Cl. A		871,395		665,194
	248,120	Gray Television Inc.†		268,430		4,049,318
	86,293	Gray Television Inc., Cl. A†		620,246		1,437,969
	270,000	Salem Media Group Inc.		624,073		413,100
	33,000	Sinclair Broadcast Group Inc., Cl. A		53,667		1,410,420


Shares			Cost		Market Value

	159,000	Townsquare Media Inc., Cl. A	$	1,313,188	$	1,117,770


				8,982,194		11,968,701

		Building and Construction — 2.1%
	290,000	Armstrong Flooring Inc.†		4,324,208		1,853,100
	133,000	Gibraltar Industries Inc.†		3,133,522		6,110,020
	18,000	Granite Construction Inc.		456,539		578,340
	13,000	Herc Holdings Inc.†		495,236		604,630
	670,000	Huttig Building Products Inc.†		756,766		1,407,000
	107,074	MYR Group Inc.†		2,422,367		3,350,345
	98,400	The Monarch Cement Co.		2,612,568		6,051,600


				14,201,206		19,955,035

		Business Services — 3.1%
	400,701	Diebold Nixdorf Inc.†		1,822,374		4,487,851
	3,500	Du-Art Film Labs Inc.†		610,534		595,000
	173,172	GP Strategies Corp.†		2,072,457		2,223,528
	32,029	IAA Inc.†		274,789		1,336,570
	23,300	ICF International Inc.		558,939		1,968,151
	32,029	KAR Auction Services Inc.		168,870		786,312
	16,000	Macquarie Infrastructure Corp.		25,800		631,520
	1,920	Matthews International Corp., Cl. A		84,461		67,949
	20,000	McGrath RentCorp		535,869		1,391,800
	85,000	MDC Partners Inc., Cl. A†		530,388		239,700
	624,000	MoneyGram International Inc.†		3,026,474		2,483,520
	294,330	PFSweb Inc.†		1,422,682		744,655
	3,000	Pollard Banknote Ltd.		48,308		44,428
	44,549	PRGX Global Inc.†		248,254		229,427
	17,230	Safeguard Scientifics Inc.†		212,793		195,388
	500	Stamps.com Inc.†		6,278		37,225
	402,451	Team Inc.†		6,327,227		7,264,241
	28,792	Trans-Lux Corp.†(a)(b)(c)		25,123		14,756
	941,292	Trans-Lux Corp.†(a)		821,332		482,412
	37,132	Viad Corp.		989,754		2,493,414
	63,169	Willdan Group Inc.†		2,059,102		2,215,969


				21,871,808		29,933,816

		Communications Equipment — 0.4%
	444,000	Communications Systems Inc.		3,667,582		2,029,080
	275,000	Extreme Networks Inc.†		946,476		2,000,625


				4,614,058		4,029,705

		Computer Software and Services — 2.1%
	851,636	Alithya Group Inc., Cl. A†		2,277,577		2,554,908
	227,380	American Software Inc., Cl. A		2,192,962		3,415,248
	252,642	Avid Technology Inc.†		1,609,249		1,563,854
	54,630	Carbonite Inc.†		569,078		846,219
	114,000	Cardlytics Inc.†		1,818,459		3,821,280
	45,000	DHI Group Inc.†		81,549		173,250
	159,620	Digi International Inc.†		1,911,197		2,174,024
	20,000	Genius Brands International Inc.†		48,789		12,840
	144,267	iGO Inc.†		484,473		357,061
	553,000	Internap Corp.†		3,600,496		1,426,740
	10,000	Materialise NV, ADR†		58,532		184,800
	26,000	Mercury Systems Inc.†		232,548		2,110,420
	89,500	Mitek Systems Inc.†		433,851		863,675
	10,000	MiX Telematics Ltd., ADR		180,072		139,500
	2,607	Monitronics International Inc.†		28,743		19,553
	2,310	MTS Systems Corp.		118,662		127,628
	25,000	RumbleON Inc., Cl. B†		119,547		72,250
	3,200	Tyler Technologies Inc.†		34,168		840,000


				15,799,952		20,703,250

		Consumer Products — 3.0%
	127,200	Acme United Corp.		2,271,327		2,546,887
	249,000	Bassett Furniture Industries Inc.		5,078,963		3,809,700

