TETON Westwood Equity Fund Class AAA (WESWX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            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

Gabelli Funds, LLC

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:   March 31, 2020

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 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.

                

TETON WESTWOOD FUNDS

Mighty Mites^SMFund

SmallCap Equity Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semiannual Report

March 31, 2020

  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 – March 31, 2020 (a)							Average Annual Returns – March 31, 2020 (a)(b)(c)
	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimburse- ments	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimburse- ments
Mighty Mites	(25.86)%	(1.81)%	5.66%	6.33%	8.68%	1.41%	1.41%	(29.00)%	(2.86)%	4.96%	5.79%	8.26%	1.66%	1.66%
SmallCap Equity	(28.07)	0.15	5.37	5.55	5.75	1.64	1.25	(31.12)	(0.91)	4.69	5.02	5.39	1.89	1.50
Convertible Securities	(2.87)	4.37	7.45	5.51	6.98	1.66	1.15	(7.05)	3.26	6.75	4.96	6.56	1.91	1.40
Equity	(12.10)	3.33	7.51	6.07	9.16	1.64	1.64	(15.75)	2.24	6.82	5.53	8.80	1.89	1.89
Balanced	(4.30)	3.43	5.96	5.37	7.75	1.37	1.37	(8.34)	2.34	5.26	4.83	7.33	1.62	1.62
Intermediate Bond	(1.19)	0.50	1.41	2.40	4.12	2.47	1.00	(5.35)	(0.43)	0.87	2.01	3.90	2.57	1.10
	Class C Shares							Class I Shares
	Average Annual Returns – March 31, 2020 (a)(c)(d)							Average Annual Returns – March 31, 2020 (a)(c)
	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimburse- ments	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimburse- ments
Mighty Mites	(27.18)%	(2.55)%	4.86%	5.54%	8.00%	2.16%	2.16%	(25.66)%	(1.56)%	5.92%	6.54%	8.83%	1.16%	1.16%
SmallCap Equity	(29.31)	(0.59)	4.60	4.68	5.09	2.39	2.00	(27.87)	0.40	5.64	5.77	5.90	1.39	1.00
Convertible Securities	(4.64)	3.58	6.65	4.72	6.39	2.41	1.90	(2.69)	4.65	7.73	5.73	7.13	1.41	0.90
Equity	(13.54)	2.56	6.71	5.29	8.64	2.39	2.39	(11.85)	3.59	7.76	6.28	9.26	1.39	1.39
Balanced	(5.99)	2.67	5.18	4.59	7.16	2.12	2.12	(4.06)	3.70	6.22	5.58	7.86	1.12	1.12
Intermediate Bond	(2.67)	(0.20)	0.68	1.65	3.63	3.22	1.75	(1.20)	0.70	1.63	2.59	4.22	2.22	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.

2

This page was intentionally left blank.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2019 through March 31, 2020

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 5 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.

4

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2019 through March 31, 2020

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
	10/01/19	03/31/20		Ratio		Period*		10/01/19		03/31/20		Ratio		Period*
TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00		$740.50		1.43%	$	6.22		$1,000.00		$1,017.85		1.43%	$	7.21
Class A	$1,000.00		$739.60		1.68%	$	7.31		$1,000.00		$1,016.60		1.68%	$	8.47
Class C	$1,000.00		$737.30		2.18%	$	9.47		$1,000.00		$1,014.10		2.18%	$	10.98
Class I	$1,000.00		$741.50		1.18%	$	5.14		$1,000.00		$1,019.10		1.18%	$	5.96
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00		$715.30		1.25%	$	5.36		$1,000.00		$1,018.75		1.25%	$	6.31
Class A	$1,000.00		$714.20		1.50%	$	6.43		$1,000.00		$1,017.50		1.50%	$	7.57
Class C	$1,000.00		$712.60		2.00%	$	8.56		$1,000.00		$1,015.00		2.00%	$	10.08
Class I	$1,000.00		$715.90		1.00%	$	4.29		$1,000.00		$1,020.00		1.00%	$	5.05
TETON Convertible Securities Fund
Class AAA	$1,000.00		$918.50		1.15%	$	5.52		$1,000.00		$1,019.25		1.15%	$	5.81
Class A	$1,000.00		$917.20		1.40%	$	6.71		$1,000.00		$1,018.00		1.40%	$	7.06
Class C	$1,000.00		$914.80		1.90%	$	9.10		$1,000.00		$1,015.50		1.90%	$	9.57
Class I	$1,000.00		$919.30		0.90%	$	4.32		$1,000.00		$1,020.50		0.90%	$	4.55
TETON Westwood Equity Fund
Class AAA	$1,000.00		$807.50		1.65%	$	7.46		$1,000.00		$1,016.75		1.65%	$	8.32
Class A	$1,000.00		$806.70		1.90%	$	8.58		$1,000.00		$1,015.50		1.90%	$	9.57
Class C	$1,000.00		$805.00		2.40%	$	10.83		$1,000.00		$1,013.00		2.40%	$	12.08
Class I	$1,000.00		$808.80		1.40%	$	6.33		$1,000.00		$1,018.00		1.40%	$	7.06
TETON Westwood Balanced Fund
Class AAA	$1,000.00		$892.40		1.40%	$	6.62		$1,000.00		$1,018.00		1.40%	$	7.06
Class A	$1,000.00		$891.10		1.65%	$	7.80		$1,000.00		$1,016.75		1.65%	$	8.32
Class C	$1,000.00		$888.70		2.15%	$	10.15		$1,000.00		$1,014.25		2.15%	$	10.83
Class I	$1,000.00		$893.40		1.15%	$	5.44		$1,000.00		$1,019.25		1.15%	$	5.81
TETON Westwood Intermediate Bond Fund
Class AAA	$1,000.00		$961.90		1.00%	$	4.90		$1,000.00		$1,020.00		1.00%	$	5.05
Class A	$1,000.00		$960.70		1.10%	$	5.39		$1,000.00		$1,019.50		1.10%	$	5.55
Class C	$1,000.00		$960.70		1.75%	$	8.58		$1,000.00		$1,016.25		1.75%	$	8.82
Class I	$1,000.00		$961.40		0.75%	$	3.68		$1,000.00		$1,021.25		0.75%	$	3.79

* 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 366.

5

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2020:

TETON Westwood Mighty Mites Fund

Diversified Industrial	11.7	%
Health Care	10.5	%
Financial Services	10.0	%
Aerospace and Defense	8.2	%
Equipment and Supplies	5.1	%
Electronics	4.2	%
Machinery	3.6	%
Real Estate	3.4	%
Hotels and Gaming	3.2	%
Consumer Products	3.0	%
Food and Beverage	2.8	%
Business Services	2.5	%
Restaurants	2.5	%
Building and Construction	2.4	%
Manufactured Housing and Recreational Vehicles	2.4	%
Specialty Chemicals	2.3	%
Computer Software and Services	2.1	%
Aviation: Parts and Services	2.1	%
Energy and Utilities: Water	2.1	%
Retail	2.0	%
Environmental Control	1.8	%
Telecommunications	1.8	%
Automotive: Parts and Accessories	1.4	%

Automotive	1.3	%
Broadcasting	1.2	%
Publishing	1.1	%
Consumer Services	1.1	%
Energy and Utilities: Natural Gas	0.9	%
Metals and Mining	0.8	%
Agriculture	0.7	%
Semiconductors	0.6	%
Communications Equipment	0.5	%
Entertainment	0.4	%
Paper and Forest Products	0.3	%
Energy and Utilities: Integrated	0.2	%
Educational Services	0.1	%
Airlines	0.1	%
Energy and Utilities: Services	0.1	%
Energy and Utilities	0.1	%
Transportation	0.0	%*
Communications	0.0	%*
Energy and Utilities: Oil	0.0	%*
Other Assets and Liabilities (Net)	(0.6	)%
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood SmallCap Equity Fund

Banking	20.7	%
Semiconductors	11.0	%
Computer Software and Services	8.9	%
Health Care	8.3	%
Communications Equipment	6.0	%
Electronics	5.7	%
Financial Services	5.0	%
Business Services	4.8	%
Specialty Chemicals	4.1	%
Retail	3.2	%
Energy and Utilities	3.1	%
Automotive	2.6	%
Diversified Industrial	2.5	%
Consumer Products	2.3	%

Building and Construction	2.2	%
Aviation: Parts and Services	1.8	%
Machinery	1.3	%
Transportation	1.1	%
Environmental Control	1.0	%
Broadcasting	0.9	%
U.S. Government Obligations	0.8	%
Communications	0.8	%
Real Estate	0.7	%
Aerospace	0.5	%
Equipment and Supplies	0.5	%
Other Assets and Liabilities (Net)	0.2	%
	100.0	%

TETON Convertible Securities Fund

Computer Software and Services	24.8	%
Health Care	17.3	%
Energy and Utilities: Integrated	8.0	%
Telecommunications	6.1	%
Semiconductors	5.7	%
Security Software	5.1	%
U.S. Government Obligations	4.5	%
Financial Services	3.6	%
Communications Equipment	3.5	%
Energy and Utilities: Services	3.4	%
Real Estate Investment Trusts	3.0	%
Diversified Industrial	2.7	%
Business Services	2.1	%
Cable and Satellite	1.5	%
Transportation	1.1	%
Energy and Utilities: Water	1.0	%
Equipment and Supplies	0.9	%
Aviation: Parts and Services	0.9	%

Industrials	0.8	%
Aerospace and Defense	0.7	%
Consumer Products	0.6	%
Consumer Services	0.6	%
Food and Beverage	0.6	%
Agriculture	0.2	%
Other Assets and Liabilities (Net)	1.3	%
	100.0	%

6

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Equity Fund

Health Care	13.9	%
Computer Software and Services	12.2	%
Financial Services	11.4	%
Banking	8.6	%
Energy: Integrated	7.8	%
Retail	7.4	%
Telecommunications	4.5	%
Aerospace	4.5	%
Consumer Products	4.0	%
Diversified Industrial	4.0	%
Food and Beverage	3.9	%

Energy: Oil	3.7	%
Real Estate	3.2	%
Business Services	2.4	%
Transportation	2.2	%
Broadcasting	2.1	%
Entertainment	2.0	%
Energy and Energy Services	1.3	%
Other Investment Companies	1.0	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

TETON Westwood Balanced Fund

U.S. Government Obligations	17.6	%
Health Care	10.6	%
Financial Services	10.0	%
Banking	8.5	%
Computer Software And Services	8.2	%
Short Term Investment	4.9	%
Energy: Integrated	4.8	%
Retail	4.2	%
Consumer Products	3.8	%
Diversified Industrial	3.6	%
Federal National Mortgage Association	3.4	%
Energy: Oil	3.3	%
Transportation	3.0	%

Telecommunications	2.7	%
Aerospace	2.6	%
Food And Beverage	2.6	%
Real Estate	2.0	%
Broadcasting	1.3	%
Entertainment	1.3	%
Business Services	1.1	%
Federal Home Loan Mortgage Corp.	1.0	%
Energy And Energy Services	0.7	%
Other Assets and Liabilities (Net)	(1.2	)%
	100.0	%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	83.1	%
U.S. Government Obligations	13.6	%
Convertible Corporate Bonds	1.8	%
U.S. Government Agency Obligations	0.3	%
Other Assets and Liabilities (Net)	1.2	%
	100.0	%

7

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* — 99.4%
		Aerospace and Defense — 8.2%
	1,038,900	Aerojet Rocketdyne Holdings Inc.†	$	4,935,277	$	43,457,187
	422,340	Various Securities		7,024,576		5,267,683
				11,959,853		48,724,870
		Agriculture — 0.7%
	739,725	Various Securities		6,291,919		4,149,094
		Airlines — 0.1%
	265,000	Various Securities		15,815		507,850
		Automotive — 1.3%
	289,790	Various Securities		3,623,716		7,562,901
		Automotive: Parts and Accessories — 1.3%
	1,038,128	Various Securities		14,109,767		7,590,099
		Aviation: Parts and Services — 2.1%
	189,040	Ducommun Inc.†		4,811,439		4,697,644
	186,200	Kaman Corp.		4,786,120		7,163,114
	37,396	Various Securities		228,168		341,384
				9,825,727		12,202,142
		Broadcasting — 1.2%
	898,000	Beasley Broadcast Group Inc., Cl. A(a)		4,944,632		1,661,300
	1,116,028	Various Securities		3,487,198		5,270,824
				8,431,830		6,932,124
		Building and Construction — 2.4%
	122,500	Gibraltar Industries Inc.†		2,889,333		5,257,700
	98,200	The Monarch Cement Co.		2,607,988		4,811,800
	952,434	Various Securities		6,980,525		4,006,996
				12,477,846		14,076,496
		Business Services — 2.5%
	28,792	Trans-Lux Corp.†(a)(b)(c)		25,123		16,052
	2,397,208	Trans-Lux Corp.†(a)		1,375,413		1,336,443
	1,969,953	Various Securities		19,472,928		13,608,464
				20,873,464		14,960,959
		Communications Equipment — 0.5%
	707,000	Various Securities		4,481,987		2,776,470
		Computer Software and Services — 2.1%
	2,204,488	Various Securities		11,930,412		12,500,338
		Consumer Products — 2.9%
	790,000	Marine Products Corp.		5,696,779		6,383,200
	5,905,622	Various Securities		14,934,375		11,060,504
				20,631,154		17,443,704
		Consumer Services — 1.1%
	375,320	1-800-Flowers.com Inc., Cl. A†		1,274,361		4,965,484
	154,800	Various Securities		1,799,702		1,647,576
				3,074,063		6,613,060
		Diversified Industrial — 11.7%
	264,000	Burnham Holdings Inc., Cl. A(a)		4,218,361		2,706,000
	77,673	Chase Corp.		1,175,370		6,391,711
	486,703	Griffon Corp.		5,377,187		6,156,793
	60,120	John Bean Technologies Corp.		1,753,961		4,465,112
	271,502	Lawson Products Inc.†		4,039,654		7,254,533
	1,003,870	Myers Industries Inc.		15,600,625		10,791,603
	212,331	Park-Ohio Holdings Corp.		4,882,806		4,021,549
	629,000	Steel Partners Holdings LP†		10,164,932		3,411,319
	476,000	Tredegar Corp.		7,901,155		7,439,880
	454,000	Twin Disc Inc.†		8,195,667		3,168,920
	2,804,179	Various Securities		20,593,283		13,694,433
				83,903,001		69,501,853

Shares			Cost		Market Value
		Educational Services — 0.1%
	123,000	Various Securities	$	596,725	$	731,850
		Electronics — 4.0%
	168,300	Bel Fuse Inc., Cl. A(a)		3,079,334		1,178,100
	333,500	CTS Corp.		2,767,089		8,300,815
	700,000	Schmitt Industries Inc.†(a)		1,612,360		1,925,000
	774,362	Various Securities		6,245,490		12,250,054
				13,704,273		23,653,969
		Energy and Utilities: Integrated — 0.2%
	18,000	Various Securities		424,380		1,178,460
		Energy and Utilities: Natural Gas — 0.9%
	833,744	Various Securities		2,109,514		5,316,848
		Energy and Utilities: Oil — 0.0%
	85,000	Various Securities		261,491		46,571
		Energy and Utilities: Services — 0.1%
	306,950	Various Securities		4,526,282		358,001
		Energy and Utilities: Water — 2.1%
	73,304	SJW Group		1,858,060		4,234,772
	279,966	Various Securities		3,810,677		7,956,214
				5,668,737		12,190,986
		Entertainment — 0.4%
	1,073,130	Various Securities		2,803,907		2,291,426
		Environmental Control — 1.8%
	262,853	Casella Waste Systems Inc., Cl. A†		1,237,583		10,267,038
	59,904	Various Securities		535,593		542,735
				1,773,176		10,809,773
		Equipment and Supplies — 5.1%
	210,000	Federal Signal Corp.		1,278,662		5,728,800
	135,000	Interpump Group SpA		960,931		3,272,637
	288,000	Kimball International Inc., Cl. B		2,850,737		3,430,080
	359,020	The Eastern Co.(a)		6,657,813		7,000,890
	130,000	The Gorman-Rupp Co.		3,022,642		4,057,300
	317,500	The L.S. Starrett Co., Cl. A†(a)		3,498,873		1,028,700
	929,294	Various Securities		13,139,023		5,968,989
				31,408,681		30,487,396
		Financial Services — 9.4%
	305,658	Atlantic Capital Bancshares Inc.†		5,375,086		3,628,160
	1,120	Farmers & Merchants Bank of
		Long Beach		6,157,165		6,720,000
	583,300	Flushing Financial Corp.		9,791,548		7,792,888
	10	Guaranty Corp., Cl. A†(d)		137,500		157,515
	3,758,280	Various Securities		42,979,028		37,192,702
				64,440,327		55,491,265
		Food and Beverage — 2.8%
	1,933,922	Various Securities		21,515,926		16,760,176
		Health Care — 10.4%
	123,000	BioTelemetry Inc.†		868,788		4,736,730
	106,660	Cardiovascular Systems Inc.†		1,844,922		3,755,499
	361,940	Cutera Inc.†		5,267,104		4,726,936
	528,448	InfuSystem Holdings Inc.†		1,369,063		4,486,523
	139,000	Neogen Corp.†		408,302		9,311,610
	64,000	Quidel Corp.†		822,123		6,259,840
	93,934	SurModics Inc.†		1,907,429		3,129,881
	2,000	Targanta Therapeutics Corp., Escrow†(d)		0		0
	100,000	Zealand Pharma A/S†		1,250,037		3,450,976
	1,422,113	Various Securities		11,741,016		21,874,654
				25,478,784		61,732,649
		Hotels and Gaming — 3.2%
	59,620	Churchill Downs Inc.		988,888		6,137,879

