TETON Westwood Balanced Fund Class AAA (WEBAX) 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, 2021

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.

(a) The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Semiannual Report

March 31, 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 call 800-937-8966 or send an email request to info@tetonadv.com.

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares														Class A Shares
	Average Annual Returns – March 31, 2021 (a)														Average Annual Returns – March 31, 2021 (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	80.27	%	12.14	%	9.63	%	9.49	%	11.11	%	1.45	%	1.45	%	72.81	%	10.97	%	8.92	%	8.94	%	10.69	%	1.45	%	1.45	%
SmallCap Equity	105.57		17.12		10.11		8.97		8.73		1.70		1.25		97.07		15.91		9.41		8.42		8.37		1.70		1.25
Convertible Securities	45.14		14.36		10.05		7.02		8.38		1.62		1.15		39.06		13.16		9.33		6.48		7.97		1.62		1.15
Equity	43.38		11.17		10.21		7.50		10.04		1.63		1.63		37.36		10.02		9.51		6.95		9.68		1.63		1.63
Balanced	23.85		7.98		7.32		6.09		8.26		1.42		1.42		18.74		6.86		6.64		5.55		7.85		1.42		1.42

	Class C Shares														Class I Shares
	Average Annual Returns – March 31, 2021 (a)(c)(d)														Average Annual Returns – March 31, 2021 (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	78.03	%	11.30	%	8.81	%	8.68	%	10.41	%	2.20	%	2.20	%	80.70	%	12.42	%	9.90	%	9.73	%	11.27	%	1.20	%	1.20	%
SmallCap Equity	102.95		16.25		9.29		8.16		8.04		2.45		2.00		106.08		17.41		10.39		9.21		8.88		1.45		1.00
Convertible Securities	43.08		13.48		9.23		6.22		7.77		2.37		1.90		45.51		14.66		10.32		7.27		8.53		1.37		0.90
Equity	41.01		10.32		9.36		6.68		9.49		2.38		2.38		43.71		11.46		10.46		7.72		10.14		1.38		1.38
Balanced	21.95		7.19		6.52		5.31		7.66		2.17		2.17		24.21		8.26		7.59		6.33		8.38		1.17		1.17

(a) Returns represent past performance and do not guarantee future results. 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 and Convertible Securities 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, 2022 and are renewable annually by the Adviser. The Funds, except for the Equity and Balanced 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. The gross expense ratios and expense ratios after Adviser reimbursements are from the current prospectus dated January 28,2020.

(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

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 Form N-PORT. Shareholders may obtain this information at www.tetonadv.com or by calling the Funds at 800-WESTWOOD (800-937-8966). The Funds’ Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting
Each Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to portfolio securities are available without charge, upon request, by (i) calling 800-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

TETON Westwood Funds
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2020 through March 31, 2021

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 4 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’s actual return 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 is not the 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.

3

TETON Westwood Funds
Disclosure of Fund Expenses (Unaudited) (Continued)
For the Six Month Period from October 1, 2020 through March 31, 2021

Expense Table

	Actual Fund Return				Hypothetical 5% Return
	Beginning Account Value 10/01/20	Ending Account Value 03/31/21	Annualized Expense Ratio	Expenses Paid During Period*	Beginning Account Value 10/01/20	Ending Account Value 03/31/21	Annualized Expense Ratio	Expenses Paid During Period*
TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00	$1,461.80	1.44%	$8.84	$1,000.00	$1,017.75	1.44%	$  7.24
Class A	$1,000.00	$1,461.50	1.47%	$9.02	$1,000.00	$1,017.60	1.47%	$  7.39
Class C	$1,000.00	$1,456.90	2.19%	$13.41	$1,000.00	$1,014.01	2.19%	$11.00
Class I	$1,000.00	$1,463.20	1.19%	$7.31	$1,000.00	$1,019.00	1.19%	$  5.99
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,635.20	1.25%	$8.21	$1,000.00	$1,018.70	1.25%	$  6.29
Class A	$1,000.00	$1,635.20	1.28%	$8.41	$1,000.00	$1,018.55	1.28%	$  6.44
Class C	$1,000.00	$1,629.60	2.00%	$13.11	$1,000.00	$1,014.96	2.00%	$10.05
Class I	$1,000.00	$1,636.90	1.00%	$6.57	$1,000.00	$1,019.95	1.00%	$  5.04
TETON Convertible Securities Fund
Class AAA	$1,000.00	$1,151.20	1.15%	$6.17	$1,000.00	$1,019.20	1.15%	$  5.79
Class A	$1,000.00	$1,150.90	1.19%	$6.38	$1,000.00	$1,019.00	1.19%	$  5.99
Class C	$1,000.00	$1,146.80	1.90%	$10.17	$1,000.00	$1,015.46	1.90%	$  9.55
Class I	$1,000.00	$1,152.90	0.90%	$4.83	$1,000.00	$1,020.44	0.90%	$  4.53
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,210.10	1.66%	$9.15	$1,000.00	$1,016.65	1.66%	$  8.35
Class A	$1,000.00	$1,209.50	1.70%	$9.36	$1,000.00	$1,016.45	1.70%	$  8.55
Class C	$1,000.00	$1,203.90	2.41%	$13.24	$1,000.00	$1,012.91	2.41%	$12.09
Class I	$1,000.00	$1,212.00	1.41%	$7.78	$1,000.00	$1,017.90	1.41%	$  7.09
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,107.20	1.43%	$7.51	$1,000.00	$1,017.80	1.43%	$  7.19
Class A	$1,000.00	$1,107.10	1.47%	$7.72	$1,000.00	$1,017.60	1.47%	$  7.39
Class C	$1,000.00	$1,103.20	2.18%	$11.43	$1,000.00	$1,014.06	2.18%	$10.95
Class I	$1,000.00	$1,108.80	1.18%	$6.20	$1,000.00	$1,019.05	1.18%	$  5.94

* 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 (182 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2021:

TETON Westwood Mighty Mites Fund

Diversified Industrial	10.7	%
Financial Services	10.3	%
Health Care	8.1	%
Aerospace and Defense	5.4	%
Hotels and Gaming	5.3	%
Electronics	5.1	%
Equipment and Supplies	4.5	%
Machinery	4.2	%
Real Estate	3.5	%
Building and Construction	3.3	%
Business Services	3.1	%
Aviation: Parts and Services	2.9	%
Consumer Products	2.7	%
Manufactured Housing and Recreational Vehicles	2.7	%
Specialty Chemicals	2.7	%
Computer Software and Services	2.1	%
Food and Beverage	2.1	%
U.S. Government Obligations	2.1	%
Restaurants	2.0	%
Automotive: Parts and Accessories	1.9	%
Miscellaneous	1.9	%
Retail	1.8	%
Energy and Utilities: Water	1.7	%

Broadcasting	1.4	%
Automotive	1.4	%
Telecommunications	1.0	%
Publishing	1.0	%
Agriculture	0.8	%
Consumer Services	0.8	%
Environmental Control	0.7	%
Energy and Utilities: Natural Gas	0.7	%
Communications Equipment	0.6	%
Entertainment	0.5	%
Communications	0.4	%
Paper and Forest Products	0.3	%
Educational Services	0.1	%
Metals and Mining	0.1	%
Energy and Utilities: Services	0.1	%
Energy and Utilities	0.1	%
Transportation	0.0	%*
Airlines	0.0	%*
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood SmallCap Equity Fund

Banking	15.7	%
Semiconductors	8.5	%
Health Care	6.3	%
Electronics	6.2	%
Energy and Utilities	5.8	%
Computer Software and Services	5.2	%
Retail	5.1	%
Business Services	4.8	%
Specialty Chemicals	4.5	%
Consumer Products	4.1	%
Diversified Industrial	4.0	%
Financial Services	3.8	%
U.S. Government Obligations	3.6	%
Aviation: Parts and Services	3.4	%
Communications Equipment	3.1	%

Building and Construction	2.3	%
Automotive	2.3	%
Transportation	1.9	%
Machinery	1.9	%
Broadcasting	1.2	%
Equipment and Supplies	1.1	%
Communications	1.1	%
Environmental Control	0.9	%
Real Estate	0.9	%
Materials	0.8	%
Aerospace	0.4	%
Other Assets and Liabilities (Net)	1.1	%
	100.0	%

TETON Convertible Securities Fund

Computer Software and Services	27.1	%
Health Care	17.1	%
Financial Services	6.0	%
Consumer Services	5.9	%
Business Services	5.5	%
Security Software	4.9	%
Airlines	3.1	%
Telecommunications	3.1	%
Semiconductors	3.1	%
Energy and Utilities: Integrated	3.0	%
Diversified Industrial	2.8	%
Cable and Satellite	2.2	%
Automotive: Parts and Accessories	2.2	%
Real Estate Investment Trusts	2.0	%
Transportation	1.7	%
Communications Equipment	1.6	%
Consumer Products	1.6	%

Energy and Utilities: Services	1.5	%
U.S. Government Obligations	1.2	%
Agriculture	0.7	%
Aerospace and Defense	0.6	%
Aviation: Parts and Services	0.4	%
Other Assets and Liabilities (Net)	2.7	%
	100.0	%

5

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Equity Fund

Computer Software and Services	13.6	%
Retail	12.0	%
Health Care	11.5	%
Financial Services	11.2	%
Diversified Industrial	9.1	%
Banking	6.0	%
Energy: Integrated	4.2	%
Real Estate	4.1	%
Energy: Oil	3.7	%
Automotive	2.5	%
Electronics	2.5	%
Transportation	2.1	%
Consumer Products	2.1	%

Aerospace	2.0	%
Business Services	2.0	%
Entertainment	2.0	%
Food and Beverage	2.0	%
Telecommunications	1.9	%
Metals and Mining	1.9	%
Energy and Energy Services	1.6	%
Other Investment Companies	1.3	%
Broadcasting	0.9	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

TETON Westwood Balanced Fund

Computer Software and Services	13.6	%
Health Care	12.1	%
Retail	10.2	%
Financial Services	8.4	%
Banking	6.0	%
U.S. Government Obligations	5.1	%
Diversified Industrial	4.3	%
Transportation	3.5	%
U.S. Government Agency Obligations	2.9	%
Electronics	2.8	%
Energy: Oil	2.7	%
Equipment and Supplies	2.4	%
Real Estate	2.1	%
Aerospace	1.9	%
Consumer Services	1.9	%
Energy: Integrated	1.8	%
Energy and Energy Services	1.7	%
Telecommunications	1.7	%

Semiconductors	1.6	%
Automotive	1.5	%
Food and Beverage	1.3	%
Consumer Finance	1.3	%
Other Investment Companies	1.3	%
Automotive: Parts and Accessories	1.3	%
Business Services	1.3	%
Entertainment	1.2	%
Metals and Mining	1.2	%
Consumer Products	1.1	%
Security Software	0.7	%
Broadcasting	0.6	%
Hotels and Gaming	0.5	%
Other Assets and Liabilities (Net)	(0.0	)%*
	100.0	%

* Amount represents greater than (0.05)%.

6

TETON Westwood Mighty Mites Fund
Summary Schedule of Investments — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS* — 95.4%
		Aerospace and Defense — 5.4%
	642,000	Aerojet Rocketdyne Holdings Inc.	$	3,280,017	$	30,148,320
	90,040	Allied Motion Technologies Inc.		3,270,138		4,621,753
	330,000	Various Securities		3,456,468		3,670,075
				10,006,623		38,440,148
		Agriculture — 0.8%
	233,000	Limoneira Co.		4,394,425		4,077,500
	470,215	Various Securities		1,760,863		1,845,510
				6,155,288		5,923,010
		Airlines — 0.0%
	225,000	Various Securities		173		13,500
		Automotive — 1.4%
	112,007	Rush Enterprises Inc., Cl. B		1,359,382		5,050,396
	136,407	Various Securities		989,733		4,745,491
				2,349,115		9,795,887
		Automotive: Parts and Accessories — 1.8%
	250,000	Modine Manufacturing Co.†		3,016,779		3,692,500
	103,560	Strattec Security Corp.†		2,187,959		4,856,964
	225,718	Various Securities		1,364,423		4,631,610
				6,569,161		13,181,074
		Aviation: Parts and Services — 2.9%
	180,540	Ducommun Inc.†		4,543,644		10,832,400
	140,200	Kaman Corp.		3,729,215		7,190,858
	143,566	Various Securities		1,578,483		2,590,170
				9,851,342		20,613,428
		Broadcasting — 1.4%
	241,120	Gray Television Inc.		265,142		4,436,608
	1,069,908	Various Securities		4,492,313		5,405,994
				4,757,455		9,842,602
		Building and Construction — 3.3%
	97,200	Gibraltar Industries Inc.†		2,301,419		8,894,772
	57,000	MYR Group Inc.†		1,194,075		4,085,190
	79,470	The Monarch Cement Co.		2,110,421		8,344,350
	430,000	Various Securities		782,977		2,409,900
				6,388,892		23,734,212
		Business Services — 3.1%
	340,000	Diebold Nixdorf Inc.†		1,455,328		4,804,200
	2,280,000	Trans-Lux Corp.†(a)		1,188,097		775,200
	103,169	Willdan Group Inc.†		3,189,662		4,235,087
	757,632	Various Securities		7,277,737		12,285,799
				13,110,824		22,100,286
		Communications — 0.4%
	107,000	Various Securities		1,891,056		2,657,880
		Communications Equipment — 0.6%
	598,450	Various Securities		3,429,513		3,967,273
		Computer Software and Services — 2.1%
	1,376,821	Various Securities		6,942,622		15,196,215
		Consumer Products — 2.7%
	405,000	Marine Products Corp.		2,847,523		6,589,350
	3,489,175	Various Securities		6,953,532		12,986,447
				9,801,055		19,575,797
		Consumer Services — 0.8%
	235,000	Various Securities		1,550,995		5,381,850
		Diversified Industrial — 10.7%
	232,843	Burnham Holdings Inc., Cl. A(a)		3,649,502		3,096,812
	41,100	Chase Corp.		686,032		4,783,629

					Market
Shares			Cost		Value
	85,560	Columbus McKinnon Corp.	$	1,368,937	$	4,514,146
	418,313	Griffon Corp.		4,597,996		11,365,564
	225,439	Lawson Products Inc.†		3,158,220		11,691,266
	766,870	Myers Industries Inc.		12,186,670		15,153,351
	172,000	Park-Ohio Holdings Corp.		3,501,813		5,416,280
	340,000	Tredegar Corp.		5,445,088		5,103,400
	765,790	Various Securities		9,525,466		15,480,759
				44,119,724		76,605,207
		Educational Services — 0.1%
	95,000	Various Securities		289,750		554,800
		Electronics — 5.1%
	152,300	Bel Fuse Inc., Cl. A(a)		2,820,414		2,723,124
	252,580	CTS Corp.		2,058,121		7,845,135
	593,000	Schmitt Industries Inc.†(a)		1,341,444		3,486,840
	126,190	Ultra Clean Holdings†		329,174		7,324,068
	677,000	Various Securities		6,397,110		15,025,333
				12,946,263		36,404,500
		Energy and Utilities: Natural Gas — 0.7%
	811,998	Various Securities		1,902,173		5,299,947
		Energy and Utilities: Services — 0.1%
	91,500	Various Securities		196,593		453,590
		Energy and Utilities: Water — 1.7%
	62,304	SJW Group		1,594,829		3,924,529
	230,666	Various Securities		3,469,707		8,296,077
				5,064,536		12,220,606
		Entertainment — 0.5%
	1,921,512	Various Securities		2,470,335		3,435,248
		Environmental Control — 0.7%
	79,000	Casella Waste Systems Inc., Cl. A†		312,304		5,022,030
	19,894	Various Securities		183,903		323,476
				496,207		5,345,506
		Equipment and Supplies — 4.5%
	136,000	Federal Signal Corp.		790,794		5,208,800
	300,000	The Eastern Co.		5,614,075		8,040,000
	176,065	Titan Machinery Inc.†		2,740,507		4,489,657
	688,316	Various Securities		8,717,805		14,642,373
				17,863,181		32,380,830
		Financial Services — 9.8%
	251,158	Atlantic Capital Bancshares Inc.†		4,337,563		6,052,908
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		8,657,600
	387,300	Flushing Financial Corp.		6,179,600		8,222,379
	10	Guaranty Corp., Cl. A†(b)		137,500		138,150
	2,181,813	Various Securities		28,930,323		46,539,686
				45,742,151		69,610,723
		Food and Beverage — 2.1%
	50,000	Calavo Growers Inc.		1,524,932		3,882,000
	1,380,450	Various Securities		9,944,245		10,940,257
				11,469,177		14,822,257
		Health Care — 8.1%
	101,660	Cardiovascular Systems Inc.†		1,777,901		3,897,644
	327,940	Cutera Inc.†		4,813,385		9,854,597
	191,665	IntriCon Corp.†		1,948,455		4,914,291
	106,500	Neogen Corp.†		308,256		9,466,785
	2,000	Targanta Therapeutics Corp., Escrow†(b)		0		0
	1,259,755	Various Securities		8,959,898		29,599,070
				17,807,895		57,732,387

See accompanying notes to financial statements.

