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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04719

The TETON Westwood Funds

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

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, 2022

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, 2022 (a)														Average Annual Returns — March 31, 2022 (a)(b)(c)
													Expense														Expense
													Ratio														Ratio
													after														after
											Gross		Adviser												Gross		Adviser
									Since		Expense		Reimburse-										Since		Expense		Reimburse-
	1 Year		5 Year		10 Year		15 Year		Inception		Ratio		ments		1 Year		5 Year		10 Year		15 Year		Inception		Ratio		ments
Mighty Mites Fund	(0.91	)%	7.21	%	9.68	%	8.19	%	10.58	%	1.41	%	1.41	%	(4.91	)%	6.14	%	8.99	%	7.66	%	10.18	%	1.41	%	1.41	%
SmallCap Equity Fund	8.66		12.35		11.77		8.68		8.73		1.63		1.25		4.29		11.23		11.07		8.15		8.38		1.63		1.25
Convertible Securities Fund	(3.32	)	10.64		9.17		5.99		7.87		1.56		1.15		(7.20	)	9.53		8.50		5.47		7.48		1.56		1.15
Equity Fund	13.28		11.18		11.17		7.47		10.13		1.64		1.64		8.75		10.08		10.48		6.95		9.78		1.64		1.64
Balanced Fund	7.86		7.87		7.64		5.96		8.25		1.41		1.41		3.59		6.80		6.98		5.44		7.85		1.41		1.41

	Class C Shares														Class I Shares
	Average Annual Returns — March 31, 2022 (a)(c)(d)														Average Annual Returns — March 31, 2022 (a)(c)
													Expense														Expense
													Ratio														Ratio
													after														after
											Gross		Adviser												Gross		Adviser
									Since		Expense		Reimburse-										Since		Expense		Reimburse-
	1 Year		5 Year		10 Year		15 Year		Inception		Ratio		ments		1 Year		5 Year		10 Year		15 Year		Inception		Ratio		ments
Mighty Mites Fund	(2.69	)%	6.40	%	8.85	%	7.38	%	9.87	%	2.16	%	2.16	%	(0.69	)%	7.47	%	9.95	%	8.44	%	10.74	%	1.16	%	1.16	%
SmallCap Equity Fund	6.86		11.50		10.94		7.88		8.04		2.38		2.00		8.93		12.62		12.05		8.94		8.88		1.38		1.00
Convertible Securities Fund	(4.98	)	9.83		8.36		5.21		7.26		2.31		1.90		(3.05	)	10.94		9.46		6.25		8.03		1.31		0.90
Equity Fund	11.47		10.30		10.33		6.66		9.58		2.39		2.39		13.57		11.46		11.43		7.72		10.24		1.39		1.39
Balanced Fund	6.04		7.06		6.84		5.17		7.64		2.16		2.16		8.16		8.15		7.92		6.21		8.37		1.16		1.16

(a) For the SmallCap Equity and Convertible Securities Funds (and for the Mighty Mites Fund through September 30, 2005), 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, 2023 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.

(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 above.

(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 Fund	05/11/98	11/26/01	08/03/01	01/11/08
SmallCap Equity Fund	04/15/97	11/26/01	11/26/01	01/11/08
Convertible Securities Fund	09/30/97	05/09/01	11/26/01	01/11/08
Equity Fund	01/02/87	01/28/94	02/13/01	01/11/08
Balanced Fund	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, 2021 through March 31, 2022

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, 2021 through March 31, 2022

Expense Table

		Actual Fund Return				Hypothetical 5% Return
	Beginning	Ending	Annualized	Expenses	Beginning	Ending	Annualized	Expenses
	Account Value	Account Value	Expense	Paid During	Account Value	Account Value	Expense	Paid During
	10/01/21	03/31/22	Ratio	Period*	10/01/21	03/31/22	Ratio	Period*
TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00	$973.50	1.39%	$6.84	$1,000.00	$1,018.00	1.39%	$6.99
Class A	$1,000.00	$973.30	1.39%	$6.84	$1,000.00	$1,018.00	1.39%	$6.99
Class C	$1,000.00	$969.80	2.14%	$10.51	$1,000.00	$1,014.26	2.14%	$10.75
Class I	$1,000.00	$974.40	1.14%	$5.61	$1,000.00	$1,019.25	1.14%	$5.74
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,062.90	1.25%	$6.43	$1,000.00	$1,018.70	1.25%	$6.29
Class A	$1,000.00	$1,063.00	1.25%	$6.43	$1,000.00	$1,018.70	1.25%	$6.29
Class C	$1,000.00	$1,059.20	2.00%	$10.27	$1,000.00	$1,014.96	2.00%	$10.05
Class I	$1,000.00	$1,064.20	1.00%	$5.15	$1,000.00	$1,019.95	1.00%	$5.04
TETON Westwood Convertible Securities Fund
Class AAA	$1,000.00	$923.90	1.15%	$5.52	$1,000.00	$1,019.20	1.15%	$5.79
Class A	$1,000.00	$923.80	1.15%	$5.52	$1,000.00	$1,019.20	1.15%	$5.79
Class C	$1,000.00	$920.80	1.90%	$9.10	$1,000.00	$1,015.46	1.90%	$9.55
Class I	$1,000.00	$925.30	0.90%	$4.32	$1,000.00	$1,020.44	0.90%	$4.53
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,079.40	1.64%	$8.50	$1,000.00	$1,016.75	1.64%	$8.25
Class A	$1,000.00	$1,079.40	1.64%	$8.50	$1,000.00	$1,016.75	1.64%	$8.25
Class C	$1,000.00	$1,075.20	2.39%	$12.37	$1,000.00	$1,013.01	2.39%	$11.99
Class I	$1,000.00	$1,081.10	1.39%	$7.21	$1,000.00	$1,018.00	1.39%	$6.99
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,021.30	1.42%	$7.16	$1,000.00	$1,017.85	1.42%	$7.14
Class A	$1,000.00	$1,022.00	1.42%	$7.16	$1,000.00	$1,017.85	1.42%	$7.14
Class C	$1,000.00	$1,017.70	2.17%	$10.92	$1,000.00	$1,014.11	2.17%	$10.90
Class I	$1,000.00	$1,022.70	1.17%	$5.90	$1,000.00	$1,019.10	1.17%	$5.89

* 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, 2022:

TETON Westwood Mighty Mites Fund

Financial Services	11.6	%
Diversified Industrial	10.6	%
Health Care	8.1	%
Hotels and Gaming	5.5	%
Electronics	5.3	%
Equipment and Supplies	4.6	%
Aerospace and Defense	4.5	%
Real Estate	4.4	%
Machinery	3.2	%
Building and Construction	3.0	%
Aviation: Parts and Services	3.0	%
Business Services	2.8	%
Specialty Chemicals	2.8	%
Manufactured Housing and Recreational Vehicles	2.5	%
Automotive: Parts and Accessories	2.4	%
Miscellaneous	2.3	%
Computer Software and Services	2.3	%
Food and Beverage	2.1	%
Consumer Products	2.1	%
Restaurants	2.1	%
Retail	1.9	%
Energy and Utilities: Water	1.8	%
Broadcasting	1.7	%

Automotive	1.6	%
Publishing	1.3	%
Environmental Control	1.0	%
Communications Equipment	0.9	%
U.S. Government Obligations	0.8	%
Agriculture	0.7	%
Energy and Utilities: Natural Gas	0.7	%
Entertainment	0.5	%
Telecommunications	0.4	%
Consumer Services	0.4	%
Communications	0.3	%
Energy and Utilities: Services	0.3	%
Educational Services	0.1	%
Paper and Forest Products	0.1	%
Metals and Mining	0.1	%
Energy and Utilities	0.1	%
Transportation	0.0	%*
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood SmallCap Equity Fund

Banking	14.7	%
Semiconductors	8.9	%
Energy and Utilities	8.6	%
Health Care	6.7	%
Computer Software and Services	6.3	%
U.S. Government Obligations	5.8	%
Electronics	5.0	%
Diversified Industrial	4.5	%
Retail	4.5	%
Business Services	4.3	%
Financial Services	4.2	%
Consumer Products	4.2	%
Communications Equipment	3.6	%
Aviation:Parts and Services	3.6	%

Building and Construction	2.6	%
Transportation	1.9	%
Automotive	1.9	%
Equipment and Supplies	1.8	%
Specialty Chemicals	1.4	%
Machinery	1.3	%
Environmental Control	1.2	%
Real Estate	1.0	%
Broadcasting	0.8	%
Materials	0.7	%
Communications	0.4	%
Aerospace	0.4	%
Other Assets and Liabilities (Net)	(0.3	)%
	100.0	%

TETON Convertible Securities Fund

Computer Software and Services	26.6	%
Health Care	16.1	%
Business Services	8.2	%
Consumer Services	8.0	%
Semiconductors	6.0	%
Security Software	5.8	%
Diversified Industrial	5.7	%
Financial Services	5.6	%
Telecommunications	4.6	%
Energy and Utilities: Integrated	3.6	%
Communications Equipment	2.7	%
Airlines	2.3	%

Automotive: Parts and Accessories	2.0	%
Transportation	1.7	%
U.S. Government Obligations	1.5	%
Agriculture	1.2	%
Cable and Satellite	1.1	%
Real Estate Investment Trusts	0.9	%
Energy and Utilities: Services	0.6	%
Specialty Chemicals	0.6	%
Materials	0.1	%
Other Assets and Liabilities (Net)	(4.9	)%
	100.0	%

5

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Equity Fund

Financial Services	16.5	%
Health Care	15.5	%
Retail	10.2	%
Computer Software and Services	9.5	%
Diversified Industrial	8.8	%
Banking	4.3	%
Energy: Integrated	4.3	%
Energy: Oil	4.2	%
Food and Beverage	4.1	%

Real Estate	4.0	%
Energy and Energy Services	3.8	%
Semiconductors	2.6	%
Transportation	2.6	%
Telecommunications	2.5	%
Aerospace	2.1	%
Business Services	2.1	%
Electronics	2.0	%
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

TETON Westwood Balanced Fund

Financial Services	14.8	%
Health Care	14.2	%
Computer Software and Services	9.2	%
U.S. Government Obligations	9.0	%
Retail	7.8	%
Banking	5.1	%
Diversified Industrial	4.7	%
Transportation	3.5	%
Real Estate	3.4	%
Semiconductors	3.0	%
Energy: Oil	2.9	%
Equipment and Supplies	2.6	%
Food and Beverage	2.5	%

Energy and Energy Services	2.4	%
Telecommunications	2.4	%
Electronics	2.3	%
Aerospace	2.0	%
Consumer Services	1.8	%
Federal National Mortgage Association	1.5	%
Energy: Integrated	1.3	%
Automotive: Parts and Accessories	1.2	%
Business Services	1.2	%
Hotels and Gaming	0.5	%
Short Term Investment	0.5	%
Other Assets and Liabilities (Net)	0.2	%
	100.0	%

6

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments — March 31, 2022 (Unaudited)

					Market
Shares			Cost		Value
		COMMON STOCKS* — 96.0%
		Aerospace and Defense — 4.5%
	516,500	Aerojet Rocketdyne Holdings Inc.†	$	2,597,640	$	20,324,275
	136,560	Allied Motion Technologies Inc.		3,322,170		4,074,950
	329,500	Various Securities		3,600,530		3,629,841
				9,520,340		28,029,066
		Agriculture — 0.7%
	232,000	Limoneira Co.		4,354,062		3,405,760
	466,215	Various Securities		1,745,885		1,215,105
				6,099,947		4,620,865
		Automotive — 1.6%
	104,735	Rush Enterprises Inc., Cl. B		1,311,878		5,063,937
	141,650	Various Securities		1,282,674		4,586,652
				2,594,552		9,650,589
		Automotive: Parts and Accessories — 2.3%
	110,560	Strattec Security Corp.†		2,537,035		4,120,571
	873,211	Various Securities		8,610,636		10,083,985
				11,147,671		14,204,556
		Aviation: Parts and Services — 3.0%
	180,540	Ducommun Inc.†		4,543,644		9,458,491
	142,250	Kaman Corp.		3,813,687		6,185,030
	223,896	Various Securities		2,674,161		2,896,050
				11,031,492		18,539,571
		Broadcasting — 1.7%
	241,120	Gray Television Inc.		265,142		5,321,518
	979,228	Various Securities		4,089,168		5,439,173
				4,354,310		10,760,691
		Building and Construction — 3.0%
	95,500	Gibraltar Industries Inc.†		2,257,102		4,101,725
	74,370	The Monarch Cement Co.		1,978,761		9,816,840
	158,200	Various Securities		1,215,975		4,863,488
				5,451,838		18,782,053
		Business Services — 2.8%
	2,280,000	Trans-Lux Corp.†(a)		1,188,097		1,624,614
	109,169	Willdan Group Inc.†		3,368,179		3,350,397
	983,617	Various Securities		6,998,721		12,622,291
				11,554,997		17,597,302
		Communications — 0.3%
	124,000	Various Securities		2,185,532		1,945,560
		Communications Equipment — 0.9%
	265,000	Various Securities		2,314,179		5,275,500
		Computer Software and Services — 2.3%
	1,392,821	Various Securities		7,119,210		14,191,274
		Consumer Products — 2.1%
	400,000	Marine Products Corp.		2,815,473		4,620,000
	3,440,395	Various Securities		6,261,146		8,344,785
				9,076,619		12,964,785
		Consumer Services — 0.4%
	219,500	Various Securities		1,094,225		2,455,775
		Diversified Industrial — 10.6%
	228,000	Burnham Holdings Inc., Cl. A(a)		3,577,601		3,160,080
	40,500	Chase Corp.		677,376		3,519,855
	79,300	Columbus McKinnon Corp.		1,308,587		3,362,320
	403,313	Griffon Corp.		4,454,166		8,078,359
	224,239	Lawson Products Inc.†		3,203,573		8,642,171
	766,870	Myers Industries Inc.		12,186,670		16,564,392
	93,500	Steel Partners Holdings LP†		1,449,362		3,885,860

Shares			Cost		Market Value
	302,000	Tredegar Corp.	$	4,731,281	$	3,620,980
	1,026,263	Various Securities		12,883,058		15,293,114
				44,471,674		66,127,131
		Educational Services — 0.1%
	95,000	Various Securities		289,750		840,750
		Electronics — 5.3%
	153,300	Bel Fuse Inc., Cl. A(a)		2,835,607		3,219,300
	249,580	CTS Corp.		2,214,549		8,820,157
	593,000	Schmitt Industries Inc.†(a)		1,341,444		2,852,330
	108,000	Ultra Clean Holdings Inc.†		292,995		4,578,120
	684,000	Various Securities		6,411,057		13,145,597
				13,095,652		32,615,504
		Energy and Utilities: Natural Gas — 0.7%
	145,898	Various Securities		1,547,742		4,511,911
		Energy and Utilities: Services — 0.3%
	304,333	Various Securities		469,937		1,692,821
		Energy and Utilities: Water — 1.8%
	62,304	SJW Group		1,594,829		4,335,112
	209,485	Various Securities		3,079,235		7,050,214
				4,674,064		11,385,326
		Entertainment — 0.5%
	773,055	Various Securities		3,151,398		2,998,029
		Environmental Control — 1.0%
	70,300	Casella Waste Systems Inc., Cl. A†		277,447		6,161,795
	15,000	Various Securities		121,162		213,750
				398,609		6,375,545
		Equipment and Supplies — 4.6%
	110,000	Federal Signal Corp.		654,129		3,712,500
	298,000	The Eastern Co		5,581,796		6,940,420
	154,000	Titan Machinery Inc.†		2,312,621		4,352,040
	799,016	Various Securities		10,011,217		13,653,153
				18,559,763		28,658,113
		Financial Services — 11.0%
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		9,184,000
	391,300	Flushing Financial Corp.		6,272,673		8,745,555
	127,000	I3 Verticals Inc., Cl. A†		2,140,693		3,538,220
	62,500	KKR & Co. Inc.		7,419		3,654,375
	67,010	Southern First Bancshares Inc.†		3,091,195		3,406,789
	2,108,140	Various Securities		26,939,908		39,698,933
				44,609,053		68,227,872
		Food and Beverage — 2.1%
	1,674,160	Various Securities		13,459,843		13,000,214
		Health Care — 8.1%
	247,660	Cutera Inc.†		3,949,961		17,088,540
	197,665	IntriCon Corp.†		2,070,139		4,716,287
	212,000	Neogen Corp.†		306,519		6,538,080
	2,000	Targanta Therapeutics Corp., Escrow†(b)		0		0
	1,355,743	Various Securities		10,349,455		22,115,597
				16,676,074		50,458,504
		Hotels and Gaming — 5.5%
	1,217,119	Full House Resorts Inc.†		3,347,719		11,696,514
	129,500	Golden Entertainment Inc.†		1,456,722		7,520,065
	355,721	Inspired Entertainment Inc.†		2,238,036		4,375,368
	675,154	Various Securities		6,916,832		10,544,381
				13,959,309		34,136,328

See accompanying notes to financial statements.