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) – March 31, 2020 (Unaudited)

|Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Hotels and Gaming (Continued)
	634,210	Golden Entertainment Inc.†	$	6,767,044	$	4,192,128
	2,136,400	Various Securities		12,074,267		8,370,075
				19,830,199		18,700,082
		Machinery — 3.6%
	312,000	Astec Industries Inc.		10,962,065		10,910,640
	550,000	Gencor Industries Inc.†		3,688,073		5,775,000
	110,700	Various Securities		1,878,456		4,809,905
				16,528,594		21,495,545
		Manufactured Housing and Recreational Vehicles — 2.4%
	48,000	Cavco Industries Inc.†		2,954,508		6,957,120
	175,750	Nobility Homes Inc.		2,043,494		3,884,075
	156,000	Various Securities		1,374,872		3,125,360
				6,372,874		13,966,555
		Metals and Mining — 0.8%
	570,000	Osisko Gold Royalties Ltd.		8,280,879		4,252,824
	994,000	Various Securities		876,199		211,927
				9,157,078		4,464,751
		Paper and Forest Products — 0.3%
	26,800	Various Securities		2,281,278		1,541,000
		Publishing — 1.1%
	848,600	The E.W. Scripps Co., Cl. A		5,140,373		6,398,444
	221,000	Various Securities		782,634		350,310
				5,923,007		6,748,754
		Real Estate — 3.4%
	277,950	Griffin Industrial Realty Inc.(a)		8,049,002		9,088,965
	2,508	Royalty LLC†(d)		0		255
	1,879,428	Various Securities		16,495,633		11,215,640
				24,544,635		20,304,860
		Restaurants — 2.5%
	222,060	Nathan’s Famous Inc.(a)		3,226,118		13,545,660
	86,139	Various Securities		2,387,565		1,385,883
				5,613,683		14,931,543
		Retail — 2.0%
	132,740	Ingles Markets Inc., Cl. A		2,351,240		4,799,878
	129,674	Village Super Market Inc., Cl. A		3,486,425		3,187,387
	554,510	Various Securities		7,482,247		3,582,995
				13,319,912		11,570,260
		Semiconductors — 0.6%
	85,740	Entegris Inc.		433,020		3,838,580
		Specialty Chemicals — 2.3%
	1,061,560	Ferro Corp.†		4,997,760		9,936,202
	467,594	Various Securities		4,505,367		3,654,798
				9,503,127		13,591,000
		Telecommunications — 1.8%
	119,000	Shenandoah Telecommunications Co.		624,717		5,860,750
	1,230,711	Various Securities		6,936,295		4,727,980
				7,561,012		10,588,730
		Transportation — 0.0%
	16,500	Various Securities		362,914		155,430
		TOTAL COMMON STOCKS		507,774,090		588,488,420
		CLOSED-END FUNDS* — 0.1%
	111,980	Various Securities		1,004,359		489,353

Shares			Cost		Market Value
		PREFERRED STOCKS* — 0.6%
		Automotive: Parts and Accessories — 0.1%
	44,300	Various Securities	$	172,422	$	681,576
		Financial Services — 0.5%
	172,000	Various Securities		4,897,951		2,911,960
		TOTAL PREFERRED STOCKS		5,070,373		3,593,536
		CONVERTIBLE PREFERRED STOCKS* — 0.0%
		Food and Beverage — 0.0%
	500	Various Securities		7,625		19,890
						��
		MANDATORY CONVERTIBLE SECURITIES* (e) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Various Securities		313,221		316,995
		RIGHTS* — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(d)		1		0
		Health Care — 0.0%
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(d)		103,591		0
		TOTAL RIGHTS		103,592		0
		WARRANTS* — 0.0%
		Energy and Utilities — 0.0%
	2	Key Energy Services Inc., expire 12/15/21†(d)		0		6
	2	Key Energy Services Inc., expire 12/15/20†(d)		0		5
				0		11
		Energy and Utilities: Services — 0.0%
	7,627	Various Securities		0		2,136
		Health Care — 0.0%
	4,368	Various Securities		15,533		12,655
		TOTAL WARRANTS		15,533		14,802
		TOTAL MISCELLANEOUS INVESTMENTS — 0.4%(f)		3,442,302		2,569,052
		TOTAL INVESTMENTS — 100.6%	$	517,731,095		595,492,048
		Other Assets and Liabilities (Net) — (0.6)%				(3,478,321	)
		NET ASSETS — 100.0%			$	592,013,727

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 March 31, 2020. The complete Schedule of Investments is available (i) without charge, upon request, by calling800-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. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) – March 31, 2020 (Unaudited)

(c) At March 31, 2020, the Fund held an investment in a restricted and illiquid security amounting to $16,052 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	03/31/20 Carrying Value   Per Share
28,792	Trans-Lux Corp	06/01/09- 09/25/18	$25,123		$0.5575

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

(e) 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.

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

† Non-income producing security.

CCCP    Contingent Cash Consideration Payment

CVR      Contingent Value Right

See accompanying notes to financial statements.

10

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.0%
		Aerospace — 0.5%
	3,600	Hexcel Corp.	$	109,475	$	133,884
		Automotive — 2.6%
	10,500	Rush Enterprises Inc., Cl. A		290,875		335,160
	11,300	Winnebago Industries Inc.		277,170		314,253
				568,045		649,413
		Aviation: Parts and Services — 1.8%
	25,200	AAR Corp		617,074		447,552
		Banking — 20.7%
	22,600	Atlantic Capital Bancshares Inc.†		410,019		268,262
	9,433	Atlantic Union Bankshares Corp.		223,128		206,583
	15,600	Banc of California Inc.		288,439		124,800
	13,200	BankUnited Inc.		364,856		246,840
	5,900	Berkshire Hills Bancorp Inc.		153,535		87,674
	21,662	Cadence BanCorp.		342,302		141,886
	13,400	CenterState Bank Corp.		309,741		230,882
	8,400	Columbia Banking System Inc.		257,223		225,120
	3,200	Financial Institutions Inc.		56,688		58,048
	34,400	First Foundation Inc.		531,613		351,568
	9,300	Glacier Bancorp Inc.		175,557		316,247
	52,050	Investors Bancorp Inc.		561,191		415,879
	6,500	Live Oak Bancshares Inc.		114,239		81,055
	17,150	OceanFirst Financial Corp.		373,678		272,857
	17,350	OFG Bancorp		174,937		193,973
	17,000	PCSB Financial Corp.		286,964		237,830
	20,806	Sterling Bancorp		251,944		217,423
	22,200	TrustCo Bank Corp.		147,725		120,102
	19,050	Umpqua Holdings Corp.		280,046		207,645
	37,720	Valley National Bancorp		368,133		275,733
	33,200	Veritex Holdings Inc.		866,006		463,804
	14,000	Washington Federal Inc.		300,174		363,440
	4,700	Washington Trust Bancorp Inc.		125,134		171,832
				6,963,272		5,279,483
		Broadcasting — 0.9%
	11,800	Chicken Soup For The Soul Entertainment Inc.†		120,542		79,650
	17,600	Hemisphere Media Group Inc.†		206,059		150,304
				326,601		229,954
		Building and Construction — 2.2%
	5,500	EMCOR Group Inc.		262,514		337,260
	8,800	MYR Group Inc.†		153,563		230,472
				416,077		567,732
		Business Services — 4.8%
	21,000	ABM Industries Inc.		654,558		511,560
	3,550	FTI Consulting Inc.†		118,940		425,183
	5,600	McGrath RentCorp.		180,384		293,328
				953,882		1,230,071
		Communications — 0.8%
	16,100	Meredith Corp.		588,589		196,742
		Communications Equipment — 6.0%
	94,500	Extreme Networks Inc.†		563,293		292,005
	122,800	Infinera Corp.†		850,953		650,840
	4,822	Lumentum Holdings Inc.†		206,432		355,381
	15,500	Switch Inc., Cl. A		111,834		223,665
				1,732,512		1,521,891
		Computer Software and Services — 8.9%
	8,300	Bottomline Technologies DE Inc.†		225,173		304,195
	31,300	Cloudera Inc.†		169,562		246,331
	44,000	NetScout Systems Inc.†		973,417		1,041,480
	17,700	Progress Software Corp.		425,861		566,400

Shares			Cost		Market Value
	4,800	Teradata Corp.†	$	124,394	$	98,352
				1,918,407		2,256,758
		Consumer Products — 2.3%
	21,900	Hanesbrands Inc.		354,390		172,353
	3,600	iRobot Corp.†		158,928		147,240
	7,300	Oxford Industries Inc.		444,262		264,698
				957,580		584,291
		Diversified Industrial — 2.5%
	3,900	Fabrinet†		142,528		212,784
	2,600	Kennametal Inc.		72,536		48,412
	24,300	Steelcase Inc., Cl. A		340,140		239,841
	17,700	Textainer Group Holdings Ltd.†		137,696		145,494
				692,900		646,531
		Electronics — 5.7%
	13,300	Advanced Energy Industries Inc.†		614,276		644,917
	7,500	FARO Technologies Inc.†		265,796		333,750
	14,100	Plantronics Inc.		543,254		141,846
	25,700	TTM Technologies Inc.†		299,653		265,738
	900	Woodward Inc.		55,787		53,496
				1,778,766		1,439,747
		Energy and Utilities — 3.1%
	10,800	Apergy Corp.†		324,435		62,100
	55,200	Centennial Resource Development Inc., Cl. A†		765,408		14,518
	41,200	Magnolia Oil & Gas Corp., Cl. A†		487,727		164,800
	24,200	Matador Resources Co.†		472,306		60,016
	23,700	Oceaneering International Inc.†		442,687		69,678
	34,500	Parsley Energy Inc., Cl. A		822,353		197,685
	94,200	Patterson-UTI Energy Inc.		1,500,341		221,370
	2,100	Penn Virginia Corp.†		88,616		6,489
				4,903,873		796,656
		Environmental Control — 1.0%
	22,600	Evoqua Water Technologies Corp.†		212,104		253,346
		Equipment and Supplies — 0.5%
	11,300	CIRCOR International Inc.†		447,379		131,419
		Financial Services — 5.0%
	10,700	Boston Private Financial Holdings Inc.		108,264		76,505
	13,400	Brown & Brown Inc.		210,420		485,348
	11,800	Coastal Financial Corp.†		168,394		124,018
	3,900	Mercury General Corp.		150,659		158,808
	6,400	ProAssurance Corp.		180,289		160,000
	6,500	Stifel Financial Corp.		262,650		268,320
				1,080,676		1,272,999
		Health Care — 8.3%
	2,700	AMN Healthcare Services Inc.†		133,553		156,087
	1,780	ICU Medical Inc.†		129,303		359,150
	12,800	Natus Medical Inc.†		362,734		296,064
	6,550	Omnicell Inc.†		163,674		429,549
	44,900	Patterson Cos. Inc.		796,800		686,521
	10,400	Supernus Pharmaceuticals Inc.†		264,689		187,096
				1,850,753		2,114,467
		Machinery — 1.3%
	42,300	Mueller Water Products Inc., Cl. A		471,820		338,823
		Real Estate — 0.7%
	4,000	Alpine Income Property Trust Inc., REIT		73,305		49,240
	8,500	CareTrust REIT Inc.		179,313		125,715
				252,618		174,955

See accompanying notes to financial statements.

11

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail — 3.2%
	6,350	American Eagle Outfitters Inc.	$	80,754	$	50,483
	38,000	Ethan Allen Interiors Inc.		721,833		388,360
	14,100	The Hain Celestial Group Inc.†		253,723		366,177
				1,056,310		805,020
		Semiconductors — 11.0%
	1,100	Cabot Microelectronics Corp.		64,881		125,554
	22,700	Entegris Inc.		358,251		1,016,279
	20,300	FormFactor Inc.†		232,635		407,827
	20,600	Marvell Technology Group Ltd.		288,418		466,178
	7,500	nLight Inc.†		89,002		78,675
	23,500	Onto Innovation Inc.†		718,192		697,245
				1,751,379		2,791,758
		Specialty Chemicals — 4.1%
	25,300	Darling Ingredients Inc.†		448,017		485,001
	38,500	Ferro Corp.†		551,157		360,360
	2,700	Minerals Technologies Inc.		85,384		97,902
	4,700	PolyOne Corp.		137,107		89,159
				1,221,665		1,032,422
		Transportation — 1.1%
	16,500	The Greenbrier Companies Inc.		407,678		292,710
		TOTAL COMMON STOCKS		31,279,435		25,188,624

Principal  Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
	$215,000	U.S. Treasury Bill, 0.060%††, 09/24/20	$	214,937	$	214,912
		TOTAL INVESTMENTS — 99.8%	$	31,494,372		25,403,536
		Other Assets and Liabilities (Net) — 0.2%				50,854
		NET ASSETS — 100.0%			$	25,454,390

† Non-income producing security.

†† Represents annualized yield at date of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

12

TETON Convertible Securities Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 71.9%
		Aerospace and Defense — 0.7%
	$ 250,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	252,970	$	413,460
		Aviation: Parts and Services — 0.9%
	500,000	Kaman Corp., 3.250%, 05/01/24		526,486		489,280
		Business Services — 2.1%
	1,000,000	Perficient Inc., 2.375%, 09/15/23		987,420		957,847
	292,000	Team Inc., 5.000%, 08/01/23		291,502		222,650
				1,278,922		1,180,497
		Cable and Satellite — 1.5%
	1,000,000	DISH Network Corp., 3.375%, 08/15/26		990,513		814,352
		Communications Equipment — 3.5%
	985,000	InterDigital Inc., 2.000%, 06/01/24(a)		987,547		906,840
	1,000,000	Lumentum Holdings Inc., Ser. QIB, 0.500%, 12/15/26(a)		1,042,114		1,020,000
				2,029,661		1,926,840
		Computer Software and Services — 24.8%
	500,000	Bandwidth Inc., 0.250%, 03/01/26(a)		506,258		484,516
	500,000	Blackline Inc., 0.125%, 08/01/24(a)		501,091		490,464
	840,000	Boingo Wireless Inc., 1.000%, 10/01/23		768,724		750,544
	590,000	Coupa Software Inc., 0.125%, 06/15/25(a)		604,048		653,352
	1,000,000	CSG Systems International Inc., 4.250%, 03/15/36(a)		1,068,690		1,020,916
	960,000	Everbridge Inc., 0.125%, 12/15/24(a)		976,858		1,091,400
	700,000	Evolent Health Inc., 1.500%, 10/15/25		664,520		441,420
	400,000	GDS Holdings Ltd., 2.000%, 06/01/25		329,995		519,926
	1,000,000	i3 Verticals LLC, 1.000%, 02/15/25(a)		983,721		799,443
	750,000	IAC Financeco 3 Inc., 2.000%, 01/15/30(a)		751,851		687,163
	690,000	LivePerson Inc., 0.750%, 03/01/24(a)		671,684		635,943
	500,000	MercadoLibre Inc., 2.000%, 08/15/28		492,078		653,125
	305,000	Nice Systems Inc., 1.250%, 01/15/24		317,702		538,897
	980,000	PAR Technology Corp., 2.875%, 04/15/26(a)		936,350		720,327
	109,000	Pegasystems Inc., 0.750%, 03/01/25(a)		109,000		95,801
	1,020,000	Pluralsight Inc., 0.375%, 03/01/24(a)		909,754		755,055
	1,000,000	PROS Holdings Inc., 1.000%, 05/15/24(a)		1,114,114		855,498

Principal Amount			Cost		Market Value
	$ 750,000	Q2 Holdings Inc., 0.750%, 06/01/26(a)	$	803,216	$	671,886
	400,000	Splunk Inc., 1.125%, 09/15/25		406,846		443,000
	800,000	Vocera Communications Inc., 1.500%, 05/15/23		848,537		794,500
	750,000	Workiva Inc., 1.125%, 08/15/26(a)		723,158		600,884
				14,488,195		13,704,060
		Consumer Services — 0.6%
	300,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		303,437		332,250
		Diversified Industrial — 1.4%
	300,000	Chart Industries Inc., 1.000%, 11/15/24(a)		356,303		235,957
	500,000	KBR Inc., 2.500%, 11/01/23		507,030		519,382
				863,333		755,339
		Energy and Utilities: Integrated — 1.1%
	750,000	SunPower Corp., 4.000%, 01/15/23		663,484		637,188
		Energy and Utilities: Services — 1.2%
	1,300,000	Cheniere Energy Inc., 4.250%, 03/15/45		981,094		643,698
		Financial Services — 1.1%
	500,000	Encore Capital Europe Finance Ltd., 4.500%, 09/01/23		517,762		366,582
	199,000	LendingTree Inc., 0.625%, 06/01/22		215,851		218,373
				733,613		584,955
		Food and Beverage — 0.6%
	520,000	The Chefs’ Warehouse Inc., 1.875%, 12/01/24(a)		541,118		323,375
		Health Care — 16.1%
	495,000	Aerie Pharmaceuticals Inc., 1.500%, 10/01/24(a)		539,000		445,236
	120,000	Bridgebio Pharma Inc., 2.500%, 03/15/27(a)		120,000		115,062
	500,000	Collegium Pharmaceutical Inc., 2.625%, 02/15/26		544,348		457,764
	350,000	CONMED Corp., 2.625%, 02/01/24		362,601		325,732
	495,000	DexCom Inc., 0.750%, 12/01/23		553,791		866,572
	900,000	Exact Sciences Corp., 0.375%, 03/15/27		950,822		760,701
	1,000,000	Insulet Corp., 0.375%, 09/01/26(a)		1,010,765		1,015,363
	500,000	Integra LifeSciences Holdings Corp., 0.500%, 08/15/25(a)		518,163		444,291
	300,000	Intercept Pharmaceuticals Inc., 2.000%, 05/15/26		281,529		259,737
	400,000	Invacare Corp., 4.500%, 06/01/22		386,954		363,818
	20,000	NanoString Technologies Inc., 2.625%, 03/01/25(a)		20,000		17,245

See accompanying notes to financial statements.