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	96,387	Callaway Golf Co.	$	833,454	$	1,870,872
	900,000	Goodbaby International Holdings Ltd.†		414,410		135,499
	6,000	Johnson Outdoors Inc., Cl. A		175,431		351,360
	36,000	Lakeland Industries Inc.†		403,780		437,760
	237,175	Lifetime Brands Inc.		2,608,722		2,098,999
	800,000	Marine Products Corp.		5,766,933		11,328,000
	60,000	MarineMax Inc.†		866,511		928,800
	114,000	Oil-Dri Corp. of America		2,077,082		3,882,840
	5,700	PC Group Inc.†		3,465		36
	4,000,000	Playmates Holdings Ltd.		481,613		520,561
	1,090	Standard Diversified Inc.†		12,872		12,481
	8,440	Standard Diversified Opportunities Inc., Cl. B†		101,648		126,600
	128,220	ZAGG Inc.†		885,641		803,939


				21,981,852		28,854,334

		Consumer Services — 0.8%
	445,320	1-800-Flowers.com Inc., Cl. A†		1,653,925		6,588,509
	66,000	Bowlin Travel Centers Inc.†		90,387		187,770
	52,000	Carriage Services Inc.		1,013,525		1,062,880
	800	Collectors Universe Inc.		0		22,784


				2,757,837		7,861,943

		Diversified Industrial — 11.8%
	458,000	Ampco-Pittsburgh Corp.†		7,671,234		1,685,440
	66,666	ArborGen Holdings Ltd.†		37,762		7,890
	270,000	Burnham Holdings Inc., Cl. A(a)		4,323,837		3,847,500
	84,673	Chase Corp.		1,320,157		9,262,379
	111,360	Columbus McKinnon Corp.		1,825,756		4,056,845
	77,480	FormFactor Inc.†		546,020		1,444,615
	34,600	Graham Corp.		563,893		687,156
	516,579	Griffon Corp.		5,735,883		10,832,662
	21,350	Haulotte Group SA		114,721		137,994
	500	Hyster-Yale Materials Handling Inc.		25,045		27,365
	7,000	Innophos Holdings Inc.		207,318		227,220
	22,397	Insignia Systems Inc.†		55,134		21,725
	235,930	Intevac Inc.†		1,094,812		1,236,273
	65,120	John Bean Technologies Corp.		1,905,047		6,474,882
	109,036	L.B. Foster Co., Cl. A†		1,738,545		2,362,810
	287,170	Lawson Products Inc.†		4,302,426		11,122,094
	102,309	Lydall Inc.†		1,004,152		2,548,517
	9,000	MSA Safety Inc.		291,844		981,990
	1,022,900	Myers Industries Inc.		15,911,250		18,054,185
	116,600	Napco Security Technologies Inc.†		659,730		2,975,632
	215,431	Park-Ohio Holdings Corp.		4,957,445		6,432,770
	25,080	Raven Industries Inc.		497,955		839,177
	19,600	RWC Inc.†		315,159		196,196
	29,400	Standex International Corp.		1,024,250		2,144,436
	1,630,000	Steel Connect Inc.†		5,626,241		2,819,900
	640,000	Steel Partners Holdings LP†		10,328,342		8,192,000
	519,000	Tredegar Corp.		8,837,769		10,130,880
	522,554	Twin Disc Inc.†		9,615,851		5,533,847


				90,537,578		114,284,380

		Educational Services — 0.1%
	125,000	Universal Technical Institute Inc.†		615,524		680,000


		Electronics — 3.7%
	28,000	Badger Meter Inc.		477,554		1,503,600
	169,999	Bel Fuse Inc., Cl. A(a)		3,107,228		2,330,686
	339,500	CTS Corp.		2,824,101		10,986,220
	70,000	Daktronics Inc.		686,143		516,950
	63,771	EMRISE Corp.†(d)		0		0
	31,000	IMAX Corp.†		132,791		680,450


Shares			Cost		Market Value

	20,000	Iteris Inc.†	$	32,200	$	114,900
	110,000	Kimball Electronics Inc.†		662,907		1,596,100
	155,000	Kopin Corp.†		463,116		105,137
	6,304	Littelfuse Inc.		991,018		1,117,762
	19,000	Mesa Laboratories Inc.		491,269		4,517,630
	24,800	Methode Electronics Inc.		149,501		834,272
	700,000	Schmitt Industries Inc.†(a)		1,612,360		1,599,500
	188,038	Stoneridge Inc.†		1,977,743		5,823,537
	16,000	Stratasys Ltd.†		274,798		340,880
	150,870	Ultra Clean Holdings†		426,878		2,207,982
	142,200	Ultralife Corp.†		1,019,913		1,231,452