7

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Machinery — 3.2%
	219,000	Astec Industries Inc.	$	7,709,095	$	9,417,000
	476,037	Gencor Industries Inc.†		3,080,659		4,893,660
	64,750	Various Securities		1,328,229		5,867,008
				12,117,983		20,177,668
		Manufactured Housing and Recreational Vehicles — 2.5%
	24,440	Cavco Industries Inc.†		1,575,461		5,886,374
	105,850	Nobility Homes Inc.		1,515,295		3,598,900
	73,500	Skyline Champion Corp.†		487,054		4,033,680
	40,000	Various Securities		378,248		2,161,200
				3,956,058		15,680,154
		Metals and Mining — 0.1%
	440,000	Various Securities		531,227		545,127
		Paper and Forest Products — 0.1%
	26,550	Various Securities		2,229,847		566,843
		Publishing — 1.3%
	341,900	The E.W. Scripps Co., Cl. A†		1,694,756		7,108,101
	125,000	Various Securities		669,145		883,360
				2,363,901		7,991,461
		Real Estate — 4.4%
	243,193	Indus Realty Trust Inc., REIT		7,153,331		17,774,976
	2,508	Royalty LLC†(b)		0		255
	1,239,307	Various Securities		9,856,612		9,772,767
				17,009,943		27,547,998
		Restaurants — 2.1%
	220,234	Nathan’s Famous Inc.(a)		3,342,683		11,930,076
	57,000	Various Securities		384,205		815,670
				3,726,888		12,745,746
		Retail — 1.9%
	48,240	Ingles Markets Inc., Cl. A		846,873		4,295,772
	279,002	Various Securities		5,743,728		7,485,409
				6,590,601		11,781,181
		Specialty Chemicals — 2.8%
	375,000	Ferro Corp.†		1,662,777		8,152,500
	72,840	Hawkins Inc.		1,294,278		3,343,356
	502,204	Various Securities		3,668,884		5,712,245
				6,625,939		17,208,101
		Telecommunications — 0.4%
	151,500	Various Securities		1,137,242		2,626,860
		Transportation — 0.0%
	5,000	Various Securities		90,183		39,900
		TOTAL COMMON STOCKS		315,287,592		596,956,674
		PREFERRED STOCKS* — 0.7%
		Automotive: Parts and Accessories — 0.1%
	19,300	Various Securities		52,796		562,375
		Financial Services — 0.6%
	153,000	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		3,886,245		3,567,960
				3,886,245		3,567,960
		TOTAL PREFERRED STOCKS		3,939,041		4,130,335

Shares			Cost		Market Value
		CONVERTIBLE PREFERRED STOCKS* — 0.0%
		Food and Beverage — 0.0%
	500	Various Securities	$	7,625	$	25,770
		MANDATORY CONVERTIBLE SECURITIES*(c) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Various Securities		313,221		430,208
		RIGHTS* — 0.0%
		Energy and Utilities: Services — 0.0%
	85,500	Various Securities		0		1
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(b)		0		1
		Health Care — 0.0%
	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		3,978
		TOTAL RIGHTS		103,591		3,980
		WARRANTS* — 0.0%
		Business Services — 0.0%
	1	Various Securities		0		652
		Computer Software and Services — 0.0%
	13,666	Various Securities		22,773		5,360
		Diversified Industrial — 0.0%
	47,000	Various Securities		32,110		38,310
		Energy and Utilities: Natural Gas — 0.0%
	144	Various Securities		0		0
		Energy and Utilities: Services — 0.0%
	7,627	Various Securities		0		4,576
		Health Care — 0.0%
	17,474	Various Securities		15,533		45,204
		Hotels and Gaming — 0.0%
	3,667	Various Securities		19,204		3,850
		TOTAL WARRANTS		89,620		97,952

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS* — 0.8%
$	5,155,000	Various Securities		5,149,789		5,150,107
		TOTAL U.S. GOVERNMENT OBLIGATIONS		5,149,789		5,150,107
		TOTAL MISCELLANEOUS INVESTMENTS — 2.3%(d)		11,469,355		14,333,790
		TOTAL INVESTMENTS — 99.9%	$	336,359,834		621,128,816
		Other Assets and Liabilities (Net) — 0.1%				488,006
		NET ASSETS — 100.0%			$	621,616,822

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

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, or 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, 2022. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

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

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

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

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

† Non-income producing security.

CCCP Contingent Cash Consideration Payment

CVR Contingent Value Right

REIT Real Estate Investment Trust

See accompanying notes to financial statements. 

9

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 94.5%
		Aerospace — 0.4%
	3,600	Hexcel Corp.	$	109,475	$	214,092
		Automotive — 1.9%
	15,750	Rush Enterprises Inc., Cl. A		290,875		801,833
	5,800	Winnebago Industries Inc.		142,855		313,374
				433,730		1,115,207
		Aviation: Parts and Services — 3.6%
	44,100	AAR Corp.†		995,526		2,135,763
		Banking — 14.7%
	10,633	Atlantic Union Bankshares Corp.		260,012		390,125
	12,900	Banc of California Inc.		237,602		249,744
	10,800	Columbia Banking System Inc.		320,715		348,516
	33,600	First Foundation Inc.		525,976		816,144
	15,000	Five Star BanCorp.		300,000		424,500
	6,800	Glacier Bancorp Inc.		138,682		341,904
	48,750	Investors Bancorp Inc.		532,257		727,838
	28,150	OceanFirst Financial Corp.		556,544		565,815
	18,500	Old National BanCorp.		290,152		303,030
	7,133	SouthState Corp.		427,437		581,981
	3,000	Third Coast Bancshares Inc.†		75,000		69,300
	4,440	TrustCo Bank Corp. NY		147,725		141,769
	19,050	Umpqua Holdings Corp.		280,046		359,283
	20,000	USCB Financial Holdings Inc.†		200,000		286,600
	63,020	Valley National BanCorp.		567,483		820,520
	36,700	Veritex Holdings Inc.		852,864		1,400,839
	14,000	Washington Federal Inc.		300,174		459,480
	7,600	Washington Trust Bancorp Inc.		239,284		399,000
				6,251,953		8,686,388
		Broadcasting — 0.8%
	8,600	Chicken Soup For The Soul Entertainment Inc.†		87,639		68,714
	35,900	Hemisphere Media Group Inc.†		371,338		164,063
	13,100	IMAX Corp.†		203,106		247,983
				662,083		480,760
		Building and Construction — 2.6%
	26,000	Babcock & Wilcox
		Enterprises Inc.†		169,832		212,160
	5,500	EMCOR Group Inc.		262,514		619,465
	7,300	MYR Group Inc.†		130,968		686,492
				563,314		1,518,117
		Business Services — 4.3%
	20,400	ABM Industries Inc.		642,914		939,216
	4,000	Deluxe Corp.		111,183		120,960
	3,150	FTI Consulting Inc.†		108,347		495,243
	9,900	Heidrick & Struggles
		International Inc.		229,256		391,842
	7,200	McGrath RentCorp.		272,468		611,856
				1,364,168		2,559,117
		Communications — 0.4%
	6,200	ATN International Inc.		290,293		247,256
		Communications Equipment — 3.6%
	80,800	Extreme Networks Inc.†		526,578		986,568
	100,000	Infinera Corp.†		643,257		867,000

Shares			Cost		Market Value
	3,100	Lumentum Holdings Inc.†(a)	$	209,677	$	302,560
				1,379,512		2,156,128
		Computer Software and Services — 6.3%
	7,600	Bottomline Technologies DE Inc.†		208,794		430,768
	44,200	NetScout Systems Inc.†		1,018,532		1,417,936
	50,000	Paya Holdings Inc.†		321,890		293,000
	16,300	Progress Software Corp.(a)		398,949		767,567
	11,000	Skillsoft Corp.†		102,657		66,440
	6,900	Teradata Corp.†		146,757		340,101
	11,600	Unisys Corp.†		268,014		250,676
	13,971	Vimeo Inc.†		140,129		165,975
				2,605,722		3,732,463
		Consumer Products — 4.2%
	18,800	Hanesbrands Inc.		335,304		279,932
	59,200	KAR Auction Services Inc.†		935,081		1,068,560
	5,800	Oxford Industries Inc.		340,467		524,900
	30,700	Tupperware Brands Corp.†		590,467		597,115
				2,201,319		2,470,507
		Diversified Industrial — 4.5%
	2,600	Albany International Corp., Cl. A		135,218		219,232
	7,600	Apogee Enterprises Inc.		207,346		360,696
	23,300	Enerpac Tool Group Corp.		450,885		510,037
	9,500	Kennametal Inc.		269,519		271,795
	9,800	Luxfer Holdings plc		126,608		164,640
	53,800	Steelcase Inc., Cl. A		709,088		642,910
	12,900	Textainer Group Holdings Ltd.		98,397		491,103
				1,997,061		2,660,413
		Electronics — 5.0%
	14,300	Advanced Energy Industries Inc.		733,993		1,230,944
	6,300	Comtech Telecommunications Corp.		94,831		98,847
	7,500	FARO Technologies Inc.†		265,796		389,400
	11,500	Plantronics Inc.†		317,077		453,100
	55,500	TTM Technologies Inc.†		700,183		822,510
				2,111,880		2,994,801
		Energy and Utilities — 8.6%
	31,100	ChampionX Corp.†		533,511		761,328
	10,100	Diamondback Energy Inc.		282,483		1,384,508
	8,600	Dril-Quip Inc.†		229,935		321,210
	32,700	Magnolia Oil & Gas Corp., Cl. A		316,481		773,355
	28,900	Oceaneering International Inc.†		134,614		438,124
	91,700	Patterson-UTI Energy Inc.		305,767		1,419,516
				1,802,791		5,098,041
		Environmental Control — 1.2%
	15,300	Evoqua Water Technologies Corp.†		146,240		718,794
		Equipment and Supplies — 1.8%
	8,700	CIRCOR International Inc.†		260,451		231,594
	22,800	Flowserve Corp.		763,586		818,520
				1,024,037		1,050,114

See accompanying notes to financial statements.

10

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services — 4.2%
	8,800	Brown & Brown Inc.	$	150,642	$	635,976
	6,000	Horace Mann Educators Corp.		203,747		250,980
	4,700	Mercury General Corp.		183,369		258,500
	6,400	ProAssurance Corp.		180,289		172,032
	9,750	Stifel Financial Corp.		262,650		662,025
	7,700	Univest Financial Corp.		221,552		206,052
	5,743	Webster Financial Corp.		176,978		322,297
				1,379,227		2,507,862
		Health Care — 6.7%
	4,100	AMN Healthcare Services Inc.†		193,504		427,753
	4,400	Haemonetics Corp.†		304,712		278,168
	1,780	ICU Medical Inc.†		129,303		396,299
	24,400	Natus Medical Inc.†		562,486		641,232
	5,850	Omnicell Inc.†		153,889		757,517
	35,400	Patterson Cos. Inc.		628,212		1,145,898
	11,000	Supernus Pharmaceuticals Inc.†		275,953		355,520
				2,248,059		4,002,387
		Machinery — 1.3%
	57,700	Mueller Water Products Inc.,
		Cl. A		647,082		745,484
		Materials — 0.7%
	8,700	Avient Corp.		276,887		417,600
		Real Estate — 1.0%
	10,000	Alpine Income Property
		Trust Inc., REIT		177,361		188,000
	22,100	CareTrust REIT Inc.		441,892		426,530
				619,253		614,530
		Retail — 4.5%
	17,550	American Eagle Outfitters Inc.		216,876		294,840
	17,700	Bed Bath & Beyond Inc.†		292,585		398,781
	54,000	Ethan Allen Interiors Inc.		930,386		1,407,780
	5,800	The Hain Celestial Group Inc.†		106,135		199,520
	13,900	Urban Outfitters Inc.†		407,090		349,029
				1,953,072		2,649,950
		Semiconductors — 8.9%
	1,100	CMC Materials Inc.		64,881		203,940
	12,000	Cohu Inc.†		374,973		355,200
	10,700	Entegris Inc.		211,776		1,404,482
	16,900	FormFactor Inc.†		210,933		710,307
	9,100	Marvell Technology Inc.		137,156		652,561
	1,200	MKS Instruments Inc.		176,364		180,000
	4,000	nLight Inc.†		46,557		69,360
	19,400	Onto Innovation Inc.†		613,695		1,685,666
				1,836,335		5,261,516
		Specialty Chemicals — 1.4%
	8,100	Darling Ingredients Inc.†		162,009		651,078
	2,700	Minerals Technologies Inc.		85,384		178,605
				247,393		829,683

Shares			Cost		Market Value
		Transportation — 1.9%
	22,300	The Greenbrier Companies Inc.	$	538,194	$	1,148,673
		TOTAL COMMON STOCKS		33,684,606		56,015,646

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 5.8%
$	3,410,000	U.S. Treasury Bills,
		0.090% to 0.491%††,
		04/07/22 to 06/23/22		3,408,598		3,408,655
		TOTAL INVESTMENTS — 100.3%	$	37,093,204		59,424,301
		Other Assets and Liabilities (Net) — (0.3)%				(178,959	)
		NET ASSETS — 100.0%			$	59,245,342

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

† Non-income producing security.

†† 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, 2022 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 88.7%
		Airlines — 2.3%
$	1,000,000	Southwest Airlines Co.,
		1.250%, 05/01/25	$	1,099,382	$	1,360,750
		Business Services — 8.2%
	550,000	BigCommerce Holdings Inc.,
		0.250%, 10/01/26(a)		558,018		420,090
	1,000,000	Kaleyra Inc.,
		6.125%, 06/01/26(a)		1,005,868		962,500
	1,500,000	Perficient Inc.,
		0.125%, 11/15/26(a)		1,456,668		1,347,750
		Shift4 Payments Inc.
	1,000,000	Zero Coupon, 12/15/25		1,217,496		1,052,000
	140,000	0.500%, 08/01/27(a)		144,205		122,780
	800,000	TechTarget Inc.,
		Zero Coupon, 12/15/26(a)		777,198		726,000
	280,000	Upwork Inc.,
		0.250%, 08/15/26(a)		282,182		230,020
				5,441,635		4,861,140
		Cable and Satellite — 1.1%
	450,000	DISH Network Corp.,
		3.375%, 08/15/26		406,320		405,900
	360,000	fuboTV Inc.,
		3.250%, 02/15/26(a)		326,513		244,260
				732,833		650,160
		Communications Equipment — 2.7%
		Lumentum Holdings Inc.
	500,000	0.500%, 12/15/26		518,772		581,940
	554,000	0.500%, 06/15/28(a)		554,000		544,582
	500,000	Radius Global Infrastructure Inc.,
		2.500%, 09/15/26(a)		500,000		473,750
				1,572,772		1,600,272
		Computer Software and Services — 26.6%
	1,200,000	Bandwidth Inc.,
		0.250%, 03/01/26		1,227,456		920,400
		Blackline Inc.
	350,000	0.125%, 08/01/24		350,515		415,415
	480,000	Zero Coupon, 03/15/26		480,000		408,000
	1,030,000	Cardlytics Inc.,
		1.000%, 09/15/25		1,144,897		1,046,995
	500,000	Dropbox Inc.,
		Zero Coupon, 03/01/28		543,146		473,600
	1,250,000	i3 Verticals LLC,
		1.000%, 02/15/25		1,218,498		1,239,125
	700,000	Limelight Networks Inc.,
		3.500%, 08/01/25		656,861		730,478
	990,000	LivePerson Inc.,
		0.750%, 03/01/24		994,410		990,495
	750,000	Match Group Financeco 3 Inc.,
		2.000%, 01/15/30(a)		751,502		1,132,500
	300,000	MercadoLibre Inc.,
		2.000%, 08/15/28		293,933		830,250
	205,000	Nice Systems Inc.,
		1.250%, 01/15/24		209,456		538,381
	1,000,000	PAR Technology Corp.,
		2.875%, 04/15/26		913,506		1,201,875
	860,000	Progress Software Corp.,
		1.000%, 04/15/26(a)		859,392		859,140

Principal Amount			Cost		Market Value
$	465,000	PROS Holdings Inc.,
		2.250%, 09/15/27$	$	465,000	$	493,598
	750,000	Q2 Holdings Inc.,
		0.750%, 06/01/26		785,707		748,500
	650,000	Splunk Inc.,
		1.125%, 09/15/25		687,361		780,000
	1,056,000	Veritone Inc.,
		1.750%, 11/15/26(a)		1,026,113		907,110
	900,000	Workiva Inc.,
		1.125%, 08/15/26		865,673		1,451,813
	500,000	Zynga Inc.,
		0.250%, 06/01/24		603,762		610,312
				14,077,188		15,777,987
		Consumer Services — 8.0%
	1,100,000	2U Inc.,
		2.250%, 05/01/25		1,029,806		929,500
	360,000	Callaway Golf Co.,
		2.750%, 05/01/26		377,342		544,050
	365,000	National Vision Holdings Inc.,
		2.500%, 05/15/25		368,113		562,100
		NCL Corp. Ltd.
	550,000	5.375%, 08/01/25		696,390		797,500
	223,000	1.125%, 02/15/27(a)		223,000		206,052
		Royal Caribbean Cruises Ltd.
	155,000	4.250%, 06/15/23		163,639		203,251
	250,000	2.875%, 11/15/23		250,000		303,500
	122,000	Shopify Inc.,
		0.125%, 11/01/25		122,000		115,839
	1,100,000	Stride Inc.,
		1.125%, 09/01/27		991,563		1,096,700
				4,221,853		4,758,492
		Diversified Industrial — 5.7%
	485,000	Bloom Energy Corp.,
		2.500%, 08/15/25		512,886		803,306
	600,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		612,596		1,768,500
	120,000	John Bean Technologies Corp.,
		0.250%, 05/15/26(a)		120,000		115,860
	579,000	Patrick Industries Inc.,
		1.750%, 12/01/28(a)		597,281		521,100
	165,000	Xometry Inc.,
		1.000%, 02/01/27(a)		165,000		151,387
				2,007,763		3,360,153
		Energy and Utilities: Integrated — 1.4%
	1,128,000	Array Technologies Inc.,
		1.000%, 12/01/28(a)		1,048,806		861,228
		Financial Services — 3.2%
	500,000	Block Inc.,
		0.125%, 03/01/25		715,921		657,812
	385,000	Digitalbridge Operating Co. LLC,
		5.750%, 07/15/25		468,424		1,250,057
				1,184,345		1,907,869
		Health Care — 13.1%
	255,000	Coherus Biosciences Inc.,
		1.500%, 04/15/26		256,535		253,674

See accompanying notes to financial statements.