13

TETON Convertible Securities Fund

Schedule of Investments (Continued) – March 31, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
	$ 337,000	Neurocrine Biosciences Inc., 2.250%, 05/15/24	$	367,614	$	433,558
	500,000	Pacira BioSciences Inc., 2.375%, 04/01/22		505,948		483,108
	400,000	Paratek Pharmaceuticals Inc., 4.750%, 05/01/24		395,959		311,520
	100,000	Repligen Corp., 0.375%, 07/15/24		100,000		105,842
	350,000	Retrophin Inc., 2.500%, 09/15/25		326,152		276,289
	708,000	Supernus Pharmaceuticals Inc., 0.625%, 04/01/23		719,149		572,049
	770,000	Tabula Rasa HealthCare Inc., 1.750%, 02/15/26(a)		778,148		755,081
	300,000	Teladoc Health Inc., 1.375%, 05/15/25		492,883		873,401
				8,973,826		8,882,369
		Security Software — 5.1%
	555,000	CyberArk Software Ltd., Zero Coupon, 11/15/24(a)		564,529		483,611
	800,000	Okta Inc., 0.125%, 09/01/25(a)		787,311		767,500
	1,000,000	Proofpoint Inc., 0.250%, 08/15/24(a)		1,046,303		941,250
	700,000	SailPoint Technologies Holding Inc., 0.125%, 09/15/24(a)		676,103		598,500
				3,074,246		2,790,861
		Semiconductors — 4.0%
	500,000	Impinj Inc., 2.000%, 12/15/26(a)		500,000		394,527
	500,000	Knowles Corp., 3.250%, 11/01/21		519,678		515,938
	758,000	Rambus Inc., 1.375%, 02/01/23		744,797		735,286
	300,000	Teradyne Inc., 1.250%, 12/15/23		352,036		537,750
				2,116,511		2,183,501
		Telecommunications — 6.1%
	1,005,000	8x8 Inc., 0.500%, 02/01/24		1,003,271		880,391
	750,000	Harmonic Inc., 2.000%, 09/01/24(a)		839,622		738,401
	1,000,000	Infinera Corp., 2.125%, 09/01/24		885,289		843,062
		2.500%, 03/01/27(a)		120,000		109,784
	500,000	Liberty Latin America Ltd., 2.000%, 07/15/24(a)		499,565		400,313
	300,000	Twilio Inc., 0.250%, 06/01/23		300,511		420,080
				3,648,258		3,392,031
		Transportation — 1.1%
	500,000	Atlas Air Worldwide Holdings Inc., 1.875%, 06/01/24		448,261		413,750

Principal Amount			Cost		Market Value
	$  590,000	GOL Equity Finance SA, 3.750%, 07/15/24(a)	$	599,464	$	220,144
				1,047,725		633,894
		TOTAL CONVERTIBLE CORPORATE BONDS		42,513,392		39,687,950
Shares
		PREFERRED STOCKS — 0.0%
		Energy and Utilities: Services — 0.0%
	691	Bristow Group Inc., 10.000%(b)		25,132		25,132
		CONVERTIBLE PREFERRED STOCKS — 3.6%
		Agriculture — 0.2%
	1,000	Bunge Ltd., 4.875%		94,950		93,000
		Financial Services — 1.6%
	600	Bank of America Corp., 7.250%, Ser. L		804,556		759,612
	117	Wells Fargo & Co., 7.500%, Ser. L		149,190		149,060
				953,746		908,672
		Real Estate Investment Trusts — 1.8%
	7,500	QTS Realty Trust Inc., 6.500%, Ser. B		781,733		964,200
		TOTAL CONVERTIBLE PREFERRED STOCKS		1,830,429		1,965,872
		MANDATORY CONVERTIBLE SECURITIES (c) — 18.1%
		Consumer Products — 0.6%
	5,150	Energizer Holdings Inc., Ser. A
		7.500%, 01/15/22		521,484		349,685
		Diversified Industrial — 1.3%
	4,000	Colfax Corp., 5.750%, 01/15/22		416,600		367,360
	5,150	Stanley Black & Decker Inc., 5.250%, 11/15/22		547,612		360,294
				964,212		727,654
		Energy and Utilities: Integrated — 6.9%
	20,200	CenterPoint Energy Inc., Ser. B 7.000%, 09/01/21		1,034,043		581,760
	20,000	DTE Energy Co., 6.250%, 11/01/22		1,015,983		753,200
		NextEra Energy Inc.,
	19,000	4.872%, 09/01/22		927,481		899,460
	9,200	5.279%, 03/01/23		448,500		405,628
		Sempra Energy,
	3,535	Ser. A, 6.000%, 01/15/21		360,106		327,058
	1,970	Ser. B, 6.750%, 07/15/21		207,964		185,042
	15,000	The Southern Co., 6.750%, 08/01/22		786,372		666,000
				4,780,449		3,818,148
		Energy and Utilities: Services — 1.6%
	8,552	American Electric Power Co. Inc., 6.125%, 03/15/22		434,376		412,634
	5,000	Dominion Energy Inc., Ser. A 7.250%, 06/01/22		508,795		460,050
				943,171		872,684
		Energy and Utilities: Water — 1.0%
	9,720	Essential Utilities Inc., 6.000%, 04/30/22		545,865		520,603

See accompanying notes to financial statements.

14

TETON Convertible Securities Fund

Schedule of Investments (Continued) – March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES (c) (Continued)
		Equipment and Supplies — 0.9%
	500	Danaher Corp., Ser. A 4.750%, 04/15/22	$	515,260	$	516,575
		Financial Services — 0.9%
	2,538	Assurant Inc., Ser. D 6.500%, 03/15/21		260,201		270,246
	6,000	New York Community Capital Trust V, 6.000%, 11/01/51		300,700		247,860
				560,901		518,106
		Health Care — 1.2%
	5,730	Avantor Inc., Ser. A 6.250%, 05/15/22		308,126		248,453
	9,795	Elanco Animal Health Inc., 5.000%, 02/01/23		535,119		402,966
				843,245		651,419
		Industrials — 0.8%
	12,032	International Flavors & Fragrances Inc., 6.000%, 09/15/21		613,669		459,261
		Real Estate Investment Trusts — 1.2%
	504	Crown Castle International Corp., Ser. A 6.875%, 08/01/20		538,469		630,000
		Semiconductors — 1.7%
	1,005	Broadcom Inc., Ser. A 8.000%, 09/30/22		1,006,500		939,032
		TOTAL MANDATORY CONVERTIBLE SECURITIES		11,833,225		10,003,167

Shares			Cost		Market Value
		COMMON STOCKS — 0.6%
		Energy and Utilities: Services — 0.6%
	3,970	Bristow Group Inc.†(b)	$	144,389	$	144,389
	509,000	Bristow Group Inc., Escrow†(b)		0		0
	5,566	Bristow Group Inc., New York†(b)		202,429		202,435
				346,818		346,824
		TOTAL COMMON STOCKS		346,818		346,824
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 4.5%
	$2,470,000	U.S. Treasury Bills, 0.025% to 0.070%††, 05/07/20 to 09/24/20		2,469,477		2,469,192
		TOTAL INVESTMENTS — 98.7%	$	59,018,473		54,498,137
		Other Assets and Liabilities (Net) — 1.3%				715,930
		NET ASSETS — 100.0%			$	55,214,067

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

(c) Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

15

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.1%
		Aerospace — 4.5%
	5,545	L3Harris Technologies Inc.	$	1,121,831	$	998,765
	3,119	Northrop Grumman Corp.		1,006,578		943,653
				2,128,409		1,942,418
		Banking — 8.6%
	41,129	Bank of America Corp.		842,429		873,169
	16,694	JPMorgan Chase & Co.		1,047,864		1,502,961
	46,912	Wells Fargo & Co.		1,992,177		1,346,374
				3,882,470		3,722,504
		Broadcasting — 2.1%
	8,055	Liberty Broadband Corp., Cl. C†		1,009,215		891,850
		Business Services — 2.4%
	8,902	Equifax Inc.		1,094,820		1,063,344
		Computer Software and Services — 12.2%
	14,857	Activision Blizzard Inc.		812,556		883,694
	1,241	Alphabet Inc., Cl. A†		1,241,320		1,441,980
	1,859	Apple Inc.		379,550		472,725
	4,354	CACI International Inc., Cl. A†		1,041,849		919,347
	9,938	Micron Technology Inc.†		513,199		417,992
	7,321	Microsoft Corp.		843,848		1,154,595
				4,832,322		5,290,333
		Consumer Products — 4.0%
	13,682	Church & Dwight Co. Inc.		984,243		878,111
	12,902	Colgate-Palmolive Co.		765,490		856,177
				1,749,733		1,734,288
		Diversified Industrial — 4.0%
	9,675	Honeywell International Inc.		1,387,076		1,294,418
	945	The Sherwin-Williams Co.		394,477		434,246
				1,781,553		1,728,664
		Energy and Energy Services — 1.3%
	15,590	EOG Resources Inc.		1,395,205		559,993
		Energy: Integrated — 7.8%
	14,401	CMS Energy Corp.		652,869		846,059
	8,450	DTE Energy Co.		1,005,475		802,497
	3,894	NextEra Energy Inc.		319,305		936,974
	8,927	WEC Energy Group Inc.		442,687		786,736
				2,420,336		3,372,266
		Energy: Oil — 3.7%
	14,152	Chevron Corp.		1,436,499		1,025,454
	18,935	ConocoPhillips		1,277,510		583,198
				2,714,009		1,608,652
		Entertainment — 2.0%
	8,886	The Walt Disney Co.		1,096,095		858,388
		Financial Services — 11.4%
	35,090	American International Group Inc.		1,502,424		850,933
	8,941	Assurant Inc.		1,129,981		930,669
	17,420	Brookfield Asset Management Inc., Cl. A		1,042,717		770,835
	13,795	Capital One Financial Corp.		1,321,234		695,544
	7,011	Chubb Ltd.		765,049		783,058
	27,580	The Charles Schwab Corp.		1,069,188		927,240
				6,830,593		4,958,279

Shares			Cost		Market Value
		Food and Beverage — 3.9%
	17,645	Hormel Foods Corp.	$	640,644	$	822,963
	7,436	PepsiCo Inc.		683,576		893,064
				1,324,220		1,716,027
		Health Care — 13.9%
	14,030	Abbott Laboratories		600,555		1,107,107
	5,490	Becton, Dickinson and Co.		959,128		1,261,437
	11,050	Johnson & Johnson		1,213,611		1,448,987
	13,150	Medtronic plc		1,105,102		1,185,867
	4,057	UnitedHealth Group Inc.		944,929		1,011,735
				4,823,325		6,015,133
		Real Estate — 3.2%
	4,283	Public Storage, REIT		900,940		850,647
	30,122	STORE Capital Corp., REIT		1,079,270		545,811
				1,980,210		1,396,458
		Retail — 7.4%
	24,224	CVS Health Corp.		1,674,353		1,437,210
	5,334	McDonald’s Corp.		1,104,450		881,977
	4,767	The Home Depot Inc.		643,200		890,046
				3,422,003		3,209,233
		Telecommunications — 4.5%
	36,463	AT&T Inc.		1,407,378		1,062,896
	6,807	Motorola Solutions Inc.		800,837		904,786
				2,208,215		1,967,682
		Transportation — 2.2%
	6,910	Union Pacific Corp.		504,610		974,586
		TOTAL COMMON STOCKS		45,197,343		43,010,098
		SHORT TERM INVESTMENT — 1.0%
		Other Investment Companies — 1.0%
	429,071	Dreyfus Treasury Securities Cash Management, 0.510%*		429,071		429,071
		TOTAL INVESTMENTS — 100.1%.	$	45,626,414		43,439,169
		Other Assets and Liabilities (Net) — (0.1)%				(42,049	)
		NET ASSETS — 100.0%			$	43,397,120

*   1 day yield as of March 31, 2020.

†   Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

16

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 59.3%
		Aerospace — 2.6%
	3,585	L3Harris Technologies Inc.	$	725,401	$	645,730
	2,077	Northrop Grumman Corp.		665,038		628,396
				1,390,439		1,274,126
		Banking — 5.7%
	30,055	Bank of America Corp.		632,249		638,068
	12,493	JPMorgan Chase & Co.		834,395		1,124,745
	34,869	Wells Fargo & Co.		1,428,340		1,000,740
				2,894,984		2,763,553
		Broadcasting — 1.3%
	5,670	Liberty Broadband Corp., Cl. C†		710,397		627,782
		Business Services — 1.1%
	4,532	Equifax Inc.		565,478		541,347
		Computer Software and Services — 6.9%
	10,172	Activision Blizzard Inc.		553,484		605,031
	816	Alphabet Inc., Cl. A†		821,416		948,151
	1,087	Apple Inc.		222,845		276,413
	2,841	CACI International Inc., Cl. A†		691,278		599,877
	6,873	Micron Technology Inc.†		354,923		289,078
	3,834	Microsoft Corp.		325,593		604,660
				2,969,539		3,323,210
		Consumer Products — 2.8%
	10,757	Church & Dwight Co. Inc.		773,871		690,384
	9,660	Colgate-Palmolive Co.		569,257		641,038
				1,343,128		1,331,422
		Diversified Industrial — 2.4%
	6,426	Honeywell International Inc.		934,281		859,735
	645	The Sherwin-Williams Co.		269,246		296,390
				1,203,527		1,156,125
		Energy and Energy Services — 0.7%
	8,645	EOG Resources Inc.		750,935		310,528
		Energy: Integrated — 4.8%
	10,695	CMS Energy Corp.		484,812		628,331
	5,191	DTE Energy Co.		618,406		492,989
	2,643	NextEra Energy Inc.		245,228		635,959
	6,636	WEC Energy Group Inc.		371,522		584,831
				1,719,968		2,342,110
		Energy: Oil — 2.1%
	9,475	Chevron Corp.		955,590		686,560
	10,896	ConocoPhillips		752,755		335,597
				1,708,345		1,022,157
		Entertainment — 1.3%
	6,649	The Walt Disney Co.		798,516		642,293
		Financial Services — 7.2%
	26,141	American International Group Inc.		1,060,302		633,919
	5,697	Assurant Inc.		720,345		593,001
	12,094	Brookfield Asset Management Inc., Cl. A		723,916		535,160
	10,248	Capital One Financial Corp.		940,399		516,704
	4,634	Chubb Ltd.		540,592		517,572
	20,587	The Charles Schwab Corp.		774,513		692,135
				4,760,067		3,488,491
		Food and Beverage — 2.6%
	13,605	Hormel Foods Corp.		500,809		634,537
	5,157	PepsiCo Inc.		476,001		619,356
				976,810		1,253,893
		Health Care — 7.7%
	7,930	Abbott Laboratories		299,451		625,756
	3,435	Becton, Dickinson and Co.		635,894		789,260

Shares			Cost		Market Value
	7,797	Johnson & Johnson	$	818,862	$	1,022,421
	7,344	Medtronic plc		628,477		662,282
	2,565	UnitedHealth Group Inc.		597,531		639,660
				2,980,215		3,739,379
		Real Estate — 2.0%
	3,184	Public Storage, REIT		669,929		632,374
	19,020	STORE Capital Corp., REIT		682,842		344,642
				1,352,771		977,016
		Retail — 4.2%
	15,971	CVS Health Corp.		1,091,519		947,560
	3,371	McDonald’s Corp.		697,223		557,395
	2,933	The Home Depot Inc.		415,946		547,621
				2,204,688		2,052,576
		Telecommunications — 2.7%
	25,387	AT&T Inc.		986,678		740,031
	4,145	Motorola Solutions Inc.		490,807		550,953
				1,477,485		1,290,984
				��
		Transportation — 1.2%
	4,207	Union Pacific Corp.		363,919		593,355
		TOTAL COMMON STOCKS		30,171,211		28,730,347
Principal Amount
		CORPORATE BONDS — 15.0%
		Banking — 2.8%
	$   750,000	Fifth Third Bancorp, 2.375%, 01/28/25		749,806		714,255
	600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,182		626,732
				1,349,988		1,340,987
		Computer Software and Services — 1.3%
	635,000	Oracle Corp., 1.900%, 09/15/21		637,934		637,343
		Consumer Products — 1.0%
	500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		497,928		507,918
		Diversified Industrial — 1.2%
	510,000	Cabot Corp., 4.000%, 07/01/29		508,588		563,145
		Energy: Oil — 1.2%
	595,000	Halliburton Co., 3.250%, 11/15/21		604,791		578,597
		Financial Services — 2.8%
	600,000	Capital One Financial Corp., 3.750%, 04/24/24		605,240		604,861
	760,000	General Motors Financial Co. Inc., 2.650%, 04/13/20		760,093		759,414
				1,365,333		1,364,275
		Health Care — 2.9%
	600,000	Aetna Inc., 3.500%, 11/15/24		600,561		609,224
	800,000	CVS Health Corp., 3.250%, 08/15/29		812,472		782,998
				1,413,033		1,392,222

See accompanying notes to financial statements.