				15,329,520		35,507,058

		Energy and Utilities: Integrated — 0.2%
	29,000	MGE Energy Inc.		683,833		2,316,230


		Energy and Utilities: Natural Gas — 0.8%
	650,000	Alvopetro Energy Ltd.†		285,405		336,076
	31,250	Chesapeake Utilities Corp.		563,141		2,978,750
	5,000	CONSOL Energy Inc.†		116,589		78,150
	108,684	Corning Natural Gas Holding Corp.		1,015,904		1,989,461
	380,000	Gulf Coast Ultra Deep Royalty Trust		235,531		11,666
	62,850	RGC Resources Inc.		555,810		1,837,734


				2,772,380		7,231,837

		Energy and Utilities: Oil — 0.0%
	71,830	Callon Petroleum Co.†		468,742		311,742


		Energy and Utilities: Services — 0.2%
	70,000	Dawson Geophysical Co.†		303,753		149,800
	412,000	Independence Contract Drilling Inc.†		1,498,498		494,400
	129,000	KLX Energy Services Holdings Inc.†		2,802,522		1,115,205
	23,000	Nabors Industries Ltd.		129,030		43,010
	70,450	RPC Inc.		127,744		395,225
	7,100	Subsea 7 SA, ADR		25,056		73,343
	1,050,000	Weatherford International plc†.		211,595		29,190


				5,098,198		2,300,173

		Energy and Utilities: Water — 1.5%
	36,426	Artesian Resources Corp., Cl. A		925,588		1,347,762
	25,090	Cadiz Inc.†		277,949		313,374
	24,800	California Water Service Group		478,223		1,312,664
	4,000	Connecticut Water Service Inc.		135,142		280,240
	66,000	Consolidated Water Co. Ltd.		717,506		1,088,340
	68,000	Energy Recovery Inc.†		280,443		630,020
	28,533	Middlesex Water Co.		554,994		1,853,504
	35,000	Mueller Water Products Inc., Cl. A		403,644		393,400
	81,304	SJW Group		2,054,236		5,552,250
	45,307	The York Water Co.		760,243		1,978,104


				6,587,968		14,749,658

		Entertainment — 0.7%
	178,377	Canterbury Park Holding Corp.		1,878,902		2,177,983
	689,533	Dover Motorsports Inc.		1,660,517		1,365,275
	243,470	Entravision Communications Corp., Cl. A		545,693		774,235
	56,000	National CineMedia Inc.		304,243		459,200
	319,750	Sportech plc†		343,218		120,106
	32,000	World Wrestling Entertainment Inc., Cl. A		475,035		2,276,800


				5,207,608		7,173,599

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Environmental Control — 1.9%
	32,500	AquaVenture Holdings Ltd.†	$	530,065	$	631,475
	407,853	Casella Waste Systems Inc., Cl. A†		2,022,942		17,513,208
	13,121	Primo Water Corp.†		159,063		161,126


				2,712,070		18,305,809

		Equipment and Supplies — 6.9%
	10,000	Amtech Systems Inc.†		93,151		53,000
	20,000	AZZ Inc.		716,820		871,200
	5,500	Berry Global Group Inc.†		137,770		215,985
	192,766	CIRCOR International Inc.†		6,300,943		7,238,363
	404,500	Core Molding Technologies Inc.†		3,294,107		2,592,845
	571,000	Federal Signal Corp.		3,734,986		18,694,540
	210,000	Interpump Group SpA		1,523,486		6,637,819
	490,000	Kimball International Inc., Cl. B		5,071,210		9,457,000
	17,550	Maezawa Kyuso Industries Co. Ltd.		95,017		324,137
	200,000	Mitcham Industries Inc.†		749,308		650,000
	20,593	Powell Industries Inc.		767,781		806,216
	360,431	The Eastern Co.(a)		6,673,582		8,945,897
	136,000	The Gorman-Rupp Co.		3,176,032		4,731,440
	337,820	The L.S. Starrett Co., Cl. A†(a)		3,705,434		1,959,356
	153,435	Titan Machinery Inc.†		2,579,104		2,200,258
	116,100	TransAct Technologies Inc.		495,218		1,414,098
	8,500	Vicor Corp.†		70,948		250,920