7

TETON Westwood Mighty Mites Fund
Summary Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS* (Continued)
		Hotels and Gaming — 5.3%
	1,237,119	Full House Resorts Inc.†	$	3,376,447	$	10,527,883
	601,210	Golden Entertainment Inc.†		6,330,409		15,186,564
	617,071	Various Securities		4,575,494		12,273,817
				14,282,350		37,988,264
		Machinery — 4.2%
	225,500	Astec Industries Inc.		7,904,563		17,007,210
	470,000	Gencor Industries Inc.†		3,010,371		6,302,700
	67,050	Various Securities		1,351,421		6,389,293
				12,266,355		29,699,203
		Manufactured Housing and Recreational Vehicles — 2.7%
	27,940	Cavco Industries Inc.†		1,759,236		6,303,543
	175,250	Nobility Homes Inc.		2,038,510		5,432,750
	94,500	Skyline Champion Corp.†		746,122		4,277,070
	44,000	Various Securities		419,788		3,375,240
				4,963,656		19,388,603
		Metals and Mining — 0.1%
	462,000	Various Securities		610,320		545,353
		Paper and Forest Products — 0.3%
	26,450	Various Securities		2,225,745		2,221,800
		Publishing — 1.0%
	366,600	The E.W. Scripps Co., Cl. A		1,774,419		7,064,382
	120,000	Various Securities		255,177		252,800
				2,029,596		7,317,182
		Real Estate — 3.5%
	251,290	Indus Realty Trust Inc., REIT		7,373,841		15,117,606
	2,508	Royalty LLC†(b)		0		255
	1,323,491	Various Securities		10,815,362		9,844,039
				18,189,203		24,961,900
		Restaurants — 2.0%
	216,234	Nathan’s Famous Inc.(a)		3,081,947		13,642,203
	50,000	Various Securities		260,454		905,500
				3,342,401		14,547,703
		Retail — 1.8%
	69,240	Ingles Markets Inc., Cl. A		1,202,068		4,268,646
	319,974	Various Securities		6,053,065		8,249,959
				7,255,133		12,518,605
		Specialty Chemicals — 2.7%
	786,360	Ferro Corp.†		3,361,403		13,258,030
	447,414	Various Securities		3,455,501		6,081,636
				6,816,904		19,339,666
		Telecommunications — 1.0%
	847,500	Various Securities		4,259,302		7,391,370
		Transportation — 0.0%
	4,000	Various Securities		78,733		44,040
		TOTAL COMMON STOCKS		319,491,797		681,252,452
		PREFERRED STOCKS* — 0.6%
		Automotive: Parts and Accessories — 0.1%
	20,300	Various Securities		55,454		976,038
		Financial Services — 0.5%
	159,000	Various Securities		4,154,030		3,187,950
		TOTAL PREFERRED STOCKS		4,209,484		4,163,988
		CONVERTIBLE PREFERRED STOCKS* — 0.0%
		Food and Beverage — 0.0%
	500	Various Securities		7,625		23,545
		MANDATORY CONVERTIBLE SECURITIES* (c) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Various Securities		313,221		430,509

					Market
Shares			Cost		Value
		RIGHTS* — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(b)	$	1	$	0
		Health Care — 0.0%
	40,000	Elanco Animal Health Inc., CVR†		0		400
	8,000	Progenics Pharmaceuticals Inc., CVR†(b)		0		3,978
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(b)		103,591		0
				103,591		4,378
		TOTAL RIGHTS		103,592		4,378
		WARRANTS* — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(b)		0		652
		Diversified Industrial — 0.0%
	47,000	Various Securities		32,110		62,040
		Energy and Utilities — 0.0%
	2	Key Energy Services Inc., expire 12/15/21†(b)		0		0
		Energy and Utilities: Natural Gas — 0.0%
	144	Various Securities		0		0
		Energy and Utilities: Services — 0.0%
	7,627	Various Securities		0		3,280
		Health Care — 0.0%
	4,368	Various Securities		15,533		8,522
		TOTAL WARRANTS		47,643		74,494

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS* — 2.1%
$	3,045,000	Various Securities		3,044,991		3,044,976
	11,727,000	U.S. Treasury Bills, 0.003% to 0.036%††, 04/08/21 to 06/17/21		11,726,595		11,726,779
		TOTAL U.S. GOVERNMENT OBLIGATIONS		14,771,586		14,771,755
		TOTAL MISCELLANEOUS INVESTMENTS — 1.9%(d)		10,774,572		13,658,302
		TOTAL INVESTMENTS — 100.1%	$	349,719,520		714,379,423
		Other Assets and Liabilities (Net) — (0.1)%				(474,499	)
		NET ASSETS — 100.0%			$	713,904,924

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, 2021. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

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

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund
Summary Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

(b) Security is valued under procedures adopted by the Board of Trustees 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.

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

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

CCCP Contingent Cash Consideration Payment

CVR Contingent Value Right

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

9

TETON Westwood SmallCap Equity Fund
Schedule of Investments — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 95.3%
		Aerospace — 0.4%
	3,600	Hexcel Corp.†	$	109,475	$	201,600
		Automotive — 2.3%
	15,750	Rush Enterprises Inc., Cl. A		290,875		784,823
	5,800	Winnebago Industries Inc		142,855		444,918
				433,730		1,229,741
		Aviation: Parts and Services — 3.4%
	44,100	AAR Corp.†		995,526		1,836,765
		Banking — 15.7%
	11,700	Atlantic Capital Bancshares Inc.†		209,455		281,970
	10,633	Atlantic Union Bankshares Corp.		260,012		407,882
	12,900	Banc of California Inc.		237,602		233,232
	10,800	Columbia Banking System Inc.		320,715		465,372
	33,600	First Foundation Inc.		525,976		788,256
	6,800	Glacier Bancorp Inc.		138,682		388,144
	48,750	Investors Bancorp Inc.		532,258		716,138
	28,150	OceanFirst Financial Corp.		556,544		673,911
	8,950	OFG Bancorp.		94,152		202,449
	10,900	Old National Bancorp.		154,094		210,806
	2,921	South State Corp.		217,982		229,328
	20,806	Sterling Bancorp.		251,944		478,954
	22,200	TrustCo Bank Corp.		147,725		163,614
	19,050	Umpqua Holdings Corp.		280,046		334,327
	63,020	Valley National Bancorp.		567,483		865,895
	36,700	Veritex Holdings Inc.		852,864		1,200,824
	14,000	Washington Federal Inc.		300,174		431,200
	7,600	Washington Trust Bancorp Inc.		239,284		392,388
				5,886,992		8,464,690
		Broadcasting — 1.2%
	8,600	Chicken Soup For The Soul
		Entertainment Inc.†		87,638		206,916
	35,900	Hemisphere Media Group Inc.†		371,338		418,235
				458,976		625,151
		Building and Construction — 2.3%
	5,500	EMCOR Group Inc.		262,514		616,880
	8,800	MYR Group Inc.†		153,563		630,696
				416,077		1,247,576
		Business Services — 4.8%
	20,400	ABM Industries Inc.		642,915		1,040,604
	4,000	Deluxe Corp.		111,184		167,840
	3,150	FTI Consulting Inc.†		108,347		441,347
	9,900	Heidrick & Struggles International Inc.		229,256		353,628
	7,200	McGrath RentCorp.		272,468		580,680
				1,364,170		2,584,099
		Communications — 1.1%
	6,200	ATN International Inc.		290,293		304,544
	8,900	Meredith Corp.†		292,168		265,042
				582,461		569,586
		Communications Equipment — 3.1%
	80,800	Extreme Networks Inc.†		526,578		707,000
	100,000	Infinera Corp.†		643,257		963,000
				1,169,835		1,670,000
		Computer Software and Services — 5.2%
	7,600	Bottomline Technologies DE Inc.†		208,794		343,900
	19,800	Cloudera Inc.†		110,837		240,966
	44,200	NetScout Systems Inc.†		1,018,532		1,244,672
	16,300	Progress Software Corp.		398,949		718,178
	6,900	Teradata Corp.†		146,757		265,926
				1,883,869		2,813,642

						Market
Shares				Cost		Value
			Consumer Products — 4.1%
	18,800		Hanesbrands Inc.	$	335,304	$	369,796
	41,800		KAR Auction Services Inc.†		656,213		627,000
	9,700		Oxford Industries Inc.		569,948		847,974
	14,000		Tupperware Brands Corp.†		369,942		369,740
					1,931,407		2,214,510
			Diversified Industrial — 4.0%
	2,600		Albany International Corp., Cl. A		135,217		217,022
	7,600		Apogee Enterprises Inc.		207,346		310,688
	9,500		Kennametal Inc.		269,518		379,715
	9,800		Luxfer Holdings plc.		126,608		208,544
	48,700		Steelcase Inc., Cl. A		649,708		700,793
	12,900		Textainer Group Holdings Ltd.†		98,397		369,585
					1,486,794		2,186,347
			Electronics — 6.2%
	12,500		Advanced Energy Industries Inc.		577,077		1,364,625
	6,300		Comtech Telecommunications Corp.		94,831		156,492
	7,500		FARO Technologies Inc.†		265,796		649,275
	12,000		Plantronics Inc.†		437,817		466,920
	49,100		TTM Technologies Inc.†		617,753		711,950
					1,993,274		3,349,262
			Energy and Utilities — 5.8%
	31,100		ChampionX Corp.†		533,511		675,803
	10,100		Diamondback Energy Inc.		282,483		742,249
	32,700		Magnolia Oil & Gas Corp., Cl. A†		316,481		375,396
	8,700		Matador Resources Co.		171,926		204,015
	28,900		Oceaneering International Inc.†		134,614		330,038
	115,400		Patterson-UTI Energy Inc.		374,239		822,802
					1,813,254		3,150,303
			Environmental Control — 0.9%
	18,700		Evoqua Water Technologies Corp.†		176,916		491,810
			Equipment and Supplies — 1.1%
	8,300		CIRCOR International Inc.†.		345,183		289,006
	7,500		Flowserve Corp.		218,625		291,075
					563,808		580,081
			Financial Services — 3.8%
	22,600		Boston Private Financial Holdings Inc.		184,257		301,032
	8,800		Brown & Brown Inc.		150,642		402,248
	6,000		Horace Mann Educators Corp.		203,747		259,260
	4,700		Mercury General Corp.		183,369		285,807
	6,400		ProAssurance Corp.		180,289		171,264
	9,750		Stifel Financial Corp.		262,650		624,585
					1,164,954		2,044,196
			Health Care — 6.3%
	4,100		AMN Healthcare Services Inc.†		193,504		302,170
	1,780		ICU Medical Inc.†		129,303		365,683
	22,300		Natus Medical Inc.†		507,632		571,103
	5,850		Omnicell Inc.†		153,889		759,739
	35,400		Patterson Cos. Inc.		628,212		1,131,030
	11,000		Supernus Pharmaceuticals Inc.†		275,953		287,980
					1,888,493		3,417,705
			Machinery — 1.9%
	21,100		Babcock & Wilcox Enterprises Inc.†		158,803		199,817
	57,700		Mueller Water Products Inc., Cl. A		647,082		801,453
		��			805,885		1,001,270
			Materials — 0.8%
	8,700		Avient Corp.		276,887		411,249

See accompanying notes to financial statements.

10

TETON Westwood SmallCap Equity Fund
Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS (Continued)
		Real Estate — 0.9%
	10,000	Alpine Income Property Trust Inc., REIT	$	177,904	$	173,600
	12,700	CareTrust REIT Inc.		272,198		295,719
				450,102		469,319
		Retail — 5.1%
	24,750	American Eagle Outfitters Inc.		303,996		723,690
	51,800	Ethan Allen Interiors Inc.		872,690		1,430,198
	2,300	Penske Automotive Group Inc.		88,271		184,552
	9,800	The Hain Celestial Group Inc.†		177,753		427,280
				1,442,710		2,765,720
		Semiconductors — 8.5%
	1,100	CMC Materials Inc.		64,881		194,469
	10,700	Entegris Inc.		211,776		1,196,260
	16,900	FormFactor Inc.†		210,933		762,359
	12,200	Marvell Technology Group Ltd.		177,933		597,556
	4,000	nLight Inc.†		46,557		129,600
	26,400	Onto Innovation Inc.†		825,377		1,734,744
				1,537,457		4,614,988
		Specialty Chemicals — 4.5%
	16,400	Darling Ingredients Inc.†		305,471		1,206,712
	60,200	Ferro Corp.†		823,767		1,014,972
	2,700	Minerals Technologies Inc.		85,384		203,364
				1,214,622		2,425,048
		Transportation — 1.9%
	22,300	The Greenbrier Companies Inc.		538,194		1,053,006
		TOTAL COMMON STOCKS		30,585,868		51,417,664

Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS — 3.6%
		U.S. Cash Management Bill — 0.2%
$	100,000	0.005††, 04/20/21	$	100,000	$	99,999
		U.S. Treasury Bills — 3.4%
	1,843,000	U.S. Treasury Bill, 0.005% to 0.040%†††, 04/20/21 to 09/23/21		1,842,774		1,842,840
		TOTAL U.S. GOVERNMENT OBLIGATIONS		1,942,774		1,942,839
		TOTAL INVESTMENTS — 98.9%	$	32,528,642		53,360,503
		Other Assets and Liabilities (Net) — 1.1%				593,577
		NET ASSETS — 100.0%			$	53,954,080

† Non-income producing security.

†† Represents annualized yield at date of purchase.