17

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Transportation — 1.8%
	$ 875,000	AP Moller - Maersk A/S, 4.500%, 06/20/29	$	869,982	$	894,262
		TOTAL CORPORATE BONDS		7,247,577		7,278,749
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.4%
		Federal Home Loan Mortgage Corp. — 1.0%
	436,483	3.500%, 08/01/49		449,793		461,575
		Federal National Mortgage Association — 3.4%
	1,100,000	2.625%, 09/06/24		1,124,119		1,200,222
	426,704	3.500%, 07/01/49		439,716		451,138
				1,563,835		1,651,360
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,013,628		2,112,935
		U.S. GOVERNMENT OBLIGATIONS — 17.6%
		U.S. Treasury Bonds — 7.9%
	900,000	2.500%, 02/15/45		811,982		1,125,598
	1,000,000	2.500%, 05/15/46		982,075		1,261,914
	650,000	2.250%, 08/15/46		688,211		784,824
	500,000	2.750%, 08/15/47		537,741		662,617
				3,020,009		3,834,953
		U.S. Treasury Notes — 9.7%
	600,000	1.500%, 01/15/23		619,392		620,613

Principal Amount			Cost		Market Value
	$   500,000	2.000%, 02/15/25	$	497,965	$	538,867
	950,000	2.250%, 08/15/27		905,992		1,066,115
	675,000	2.250%, 11/15/27		642,693		759,111
	450,000	2.750%, 02/15/28		490,438		524,707
	545,000	2.625%, 02/15/29		558,680		637,139
	475,000	2.375%, 05/15/29		506,937		546,528
				4,222,097		4,693,080
		TOTAL U.S. GOVERNMENT OBLIGATIONS		7,242,106		8,528,033
Shares
		SHORT TERM INVESTMENT — 4.9%
		Other Investment Companies — 4.9%
	2,379,120	Dreyfus Treasury Securities Cash Management, 0.510%*		2,379,120		2,379,120
		TOTAL INVESTMENTS — 101.2%	$	49,053,642		49,029,184
		Other Assets and Liabilities (Net) — (1.2)%				(582,878	)
		NET ASSETS — 100.0%			$	48,446,306

*   1 day yield as of March 31, 2020.

†   Non-income producing security.

MTN Medium Term Note

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

18

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 83.1%
		Aerospace — 1.0%
	$    50,000	Arconic Inc., 5.400%, 04/15/21	$	50,986	$	49,596
		Agriculture — 2.9%
	140,000	Bunge Ltd Finance Corp., 4.350%, 03/15/24		138,701		137,151
		Banking — 2.1%
	50,000	JPMorgan Chase & Co., 3.207%, (3 Month USD LIBOR plus 0.70%) 04/01/23(a)		50,046		50,905
		3.031%, (3 Month USD LIBOR plus 1.23%) 10/24/23(a)		50,000		48,426
				100,046		99,331
		Business Services — 2.2%
	60,000	Aramark Services Inc., 4.750%, 06/01/26		61,750		56,956
	50,000	United Rentals North America Inc., 3.875%, 11/15/27		50,000		47,527
				111,750		104,483
		Computer Hardware — 2.1%
	100,000	Seagate HDD Cayman, 4.750%, 06/01/23		103,762		100,278
		Diversified Industrial — 7.8%
	50,000	Church & Dwight Co. Inc., 2.450%, 08/01/22		49,382		49,391
	75,000	CNH Industrial Capital LLC, 3.875%, 10/15/21		76,621		74,691
	85,000	Flowserve Corp., 4.000%, 11/15/23		87,651		85,127
	50,000	Stericycle Inc., 5.375%, 07/15/24(b)		52,101		49,875
	75,000	Trinity Industries Inc., 4.550%, 10/01/24		76,140		64,043
	50,000	Westinghouse Air Brake Technologies Corp., 4.375%, 08/15/23		50,474		49,358
				392,369		372,485
		Energy — 12.1%
	75,000	Energy Transfer Operating LP, 4.250%, 03/15/23		78,117		68,050
	50,000	EQM Midstream Partners LP, 4.750%, 07/15/23		50,335		36,373
	40,000	Kinder Morgan Energy Partners LP, 5.300%, 09/15/20		40,402		39,882
	250,000	MPLX LP, 6.250%, 10/15/22(b)		252,124		225,335
	75,000	NRG Energy Inc., 3.750%, 06/15/24(b)		77,160		73,788
	75,000	Plains All American Pipeline LP /PAA Finance Corp., 3.650%, 06/01/22		74,936		68,604
	79,000	Western Midstream Operating LP, 5.375%, 06/01/21		80,351		63,144
				653,425		575,176
		Financial Services — 17.5%
	150,000	Capital One Financial Corp., 3.750%, 04/24/24		151,310		151,215

Principal Amount			Cost		Market Value
	$    50,000	CDW LLC/CDW Finance Corp., 5.000%, 09/01/25	$	51,823	$	51,828
	50,000	CyrusOne LP/CyrusOne Finance Corp., 2.900%, 11/15/24		49,934		48,032
	125,000	Ford Motor Credit Co. LLC, 3.157%, 08/04/20		124,776		122,519
		3.200%, 01/15/21		75,000		72,844
	125,000	General Motors Financial Co. Inc., 3.700%, 11/24/20		125,316		123,792
		2.685%, (3 Month USD LIBOR plus 1.31%) 06/30/22(a)		75,225		59,621
	75,000	Jefferies Financial Group Inc., 5.500%, 10/18/23		77,440		76,003
	125,000	MPT Operating Partnership LP /MPT Finance Corp., 6.375%, 03/01/24		128,819		125,469
				859,643		831,323
		Food and Beverage — 3.2%
	100,000	Anheuser-Busch InBev Finance Inc., 3.700%, 02/01/24		102,049		104,036
	50,000	Conagra Brands Inc., 3.250%, 09/15/22		50,800		49,143
				152,849		153,179
		Health Care — 8.2%
	75,000	Bausch Health Cos. Inc., 7.000%, 03/15/24(b)		77,482		76,875
	35,000	Becton, Dickinson and Co., 2.404%, 06/05/20		35,016		34,892
		3.363%, 06/06/24		74,466		75,117
	50,000	Centene Corp., 5.250%, 04/01/25(b)		51,969		50,813
	100,000	HCA Inc., 5.000%, 03/15/24		102,818		103,705
	50,000	Tenet Healthcare Corp., 4.625%, 07/15/24		51,253		48,000
				393,004		389,402
		Metals and Mining — 6.8%
	25,000	AngloGold Ashanti Holdings plc, 5.125%, 08/01/22		26,492		24,023
	90,000	Freeport-McMoRan Inc., 4.000%, 11/14/21		91,611		90,585
	100,000	Kinross Gold Corp., 5.125%, 09/01/21		101,611		100,925
	50,000	Steel Dynamics Inc., 5.500%, 10/01/24		51,254		48,667
		5.000%, 12/15/26		63,481		59,644
				334,449		323,844
		Real Estate — 3.9%
	150,000	Service Properties Trust, 4.350%, 10/01/24		149,840		110,297
	75,000	Vornado Realty LP, 3.500%, 01/15/25		77,268		72,421
				227,108		182,718
		Retail — 1.1%
	50,000	Walgreens Boots Alliance Inc., 3.300%, 11/18/21		50,633		50,767

See accompanying notes to financial statements.

19

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Specialty Chemicals — 4.8%
	$    35,000	Celanese US Holdings LLC, 5.875%, 06/15/21	$	36,130	$	34,646
	75,000	Huntsman International LLC, 5.125%, 11/15/22		77,501		77,013
	75,000	Methanex Corp., 5.250%, 03/01/22		76,285		68,852
	25,000	Syngenta Finance NV, 3.125%, 03/28/22		23,252		21,856
	25,000	Westlake Chemical Corp., 3.600%, 07/15/22		24,254		26,095
				237,422		228,462
		Telecommunications — 7.4%
	100,000	CenturyLink Inc., 4.000%, 02/15/27(b)		100,000		97,750
	75,000	Charter Communications Operating LLC /Charter Communications Operating Capital, 4.464%, 07/23/22		76,489		77,889
	75,000	Equinix Inc.,
		5.375%, 05/15/27		80,322		74,584
	50,000	Level 3 Financing Inc.,
		5.375%, 01/15/24		50,531		50,437
	50,000	T-Mobile USA Inc.,
		4.000%, 04/15/22		51,233		50,499
				358,575		351,159
		TOTAL CORPORATE BONDS		4,164,722		3,949,354
		CONVERTIBLE CORPORATE BONDS — 1.8%
		Business Services — 0.9%
	50,000	Macquarie Infrastructure Corp.,
		2.000%, 10/01/23		46,217		40,125
		Computer Hardware — 0.9%
	50,000	Western Digital Corp.,
		1.500%, 02/01/24		45,189		43,741
		TOTAL CONVERTIBLE CORPORATE BONDS		91,406		83,866

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3%
		Government National Mortgage Association — 0.3%
	$    3,185	6.000%, 12/15/33	$	3,201	$	3,626
	9,679	5.500%, 01/15/34		9,714		11,002
				12,915		14,628
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		12,915		14,628
		U.S. GOVERNMENT OBLIGATIONS — 13.6%
		U.S. Treasury Notes — 8.9%
	150,000	2.625%, 06/15/21		149,911		154,535
	250,000	2.000%, 02/15/25		249,342		269,434
				399,253		423,969
					��
		U.S. Treasury Bonds — 4.7%
	150,000	5.375%, 02/15/31		161,296		222,879
		TOTAL U.S. GOVERNMENT OBLIGATIONS		560,549		646,848
		TOTAL INVESTMENTS — 98.8%	$	4,829,592		4,694,696
		Other Assets and Liabilities (Net) — 1.2%				55,624
		NET ASSETS — 100.0%			$	4,750,320

(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 March 31, 2020. The maturity dates reflected are the final maturity dates.

(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.

See accompanying notes to financial statements.

20

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2020 (Unaudited)

	Mighty Mites Fund		SmallCap Equity Fund			Convertible Securities Fund
Assets:
Investments, at value (cost $481,044,066, $31,494,372, and $59,018,473, respectively)		$556,004,938		$25,403,536			$54,498,137
Investments in affiliates, at value (cost $36,687,029)		39,487,110		—			—
Foreign currency, at value (cost $1,080)		1,087		—			—
Cash		—		76,290			2,035
Receivable for Fund shares sold		1,389,810		15,887			629,378
Receivable for investments sold		5,632,526		20,180			—
Receivable from Adviser		—		12,203			29,415
Dividends and interest receivable - unaffiliated		534,564		22,976			203,120
Dividends and interest receivable - affiliated		44,900		—			—
Prepaid expenses		44,793		26,016			25,452
Total Assets		603,139,728		25,577,088			55,387,537
Liabilities:
Payable to custodian		7,281,140		—			—
Payable for Fund shares redeemed		2,691,963		45,963			67,930
Payable for investment advisory fees		568,506		23,913			48,094
Payable for distribution fees.		102,666		4,442			7,500
Payable for accounting fees		11,250		—			7,500
Payable for custodian fees		89,488		4,638			6,018
Payable for legal and audit fees		38,515		19,804			16,098
Payable for shareholder services fees		177,043		5,037			5,118
Payable for shareholder communications expenses		157,095		15,704			12,897
Other accrued expenses		8,335		3,197			2,315
Total Liabilities		11,126,001		122,698			173,470
Net Assets		$592,013,727		$25,454,390			$55,214,067
Net Assets Consist of:
Paid-in capital		$462,605,459		$30,891,942			$58,139,616
Total distributable earnings/(accumulated loss)		129,408,268		(5,437,552	)		(2,925,549	)
Net Assets		$592,013,727		$25,454,390			$55,214,067
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$97,088,487		$5,292,541			$4,650,257
Shares of beneficial interest outstanding		5,341,377		431,918			373,025
Net Asset Value,offering, and redemption price per share		$18.18		$12.25			$12.47
Class A:
Net assets		$56,422,030		$2,871,708			$4,745,022
Shares of beneficial interest outstanding		3,252,262		248,587			367,965
Net Asset Valueand redemption price per share.		$17.35		$11.55			$12.90
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$18.07		$12.03			$13.44
Class C:
Net assets		$56,956,171		$1,999,385			$4,844,399
Shares of beneficial interest outstanding		3,821,619		207,859			351,258
Net Asset Valueand offering price per share(a)		$14.90		$9.62			$13.79
Class I:
Net assets		$381,547,039		$15,290,756			$40,974,389
Shares of beneficial interest outstanding		20,373,631		1,195,913			3,275,625
Net Asset Value,offering, and redemption price per share		$18.73		$12.79			$12.51

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

See accompanying notes to financial statements.

21

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

March 31, 2020 (Unaudited)

	Equity Fund			Balanced Fund		Intermediate Bond Fund
Assets:
Investments, at value (cost $45,626,414, $49,053,642, and $4,829,592, respectively)		$43,439,169			$49,029,184		$4,694,696
Investments in affiliates, at value		—			—		—
Cash		—			—		72,787
Receivable for Fund shares sold		1,882			1,327		23,757
Receivable for investments sold		—			—		—
Receivable from Adviser		—			—		8,403
Dividends and interest receivable - unaffiliated		36,245			130,148		54,395
Dividends and interest receivable - affiliated		—			—		—
Prepaid expenses		28,114			30,163		24,329
Total Assets		43,505,410			49,190,822		4,878,367
Liabilities:
Payable to custodian		—			—		—
Payable for investments purchased		—			638,503		—
Payable for Fund shares redeemed		—			740		85,997
Payable for investment advisory fees		38,791			32,072		2,517
Payable for distribution fees.		9,322			12,319		1,311
Payable for accounting fees		7,500			7,500		—
Payable for custodian fees		7,872			8,535		3,012
Payable for legal and audit fees		16,035			16,092		16,391
Payable for shareholder services fees		9,489			9,248		3,488
Payable for shareholder communications expenses		16,155			16,321		11,447
Other accrued expenses		3,126			3,186		3,884
Total Liabilities		108,290			744,516		128,047
Net Assets		$43,397,120			$48,446,306		$4,750,320
Net Assets Consist of:
Paid-in capital		$43,765,947			$46,935,118		$4,941,569
Total distributable earnings/(accumulated loss)		(368,827	)		1,511,188		(191,249)
Net Assets		$43,397,120			$48,446,306		$4,750,320
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$39,408,508			$36,134,760		$3,005,504
Shares of beneficial interest outstanding		4,236,134			3,710,946		283,913
Net Asset Value,offering, and redemption price per share		$9.30			$9.74		$10.59
Class A:
Net assets		$1,003,957			$7,452,447		$512,580
Shares of beneficial interest outstanding		108,085			759,797		48,510
Net Asset Valueand redemption price per share.		$9.29			$9.81		$10.57
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$9.68			$10.22		$11.01
Class C:
Net assets		$79,304			$1,227,468		$621,320
Shares of beneficial interest outstanding		9,192			122,609		61,851
Net Asset Valueand offering price per share(a)		$8.63			$10.01		$10.05
Class I:
Net assets		$2,905,351			$3,631,631		$610,916
Shares of beneficial interest outstanding		313,734			373,597		57,740
Net Asset Value,offering, and redemption price per share		$9.26			$9.72		$10.58

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

See accompanying notes to financial statements.