				39,184,897		67,043,074

		Financial Services — 9.1%
	67,000	Allegiance Bancshares Inc.†		2,691,982		2,150,030
	8,000	Ameris Bancorp		87,070		321,920
	22,000	Atlantic American Corp.		80,717		58,960
	302,158	Atlantic Capital Bancshares Inc.†		5,339,986		5,239,420
	45,778	Atlantic Union Bankshares Corp.		1,390,989		1,705,002
	17,000	Berkshire Bancorp Inc.†		219,944		219,725
	12,275	Berkshire Hills Bancorp Inc.		226,297		359,535
	5,953	BKF Capital Group Inc.†		48,280		72,954
	10,090	BOK Financial Corp.		660,421		798,624
	15,000	Boston Private Financial Holdings Inc.		169,709		174,825
	75	Burke & Herbert Bank and Trust Co.		95,726		171,000
	50,558	Cadence BanCorp.		1,012,238		886,787
	96,976	Capital City Bank Group Inc.		2,369,192		2,661,991
	8,000	Capitol Federal Financial Inc.		91,259		110,240
	13,000	Carolina Financial Corp.		497,443		462,020
	34,000	CenterState Bank Corp.		915,054		815,490
	18,200	Citizens & Northern Corp.		357,816		478,296
	7,000	ConnectOne Bancorp Inc.		165,900		155,400
	28,800	Crazy Woman Creek Bancorp Inc.		497,983		508,032
	32,580	Dime Community Bancshares Inc.		522,755		697,538
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		8,904,000
	40,000	Farmers National Banc Corp.		333,870		579,200
	10,000	First Community Bankshares Inc.		336,365		323,700
	36,440	First Internet Bancorp		763,839		780,180
	657,872	Flushing Financial Corp.		11,253,397		13,292,304
	75,600	FNB Corp.		736,188		871,668
	3,000	Franklin Financial Network Inc.		98,132		90,630
	17,858	FS Bancorp Inc.		684,399		937,545


Shares			Cost		Market Value

	482,000	GTY Technology Holdings Inc.†	$	4,574,212	$	3,022,140
	10	Guaranty Corp., Cl. A†(d)		137,500		75,000
	195,270	Hallmark Financial Services Inc.†		1,740,608		3,735,515
	14,000	Hancock Whitney Corp.		180,637		536,130
	5,800	Heritage Commerce Corp.		47,931		68,179
	30,000	HomeStreet Inc.†		300,000		819,600
	79,570	Hope Bancorp Inc.		844,878		1,141,034
	102,100	I3 Verticals Inc., Cl. A†		1,629,137		2,054,252
	34,400	ICC Holdings Inc.†		394,036		473,172
	90,843	KKR & Co. Inc., Cl. A		13,187		2,439,135
	52,700	Legacy Housing Corp.†		619,100		853,740
	6,440	LendingTree Inc.†		187,547		1,999,169
	170,000	Medallion Financial Corp.†		915,281		1,088,000
	4,197	Northrim BanCorp Inc.		91,497		166,495
	19,390	OceanFirst Financial Corp.		359,396		457,604
	36,739	Old Line Bancshares Inc.		1,121,407		1,065,798
	14,000	Opus Bank		362,164		304,780
	36,020	Oritani Financial Corp.		375,298		637,374
	18,681	People’s United Financial Inc.		289,187		292,077
	148,000	Pzena Investment Management Inc., Cl. A		1,200,873		1,320,160
	36,971	Renasant Corp.		414,186		1,294,355
	2,989	Salisbury Bancorp Inc.		129,412		117,199
	30,000	Sandy Spring Bancorp Inc.		1,026,309		1,011,300
	3,000	Seacoast Banking Corp. of Florida†		92,978		75,930
	4,540	Security National Corp.		412,718		670,785
	80,000	Silvercrest Asset Management Group Inc., Cl. A		1,098,684		984,000
	6,750	Simmons First National Corp., Cl. A		152,916		168,075
	4,000	South State Corp.		302,651		301,200
	56,480	Southern First Bancshares Inc.†		2,454,280		2,250,728
	64,000	Southern National Bancorp of Virginia Inc.		1,071,005		984,960
	4,500	Southside Bancshares Inc.		153,548		153,495
	660,000	Sprott Inc.		1,818,646		1,554,289
	118,143	Sterling Bancorp		1,177,409		2,369,949
	6,000	Thomasville Bancshares Inc.		225,946		264,120
	6,000	Towne Bank/Portsmouth VA		178,312		166,830
	4,200	TriState Capital Holdings Inc.†		41,237		88,368
	50,050	TrustCo Bank Corp NY		230,230		407,908
	119,660	United Financial Bancorp Inc.		1,639,660		1,630,966
	33,089	Value Line Inc.		326,193		752,775
	72,620	Veritex Holdings Inc.		2,072,720		1,762,124
	45,900	Washington Trust Bancorp Inc.		1,029,683		2,217,429
	82,200	Waterstone Financial Inc.		876,303		1,412,196
	89,760	Western New England Bancorp Inc.		774,589		855,413
	265,000	Wright Investors’ Service Holdings Inc.†		157,925		123,225