††† Represents annualized yields at dates of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

11

TETON Convertible Securities Fund
Schedule of Investments — March 31, 2021 (Unaudited)

Principal					Market
Amount			Cost		Value
		CONVERTIBLE CORPORATE BONDS — 81.6%
		Aerospace and Defense — 0.6%
$	250,000	Aerojet Rocketdyne Holdings Inc.,
		2.250%, 12/15/23	$	252,185	$	450,937
		Airlines — 3.1%
	680,000	JetBlue Airways Corp.,
		0.500%, 04/01/26(a)		689,962		750,584
	1,000,000	Southwest Airlines Co.,
		1.250%, 05/01/25		1,135,893		1,721,875
				1,825,855		2,472,459
		Aviation: Parts and Services — 0.4%
	300,000	Kaman Corp.,
		3.250%, 05/01/24		302,851		326,700
		Business Services — 5.5%
	480,000	2U Inc.,
		2.250%, 05/01/25(a)		474,817		755,040
	1,100,000	Perficient Inc.,
		1.250%, 08/01/25(a)		1,100,000		1,423,682
	900,000	RingCentral Inc.,
		Zero Coupon, 03/01/25		961,831		990,563
	65,000	Shift4 Payments Inc.,
		Zero Coupon, 12/15/25(a)		65,000		81,614
	250,000	Square Inc.,
		0.125%, 03/01/25(a)		407,654		488,281
		0.250%, 11/01/27(a)		513,644		567,187
				3,522,946		4,306,367
		Cable and Satellite — 2.2%
	750,000	DISH Network Corp.,
		Zero Coupon, 12/15/25(a)		750,000		797,250
		3.375%, 08/15/26		397,922		433,710
	605,000	fuboTV Inc.,
		3.250%, 02/15/26(a)		586,759		524,459
				1,734,681		1,755,419
		Communications Equipment — 1.6%
	700,000	Kaleyra Inc.,
		6.125%, 02/15/26		700,000		700,000
	500,000	Lumentum Holdings Inc.,
		0.500%, 12/15/26		522,794		584,050
				1,222,794		1,284,050
		Computer Software and Services — 27.1%
	500,000	Bandwidth Inc.,
		0.250%, 03/01/26		505,199		767,000
		0.500%, 04/01/28(a)		420,000		409,500
	350,000	Blackline Inc.,
		0.125%, 08/01/24		350,735		555,844
		Zero Coupon, 03/15/26(a)		480,000		468,300
	730,000	Cardlytics Inc.,
		1.000%, 09/15/25(a)		762,673		1,102,738
	245,000	Cloudflare Inc.,
		0.750%, 05/15/25(a)		245,000		485,253
	140,000	Coupa Software Inc.,
		0.125%, 06/15/25		141,133		239,050
		0.375%, 06/15/26(a)		463,859		527,775
	1,500,000	CSG Systems International Inc.,
		4.250%, 03/15/36(a)		1,569,677		1,575,000
	120,000	Dropbox Inc.,
		Zero Coupon, 03/01/28(a)		120,000		124,425

Principal					Market
Amount			Cost		Value
$	960,000	Everbridge Inc.,
		0.125%, 12/15/24	$	973,215	$	1,225,800
	1,250,000	i3 Verticals LLC,
		1.000%, 02/15/25(a)		1,208,510		1,292,187
	1,050,000	Limelight Networks Inc.,
		3.500%, 08/01/25(a)		1,020,961		968,100
	690,000	LivePerson Inc.,
		0.750%, 03/01/24		676,140		1,066,580
	750,000	Match Group Financeco 3 Inc.,
		2.000%, 01/15/30(a)		751,678		1,340,625
	400,000	MercadoLibre Inc.,
		2.000%, 08/15/28		392,935		1,340,250
	205,000	Nice Systems Inc.,
		1.250%, 01/15/24		211,944		535,947
	1,000,000	PAR Technology Corp.,
		2.875%, 04/15/26		895,955		1,720,000
	250,000	PROS Holdings Inc.,
		1.000%, 05/15/24		227,527		253,437
		2.250%, 09/15/27(a)		465,000		588,516
	750,000	Q2 Holdings Inc.,
		0.750%, 06/01/26		794,435		981,075
	650,000	Splunk Inc.,
		1.125%, 09/15/25		698,708		767,406
	365,000	Varonis Systems Inc.,
		1.250%, 08/15/25(a)		368,578		649,244
	500,000	Vocera Communications Inc.,
		1.500%, 05/15/23		514,288		677,500
		0.500%, 09/15/26(a)		483,704		451,106
	1,000,000	Workiva Inc.,
		1.125%, 08/15/26		958,303		1,323,587
				15,700,157		21,436,245
		Consumer Products — 1.6%
	205,000	Farfetch Ltd.,
		3.750%, 05/01/27(a)		212,196		706,481
	365,000	National Vision Holdings Inc.,
		2.500%, 05/15/25(a)		369,069		572,594
				581,265		1,279,075
		Consumer Services — 5.9%
	360,000	Callaway Golf Co.,
		2.750%, 05/01/26(a)		392,063		617,850
	550,000	NCL Corp. Ltd.,
		5.375%, 08/01/25(a)		747,112		954,525
	155,000	Royal Caribbean Cruises Ltd.,
		4.250%, 06/15/23(a)		170,909		218,627
		2.875%, 11/15/23(a)		250,000		326,000
	245,000	Shopify Inc.,
		0.125%, 11/01/25		245,000		280,525
	1,100,000	Stride Inc.,
		1.125%, 09/01/27(a)		973,912		1,016,180
	405,000	TechTarget Inc.,
		0.125%, 12/15/25(a)		412,947		480,006
	710,000	Wayfair Inc.,
		0.625%, 10/01/25(a)		732,351		761,475
				3,924,294		4,655,188
		Diversified Industrial — 1.9%
	600,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		618,761		1,492,125

See accompanying notes to financial statements.

12

TETON Convertible Securities Fund
Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Principal					Market
Amount			Cost		Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Energy and Utilities: Integrated — 1.1%
$	485,000	Bloom Energy Corp.,
		2.500%, 08/15/25(a)	$	521,738	$	890,764
		Energy and Utilities: Services — 0.8%
	800,000	Cheniere Energy Inc.,
		4.250%, 03/15/45		558,040		661,582
		Financial Services — 3.1%
	300,000	Chimera Investment Corp.,
		7.000%, 04/01/23		314,164		578,813
	385,000	Colony Capital Operating Co. LLC,
		5.750%, 07/15/25		498,417		1,133,825
	500,000	Encore Capital Europe Finance Ltd.,
		4.500%, 09/01/23		512,745		571,599
	130,000	Repay Holdings Corp.,
		Zero Coupon, 02/01/26(a)		130,000		127,725
				1,455,326		2,411,962
		Health Care — 15.1%
	605,000	1Life Healthcare Inc.,
		3.000%, 06/15/25(a)		612,611		724,851
	255,000	Coherus Biosciences Inc.,
		1.500%, 04/15/26(a)		256,903		272,501
	500,000	Collegium Pharmaceutical Inc.,
		2.625%, 02/15/26		481,902		545,226
	350,000	CONMED Corp.,
		2.625%, 02/01/24		359,363		548,842
	425,000	Cutera Inc.,
		2.250%, 03/15/26(a)		425,000		479,443
	495,000	Dexcom Inc.,
		0.750%, 12/01/23		537,031		1,092,094
		0.250%, 11/15/25(a)		185,000		182,572
	500,000	Esperion Therapeutics Inc.,
		4.000%, 11/15/25(a)		500,000		514,688
	900,000	Exact Sciences Corp.,
		0.375%, 03/15/27		943,309		1,235,250
	1,000,000	Insulet Corp.,
		0.375%, 09/01/26		1,009,058		1,333,850
	400,000	Invacare Corp.,
		4.500%, 06/01/22		392,359		375,750
		4.250%, 03/15/26(a)		365,000		365,671
	125,000	MannKind Corp.,
		2.500%, 03/01/26(a)		125,000		126,719
	337,000	Neurocrine Biosciences Inc.,
		2.250%, 05/15/24		359,923		456,424
	104,000	Pacira BioSciences Inc.,
		2.375%, 04/01/22		105,399		125,980
	400,000	Paratek Pharmaceuticals Inc.,
		4.750%, 05/01/24		396,863		361,751
	490,000	PetIQ Inc.,
		4.000%, 06/01/26(a).		490,000		696,719
	120,000	SmileDirectClub Inc.,
		Zero Coupon, 02/01/26(a)		120,000		105,675
	708,000	Supernus Pharmaceuticals Inc.,
		0.625%, 04/01/23		715,340		686,068
	770,000	Tabula Rasa HealthCare Inc.,
		1.750%, 02/15/26		765,271		781,550
	505,000	Teladoc Health Inc.,
		1.250%, 06/01/27(a)		510,073		563,732

Principal					Market
Amount			Cost		Value
$	350,000	Travere Therapeutics Inc.,
		2.500%, 09/15/25	$	308,434	$	361,813
				9,963,839		11,937,169
		Real Estate Investment Trusts — 0.7%
	125,000	Pebblebrook Hotel Trust,
		1.750%, 12/15/26		125,000		146,875
	385,000	Summit Hotel Properties Inc.,
		1.500%, 02/15/26		392,330		426,147
				517,330		573,022
		Security Software — 4.9%
	555,000	CyberArk Software Ltd.,
		Zero Coupon, 11/15/24		562,451		601,121
	680,000	Nice Ltd.,
		Zero Coupon, 09/15/25(a)		689,906		706,916
	500,000	Okta Inc.,
		0.375%, 06/15/26(a)		673,611		585,625
	1,000,000	Proofpoint Inc.,
		0.250%, 08/15/24		1,035,573		1,071,875
	675,000	Zscaler Inc.,
		0.125%, 07/01/25(a)		684,528		903,150
				3,646,069		3,868,687
		Semiconductors — 1.2%
	500,000	Impinj Inc.,
		2.000%, 12/15/26		500,000		903,750
		Telecommunications — 3.1%
	500,000	Harmonic Inc.,
		2.000%, 09/01/24		485,833		564,400
	750,000	Infinera Corp.,
		2.500%, 03/01/27		716,012		1,086,620
	615,000	PagerDuty Inc.,
		1.250%, 07/01/25(a)		615,524		772,209
				1,817,369		2,423,229
		Transportation — 1.7%
	500,000	Atlas Air Worldwide Holdings Inc.,
		1.875%, 06/01/24		459,782		597,200
	390,000	GOL Equity Finance SA,
		3.750%, 07/15/24(a)		389,527		323,058
	255,000	Seaspan Corp.,
		3.750%, 12/15/25(a)		258,153		305,363
	125,000	Uber Technologies Inc.,
		Zero Coupon, 12/15/25(a)		125,000		131,953
				1,232,462		1,357,574
		TOTAL CONVERTIBLE CORPORATE BONDS		49,897,962		64,486,304

Shares
		CONVERTIBLE PREFERRED STOCKS — 3.1%
		Agriculture — 0.7%
	5,000	Bunge Ltd., 4.875%	555,500	578,645
		Financial Services — 1.1%
	600	Bank of America Corp., 7.250%,
		Ser. L	804,556	838,800

See accompanying notes to financial statements.

13

TETON Convertible Securities Fund
Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		CONVERTIBLE PREFERRED STOCKS (Continued)
		Real Estate Investment Trusts — 1.3%
	7,500	QTS Realty Trust Inc., 6.500%, Ser. B	$	781,733	$	1,053,825
		TOTAL CONVERTIBLE PREFERRED STOCKS		2,141,789		2,471,270
		MANDATORY CONVERTIBLE SECURITIES (b) — 11.4%
		Automotive: Parts and Accessories — 2.2%
	10,875	Aptiv plc, Ser. A
		5.500%, 06/15/23		1,094,846		1,717,054
		Diversified Industrial — 0.9%
	4,000	Colfax Corp.,
		5.750%, 01/15/22		416,600		720,640
		Energy and Utilities: Integrated — 1.9%
		NextEra Energy Inc.,
	10,000	4.872%, 09/01/22		489,442		574,100
	9,645	6.219%, 09/01/23		468,747		478,392
	9,200	5.279%, 03/01/23		448,500		455,676
				1,406,689		1,508,168
		Energy and Utilities: Services — 0.7%
	10,860	Spire Inc., Ser. A
		7.500%, 03/01/24		560,850		597,843
		Financial Services — 1.8%
	980	2020 Cash Mandatory Exchangeable Trust,
		5.250%, 06/01/23 (a)(c)		1,022,450		1,104,607
	6,000	New York Community Capital Trust V,
		6.000%, 11/01/51		300,700		300,000
				1,323,150		1,404,607
		Health Care — 2.0%
	5,730	Avantor Inc., Ser. A
		6.250%, 05/15/22		308,126		517,247
	500	Danaher Corp., Ser. B
		5.000%, 04/15/23		652,473		647,600
	9,795	Elanco Animal Health Inc.,
		5.000%, 02/01/23		456,126		449,395
				1,416,725		1,614,242
		Semiconductors — 1.9%
	1,005	Broadcom Inc., Ser. A
		8.000%, 09/30/22		1,006,500		1,481,862
		TOTAL MANDATORY CONVERTIBLE SECURITIES		7,225,360		9,044,416

					Market
Shares			Cost		Value
		COMMON STOCKS — 0.0%
		Energy and Utilities: Services — 0.0%
	509,000	Bristow Group Inc., Escrow†(d)	$	0	$	0

Principal
Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.2%
$	125,000	U.S. Cash Management Bill,
		0.005%††, 04/20/21		125,000		124,999
	800,000	U.S. Treasury Bill,
		0.035%††, 05/13/21(e)		799,967		799,984
		TOTAL U.S. GOVERNMENT OBLIGATIONS		924,967		924,983
		TOTAL INVESTMENTS — 97.3%	$	60,190,078		76,926,973
		Other Assets and Liabilities (Net) — 2.7%.				2,110,258
		NET ASSETS — 100.0%			$	79,037,231

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

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

(c) At March 31, 2021, the Fund held an investment in restricted and illiquid securities amounting to $1,104,607 or 1.40% of net assets., which was valued under methods approved by the Board of Trustees as follows:

							03/31/21
							Carrying
Acquistion			Acquistion		Acquistion		Value
Shares		Issuer	Dates		Cost		Per Share
	980	2020 Cash Mandatory Exchangeable Trust.,		06 /24/20-
		5.250%, 06/01/23		09/30/20	$	1,022,450	$	1,127.1500

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

(e) At March 31, 2021, $800,000 of the principal amount was pledged as collateral for current or potential holdings.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

14

TETON Westwood Equity Fund
Schedule of Investments — March 31, 2021 (Unaudited)

						Market
Shares			Cost			Value
		COMMON STOCKS — 98.9%
		Aerospace — 2.0%
	5,325	L3Harris Technologies Inc.	$	1,075,939		$	1,079,271
		Automotive — 2.5%			��
	23,465	General Motors Co.†		1,279,605			1,348,299
		Banking — 6.0%
	28,189	Bank of America Corp.		625,269			1,090,632
	7,491	JPMorgan Chase & Co.		532,827			1,140,355
	10,431	Western Alliance Bancorp.		846,536			985,104
				2,004,632			3,216,091
		Broadcasting — 0.9%
	3,337	Liberty Broadband Corp., Cl. C†		459,420			501,051
		Business Services — 2.0%
	5,089	Visa Inc., Cl. A		1,043,966			1,077,494
		Computer Software and Services — 13.6%
	11,837	Activision Blizzard Inc.		779,554			1,100,841
	510	Alphabet Inc., Cl. A†		633,123			1,051,885
	31,695	Cisco Systems Inc.		1,446,428			1,638,948
	8,861	Fiserv Inc.†		1,027,476			1,054,813
	15,381	Micron Technology Inc.†		950,283			1,356,758
	4,491	Microsoft Corp.		562,144			1,058,843
				5,399,008			7,262,088
		Consumer Products — 2.1%
	12,648	Church & Dwight Co. Inc.		935,837			1,104,803
		Diversified Industrial — 9.1%
	7,476	Eaton Corp. plc		666,508			1,033,781
	15,550	Fortive Corp.		903,381			1,098,452
	5,323	Honeywell International Inc.		876,759			1,155,464
	6,357	The Middleby Corp.†		1,027,996			1,053,673
	6,986	Westinghouse Air Brake Technologies Corp.		506,586			553,012
				3,981,230			4,894,382
		Electronics — 2.5%
	8,513	Microchip Technology Inc.		1,243,944			1,321,388
		Energy and Energy Services — 1.6%
	11,625	EOG Resources Inc.		1,064,013			843,161
		Energy: Integrated — 4.2%
	8,365	DTE Energy Co.		1,002,234			1,113,716
	14,841	NextEra Energy Inc.		427,106			1,122,128
				1,429,340			2,235,844
		Energy: Oil — 3.7%
	8,587	Chevron Corp.		790,230			899,832
	20,366	ConocoPhillips		1,287,243			1,078,787
				2,077,473			1,978,619
		Entertainment — 2.0%
	5,821	The Walt Disney Co.†.		748,998			1,074,091
		Financial Services — 11.2%
	21,795	American International Group Inc.		817,446			1,007,147
	4,374	Berkshire Hathaway Inc., Cl. B†		1,057,692			1,117,426
	8,017	Capital One Financial Corp.		945,266			1,020,003
	23,658	The Charles Schwab Corp.		1,040,194			1,542,028
	3,933	The Goldman Sachs Group Inc.		1,180,359			1,286,091
				5,040,957			5,972,695

						Market
Shares			Cost			Value
		Food and Beverage — 2.0%
	7,436	PepsiCo Inc.	$	683,576		$	1,051,822
		Health Care — 11.5%
	8,667	Abbott Laboratories		728,048			1,038,653
	5,490	Becton, Dickinson and Co.		959,128			1,334,893
	6,635	Johnson & Johnson		783,491			1,090,462
	11,345	Medtronic plc		959,788			1,340,185
	3,565	UnitedHealth Group Inc.		876,207			1,326,430
				4,306,662			6,130,623
		Metals and Mining — 1.9%
	30,346	Freeport-McMoRan Inc.†		977,090			999,294
		Real Estate — 4.1%
	10,268	Prologis Inc., REIT		875,052			1,088,408
	4,488	Public Storage, REIT		949,442			1,107,459
				1,824,494			2,195,867
		Retail — 12.0%
	21,754	CVS Health Corp.		1,473,511			1,636,553
	4,874	Dollar General Corp.		1,053,967			987,570
	7,691	NIKE Inc., Cl. B		1,103,941			1,022,057
	3,897	The Home Depot Inc.		529,301			1,189,559
	11,808	Walmart Inc.		1,604,111			1,603,881
				5,764,831			6,439,620
		Telecommunications — 1.9%
	7,992	T-Mobile US Inc.†		887,160	��		1,001,318
		Transportation — 2.1%
	5,135	Union Pacific Corp.		497,686			1,131,805
		TOTAL COMMON STOCKS		42,725,861			52,859,626
		SHORT TERM INVESTMENT — 1.3%
		Other Investment Companies — 1.3%
	670,818	Dreyfus Treasury Securities Cash Management, 0.010%*		670,818			670,818
		TOTAL INVESTMENTS — 100.2%	$	43,396,679			53,530,444
		Other Assets and Liabilities (Net) — (0.2)%					(83,395	)
		NET ASSETS — 100.0%				$	53,447,049

* 1 day yield as of March 31, 2021.

† Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

15

TETON Westwood Balanced Fund
Schedule of Investments — March 31, 2021 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS — 68.9%
		Aerospace — 1.4%
	3,702	L3Harris Technologies Inc..	$	747,212	$	750,321
		Automotive — 1.5%
	13,930	General Motors Co.†		758,674		800,418
		Automotive: Parts and Accessories — 1.3%
	1,363	O’Reilly Automotive Inc.†		635,188		691,382
		Banking — 3.3%
	9,790	Bank of America Corp.		208,967		378,775
	4,611	JPMorgan Chase & Co.		410,023		701,932
	6,824	Western Alliance Bancorp		551,866		644,458
				1,170,856		1,725,165
		Broadcasting — 0.6%
	1,981	Liberty Broadband Corp., Cl. C†.		262,215		297,447
		Business Services — 1.3%
	3,131	Visa Inc., Cl. A		641,828		662,927
		Computer Software and Services — 13.0%
	2,520	Accenture plc, Cl. A		580,532		696,150
	6,315	Activision Blizzard Inc.		438,911		587,295
	396	Alphabet Inc., Cl. A†		472,347		816,758
	4,300	Cadence Design Systems Inc.†		500,404		589,057
	14,221	Cisco Systems Inc.		662,990		735,368
	3,473	Facebook Inc., Cl. A†		946,623		1,022,903
	5,601	Fiserv Inc.†		649,644		666,743
	9,143	Micron Technology Inc.†		547,738		806,504
	3,959	Microsoft Corp.		346,385		933,413
				5,145,574		6,854,191
		Consumer Finance — 1.3%
	5,480	Capital One Financial Corp.		645,769		697,220
		Consumer Products — 1.1%
	6,694	Church & Dwight Co. Inc.		480,358		584,721
		Consumer Services — 1.9%
	327	Amazon.com Inc.†		1,094,507		1,011,764
		Diversified Industrial — 3.3%
	2,920	Eaton Corp. plc.		275,616		403,778
	8,515	Fortive Corp.		487,365		601,500
	1,831	Honeywell International Inc.		317,136		397,455
	4,321	Westinghouse Air Brake Technologies Corp.		313,396		342,050
				1,393,513		1,744,783
		Electronics — 2.8%
	5,709	Microchip Technology Inc.		833,759		886,151
	1,688	Monolithic Power Systems Inc.		531,192		596,218
				1,364,951		1,482,369
		Energy and Energy Services — 0.7%
	4,956	EOG Resources Inc.		432,399		359,459
		Energy: Integrated — 1.3%
	2,701	DTE Energy Co.		319,001		359,611
	4,236	NextEra Energy Inc.		131,972		320,284
				450,973		679,895
		Energy: Oil — 2.1%
	4,647	Chevron Corp.		427,434		486,959
	12,132	ConocoPhillips		743,617		642,632
				1,171,051		1,129,591
		Entertainment — 1.2%
	3,412	The Walt Disney Co.†		417,806		629,582
		Equipment and Supplies — 2.4%
	9,860	Amphenol Corp., Cl. A		557,372		650,464

					Market
Shares			Cost		Value
	3,837	The Middleby Corp.†	$	620,381	$	635,983
				1,177,753		1,286,447
		Financial Services — 5.6%
	8,278	American International Group Inc.		202,966		382,526
	2,691	Berkshire Hathaway Inc., Cl. B†		650,718		687,470
	17,434	The Charles Schwab Corp.		813,307		1,136,348
	2,349	The Goldman Sachs Group Inc.		688,974		768,123
				2,355,965		2,974,467
		Food and Beverage — 0.6%
	2,226	PepsiCo Inc.		231,529		314,868
		Health Care — 7.8%
	5,945	Abbott Laboratories.		351,445		712,449
	3,547	Becton, Dickinson and Co.		663,899		862,453
	3,917	Johnson & Johnson		439,552		643,759
	7,585	Medtronic plc		652,468		896,016
	2,649	UnitedHealth Group Inc.		619,880		985,613
				2,727,244		4,100,290
		Metals and Mining — 1.2%
	18,621	Freeport-McMoRan Inc.†		599,470		613,189
		Real Estate — 1.3%
	3,039	Prologis Inc., REIT		260,719		322,134
	1,365	Public Storage, REIT		288,194		336,827
				548,913		658,961
		Retail — 8.0%
	15,010	CVS Health Corp.		1,003,057		1,129,202
	3,064	Dollar General Corp.		662,568		620,828
	4,620	NIKE Inc., Cl. B		587,625		613,952
	2,864	The Home Depot Inc.		412,837		874,236
	7,020	Walmart Inc..		954,852		953,527
				3,620,939		4,191,745
		Semiconductors — 1.1%
	1,124	NVIDIA Corp.		630,051		600,137
		Telecommunications — 1.2%
	4,943	T-Mobile US Inc.†		548,751		619,308
		Transportation — 1.6%
	3,920	Union Pacific Corp.		369,212		864,007
		TOTAL COMMON STOCKS		29,622,701		36,324,654
		MANDATORY CONVERTIBLE SECURITIES (a) — 0.7%
		Health Care — 0.7%
	3,400	Boston Scientific Corp.
		5.500%, Ser. A, 06/01/23		389,350		364,684

Principal
Amount
		CORPORATE BONDS — 18.4%
		Aerospace — 0.5%
$	255,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
		4.450%, 10/01/25	277,924	277,143
		Banking — 2.7%
	750,000	Fifth Third Bancorp,
		2.375%, 01/28/25	749,844	782,572

See accompanying notes to financial statements.

16

TETON Westwood Balanced Fund
Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Principal					Market
Amount			Cost		Value
		CORPORATE BONDS (Continued)
		Banking (Continued)
$	600,000	The Goldman Sachs Group Inc., MTN,
		3.850%, 07/08/24	$	600,140	$	652,270
				1,349,984		1,434,842
		Diversified Industrial — 1.0%
	510,000	Cabot Corp.,
		4.000%, 07/01/29		508,716		538,042
		Energy and Energy Services — 1.0%
	235,000	Energy Transfer LP,
		6.250%, 04/15/49		275,484		275,750
	260,000	Plains All American Pipeline LP / PAA Finance Corp.,
		3.800%, 09/15/30		274,252		264,915
				549,736		540,665
		Energy: Oil — 0.6%
	55,000	Diamondback Energy Inc.,
		3.125%, 03/24/31		54,813		54,826
	275,000	MPLX LP,
		2.650%, 08/15/30		273,888		269,623
				328,701		324,449
		Financial Services — 2.8%
	138,000	American Honda Finance Corp., MTN,
		1.000%, 09/10/25		137,994		135,885
	140,000	Berkshire Hathaway Finance Corp.,
		2.850%, 10/15/50		139,889		128,851
	600,000	Capital One Financial Corp.,
		3.750%, 04/24/24		603,991		649,546
	405,000	Owl Rock Capital Corp.,
		3.400%, 07/15/26		404,579		410,417
	118,000	Schlumberger Finance Canada Ltd.,
		1.400%, 09/17/25		118,260		118,165
				1,404,713		1,442,864
		Food and Beverage — 0.7%
	380,000	The J.M. Smucker Co.,
		3.550%, 03/15/50		387,256		384,861
		Health Care — 2.7%
	600,000	Aetna Inc.,
		3.500%, 11/15/24		600,440		648,359
	750,000	Amgen Inc.,
		2.200%, 02/21/27		758,359		769,355
				1,358,799		1,417,714
		Hotels and Gaming — 0.5%
	235,000	Marriott International Inc.,
		4.625%, 06/15/30		273,083		263,012
		Real Estate — 0.8%
	150,000	Brixmor Operating Partnership LP,
		2.250%, 04/01/28		149,786		147,307

Principal					Market
Amount			Cost		Value
$	265,000	VEREIT Operating Partnership LP,
		2.850%, 12/15/32	$	272,002	$	256,667
				421,788		403,974
		Retail — 2.2%
	151,000	7-Eleven Inc.,
		0.950%, 02/10/26		150,650		146,980
	200,000	AutoZone Inc.,
		1.650%, 01/15/31		197,851		183,269
	800,000	CVS Health Corp.,
		3.250%, 08/15/29		811,269		845,962
				1,159,770		1,176,211
		Semiconductors — 0.5%
	235,000	Broadcom Inc.,
		4.150%, 11/15/30		271,772		254,216
		Telecommunications — 0.5%
	270,000	Charter Communications Operating LLC / Charter Communications Operating Capital,
		3.700%, 04/01/51		277,814		252,203
		Transportation — 1.9%
	875,000	AP Moller - Maersk A/S,
		4.500%, 06/20/29		870,431		969,065
		TOTAL CORPORATE BONDS		9,440,487		9,679,261
		CONVERTIBLE CORPORATE BONDS — 2.7%
		Computer Software and Services — 0.6%
	350,000	Splunk Inc.,
		1.125%, 06/15/27		381,872		333,594
		Energy: Integrated — 0.5%
	205,000	SolarEdge Technologies Inc.,
		Zero Coupon, 09/15/25		205,000		262,297
		Health Care — 0.9%				��
	325,000	Exact Sciences Corp.,
		0.375%, 03/15/27		387,798		446,063
		Security Software — 0.7%
	300,000	Akamai Technologies Inc.,
		0.125%, 05/01/25		373,993		364,313
		TOTAL CONVERTIBLE CORPORATE BONDS		1,348,663		1,406,267
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.9%
		Federal Home Loan Mortgage Corp. — 0.3%
	169,259	3.500%, 08/01/49		174,186		178,616
		Federal National Mortgage Association — 2.6%
	1,100,000	2.625%, 09/06/24		1,118,867		1,182,462
	163,699	3.500%, 07/01/49		168,463		172,845
				1,287,330		1,355,307
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		1,461,516		1,533,923
		U.S. GOVERNMENT OBLIGATIONS — 5.1%
		U.S. Treasury Bonds — 2.9%
	450,000	2.500%, 02/15/45		407,191		458,508
	700,000	2.500%, 05/15/46		700,331		711,976

See accompanying notes to financial statements.

17

TETON Westwood Balanced Fund
Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Principal					Market
Amount			Cost		Value
		U.S. GOVERNMENT OBLIGATIONS (Continued)
		U.S. Treasury Bonds (Continued)
$	350,000	2.250%, 08/15/46	$	369,723	$	338,885
				1,477,245		1,509,369
		U.S. Treasury Notes — 2.2%
	330,000	2.250%, 11/15/27		316,081		349,194
	545,000	2.625%, 02/15/29		557,277		589,207
	225,000	2.375%, 05/15/29		238,574		238,979
				1,111,932		1,177,380
		TOTAL U.S. GOVERNMENT OBLIGATIONS		2,589,177		2,686,749

					Market
Shares			Cost		Value
		SHORT TERM INVESTMENT — 1.3%
		Other Investment Companies — 1.3%
	695,009	Dreyfus Treasury Securities Cash Management, 0.010%*	$	695,009	$	695,009
		TOTAL INVESTMENTS — 100.0%	$	45,546,903		52,690,547
		Other Assets and Liabilities (Net) — (0.0)%				21,074
		NET ASSETS — 100.0%			$	52,711,621

* 1 day yield as of March 31, 2021.

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

† Non-income producing security.

MTN Medium Term Note

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

18

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2021 (Unaudited)

	Mighty Mites Fund	SmallCap Equity Fund	Convertible Securities Fund
Assets:
Investments, at value (cost $337,638,116, $32,528,642, and $60,190,078, respectively)	$690,655,244	$53,360,503	$76,926,973
Investments in affiliates, at value (cost $12,081,404)	23,724,179	—	—
Foreign currency, at value (cost $1,413).	1,420	—	—
Cash	2,949	2,144	—
Receivable for Fund shares sold	396,105	1,559,938	239,580
Receivable for investments sold	430,721	—	3,873,163
Receivable from Adviser	—	12,725	27,160
Dividends and interest receivable	385,292	27,520	213,785
Prepaid expenses	42,412	27,444	26,443
Total Assets	715,638,322	54,990,274	81,307,104
Liabilities:
Payable to custodian	—	—	47,437
Payable for investments purchased.	77,997	890,554	2,026,188
Payable for Fund shares redeemed	449,028	34,399	43,080
Payable for investment advisory fees	607,878	44,184	68,627
Payable for distribution fees	95,707	5,204	8,492
Payable for accounting fees	7,500	—	7,500
Payable for trustees fees	694	—	—
Payable for custodian fees	142,318	8,967	16,995
Payable for legal and audit fees	43,986	21,329	18,876
Payable for shareholder communications expenses.	171,228	23,521	25,229
Payable for shareholder services fees	115,074	4,884	5,095
Other accrued expenses	21,988	3,152	2,354
Total Liabilities	1,733,398	1,036,194	2,269,873
Net Assets	$713,904,924	$53,954,080	$79,037,231
Net Assets Consist of:
Paid-in capital.	$287,798,062	$32,331,827	$58,297,765
Total distributable earnings	426,106,862	21,622,253	20,739,466
Net Assets	$713,904,924	$53,954,080	$79,037,231
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized: Class AAA:
Net assets.	$135,063,475	$9,444,277	$8,828,731
Shares of beneficial interest outstanding	4,544,270	375,090	503,970
Net Asset Value, offering, and redemption price per share.	$29.72	$25.18	$17.52
Class A:
Net assets.	$98,616,366	$5,111,700	$5,757,032
Shares of beneficial interest outstanding	3,499,534	215,638	317,303
Net Asset Value and redemption price per share.	$28.18	$23.71	$18.14
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$29.35	$24.70	$18.90
Class C:
Net assets.	$52,724,435	$2,512,141	$6,056,326
Shares of beneficial interest outstanding	2,231,629	128,046	311,795
Net Asset Value and offering price per share(a)	$23.63	$19.62	$19.42
Class I:
Net assets	$427,500,648	$36,885,962	$58,395,142
Shares of beneficial interest outstanding	13,882,807	1,403,381	3,321,385
Net Asset Value, offering, and redemption price per share	$30.79	$26.28	$17.58

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

See accompanying notes to financial statements.