22

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund	Convertible Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $24,937, $391, and $0, respectively)	$	4,950,954		$       298,599	$	387,591
Dividends - affiliated		601,738		—		—
Interest		72,115		8,208		267,474
Total Investment Income		5,624,807		306,807		655,065
Expenses:
Investment advisory fees.		4,543,848		193,444		290,094
Distribution fees - Class AAA		179,906		9,707		6,792
Distribution fees - Class A		201,987		11,011		13,101
Distribution fees - Class C		445,057		14,777		25,813
Accounting fees		22,500		—		22,500
Custodian fees		86,519		5,282		7,991
Interest expense		912		158		167
Legal and audit fees		37,690		16,173		12,328
Registration expenses		38,790		28,566		28,436
Shareholder communications expenses		127,718		13,201		13,225
Shareholder services fees		426,918		6,940		10,784
Trustees’ fees		60,647		2,553		3,584
Tax expense		11,646		—		—
Miscellaneous expenses		29,510		6,505		6,320
Total Expenses.		6,213,648		308,317		441,135
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—		(78,435)		(133,582	)
Advisory fee reduction on unsupervised assets (See Note 3)		(32,068	)	—		—
Custodian fee credits		(102	)	—		(165	)
Expenses paid by broker (See Note 6)		(4,690	)	(786)		(431	)
Total Reimbursements, Waivers, Reductions, and Credits		(36,860	)	(79,221)		(134,178	)
Net Expenses		6,176,788		229,096		306,957
Net Investment Income/(Loss)		(551,981	)	77,711		348,108
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign
Currency:
Net realized gain on investments - unaffiliated		64,732,608		2,303,917		2,158,214
Net realized loss on investments - affiliated		(91,233	)	—		—
Net realized loss on foreign currency transactions		(2,286	)	—		—
Net realized gain on investments and foreign currency transactions		64,639,089		2,303,917		2,158,214
Net change in unrealized appreciation/depreciation:
on investments		(287,649,819	)	(12,632,996)		(7,837,633	)
on foreign currency translations		257		—		—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(287,649,562	)	(12,632,996)		(7,837,633	)
Net Realized and Unrealized Loss on Investments and Foreign Currency		(223,010,473	)	(10,329,079)		(5,679,419	)
Net Decrease in Net Assets Resulting from Operations	$	(223,562,454	)	$(10,251,368)	$	(5,331,311	)

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2020 (Unaudited)

	Equity Fund	Balanced Fund			Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0, $0, and $0, respectively)	$       646,987	$	416,409		$          38
Dividends - affiliated	—		—		—
Interest.	5,472		288,913		88,578
Total Investment Income.	652,459		705,322		88,616
Expenses:
Investment advisory fees	276,406		216,751		15,464
Distribution fees - Class AAA	62,581		54,178		3,940
Distribution fees - Class A	3,301		22,940		1,436
Distribution fees - Class C	495		7,500		2,884
Accounting fees	22,500		22,500		—
Custodian fees	8,806		9,422		3,243
Interest expense	—		—		—
Legal and audit fees	12,799		12,867		12,996
Registration expenses	28,482		28,689		21,336
Shareholder communications expenses	14,425		14,886		9,357
Shareholder services fees	15,090		17,950		5,338
Trustees’ fees	3,601		3,790		325
Miscellaneous expenses	6,836		6,966		5,232
Total Expenses	455,322		418,439		81,551
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)	—		—		(53,961)
Advisory fee reduction on unsupervised assets (See Note 3)	—		—		—
Custodian fee credits	—		—		—
Expenses paid by broker (See Note 6)	(849)		(868	)	—
Total Reimbursements, Waivers, Reductions, and Credits	(849)		(868	)	(53,961)
Net Expenses	454,473		417,571		27,590
Net Investment Income	197,986		287,751		61,026
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated	1,924,880		1,623,472		10,017
Net realized loss on investments - affiliated	—		—		—
Net realized gain/(loss) on foreign currency transactions	—		—		—
Net realized gain on investments and foreign currency transactions	1,924,880		1,623,472		10,017
Net change in unrealized appreciation/depreciation: on investments	(12,461,798)		(7,790,701	)	(259,225)
Net change in unrealized appreciation/depreciation on investments	(12,461,798)		(7,790,701	)	(259,225)
Net Realized and Unrealized Loss on Investments and Foreign Currency	(10,536,918)		(6,167,229	)	(249,208)
Net Decrease in Net Assets Resulting from Operations	$(10,338,932)	$	(5,879,478	)	$(188,182)

See accompanying notes to financial statements.

24

TETON Westwood Funds

Statements of Changes in Net Assets

	Mighty Mites Fund						SmallCap Equity Fund
	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Six Months Ended March 31, 2020 (Unaudited)	For the Year Ended September 30, 2019
Operations:
Net investment income/(loss)	$	(551,981	)	$	(532,789	)	$       77,711	$     165,173
Net realized gain on investments and foreign currency transactions		64,639,089			35,912,231		2,303,917	1,189,078
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(287,649,562	)		(158,512,405	)	(12,632,996)	(2,429,472)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(223,562,454	)		(123,132,963	)	(10,251,368)	(1,075,221)
Distributions to Shareholders
Accumulated earnings
Class AAA		(6,208,183	)		(7,361,282	)	(382,989)	(988,127)
Class A		(3,606,122	)		(3,810,847	)	(221,161)	(503,509)
Class C		(4,751,028	)		(6,494,377	)	(174,295)	(375,663)
Class I		(24,833,267	)		(29,681,828	)	(1,189,843)	(2,141,704)
Distributions to Shareholders		(39,398,600	)		(47,348,334	)	(1,968,288)	(4,009,003)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		3,672,806			10,468,795		381,819	1,119,732
Class A		17,190,711			14,953,915		200,313	891,774
Class C		2,493,449			6,646,050		460,422	1,696,887
Class I		53,600,661			118,030,977		2,924,604	11,711,478
		76,957,627			150,099,737		3,967,158	15,419,871
Proceeds from reinvestment of distributions
Class AAA		6,063,184			7,212,093		382,027	983,405
Class A		3,348,476			3,441,845		220,311	502,766
Class C		4,118,528			5,725,757		170,932	357,015
Class I		17,295,389			19,854,881		1,186,210	2,133,536
		30,825,577			36,234,576		1,959,480	3,976,722
Cost of shares redeemed
Class AAA		(27,417,951	)		(61,793,617	)	(726,595)	(2,044,177)
Class A		(16,203,509	)		(40,281,984	)	(592,751)	(1,164,895)
Class C		(32,499,937	)		(49,090,524	)	(806,662)	(1,345,840)
Class I		(142,402,790	)		(335,035,651	)	(4,795,425)	(9,981,231)
		(218,524,187	)		(486,201,776	)	(6,921,433)	(14,536,143)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(110,740,983	)		(299,867,463	)	(994,795)	4,860,450
Redemption Fees		119			1,291		—	2
Net Increase/(Decrease) in Net Assets		(373,701,918	)		(470,347,469	)	(13,214,451)	(223,772)
Net Assets:
Beginning of year		965,715,645			1,436,063,114		38,668,841	38,892,613
End of period	$	592,013,727		$	965,715,645		$ 25,454,390	$ 38,668,841

See accompanying notes to financial statements.

25

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

Convertible Securities Fund		Equity Fund		Balanced Fund		Intermediate Bond Fund
For the Six Months Ended March 31, 2020 (Unaudited)	For the Year Ended September 30, 2019	For the Six Months Ended March 31, 2020 (Unaudited)	For the Year Ended September 30, 2019	For the Six Months Ended March 31, 2020 (Unaudited)	For the Year Ended September 30, 2019	For the Six Months Ended March 31, 2020 (Unaudited)	For the Year Ended September 30, 2019
$    348,108	$    402,055	$     197,986	$     452,780	$    287,751	$    647,253	$    61,026	$    143,170
2,158,214	800,895	1,924,880	4,834,985	1,623,472	3,898,057	10,017	28,897
(7,837,633)	1,016,004	(12,461,798)	(2,435,331)	(7,790,701)	(1,085,484)	(259,225)	167,373
(5,331,311)	2,218,954	(10,338,932)	2,852,434	(5,879,478)	3,459,826	(188,182)	339,440
(107,128)	(249,390)	(4,707,142)	(7,382,923)	(3,088,594)	(5,372,476)	(38,507)	(68,846)
(93,774)	(200,657)	(124,557)	(193,992)	(665,711)	(956,205)	(9,664)	(13,451)
(72,399)	(139,526)	(8,991)	(62,356)	(90,431)	(461,298)	(4,874)	(8,702)
(898,943)	(1,206,229)	(372,035)	(693,652)	(261,495)	(435,231)	(7,986)	(52,198)
(1,172,244)	(1,795,802)	(5,212,725)	(8,332,923)	(4,106,231)	(7,225,210)	(61,031)	(143,197)
785,507	1,224,687	200,801	425,605	1,205,443	8,157,431	333,025	514,330
1,149,112	1,587,810	—	69,261	771,653	3,417,235	171,452	1,085,817
1,731,413	1,949,173	3,101	59,376	175,392	466,783	518,833	128,417
14,718,151	24,516,359	43,349	225,838	852,667	366,124	342,815	67,414
18,384,183	29,278,029	247,251	780,080	3,005,155	12,407,573	1,366,125	1,795,978
103,898	242,035	4,531,816	7,101,811	3,002,207	5,219,980	37,626	66,869
92,512	197,189	124,532	193,971	650,627	933,418	9,412	13,385
72,062	139,286	6,710	58,166	75,679	456,569	4,873	8,694
898,789	1,205,642	367,279	687,138	250,463	413,205	7,966	50,257
1,167,261	1,784,152	5,030,337	8,041,086	3,978,976	7,023,172	59,877	139,205
(851,763)	(806,900)	(2,083,794)	(6,493,308)	(5,265,032)	(11,122,683)	(313,460)	(1,002,190)
(760,888)	(677,142)	(121,994)	(203,757)	(1,974,471)	(3,128,537)	(573,697)	(498,327)
(613,337)	(817,524)	(6,440)	(377,696)	(983,019)	(2,905,019)	(425,458)	(410,095)
(6,245,183)	(7,837,496)	(389,861)	(1,341,652)	(449,881)	(758,150)	(163,749)	(2,012,886)
(8,471,171)	(10,139,062)	(2,602,089)	(8,416,413)	(8,672,403)	(17,914,389)	(1,476,364)	(3,923,498)
11,080,273	20,923,119	2,675,499	404,753	(1,688,272)	1,516,356	(50,362)	(1,988,315)
2	—	—	—	—	—	—	—
4,576,720	21,346,271	(12,876,158)	(5,075,736)	(11,673,981)	(2,249,028)	(299,575)	(1,792,072)
50,637,347	29,291,076	56,273,278	61,349,014	60,120,287	62,369,315	5,049,895	6,841,967
$55,214,067	$ 50,637,347	$ 43,397,120	$56,273,278	$ 48,446,306	$60,120,287	$4,750,320	$5,049,895

See accompanying notes to financial statements.

26

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions to Shareholders																	Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)(b)				Net Realized and Unrealized Gain (Loss)  on Investments				Total from Investment Operations				Net Realized Gain on Investments				Total Distributions				Redemption Fees(a)(c)			Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(d)			Operating Expenses Before Waivers/Credits/ Reimbursements/ Reductions(e)			Portfolio Turnover Rate
Mighty Mites Fund
Class AAA
2020(f)		$	25.58		$	(0.02	)		$	(6.30	)		$	(6.32	)		$	(1.08	)		$	(1.08	)		$	0.00		$	18.18		(26.0	)%		$	97,089		(0.19	)%(g)		1.43	%(g)		1.44	%(g)		1	%
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
2020(f)		$	24.49		$	(0.05	)		$	(6.01	)		$	(6.06	)		$	(1.08	)		$	(1.08	)		$	0.00		$	17.35		(26.0	)%		$	56,422		(0.44	)%(g)		1.68	%(g)		1.69	%(g)		1	%
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
2020(f)		$	21.24		$	(0.10	)		$	(5.16	)		$	(5.26	)		$	(1.08	)		$	(1.08	)		$	0.00		$	14.90		(26.3	)%		$	56,956		(0.95	)%(g)		2.18	%(g)		2.19	%(g)		1	%
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
2020(f)		$	26.29		$	0.01			$	(6.49	)		$	(6.48	)		$	(1.08	)		$	(1.08	)		$	0.00		$	18.73		(25.9	)%		$	381,547		0.06	%(g)		1.18	%(g)		1.19	%(g)		1	%
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	(h)		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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share 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 six months ended March 31, 2020 and 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%, 0.01%, and 0.01% of net assets for the six months ended March 31, 2020 and 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) For the six months ended March 31, 2020, unaudited.

(g) Annualized.

(h) Amount represents less than 0.005%

See accompanying notes to financial statements.

27

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements(c)			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2020(d)		$17.97		$0.03			$(4.86	)		$(4.83	)		$(0.07	)		$(0.82	)		$(0.89	)		—		$12.25		(28.5	)%		$ 5,292		0.34	%(e)		1.25	%(e)		1.66	%(e)		10	%
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
2020(d)		$16.98		$0.01			$(4.59	)		$(4.58	)		$(0.03	)		$(0.82	)		$(0.85	)		—		$11.55		(28.6	)%		$ 2,872		0.09	%(e)		1.50	%(e)		1.91	%(e)		10	%
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
2020(d)		$14.28		$(0.03	)		$(3.81	)		$(3.84	)		—			$(0.82	)		$(0.82	)		—		$9.62		(28.7	)%		$ 1,999		(0.41	)%(e)		2.00	%(e)		2.41	%(e)		10	%
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
2020(d)		$18.74		$0.05			$(5.06	)		$(5.01	)		$(0.12	)		$(0.82	)		$(0.94	)		—		$12.79		(28.4	)%		$ 15,291		0.58	%(e)		1.00	%(e)		1.41	%(e)		10	%
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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share 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 six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, and 2015, these credits had no material impact on the expense ratios.

(d) For the six months ended March 31, 2020, unaudited.

(e) Annualized.

See accompanying notes to financial statements.

28

TETON Westwood Funds

Financial Highlights

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

				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 Period				Total Return†			Net Assets, End of Period (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
2020(b)		$	13.86		$	0.08			$	(1.19	)		$	(1.11	)		$	(0.12	)		$	(0.16	)		$	(0.28	)		$	12.47			(8.2	)%		$	4,650		1.10	%(c)		1.15	%(c)(d)		1.61	%(c)		21	%
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	(d)		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	(d)		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	(d)		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	(d)		2.40			19
Class A
2020(b)		$	14.33		$	0.06			$	(1.23	)		$	(1.17	)		$	(0.10	)		$	(0.16	)		$	(0.26	)		$	12.90			(8.3	)%		$	4,745		0.85	%(c)		1.40	%(c)(d)		1.86	%(c)		21	%
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	(d)		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	(d)		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	(d)		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	(d)		2.65			19
Class C
2020(b)		$	15.30		$	0.03			$	(1.32	)		$	(1.29	)		$	(0.06	)		$	(0.16	)		$	(0.22	)		$	13.79			(8.5	)%		$	4,845		0.37	%(c)		1.90	%(c)(d)		2.36	%(c)		21	%
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	(d)		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	(d)		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	)(e)			—				(0.00	)(e)			12.69			9.6				873		(0.37	)		2.75	(d)		3.49			20
2015			13.04			(0.06	)			(1.39	)			(1.45	)			(0.00	)(e)			—				(0.00	)(e)			11.59			(11.1	)			943		(0.44	)		2.75	(d)		3.15			19
Class I
2020(b)		$	13.91		$	0.10			$	(1.20	)		$	(1.10	)		$	(0.14	)		$	(0.16	)		$	(0.30	)		$	12.51			(8.1	)%		$	40,974		1.36	%(c)		0.90	%(c)(d)		1.36	%(c)		21	%
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	(d)		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	(d)		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	(d)		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	(d)		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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share data are calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2020, unaudited.

(c) Annualized.

(d) 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 six months ended March 31, 2020 and the years ended September 30, 2019 and 2018, these credits had no impact on the expense ratios.