12

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
$	350,000	CONMED Corp.,
		2.625%, 02/01/24$		356,090	$	603,225
	300,000	Cutera Inc.,
		2.250%, 03/15/26		300,000		652,200
	1,000,000	Dexcom Inc.,
		0.250%, 11/15/25		1,142,009		1,146,875
		Exact Sciences Corp.
	900,000	0.375%, 03/15/27		935,866		853,313
	500,000	0.375%, 03/01/28		541,695		442,000
	1,000,000	Insulet Corp.,
		0.375%, 09/01/26		1,007,362		1,330,500
		Invacare Corp.
	400,000	4.500%, 06/01/22		398,836		387,389
	365,000	4.250%, 03/15/26		365,000		193,450
	400,000	Paratek Pharmaceuticals Inc.,
		4.750%, 05/01/24		397,820		354,200
	990,000	PetIQ Inc.,
		4.000%, 06/01/26		1,091,287		1,184,906
	350,000	Travere Therapeutics Inc.,
		2.500%, 09/15/25		316,859		365,750
				7,109,359		7,767,482
		Materials — 0.1%
	110,000	Danimer Scientific Inc.,
		3.250%, 12/15/26(a)		110,000		90,475
		Real Estate Investment Trusts — 0.9%
	125,000	Pebblebrook Hotel Trust,
		1.750%, 12/15/26		125,000		143,938
	385,000	Summit Hotel Properties Inc.,
		1.500%, 02/15/26		390,854		404,635
				515,854		548,573
		Security Software — 5.8%
	680,000	Nice Ltd.,
		Zero Coupon, 09/15/25		687,665		716,975
	365,000	Varonis Systems Inc.,
		1.250%, 08/15/25		367,772		609,550
	925,000	Verint Systems Inc.,
		0.250%, 04/15/26(a)		924,919		969,199
	675,000	Zscaler Inc.,
		0.125%, 07/01/25		682,275		1,151,887
				2,662,631		3,447,611
		Semiconductors — 2.7%
	1,000,000	Impinj Inc.,
		1.125%, 05/15/27(a)		1,029,505		943,125
	579,000	Wolfspeed Inc.,
		0.250%, 02/15/28(a)		600,649		657,527
				1,630,154		1,600,652
		Specialty Chemicals — 0.6%
	468,000	Amyris Inc.,
		1.500%, 11/15/26(a)		473,146		337,428
		Telecommunications — 4.6%
	750,000	Harmonic Inc.,
		2.000%, 09/01/24		767,679		961,500
	750,000	Infinera Corp.,
		2.500%, 03/01/27		721,302		1,034,250

Principal Amount			Cost		Market Value
$	615,000	PagerDuty Inc.,
		1.250%, 07/01/25	$	615,403	$	710,633
				2,104,384		2,706,383
		Transportation — 1.7%
	500,000	Atlas Air Worldwide Holdings Inc.,
		1.875%, 06/01/24		471,856		752,187
	351,000	CryoPort Inc.,
		0.750%, 12/01/26(a)		358,039		277,466
				829,895		1,029,653
		TOTAL CONVERTIBLE CORPORATE BONDS		46,822,000		52,666,308
Shares
		MANDATORY CONVERTIBLE SECURITIES(b) — 13.5%
		Automotive: Parts and Accessories — 2.0%
	8,875	Aptiv plc, Ser. A,
		5.500%, 06/15/23		889,712		1,211,171
		Energy and Utilities: Integrated — 2.2%
		NextEra Energy Inc.
	5,000	4.872%, 09/01/22		247,450		308,950
	9,200	5.279%, 03/01/23		448,500		479,780
	9,645	6.219%, 09/01/23		468,747		506,748
		Energy and Utilities: Services — 0.6%
	6,745	Spire Inc., Ser. A,
		7.500%, 03/01/24		353,245		354,787
		Financial Services — 2.4%
	980	2020 Cash Mandatory Exchangeable Trust,
		5.250%, 06/01/23(a)(c)		1,022,450		1,095,150
	6,000	New York Community Capital Trust V,
		6.000%, 11/01/51		300,700		309,600
				1,323,150		1,404,750
		Health Care — 3.0%
	5,730	Avantor Inc., Ser. A,
		6.250%, 05/15/22		308,126		593,227
	500	Danaher Corp., Ser. B,
		5.000%, 04/15/23		652,472		789,620
	9,795	Elanco Animal Health Inc.,
		5.000%, 02/01/23		456,126		399,048
				1,416,724		1,781,895
		Semiconductors — 3.3%
	1,005	Broadcom Inc., Ser. A,
		8.000%, 09/30/22		1,006,500		1,972,966
		TOTAL MANDATORY CONVERTIBLE SECURITIES		6,154,028		8,021,047
		COMMON STOCKS — 1.2%
		Agriculture — 1.2%
	6,423	Bunge Ltd		555,500		711,733

See accompanying notes to financial statements.

13

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 1.5%
$	865,000	U.S. Treasury Bills,
		0.385% to 0.397%†,
		06/09/22 to 06/16/22	$	864,336	$	864,343
		TOTAL INVESTMENTS — 104.9%	$	54,395,864		62,263,431
		Other Assets and Liabilities (Net) — (4.9)%				(2,888,666	)
		NET ASSETS — 100.0%			$	59,374,765

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

(b) 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, 2022, the Fund held an investment in a restricted and illiquid security amounting to $1,095,150 or 1.84% of net assets, which was valued under methods approved by the Board of Trustees as follows:

Acquisition Shares		Issuer	Acquisition Dates	Acquisition Cost		03/31/22 Carrying Value Per Share
	980	2020 Cash Mandatory Exchangeable Trust, 5.250%, 06/01/23	06/24/20- 09/30/20	$	1,022,450	$	1,117.5000

† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

14

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.1%
		Aerospace — 2.1%
	4,590	L3Harris Technologies Inc.	$	926,753	$	1,140,477
		Banking — 4.3%
	37,839	Bank of America Corp.		1,159,010		1,559,724
	9,625	Western Alliance BanCorp.		901,737		797,142
				2,060,747		2,356,866
		Business Services — 2.1%
	5,089	Visa Inc., Cl. A		1,043,965		1,128,588
		Computer Software and Services — 9.5%
	413	Alphabet Inc., Cl. A†		683,953		1,148,697
	3,696	CACI International Inc., Cl. A†		1,101,352		1,113,457
	22,840	Cisco Systems Inc.		1,094,424		1,273,558
	5,218	Microsoft Corp.		813,764		1,608,762
				3,693,493		5,144,474
		Diversified Industrial — 8.8%
	9,740	Eaton Corp. plc		1,103,713		1,478,143
	4,858	Honeywell International Inc.		814,647		945,270
	26,218	Huntsman Corp.		829,174		983,437
	2,828	The Middleby Corp.†		498,387		463,622
	64,212	Vertiv Holdings Co		1,441,632		898,968
				4,687,553		4,769,440
		Electronics — 2.0%
	14,743	Microchip Technology Inc.		1,112,137		1,107,789
		Energy and Energy Services — 3.8%
	9,379	EOG Resources Inc.		720,495		1,118,258
	9,101	Valero Energy Corp.		704,517		924,116
				1,425,012		2,042,374
		Energy: Integrated — 4.3%
	9,238	DTE Energy Co.		964,182		1,221,356
	13,201	NextEra Energy Inc.		420,611		1,118,257
				1,384,793		2,339,613
		Energy: Oil — 4.2%
	5,697	Chevron Corp.		523,639		927,642
	13,567	ConocoPhillips		787,296		1,356,700
				1,310,935		2,284,342
		Financial Services — 16.5%
	18,930	American International Group Inc.		669,037		1,188,236
	3,073	Berkshire Hathaway Inc., Cl. B†		765,689		1,084,492
	8,372	Blackstone Inc.		1,168,527		1,062,742
	8,196	Intercontinental Exchange Inc.		977,677		1,082,855
	12,147	The Charles Schwab Corp.		574,429		1,024,114
	4,233	The Goldman Sachs Group Inc.		1,348,774		1,397,313
	5,451	The PNC Financial Services Group Inc.		1,046,000		1,005,437
	9,724	The Progressive Corp.		987,777		1,108,439
				7,537,910		8,953,628
		Food and Beverage — 4.1%
	10,906	McCormick & Co. Inc., Non- Voting		1,083,080		1,088,419
	6,691	PepsiCo Inc.		637,385		1,119,939
				1,720,465		2,208,358

Shares			Cost		Market Value
		Health Care — 15.5%
	5,826	Becton, Dickinson and Co.	$	1,136,093	$	1,549,716
	15,278	Gilead Sciences Inc.		1,114,404		908,277
	9,749	Johnson & Johnson		1,583,950		1,727,815
	3,570	McKesson Corp.		694,444		1,092,884
	11,345	Medtronic plc		959,788		1,258,728
	3,620	UnitedHealth Group Inc.		959,173		1,846,092
				6,447,852		8,383,512
		Real Estate — 4.0%
	5,579	Alexandria Real Estate Equities Inc., REIT		1,132,255		1,122,774
	6,633	Prologis Inc., REIT		574,225		1,071,097
				1,706,480		2,193,871
		Retail — 10.2%
	17,644	CVS Health Corp.		1,172,096		1,785,749
	5,404	Dollar General Corp.		1,163,362		1,203,093
	2,702	The Home Depot Inc.		367,827		808,790
	11,808	Walmart Inc.		1,604,091		1,758,447
				4,307,376		5,556,079
		Semiconductors — 2.6%
	11,974	Teradyne Inc.		1,811,428		1,415,686
		Telecommunications — 2.5%
	10,678	T-Mobile US Inc.†		1,221,283		1,370,521
		Transportation — 2.6%
	5,135	Union Pacific Corp.		497,686		1,402,933
		TOTAL COMMON STOCKS		42,895,868		53,798,551
		TOTAL INVESTMENTS — 99.1%	$	42,895,868		53,798,551
		Other Assets and Liabilities (Net) — 0.9%				492,331
		NET ASSETS — 100.0%			$	54,290,882

† 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, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 63.5%
		Aerospace — 1.5%
	3,196	L3Harris Technologies Inc.	$	644,766	$	794,110
		Automotive: Parts and Accessories — 1.2%
	887	O’Reilly Automotive Inc.†		413,362		607,559
		Banking — 2.5%
	20,987	Bank of America Corp.		787,911		865,084
	5,256	Western Alliance BanCorp.		492,685		435,302
				1,280,596		1,300,386
		Business Services — 1.2%
	2,703	Visa Inc., Cl. A		556,349		599,444
		Computer Software and Services — 8.6%
	1,507	Accenture plc, Cl. A		347,168		508,206
	226	Alphabet Inc., Cl. A†		392,166		628,585
	2,059	CACI International Inc., Cl. A†		613,175		620,294
	3,248	Cadence Design Systems Inc.†		377,980		534,166
	10,924	Cisco Systems Inc.		561,054		609,122
	2,118	Meta Platforms Inc., Cl. A†		577,296		470,959
	3,419	Microsoft Corp.		319,729		1,054,112
				3,188,568		4,425,444
		Consumer Services — 1.8%
	283	Amazon.com Inc.†		947,233		922,566
		Diversified Industrial — 3.3%
	5,318	Eaton Corp. plc		697,065		807,060
	1,582	Honeywell International Inc.		274,062		307,825
	14,907	Huntsman Corp.		471,842		559,162
				1,442,969		1,674,047
		Electronics — 2.3%
	8,368	Microchip Technology Inc.		633,396		628,772
	1,086	Monolithic Power Systems Inc.		341,750		527,448
				975,146		1,156,220
		Energy and Energy Services — 1.4%
	2,621	EOG Resources Inc.		177,009		312,502
	4,213	Valero Energy Corp.		340,836		427,788
				517,845		740,290
		Energy: Integrated — 1.3%
	2,535	DTE Energy Co.		260,529		335,152
	3,657	NextEra Energy Inc.		115,333		309,785
				375,862		644,937
		Energy: Oil — 1.6%
	2,972	Chevron Corp.		273,359		483,931
	3,117	ConocoPhillips		194,381		311,700
				467,740		795,631
		Equipment and Supplies — 2.6%
	7,004	Amphenol Corp., Cl. A		395,926		527,752
	1,611	The Middleby Corp.†		283,295		264,107
	37,169	Vertiv Holdings Co		808,795		520,366
				1,488,016		1,312,225
		Financial Services — 9.4%
	5,820	American International Group Inc.		142,192		365,322
	2,191	Berkshire Hathaway Inc., Cl. B†		539,894		773,226
	4,565	Blackstone Inc.		637,803		579,481

						Market
Shares			Cost			Value
	4,703	Intercontinental Exchange Inc.	$	563,422		$	621,360
	6,733	The Charles Schwab Corp.		375,344			567,659
	2,351	The Goldman Sachs Group Inc.		749,560			776,065
	2,923	The PNC Financial Services Group Inc.		560,279			539,147
	5,304	The Progressive Corp.		538,938			604,603
				4,107,432			4,826,863
		Food and Beverage — 1.8%
	6,256	McCormick & Co. Inc., Non- Voting		621,287			624,349
	1,922	PepsiCo Inc.		200,814			321,704
				822,101			946,053
		Health Care — 9.9%			��
	2,906	Becton, Dickinson and Co.		602,231			772,996
	8,263	Gilead Sciences Inc.		602,622			491,235
	5,646	Johnson & Johnson		917,318			1,000,640
	3,030	McKesson Corp.		589,402			927,574
	6,546	Medtronic plc		563,598			726,279
	2,242	UnitedHealth Group Inc.		524,791			1,143,353
				3,799,962			5,062,077
		Real Estate — 1.8%
	3,022	Alexandria Real Estate Equities Inc., REIT		614,218			608,178
	1,940	Prologis Inc., REIT		168,890			313,271
				783,108			921,449
		Retail — 5.6%
	9,230	CVS Health Corp.		578,899			934,168
	2,645	Dollar General Corp.		572,405			588,857
	1,507	The Home Depot Inc.		233,006			451,090
	6,059	Walmart Inc.		823,359			902,306
				2,207,669			2,876,421
		Semiconductors — 2.5%
	1,838	NVIDIA Corp.		257,569			501,516
	6,791	Teradyne Inc.		1,015,634			802,900
				1,273,203			1,304,416
		Telecommunications — 1.5%
	6,082	T-Mobile US Inc.†		706,410			780,625
		Transportation — 1.7%
	3,137	Union Pacific Corp.		339,622			857,060
		TOTAL COMMON STOCKS		26,337,959			32,547,823
		MANDATORY CONVERTIBLE SECURITIES(a) — 1.1%
		Health Care — 1.1%
	5,090	Boston Scientific Corp., Ser. A,
		5.500%, 06/01/23		570,285			592,679

See accompanying notes to financial statements.