19

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

March 31, 2021 (Unaudited)

	Equity Fund	Balanced Fund
Assets:
Investments, at value (cost $43,396,679 and $45,546,903, respectively)	$53,530,444	$52,690,547
Investments in affiliates, at value	—	—
Cash	—	—
Receivable for Fund shares sold	783	10,642
Receivable for investments sold	—	—
Receivable from Adviser	—	—
Dividends and interest receivable	21,582	117,617
Prepaid expenses	28,271	27,244
Total Assets	53,581,080	52,846,050
Liabilities:
Payable to custodian	—	—
Payable for investments purchased	—	—
Payable for Fund shares redeemed	—	10,583
Payable for investment advisory fees	44,871	33,428
Payable for distribution fees	10,611	11,186
Payable for accounting fees	7,500	7,500
Payable for trustees fees	138	182
Payable for custodian fees	14,094	15,901
Payable for legal and audit fees	18,068	18,195
Payable for shareholder communications expenses	26,383	24,718
Payable for shareholder services fees	8,980	9,129
Other accrued expenses	3,386	3,607
Total Liabilities	134,031	134,429
Net Assets	$53,447,049	$52,711,621
Net Assets Consist of:
Paid-in capital	$38,525,317	$42,648,531
Total distributable earnings	14,921,732	10,063,090
Net Assets	$53,447,049	$52,711,621
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized: Class AAA:
Net assets	$49,457,703	$39,423,548
Shares of beneficial interest outstanding	3,883,171	3,433,553
Net Asset Value, offering, and redemption price per share	$12.74	$11.48
Class A:
Net assets	$986,907	$8,274,031
Shares of beneficial interest outstanding	77,539	715,097
Net Asset Value and redemption price per share	$12.73	$11.57
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$13.26	$12.05
Class C:
Net assets	$27,679	$1,331,858
Shares of beneficial interest outstanding	2,359	113,027
Net Asset Value and offering price per share(a)	$11.73	$11.78
Class I:
Net assets	$2,974,760	$3,682,184
Shares of beneficial interest outstanding	234,667	321,257
Net Asset Value, offering, and redemption price per share	$12.68	$11.46

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

See accompanying notes to financial statements.

20

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund			Convertible Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $11,101, $193, and $0, respectively)	$	9,082,017		$	282,302		$	335,724
Dividends - affiliated		272,185			—			—
Interest		3,301			340			276,848
Total Investment Income		9,357,503			282,642			612,572
Expenses:
Investment advisory fees		3,215,713			217,924			408,674
Distribution fees - Class AAA		152,923			10,101			11,023
Distribution fees - Class A		120,988			6,010			9,377
Distribution fees - Class C		257,837			10,581			32,091
Accounting fees		22,500			—			22,500
Custodian fees		78,526			4,709			9,566
Legal and audit fees		37,386			16,563			13,657
Registration expenses		32,654			25,949			28,712
Shareholder communications expenses		104,072			12,322			15,291
Shareholder services fees		276,773			8,183			14,055
Trustees’ fees		54,228			3,120			6,992
Miscellaneous expenses		23,843			6,142			6,521
Total Expenses		4,377,443			321,604			578,459
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(76,160	)		(157,623	)
Advisory fee reduction on unsupervised assets (See Note 3)		(26,019	)		—			—
Expenses paid by broker (See Note 6)		(4,013	)		(829	)		(538	)
Total Reimbursements, Waivers, Reductions, and Credits		(30,032	)		(76,989	)		(158,161	)
Net Expenses		4,347,411			244,615			420,298
Net Investment Income		5,010,092			38,027			192,274
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		62,516,631			1,922,300			4,562,777
Net realized loss on investments - affiliated		(42,953	)		—			—
Net realized loss on foreign currency transactions		(1,289	)		—			—
Net realized gain on investments and foreign currency transactions		62,472,389			1,922,300			4,562,777
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		164,996,978			18,247,263			6,686,918
on investments - affiliated		4,775,657			—			—
on foreign currency translations		(19	)		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		169,772,616			18,247,263			6,686,918
Net Realized and Unrealized Gain on Investments and Foreign Currency		232,245,005			20,169,563			11,249,695
Net Increase in Net Assets Resulting from Operations	$	237,255,097		$	20,207,590		$	11,441,969

See accompanying notes to financial statements.

21

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2021 (Unaudited)

	Equity Fund			Balanced Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0 and $0, respectively)	$	430,101		$	254,748
Dividends - affiliated		—			—
Interest		21			178,215
Total Investment Income		430,122			432,963
Expenses:
Investment advisory fees.		255,108			199,828
Distribution fees - Class AAA		58,616			49,241
Distribution fees - Class A		1,522			11,914
Distribution fees - Class C		958			8,297
Accounting fees		15,000			22,500
Custodian fees		7,681			8,581
Legal and audit fees		13,401			13,506
Registration expenses		27,586			28,397
Shareholder communications expenses.		13,728			13,167
Shareholder services fees		16,152			17,947
Trustees’ fees		4,529			4,867
Miscellaneous expenses		6,155			6,287
Total Expenses		420,436			384,532
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			—
Advisory fee reduction on unsupervised assets (See Note 3)		—			—
Expenses paid by broker (See Note 6)		(508	)		(579	)
Total Reimbursements, Waivers, Reductions, and Credits		(508	)		(579	)
Net Expenses.		419,928			383,953
Net Investment Income		10,194			49,010
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		4,792,167			3,452,414
Net realized loss on investments - affiliated		—			—
Net realized loss on foreign currency transactions		—			—
Net realized gain on investments and foreign currency transactions		4,792,167			3,452,414
Net change in unrealized appreciation/depreciation:
on investments		4,855,631			1,921,781
Net change in unrealized appreciation/depreciation on investments		4,855,631			1,921,781
Net Realized and Unrealized Gain on Investments and Foreign Currency		9,647,798			5,374,195
Net Increase in Net Assets Resulting from Operations	$	9,657,992		$	5,423,205

See accompanying notes to financial statements.

22

TETON Westwood Funds

Statements of Changes in Net Assets

	Mighty Mites Fund
	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
Operations:
Net investment income/(loss)	$	5,010,092		$	(1,781,723	)
Net realized gain/(loss) on investments and foreign currency transactions		62,472,389			71,774,205
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		169,772,616			(170,522,024	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		237,255,097			(100,529,542	)
Distributions to Shareholders
Accumulated earnings
Class AAA		(10,683,732	)		(6,208,183	)
Class A		(7,469,859	)		(3,606,122	)
Class C		(5,804,836	)		(4,751,028	)
Class I		(32,433,056	)		(24,833,267	)
Distributions to Shareholders		(56,391,483	)		(39,398,600	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		3,745,451			6,998,306
Class A		11,713,197			28,659,192
Class C		1,458,361			3,705,823
Class I		35,671,025			76,093,456
		52,588,034			115,456,777
Proceeds from reinvestment of distributions
Class AAA		10,374,998			6,063,185
Class A		6,360,400			3,348,477
Class C		5,657,197			4,118,528
Class I		24,488,342			17,295,389
		46,880,937			30,825,579
Cost of shares redeemed
Class AAA		(16,636,093	)		(46,554,600	)
Class A		(11,100,064	)		(28,494,755	)
Class C		(15,279,296	)		(54,901,918	)
Class I		(70,466,899	)		(295,064,423	)
		(113,482,352	)		(425,015,696	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(14,013,381	)		(278,733,340	)
Redemption Fees		30			498
Net Increase/(Decrease) in Net Assets		166,850,263			(418,660,984	)
Net Assets:
Beginning of year		547,054,661			965,715,645
End of period	$	713,904,924		$	547,054,661

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

SmallCap Equity Fund						Convertible Securities Fund						Equity Fund						Balanced Fund
For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
$	38,027		$	115,108		$	192,274		$	749,458		$	10,194		$	365,588		$	49,010		$	496,933
	1,922,300			(81,846	)		4,562,777			1,950,481			4,792,167			2,201,830			3,452,414			1,877,132
	18,247,263			(3,957,562	)		6,686,918			6,732,680			4,855,631			(4,996,419	)		1,921,781			(2,544,380	)
	20,207,590			(3,924,300	)		11,441,969			9,432,619			9,657,992			(2,429,001	)		5,423,205			(170,315	)
	(750	)		(382,989	)		(205,110	)		(160,522	)		(2,094,143	)		(4,707,142	)		(1,765,136	)		(3,248,968	)
	—			(221,161	)		(152,881	)		(133,245	)		(44,214	)		(124,557	)		(363,941	)		(688,567	)
	—			(174,295	)		(120,281	)		(94,498	)		(1,252	)		(8,991	)		(56,191	)		(91,165	)
	(59,483	)		(1,189,843	)		(1,484,456	)		(1,362,135	)		(137,755	)		(372,035	)		(188,565	)		(284,164	)
	(60,233	)		(1,968,288	)		(1,962,728	)		(1,750,400	)		(2,277,364	)		(5,212,725	)		(2,373,833	)		(4,312,864	)
	402,370			819,991			1,720,076			3,003,812			128,358			371,406			413,207			2,247,574
	226,647			312,908			585,272			1,747,065			150,303			27,659			482,886			1,108,936
	276,033			536,408			533,369			2,038,150			537,726			3,701			1,407,345			613,730
	11,622,663			5,415,906			8,274,632			24,215,140			232,628			73,325			153,105			1,216,781
	12,527,713			7,085,213			11,113,349			31,004,167			1,049,015			476,091			2,456,543			5,187,021
	749			382,027			203,184			155,791			2,026,765			4,531,816			1,720,468			3,158,115
	—			220,311			151,759			131,687			43,105			124,532			359,637			673,247
	—			170,932			119,362			93,984			1,252			6,710			51,954			76,268
	59,113			1,186,210			1,481,881			1,361,828			135,300			367,279			188,565			272,170
	59,862			1,959,480			1,956,186			1,743,290			2,206,422			5,030,337			2,320,624			4,179,800
	(903,064	)		(1,667,784	)		(1,421,339	)		(1,558,201	)		(3,611,723	)		(4,767,525	)		(3,687,782	)		(7,977,385	)
	(264,523	)		(1,114,905	)		(1,931,473	)		(1,215,061	)		(369,841	)		(324,277	)		(1,017,566	)		(2,657,651	)
	(344,040	)		(1,718,018	)		(1,501,696	)		(883,050	)		(559,890	)		(61,054	)		(1,425,587	)		(1,565,123	)
	(5,619,424	)		(8,970,107	)		(11,164,011	)		(14,904,225	)		(399,384	)		(1,233,302	)		(1,023,742	)		(764,011	)
	(7,131,051	)		(13,470,814	)		(16,018,519	)		(18,560,537	)		(4,940,838	)		(6,386,158	)		(7,154,677	)		(12,964,170	)
	5,456,524			(4,426,121	)		(2,948,984	)		14,186,920			(1,685,401	)		(879,730	)		(2,377,510	)		(3,597,349	)
	—			67			45			443			—			—			—			—
	25,603,881			(10,318,642	)		6,530,302			21,869,582			5,695,227			(8,521,456	)		671,862			(8,080,528	)
	28,350,199			38,668,841			72,506,929			50,637,347			47,751,822			56,273,278			52,039,759			60,120,287
$	53,954,080		$	28,350,199		$	79,037,231		$	72,506,929		$	53,447,049		$	47,751,822		$	52,711,621		$	52,039,759

See accompanying notes to financial statements.

24

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
2021(f)		$22.42		$ 0.19			$ 9.52			$ 9.71			$(2.41	)		$(2.41	)		$0.00		$29.72		46.2	%		$135,064		1.47	%(g)		1.44	%(g)		1.45	%(g)		3	%
2020		25.58		(0.07	)		(2.01	)		(2.08	)		(1.08	)		(1.08	)		0.00		22.42		(8.7	)		103,109		(0.31	)		1.43			1.44			2
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
Class A
2021(f)		$21.37		$ 0.19			$ 9.03			$ 9.22			$(2.41	)		$(2.41	)		$0.00		$28.18		46.2	%		$ 98,616		1.49	%(g)		1.47	%(g)		1.48	%(g)		3	%
2020		24.49		(0.12	)		(1.92	)		(2.04	)		(1.08	)		(1.08	)		0.00		21.37		(8.9	)		68,250		(0.55	)		1.68			1.69			2
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
Class C
2021(f)		$18.31		$ 0.07			$ 7.66			$ 7.73			$(2.41	)		$(2.41	)		$0.00		$23.63		45.7	%		$ 52,724		0.66	%(g)		2.19	%(g)		2.20	%(g)		3	%
2020		21.24		(0.20	)		(1.65	)		(1.85	)		(1.08	)		(1.08	)		0.00		18.31		(9.4	)		47,509		(1.06	)		2.18			2.19			2
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
Class I
2021(f)		$23.13		$ 0.24			$ 9.83			$10.07			$(2.41	)		$(2.41	)		$0.00		$30.79		46.3	%		$427,501		1.72	%(g)		1.19	%(g)		1.20	%(g)		3	%
2020		26.29		(0.01	)		(2.07	)		(2.08	)		(1.08	)		(1.08	)		0.00		23.13		(8.4	)		328,187		(0.05	)		1.18			1.19			2
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

† 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 all periods presented, there was no impact on the expense ratios.

(e) Before advisory fee reduction on unsupervised assets totalling 0.01% of net assets for the six months ended March 31, 2021 and the years ended September 30, 2020 and 2017. 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, 2021, unaudited.

(g) Annualized.

(h) Amount represents less than 0.005%.

See accompanying notes to financial statements.

25

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
2021(d)	$15.40	$0.01		$  9.77		$  9.78		$(0.00	)(b)	—		$(0.00	)(b)	—	$25.18	63.5	%	$  9,444	0.05	%(e)	1.25	%(e)	1.60	%(e)	10	%
2020	17.97	0.04		(1.72	)	(1.68	)	(0.07	)	$(0.82	)	(0.89	)	$0.00	15.40	(10.1	)	6,146	0.26		1.25		1.70		18
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
Class A
2021(d)	$14.50	$0.00	(b)	$  9.21		$  9.21		—		—		—		—	$23.71	63.5	%	$  5,112	0.01	%(e)	1.28	%(e)	1.63	%(e)	10	%
2020	16.98	0.00	(b)	(1.63	)	(1.63	)	$(0.03	)	$(0.82	)	$(0.85	)	$0.00	14.50	(10.3	)	3,172	0.02		1.50		1.95		18
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
Class C
2021(d)	$12.04	$(0.06	)	$  7.64		$  7.58		—		—		—		—	$19.62	63.0	%	$  2,512	(0.70	)%(e)	2.00	%(e)	2.35	%(e)	10	%
2020	14.28	(0.06	)	(1.36	)	(1.42	)	—		$(0.82	)	$(0.82	)	$0.00	12.04	(10.8	)	1,597	(0.46	)	2.00		2.45		18
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
Class I
2021(d)	$16.09	$0.03		$10.20		$10.23		$(0.04	)	—		$(0.04	)	—	$26.28	63.7	%	$36,886	0.29	%(e)	1.00	%(e)	1.35	%(e)	10	%
2020	18.74	0.09		(1.80	)	(1.71	)	(0.12	)	$(0.82	)	(0.94	)	$0.00	16.09	(9.9	)	17,435	0.52		1.00		1.45		18
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

† 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, 2021 and years ended September 30, 2020, 2019, 2018, and 2017, these credits had no material impact on the expense ratios.

(d) For the six months ended March 31, 2021, unaudited.

(e) Annualized.