				71,045,532		87,993,989

		Food and Beverage — 3.2%
	84,600	Andrew Peller Ltd., Cl. A		357,330		903,566
	1,900	Bridgford Foods Corp.†		32,687		57,323
	55,000	Calavo Growers Inc.		1,687,084		5,234,900
	133,000	Corby Spirit and Wine Ltd.		1,998,640		1,726,686
	110,000	Cott Corp.		748,495		1,371,700
	540,000	Crimson Wine Group Ltd.†		4,911,613		4,077,000
	377,021	Farmer Brothers Co.†		7,868,496		4,882,422
	1,550	Hanover Foods Corp., Cl. A†		148,789		121,171
	300	Hanover Foods Corp., Cl. B†		28,206		24,750
	75,000	Iwatsuka Confectionery Co. Ltd.		3,467,326		2,712,139
	1,500	J & J Snack Foods Corp.		21,623		288,000

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	21,490	John B Sanfilippo & Son Inc.	$	1,010,180	$	2,075,934
	30,000	Lifeway Foods Inc.†		265,425		65,700
	210,661	Massimo Zanetti Beverage Group SpA		1,902,168		1,354,704
	10,000	MGP Ingredients Inc.		260,897		496,800
	13,840	Rock Field Co. Ltd.		110,886		184,832
	5,500	Scheid Vineyards Inc., Cl. A†		75,618		258,500
	7,100	T. Hasegawa Co. Ltd.		148,541		131,001
	6,500	The Boston Beer Co. Inc., Cl. A†		241,317		2,366,520
	63,000	The Hain Celestial Group Inc.†		671,082		1,352,925
	235,200	Tingyi (Cayman Islands) Holding Corp.		345,177		331,297
	254,400	Vitasoy International Holdings Ltd.		135,186		1,030,557
	23,000	Willamette Valley Vineyards Inc.†		88,087		159,160


				26,524,853		31,207,587

		Health Care — 8.7%
	32,960	Accuray Inc.†		244,893		91,299
	10,000	Anika Therapeutics Inc.†		309,129		548,900
	22,000	Biolase Inc.†		50,160		20,902
	130,000	BioTelemetry Inc.†		908,156		5,294,900
	6,970	Boiron SA		118,049		246,902
	46,500	Cantel Medical Corp.		593,901		3,478,200
	106,660	Cardiovascular Systems Inc.†		1,844,922		5,068,483
	14,000	CareDx Inc.†		80,937		316,540
	43,400	Collegium Pharmaceutical Inc.†		738,494		498,232
	384,940	Cutera Inc.†		5,778,772		11,251,796
	166,843	Electromed Inc.†		638,785		1,102,832
	175,000	Exelixis Inc.†		333,375		3,094,875
	25,000	Genesis Healthcare Inc.†		38,387		27,750
	11,000	Heska Corp.†		162,663		779,570
	4,000	ICU Medical Inc.†		208,306		638,400
	612,448	InfuSystems Holdings Inc.†		1,609,196		3,239,850
	23,000	Integer Holdings Corp.†		479,237		1,737,880
	173,724	IntriCon Corp.†		1,696,872		3,377,195
	60,000	Invitae Corp.†		484,527		1,156,200
	36,000	Kindred Biosciences Inc.†		364,531		246,600
	3,000	LeMaitre Vascular Inc.		73,153		102,540
	95,000	Meridian Bioscience Inc.		1,727,179		901,550
	160,000	Motif Bio plc†		70,834		1,672
	154,000	Neogen Corp.†		476,321		10,488,940
	109,780	NeoGenomics Inc.†		438,086		2,098,994
	7,000	Nuvectra Corp.†		64,246		9,520
	41,323	Omnicell Inc.†		680,307		2,986,413
	230,000	OPKO Health Inc.†		545,778		480,700
	153,911	Option Care Health Inc.†		289,584		492,515
	45,200	Orthofix Medical Inc.†		965,181		2,396,504
	45,000	Paratek Pharmaceuticals Inc.†		280,970		194,400
	8,000	Progenics Pharmaceuticals Inc.†		51,552		40,440
	114,000	Quidel Corp.†		1,394,874		6,993,900
	66,000	RTI Surgical Holdings Inc.†		334,123		188,100
	117,934	SurModics Inc.†		2,409,935		5,394,301
	2,000	Targanta Therapeutics Corp., Escrow†(d)		0		0
	500	Tetraphase Pharmaceuticals Inc.†		28,535		2,660
	1,000	Titan Medical Inc.†		2,224		1,080
	78,101	United-Guardian Inc.		725,485		1,464,394
	4,600	Utah Medical Products Inc		126,267		440,864
	278,000	Zealand Pharma A/S†		3,494,481		7,077,891