16

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 23.0%
		Aerospace — 0.5%
$	255,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
		4.450%, 10/01/25	$	272,831	$	256,220
		Banking — 2.6%
	750,000	Fifth Third Bancorp,
		2.375%, 01/28/25		749,884		734,447
	600,000	The Goldman Sachs Group Inc., MTN,
		3.850%, 07/08/24		600,095		611,714
				1,349,979		1,346,161
		Diversified Industrial — 1.4%
	510,000	Cabot Corp.,
		4.000%, 07/01/29		508,850		513,569
	191,000	Jabil Inc.,
		1.700%, 04/15/26		191,319		177,355
				700,169		690,924
		Energy and Energy Services — 1.0%
	235,000	Energy Transfer LP,
		6.250%, 04/15/49		274,785		270,575
	260,000	Plains All American Pipeline LP / PAA Finance Corp.,
		3.800%, 09/15/30		272,892		255,480
				547,677		526,055
		Energy: Oil — 1.3%
	55,000	Diamondback Energy Inc.,
		3.125%, 03/24/31		54,829		52,628
	275,000	MPLX LP,
		2.650%, 08/15/30		273,994		252,337
	395,000	Petroleos Mexicanos,
		6.700%, 02/16/32		397,500		375,661
				726,323		680,626
		Financial Services — 5.4%
	138,000	American Honda Finance Corp., MTN,
		1.000%, 09/10/25		137,995		128,814
	500,000	Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.21%),
		2.572%, 10/20/32(b)		484,868		455,185
	500,000	Bank of Montreal, MTN,
		2.650%, 03/08/27		488,796		484,624
	140,000	Berkshire Hathaway Finance Corp.,
		2.850%, 10/15/50		139,891		121,713
	600,000	Capital One Financial Corp.,
		3.750%, 04/24/24		602,697		609,483
	500,000	Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%),
		3.070%, 02/24/28(b)		492,852		488,644
	405,000	Owl Rock Capital Corp.,
		3.400%, 07/15/26		404,651		381,113
	118,000	Schlumberger Finance Canada Ltd.,
		1.400%, 09/17/25		118,201		112,281
				2,869,951		2,781,857

Principal Amount				Cost		Market Value
			Food and Beverage — 0.7%
$	380,000		The J.M. Smucker Co.,
		��	3.550%, 03/15/50	$	387,103	$	344,581
			Health Care — 2.6%
	600,000		Aetna Inc.,
			3.500%, 11/15/24		600,315		607,488
	750,000		Amgen Inc.,
			2.200%, 02/21/27		756,966		724,449
					1,357,281		1,331,937
			Hotels and Gaming — 0.5%
	235,000		Marriott International Inc.,
			4.625%, 06/15/30		269,251		243,889
			Real Estate — 1.6%
	400,000		Boston Properties LP,
			2.450%, 10/01/33		368,239		347,612
	150,000		Brixmor Operating Partnership LP,
			2.250%, 04/01/28		149,815		137,518
	265,000		Realty Income Corp.,
			2.850%, 12/15/32		277,398		250,185
	113,000		Vornado Realty LP,
			3.400%, 06/01/31		113,178		106,492
					908,630		841,807
			Retail — 2.2%
	151,000		7-Eleven Inc.,
			0.950%, 02/10/26		150,721		137,604
	200,000		AutoZone Inc.,
			1.650%, 01/15/31		198,054		170,803
	800,000		CVS Health Corp.,
			3.250%, 08/15/29		810,027		790,866
					1,158,802		1,099,273
			Semiconductors — 0.5%
	235,000		Broadcom Inc.,
			4.150%, 11/15/30		268,211		238,575
			Telecommunications — 0.9%
	270,000		Charter Communications Operating LLC / Charter Communications Operating Capital Corp.,
			3.700%, 04/01/51		277,661		223,166
	245,000		Rogers Communications Inc.,
			4.550%, 03/15/52		240,311		245,468
					517,972		468,634
			Transportation — 1.8%
	875,000		AP Moller - Maersk A/S,
			4.500%, 06/20/29		870,900		925,687
			TOTAL CORPORATE BONDS		12,205,080		11,776,226
			CONVERTIBLE CORPORATE BONDS — 1.2%
			Computer Software and Services — 0.6%
	350,000		Splunk Inc.,
			1.125%, 06/15/27		376,693		336,000

See accompanying notes to financial statements.

17

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care — 0.6%
$	325,000	Exact Sciences Corp.,
		0.375%, 03/15/27	$	376,554	$	308,141
		TOTAL CONVERTIBLE CORPORATE BONDS		753,247		644,141
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.5%
		Federal National Mortgage Association — 1.5%
	750,000	2.625%, 09/06/24		759,207		755,023
		U.S. GOVERNMENT OBLIGATIONS — 9.0%
		U.S. Treasury Bonds — 3.9%
	450,000	2.500%, 02/15/45		408,429		439,787
	700,000	2.500%, 05/15/46		700,229		687,723
	350,000	2.250%, 08/15/46		369,117		328,289
	550,000	1.875%, 02/15/51		502,341		481,132
				1,980,116		1,936,931
		U.S. Treasury Notes — 5.1%
	850,000	0.875%, 01/31/24		845,134		829,049
	900,000	0.750%, 05/31/26		898,147		838,230
	125,000	1.250%, 12/31/26		123,404		118,286
	330,000	2.250%, 11/15/27		318,014		326,648
	545,000	2.625%, 02/15/29		555,839		552,292
				2,740,538		2,664,505
		TOTAL U.S. GOVERNMENT OBLIGATIONS		4,720,654		4,601,436
Shares
		SHORT TERM INVESTMENT — 0.5%
		Other Investment Companies — 0.5%
	243,733	Dreyfus Treasury Securities Cash Management,
		0.120%*		243,733		243,733
		TOTAL INVESTMENTS — 99.8%	$	45,590,165		51,161,061
		Other Assets and Liabilities (Net) — 0.2%				78,875
		NET ASSETS — 100.0%			$	51,239,936

† Non-income producing security.

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

(b) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of March 31, 2022.

* 1 day yield as of March 31, 2022.

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, 2022 (Unaudited)

					Convertible
	Mighty		SmallCap		Securities
	Mites Fund		Equity Fund		Fund
Assets:
Investments, at value (Cost $324,074,402, $37,093,204, and 54,395,864, respectively)	$	598,342,416	$	59,424,301	$	62,263,431
Investments in affiliates, at value (Cost $12,285,432)		22,786,400		—		—
Cash		27,187		11,135		—
Foreign currency, at value (Cost $2,048)		2,040		—		—
Receivable for Fund shares sold		579,369		150,460		142,943
Receivable for investments sold		634,336		—		—
Receivable from Adviser		—		16,313		24,660
Dividends and interest receivable		685,864		28,061		177,063
Prepaid expenses		46,557		28,690		23,450
Total Assets		623,104,169		59,658,960		62,631,547
Liabilities:
Payable to bank		—		—		82,763
Payable for investments purchased		264,829		—		—
Payable for Fund shares redeemed		357,769		307,293		3,057,773
Payable for investment advisory fees		513,842		50,069		52,038
Payable for distribution fees		75,875		5,304		5,993
Payable for accounting fees		3,750		3,750		3,750
Payable for legal and audit fees		34,358		21,777		18,464
Payable for shareholder communications expenses		126,967		16,981		23,620
Payable for shareholder services fees		76,303		4,770		7,838
Other accrued expenses		33,654		3,674		4,543
Total Liabilities		1,487,347		413,618		3,256,782
Net Assets	$	621,616,822	$	59,245,342	$	59,374,765
Net Assets Consist of:
Paid-in capital	$	302,125,911	$	36,034,739	$	47,466,250
Total distributable earnings		319,490,911		23,210,603		11,908,515
Net Assets	$	621,616,822	$	59,245,342	$	59,374,765
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	110,910,601	$	9,519,202	$	5,273,309
Shares of beneficial interest outstanding		4,360,485		367,973		344,200
Net Asset Value, offering, and redemption price per share	$	25.44	$	25.87	$	15.32
Class A:
Net assets	$	93,631,600	$	6,511,825	$	4,648,947
Shares of beneficial interest outstanding		3,917,468		268,419		291,955
Net Asset Value and redemption price per share	$	23.90	$	24.26	$	15.92
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	24.90	$	25.27	$	16.58
Class C:
Net assets	$	37,971,590	$	2,344,566	$	4,706,569
Shares of beneficial interest outstanding		1,968,144		119,100		274,750
Net Asset Value and offering price per share (a)	$	19.29	$	19.69	$	17.13
Class I:
Net assets	$	379,103,031	$	40,869,749	$	44,745,940
Shares of beneficial interest outstanding		14,309,366		1,509,580		2,909,847
Net Asset Value, offering, and redemption price per share	$	26.49	$	27.07	$	15.38

(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, 2022 (Unaudited)

	Equity		Balanced
	Fund		Fund
Assets:
Investments, at value (Cost $42,895,868 and $45,590,165, respectively)	$	53,798,551	$	51,161,061
Receivable for Fund shares sold		1,647		725
Receivable for investments sold		641,524		—
Dividends and interest receivable		34,832		147,083
Prepaid expenses		27,924		29,056
Total Assets		54,504,478		51,337,925
Liabilities:
Payable to bank		106,334		281
Payable for Fund shares redeemed		—		2,232
Payable for investment advisory fees		45,874		32,252
Payable for distribution fees		10,819		10,552
Payable for accounting fees		3,750		3,750
Payable for legal and audit fees		17,826		17,846
Payable for shareholder communications expenses		18,010		19,714
Payable for shareholder services fees		6,485		6,296
Other accrued expenses		4,498		5,066
Total Liabilities		213,596		97,989
Net Assets	$	54,290,882	$	51,239,936
Net Assets Consist of:
Paid-in capital	$	41,166,706	$	43,527,384
Total distributable earnings		13,124,176		7,712,552
Net Assets	$	54,290,882	$	51,239,936
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	50,112,022	$	38,402,416
Shares of beneficial interest outstanding		4,122,166		3,523,252
Net Asset Value, offering, and redemption price per share	$	12.16	$	10.90
Class A:
Net assets	$	951,613	$	7,758,455
Shares of beneficial interest outstanding		78,330		705,579
Net Asset Value and redemption price per share	$	12.15	$	11.00
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	12.66	$	11.46
Class C:
Net assets	$	30,727	$	1,037,422
Shares of beneficial interest outstanding		2,810		92,894
Net Asset Value and offering price per share (a)	$	10.93	$	11.17
Class I:
Net assets	$	3,196,520	$	4,041,643
Shares of beneficial interest outstanding		264,467		371,553
Net Asset Value, offering, and redemption price per share	$	12.09	$	10.88

(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, 2022 (Unaudited)

							Convertible
	Mighty			SmallCap			Securities
	Mites Fund			Equity Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $20,035, $0, and $0, respectively)	$	7,145,925		$	352,607		$	208,577
Dividends - affiliated		294,753			—			—
Interest		2,262			1,057			174,394
Total Investment Income		7,442,940			353,664			382,971
Expenses:
Investment advisory fees		3,322,630			281,838			342,132
Distribution fees - Class AAA		154,156			11,950			7,505
Distribution fees - Class A		123,079			7,710			6,288
Distribution fees - Class C		217,657			11,627			26,319
Accounting fees		22,500			22,500			22,500
Custodian fees		53,511			6,466			8,319
Legal and audit fees		34,434			17,065			13,728
Registration expenses		32,031			26,202			29,592
Shareholder communications expenses		81,796			11,194			15,521
Shareholder services fees		261,054			9,197			18,419
Trustees’ fees		53,921			4,043			6,094
Miscellaneous expenses		19,456			6,288			7,447
Total Expenses		4,376,225			416,080			503,864
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(102,080	)		(155,361	)
Custodian fee credits		(27	)		(2	)		(1	)
Advisory fee reduction on unsupervised assets (See Note 3)		(77,450	)		—			—
Expenses paid indirectly by broker (See Note 6)		(2,013	)		(873	)		(472	)
Total Reimbursements, Waivers, Reductions, and Credits		(79,490	)		(102,955	)		(155,834	)
Net Expenses		4,296,735			313,125			348,030
Net Investment Income		3,146,205			40,539			34,941
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		37,269,323			1,025,780			4,763,276
Net realized gain on investments - affiliated		380			—			—
Net realized loss on foreign currency transactions		(2,122	)		—			—
Net realized gain on investments and foreign currency transactions		37,267,581			1,025,780			4,763,276
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		(56,670,235	)		2,374,345			(10,131,600	)
on investments - affiliated		465,276			—			—
on foreign currency translations		(847	)		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(56,205,806	)		2,374,345			(10,131,600	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(18,938,225	)		3,400,125			(5,368,324	)
Net Increase/Decrease in Net Assets Resulting from Operations	$	(15,792,020	)	$	3,440,664		$	(5,333,383	)

See accompanying notes to financial statements.

21

TETON Westwood Funds 

Statements of Operations (Continued) 

For the Six Months Ended March 31, 2022 (Unaudited)

	Equity			Balanced
	Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $421, and $231, respectively)	$	477,967		$	277,568
Interest		76			214,665
Total Investment Income		478,043			492,233
Expenses:
Investment advisory fees		274,749			198,164
Distribution fees - Class AAA		63,507			49,144
Distribution fees - Class A		1,200			10,299
Distribution fees - Class C		167			5,761
Accounting fees		22,500			22,500
Custodian fees		6,997			8,136
Legal and audit fees		13,465			13,477
Registration expenses		27,706			27,710
Shareholder communications expenses		12,101			12,548
Shareholder services fees		14,638			16,723
Trustees’ fees		4,369			4,373
Miscellaneous expenses		6,560			6,557
Total Expenses		447,959			375,392
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			—
Advisory fee reduction on unsupervised assets (See Note 3)		—			—
Expenses paid indirectly by broker (See Note 6)		(888	)		(891	)
Total Reimbursements, Waivers, Reductions, and Credits		(888	)		(891	)
Net Expenses		447,071			374,501
Net Investment Income		30,972			117,732
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		2,202,065			2,251,148
Net realized gain on investments - affiliated		—			—
Net realized gain on foreign currency transactions		—			—
Net realized gain on investments and foreign currency transactions		2,202,065			2,251,148
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		1,983,038			(1,187,796	)
on investments - affiliated		—			—
on foreign currency translations		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		1,983,038			(1,187,796	)
Net Realized and Unrealized Gain on Investments and Foreign Currency		4,185,103			1,063,352
Net Increase in Net Assets Resulting from Operations	$	4,216,075		$	1,181,084

See accompanying notes to financial statements.