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)		Net Realized and Unrealized Gain 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		Operating Expenses Before Waivers/ Reimbursements		Portfolio Turnover Rate
Convertible Securities Fund
Class AAA
2021(c)	$15.59	$ 0.03		$2.31	$2.34	$(0.08	)	$(0.33	)	$(0.41	)		$0.00	$17.52		15.1	%	$  8,829	0.35	%(d)	1.15	%(d)(e)	1.54	%(d)	24	%
2020	13.86	0.16		1.98	2.14	(0.25	)	(0.16	)	(0.41	)		0.00	15.59		15.8		7,392	1.12		1.15	(e)	1.62		62
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	(e)	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	(e)	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	(e)	2.74		20
Class A
2021(c)	$16.13	$ 0.03		$2.39	$2.42	$(0.08	)	$(0.33	)	$(0.41	)		$0.00	$18.14		15.1	%	$  5,757	0.31	%(d)	1.19	%(d)(e)	1.58	%(d)	24	%
2020	14.33	0.13		2.04	2.17	(0.21	)	(0.16	)	(0.37	)		0.00	16.13		15.5		6,143	0.86		1.40	(e)	1.87		62
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	(e)	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	(e)	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	(e)	2.99		20
Class C
2021(c)	$17.26	$(0.04	)	$2.56	$2.52	$(0.03	)	$(0.33	)	$(0.36	)		$0.00	$19.42		14.7	%	$  6,056	(0.40	)%(d)	1.90	%(d)(e)	2.29	%(d)	24	%
2020	15.30	0.06		2.19	2.25	(0.13	)	(0.16	)	(0.29	)		0.00	17.26		14.9		6,130	0.37		1.90	(e)	2.37		62
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	(e)	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	(e)	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	)(b)	—		(0.00	)(b)		—	12.69		9.6		873	(0.37	)	2.75	(e)	3.49		20
Class I
2021(c)	$15.64	$ 0.05		$2.32	$2.37	$(0.10	)	$(0.33	)	$(0.43	)		$0.00	$17.58		15.3	%	$58,395	0.60	%(d)	0.90	%(d)(e)	1.29	%(d)	24	%
2020	13.91	0.20		1.97	2.17	(0.28	)	(0.16	)	(0.44	)		0.00	15.64		16.0		52,842	1.36		0.90	(e)	1.37		62
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	(e)	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	(e)	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	(e)	2.49		20

† 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) For the six months ended March 31, 2021, unaudited.

(d) Annualized.

(e) 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 year ended September 30, 2016 would have been 2.01% (Class AAA), 2.26% (Class A), 2.76% (Class C), and 1.76% (Class I), respectively. For the six months ended March 31, 2021 and years ended September 30, 2020, 2019, and 2018, these credits had no impact on the expense ratios.

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		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
2021(c)	$11.02	$0.00	(d)	$ 2.26		$ 2.26		$(0.06	)	$(0.48	)	$(0.54	)	$12.74	21.0	%	$49,458	0.03	%(e)	1.66	%(e)	36	%
2020	12.66	0.08		(0.53	)	(0.45	)	(0.11	)	(1.08	)	(1.19	)	11.02	(4.3	)	44,109	0.70		1.63		46
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
Class A
2021(c)	$10.99	$(0.00	)(d)	$ 2.25		$ 2.25		$(0.03	)	$(0.48	)	$(0.51	)	$12.73	21.0	%	$      987	(0.03	)%(e)	1.70	%(e)	36	%
2020	12.63	0.05		(0.53	)	(0.48	)	(0.08	)	(1.08	)	(1.16	)	10.99	(4.6	)	1,010	0.45		1.88		46
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
Class C
2021(c)	$10.18	$(0.06	)	$ 2.09		$ 2.03		—		$(0.48	)	$(0.48	)	$11.73	20.4	%	$        27	(1.04	)%(e)	2.41	%(e)	36	%
2020	11.76	(0.00	)(d)	(0.50	)	(0.50	)	—		(1.08	)	(1.08	)	10.18	(5.0	)	38	(0.01	)	2.38		46
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
Class I
2021(c)	$10.98	$ 0.02		$ 2.25		$ 2.27		$(0.09	)	$(0.48	)	$(0.57	)	$12.68	21.2	%	$  2,975	0.28	%(e)	1.41	%(e)	36	%
2020	12.62	0.11		(0.53	)	(0.42	)	(0.14	)	(1.08	)	(1.22	)	10.98	(4.1	)	2,595	0.96		1.38		46
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

† 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 all periods presented, there was no impact on the expense ratios.

(c) For the six months ended March 31, 2021, unaudited.

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

(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(b)		Portfolio Turnover Rate
Balanced Fund
Class AAA
2021(c)	$10.85	$ 0.01		$ 1.13		$ 1.14		$(0.01	)	$(0.50	)	$(0.51	)	$11.48	10.7	%	$39,424		0.20	%(d)	1.43	%(d)	41	%
2020	11.71	0.10		(0.11	)	(0.01	)	(0.10	)	(0.75	)	(0.85	)	10.85	(0.2	)	38,713		0.95		1.42		57
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
Class A
2021(c)	$10.93	$ 0.01		$ 1.14		$ 1.15		$(0.01	)	$(0.50	)	$(0.51	)	$11.57	10.7	%	$ 8,274		0.15	%(d)	1.47	%(d)	41	%
2020	11.79	0.08		(0.11	)	(0.03	)	(0.08	)	(0.75	)	(0.83	)	10.93	(0.4	)	7,981		0.70		1.67		57
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
Class C
2021(c)	$11.15	$(0.03	)	$ 1.16		$ 1.13		—		$(0.50	)	$(0.50	)	$11.78	10.3	%	$ 1,332		(0.61	)%(d)	2.18	%(d)	41	%
2020	12.01	0.02		(0.11	)	(0.09	)	$(0.02	)	(0.75	)	(0.77	)	11.15	(0.9	)	1,215		0.20		2.17		57
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
Class I
2021(c)	$10.83	$ 0.02		$ 1.13		$ 1.15		$(0.02	)	$(0.50	)	$(0.52	)	$11.46	10.9	%	$ 3,682		0.45	%(d)	1.18	%(d)	41	%
2020	11.69	0.13		(0.11	)	0.02		(0.13	)	(0.75	)	(0.88	)	10.83	0.1		4,131		1.19		1.17		57
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

† 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 all periods presented, there was no impact on the expense ratios.

(c) For the six months ended March 31, 2021, unaudited.

(d) Annualized.

See accompanying notes to financial statements.

29

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 diversified open-end management investment company and currently consists of five active separate investment portfolios: TETON Westwood Mighty Mites Fund (Mighty Mites Fund), TETON Westwood SmallCap Equity Fund (SmallCap Equity Fund), TETON Convertible Securities Fund (Convertible Securities Fund), TETON Westwood Equity Fund (Equity Fund), and TETON Westwood Balanced Fund (Balanced Fund), individually, a “Fund” and collectively, the “Funds.” Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.

The investment objectives of each Fund are as follows:

● Mighty Mites Fund seeks to provide long term capital appreciation by investing primarily in micro-capitalization equity securities.

● SmallCap Equity Fund seeks to provide long term capital appreciation by investing primarily in smaller capitalization equity securities.

● Convertible Securities Fund seeks to provide a high level of current income as well as long term capital appreciation.

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

● Balanced Fund seeks to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach.

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.

The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which added, removed, and modified certain aspects relating to fair value disclosure. Management has fully adopted the updates set forth in ASU 2018-13 in these financial statements.

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

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

30

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the 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, 2021 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total Market Value at 3/31/21
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$	15,283,694	$	1,080		—		$	15,284,774
Aviation: Parts and Services		20,182,105		431,323		—			20,613,428
Business Services		21,886,986		286,500		—			22,173,486
Diversified Industrial		76,478,613		239,850		—			76,718,463
Energy and Utilities: Natural Gas		2,748,924		2,551,023		—			5,299,947
Financial Services		70,382,715		1,184,953	$	138,150			71,705,818
Food and Beverage		14,796,298		25,959		—			14,822,257
Health Care		57,984,735		—		0			57,984,735
Manufactured Housing and Recreational Vehicles		13,955,853		5,432,750		—			19,388,603
Real Estate		24,741,367		220,278		255			24,961,900
Specialty Chemicals		21,037,678		669		—			21,038,347
Telecommunications		6,580,620		810,750		—			7,391,370
Other Industries (a)		337,527,626		—		—			337,527,626
Total Common Stocks		683,587,214		11,185,135		138,405			694,910,754
Preferred Stocks (a)		4,163,988		—		—			4,163,988
Convertible Preferred Stocks (a)		—		23,545		—			23,545
Mandatory Convertible Securities (a)		—		430,509		—			430,509
Rights (a)		—		400		3,978			4,378
Warrants (a)		65,320		8,522		652			74,494
U.S. Government Obligations		—		14,771,755		—			14,771,755
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	687,816,522	$	26,419,866	$	143,035	(b)	$	714,379,423
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	51,417,664		—		—		$	51,417,664
U.S. Government Obligations		—	$	1,942,839		—			1,942,839
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	51,417,664	$	1,942,839		—		$	53,360,503

31

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 3/31/21
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)		—		—	$	0		$	0
Convertible Corporate Bonds (c)		—	$	64,486,304		—			64,486,304
Convertible Preferred Stocks (c)	$	2,471,270		—		—			2,471,270
Mandatory Convertible Securities (c)		7,939,809		1,104,607		—			9,044,416
U.S. Government Obligations		—		924,983		—			924,983
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	10,411,079	$	66,515,894	$	0	(d)	$	76,926,973
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	52,859,626		—		—		$	52,859,626
Short Term Investment		670,818		—		—			670,818
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	53,530,444		—		—		$	53,530,444
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	36,324,654		—		—		$	36,324,654
Mandatory Convertible Securities		364,684		—		—			364,684
Corporate Bonds (c)		—	$	9,679,261		—			9,679,261
Convertible Corporate Bonds		—		1,406,267		—			1,406,267
U.S. Government Agency Obligations		—		1,533,923		—			1,533,923
U.S. Government Obligations		—		2,686,749		—			2,686,749
Short Term Investment		695,009		—		—			695,009
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	37,384,347	$	15,306,200		—		$	52,690,547

(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, 2021, the value of these securities was $143,035. 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, 2021, the value of these securities was $0. The inputs for these securities are not readily available or cannot be reasonably estimated.

During the six months ended March 31, 2021, the Mighty Mites Fund did not have material transfers into or out of Level 3.

There were no Level 3 investments held at March 31, 2021 or September 30, 2020 for the SmallCap Equity Fund, Equity Fund, and Balanced Fund.

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.

32

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Securities Sold Short. The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the six months ended March 31, 2021, there were no short sales.

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

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

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

Restricted Securities. Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. 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, 2021, 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, 2021, 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 each 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 or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

33

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites Fund, SmallCap Equity Fund, and Equity Fund, and quarterly for the Convertible Securities Fund and Balanced Fund. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, utilization of tax equalizations, 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, 2020 was as follows:

	Mighty Mites Fund				SmallCap Equity Fund			Convertible Securities Fund
Ordinary income (inclusive of short term capital gains)			—			$	354,062		$	1,156,926
Net long term capital gains		$	48,293,347				1,614,226			593,474
Total distributions paid		$	48,293,347	*		$	1,968,288		$	1,750,400
	Equity Fund				Balanced Fund
Ordinary income (inclusive of short term capital gains)		$	478,290			$	500,318
Net long term capital gains			4,734,435				3,812,546
Total distributions paid		$	5,212,725			$	4,312,864

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

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

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2021:

	Mighty Mites Fund			SmallCap Equity Fund			Convertible Securities Fund			Equity Fund			Balanced Fund
Aggregate cost of investments	$	351,722,287		$	32,535,003		$	60,190,086		$	43,411,512		$	45,623,999
Gross unrealized appreciation	$	377,094,297		$	20,962,279		$	17,173,635		$	10,711,584		$	7,706,077
Gross unrealized depreciation		(14,437,161	)		(136,779	)		(436,748	)		(592,652	)		(639,529	)
Net unrealized appreciation	$	362,657,136		$	20,825,500		$	16,736,887		$	10,118,932		$	7,066,548

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of March 31, 2021, 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

34

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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, and 0.75% for the Balanced 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, 2021, 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 $26,019.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund and Convertible Securities Fund in the event annual expenses of such Funds exceed certain prescribed limits as described in the paragraph below. Such fee waiver/reimbursement arrangements continue at least until January 31, 2022. For the six months ended March 31, 2021, the Adviser waived fees or reimbursed expenses in the amounts of $76,160 and $157,623 for the SmallCap Equity Fund and Convertible Securities Fund, respectively.

In addition, the SmallCap Equity Fund and the Convertible Securities Fund are obliged to repay the Adviser for a period of two and three fiscal years, respectively, 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 and the Convertible Securities Fund for Class AAA Shares 1.25% and 1.15%, respectively, for Class A Shares 1.25% and 1.15%, respectively, for Class C Shares 2.00% and 1.90%, respectively, and for Class I Shares 1.00% and 0.90%, respectively. As of March 31, 2021, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

	For the year ended September 30, 2019, expiring September 30, 2021	For the year ended September 30, 2020, expiring September 30, 2022	For the six months ended March 31, 2021, expiring September 30, 2023	Total
SmallCap Equity Fund	$155,872	$154,193	$76,160	$386,225

	For the year ended September 30, 2018, expiring September 30, 2021	For the year ended September 30, 2019, expiring September 30, 2022	For the year ended September 30, 2020, expiring September 30, 2023	For the six months ended March 31, 2021, expiring September 30, 2024	Total
Convertible Securities Fund	$164,831	$183,238	$291,369	$157,623	$797,061

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

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

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

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

35

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly. Prior to November 1, 2020, the annual rate was 0.50% of the average daily net assets for Class A shares.

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2021, 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	$18,391,683	$99,194,243	—	—
SmallCap Equity Fund	7,332,864	4,044,924	—	—
Convertible Securities Fund	18,498,156	21,650,143	—	—
Equity Fund	17,844,592	22,392,565	—	—
Balanced Fund	21,597,320	23,346,121	—	$3,425,843

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2021, the Mighty Mites Fund paid $13,158 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $11,099 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2021, 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 $4,013, $829, $538, $508, and $579, 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, 2021, the Mighty Mites Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund accrued $22,500, $22,500, $15,000, and $22,500, respectively, in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2021 for the SmallCap Equity Fund.

During the six months ended March 31, 2021, the Mighty Mites Fund engaged in sale transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act and amounted to $256,740.

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

7. Significant Shareholder. As of March 31, 2021, 8.72% 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 maximum front-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the six months ended March 31, 2021 and fiscal year ended September 30, 2020 can be found in the Statements of Changes in Net Assets under Redemption Fees.