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

See accompanying notes to financial statements.

29

TETON Westwood Funds

Financial Highlights

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

				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 Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses(b)			Portfolio Turnover Rate
Equity Fund
Class AAA
2020(c)		$	12.66		$	0.04			$	(2.21	)		$	(2.17	)		$	(0.11	)		$	(1.08	)		$	(1.19	)		$	9.30		(19.3	)%		$	39,409		0.71	%(d)		1.65	%(d)		24	%
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
2020(c)		$	12.63		$	0.03			$	(2.21	)		$	(2.18	)		$	(0.08	)		$	(1.08	)		$	(1.16	)		$	9.29		(19.3	)%		$	1,004		0.46	%(d)		1.90	%(d)		24	%
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
2020(c)		$	11.76		$	(0.00	)(e)		$	(2.05	)		$	(2.05	)			—			$	(1.08	)		$	(1.08	)		$	8.63		(19.5	)%		$	79		(0.04	)%(d)		2.40	%(d)		24	%
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
2020(c)		$	12.62		$	0.06			$	(2.20	)		$	(2.14	)		$	(0.14	)		$	(1.08	)		$	(1.22	)		$	9.26		(19.1	)%		$	2,905		0.96	%(d)		1.40	%(d)		24	%
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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share 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 six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(c) For the six months ended March 31, 2020, unaudited.

(d) Annualized.

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

See accompanying notes to financial statements.

30

TETON Westwood Funds

Financial Highlights

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

				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 Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income			Operating Expenses††(b)			Portfolio Turnover Rate
Balanced Fund
Class AAA
2020(c)		$	11.71		$	0.06		$	(1.22	)		$	(1.16	)		$	(0.06	)		$	(0.75	)		$	(0.81	)		$	9.74		(10.8	)%		$	36,135		1.04	%(d)		1.40	%(d)		35	%
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
2020(c)		$	11.79		$	0.04		$	(1.22	)		$	(1.18	)		$	(0.05	)		$	(0.75	)		$	(0.80	)		$	9.81		(10.9	)%		$	7,452		0.79	%(d)		1.65	%(d)		35	%
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
2020(c)		$	12.01		$	0.02		$	(1.26	)		$	(1.24	)		$	(0.01	)		$	(0.75	)		$	(0.76	)		$	10.01		(11.1	)%		$	1,227		0.29	%(d)		2.15	%(d)		35	%
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
2020(c)		$	11.69		$	0.07		$	(1.21	)		$	(1.14	)		$	(0.08	)		$	(0.75	)		$	(0.83	)		$	9.72		(10.7	)%		$	3,632		1.30	%(d)		1.15	%(d)		35	%
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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

†† 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 six months ended March 31, 2020 and 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 six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(c) For the six months ended March 31, 2020, unaudited.

(d) Annualized.

See accompanying notes to financial statements.

31

TETON Westwood Funds

Financial Highlights

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

				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  Period			Total Return†			Net Assets, End of Period (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
2020(b)		$	11.14		$	0.14		$	(0.55	)		$	(0.41	)		$	(0.14	)			—				—			$	(0.14	)		$	10.59		(3.8	)%		$	3,005		2.44	%(c)		1.00	%(c)		3.09	%(c)		15	%
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	(d)			(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
2020(b)		$	11.13		$	0.13		$	(0.55	)		$	(0.42	)		$	(0.14	)			—				—			$	(0.14	)		$	10.57		(3.9	)%		$	513		2.36	%(c)		1.10	%(c)		3.19	%(c)		15	%
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	(d)			(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
2020(b)		$	10.56		$	0.09		$	(0.51	)		$	(0.42	)		$	(0.09	)			—				—			$	(0.09	)		$	10.05		(3.9	)%		$	621		1.69	%(c)		1.75	%(c)		3.84	%(c)		15	%
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	(d)			(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
2020(b)		$	11.14		$	0.15		$	(0.55	)		$	(0.40	)		$	(0.16	)			—				—			$	(0.16	)		$	10.58		(3.9	)%		$	611		2.64	%(c)		0.75	%(c)		2.84	%(c)		15	%
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	(d)			(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 period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share data are calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2020, unaudited.

(c) Annualized.

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

See accompanying notes to financial statements.

32

TETON Westwood Funds

Notes to Financial Statements (Unaudited)

1. Organization.The TETON Westwood Funds (the Trust) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a 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

33

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (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 March 31, 2020 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs				Total Market Value at 3/31/20
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Airlines		$	487,600		$	20,250			—			$	507,850
Business Services			13,071,964			1,888,995			—				14,960,959
Computer Software and Services			12,298,378			201,960			—				12,500,338
Consumer Products			17,611,795			87,659			—				17,699,454
Diversified Industrial			69,313,693			188,160			—				69,501,853
Energy and Utilities: Natural Gas			3,513,237			1,803,611			—				5,316,848
Financial Services			54,521,466			853,084		$	157,515				55,532,065
Food and Beverage			16,671,567			109,607			—				16,781,174
Health Care			62,010,555			—			0				62,010,555
Real Estate			18,220,069			2,084,536			255				20,304,860
Specialty Chemicals			13,590,565			435			—				13,591,000
Telecommunications			9,737,730			851,000			—				10,588,730
Other Industries (a)			291,761,386			—			—				291,761,386
Total Common Stocks			582,810,005			8,089,297			157,770				591,057,072
Closed-End Funds			489,353			—			—				489,353
Preferred Stocks (a)			3,593,536			—			—				3,593,536
Convertible Preferred Stocks (a)			—			19,890			—				19,890
Mandatory Convertible Securities (a)			—			316,995			—				316,995
Rights (a)			—			400			0				400
Warrants (a)			2,136			12,655			11				14,802
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	586,895,030		$	8,439,237		$	157,781	(b)		$	595,492,048

34

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs				Total Market Value at 03/31/20
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	25,188,624			—			—			$	25,188,624
U.S. Government Obligations			—		$	214,912			—				214,912
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	25,188,624		$	214,912			—			$	25,403,536
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)			—			—		$	346,824			$	346,824
Convertible Corporate Bonds (c)			—		$	39,687,950			—				39,687,950
Preferred Stocks (c)			—			—			25,132				25,132
Convertible Preferred Stocks (c)		$	1,965,872			—			—				1,965,872
Mandatory Convertible Securities (c)			10,003,167			—			—				10,003,167
U.S. Government Obligations			—			2,469,192			—				2,469,192
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	11,969,039		$	42,157,142		$	371,956	(d)		$	54,498,137
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	43,010,098			—			—			$	43,010,098
Short Term Investment			429,071			—			—				429,071
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	43,439,169			—			—			$	43,439,169
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		$	28,730,347			—			—			$	28,730,347
Corporate Bonds (c)			—		$	7,278,749			—				7,278,749
U.S. Government Agency Obligations			—			2,112,935			—				2,112,935
U.S. Government Obligations			—			8,528,033			—				8,528,033
Short Term Investment			2,379,120			—			—				2,379,120
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	31,109,467		$	17,919,717			—			$	49,029,184
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds (c)			—		$	3,949,354			—			$	3,949,354
Convertible Corporate Bonds (c)			—			83,866			—				83,866
U.S. Government Agency Obligations			—			14,628			—				14,628
U.S. Government Obligations			—			646,848			—				646,848
TOTAL INVESTMENTS IN SECURITIES – ASSETS			—		$	4,694,696			—			$	4,694,696

(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 March 31, 2020, the value of these securities was $157,781. 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 March 31, 2020, the value of these securities was $371,956. The inputs for these securities are not readily available or cannot be reasonably estimated.

During the six months ended March 31, 2020, the Mighty Mites Fund and the Convertible Securities Fund did not have 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.

There were no Level 3 investments held at March 31, 2020 or September 30, 2019 for the SmallCap Equity Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

35

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The following table reconciles Level 3 investments for Convertible Securities Fund:

	Balance as of 9/30/19		Accrued discounts/ (premiums)		Realized gain		Change in unrealized appreciation/ depreciation†		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of 3/31/20		Net change in unrealized appreciation/ depreciation on Level 3 investments still held at 3/31/20†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		—		—		—		$   6		$346,818		—		—		—		$346,824		$   6
Preferred Stocks(a)		—		—		—		—		25,132		—		—		—		25,132		—
TOTAL INVESTMENTS
IN SECURITIES		—		—		—		$   6		$371,950		—		—		—		$371,956		$   6

(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 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 six months ended March 31, 2020, 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

36

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 March 31, 2020, refer to the Schedules of Investments.

Investments in other Investment Companies.All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2020, the Mighty Mites Fund’s, Equity Fund’s, and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1 basis point.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. 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.

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

37

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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.

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

	Mighty Mites Fund			SmallCap Equity Fund			Convertible Securities Fund
Ordinary income (inclusive of short term capital gains)			—		$	518,900		$	1,334,142
Net long term capital gains		$	47,348,334			3,490,103			461,660
Total distributions paid		$	47,348,334		$	4,009,003		$	1,795,802
							Intermediate
	Equity Fund			Balanced Fund			Bond Fund
Ordinary income (inclusive of short term capital gains)		$	391,760		$	647,718		$	143,197
Net long term capital gains			7,941,163			6,577,492			—
Total distributions paid		$	8,332,923		$	7,225,210		$	143,197

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. During the six months ended March 31, 2020, the Mighty Mites Fund paid excise tax of $11,646.

The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at March 31, 2020:

	Mighty Mites Fund			SmallCap Equity Fund			Convertible Securities Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	521,580,100		$	31,508,969		$	59,018,473		$	45,641,247		$	49,154,843		$	4,829,592
Gross unrealized appreciation	$	225,359,822		$	3,831,345		$	2,336,680		$	4,869,316		$	4,620,348		$	95,785
Gross unrealized depreciation		(151,447,874	)		(9,936,778	)		(6,857,016	)		(7,071,394	)		(4,746,007	)		(230,681	)
Net unrealized appreciation/depreciation	$	73,911,948		$	(6,105,433	)	$	(4,520,336	)	$	(2,202,078	)	$	(125,659	)	$	(134,896	)

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. As of March 31, 2020, 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 six months ended March 31, 2020, 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 $32,068.

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 six months

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

ended March 31, 2020, the Adviser waived fees or reimbursed expenses in the amounts of $78,435, $133,582, and $53,961 for the SmallCap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund, respectively.

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 March 31, 2020, 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			For the six months ended March 31, 2020, expiring September 30, 2022			Total
SmallCap Equity Fund		$	163,050		$	155,872		$	78,435		$	397,357
Convertible Securities Fund			164,831			183,238			133,582			481,651
Intermediate Bond Fund			92,897			103,301			53,961			250,159

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 six months ended March 31, 2020, 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		$12,445,157		$156,610,855		—		—
SmallCap Equity Fund		3,616,700		6,231,738		—		—
Convertible Securities Fund		20,388,592		11,560,075		—		—
Equity Fund		12,770,310		14,691,149		—		—
Balanced Fund		14,744,061		18,448,432		$4,715,506		$7,254,561
Intermediate Bond Fund		751,728		837,073		—		1,119

6. Transactions with Affiliates and Other Arrangements.During the six months ended March 31, 2020, the Mighty Mites Fund and the Convertible Securities Fund paid $95,621 and $592, respectively, in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $9,978 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2020, the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,690, $786, $431, $849, and $868, respectively.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2020, the Mighty Mites Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund each accrued $22,500 in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2020 for the SmallCap Equity Fund and Intermediate Bond Fund.

During the six months ended March 31, 2020, the Mighty Mites Fund engaged in purchase and sale transactions with funds that have a common investment adviser. These transactions complied with Rule17a-7 under the Act and amounted to $233,040 and $2,484,538 in purchase and sales transactions, respectively.

7. Significant Shareholder.As of March 31, 2020, 9.0% 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.

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 six months ended March 31, 2020 and fiscal year ended September 30, 2019 can be found in the Statements of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
	Mighty Mites						SmallCap Equity						Convertible Securities
	Fund						Fund						Fund
Class AAA
Shares sold.		154,186			410,520			22,710			61,782			55,424			92,200
Shares issued upon reinvestment of distributions		236,477			282,053			21,188			55,403			7,606			18,828
Shares redeemed.		(1,158,317	)		(2,446,173	)		(43,583	)		(117,789	)		(62,832	)		(61,680	)
Net increase/(decrease) in Class AAA Shares		(767,654	)		(1,753,600	)		315			(604	)		198			49,348
Class A
Shares sold.		715,719			605,833			12,016			50,966			77,515			113,762
Shares issued upon reinvestment of distributions		136,729			140,312			12,952			29,927			6,552			14,859
Shares redeemed.		(702,416	)		(1,665,189	)		(37,882	)		(64,736	)		(52,613	)		(49,374	)
Net increase/(decrease) in Class A Shares		150,032			(919,044	)		(12,914	)		16,157			31,454			79,247
Class C
Shares sold.		120,491			312,594			31,233			126,284			110,039			130,560
Shares issued upon reinvestment of distributions		195,376			268,060			12,046			25,160			4,757			9,874
Shares redeemed.		(1,596,725	)		(2,329,790	)		(57,011	)		(93,482	)		(41,003	)		(55,614	)
Net increase/(decrease) in Class C Shares		(1,280,858	)		(1,749,136	)		(13,732	)		57,962			73,793			84,820
Class I
Shares sold.		2,173,996			4,540,036			168,851			697,664			1,055,930			1,830,022
Shares issued upon reinvestment of distributions		655,377			757,242			63,130			115,514			65,910			92,646
Shares redeemed.		(6,231,408	)		(13,009,360	)		(279,756	)		(543,276	)		(463,520	)		(595,550	)
Net increase/(decrease) in Class I Shares		(3,402,035	)		(7,712,082	)		(47,775	)		269,902			658,320			1,327,118

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest (continued):

	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019			Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019
													Intermediate
	Equity Fund						Balanced Fund						Bond Fund
Class AAA
Shares sold		17,360			35,978			104,451			705,719			29,839			47,051
Shares issued upon reinvestment of distributions		378,914			613,282			269,344			479,379			3,394			6,093
Shares redeemed		(175,915	)		(548,911	)		(475,228	)		(1,018,422	)		(28,232	)		(91,204	)
Net increase/(decrease) in Class AAA Shares		220,359			100,349			(101,433	)		166,676			5,001			(38,060	)
Class A
Shares sold		—			5,690			66,779			308,884			15,495			99,206
Shares issued upon reinvestment of distributions		10,421			16,765			57,821			85,110			848			1,218
Shares redeemed		(10,514	)		(17,470	)		(175,322	)		(282,916	)		(51,622	)		(45,119	)
Net increase/(decrease) in Class A Shares		(93	)		4,985			(50,722	)		111,078			(35,279	)		55,305
Class C
Shares sold		278			5,883			15,479			40,314			49,498			12,345
Shares issued upon reinvestment of distributions		603			5,371			6,577			40,971			464			836
Shares redeemed		(554	)		(36,678	)		(82,302	)		(257,175	)		(40,207	)		(39,448	)
Net increase/(decrease) in Class C Shares		327			(25,424	)		(60,246	)		(175,890	)		9,755			(26,267	)
Class I
Shares sold.		3,858			18,031			73,629			32,773			30,772			6,278
Shares issued upon reinvestment of distributions		30,864			59,647			22,570			37,989			718			4,579
Shares redeemed		(34,187	)		(114,473	)		(42,047	)		(68,440	)		(15,159	)		(181,202	)
Net increase/(decrease) in Class I Shares		535			(36,795	)		54,152			2,322			16,331			(170,345	)

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 six months ended March 31, 2020 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividend Income		Realized Gain/ (Loss)			Market Value at March 31, 2020		Change in Unrealized Appreciation/ (Depreciation)	Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc., Cl. A		902,000		—		(4,000	)		898,000		$ 89,900		$(8,116	)		$ 1,661,300	$(1,114,229)		7.94	%
Bel Fuse Inc., Cl. A		169,999		—		(1,699	)		168,300		20,298		(2,109	)		1,178,100	(1,124,692)		7.74	%
Burnham Holdings Inc., Cl. A		270,000		—		(6,000	)		264,000		116,611		(20,993	)		2,706,000	(1,036,024)		8.71	%
General Chemical Group Inc.†*		267,226		—		(200,326	)		66,900		—		—			—	—		—
Griffin Industrial Realty Inc.		281,450		—		(3,500	)		277,950		140,225		39,449			9,088,965	(1,490,166)		5.42	%
Nathan’s Famous Inc.		222,234		—		(174	)		222,060		155,564		(298	)		13,545,660	(2,410,945)		5.27	%
Schmitt Industries Inc.†		700,000		—		—			700,000		—		—			1,925,000	325,500		16.84	%
The Eastern Co.		360,431		—		(1,411	)		359,020		79,140		22,946			7,000,890	(1,929,238)		5.75	%
The L.S. Starrett Co., Cl. A†		337,820		—		(20,320	)		317,500		—		(93,605	)		1,028,700	(724,095)		5.06	%
Trans-Lux Corp.†		970,084		1,459,916		(4,000	)		2,426,000		—		(28,507	)		1,352,495	301,246		18.04	%
Total											$601,738		$(91,233	)		$39,487,110	$(9,202,643)

† Non-income producing security.