22

TETON Westwood Funds 

Statements of Changes in Net Assets

	Mighty Mites Fund
		For the Six
		Months
		Ended			For the
		March 31,			Year Ended
		2022			September 30,
		(Unaudited)			2021
Operations:
Net investment income	$	3,146,205		$	3,814,420
Net realized gain on investments and foreign currency transactions		37,267,581			101,051,467
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(56,205,806	)		146,086,310
Net Increase/(Decrease) in Net Assets Resulting from Operations		(15,792,020	)		250,952,197
Distributions to Shareholders:
Accumulated earnings
Class AAA		(17,928,539	)		(10,683,732	)
Class A		(14,451,631	)		(7,469,859	)
Class C		(8,098,122	)		(5,804,836	)
Class I		(55,813,204	)		(32,433,056	)
Total Distributions to Shareholders		(96,291,496	)		(56,391,483	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		1,335,040			5,794,806
Class A		11,374,296			17,932,535
Class C		1,100,441			2,904,009
Class I		41,650,005			60,244,187
		55,459,782			86,875,537
Proceeds from reinvestment of distributions
Class AAA		17,443,390			10,374,998
Class A		12,321,803			6,360,400
Class C		7,915,476			5,657,197
Class I		42,778,029			24,488,342
		80,458,698			46,880,937
Cost of shares redeemed
Class AAA		(16,723,918	)		(26,608,043	)
Class A		(11,815,371	)		(18,910,418	)
Class C		(9,848,272	)		(22,284,435	)
Class I		(55,432,781	)		(115,966,884	)
		(93,820,342	)		(183,769,780	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		42,098,138			(50,013,306	)
Redemption Fees		81			50
Net Increase/(Decrease) in Net Assets		(69,985,297	)		144,547,458
Net Assets:
Beginning of year		691,602,119			547,054,661
End of period	$	621,616,822		$	691,602,119

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						For the Six						For the Six						For the Six
Months			For the			Months			For the			Months			For the			Months			For the
Ended March 31,			Year Ended			Ended March 31,			Year Ended			Ended March 31,			Year Ended			Ended March 31,			Year Ended
2022			September 30,			2022			September 30,			2022			September 30,			2022			September 30,
(Unaudited)			2021			(Unaudited)			2021			(Unaudited)			2021			(Unaudited)			2021
$	40,539		$	136,411		$	34,941		$	307,573		$	30,972		$	3,795		$	117,732		$	114,422
	1,025,780			3,928,010			4,763,276			6,714,145			2,202,065			8,683,901			2,251,148			6,710,700
	2,374,345			17,372,154			(10,131,600	)		7,949,190			1,983,038			3,641,511			(1,187,796	)		1,536,829
	3,440,664			21,436,575			(5,333,383	)		14,970,908			4,216,075			12,329,207			1,181,084			8,361,951
	(554,225	)		(750	)		(603,966	)		(232,965	)		(8,020,289	)		(2,094,143	)		(4,760,525	)		(1,812,147	)
	(347,566	)		—			(472,147	)		(175,139	)		(156,056	)		(44,214	)		(1,005,527	)		(373,653	)
	(165,125	)		—			(454,476	)		(121,353	)		(6,584	)		(1,252	)		(140,372	)		(56,191	)
	(2,017,134	)		(59,483	)		(5,128,527	)		(1,800,662	)		(501,477	)		(137,755	)		(498,223	)		(197,563	)
	(3,084,050	)		(60,233	)		(6,659,116	)		(2,330,119	)		(8,684,406	)		(2,277,364	)		(6,404,647	)		(2,439,554	)
	786,167			1,714,520			31,380			1,945,520			291,047			249,813			661,676			884,878
	773,651			658,030			93,764			817,677			30,663			154,374			190,065			657,352
	199,563			436,338			160,054			592,407			—			547,726			—			1,483,389
	9,450,895			14,704,128			5,689,102			18,132,901			52,709			275,942			1,133,937			273,243
	11,210,276			17,513,016			5,974,300			21,488,505			374,419			1,227,855			1,985,678			3,298,862
	541,864			749			596,708			230,588			7,709,509			2,026,765			4,632,295			1,766,100
	347,178			—			469,558			173,891			150,622			43,105			991,842			369,227
	165,125			—			447,328			120,432			6,584			1,252			127,875			51,954
	2,009,733			59,113			5,126,366			1,797,959			491,374			135,300			498,223			197,563
	3,063,900			59,862			6,639,960			2,322,870			8,358,089			2,206,422			6,250,235			2,384,844
	(1,715,591	)		(1,987,200	)		(979,584	)		(4,043,161	)		(3,236,414	)		(6,192,501	)		(3,188,735	)		(5,591,490	)
	(161,068	)		(381,946	)		(467,295	)		(2,768,497	)		(78,857	)		(480,393	)		(1,056,543	)		(1,477,607	)
	(317,014	)		(728,852	)		(571,753	)		(2,286,385	)		(9,175	)		(561,082	)		(183,853	)		(1,687,746	)
	(4,548,868	)		(12,844,328	)		(12,845,839	)		(26,243,620	)		(90,367	)		(562,448	)		(844,920	)		(1,387,382	)
	(6,742,541	)		(15,942,326	)		(14,864,471	)		(35,341,663	)		(3,414,813	)		(7,796,424	)		(5,274,051	)		(10,144,225	)
	7,531,635			1,630,552			(2,250,211	)		(11,530,288	)		5,317,695			(4,362,147	)		2,961,862			(4,460,519	)
	—			—			—			45			—			—			—			—
	7,888,249			23,006,894			(14,242,710	)		1,110,546			849,364			5,689,696			(2,261,701	)		1,461,878
	51,357,093			28,350,199			73,617,475			72,506,929			53,441,518			47,751,822			53,501,637			52,039,759
$	59,245,342		$	51,357,093		$	59,374,765		$	73,617,475		$	54,290,882		$	53,441,518		$	51,239,936		$	53,501,637

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 Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(c)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(d)			Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions(e)			Portfolio Turnover Rate
Mighty Mites Fund
Class AAA
2022(f)	$	30.25	$	0.12		$	(0.68	)	$	(0.56	)	$	(0.07	)	$	(4.18	)	$	(4.25	)	$	0.00	$	25.44		(2.65	)%	$	110,911		0.85	%(g)		1.39	%(g)		1.42	%(g)		2	%
2021		22.42		0.13			10.11			10.24			—			(2.41	)		(2.41	)		0.00		30.25		48.78			129,754		0.47			1.40			1.42			6
2020		25.58		(0.07	)		(2.01	)		(2.08	)		—			(1.08	)		(1.08	)		0.00		22.42		(8.68	)		103,109		(0.31	)		1.43			1.44			2
2019		28.86		(0.03	)		(2.28	)		(2.31	)		—			(0.97	)		(0.97	)		0.00		25.58		(8.00	)		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		4.38			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		24.42			274,161		(0.46	)		1.41			1.42			8
Class A
2022(f)	$	28.68	$	0.11		$	(0.64	)	$	(0.53	)	$	(0.07	)	$	(4.18	)	$	(4.25	)	$	0.00	$	23.90		(2.67	)%	$	93,632		0.84	%(g)		1.39	%(g)		1.42	%(g)		2	%
2021		21.37		0.12			9.60			9.72			—			(2.41	)		(2.41	)		0.00		28.68		48.74			98,771		0.44			1.41			1.43			6
2020		24.49		(0.12	)		(1.92	)		(2.04	)		—			(1.08	)		(1.08	)		0.00		21.37		(8.91	)		68,250		(0.55	)		1.68			1.69			2
2019		27.75		(0.09	)		(2.20	)		(2.29	)		—			(0.97	)		(0.97	)		0.00		24.49		(8.26	)		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		4.13			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		24.13			169,017		(0.72	)		1.66			1.67			8
Class C
2022(f)	$	23.95	$	0.01		$	(0.49	)	$	(0.48	)	$	—		$	(4.18	)	$	(4.18	)	$	0.00	$	19.29		(3.02	)%	$	37,971		0.09	%(g)		2.14	%(g)		2.17	%(g)		2	%
2021		18.31		(0.06	)		8.11			8.05			—			(2.41	)		(2.41	)		0.00		23.95		47.66			48,054		(0.27	)		2.15			2.17			6
2020		21.24		(0.20	)		(1.65	)		(1.85	)		—			(1.08	)		(1.08	)		0.00		18.31		(9.40	)		47,509		(1.06	)		2.18			2.19			2
2019		24.32		(0.18	)		(1.93	)		(2.11	)		—			(0.97	)		(0.97	)		0.00		21.24		(8.70	)		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		3.63			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		23.52			180,282		(1.21	)		2.16			2.17			8
Class I
2022(f)	$	31.38	$	0.16		$	(0.72	)	$	(0.56	)	$	(0.15	)	$	(4.18	)	$	(4.33	)	$	0.00	$	26.49		(2.56	)%	$	379,103		1.10	%(g)		1.14	%(g)		1.17	%(g)		2	%
2021		23.13		0.21			10.45			10.66			—			(2.41	)		(2.41	)		0.00		31.38		49.13			415,023		0.72			1.15			1.17			6
2020		26.29		(0.01	)		(2.07	)		(2.08	)		—			(1.08	)		(1.08	)		0.00		23.13		(8.43	)		328,187		(0.05	)		1.18			1.19			2
2019		29.57		0.04			(2.35	)		(2.31	)		—			(0.97	)		(0.97	)		0.00		26.29		(7.80	)		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		4.67			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		24.74			728,641		(0.22	)		1.16			1.17			8

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average shares outstanding method.

(b) Due to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.

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

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.

(e) Before advisory fee reduction on unsupervised assets totalling 0.02%, 0.02%, 0.01%, and 0.01% of net assets for the six months ended March 31, 2022 and the years ended September 30, 2021, 2020 and 2017. For the years ended September 30, 2019 and 2018, there was no impact on the expense ratios.

(f) For the six months ended March 31, 2022, unaudited.

(g) Annualized.

(h) Amount represents less than 0.005%.

See accompanying notes to financial statements.

25

TETON Westwood Funds

Financial Highlights (Continued)

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(a)(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/Credits/ Reimbursements/ Reductions(c)			Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2022(d)	$	25.74	$	0.00	(b)	$	1.58		$	1.58		$	(0.01	)	$	(1.44	)	$	(1.45	)	$	—	$	25.87		6.29	%	$	9,519	0.00	%(e)(f)		1.25	%(e)		1.62	%(e)		3	%
2021		15.40		0.04			10.30			10.34			(0.00	)(b)		—			(0.00	)(b)		—		25.74		67.16			9,838	0.15			1.25			1.64			21
2020		17.97		0.04			(1.72	)		(1.68	)		(0.07	)		(0.82	)		(0.89	)		0.00		15.40		(10.08	)		6,146	0.26			1.25			1.70			18
2019		21.49		0.06			(1.28	)		(1.22	)		—			(2.30	)		(2.30	)		0.00		17.97		(5.56	)		7,758	0.33			1.25			1.64			35
2018		21.37		(0.02	)		2.00			1.98			—			(1.86	)		(1.86	)		—		21.49		9.68			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		23.10			9,295	(0.22	)		1.36			1.74			38
Class A
2022(d)	$	24.23	$	0.00	(b)	$	1.49		$	1.49		$	(0.02	)	$	(1.44	)	$	(1.46	)	$	—	$	24.26		6.30	%	$	6,512	0.01	%(e)		1.25	%(e)		1.62	%(e)		3	%
2021		14.50		0.03			9.70			9.73			—			—			—			—		24.23		67.10			5,539	0.14			1.27			1.65			21
2020		16.98		0.00	(b)		(1.63	)		(1.63	)		(0.03	)		(0.82	)		(0.85	)		0.00		14.50		(10.34	)		3,172	0.02			1.50			1.95			18
2019		20.48		0.01			(1.21	)		(1.20	)		—			(2.30	)		(2.30	)		0.00		16.98		(5.75	)		4,440	0.08			1.50			1.89			35
2018		20.50		(0.07	)		1.91			1.84			—			(1.86	)		(1.86	)		—		20.48		9.38			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		22.77			3,580	(0.47	)		1.60			1.99			38
Class C
2022(d)	$	19.98	$	(0.07	)	$	1.22		$	1.15		$	—		$	(1.44	)	$	(1.44	)	$	—	$	19.69		5.92	%	$	2,344	(0.74	)%(e)		2.00	%(e)		2.37	%(e)		3	%
2021		12.04		(0.11	)		8.05			7.94			—			—			—			—		19.98		65.95			2,336	(0.60	)		2.00			2.39			21
2020		14.28		(0.06	)		(1.36	)		(1.42	)		—			(0.82	)		(0.82	)		0.00		12.04		(10.82	)		1,597	(0.46	)		2.00			2.45			18
2019		17.69		(0.06	)		(1.05	)		(1.11	)		—			(2.30	)		(2.30	)		0.00		14.28		(6.21	)		3,164	(0.41	)		2.00			2.39			35
2018		18.04		(0.15	)		1.66			1.51			—			(1.86	)		(1.86	)		—		17.69		8.79			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		22.24			2,247	(0.97	)		2.11			2.49			38
Class I
2022(d)	$	26.90	$	0.03		$	1.66		$	1.69		$	(0.08	)	$	(1.44	)	$	(1.52	)	$	—	$	27.07		6.42	%	$	40,870	0.26	%(e)		1.00	%(e)		1.37	%(e)		3	%
2021		16.09		0.10			10.75			10.85			(0.04	)		—			(0.04	)		—		26.90		67.55			33,644	0.40			1.00			1.39			21
2020		18.74		0.09			(1.80	)		(1.71	)		(0.12	)		(0.82	)		(0.94	)		0.00		16.09		(9.87	)		17,435	0.52			1.00			1.45			18
2019		22.27		0.11			(1.32	)		(1.21	)		(0.02	)		(2.30	)		(2.32	)		0.00		18.74		(5.27	)		23,307	0.60			1.00			1.39			35
2018		22.04		0.04			2.05			2.09			—			(1.86	)		(1.86	)		—		22.27		9.90			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		23.40			17,501	0.03			1.09			1.49			38

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average shares outstanding method.

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

(c) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For all periods presented, there was no impact on the expense ratios.

(d) For the six months ended March 31, 2022, unaudited.

(e) Annualized.

(f) Amount represents less than 0.005%.

See accompanying notes to financial statements.

26

TETON Westwood Funds

Financial Highlights (Continued)

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(a)(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/Credits/ Reimbursements/ Reductions			Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions			Portfolio Turnover Rate
Convertible Securities Fund
Class AAA
2022(c)	$	18.26	$	(0.00	)(b)	$	(1.27	)	$	(1.27	)	$	(0.06	)	$	(1.61	)	$	(1.67	)	$	—	$	15.32		(7.61	)%	$	5,273		(0.03	)%(d)		1.15	%(d)(e)		1.60	%(d)		24	%
2021		15.59		0.05			3.11			3.16			(0.16	)		(0.33	)		(0.49	)		0.00		18.26		20.48			6,701		0.27			1.15	(e)		1.56			34
2020		13.86		0.16			1.98			2.14			(0.25	)		(0.16	)		(0.41	)		0.00		15.59		15.80			7,392		1.12			1.15	(e)		1.62			62
2019		13.98		0.13			0.51			0.64			(0.23	)		(0.53	)		(0.76	)		—		13.86		5.08			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		14.38			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		14.14			4,138		0.57			1.15			2.47			40
Class A
2022(c)	$	18.91	$	(0.00	)(b)	$	(1.32	)	$	(1.32	)	$	(0.06	)	$	(1.61	)	$	(1.67	)	$	—	$	15.92		(7.62	)%	$	4,649		(0.03	)%(d)		1.15	%(d)(e)		1.61	%(d)		24	%
2021		16.13		0.04			3.22			3.26			(0.15	)		(0.33	)		(0.48	)		0.00		18.91		20.45			5,417		0.24			1.17	(e)		1.58			34
2020		14.33		0.13			2.04			2.17			(0.21	)		(0.16	)		(0.37	)		0.00		16.13		15.47			6,143		0.86			1.40	(e)		1.87			62
2019		14.43		0.10			0.53			0.63			(0.20	)		(0.53	)		(0.73	)		—		14.33		4.81			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		14.22			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		13.79			2,670		0.42			1.40			2.72			40
Class C
2022(c)	$	20.24	$	(0.07	)	$	(1.41	)	$	(1.48	)	$	(0.02	)	$	(1.61	)	$	(1.63	)	$	—	$	17.13		(7.92	)%	$	4,707		(0.78	)%(d)		1.90	%(d)(e)		2.36	%(d)		24	%
2021		17.26		(0.10	)		3.44			3.34			(0.03	)		(0.33	)		(0.36	)		0.00		20.24		19.54			5,575		(0.49	)		1.90	(e)		2.31			34
2020		15.30		0.06			2.19			2.25			(0.13	)		(0.16	)		(0.29	)		0.00		17.26		14.93			6,130		0.37			1.90	(e)		2.37			62
2019		15.36		0.04			0.56			0.60			(0.13	)		(0.53	)		(0.66	)		—		15.30		4.30			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		13.55			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		13.26			1,307		(0.19	)		1.90			3.22			40
Class I
2022(c)	$	18.32	$	0.02		$	(1.26	)	$	(1.24	)	$	(0.09	)	$	(1.61	)	$	(1.70	)	$	—	$	15.38		(7.47	)%	$	44,746		0.22	%(d)		0.90	%(d)(e)		1.36	%(d)		24	%
2021		15.64		0.09			3.12			3.21			(0.20	)		(0.33	)		(0.53	)		0.00		18.32		20.79			55,924		0.51			0.90	(e)		1.31			34
2020		13.91		0.20			1.97			2.17			(0.28	)		(0.16	)		(0.44	)		0.00		15.64		16.03			52,842		1.36			0.90	(e)		1.37			62
2019		14.03		0.18			0.49			0.67			(0.26	)		(0.53	)		(0.79	)		—		13.91		5.33			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		14.79			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		14.50			6,636		1.00			0.90			2.22			40

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average shares outstanding method.

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

(c) For the six months ended March 31, 2022, unaudited.

(d) Annualized.