				30,862,407		83,974,684


Shares			Cost		Market Value

		Hotels and Gaming — 4.6%
	50,000	Ainsworth Game Technology Ltd.	$	44,995	$	26,154
	71,800	Boyd Gaming Corp.		416,103		1,719,610
	78,000	Braemar Hotels & Resorts Inc., REIT		766,264		732,420
	66,620	Churchill Downs Inc.		1,086,907		8,224,572
	75,000	Eldorado Resorts Inc.†		341,799		2,990,250
	6,000	Empire Resorts Inc.†		79,617		57,780
	30,000	Everi Holdings Inc.†		218,321		253,800
	1,117,725	Full House Resorts Inc.†		2,695,209		2,414,286
	121,000	Gamenet Group SpA		1,197,934		1,434,903
	641,210	Golden Entertainment Inc.†		6,807,644		8,521,681
	352,254	Inspired Entertainment Inc.†		2,251,124		2,532,706
	36,000	PlayAGS Inc.†		431,212		370,080
	6,000	Ryman Hospitality Properties Inc., REIT		232,186		490,860
	353,812	The Marcus Corp.		4,455,756		13,094,582
	75,461	Twin River Worldwide Holdings Inc.		2,178,270		1,722,775


				23,203,341		44,586,459

		Machinery — 2.8%
	326,000	Astec Industries Inc.		11,457,875		10,138,600
	5,000	DMG Mori AG		28,402		231,615
	5,120	DXP Enterprises Inc.†		133,810		177,766
	559,000	Gencor Industries Inc.†		3,819,715		6,489,990
	15,164	Lindsay Corp.		1,014,039		1,407,977
	44,650	Tennant Co.		978,398		3,156,755
	43,400	The Middleby Corp.†		454,690		5,073,460
	38,000	Williams Industrial Services Group Inc.†		124,236		74,100


				18,011,165		26,750,263

		Manufactured Housing and Recreational Vehicles — 2.1%
	55,555	Cavco Industries Inc.†		3,142,786		10,671,560
	175,250	Nobility Homes Inc.		2,031,484		4,128,890
	102,500	Skyline Champion Corp.†		821,735		3,084,225
	61,000	Winnebago Industries Inc.		626,036		2,339,350


				6,622,041		20,224,025

		Metals and Mining — 1.2%
	60,000	5N Plus Inc.†		215,087		99,181
	10,000	Alkane Resources Ltd.†		3,333		4,927
	61,540	Materion Corp.		1,371,814		3,776,094
	717,000	Osisko Gold Royalties Ltd.		10,420,098		6,662,090
	900,000	Tanami Gold NL†		210,755		29,158
	71,300	TimkenSteel Corp.†		813,371		448,477
	700	United States Lime & Minerals Inc.		55,159		53,550


				13,089,617		11,073,477

		Paper and Forest Products — 0.2%
	26,800	Keweenaw Land Association Ltd.†		2,281,278		1,876,000


		Publishing — 1.3%
	136,000	AH Belo Corp., Cl. A		703,510		510,000
	116,000	ARC Document Solutions Inc.†		219,107		157,760
	852,600	The E.W. Scripps Co., Cl. A		5,156,637		11,322,528
	27,057	Tribune Publishing Co.		264,673		232,149


				6,343,927		12,222,437

		Real Estate — 3.5%
	226,000	Ambase Corp.†		321,495		84,750
	8,000	Bresler & Reiner Inc.†		4,912		1,160
	113,300	Capital Properties Inc., Cl. A		1,205,957		1,824,130
	92,000	Cohen & Steers Inc.		2,107,686		5,053,560
	60,000	DREAM Unlimited Corp., Cl. A		331,539		432,955