* Security is no longer considered affiliated at March 31, 2020.

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.

41

TETON Westwood Funds and Your Personal Privacy

Who are we?

The TETON Westwood Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Teton Advisors, Inc., which is an affiliate of GAMCO Investors Inc., a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients. Teton Advisors, Inc. is a publicly held company that provides investment advisory services to the TETON Westwood Funds.

What kind ofnon-public information do we collect about you if you become a Fund shareholder?

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

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

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

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

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

What do we do to protect your personal information?

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

This page was intentionally left blank.

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, Teton Advisors, Inc.	President of Advanced Polymer, Inc.
JAMES P. CONN	MARY E. HAUCK	WERNER J. ROEDER
Former Managing Director and Chief Investment Officer, Financial Security Assurance Holdings Ltd.	Former Senior Portfolio Manager, Gabelli-O’Connor Fixed Income Mutual Fund Management Company	Former Medical Director, Lawrence Hospital
LESLIE F. FOLEY	MICHAEL J. MELARKEY	SALVATORE J. ZIZZA
Attorney	Of Counsel, McDonald Carano Wilson LLP	Chairman, Zizza & Associates Corp.

*Interested Trustee

	Officers
BRUCE N. ALPERT		ANDREA R. MANGO
President		Secretary
JOHN C. BALL		RICHARD J. WALZ
Treasurer		Chief Compliance Officer
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.

GABWWQ120SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

TETON Westwood Mighty Mites Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.4%
		Aerospace and Defense — 8.2%
	1,038,900	Aerojet Rocketdyne Holdings Inc.†	$	4,935,277	$	43,457,187
	98,340	Allied Motion Technologies Inc.		3,581,516		2,330,658
	86,000	Avio SpA		1,211,004		1,086,975
	123,000	Innovative Solutions & Support Inc.†		472,250		392,370
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		96,880
	108,000	Park Aerospace Corp.		1,716,843		1,360,800
				11,959,853		48,724,870
		Agriculture — 0.7%
	225	J.G. Boswell Co.		144,676		112,444
	229,500	Limoneira Co.		4,387,730		3,006,450
	510,000	S&W Seed Co.†		1,759,513		1,030,200
				6,291,919		4,149,094
		Airlines — 0.1%
	40,000	American Airlines Group Inc.		15,642		487,600
	225,000	American Airlines Group Inc., Escrow†		173		20,250
				15,815		507,850
		Automotive — 1.3%
	26,250	Lithia Motors Inc., Cl. A		465,325		2,146,987
	15,000	Navistar International Corp.†		113,250		247,350
	29,605	Rush Enterprises Inc., Cl. A		545,615		944,992
	101,005	Rush Enterprises Inc., Cl. B		1,755,998		3,081,662
	47,930	Sonic Automotive Inc., Cl. A		611,334		636,510
	70,000	Wabash National Corp.		132,194		505,400
				3,623,716		7,562,901
		Automotive: Parts and Accessories — 1.3%
	53,000	Dana Inc.		333,860		413,930
	12,190	Gentherm Inc.†		177,000		382,766
	369,210	Modine Manufacturing Co.†		4,062,398		1,199,933
	24,000	Motorcar Parts of America Inc.†		315,465		301,920
	80,000	Puradyn Filter Technologies Inc.†		13,774		636
	50,028	Standard Motor Products Inc.		552,812		2,079,664
	184,700	Strattec Security Corp.		4,680,166		2,672,609
	140,000	Superior Industries International Inc.		2,435,732		168,000
	40,000	Titan International Inc.		301,573		62,000
	85,000	Uni-Select Inc.		1,236,987		308,641
				14,109,767		7,590,099
		Aviation: Parts and Services — 2.1%
	13,500	Astronics Corp.†		83,521		123,930
	23,896	Astronics Corp., Cl. B†		144,647		217,454
	189,040	Ducommun Inc.†		4,811,439		4,697,644
	186,200	Kaman Corp.		4,786,120		7,163,114
				9,825,727		12,202,142
		Broadcasting — 1.2%
	898,000	Beasley Broadcast Group Inc., Cl. A(a)		4,944,632		1,661,300
	336,455	Dish TV India Ltd., GDR†		265,892		42,730
	164,160	Entercom Communications Corp., Cl. A		854,555		280,714
	241,120	Gray Television Inc.†		265,142		2,589,629
	86,293	Gray Television Inc., Cl. A†		620,246		1,025,161
	100,000	Salem Media Group Inc.		152,968		87,400
	33,000	Sinclair Broadcast Group Inc., Cl. A		53,667		530,640

Shares			Cost		Market Value
	155,000	Townsquare Media Inc., Cl. A	$	1,274,728	$	714,550
				8,431,830		6,932,124
		Building and Construction — 2.4%
	220,000	Armstrong Flooring Inc.†		3,094,411		314,600
	122,500	Gibraltar Industries Inc.†		2,889,333		5,257,700
	10,000	Granite Construction Inc.		238,905		151,800
	15,000	Herc Holdings Inc.†		550,126		306,900
	600,000	Huttig Building Products Inc.†		663,429		420,000
	107,434	MYR Group Inc.†		2,433,654		2,813,696
	98,200	The Monarch Cement Co.		2,607,988		4,811,800
				12,477,846		14,076,496
		Business Services — 2.5%
	397,701	Diebold Nixdorf Inc.†		1,799,064		1,399,907
	3,700	Du-Art Film Labs Inc.†		639,538		536,500
	178,172	GP Strategies Corp.†		2,102,568		1,159,900
	25,000	IAA Inc.†		214,032		749,000
	23,300	ICF International Inc.		558,939		1,600,710
	32,029	KAR Auction Services Inc.		168,870		384,348
	16,000	Macquarie Infrastructure Corp.		25,800		404,000
	1,920	Matthews International Corp., Cl. A		84,461		46,445
	70,000	MDC Partners Inc., Cl. A†		432,588		101,500
	320,500	MoneyGram International Inc.†		844,898		419,855
	294,330	PFSweb Inc.†		1,422,682		882,990
	3,000	Pollard Banknote Ltd.		48,308		36,133
	31,549	PRGX Global Inc.†		176,610		88,337
	500	Stamps.com Inc.†		6,278		65,040
	436,451	Team Inc.†		6,875,975		2,836,931
	28,792	Trans-Lux Corp.†(a)(b)(c)		25,123		16,052
	2,397,208	Trans-Lux Corp.†(a)		1,375,413		1,336,443
	37,132	Viad Corp.		989,754		788,312
	98,669	Willdan Group Inc.†		3,082,563		2,108,556
				20,873,464		14,960,959
		Communications Equipment — 0.5%
	432,000	Communications Systems Inc.		3,535,511		1,926,720
	275,000	Extreme Networks Inc.†		946,476		849,750
				4,481,987		2,776,470
		Computer Software and Services — 2.1%
	851,636	Alithya Group Inc., Cl. A†		2,277,577		1,498,879
	208,380	American Software Inc., Cl. A		1,962,399		2,961,080
	291,042	Avid Technology Inc.†		1,861,962		1,958,713
	78,000	Cardlytics Inc.†		1,120,301		2,726,880
	45,000	DHI Group Inc.†		81,549		97,200
	160,620	Digi International Inc.†		1,925,845		1,532,315
	136,000	iGO Inc.†		455,137		201,960
	296,000	Internap Corp.†		1,373,800		9,176
	10,000	Materialise NV, ADR†		58,532		185,700
	122,500	Mitek Systems Inc.†		663,052		965,300
	2,000	Monitronics International Inc.†		14,668		14,600
	2,310	MTS Systems Corp.		118,662		51,975
	1,000	Tyler Technologies Inc.†		16,928		296,560
				11,930,412		12,500,338
		Consumer Products — 2.9%
	127,200	Acme United Corp.		2,271,327		2,578,344
	224,000	Bassett Furniture Industries Inc.		4,536,226		1,220,800
	96,387	Callaway Golf Co.		833,454		985,075
	900,000	Goodbaby International Holdings Ltd.†		414,410		98,675
	6,000	Johnson Outdoors Inc., Cl. A		175,431		376,200
	20,000	Lakeland Industries Inc.†		212,727		310,000
	253,175	Lifetime Brands Inc.		2,712,175		1,430,439
	790,000	Marine Products Corp.		5,696,779		6,383,200
	55,000	MarineMax Inc.†		793,201		573,100

See accompanying notes to financial statements.

1

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	74,000	Oil-Dri Corp. of America	$	1,454,228	$	2,474,560
	5,700	PC Group Inc.†		3,465		23
	4,000,000	Playmates Holdings Ltd.		481,613		495,308
	900	Standard Diversified Inc.†		10,722		9,810
	8,040	Standard Diversified Opportunities Inc., Cl. B†		96,831		87,636
	135,220	ZAGG Inc.†		938,565		420,534
				20,631,154		17,443,704
		Consumer Services — 1.1%
	375,320	1-800-Flowers.com Inc., Cl. A†		1,274,361		4,965,484
	66,000	Bowlin Travel Centers Inc.†		90,387		213,840
	88,000	Carriage Services Inc.		1,709,315		1,421,200
	800	Collectors Universe Inc.		0		12,536
				3,074,063		6,613,060
		Diversified Industrial — 11.7%
	378,000	Ampco-Pittsburgh Corp.†		5,870,903		945,000
	264,000	Burnham Holdings Inc., Cl. A(a)		4,218,361		2,706,000
	77,673	Chase Corp.		1,175,370		6,391,711
	109,360	Columbus McKinnon Corp.		1,788,623		2,734,000
	55,000	FormFactor Inc.†		364,579		1,104,950
	34,600	Graham Corp.		563,893		446,340
	486,703	Griffon Corp.		5,377,187		6,156,793
	18,700	Haulotte Group SA		100,407		85,281
	2,500	Hyster-Yale Materials Handling Inc.		125,305		100,225
	220,030	Intevac Inc.†		995,881		899,923
	60,120	John Bean Technologies Corp.		1,753,961		4,465,112
	116,000	L.B. Foster Co., Cl. A†		1,838,405		1,433,760
	271,502	Lawson Products Inc.†		4,039,654		7,254,533
	82,309	Lydall Inc.†		790,523		531,716
	9,000	MSA Safety Inc.		291,844		910,800
	1,003,870	Myers Industries Inc.		15,600,625		10,791,603
	75,000	Napco Security Technologies Inc.†		410,581		1,137,750
	212,331	Park-Ohio Holdings Corp.		4,882,806		4,021,549
	25,080	Raven Industries Inc.		497,955		532,448
	19,600	RWC Inc.†		315,159		188,160
	29,000	Standex International Corp.		1,012,984		1,421,580
	1,630,000	Steel Connect Inc.†		5,626,241		1,222,500
	629,000	Steel Partners Holdings LP†		10,164,932		3,411,319
	476,000	Tredegar Corp.		7,901,155		7,439,880
	454,000	Twin Disc Inc.†		8,195,667		3,168,920
				83,903,001		69,501,853
		Educational Services — 0.1%
	123,000	Universal Technical Institute Inc.†		596,725		731,850
		Electronics — 4.0%
	28,000	Badger Meter Inc.		477,554		1,500,800
	168,300	Bel Fuse Inc., Cl. A(a)		3,079,334		1,178,100
	333,500	CTS Corp.		2,767,089		8,300,815
	60,000	Daktronics Inc.		564,643		295,800
	30,000	IMAX Corp.†		129,139		271,500
	10,000	Iteris Inc.†		15,100		32,000
	80,000	Kimball Electronics Inc.†		480,853		873,600
	25,000	Kopin Corp.†		37,565		8,730
	3,654	Littelfuse Inc.		514,343		487,517
	10,000	Mesa Laboratories Inc.		278,486		2,260,900
	24,800	Methode Electronics Inc.		149,501		655,464
	700,000	Schmitt Industries Inc.†(a)		1,612,360		1,925,000
	154,038	Stoneridge Inc.†		1,610,270		2,580,137
	16,000	Stratasys Ltd.†		274,798		255,200
	150,870	Ultra Clean Holdings†		426,878		2,082,006

Shares			Cost		Market Value
	182,000	Ultralife Corp.†	$	1,286,360	$	946,400
				13,704,273		23,653,969
		Energy and Utilities: Integrated — 0.2%
	18,000	MGE Energy Inc.		424,380		1,178,460
		Energy and Utilities: Natural Gas — 0.9%
	650,000	Alvopetro Energy Ltd.†		285,405		277,126
	18,750	Chesapeake Utilities Corp.		336,518		1,607,063
	108,684	Corning Natural Gas Holding Corp.		1,015,904		1,803,611
	56,310	RGC Resources Inc.		471,687		1,629,048
				2,109,514		5,316,848
		Energy and Utilities: Oil — 0.0%
	85,000	Callon Petroleum Co.†		261,491		46,571
		Energy and Utilities: Services — 0.1%
	52,000	Dawson Geophysical Co.†		164,658		50,586
	24,850	Independence Contract Drilling Inc.†		1,585,206		34,790
	162,000	KLX Energy Services Holdings Inc.†		2,641,002		113,400
	61,000	RPC Inc.		110,360		125,660
	7,100	Subsea 7 SA, ADR		25,056		33,565
				4,526,282		358,001
		Energy and Utilities: Water — 2.1%
	36,426	Artesian Resources Corp., Cl. A		925,588		1,361,604
	12,000	Cadiz Inc.†		112,655		140,040
	24,800	California Water Service Group		478,224		1,247,936
	66,000	Consolidated Water Co. Ltd.		717,506		1,082,400
	68,000	Energy Recovery Inc.†		280,443		505,920
	27,433	Middlesex Water Co.		536,018		1,649,272
	73,304	SJW Group		1,858,060		4,234,772
	45,307	The York Water Co.		760,243		1,969,042
				5,668,737		12,190,986
		Entertainment — 0.4%
	377	Canterbury Park Holding Corp.		4,890		3,917
	689,533	Dover Motorsports Inc.		1,660,517		861,916
	55,470	Entravision Communications Corp., Cl. A		102,173		112,604
	56,000	National CineMedia Inc.		304,243		182,560
	239,750	Sportech plc†		257,049		44,669
	32,000	World Wrestling Entertainment Inc., Cl. A		475,035		1,085,760
				2,803,907		2,291,426
		Environmental Control — 1.8%
	262,853	Casella Waste Systems Inc., Cl. A†		1,237,583		10,267,038
	59,904	Primo Water Corp.		535,593		542,735
				1,773,176		10,809,773
		Equipment and Supplies — 5.1%
	10,000	Amtech Systems Inc.†		93,151		43,500
	20,000	AZZ Inc.		716,820		562,400
	5,000	Berry Global Group Inc.†		124,680		168,550
	161,266	CIRCOR International Inc.†		5,249,968		1,875,524
	342,500	Core Molding Technologies Inc.†		2,757,706		527,450
	210,000	Federal Signal Corp.		1,278,662		5,728,800
	135,000	Interpump Group SpA		960,931		3,272,637
	288,000	Kimball International Inc., Cl. B		2,850,737		3,430,080

See accompanying notes to financial statements.