(e) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2022 and years ended September 30, 2021, 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 (Continued)

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
2022(c)	$	13.37	$	0.01		$	0.98		$	0.99		$	(0.00	)(d)	$	(2.20	)	$	(2.20	)	$	12.16		7.94	%	$	50,112		0.10	%(e)		1.64	%(e)		21	%
2021		11.02		0.00	(d)		2.89			2.89			(0.06	)		(0.48	)		(0.54	)		13.37		26.99			49,468		0.00	(f)		1.64			66
2020		12.66		0.08			(0.53	)		(0.45	)		(0.11	)		(1.08	)		(1.19	)		11.02		(4.32	)		44,109		0.70			1.63			46
2019		13.94		0.10			0.54			0.64			(0.09	)		(1.83	)		(1.92	)		12.66		5.84			50,849		0.80			1.64			28
2018		13.69		0.08			1.71			1.79			(0.06	)		(1.48	)		(1.54	)		13.94		14.14			54,595		0.59			1.60			33
2017		12.59		0.06			1.91			1.97			(0.07	)		(0.80	)		(0.87	)		13.69		16.61			54,159		0.50			1.62			28
Class A
2022(c)	$	13.36	$	0.01		$	0.98		$	0.99		$	(0.00	)(d)	$	(2.20	)	$	(2.20	)	$	12.15		7.94	%	$	952		0.10	%(e)		1.64	%(e)		21	%
2021		10.99		0.00	(d)		2.88			2.88			(0.03	)		(0.48	)		(0.51	)		13.36		26.94			933		(0.03	)		1.67			66
2020		12.63		0.05			(0.53	)		(0.48	)		(0.08	)		(1.08	)		(1.16	)		10.99		(4.57	)		1,010		0.45			1.88			46
2019		13.90		0.07			0.54			0.61			(0.05	)		(1.83	)		(1.88	)		12.63		5.59			1,366		0.56			1.89			28
2018		13.64		0.05			1.71			1.76			(0.02	)		(1.48	)		(1.50	)		13.90		13.88			1,435		0.35			1.85			33
2017		12.55		0.04			1.89			1.93			(0.04	)		(0.80	)		(0.84	)		13.64		16.25			2,502		0.28			1.87			28
Class C
2022(c)	$	12.27	$	(0.04	)	$	0.90		$	0.86		$	—		$	(2.20	)	$	(2.20	)	$	10.93		7.52	%	$	31		(0.69	)%(e)		2.39	%(e)		21	%
2021		10.18		(0.11	)		2.68			2.57			—			(0.48	)		(0.48	)		12.27		25.93			37		(1.00	)		2.39			66
2020		11.76		(0.00	)(d)		(0.50	)		(0.50	)		—			(1.08	)		(1.08	)		10.18		(5.04	)		38		(0.01	)		2.38			46
2019		13.09		0.00	(d)		0.50			0.50			—			(1.83	)		(1.83	)		11.76		4.99			104		0.04			2.39			28
2018		12.97		(0.02	)		1.62			1.60			—			(1.48	)		(1.48	)		13.09		13.32			449		(0.17	)		2.35			33
2017		11.99		(0.03	)		1.81			1.78			—			(0.80	)		(0.80	)		12.97		15.72			685		(0.25	)		2.37			28
Class I
2022(c)	$	13.32	$	0.02		$	0.99		$	1.01		$	(0.04	)	$	(2.20	)	$	(2.24	)	$	12.09		8.11	%	$	3,196		0.35	%(e)		1.39	%(e)		21	%
2021		10.98		0.03			2.88			2.91			(0.09	)		(0.48	)		(0.57	)		13.32		27.31			3,004		0.25			1.39			66
2020		12.62		0.11			(0.53	)		(0.42	)		(0.14	)		(1.08	)		(1.22	)		10.98		(4.09	)		2,595		0.96			1.38			46
2019		13.91		0.13			0.53			0.66			(0.12	)		(1.83	)		(1.95	)		12.62		6.08			3,954		1.06			1.39			28
2018		13.66		0.11			1.72			1.83			(0.10	)		(1.48	)		(1.58	)		13.91		14.47			4,870		0.84			1.35			33
2017		12.57		0.10			1.89			1.99			(0.10	)		(0.80	)		(0.90	)		13.66		16.85			4,981		0.75			1.37			28

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average shares outstanding method.

(b) 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, 2022, unaudited.

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

(e) Annualized.

(f) Amount represents less than (0.005)%.

See accompanying notes to financial statements.

28

TETON Westwood Funds

Financial Highlights (Continued)

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
2022(c)	$	12.11	$	0.03		$	0.26		$	0.29		$	(0.03	)	$	(1.47	)	$	(1.50	)	$	10.90		2.13	%	$	38,402		0.44	%(d)		1.42	%(d)		23	%
2021		10.85		0.03			1.75			1.78			(0.02	)		(0.50	)		(0.52	)		12.11		16.93			40,187		0.22			1.41			65
2020		11.71		0.10			(0.11	)		(0.01	)		(0.10	)		(0.75	)		(0.85	)		10.85		0.17			38,713		0.95			1.42			57
2019		12.39		0.13			0.55			0.68			(0.13	)		(1.23	)		(1.36	)		11.71		6.44			44,638		1.15			1.37			44
2018		12.16		0.12			0.96			1.08			(0.12	)		(0.73	)		(0.85	)		12.39		9.32			45,181		1.00			1.34			27
2017		11.75		0.11			1.04			1.15			(0.11	)		(0.63	)		(0.74	)		12.16		10.34			50,934		0.93			1.33			23
Class A
2022(c)	$	12.20	$	0.03		$	0.26		$	0.29		$	(0.02	)	$	(1.47	)	$	(1.49	)	$	11.00		2.20	%	$	7,759		0.44	%(d)		1.42	%(d)		23	%
2021		10.93		0.02			1.77			1.79			(0.02	)		(0.50	)		(0.52	)		12.20		16.87			8,454		0.20			1.43			65
2020		11.79		0.08			(0.11	)		(0.03	)		(0.08	)		(0.75	)		(0.83	)		10.93		(0.43	)		7,981		0.70			1.67			57
2019		12.47		0.10			0.55			0.65			(0.10	)		(1.23	)		(1.33	)		11.79		6.13			9,553		0.89			1.62			44
2018		12.23		0.09			0.97			1.06			(0.09	)		(0.73	)		(0.82	)		12.47		9.08			8,719		0.75			1.59			27
2017		11.81		0.08			1.05			1.13			(0.08	)		(0.63	)		(0.71	)		12.23		10.14			8,165		0.68			1.58			23
Class C
2022(c)	$	12.39	$	(0.02	)	$	0.27		$	0.25		$	—		$	(1.47	)	$	(1.47	)	$	11.17		1.77	%	$	1,037		(0.31	)%(d)		2.17	%(d)		23	%
2021		11.15		(0.07	)		1.81			1.74			—			(0.50	)		(0.50	)		12.39		16.03			1,212		(0.57	)		2.16			65
2020		12.01		0.02			(0.11	)		(0.09	)		(0.02	)		(0.75	)		(0.77	)		11.15		(0.95	)		1,215		0.20			2.17			57
2019		12.67		0.05			0.56			0.61			(0.04	)		(1.23	)		(1.27	)		12.01		5.58			2,195		0.40			2.12			44
2018		12.41		0.03			0.99			1.02			(0.03	)		(0.73	)		(0.76	)		12.67		8.54			4,544		0.25			2.09			27
2017		11.97		0.02			1.06			1.08			(0.01	)		(0.63	)		(0.64	)		12.41		9.62			4,585		0.18			2.08			23
Class I
2022(c)	$	12.09	$	0.04		$	0.26		$	0.30		$	(0.04	)	$	(1.47	)	$	(1.51	)	$	10.88		2.27	%	$	4,042		0.70	%(d)		1.17	%(d)		23	%
2021		10.83		0.05			1.76			1.81			(0.05	)		(0.50	)		(0.55	)		12.09		17.26			3,649		0.47			1.16			65
2020		11.69		0.13			(0.11	)		0.02			(0.13	)		(0.75	)		(0.88	)		10.83		0.09			4,131		1.19			1.17			57
2019		12.38		0.16			0.54			0.70			(0.16	)		(1.23	)		(1.39	)		11.69		6.63			3,734		1.40			1.12			44
2018		12.15		0.15			0.97			1.12			(0.16	)		(0.73	)		(0.89	)		12.38		9.61			3,925		1.24			1.09			27
2017		11.73		0.14			1.05			1.19			(0.14	)		(0.63	)		(0.77	)		12.15		10.72			1,989		1.18			1.08			23

† Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average shares outstanding method.

(b) 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, 2022, 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 Funds, their ability to buy and sell fund investments at appropriate valuations, and their ability to achieve its investment objectives.

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, LLC (the Adviser). Investments in open-end investment companies are valued at each underlying fund’s NAV per share as of the report date.

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

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,

30

TETON Westwood Funds 

Notes to Financial Statements (Unaudited) (Continued)

including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 — quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2022 is as follows:

	Valuation Inputs
					Level 3 Significant
	Level 1		Level 2 Other Significant		Unobservable			Total Market Value
	Quoted Prices		Observable Inputs		Inputs			at 03/31/22
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Automotive: Parts and Accessories	$	14,204,548	$	8		—		$	14,204,556
Aviation: Parts and Services		18,502,928		310,050		—			18,812,978
Business Services		17,330,802		266,500		—			17,597,302
Consumer Products		12,964,784		1		—			12,964,785
Consumer Services		2,126,175		329,600		—			2,455,775
Diversified Industrial		66,976,096		43,875		—			67,019,971
Energy and Utilities: Natural Gas		2,600,365		1,911,546		—			4,511,911
Financial Services		76,781,570		1,985,120		—			78,766,690
Food and Beverage		13,171,287		175,127		—			13,346,414
Health Care		50,673,304		—	$	0			50,673,304
Metals and Mining		527,617		17,510		—			545,127
Real Estate		25,842,109		1,705,634		255			27,547,998
Specialty Chemicals		17,208,101		0		—			17,208,101
Other Industries (a)		285,585,152		—		—			285,585,152
Total Common Stocks		604,494,838		6,744,971		255			611,240,064
Preferred Stocks (a)		4,130,335		—		—			4,130,335
Convertible Preferred Stocks (a)		—		25,770		—			25,770
Mandatory Convertible Securities (a)		—		430,208		—			430,208
Rights (a)		50,400		1		3,979			54,380
Warrants (a)		52,096		45,856		—			97,952
U.S. Government Obligations		—		5,150,107		—			5,150,107
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	608,727,669	$	12,396,913	$	4,234	(b)	$	621,128,816
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	56,015,646		—		—		$	56,015,646
U.S. Government Obligations		—	$	3,408,655		—			3,408,655
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	56,015,646	$	3,408,655		—		$	59,424,301
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (c)		—	$	52,666,308		—		$	52,666,308
Mandatory Convertible Securities (c)	$	6,925,897		1,095,150		—			8,021,047
Common Stocks (c)		711,733		—		—			711,733
U.S. Government Obligations		—		864,343		—			864,343
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	7,637,630	$	54,625,801		—		$	62,263,431

31

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
					Level 3 Significant
	Level 1		Level 2 Other Significant		Unobservable		Total Market Value
	Quoted Prices		Observable Inputs		Inputs		at 03/31/22
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	53,798,551		—		—	$	53,798,551
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	53,798,551		—		—	$	53,798,551
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	32,547,823		—		—	$	32,547,823
Mandatory Convertible Securities (c)		592,679		—		—		592,679
Corporate Bonds (c)		—	$	11,776,226		—		11,776,226
Convertible Corporate Bonds (c)		—		644,141		—		644,141
U.S. Government Agency Obligations		—		755,023		—		755,023
U.S. Government Obligations		—		4,601,436		—		4,601,436
Short Term Investment		243,733		—		—		243,733
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	33,384,235	$	17,776,826		—	$	51,161,061

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

(b) The inputs for these securities are not readily available and are derived based on the judgment of the Adviser according to procedures approved by the Board of Trustees. 

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

During the six months ended March 31, 2022, the Mighty Mites Fund and the Convertible Securities Fund did not have material transfers into or out of level 3.

There were no Level 3 investments held at March 31, 2022 for the SmallCap Equity Fund, Convertible Securities 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.

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

32

TETON Westwood Funds 

Notes to Financial Statements (Unaudited) (Continued)

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, 2022, 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, 2022, 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, 2022, 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.

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.

33

TETON Westwood Funds 

Notes to Financial Statements (Unaudited) (Continued)

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, the adjustments for sales on investments in passive foreign investment companies, reversal of prior year real estate investment trust capital gain, redesignation of dividends paid, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.

The tax character of distributions paid during the fiscal years ended September 30, 2021 was as follows:

	Mighty Mites			SmallCap		Convertible
	Fund			Equity Fund		Securities Fund		Equity Fund			Balanced Fund
Ordinary income (inclusive of short term capital gains)	$	263,315		$	60,233	$	822,928	$	254,580		$	135,877
Net long term capital gains		64,413,988			—		1,507,191		2,023,224			2,303,677
Total distributions paid	$	64,677,303	*	$	60,233	$	2,330,119	$	2,277,804	*	$	2,439,554

* 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, 2022:

	Mighty Mites			SmallCap			Convertible
	Fund			Equity Fund			Securities Fund			Equity Fund			Balanced Fund
Aggregate cost of investments	$	338,303,913		$	37,098,054		$	54,395,864		$	42,899,442		$	45,685,139
Gross unrealized appreciation	$	309,876,602		$	22,988,367		$	10,527,326		$	12,346,753		$	7,272,734
Gross unrealized depreciation		(27,051,699	)		(662,120	)		(2,659,759	)		(1,447,644	)		(1,796,812	)
Net unrealized appreciation	$	282,824,903		$	22,326,247		$	7,867,567		$	10,899,109		$	5,475,922

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, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

34

TETON Westwood Funds 

Notes to Financial Statements (Unaudited) (Continued)

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 Fund’s Proxy Voting Committee. During the six months ended March 31, 2022, the Fund’s 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 $77,450.

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, 2023. For the six months ended March 31, 2022, the Adviser waived fees or reimbursed expenses in the amounts of $102,080 and $155,361 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, 2022, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

	For the year ended		For the year ended		For the six months
	September 30, 2020,		September 30, 2021,		ended March 31, 2022,
	expiring		expiring		expiring
	September 30, 2022		September 30, 2023		September 30, 2024		Total
SmallCap Equity Fund	$	154,193	$	184,042	$	102,080	$	440,315

	For the year ended		For the year ended		For the year ended		For the six months
	September 30, 2019,		September 30, 2020,		September 30, 2021,		ended March 31, 2022,
	expiring		expiring		expiring		expiring
	September 30, 2022		September 30, 2023		September 30, 2024		September 30, 2025		Total
Convertible Securities Fund	$	183,238	$	291,369	$	324,715	$	155,361	$	954,683

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%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

35

TETON Westwood Funds 

Notes to Financial Statements (Unaudited) (Continued)

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2022, other than short term securities, are as follows:

	Purchases		Sales		Purchases
	(excluding U.S.		(excluding U.S.		of U.S.		Sales of U.S.
	Government		Government		Government		Government
	Securities)		Securities)		Securities		Securities
Mighty Mites Fund	$	11,318,533	$	54,929,862		—		—
SmallCap Equity Fund		3,682,009		1,845,640		—		—
Convertible Securities Fund		16,172,795		19,548,736		—		—
Equity Fund		11,303,531		14,723,144		—		—
Balanced Fund		9,701,292		11,215,223	$	2,174,058	$	2,880,897

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2022, the Mighty Mites Fund paid $5,981 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $5,363 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2022, 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 $2,013, $873, $472, $888, and $891, 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, 2022, the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund accrued $22,500, $22,500, $22,500, $22,500, and $22,500 in connection with the cost of computing these Funds’ NAVs.