36

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
	Mighty Mites Fund						SmallCap Equity Fund						Convertible Securities Fund
Class AAA
Shares sold		138,844			318,137			18,696			56,188			98,139			202,249
Shares issued upon reinvestment of distributions		442,242			236,477			38			21,188			12,123			11,087
Shares redeemed		(636,082	)		(2,064,379	)		(42,851	)		(109,772	)		(80,457	)		(111,998	)
Net increase/(decrease) in Class AAA Shares		(54,996	)		(1,509,765	)		(24,117	)		(32,396	)		29,805			101,338
Class A
Shares sold		471,295			1,279,751			10,310			19,901			32,790			117,429
Shares issued upon reinvestment of distributions		285,860			136,728			—			12,952			8,752			9,106
Shares redeemed		(451,349	)		(1,324,981	)		(13,469	)		(75,557	)		(105,079	)		(82,206	)
Net increase/(decrease) in Class A Shares		305,806			91,498			(3,159	)		(42,704	)		(63,537	)		44,329
Class C
Shares sold		68,327			193,823			16,360			37,572			27,315			128,910
Shares issued upon reinvestment of distributions		302,524			195,376			—			12,046			6,443			6,102
Shares redeemed		(733,471	)		(2,897,427	)		(20,949	)		(138,574	)		(77,124	)		(57,316	)
Net increase/(decrease) in Class C Shares		(362,620	)		(2,508,228	)		(4,589	)		(88,956	)		(43,366	)		77,696
Class I
Shares sold		1,317,641			3,257,165			558,001			329,739			473,547			1,724,266
Shares issued upon reinvestment of distributions		1,008,166			655,377			2,872			63,130			88,071			96,936
Shares redeemed		(2,634,045	)		(13,497,163	)		(241,344	)		(552,705	)		(617,969	)		(1,060,771	)
Net increase/(decrease) in Class I Shares		(308,238	)		(9,584,621	)		319,529			(159,836	)		(56,351	)		760,431

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020			Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020
	Equity Fund						Balanced Fund
Class AAA
Shares sold		10,750			33,259			36,979			202,941
Shares issued upon reinvestment of distributions		175,023			378,915			157,324			284,089
Shares redeemed		(306,112	)		(424,439	)		(328,733	)		(731,426	)
Net decrease in Class AAA Shares		(120,339	)		(12,265	)		(134,430	)		(244,396	)
Class A
Shares sold		12,825			2,560			42,494			98,018
Shares issued upon reinvestment of distributions		3,726			10,421			32,618			59,949
Shares redeemed		(30,889	)		(29,282	)		(90,221	)		(238,280	)
Net decrease in Class A Shares		(14,338	)		(16,301	)		(15,109	)		(80,313	)
Class C
Shares sold		49,396			343			123,524			55,605
Shares issued upon reinvestment of distributions		117			603			4,618			6,632
Shares redeemed		(50,927	)		(6,038	)		(123,995	)		(136,212	)
Net increase/(decrease) in Class C Shares		(1,414	)		(5,092	)		4,147			(73,975	)
Class I
Shares sold		20,851			6,698			13,631			108,655
Shares issued upon reinvestment of distributions		11,745			30,864			17,266			24,625
Shares redeemed		(34,233	)		(114,457	)		(90,994	)		(71,371	)
Net increase/(decrease) in Class I Shares		(1,637	)		(76,895	)		(60,097	)		61,909

37

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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, 2021 is set forth below:

	Market Value at September 30, 2020		Purchases		Sales Proceeds		Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Market Value at March 31, 2021		Dividend Income		Percent Owned of Shares Outstanding
Bel Fuse Inc., Cl. A	$	1,714,870		—	$	19,331	$	(7,440	)	$	1,035,025	$	2,723,124	$	18,336		7.10	%
Burnham Holdings Inc., Cl. A		2,743,500		—		38,277		(7,474	)		399,063		3,096,812		102,485		8.25	%
Indus Realty Trust Inc., REIT*		14,407,447		$485,020		1,693,310		—			—		—		—		—
Nathan’s Famous Inc.		11,122,993		—		51,929		51,929			2,519,210		13,642,203		151,364		5.25	%
Schmitt Industries Inc.†		3,065,040		—		5,283		3,412			423,671		3,486,840		—		15.60	%
The Eastern Co.**		6,500,160		17,864		750,320		—			—		—		—		—
Trans-Lux Corp.†		479,000		—		19,108		(83,380	)		398,688		775,200		—		16.92	%
Total							$	(42,953	)	$	4,775,657	$	23,724,179	$	272,185

* Name change from Griffin Industrial Realty Inc. Security is no longer considered affiliated at March 31, 2021.

† Non-income producing security.

** Security is no longer considered affiliated at March 31, 2021.

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.

38

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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

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

	Officers
BRUCE N. ALPERT President		PETER GOLDSTEIN Secretary
JOHN C. BALL Treasurer		RICHARD J. WALZ Chief Compliance Officer
Investment Adviser Teton Advisors, Inc. Custodian The Bank of New York Mellon		Distributor G.distributors, LLC Legal Counsel 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.

GABWWQ121SR

(b) Not applicable.

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, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 95.4%
		Aerospace and Defense — 5.4%
	642,000	Aerojet Rocketdyne Holdings Inc.	$	3,280,017	$	30,148,320
	90,040	Allied Motion Technologies Inc.		3,270,138		4,621,753
	126,000	Avio SpA†		1,801,237		1,814,495
	24,000	CPI Aerostructures Inc.†		159,630		108,960
	106,000	Innovative Solutions and Support Inc.		396,485		669,920
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		190,960
	67,000	Park Aerospace Corp.		1,056,153		885,740
				10,006,623		38,440,148
		Agriculture — 0.8%
	215	J.G. Boswell Co.		136,405		153,510
	233,000	Limoneira Co.		4,394,425		4,077,500
	470,000	S&W Seed Co.†		1,624,458		1,692,000
				6,155,288		5,923,010
		Airlines — 0.0%
	225,000	American Airlines Group Inc., Escrow†		173		13,500
		Automotive — 1.4%
	5,000	Navistar International Corp.†		37,750		220,150
	44,407	Rush Enterprises Inc., Cl. A		545,609		2,212,801
	112,007	Rush Enterprises Inc., Cl. B		1,359,382		5,050,396
	22,000	Sonic Automotive Inc., Cl. A		283,493		1,090,540
	65,000	Wabash National Corp.		122,881		1,222,000
				2,349,115		9,795,887
		Automotive: Parts and Accessories — 1.8%
	47,500	Dana Inc.		320,625		1,155,675
	12,190	Gentherm Inc.†		177,000		903,401
	250,000	Modine Manufacturing Co.†		3,016,779		3,692,500
	18,000	Motorcar Parts of America Inc.†		236,616		405,000
	80,000	Puradyn Filter Technologies Inc.†		13,774		1,080
	47,528	Standard Motor Products Inc.		528,150		1,976,214
	103,560	Strattec Security Corp.†		2,187,959		4,856,964
	20,500	Titan International Inc.†		88,258		190,240
				6,569,161		13,181,074
		Aviation: Parts and Services — 2.9%
	119,670	Astronics Corp.†		1,433,836		2,158,847
	23,896	Astronics Corp., Cl. B†		144,647		431,323
	180,540	Ducommun Inc.†		4,543,644		10,832,400
	140,200	Kaman Corp.		3,729,215		7,190,858
				9,851,342		20,613,428
		Broadcasting — 1.4%
	455,000	Beasley Broadcast Group Inc., Cl. A†		2,339,249		1,287,650
	336,455	Dish TV India Ltd., GDR†		265,892		16,823
	10,160	Entercom Communications Corp., Cl. A†		32,379		53,340
	241,120	Gray Television Inc.		265,142		4,436,608
	86,293	Gray Television Inc., Cl. A		620,246		1,502,361
	32,000	Sinclair Broadcast Group Inc., Cl. A		51,619		936,320
	150,000	Townsquare Media Inc., Cl. A†		1,182,928		1,609,500
				4,757,455		9,842,602
		Building and Construction — 3.3%
	97,200	Gibraltar Industries Inc.†		2,301,419		8,894,772
	5,500	Granite Construction Inc.		128,087		221,375

Shares			Cost		Market Value
	6,500	Herc Holdings Inc.†	$	194,958	$	658,645
	418,000	Huttig Building Products Inc.†		459,932		1,529,880
	57,000	MYR Group Inc.†		1,194,075		4,085,190
	79,470	The Monarch Cement Co.		2,110,421		8,344,350
				6,388,892		23,734,212
		Business Services — 3.1%
	340,000	Diebold Nixdorf Inc.†		1,455,328		4,804,200
	4,000	Du-Art Film Laboratories Inc.†		662,044		286,500
	174,172	GP Strategies Corp.†		2,022,908		3,039,301
	14,200	IAA Inc.†		120,509		782,988
	23,300	ICF International Inc.		558,939		2,036,420
	31,800	KAR Auction Services Inc.†		167,698		477,000
	5,000	Macquarie Infrastructure Corp.		10,844		159,050
	36,000	MDC Partners Inc., Cl. A†		109,020		112,320
	142,000	MoneyGram International Inc.†		504,803		932,940
	212,000	PFSweb Inc.†		937,600		1,431,000
	500	Stamps.com Inc.†		6,278		99,755
	61,500	Team Inc.†		868,748		709,095
	2,280,000	Trans-Lux Corp.†(a)		1,188,097		775,200
	53,160	Viad Corp.†		1,308,346		2,219,430
	103,169	Willdan Group Inc.†		3,189,662		4,235,087
				13,110,824		22,100,286
		Communications — 0.4%
	107,000	Comtech Telecommunications Corp.		1,891,056		2,657,880
		Communications Equipment — 0.6%
	343,500	Communications Systems Inc.		2,547,868		2,047,260
	194,950	Extreme Networks Inc.†		617,832		1,705,813
	60,000	Limelight Networks Inc.†		263,813		214,200
				3,429,513		3,967,273
		Computer Software and Services — 2.1%
	4,000	Agilysys Inc.†		69,574		191,840
	722,821	Alithya Group Inc., Cl. A†		1,739,405		1,756,455
	175,380	American Software Inc., Cl. A		1,593,605		3,630,366
	103,000	Avid Technology Inc.†		583,444		2,174,330
	14,000	Cardlytics Inc.†		148,003		1,535,800
	45,000	DHI Group Inc.†		81,549		150,750
	154,620	Digi International Inc.†		1,841,500		2,936,234
	10,000	iGO Inc.†		31,808		38,950
	10,000	Materialise NV, ADR†		58,532		359,500
	137,000	Mitek Systems Inc.†		778,274		1,997,460
	1,000	Tyler Technologies Inc.†		16,928		424,530
				6,942,622		15,196,215
		Consumer Products — 2.7%
	71,000	Acme United Corp.		1,256,861		2,800,240
	61,000	Bassett Furniture Industries Inc.		889,236		1,480,470
	15,000	BellRing Brands Inc., Cl. A†		210,000		354,150
	12,000	Callaway Golf Co.†		79,107		321,000
	700,000	Goodbaby International Holdings Ltd.†		228,510		128,761
	5,000	Johnson Outdoors Inc., Cl. A		145,741		713,750
	240,175	Lifetime Brands Inc.		2,536,712		3,528,171
	405,000	Marine Products Corp.		2,847,523		6,589,350
	45,000	MarineMax Inc.†		649,364		2,221,200
	34,300	Oil-Dri Corp. of America		677,722		1,181,292
	5,700	PC Group Inc.†		3,465		20
	2,300,000	Playmates Holdings Ltd.		276,814		257,393
				9,801,055		19,575,797
		Consumer Services — 0.8%
	102,000	1-800-Flowers.com Inc., Cl. A†		245,959		2,816,220
	66,000	Bowlin Travel Centers Inc.†		90,387		207,900

See accompanying notes to financial statements.

1

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Services (Continued)
	67,000	Carriage Services Inc.	$	1,214,649	$	2,357,730
				1,550,995		5,381,850
		Diversified Industrial — 10.7%
	46,080	Ampco-Pittsburgh Corp.†		183,636		311,040
	232,843	Burnham Holdings Inc., Cl. A(a)		3,649,502		3,096,812
	41,100	Chase Corp.		686,032		4,783,629
	85,560	Columbus McKinnon Corp.		1,368,937		4,514,146
	36,000	Graham Corp.		579,935		512,640
	418,313	Griffon Corp.		4,597,996		11,365,564
	18,700	Haulotte Group SA		100,407		132,893
	155,030	Intevac Inc.†		689,093		1,108,465
	20,500	John Bean Technologies Corp.		586,284		2,733,470
	118,000	L.B. Foster Co., Cl. A†		1,831,031		2,112,200
	225,439	Lawson Products Inc.†		3,158,220		11,691,266
	31,000	Lydall Inc.†		289,348		1,045,940
	8,000	MSA Safety Inc.		259,401		1,200,160
	766,870	Myers Industries Inc.		12,186,670		15,153,351
	30,000	Napco Security Technologies Inc.†		150,280		1,044,900
	172,000	Park-Ohio Holdings Corp.		3,501,813		5,416,280
	25,080	Raven Industries Inc.†		497,955		961,316
	19,500	RWC Inc.†		311,534		239,850
	15,000	Standex International Corp.		618,663		1,433,550
	76,900	Steel Partners Holdings LP†		1,015,339		1,057,375
	340,000	Tredegar Corp.		5,445,088		5,103,400
	166,000	Twin Disc Inc.†		2,412,560		1,586,960
				44,119,724		76,605,207
		Educational Services — 0.1%
	95,000	Universal Technical Institute Inc.†		289,750		554,800
		Electronics — 5.1%
	147,000	Arlo Technologies Inc.†		449,148		923,160
	26,700	Badger Meter Inc.		455,404		2,484,969
	152,300	Bel Fuse Inc., Cl. A(a)		2,820,414		2,723,124
	252,580	CTS Corp.		2,058,121		7,845,135
	42,000	Daktronics Inc.†		367,396		263,340
	30,000	IMAX Corp.†		129,139		603,000
	38,000	Kimball Electronics Inc.†		228,707		980,400
	6,500	Mesa Laboratories Inc.		186,746		1,582,750
	20,800	Methode Electronics Inc.		126,090		873,184
	593,000	Schmitt Industries Inc.†(a)		1,341,444		3,486,840
	116,000	Stoneridge Inc.†		1,245,486		3,689,960
	126,190	Ultra Clean Holdings†		329,174		7,324,068
	181,000	Ultralife Corp.†		1,272,267		1,498,680
	69,000	Vishay Precision Group Inc.†		1,936,727		2,125,890
				12,946,263		36,404,500
		Energy and Utilities: Natural Gas — 0.7%
	640,000	Alvopetro Energy Ltd.†		273,991		478,714
	9,180	Chesapeake Utilities Corp.		154,758		1,065,614
	108,508	Corning Natural Gas Holding Corp.		1,014,053		2,551,023
	54,310	RGC Resources Inc.		459,371		1,204,596
				1,902,173		5,299,947
		Energy and Utilities: Services — 0.1%
	24,000	Dawson Geophysical Co.†		62,929		58,800
	61,000	RPC Inc.†		110,360		329,400
	6,500	Subsea 7 SA, ADR†		23,304		65,390
				196,593		453,590
		Energy and Utilities: Water — 1.7%
	35,426	Artesian Resources Corp., Cl. A		914,282		1,395,076
	12,000	Cadiz Inc.†		112,655		115,080

Shares			Cost		Market Value
	24,300	California Water Service Group	$	472,668	$	1,369,062
	61,000	Consolidated Water Co. Ltd.		663,802		820,450
	30,000	Energy Recovery Inc.†		85,397		550,200
	23,933	Middlesex Water Co.		478,860		1,891,186
	62,304	SJW Group		1,594,829		3,924,529
	44,007	The York Water Co.		742,043		2,155,023
				5,064,536		12,220,606
		Entertainment — 0.5%
	2,000	Canterbury Park Holding Corp.†		24,666		27,360
	639,512	Dover Motorsports Inc.		1,467,257		1,317,395
	1,250,000	Sportech plc†		523,205		462,693
	30,000	World Wrestling Entertainment Inc., Cl. A		455,207		1,627,800
				2,470,335		3,435,248
		Environmental Control — 0.7%
	79,000	Casella Waste Systems Inc., Cl. A†		312,304		5,022,030
	19,894	Primo Water Corp.		183,903		323,476
				496,207		5,345,506
		Equipment and Supplies — 4.5%
	17,500	AZZ Inc.		662,958		881,125
	44,266	CIRCOR International Inc.†		1,052,497		1,541,342
	177,500	Core Molding Technologies Inc.†		1,249,691		2,081,454
	136,000	Federal Signal Corp.		790,794		5,208,800
	57,000	Interpump Group SpA		374,380		2,872,951
	133,000	Kimball International Inc., Cl. B.		1,236,995		1,862,000
	34,200	Maezawa Kyuso Industries Co. Ltd.		92,537		353,660
	38,450	Powell Industries Inc.		1,322,852		1,302,301
	300,000	The Eastern Co.		5,614,075		8,040,000
	90,000	The Gorman-Rupp Co.		2,081,555		2,979,900
	63,400	The L.S. Starrett Co., Cl. A†		534,593		408,930
	176,065	Titan Machinery Inc.†		2,740,507		4,489,657
	33,000	TransAct Technologies Inc.†		109,747		358,710
				17,863,181		32,380,830
		Financial Services — 9.8%
	47,000	Allegiance Bancshares Inc.		1,877,815		1,905,380
	2,500	Ameris Bancorp		19,606		131,275
	18,000	Atlantic American Corp.†		66,024		66,240
	251,158	Atlantic Capital Bancshares Inc.†		4,337,563		6,052,908
	41,744	Atlantic Union Bankshares Corp.		1,292,800		1,601,300
	13,500	Berkshire Bancorp Inc.†		170,924		133,110
	11,275	Berkshire Hills Bancorp Inc.		206,283		251,658
	75	Burke & Herbert Bank and Trust Co.		95,726		146,250
	19,558	Cadence BanCorp		421,172		405,437
	81,800	Capital City Bank Group Inc.		1,996,750		2,128,436
	8,000	Capitol Federal Financial Inc.		91,259		105,960
	16,560	Citizens & Northern Corp.		325,075		393,797
	5,000	ConnectOne Bancorp Inc.		111,579		126,750
	28,300	Crazy Woman Creek Bancorp Inc.		489,013		678,493
	21,000	dMY Technology Group Inc. II†		329,330		342,825
	19,000	dMY Technology Group Inc. II, Cl. A†		276,299		279,490
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		8,657,600
	40,000	Farmers National Banc Corp.		333,870		668,000
	26,440	First Internet Bancorp		529,233		931,481

See accompanying notes to financial statements.