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Real Estate (Continued)
	24,400	FRP Holdings Inc.†	$	802,280	$	1,171,688
	281,450	Griffin Industrial Realty Inc.(a)		8,150,899		10,681,028
	14,138	Gyrodyne LLC†		394,093		283,820
	8,231	Holobeam Inc.†		161,746		420,892
	32,356	New Senior Investment Group Inc., REIT		196,101		216,138
	527,269	Reading International Inc., Cl. A†		4,919,287		6,306,137
	74,459	Reading International Inc., Cl. B†		672,330		1,861,475
	2,508	Royalty LLC†(d)		0		255
	164,000	Tejon Ranch Co.†		4,030,303		2,783,080
	628,023	Trinity Place Holdings Inc.†		3,406,008		2,512,092


				26,704,636		33,633,160

		Restaurants — 2.1%
	1,639	Biglari Holdings Inc., Cl. A†		1,464,491		919,774
	58,000	Denny’s Corp.†		178,031		1,320,370
	222,234	Nathan’s Famous Inc.(a)		3,237,026		15,967,513
	50,000	The Cheesecake Factory Inc.		1,504,518		2,084,000


				6,384,066		20,291,657

		Retail — 1.8%
	90,000	Big 5 Sporting Goods Corp.		711,837		187,200
	69,710	Ethan Allen Interiors Inc.		1,463,160		1,331,461
	70,000	GNC Holdings Inc., Cl. A†		227,128		149,800
	215,000	iMedia Brands Inc.†		261,779		120,400
	172,240	Ingles Markets Inc., Cl. A		2,977,603		6,693,246
	113,000	Lands’ End Inc.†		1,906,893		1,281,985
	41,000	La-Z-Boy Inc.		918,461		1,377,190
	93,000	Movado Group Inc.		2,029,299		2,311,980
	300	PetIQ Inc.†		7,511		8,178
	3,000	SpartanNash Co.		43,945		35,490
	91,000	Tuesday Morning Corp.†		270,457		142,870
	121,174	Village Super Market Inc., Cl. A		3,305,193		3,205,052
	400	Winmark Corp.		26,768		70,556


				14,150,034		16,915,408

		Semiconductors — 0.8%
	162,740	Entegris Inc.		1,088,226		7,658,544
	2,000	Veeco Instruments Inc.†		23,663		23,360


				1,111,889		7,681,904

		Specialty Chemicals — 2.2%
	1,086,593	Ferro Corp.†		5,209,733		12,886,993
	267,226	General Chemical Group Inc.†(a)		59,859		2,138
	69,000	Hawkins Inc.		2,486,115		2,932,500
	4,100	Minerals Technologies Inc.		121,383		217,669
	156,000	Navigator Holdings Ltd.†		1,910,919		1,666,080
	239,027	OMNOVA Solutions Inc.†		1,919,920		2,407,002
	6,000	Takasago International Corp.		160,690		145,110
	50,000	Teraoka Seisakusho Co. Ltd.		368,433		219,191
	189,174	Treatt plc		1,017,380		944,346


				13,254,432		21,421,029

		Telecommunications — 2.2%
	26,000	A10 Networks Inc.†		163,417		180,440
	38,980	ATN International Inc.		1,514,869		2,275,263
	468,000	Cincinnati Bell Inc.†		5,214,310		2,372,760
	28,100	Consolidated Communications Holdings Inc.		164,113		133,756
	20,808	Frequency Electronics Inc.†		233,086		252,817
	65,000	Gogo Inc.†		322,463		391,950
	590,000	HC2 Holdings Inc.†		2,109,027		1,386,500
	5,000	IDT Corp., Cl. B†		37,666		52,650
	20,000	Iridium Communications Inc.†		160,025		425,600


Shares			Cost		Market Value

	4,000	North State Telecommunications Corp., Cl. A	$	341,561	$	250,000
	57,500	Nuvera Communications Inc.		528,202		1,187,375
	512,315	ORBCOMM Inc.†		2,965,873		2,438,619
	5,788	Preformed Line Products Co.		246,195		315,967
	278,000	Shenandoah Telecommunications Co.		1,472,162		8,832,060
	40,000	WideOpenWest Inc.†		396,754		246,400


				15,869,723		20,742,157

		Transportation — 0.0%
	17,000	Patriot Transportation Holding Inc.†		374,911		323,000


		Wireless Communications — 0.2%
	1,100,000	NII Holdings Inc.†		1,366,361		2,156,000

		TOTAL COMMON STOCKS		587,423,584		954,398,251


		CLOSED-END FUNDS — 0.1%
	127,800	MVC Capital Inc.		1,152,872		1,137,420


		PREFERRED STOCKS — 0.6%
		Automotive: Parts and Accessories — 0.1%
	46,300	Jungheinrich AG		186,816		998,195