7. Significant Shareholder. As of March 31, 2022, 11.61% 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, 2022 and fiscal year ended September 30, 2021 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:

	Mighty Mites Fund						SmallCap Equity Fund						Convertible Securities Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Class AAA
Shares sold		49,892			204,748			30,517			67,928			1,904			110,407
Shares issued upon reinvestment of distributions		647,250			442,242			21,469			38			35,923			13,604
Shares redeemed		(626,501	)		(956,412	)		(66,259	)		(84,927	)		(60,657	)		(231,146	)
Net increase/(decrease) in Class AAA Shares		70,641			(309,422	)		(14,273	)		(16,961	)		(22,830	)		(107,135	)
Class A
Shares sold		444,300			681,988			31,971			28,084			6,027			45,239
Shares issued upon reinvestment of distributions		486,643			285,861			14,667			—			27,211			9,906
Shares redeemed		(457,742	)		(717,310	)		(6,820	)		(18,280	)		(27,738	)		(149,530	)
Net increase/(decrease) in Class A Shares		473,201			250,539			39,818			9,804			5,500			(94,385	)
Class C
Shares sold		52,481			126,510			9,888			24,310			7,984			30,209
Shares issued upon reinvestment of distributions		386,309			302,524			8,578			—			24,050			6,495
Shares redeemed		(476,796	)		(1,017,133	)		(16,282	)		(40,029	)		(32,670	)		(116,479	)
Net increase/(decrease) in Class C Shares		(38,006	)		(588,099	)		2,184			(15,719	)		(636	)		(79,775	)
Class I
Shares sold		1,499,143			2,080,055			350,210			672,134			351,955			1,022,132
Shares issued upon reinvestment of distributions		1,525,607			1,008,166			76,155			2,873			307,850			105,088
Shares redeemed		(1,942,581	)		(4,052,069	)		(167,449	)		(508,195	)		(802,474	)		(1,452,440	)
Net increase/(decrease) in Class I Shares		1,082,169			(963,848	)		258,916			166,812			(142,669	)		(325,220	)

	Equity Fund						Balanced Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Class AAA
Shares sold		23,824			19,822			59,587			75,851
Shares issued upon reinvestment of distributions		654,458			175,022			417,737			161,071
Shares redeemed		(256,211	)		(498,259	)		(272,979	)		(485,998	)
Net increase/(decrease) in Class AAA Shares		422,071			(303,415	)		204,345			(249,076	)
Class A
Shares sold		2,357			13,124			16,814			56,771
Shares issued upon reinvestment of distributions		12,797			3,726			88,645			33,400
Shares redeemed		(6,629	)		(38,922	)		(92,650	)		(127,607	)
Net increase/(decrease) in Class A Shares		8,525			(22,072	)		12,809			(37,436	)
Class C
Shares sold		—			50,190			—			129,488
Shares issued upon reinvestment of distributions		620			117			11,236			4,618
Shares redeemed		(867	)		(51,023	)		(16,118	)		(145,210	)
Net decrease in Class C Shares		(247	)		(716	)		(4,882	)		(11,104	)
Class I
Shares sold		4,443			24,025			97,938			23,696
Shares issued upon reinvestment of distributions		41,998			11,745			45,053			18,006
Shares redeemed		(7,417	)		(46,631	)		(73,322	)		(121,172	)
Net increase/(decrease) in Class I Shares		39,024			(10,861	)		69,669			(79,470	)

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, 2022 is set forth below:

	Market Value at September 30, 2021		Purchases		Sales Proceeds		Realized Gain/ (Loss)			Change In Unrealized Appreciation/ (Depreciation)			Market Value at March 31, 2022		Dividend Income		Percent Owned of Shares
Bel Fuse Inc., Cl. A	$	2,159,811	$	50,819	$	10,140	$	3,285		$	1,015,525		$	3,219,300	$	18,246		7.15	%
Burnham Holdings Inc., Cl. A		3,195,800		—		54,874		(2,905	)		22,059			3,160,080		100,320		8.07	%
Nathan’s Famous Inc.		13,471,714		—		—		—			(1,541,638	)		11,930,076		176,187		5.35	%
Schmitt Industries Inc.†		2,549,900		—		—		—			302,430			2,852,330		—		15.56	%
Trans-Lux Corp.†		957,714		—		—		—			666,900			1,624,614		—		16.96	%
Total							$	380		$	465,276		$	22,786,400	$	294,753

† Non-income producing security.

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 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

TETON Westwood Funds

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the 1940 Act, each Fund has established a liquidity risk management program (collectively, the LRM Program) to govern their approach to managing liquidity risk. The LRM Program is administered by the Liquidity Committee (the Committee), which is comprised of members of Gabelli Funds, LLC management. The Board has designated the Committee to administer the LRM Program.

The LRM Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The LRM Program also includes elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund’s liquidity and the monthly classification and re-classification of certain investments that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 11, 2021, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that each Fund is primarily invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, each Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to each Fund’s Prospectus for more information regarding its exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

39

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: wwww.tetonadv.com
email: info@tetonadv.com

Board of Trustees

ANTHONY S. COLAVITA Attorney, Anthony S. Colavita, P.C.	NICHOLAS F. GALLUCCIO* Co-Chairman, 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 Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital
LESLIE F. FOLEY Attorney	MICHAEL J. MELARKEY Of Counsel, McDonald Carano Wilson LLP	SALVATORE J. ZIZZA Chairman, Zizza & Associates Corp. *Interested Trustee

Officers

BRUCE N. ALPERT	PETER GOLDSTEIN
President	Secretary
JOHN C. BALL	RICHARD J. WALZ
Treasurer	Chief Compliance Officer
Investment Adviser	Distributor
Teton Advisors, LLC	G.distributors, LLC
Keeley-Teton Advisors, LLC*
Transfer Agent and Disbursing Agent	Legal Counsel
DST Asset Manager Solutions, Inc.	Paul Hastings LLP
	*Investment Adviser of TETON Westwood
	SmallCap Equity Fund

We have separated the portfolio managers’ commentaries from the financial statements and investment portfolios due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentaries is unrestricted. Both the commentaries and the financial statements, including the portfolio of investments, will be available on our website at www.tetonadv.com.

This report is submitted for the information of the shareholders of the TETON Westwood Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GABWWQ122SR

(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) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

TETON Westwood Mighty Mites Fund

Schedule of Investments — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 96.0%
		Aerospace and Defense — 4.5%
	516,500	Aerojet Rocketdyne Holdings Inc.†	$	2,597,640	$	20,324,275
	136,560	Allied Motion Technologies Inc.		3,322,170		4,074,950
	151,000	Avio SpA		2,130,362		1,777,346
	106,000	Innovative Solutions and Support Inc.†		396,485		854,360
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		143,360
	65,500	Park Aerospace Corp.		1,030,720		854,775
				9,520,340		28,029,066
		Agriculture — 0.7%
	215	J.G. Boswell Co.		136,405		222,525
	232,000	Limoneira Co.		4,354,062		3,405,760
	466,000	S&W Seed Co.†		1,609,480		992,580
				6,099,947		4,620,865
		Automotive — 1.6%
	42,650	Rush Enterprises Inc., Cl. A		523,506		2,171,312
	104,735	Rush Enterprises Inc., Cl. B		1,311,878		5,063,937
	22,000	Sonic Automotive Inc., Cl. A		283,492		935,220
	12,000	TravelCenters of America Inc.†		352,795		515,520
	65,000	Wabash National Corp.		122,881		964,600
				2,594,552		9,650,589
		Automotive: Parts and Accessories — 2.3%
	294,993	Commercial Vehicle Group Inc.†		2,747,136		2,492,691
	47,500	Dana Inc.		320,625		834,575
	12,190	Gentherm Inc.†		177,000		890,358
	352,000	Modine Manufacturing Co.†		4,411,336		3,171,520
	18,000	Motorcar Parts of America Inc.†		236,616		320,940
	80,000	Puradyn Filter Technologies Inc.†		13,774		8
	48,028	Standard Motor Products Inc.		615,891		2,071,928
	110,560	Strattec Security Corp.†		2,537,035		4,120,571
	20,500	Titan International Inc.†		88,258		301,965
				11,147,671		14,204,556
		Aviation: Parts and Services — 3.0%
	200,000	Astronics Corp.†		2,529,514		2,586,000
	23,896	Astronics Corp., Cl. B†		144,647		310,050
	180,540	Ducommun Inc.†		4,543,644		9,458,491
	142,250	Kaman Corp.		3,813,687		6,185,030
				11,031,492		18,539,571
		Broadcasting — 1.7%
	415,790	Beasley Broadcast Group Inc., Cl. A†		2,030,438		731,791
	295,145	Dish TV India Ltd., GDR†		226,437		118,058
	241,120	Gray Television Inc.		265,142		5,321,518
	86,293	Gray Television Inc., Cl. A.		620,246		1,774,184
	32,000	Sinclair Broadcast Group Inc., Cl. A.		51,619		896,640
	150,000	Townsquare Media Inc., Cl. A†		1,160,428		1,918,500
				4,354,310		10,760,691
		Building and Construction — 3.0%
	48,000	Armstrong Flooring Inc.†		231,245		68,640

Shares			Cost		Market Value
	95,500	Gibraltar Industries Inc.†	$	2,257,102	$	4,101,725
	5,500	Granite Construction Inc.		128,087		180,400
	6,000	Herc Holdings Inc.		174,981		1,002,540
	68,000	Huttig Building Products Inc.†		87,906		724,880
	30,700	MYR Group Inc.†		593,756		2,887,028
	74,370	The Monarch Cement Co.		1,978,761		9,816,840
				5,451,838		18,782,053
		Business Services — 2.8%
	2,277	American Airlines Group Inc.†		41,145		41,555
	20,000	comScore Inc.†		66,790		58,200
	340,000	Diebold Nixdorf Inc.†		1,455,328		2,288,200
	4,100	Du-Art Film Laboratories Inc.†		668,546		266,500
	13,500	IAA Inc.†		114,457		516,375
	19,780	ICF International Inc.		474,386		1,862,089
	31,800	KAR Auction Services Inc.†		167,698		573,990
	193,000	MoneyGram International Inc.†		1,042,997		2,038,080
	261,000	PFSweb Inc.†		1,529,803		2,983,230
	45,000	Team Inc.†		129,225		99,450
	2,280,000	Trans-Lux Corp.†(a)		1,188,097		1,624,614
	53,160	Viad Corp.†		1,308,346		1,894,622
	109,169	Willdan Group Inc.†		3,368,179		3,350,397
				11,554,997		17,597,302
		Communications — 0.3%
	124,000	Comtech Telecommunications Corp.		2,185,532		1,945,560
		Communications Equipment — 0.9%
	50,000	Anterix Inc.†		1,602,949		2,895,000
	180,000	Extreme Networks Inc.†		557,436		2,197,800
	35,000	Limelight Networks Inc.†		153,794		182,700
				2,314,179		5,275,500
		Computer Software and Services — 2.3%
	4,000	Agilysys Inc.†		69,574		159,520
	722,821	Alithya Group Inc., Cl. A†		1,739,405		1,843,194
	154,000	American Software Inc., Cl. A		1,348,223		3,209,360
	50,000	Avid Technology Inc.†		288,886		1,743,500
	14,000	Cardlytics Inc.†		148,003		769,720
	45,000	DHI Group Inc.†		81,549		267,750
	150,000	Digi International Inc.†		1,777,101		3,228,000
	10,000	Materialise NV, ADR†		58,532		193,500
	137,000	Mitek Systems Inc.†		778,274		2,009,790
	65,000	Otonomo Technologies Ltd.†		545,882		128,050
	40,000	Playstudios Inc.†		266,853		194,000
	1,000	Tyler Technologies Inc.†		16,928		444,890
				7,119,210		14,191,274
		Consumer Products — 2.1%
	55,000	Acme United Corp.		968,676		1,856,250
	60,000	Bassett Furniture Industries Inc.		873,645		993,600
	700,000	Goodbaby International Holdings Ltd.†		228,510		91,149
	5,000	Johnson Outdoors Inc., Cl. A		145,741		388,650
	256,175	Lifetime Brands Inc.		2,784,957		3,289,287
	400,000	Marine Products Corp.		2,815,473		4,620,000
	13,500	MarineMax Inc.†		194,809		543,510
	13,000	Nautilus Inc.†		153,752		53,560
	32,020	Oil-Dri Corp. of America		630,777		917,373

See accompanying notes to financial statements.

1

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	5,700	PC Group Inc.†	$	3,465	$	1
	2,300,000	Playmates Holdings Ltd.		276,814		211,405
				9,076,619		12,964,785
		Consumer Services — 0.4%
	152,000	1-800-Flowers.com Inc., Cl. A†		952,584		1,939,520
	64,000	Bowlin Travel Centers Inc.†		87,677		329,600
	3,500	Carriage Services Inc.		53,964		186,655
				1,094,225		2,455,775
		Diversified Industrial — 10.6%
	134,016	Ampco-Pittsburgh Corp.†		614,382		845,641
	228,000	Burnham Holdings Inc., Cl. A(a)		3,577,601		3,160,080
	40,500	Chase Corp.		677,376		3,519,855
	79,300	Columbus McKinnon Corp.		1,308,587		3,362,320
	83,000	Graham Corp.		983,839		639,930
	403,313	Griffon Corp.		4,454,166		8,078,359
	18,700	Haulotte Group SA†		100,407		85,437
	2,000	Hyster-Yale Materials Handling Inc.		97,800		66,420
	206,000	Intevac Inc.†		990,952		1,102,100
	15,000	John Bean Technologies Corp.		427,533		1,777,050
	168,000	L.B. Foster Co., Cl. A†		2,626,427		2,582,160
	224,239	Lawson Products Inc.†		3,203,573		8,642,171
	8,000	MSA Safety Inc.		259,401		1,061,600
	766,870	Myers Industries Inc.		12,186,670		16,564,392
	42,000	Napco Security Technologies Inc.†		103,917		861,840
	200,047	Park-Ohio Holdings Corp.		4,227,513		2,814,661
	19,500	RWC Inc.†		311,533		43,875
	15,000	Standex International Corp.		618,663		1,498,800
	93,500	Steel Partners Holdings LP†		1,449,362		3,885,860
	302,000	Tredegar Corp.		4,731,281		3,620,980
	115,000	Twin Disc Inc.†		1,520,691		1,913,600
				44,471,674		66,127,131
		Educational Services — 0.1%
	95,000	Universal Technical Institute Inc.†		289,750		840,750
		Electronics — 5.3%
	147,000	Arlo Technologies Inc.†		449,148		1,302,420
	25,700	Badger Meter Inc.		438,541		2,562,547
	153,300	Bel Fuse Inc., Cl. A(a)		2,835,607		3,219,300
	249,580	CTS Corp.		2,214,549		8,820,157
	46,000	Daktronics Inc.†		387,233		176,640
	30,000	IMAX Corp.†		129,139		567,900
	36,000	Kimball Electronics Inc.†		216,418		719,640
	5,000	Mesa Laboratories Inc.		144,741		1,274,400
	20,800	Methode Electronics Inc.		126,090		899,600
	593,000	Schmitt Industries Inc.†(a)		1,341,444		2,852,330
	114,500	Stoneridge Inc.†		1,233,293		2,377,020
	108,000	Ultra Clean Holdings Inc.†		292,995		4,578,120
	189,000	Ultralife Corp.†		1,317,031		1,014,930
	70,000	Vishay Precision Group Inc.†		1,969,423		2,250,500
				13,095,652		32,615,504
		Energy and Utilities: Natural Gas — 0.7%
	9,180	Chesapeake Utilities Corp.		154,758		1,264,637

Shares			Cost		Market Value
	78,908	Corning Natural Gas Holding Corp.	$	765,625	$	1,911,546
	54,310	RGC Resources Inc.		459,370		1,161,148
	3,500	Unitil Corp.		167,989		174,580
				1,547,742		4,511,911
		Energy and Utilities: Services — 0.3%
	213,833	Alvopetro Energy Ltd.		275,183		935,621
	24,000	Dawson Geophysical Co.†		62,929		56,160
	60,000	RPC Inc.†		108,521		640,200
	6,500	Subsea 7 SA, ADR		23,304		60,840
				469,937		1,692,821
		Energy and Utilities: Water — 1.8%
	34,926	Artesian Resources Corp., Cl. A		908,629		1,695,657
	10,000	Cadiz Inc.†		87,995		20,700
	23,800	California Water Service Group		467,113		1,410,864
	61,000	Consolidated Water Co. Ltd.		663,802		674,660
	30,000	Energy Recovery Inc.†		85,397		604,200
	6,752	Middlesex Water Co.		138,256		710,108
	62,304	SJW Group		1,594,829		4,335,112
	43,007	The York Water Co.		728,043		1,934,025
				4,674,064		11,385,326
		Entertainment — 0.5%
	108,000	Borussia Dortmund GmbH & Co. KGaA†		704,771		484,113
	1,500	Canterbury Park Holding Corp.		18,544		33,000
	101,000	GAN Ltd.†		1,769,784		486,820
	534,555	Sportech plc†		223,541		245,776
	28,000	World Wrestling Entertainment Inc., Cl. A		434,758		1,748,320
				3,151,398		2,998,029
		Environmental Control — 1.0%
	70,300	Casella Waste Systems Inc., Cl. A†		277,447		6,161,795
	15,000	Primo Water Corp.		121,162		213,750
				398,609		6,375,545
		Equipment and Supplies — 4.6%
	17,000	AZZ Inc.		643,988		820,080
	64,266	CIRCOR International Inc.†		1,572,433		1,710,761
	169,500	Core Molding Technologies Inc.†		1,226,245		1,823,820
	110,000	Federal Signal Corp.		654,129		3,712,500
	52,000	Interpump Group SpA.		336,781		2,628,892
	255,000	Kimball International Inc., Cl. B		2,757,573		2,154,750
	34,200	Maezawa Kyuso Industries  Co. Ltd.		92,537		273,342
	20,950	Powell Industries Inc.		705,641		406,849
	298,000	The Eastern Co.		5,581,796		6,940,420
	86,000	The Gorman-Rupp Co.		2,006,289		3,085,680
	67,100	The L.S. Starrett Co., Cl. A†		559,983		515,999
	154,000	Titan Machinery Inc.†		2,312,621		4,352,040
	33,000	TransAct Technologies Inc.†		109,747		232,980
				18,559,763		28,658,113
		Financial Services — 11.0%
	47,000	Allegiance Bancshares Inc.		1,877,815		2,099,960
	2,000	Ameris BanCorp.		16,876		87,760
	22,000	Atlantic American Corp.		82,984		68,200

See accompanying notes to financial statements.