2

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	387,300	Flushing Financial Corp.	$	6,179,600	$	8,222,379
	74,000	FNB Corp.		719,682		939,800
	16,058	FS Bancorp Inc.		589,634		1,079,098
	65,048	GTY Technology Holdings Inc.†		455,488		415,657
	10	Guaranty Corp., Cl. A†(b)		137,500		138,150
	24,270	Hallmark Financial Services Inc.†		178,736		94,168
	27,300	HomeStreet Inc.		273,000		1,203,111
	9,030	Hope Bancorp Inc.		47,336		135,992
	104,000	I3 Verticals Inc., Cl. A†		1,644,043		3,237,000
	17,000	ICC Holdings Inc.†		170,000		250,240
	67,000	KKR & Co. Inc.		7,419		3,272,950
	67,700	Legacy Housing Corp.†		791,575		1,200,321
	4,860	LendingTree Inc.†		141,534		1,035,180
	110,000	Medallion Financial Corp.†		455,408		775,500
	4,197	Northrim BanCorp Inc.		91,497		178,414
	19,390	OceanFirst Financial Corp.		359,396		464,197
	11,000	Pacific Premier Bancorp Inc.		307,924		477,840
	55,332	People’s United Financial Inc.		831,133		990,443
	145,000	Pzena Investment Management Inc., Cl. A		1,091,059		1,526,850
	33,651	Renasant Corp.		367,249		1,392,478
	4,000	Richmond Mutual BanCorp Inc.		52,590		54,240
	2,989	Salisbury Bancorp Inc.		129,412		132,741
	27,000	Sandy Spring Bancorp Inc.		900,510		1,172,610
	3,000	Seacoast Banking Corp. of Florida†		92,978		108,720
	4,500	Security National Corp.		409,597		558,000
	74,000	Silvercrest Asset Management Group Inc., Cl. A		1,009,175		1,064,120
	6,750	Simmons First National Corp., Cl. A		152,916		200,273
	13,000	South State Corp.		1,118,253		1,020,630
	43,980	Southern First Bancshares Inc.†		1,881,269		2,061,782
	4,500	Southside Bancshares Inc.		153,548		173,295
	22,000	Sprott Inc.		505,129		835,744
	118,143	Sterling Bancorp		1,177,409		2,719,652
	5,700	Thomasville Bancshares Inc.		216,040		373,350
	5,000	Towne Bank		146,110		152,000
	50,050	TrustCo Bank Corp		230,230		368,869
	8,701	United Bankshares Inc.		282,365		335,684
	51,152	Valley National Bancorp		344,052		702,828
	32,800	Value Line Inc.		323,657		924,632
	45,900	Washington Trust Bancorp Inc.		1,029,682		2,369,817
	74,800	Waterstone Financial Inc.		797,062		1,527,416
	79,260	Western New England Bancorp Inc.		675,293		668,162
	250,000	Wright Investors’ Service Holdings Inc.†		148,175		50,000
				45,742,151		69,610,723
		Food and Beverage — 2.1%
	84,600	Andrew Peller Ltd., Cl. A		357,330		729,066
	1,900	Bridgford Foods Corp.†		32,687		29,450
	50,000	Calavo Growers Inc.		1,524,932		3,882,000
	133,000	Corby Spirit and Wine Ltd., Cl. A		1,998,640		1,859,481
	373,000	Crimson Wine Group Ltd.†		3,319,039		2,480,450
	209,000	Farmer Brothers Co.†		2,212,031		2,181,960
	1,250	Hanover Foods Corp., Cl. A		118,556		100,263
	300	Hanover Foods Corp., Cl. B		28,206		25,959
	21,000	Iwatsuka Confectionery Co. Ltd.		727,260		819,327
	1,500	J & J Snack Foods Corp.		21,622		235,545

Shares			Cost		Market Value
	8,490	John B Sanfilippo & Son Inc.	$	388,940	$	767,241
	70,000	Premier Foods plc†		32,686		91,870
	1,510	Rock Field Co. Ltd.		11,171		23,006
	4,600	Scheid Vineyards Inc., Cl. A†		56,199		69,000
	4,700	T. Hasegawa Co. Ltd.		98,330		89,776
	235,200	Tingyi (Cayman Islands)Holding Corp.		345,177		432,031
	207,400	Vitasoy International Holdings Ltd.		108,284		797,682
	23,000	Willamette Valley Vineyards Inc.†		88,087		208,150
				11,469,177		14,822,257
		Health Care — 8.1%
	16,000	Accuray Inc.†		118,880		79,200
	22,000	Anika Therapeutics Inc.†		646,748		897,380
	5,700	Boiron SA		96,539		239,301
	13,000	Cantel Medical Corp.†		170,340		1,037,920
	101,660	Cardiovascular Systems Inc.†		1,777,901		3,897,644
	9,500	CareDx Inc.†		51,130		646,855
	7,000	Collegium Pharmaceutical Inc.†		129,826		165,900
	185,000	Conformis Inc.†		284,453		183,150
	327,940	Cutera Inc.†		4,813,385		9,854,597
	35,142	Electromed Inc.†		76,795		370,397
	63,000	Exelixis Inc.†		120,015		1,423,170
	1,500	Heska Corp.†		14,258		252,690
	175,000	InfuSystem Holdings Inc.†		417,443		3,563,000
	23,000	Integer Holdings Corp.†		479,237		2,118,300
	18,000	Intersect ENT Inc.†		213,088		375,840
	191,665	IntriCon Corp.†		1,948,455		4,914,291
	14,000	Invitae Corp.†		92,904		534,940
	26,000	Kindred Biosciences Inc.†		236,733		129,220
	5,500	LeMaitre Vascular Inc.		133,878		268,290
	23,500	Meridian Bioscience Inc.†		331,935		616,875
	106,500	Neogen Corp.†		308,256		9,466,785
	61,500	NeoGenomics Inc.†		199,357		2,966,145
	26,500	Omnicell Inc.†		436,545		3,441,555
	220,000	OPKO Health Inc.†		532,213		943,800
	25,002	Option Care Health Inc.†		212,109		443,535
	62,700	Orthofix Medical Inc.†		1,412,959		2,718,045
	19,000	Paratek Pharmaceuticals Inc.†		86,748		134,140
	2,500	Quidel Corp.†		27,931		319,825
	35,000	Surgalign Holdings Inc.†		151,605		76,300
	63,000	SurModics Inc.†		1,256,467		3,532,410
	2,000	Targanta Therapeutics Corp., Escrow†(b)		0		0
	70,511	United-Guardian Inc.		637,064		1,068,242
	1,200	Utah Medical Products Inc.		30,973		103,920
	30,000	Zealand Pharma A/S†		361,725		948,725
				17,807,895		57,732,387
		Hotels and Gaming — 5.3%
	48,160	Boyd Gaming Corp.†		278,108		2,839,514
	22,000	Caesars Entertainment Inc.†		89,588		1,923,900
	6,690	Churchill Downs Inc.		130,582		1,521,440
	1,237,119	Full House Resorts Inc.†		3,376,447		10,527,883
	601,210	Golden Entertainment Inc.†		6,330,409		15,186,564
	353,221	Inspired Entertainment Inc.†		2,214,911		3,281,423
	6,000	Monarch Casino & Resort Inc.†		119,466		363,720
	107,000	PlayAGS Inc.†		789,452		864,560
	74,000	The Marcus Corp.†		953,387		1,479,260
				14,282,350		37,988,264
		Machinery — 4.2%
	225,500	Astec Industries Inc.		7,904,563		17,007,210
	4,400	DMG Mori AG		22,722		217,231
	470,000	Gencor Industries Inc.†		3,010,371		6,302,700
	4,980	Lindsay Corp.		426,333		829,768
	22,650	Tennant Co.		641,403		1,809,509

See accompanying notes to financial statements.

3

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	21,020	The Middleby Corp.†	$	208,193	$	3,484,065
	14,000	Williams Industrial Services Group Inc.†		52,770		48,720
				12,266,355		29,699,203
		Manufactured Housing and Recreational Vehicles — 2.7%
	27,940	Cavco Industries Inc.†		1,759,236		6,303,543
	175,250	Nobility Homes Inc.		2,038,510		5,432,750
	94,500	Skyline Champion Corp.†		746,122		4,277,070
	44,000	Winnebago Industries Inc.		419,788		3,375,240
				4,963,656		19,388,603
		Metals and Mining — 0.1%
	22,000	5N Plus Inc.†		79,095		80,528
	40,000	Osisko Gold Royalties Ltd.		514,144		440,519
	400,000	Tanami Gold NL†		17,081		24,306
				610,320		545,353
		Paper and Forest Products — 0.3%
	26,450	Keweenaw Land Association Ltd.†		2,225,745		2,221,800
		Publishing — 1.0%
	20,000	A.H. Belo Corp., Cl. A		76,064		41,800
	100,000	ARC Document Solutions Inc.		179,113		211,000
	366,600	The E.W. Scripps Co., Cl. A		1,774,419		7,064,382
				2,029,596		7,317,182
		Real Estate — 3.5%
	120,000	Ambase Corp.†		127,974		31,200
	113,300	Capital Properties Inc., Cl. A		1,205,957		1,416,250
	5,040	Cohen & Steers Inc.		135,813		329,263
	30,000	DREAM Unlimited Corp., Cl. A		331,539		539,747
	22,500	FRP Holdings Inc.†		740,269		1,107,450
	14,138	Gyrodyne LLC†		394,093		217,160
	6,474	Holobeam Inc.†		107,649		220,278
	251,290	Indus Realty Trust Inc., REIT		7,373,841		15,117,606
	28,000	New Senior Investment Group Inc., REIT		158,442		174,440
	287,269	Reading International Inc., Cl. A†		2,197,897		1,594,343
	73,770	Reading International Inc., Cl. B†		652,250		1,476,138
	2,508	Royalty LLC†(b)		0		255
	98,000	Tejon Ranch Co.†		2,130,143		1,640,520
	525,000	Trinity Place Holdings Inc.†		2,633,336		1,097,250
				18,189,203		24,961,900
		Restaurants — 2.0%
	50,000	Denny’s Corp.†		260,454		905,500
	216,234	Nathan’s Famous Inc.(a)		3,081,947		13,642,203
				3,342,401		14,547,703
		Retail — 1.8%
	55,000	Big 5 Sporting Goods Corp.		350,624		863,500
	20,000	Ethan Allen Interiors Inc.		381,514		552,200
	69,240	Ingles Markets Inc., Cl. A		1,202,068		4,268,646
	9,000	Lands’ End Inc.†		132,783		223,290
	33,000	La-Z-Boy Inc.		718,603		1,401,840
	84,000	Movado Group Inc.		1,330,331		2,389,800
	300	PetIQ Inc.†		7,511		10,578
	1,000	PetMed Express Inc.		15,765		35,175
	117,674	Village Super Market Inc., Cl. A		3,115,934		2,773,576
				7,255,133		12,518,605
		Specialty Chemicals — 2.7%
	786,360	Ferro Corp.†		3,361,403		13,258,030

Shares			Cost		Market Value
	72,840	Hawkins Inc.	$	1,294,278	$	2,441,597
	3,500	Minerals Technologies Inc.		101,755		263,620
	75,000	Navigator Holdings Ltd.†		712,403		667,500
	2,000	Takasago International Corp.		52,676		47,487
	33,000	Teraoka Seisakusho Co. Ltd.		243,988		117,724
	66,900	The General Chemical Group Inc.†		6,021		669
	194,174	Treatt plc		1,044,380		2,543,039
				6,816,904		19,339,666
		Telecommunications — 1.0%
	95,000	A10 Networks Inc.†		612,938		912,950
	13,000	Consolidated Communications Holdings Inc.†		73,180		93,600
	15,000	Frequency Electronics Inc.†		166,203		169,350
	280,000	HC2 Holdings Inc.†		833,560		1,103,200
	13,500	Iridium Communications Inc.†		110,241		556,875
	34,500	Nuvera Communications Inc.		259,770		810,750
	380,000	ORBCOMM Inc.†		2,039,979		2,899,400
	2,000	Preformed Line Products Co.		89,322		137,500
	14,500	Shenandoah Telecommunications Co.		74,109		707,745
				4,259,302		7,391,370
		Transportation — 0.0%
	4,000	Patriot Transportation Holding Inc.		78,733		44,040
		TOTAL COMMON STOCKS		319,491,797		681,252,452
		PREFERRED STOCKS — 0.6%
		Automotive: Parts and Accessories — 0.1%
	20,300	Jungheinrich AG		55,454		976,038
		Financial Services — 0.5%
	159,000	Steel Partners Holdings LP Ser. A, 6.000%		4,154,030		3,187,950
		TOTAL PREFERRED STOCKS		4,209,484		4,163,988
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Ser. 2003		7,625		23,545
		MANDATORY CONVERTIBLE SECURITIES (c) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Corning Natural Gas Holding Corp., 4.800%, Ser. B, 09/30/26		313,221		430,509
		RIGHTS — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(b)		1		0
		Health Care — 0.0%
	40,000	Elanco Animal Health Inc., CVR†		0		400
	8,000	Progenics Pharmaceuticals Inc., CVR†(b)		0		3,978
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(b)		103,591		0
				103,591		4,378
		TOTAL RIGHTS		103,592		4,378
		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(b)		0		652

See accompanying notes to financial statements.

4

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2021 (Unaudited)

Shares			Cost		Market Value
		WARRANTS (Continued)
		Diversified Industrial — 0.0%
	47,000	Ampco-Pittsburgh Corp., expire 08/01/25†	$	32,110	$	62,040
		Energy and Utilities — 0.0%
	2	Key Energy Services Inc., expire 12/15/21†(b)		0		0
		Energy and Utilities: Natural Gas — 0.0%
	144	PHI Group Inc., expire 09/04/22†		0		0
		Energy and Utilities: Services — 0.0%
	7,627	Weatherford International plc, expire 12/13/23†		0		3,280
		Health Care — 0.0%
	2,184	Option Care Health Inc., Cl. A, expire 07/27/25†		7,979		4,696
	2,184	Option Care Health Inc., Cl. B, expire 07/27/25†		7,554		3,826
				15,533		8,522
		TOTAL WARRANTS		47,643		74,494

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.1%
$	3,045,000	U.S. Cash Management Bills, 0.005% to 0.010%††, 04/20/21 to 05/04/21		3,044,991		3,044,976
	11,727,000	U.S. Treasury Bills, 0.003% to 0.036%††, 04/08/21 to 06/17/21		11,726,595		11,726,779
		TOTAL U.S. GOVERNMENT OBLIGATIONS		14,771,586		14,771,755
		TOTAL MISCELLANEOUS INVESTMENTS — 1.9%(d)		10,774,572		13,658,302
		TOTAL INVESTMENTS — 100.1%	$	349,719,520		714,379,423
		Other Assets and Liabilities (Net) — (0.1)%				(474,499	)
		NET ASSETS — 100.0%			$	713,904,924

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

(b) Security is valued under procedures adopted by the Board of Trustees 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.

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

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

CCCP Contingent Cash Consideration Payment

CVR Contingent Value Right GDR Global Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

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 May 28, 2021

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 May 28, 2021

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

Date May 28, 2021

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