2

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	17,100	Maezawa Kyuso Industries Co. Ltd.	$	92,537	$	304,707
	140,000	Mitcham Industries Inc.†		513,509		175,000
	20,593	Powell Industries Inc.		767,781		528,622
	359,020	The Eastern Co.(a)		6,657,813		7,000,890
	130,000	The Gorman-Rupp Co.		3,022,642		4,057,300
	317,500	The L.S. Starrett Co., Cl. A†(a)		3,498,873		1,028,700
	153,435	Titan Machinery Inc.†		2,579,104		1,333,350
	53,000	TransAct Technologies Inc.		190,347		164,830
	6,400	Vicor Corp.†		53,420		285,056
				31,408,681		30,487,396
		Financial Services — 9.4%
	55,000	Allegiance Bancshares Inc.		2,203,831		1,326,050
	8,000	Ameris Bancorp		87,070		190,080
	22,000	Atlantic American Corp.		80,717		46,420
	305,658	Atlantic Capital Bancshares Inc.†		5,375,086		3,628,160
	45,778	Atlantic Union Bankshares Corp.		1,390,989		1,002,538
	17,000	Berkshire Bancorp Inc.†		219,944		166,600
	11,275	Berkshire Hills Bancorp Inc.		206,283		167,547
	5,953	BKF Capital Group Inc.†		48,280		60,334
	10,090	BOK Financial Corp.		660,421		429,430
	75	Burke & Herbert Bank and Trust Co.		95,726		145,425
	47,558	Cadence BanCorp.		971,547		311,505
	89,976	Capital City Bank Group Inc.		.2,193,570		1,810,317
	8,000	Capitol Federal Financial Inc.		.91,259		92,880
	8,000	Carolina Financial Corp.		294,104		206,960
	33,000	CenterState Bank Corp.		887,571		568,590
	16,560	Citizens & Northern Corp.		325,075		331,200
	7,000	ConnectOne Bancorp Inc.		165,900		94,080
	28,800	Crazy Woman Creek Bancorp Inc.		497,983		465,120
	32,580	Dime Community Bancshares Inc.		522,755		446,672
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		6,720,000
	40,000	Farmers National Banc Corp.		333,870		465,200
	8,000	First Community Bankshares Inc.		268,018		186,400
	31,440	First Internet Bancorp		642,411		516,245
	583,300	Flushing Financial Corp.		9,791,548		7,792,888
	75,600	FNB Corp.		736,188		557,172
	3,000	Franklin Financial Network Inc.		98,132		61,170
	16,058	FS Bancorp Inc.		589,634		578,088
	456,000	GTY Technology Holdings Inc.†		4,316,812		2,061,120
	10	Guaranty Corp., Cl. A†(d)		137,500		157,515
	166,270	Hallmark Financial Services Inc.†		1,472,299		671,731
	5,800	Heritage Commerce Corp.		47,931		44,486
	27,300	HomeStreet Inc.		273,000		606,879
	49,030	Hope Bancorp Inc.		445,906		403,027
	116,100	I3 Verticals Inc., Cl. A†		1,847,249		2,216,349
	30,000	ICC Holdings Inc.†		326,100		329,100
	89,800	KKR & Co. Inc., Cl. A		12,530		2,107,606
	65,700	Legacy Housing Corp.†		772,382		607,725
	5,840	LendingTree Inc.†		170,074		1,070,998
	163,500	Medallion Financial Corp.†		863,497		304,110
	4,197	Northrim BanCorp Inc.		91,497		113,319
	19,390	OceanFirst Financial Corp.		359,396		308,495
	14,000	Opus Bank		362,164		242,620
	119,883	People’s United Financial Inc.		1,870,169		1,324,707
	148,000	Pzena Investment Management Inc., Cl. A		1,200,873		660,080

Shares			Cost		Market Value
	36,971	Renasant Corp.	$	414,186	$	807,447
	2,989	Salisbury Bancorp Inc.		129,412		92,659
	30,000	Sandy Spring Bancorp Inc.		1,026,309		679,200
	3,000	Seacoast Banking Corp. of Florida†		92,978		54,930
	4,500	Security National Corp.		409,597		517,500
	80,000	Silvercrest Asset Management Group Inc., Cl. A		1,098,684		756,800
	6,750	Simmons First National Corp., Cl. A		152,916		124,200
	3,600	South State Corp.		273,159		211,428
	51,480	Southern First Bancshares Inc.†		2,227,365		1,460,488
	64,000	Southern National Bancorp of Virginia Inc.		1,071,005		629,760
	4,500	Southside Bancshares Inc.		153,548		136,755
	600,000	Sprott Inc.		1,632,589		976,338
	118,143	Sterling Bancorp		1,177,409		1,234,594
	6,000	Thomasville Bancshares Inc.		225,946		275,250
	6,000	Towne Bank/Portsmouth VA		178,312		108,540
	4,200	TriState Capital Holdings Inc.†		41,237		40,614
	50,050	TrustCo Bank Corp NY		230,230		270,771
	51,152	Valley National Bancorp		344,052		373,921
	32,800	Value Line Inc.		323,657		1,061,080
	45,900	Washington Trust Bancorp Inc.		1,029,683		1,678,104
	74,800	Waterstone Financial Inc.		797,062		1,087,592
	25,132	WesBanco Inc.		974,021		595,628
	89,760	Western New England Bancorp Inc.		774,589		606,778
	265,000	Wright Investors’ Service Holdings Inc.†		157,925		113,950
				64,440,327		55,491,265
		Food and Beverage — 2.8%
	84,600	Andrew Peller Ltd., Cl. A		357,330		496,551
	1,900	Bridgford Foods Corp.†		32,687		43,833
	53,000	Calavo Growers Inc.		1,634,005		3,057,570
	133,000	Corby Spirit and Wine Ltd.		1,998,640		1,460,136
	530,000	Crimson Wine Group Ltd.†		4,815,013		3,097,850
	372,021	Farmer Brothers Co.†		7,634,022		2,589,266
	1,550	Hanover Foods Corp., Cl. A		148,789		89,357
	300	Hanover Foods Corp., Cl. B		28,206		20,250
	49,000	Iwatsuka Confectionery Co. Ltd.		2,039,597		1,471,937
	1,500	J & J Snack Foods Corp.		21,624		181,500
	8,490	John B Sanfilippo & Son Inc.		388,940		759,006
	162,991	Massimo Zanetti Beverage Group SpA		1,339,782		629,170
	6,000	MGP Ingredients Inc.		156,082		161,340
	1,510	Rock Field Co. Ltd.		11,171		20,601
	5,200	Scheid Vineyards Inc., Cl. A†		69,061		119,600
	7,100	T. Hasegawa Co. Ltd.		148,541		134,505
	3,160	The Boston Beer Co. Inc., Cl. A†		123,986		1,161,490
	235,200	Tingyi (Cayman Islands) Holding Corp.		345,177		384,681
	254,400	Vitasoy International Holdings Ltd.		135,186		771,133
	23,000	Willamette Valley Vineyards Inc.†		88,087		110,400
				21,515,926		16,760,176
		Health Care — 10.4%
	26,000	Accuray Inc.†		193,180		49,400
	16,000	Anika Therapeutics Inc.†		452,683		462,560
	123,000	BioTelemetry Inc.†		868,788		4,736,730
	6,740	Boiron SA		114,153		208,883
	32,000	Cantel Medical Corp.		416,542		1,148,800
	106,660	Cardiovascular Systems Inc.†		1,844,922		3,755,499

See accompanying notes to financial statements.

3

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	10,000	CareDx Inc.†	$	54,442	$	218,300
	21,900	Collegium Pharmaceutical Inc.†		405,461		357,627
	361,940	Cutera Inc.†		5,267,104		4,726,936
	125,343	Electromed Inc.†		426,658		1,408,855
	130,000	Exelixis Inc.†		247,650		2,238,600
	25,000	Genesis Healthcare Inc.†		38,387		21,065
	4,000	Heska Corp.†		82,758		221,200
	2,500	ICU Medical Inc.†		133,641		504,425
	528,448	InfuSystem Holdings Inc.†		1,369,063		4,486,523
	23,000	Integer Holdings Corp.†		479,237		1,445,780
	193,724	IntriCon Corp.†		1,935,573		2,280,131
	60,000	Invitae Corp.†		484,527		820,200
	36,000	Kindred Biosciences Inc.†		364,531		144,000
	4,000	LeMaitre Vascular Inc.		96,620		99,680
	80,500	Meridian Bioscience Inc.†		1,432,292		676,200
	139,000	Neogen Corp.†		408,302		9,311,610
	109,780	NeoGenomics Inc.†		438,086		3,031,026
	41,323	Omnicell Inc.†		680,307		2,709,962
	230,000	OPKO Health Inc.†		545,778		308,200
	25,002	Option Care Health Inc.†		212,109		236,769
	60,200	Orthofix Medical Inc.†		1,337,902		1,686,202
	25,000	Paratek Pharmaceuticals Inc.†		128,854		78,750
	8,000	Progenics Pharmaceuticals Inc.†		51,552		30,400
	64,000	Quidel Corp.†		822,123		6,259,840
	50,000	RTI Surgical Holdings Inc.†		217,879		85,500
	93,934	SurModics Inc.†		1,907,429		3,129,881
	2,000	Targanta Therapeutics Corp., Escrow†(d)		0		0
	72,301	United-Guardian Inc.		667,271		1,044,749
	3,800	Utah Medical Products Inc.		102,943		357,390
	100,000	Zealand Pharma A/S†		1,250,037		3,450,976
				25,478,784		61,732,649
		Hotels and Gaming — 3.2%
	50,000	Ainsworth Game Technology Ltd.†		44,995		11,687
	59,800	Boyd Gaming Corp.		347,400		862,316
	110,500	Braemar Hotels & Resorts Inc., REIT		1,059,395		187,850
	59,620	Churchill Downs Inc.		988,888		6,137,879
	67,000	Eldorado Resorts Inc.†		301,348		964,800
	20,000	Everi Holdings Inc.†		138,470		66,000
	1,120,725	Full House Resorts Inc.†		2,697,726		1,400,906
	634,210	Golden Entertainment Inc.†		6,767,044		4,192,128
	360,911	Inspired Entertainment Inc.†		2,314,729		1,219,879
	68,000	PlayAGS Inc.†		777,650		180,200
	231,000	The Marcus Corp.		2,946,430		2,845,920
	48,464	Twin River Worldwide Holdings Inc.		1,446,124		630,517
				19,830,199		18,700,082
		Machinery — 3.6%
	312,000	Astec Industries Inc.		10,962,065		10,910,640
	4,600	DMG Mori AG		24,615		205,217
	550,000	Gencor Industries Inc.†		3,688,073		5,775,000
	6,050	Lindsay Corp.		520,262		554,059
	27,650	Tennant Co.		793,409		1,602,317
	42,400	The Middleby Corp.†		439,626		2,411,712
	30,000	Williams Industrial Services Group Inc.†		100,544		36,600
				16,528,594		21,495,545
		Manufactured Housing and Recreational Vehicles — 2.4%
	48,000	Cavco Industries Inc.†		2,954,508		6,957,120
	175,750	Nobility Homes Inc.		2,043,494		3,884,075
	100,000	Skyline Champion Corp.†		810,195		1,568,000

Shares			Cost		Market Value
	56,000	Winnebago Industries Inc.	$	564,677	$	1,557,360
				6,372,874		13,966,555
		Metals and Mining — 0.8%
	54,000	5N Plus Inc.†		193,175		59,476
	570,000	Osisko Gold Royalties Ltd.		8,280,879		4,252,824
	900,000	Tanami Gold NL†		210,755		23,251
	40,000	TimkenSteel Corp.†		472,269		129,200
				9,157,078		4,464,751
		Paper and Forest Products — 0.3%
	26,800	Keweenaw Land Association Ltd.†		2,281,278		1,541,000
		Publishing — 1.1%
	100,000	AH Belo Corp., Cl. A		474,794		172,000
	110,000	ARC Document Solutions Inc.		199,135		89,100
	848,600	The E.W. Scripps Co., Cl. A		5,140,373		6,398,444
	11,000	Tribune Publishing Co.		108,705		89,210
				5,923,007		6,748,754
		Real Estate — 3.4%
	224,000	Ambase Corp.†		316,295		51,520
	8,000	Bresler & Reiner Inc.†		4,912		236
	113,300	Capital Properties Inc., Cl. A		1,205,957		1,713,663
	20,920	Cohen & Steers Inc		581,330		950,814
	60,000	DREAM Unlimited Corp., Cl. A		331,539		402,473
	22,500	FRP Holdings Inc.†		740,269		967,500
	277,950	Griffin Industrial Realty Inc.(a)		8,049,002		9,088,965
	14,138	Gyrodyne LLC†		394,093		202,173
	6,631	Holobeam Inc.†		111,970		319,117
	32,000	New Senior Investment Group Inc., REIT		193,920		81,920
	527,269	Reading International Inc., Cl. A†		4,919,287		2,051,076
	74,670	Reading International Inc., Cl. B†		676,582		1,226,828
	2,508	Royalty LLC†(d)		0		255
	150,000	Tejon Ranch Co.†		3,628,643		2,109,000
	626,000	Trinity Place Holdings Inc.†		3,390,836		1,139,320
				24,544,635		20,304,860
		Restaurants — 2.5%
	1,139	Biglari Holdings Inc., Cl. A†		1,036,125		338,283
	43,000	Denny’s Corp.†		133,104		330,240
	222,060	Nathan’s Famous Inc.(a)		3,226,118		13,545,660
	42,000	The Cheesecake Factory Inc.		1,218,336		717,360
				5,613,683		14,931,543
		Retail — 2.0%
	82,000	Big 5 Sporting Goods Corp.		617,667		87,740
	69,710	Ethan Allen Interiors Inc.		1,463,160		712,436
	60,000	GNC Holdings Inc., Cl. A†		179,228		28,086
	132,740	Ingles Markets Inc., Cl. A		2,351,240		4,799,878
	102,000	Lands’ End Inc.†		1,656,830		544,680
	37,500	La-Z-Boy Inc.		829,825		770,625
	117,000	Movado Group Inc.		2,494,509		1,382,940
	300	PetIQ Inc.†		7,511		6,969
	86,000	Tuesday Morning Corp.†		233,517		49,519
	129,674	Village Super Market Inc., Cl. A		3,486,425		3,187,387
				13,319,912		11,570,260
		Semiconductors — 0.6%
	85,740	Entegris Inc.		433,020		3,838,580
		Specialty Chemicals — 2.3%
	1,061,560	Ferro Corp.†		4,997,760		9,936,202
	66,900	General Chemical Group Inc.†		6,021		435

See accompanying notes to financial statements.

4

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	52,920	Hawkins Inc.	$	1,897,832	$	1,883,952
	4,100	Minerals Technologies Inc.		121,383		148,666
	100,000	Navigator Holdings Ltd.†		954,228		446,000
	6,000	Takasago International Corp.		160,690		112,550
	43,500	Teraoka Seisakusho Co. Ltd.		320,833		122,581
	194,174	Treatt plc		1,044,380		940,614
				9,503,127		13,591,000
		Telecommunications — 1.8%
	76,000	A10 Networks Inc.†		479,910		471,960
	27,000	Consolidated Communications Holdings Inc.		155,786		122,850
	20,808	Frequency Electronics Inc.†		233,086		190,185
	65,000	Gogo Inc.†		322,463		137,800
	400,000	HC2 Holdings Inc.†		1,386,384		620,000
	20,000	Iridium Communications Inc.†		160,025		446,600
	3,300	North State Telecommuni- cations Corp., Cl. A		283,313		244,200
	57,500	Nuvera Communications Inc.		528,202		851,000
	555,315	ORBCOMM Inc.†		3,140,931		1,354,969
	5,788	Preformed Line Products Co.		246,195		288,416
	119,000	Shenandoah Telecommuni- cations Co.		624,717		5,860,750
				7,561,012		10,588,730
		Transportation — 0.0%
	16,500	Patriot Transportation Holding Inc.		362,914		155,430
		TOTAL COMMON STOCKS		507,774,090		588,488,420
		CLOSED-END FUNDS — 0.1%
	111,980	MVC Capital Inc.		1,004,359		489,353
		PREFERRED STOCKS — 0.6%
		Automotive: Parts and Accessories — 0.1%
	44,300	Jungheinrich AG		172,422		681,576
		Financial Services — 0.5%
	172,000	Steel Partners Holdings LP Ser. A, 6.000%		4,897,951		2,911,960
		TOTAL PREFERRED STOCKS		5,070,373		3,593,536
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Ser. 2003		7,625		19,890
		MANDATORY CONVERTIBLE SECURITIES (e) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Corning Natural Gas Holding Corp., 4.800%, Ser. B, 09/30/26		313,221		316,995
		RIGHTS — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(d)		1		0
		Health Care — 0.0%
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(d)		103,591		0
		TOTAL RIGHTS		103,592		0

Shares			Cost		Market Value
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	2	Key Energy Services Inc., expire 12/15/21†(d)	$	0	$	6
	2	Key Energy Services Inc., expire 12/15/20†(d)		0		5
				0		11
		Energy and Utilities: Services — 0.0%
	7,627	Weatherford International plc, expire 12/13/23†		0		2,136
		Health Care — 0.0%
	2,184	Option Care Health Inc., Cl. A, expire 07/27/25†		7,979		6,370
	2,184	Option Care Health Inc., Cl. B, expire 07/27/25†		7,554		6,285
				15,533		12,655
		TOTAL WARRANTS		15,533		14,802
		TOTAL MISCELLANEOUS INVESTMENTS — 0.4%(f)		3,442,302		2,569,052
		TOTAL INVESTMENTS — 100.6%	$	517,731,095		595,492,048
		Other Assets and Liabilities (Net) — (0.6)%				(3,478,321	)
		NET ASSETS — 100.0%			$	592,013,727

(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. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) At March 31, 2020, the Fund held an investment in a restricted and illiquid security amounting to $16,052 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		03/31/20 Carrying Value Per Share
28,792	Trans-Lux Corp.	06/01/09- 09/25/18	$	25,123		0.5575

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

(e) 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.

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

† Non-income producing security.

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.

5

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-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 Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 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 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-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 Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that 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 for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-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 Rule 30a-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 5/29/2020

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 5/29/2020

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date 5/29/2020

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