		Financial Services — 0.5%
	233,000	Steel Partners Holdings LP Ser. A, 6.000%		7,323,349		4,932,610

		TOTAL PREFERRED STOCKS		7,510,165		5,930,805


		CONVERTIBLE PREFERRED STOCKS (e) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Corning Natural Gas Holding Corp.,
		4.800%, Ser. B		313,221		332,090


		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Ser. 2003		7,625		15,590

		TOTAL CONVERTIBLE PREFERRED STOCKS		320,846		347,680


		RIGHTS — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(d)		1		1


		Health Care — 0.0%
	400,000	Sanofi, CVR†		137,800		228,000
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(d)		103,591		0


				241,391		228,000

		Specialty Chemicals — 0.0%
	30,000	A. Schulman Inc., CVR†(d)		15,690		15,690


		TOTAL RIGHTS		257,082		243,691

		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	86	Key Energy Services Inc., expire 12/15/21†(d)		0		17
	86	Key Energy Services Inc., expire 12/15/20†(d)		0		4


				0		21

		Environmental Control — 0.0%
	200	Primo Water Corp., expire 12/31/21†		58		43

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2019


Shares			Cost		Market Value
		WARRANTS (Continued)
		Health Care — 0.0%
	8,737	Option Care Health Inc., Cl. A, expire 07/27/25†	$	7,979	$	3,199
	8,737	Option Care Health Inc., Cl. B, expire 07/27/25†		7,554		2,647


				15,533		5,846


		TOTAL WARRANTS		15,591		5,910


Principal Amount			Cost		Market Value

		CONVERTIBLE CORPORATE BONDS — 0.0%
		Telecommunications — 0.0%
	$ 180,000	Gogo Inc., 6.000%, 05/15/22(b)		180,000		215,308


		U.S. GOVERNMENT OBLIGATIONS — 0.4%
	3,796,000	U.S. Treasury Bills,
		1.877% to 1.950%††, 11/21/19 to 12/19/19		3,783,123		3,784,099


		TOTAL MISCELLANEOUS INVESTMENTS — 0.1%(f)		568,202		559,073


		TOTAL INVESTMENTS — 100.1%	$	601,211,465		966,622,237


		Other Assets and Liabilities (Net) — (0.1)%				(906,592	)


		NET ASSETS — 100.0%			$	965,715,645

(a)	Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b)	Security 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.

(c)	At September 30, 2019, the Fund held an investment in a restricted and illiquid security amounting to $14,756 or 0.00% of net assets., which was valued under methods approved by the Board of Trustees as follows:

Acquisition

Shares

Issuer

Acquisition
Date

Acquisition
Cost

09/30/19
Carrying
Value
Per Share

28,792

Trans-Lux Corp.

06/01/09-
09/25/18

$25,123

0.5125

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

(e)	Securities are perpetual and have no stated maturity date.

(f)	Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year.

†	Non-income producing security.

††	Represents annualized yields at dates of purchase.

ADR	American Depositary Receipt

CCCP	Contingent Cash Consideration Payment

CVR	Contingent Value Right

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TETON Westwood Funds and Shareholders of TETON Westwood Mighty Mites^SM Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of TETON Westwood Mighty Mites^SM Fund (one of the funds constituting TETON Westwood Funds, referred to hereafter as the “Fund”) as of September 30, 2019, the related statement of operations for the year ended September 30, 2019, the statement of changes in net assets for each of the two years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (included in Item 1 of this FormN-CSR) and the schedule of investments (included in Item 6 of this FormN-CSR) as of September 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2019 and the financial highlights for each of the five years in the period ended September 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

New York, New York

November 26, 2019

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

(b)	Not applicable due to no such divestments during the semi-annual period covered since the previousForm N-CSR filing.

Item 7.

Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the 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 RegulationS-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR240.13a-15(b) or240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2)

Certifications pursuant to Rule30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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/ Bruce N. Alpert

Bruce N. Alpert, Principal Executive Officer

Date 12/04/2019

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/ Bruce N. Alpert

Bruce N. Alpert, Principal Executive Officer

Date 12/04/2019

By (Signature and Title)* /s/ John C. Ball

John C. Ball, Principal Financial Officer and Treasurer

Date 12/04/2019

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

TETON Westwood Balanced Fund Class AAA (WEBAX) N-CSRCertified annual shareholder report (management investment company)