2

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	41,744	Atlantic Union Bankshares Corp.	$	1,292,800	$	1,531,587
	13,500	Berkshire Bancorp Inc.†		170,924		161,325
	11,275	Berkshire Hills Bancorp Inc.		206,283		326,637
	74	Burke & Herbert Bank and Trust Co.		94,450		165,020
	14,740	Cadence Bank		455,207		431,292
	81,800	Capital City Bank Group Inc.		1,996,750		2,156,248
	10,000	Capitol Federal Financial Inc.		116,099		108,800
	16,560	Citizens & Northern Corp.		325,075		403,733
	5,000	ConnectOne Bancorp Inc.		111,579		160,050
	28,300	Crazy Woman Creek Bancorp Inc.		489,014		750,092
	21,111	Dime Community Bancshares Inc.		522,733		729,807
	1,120	Farmers & Merchants Bank of Long Beach		6,157,165		9,184,000
	40,000	Farmers National Banc Corp.		333,870		682,400
	26,440	First Internet Bancorp.		529,233		1,137,184
	391,300	Flushing Financial Corp.		6,272,673		8,745,555
	74,000	FNB Corp.		719,682		921,300
	32,116	FS Bancorp Inc.		589,634		995,596
	65,048	GTY Technology Holdings Inc.†		455,488		210,105
	10	Guaranty Corp., Cl. A†		137,500		55,000
	12,000	Hallmark Financial Services Inc.†		84,921		43,560
	27,300	HomeStreet Inc.		273,000		1,293,474
	9,030	Hope Bancorp Inc.		47,336		145,202
	127,000	I3 Verticals Inc., Cl. A†		2,140,693		3,538,220
	17,000	ICC Holdings Inc.†		170,000		278,290
	62,500	KKR & Co. Inc.		7,419		3,654,375
	67,700	Legacy Housing Corp.†		791,575		1,452,842
	4,360	LendingTree Inc.†		126,973		521,761
	110,000	Medallion Financial Corp.		455,408		935,000
	4,197	Northrim BanCorp Inc.		91,498		182,863
	19,390	OceanFirst Financial Corp.		359,396		389,739
	11,000	Pacific Premier Bancorp Inc.		307,924		388,850
	50,332	People s United Financial Inc.		755,573		1,006,137
	285,000	Post Holdings Partnering Corp.†		2,852,850		2,871,375
	32,000	Primis Financial Corp.		509,070		447,360
	150,000	Pzena Investment Management Inc., Cl. A		1,058,909		1,203,000
	33,651	Renasant Corp.		367,249		1,125,626
	2,989	Salisbury Bancorp Inc.		129,412		167,384
	26,500	Sandy Spring Bancorp Inc.		880,394		1,190,380
	3,000	Seacoast Banking Corp. of Florida		92,978		105,060
	4,500	Security National Corp.		409,597		582,728
	74,000	Silvercrest Asset Management Group Inc., Cl. A		1,009,175		1,513,300
	6,750	Simmons First National Corp., Cl. A		152,916		176,985
	67,010	Southern First Bancshares Inc.†		3,091,195		3,406,789
	4,500	Southside Bancshares Inc.		153,548		183,735
	22,000	Sprott Inc.		505,129		1,103,036
	25,500	Territorial Bancorp Inc.		650,178		612,000

Shares			Cost		Market Value
	5,700	Thomasville Bancshares Inc.	$	216,040	$	374,775
	5,000	Towne Bank.		146,110		149,700
	10,010	TrustCo Bank Corp. NY.		230,230		319,619
	8,701	United Bankshares Inc.		282,365		303,491
	51,152	Valley National Bancorp.		344,052		665,999
	32,200	Value Line Inc.		318,393		2,157,400
	45,900	Washington Trust Bancorp Inc.		1,029,683		2,409,750
	74,800	Waterstone Financial Inc.		797,062		1,446,632
	79,260	Western New England Bancorp Inc.		675,293		708,584
	240,000	Wright Investors Service Holdings Inc.†		141,675		61,200
				44,609,053		68,227,872
		Food and Beverage — 2.1%
	84,600	Andrew Peller Ltd., Cl. A		357,330		492,651
	1,900	Bridgford Foods Corp.†		32,687		20,235
	54,000	Calavo Growers Inc.		1,685,391		1,968,300
	133,000	Corby Spirit and Wine Ltd., Cl. A		1,998,640		1,849,010
	370,500	Crimson Wine Group Ltd.†		3,295,312		2,997,345
	459,000	Farmer Brothers Co.†		4,407,118		3,268,080
	1,250	Hanover Foods Corp., Cl. A		118,555		71,250
	300	Hanover Foods Corp., Cl. B		28,206		23,400
	21,000	Iwatsuka Confectionery Co. Ltd.		727,260		673,608
	1,500	J & J Snack Foods Corp.		21,622		232,650
	1,400	John B Sanfilippo & Son Inc.		62,433		116,816
	70,000	Premier Foods plc		32,686		104,829
	1,510	Rock Field Co. Ltd.		11,171		18,432
	4,600	Scheid Vineyards Inc., Cl. A†		56,199		80,477
	4,000	T. Hasegawa Co. Ltd.		83,685		85,658
	235,200	Tingyi (Cayman Islands) Holding Corp.		345,177		396,339
	207,400	Vitasoy International Holdings Ltd.		108,284		393,444
	23,000	Willamette Valley Vineyards Inc.†		88,087		207,690
				13,459,843		13,000,214
		Health Care — 8.1%
	40,000	Accuray Inc.†		237,950		132,400
	22,000	Anika Therapeutics Inc.†		646,748		552,420
	5,700	Boiron SA		96,539		243,712
	101,660	Cardiovascular Systems Inc.†		1,777,901		2,297,516
	9,000	CareDx Inc.†		47,818		332,910
	6,500	Collegium Pharmaceutical Inc.†		120,404		132,340
	185,000	Conformis Inc.†		284,453		115,403
	247,660	Cutera Inc.†		3,949,961		17,088,540
	35,142	Electromed Inc.†		76,795		437,167
	62,000	Exelixis Inc.†		118,110		1,405,540
	600	Heska Corp.†		5,703		82,968
	175,000	InfuSystem Holdings Inc.†		417,443		1,715,000
	21,730	Integer Holdings Corp.†		452,206		1,750,786
	197,665	IntriCon Corp.†		2,070,139		4,716,287
	11,500	Invitae Corp.†		76,602		91,655
	5,500	LeMaitre Vascular Inc.		133,878		255,585
	25,000	Meridian Bioscience Inc.†		361,960		649,000
	212,000	Neogen Corp.†		306,519		6,538,080
	60,500	NeoGenomics Inc.†		196,109		735,075
	56,000	Neuronetics Inc.†		556,291		169,680
	19,500	Omnicell Inc.†		320,514		2,525,055

See accompanying notes to financial statements.

3

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	220,000	OPKO Health Inc.†	$	532,213	$	756,800
	21,000	Option Care Health Inc.†		182,763		599,760
	62,700	Orthofix Medical Inc.†		1,412,959		2,050,290
	44,000	Paratek Pharmaceuticals Inc.†		208,826		130,680
	2,500	Quidel Corp.†		27,931		281,150
	1,500	STERIS plc.		59,808		362,655
	18,000	Surgalign Holdings Inc.†		78,211		5,477
	50,000	SurModics Inc.†		983,577		2,266,500
	2,000	Targanta Therapeutics Corp., Escrow†(b)		0		0
	70,511	United-Guardian Inc.		637,064		1,589,318
	1,200	Utah Medical Products Inc.		30,973		107,832
	22,000	Zealand Pharma A/S†		267,706		340,923
				16,676,074		50,458,504
		Hotels and Gaming — 5.5%
	42,964	Bally’s Corp.†		1,306,647		1,320,713
	25,000	Boyd Gaming Corp.		135,993		1,644,500
	21,500	Caesars Entertainment Inc.†		87,548		1,663,240
	4,190	Churchill Downs Inc.		81,716		929,258
	1,217,119	Full House Resorts Inc.†		3,347,719		11,696,514
	194,000	Gambling.com Group Ltd.†		1,515,880		1,720,780
	63,000	Genius Sports Ltd.†		781,459		289,800
	129,500	Golden Entertainment Inc.†		1,456,722		7,520,065
	355,721	Inspired Entertainment Inc.†		2,238,036		4,375,368
	232,000	PlayAGS Inc.†		1,834,875		1,547,440
	20,000	Rush Street Interactive Inc.†		230,786		145,400
	72,500	The Marcus Corp.†		941,928		1,283,250
				13,959,309		34,136,328
		Machinery — 3.2%
	219,000	Astec Industries Inc.		7,709,095		9,417,000
	4,400	DMG Mori AG		22,722		203,461
	476,037	Gencor Industries Inc.†		3,080,659		4,893,660
	4,980	Lindsay Corp.		426,333		781,910
	22,650	Tennant Co.		641,403		1,784,820
	18,720	The Middleby Corp.†		185,001		3,068,957
	14,000	Williams Industrial Services Group Inc.†		52,770		27,860
				12,117,983		20,177,668
		Manufactured Housing and Recreational Vehicles — 2.5%
	24,440	Cavco Industries Inc.†		1,575,461		5,886,374
	105,850	Nobility Homes Inc.		1,515,295		3,598,900
	73,500	Skyline Champion Corp.†		487,054		4,033,680
	40,000	Winnebago Industries Inc.		378,248		2,161,200
				3,956,058		15,680,154
		Metals and Mining — 0.1%
	40,000	Osisko Gold Royalties Ltd.		514,144		527,617
	400,000	Tanami Gold NL†		17,083		17,510
				531,227		545,127
		Paper and Forest Products — 0.1%
	26,550	Keweenaw Land Association Ltd.		2,229,847		566,843
		Publishing — 1.3%
	100,000	ARC Document Solutions Inc.		179,113		390,000
	9,000	DallasNews Corp.		104,847		62,640
	16,000	Lee Enterprises Inc.†		385,185		430,720

Shares			Cost		Market Value
	341,900	The E.W. Scripps Co., Cl. A†	$	1,694,756	$	7,108,101
				2,363,901		7,991,461
		Real Estate — 4.4%
	116,000	Ambase Corp.†		123,534		38,280
	115,300	Capital Properties Inc., Cl. A		1,230,997		1,427,414
	30,000	DREAM Unlimited Corp., Cl. A		331,539		1,195,057
	22,000	FRP Holdings Inc.†		724,341		1,271,600
	16,138	Gyrodyne LLC†		421,133		229,805
	6,200	Holobeam Inc.†		100,461		239,940
	243,193	Indus Realty Trust Inc., REIT		7,153,331		17,774,976
	289,269	Reading International Inc., Cl. A†		2,210,090		1,238,071
	74,400	Reading International Inc., Cl. B†		674,532		1,413,600
	2,508	Royalty LLC†(b)		0		255
	100,000	Tejon Ranch Co.†		2,058,768		1,826,000
	470,000	Trinity Place Holdings Inc.†		1,981,217		893,000
				17,009,943		27,547,998
		Restaurants — 2.1%
	57,000	Denny’s Corp.†		384,205		815,670
	220,234	Nathan’s Famous Inc.(a)		3,342,683		11,930,076
				3,726,888		12,745,746
		Retail — 1.9%
	16,000	Big 5 Sporting Goods Corp.		86,313		274,400
	10,000	Ethan Allen Interiors Inc.		189,439		260,700
	48,240	Ingles Markets Inc., Cl. A		846,873		4,295,772
	20,000	Lands’ End Inc.†		354,276		338,400
	33,000	La-Z-Boy Inc.		718,603		870,210
	61,500	Movado Group Inc.		850,352		2,401,575
	1,000	PetMed Express Inc.		15,765		25,800
	2,328	Tuesday Morning Corp.†		2,561		2,561
	135,174	Village Super Market Inc., Cl. A		3,526,419		3,311,763
				6,590,601		11,781,181
		Specialty Chemicals — 2.8%
	375,000	Ferro Corp.†		1,662,777		8,152,500
	72,840	Hawkins Inc.		1,294,278		3,343,356
	3,500	Minerals Technologies Inc.		101,755		231,525
	100,530	Navigator Holdings Ltd.†		944,168		1,227,471
	106,100	Neo Performance Materials Inc.		1,339,145		1,291,719
	33,000	Teraoka Seisakusho Co. Ltd.		243,988		96,230
	66,900	The General Chemical Group Inc.†		6,021		0
	192,174	Treatt plc		1,033,807		2,865,300
				6,625,939		17,208,101
		Telecommunications — 0.4%
	91,000	A10 Networks Inc.		582,048		1,269,450
	15,000	Frequency Electronics Inc.†		166,203		130,500
	9,000	Iridium Communications Inc.†		76,270		362,880
	30,000	Nuvera Communications Inc.		219,358		651,000
	1,500	Preformed Line Products Co.		68,008		95,130
	5,000	Shenandoah Telecommunications Co.		25,355		117,900
				1,137,242		2,626,860

See accompanying notes to financial statements.

4

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2022 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Transportation — 0.0%
	5,000	Patriot Transportation Holding Inc.	$	90,183	$	39,900
		TOTAL COMMON STOCKS		315,287,592		596,956,674
		PREFERRED STOCKS — 0.7%
		Automotive: Parts and Accessories — 0.1%
	19,300	Jungheinrich AG		52,796		562,375
		Financial Services — 0.6%
	153,000	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		3,886,245		3,567,960
		TOTAL PREFERRED STOCKS		3,939,041		4,130,335
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Ser. 2003		7,625		25,770
		MANDATORY CONVERTIBLE SECURITIES(c) — 0.1%
		Energy and Utilities — 0.1%
	15,095	Corning Natural Gas Holding Corp., Ser. B, 4.800%, 09/30/26		313,221		430,208
		RIGHTS — 0.0%
		Energy and Utilities: Services — 0.0%
	85,500	Pineapple Holdings Inc., CVR†		0		1
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(b)		0		1
		Health Care — 0.0%
	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		3,978
		TOTAL RIGHTS		103,591		3,980
		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†		0		652
		Computer Software and Services — 0.0%
	9,000	Otonomo Technologies Ltd., expire 08/13/26†		12,907		1,440
	4,666	Playstudios Inc., expire 11/30/27†		9,866		3,920
				22,773		5,360

Shares			Cost		Market Value
		Diversified Industrial — 0.0%
	47,000	Ampco-Pittsburgh Corp., expire 08/01/25†	$	32,110	$	38,310
		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		4,576
		Health Care — 0.0%
	8,737	Option Care Health Inc., Cl. A, expire 07/27/25†		7,979		25,523
	8,737	Option Care Health Inc., Cl. B, expire 07/27/25†		7,554		19,681
				15,533		45,204
		Hotels and Gaming — 0.0%
	3,667	Genius Sports Ltd., expire 12/31/28†		19,204		3,850
		TOTAL WARRANTS		89,620		97,952

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.8%
$	5,155,000	U.S. Treasury Bills, 0.385% to 0.522%††, 06/09/22 to 06/23/22		5,149,789		5,150,107
		TOTAL MISCELLANEOUS INVESTMENTS — 2.3%(d)		11,469,355		14,333,790
		TOTAL INVESTMENTS — 99.9%	$	336,359,834		621,128,816
		Other Assets and Liabilities (Net) — 0.1%				488,006
		NET ASSETS — 100.0%			$	621,616,822

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

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

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

(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)(2)(1) Not applicable.

(a)(2)(2) 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 June 3, 2022

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 June 3, 2022

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

Date June 3, 2022

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