TETON Westwood Equity Fund Class AAA NCSRS 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)

John C. Ball
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, 2023

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, 2023

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, 2023 (a)														Average Annual Returns — March 31, 2023 (a)(b)(c)
	1 Year		5 Year		10 Year		15 Year		Since Inception		Gross Expense Ratio		Expense Ratio after Adviser Reimbursements		1 Year		5 Year		10 Year		15 Year		Since Inception		Gross Expense Ratio		Expense Ratio after Adviser Reimbursements
Mighty Mites Fund		(5.02)%		4.02%		7.07%		8.35%		9.91%		1.41%		1.41%		(8.80)%		3.04%		6.42%		7.84%		9.53%		1.41%		1.41%
SmallCap Equity Fund		(11.22)		7.24		9.44		8.88		7.88		1.64		1.25		(14.75)		6.23		8.79		8.36		7.55		1.64		1.25
Convertible Securities Fund		(12.53)		4.99		6.36		5.74		6.99		1.62		1.15		(16.01)		3.99		5.73		5.23		6.62		1.62		1.15
Equity Fund		(7.08)		6.82		8.97		6.81		9.61		1.64		1.64		(10.81)		5.80		8.32		6.29		9.27		1.64		1.64
Balanced Fund		(6.77)		4.48		5.92		5.14		7.74		1.41		1.41		(10.59)		3.48		5.29		4.63		7.35		1.41		1.41

			Class C Shares														Class I Shares
			Average Annual Returns — March 31, 2023 (a)(c)(d)														Average Annual Returns — March 31, 2023 (a)(c)
	1 Year		5 Year		10 Year		15 Year		Since Inception		Gross Expense Ratio		Expense Ratio after Adviser Reimbursements		1 Year		5 Year		10 Year		15 Year		Since Inception		Gross Expense Ratio		Expense Ratio after Adviser Reimbursements
Mighty Mites Fund		(6.63)%		3.25%		6.26%		7.54%		9.20%		2.16%		2.16%		(4.76)%		4.28%		7.33%		8.61%		10.08%		1.16%		1.16%
SmallCap Equity Fund		(12.79)		6.44		8.62		8.07		7.19		2.39		2.00		(10.96)		7.52		9.71		9.16		8.04		1.39		1.00
Convertible Securities Fund		(14.05)		4.20		5.57		4.95		6.37		2.37		1.90		(12.35)		5.23		6.63		6.01		7.15		1.37		0.90
Equity Fund		(8.67)		6.00		8.15		6.00		9.06		2.39		2.39		(6.91)		7.08		9.21		7.06		9.72		1.39		1.39
Balanced Fund		(8.45)		3.67		5.13		4.36		7.12		2.16		2.16		(6.55)		4.75		6.19		5.41		7.87		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, 2024 and are renewable annually by the Adviser. The gross expense ratios and expense ratios after adviser reimbursements are from the current prospectus dated January 27, 2023. 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 below.

(d)

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

	Inception Dates
	Class AAA Shares	Class A Shares	Class C Shares	Class I Shares
Mighty Mites 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.

Performance Discussion (Unaudited)

Mighty Mites Fund

To Our Shareholders,

For the six months ended March 31, 2023, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Mighty Mites Fund was 16.5% compared with a total return of 9.1% for the Russell 2000 Index. See the next page for additional performance information.

Investment Objective and Strategy

The Fund primarily invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of initial investment. The portfolio management team focuses on bottom up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their Private Market Value (PMV), and possess a catalyst that can unlock hidden value within the enterprise. As such, (y)our portfolio is diversified across a broad cross section of companies sharing these valuation characteristics.

Performance Discussion

Stock market indices appreciated during the final quarter of the calendar year 2022 as inflation decelerated, fueling optimism that the Fed may be close to the conclusion of its tightening cycle. The December release of CPI (+7.1%) indicated that core inflation softened to 6.0% over the last twelve months, a step down from the October reading. The higher interest rate environment appears to be dampening inflation but also growth, which sustained investors’ recession concerns. But as we have stated in previous letters, the U.S. consumer remains resilient. Americans have more savings than they did at pre-pandemic levels, and workers garnered higher wages amid tight labor conditions.

Equity markets moved broadly higher in the first quarter of 2023 despite significant volatility, driven by a growing roster of macroeconomic risks and uncertainties. Companies continue to experience persistent supply chain and labor cost pressures, but have noted some relief from the raw material and logistics expenses that pressured results for much of the past two years. The largely employed U.S. consumer (unemployment stood at 3.5% in March) continues to spend, particularly in categories such as staples and travel, but high housing and transportation costs have pressured household budgets and weakened demand for more discretionary items. Price increases, a staple of business activity over the past few years, are becoming less frequent.

Among the Fund’s top contributors to performance for the period were: Aerojet Rocketdyne Holdings Inc. (2.1% of net assets as of March 31, 2023), which is a manufacturer of aerospace and defense products and systems for defense and space applications; Myers Industries Inc. (3.3%),which is a manufacturer of polymer products for storing and transporting materials and goods, and global distributor of tire repair and retread products; and Distribution Solutions Group Inc. (1.9%), which distributes consumable industrial products for maintenance, repair, and operations (MRO) use in a number of end markets.

Some of the detractors to performance included: Farmers and Merchants Bank of Long Beach (1.6%) is a state chartered bank that offers a range of banking products and services to individuals, professionals, and small to medium sized businesses Flushing Financial Corp. (1.3%) operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses and governmental units; and Cutera Inc. (1.3%) is a manufacturer of non-invasive laser and other energy based systems and products for cosmetic vascular conditions, body sculpting, hair removal, skin rejuvenation, pigmented lesions, and tattoo removal.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (5/11/98)
Mighty Mites Fund Class AAA	16.51	%	(5.02	)%	4.02	%	7.07	%	8.35	%	9.91	%
Dow Jones U.S. Micro-cap Total Stock Market Index (b)	2.81		(22.17	)	(0.04	)	4.94		6.01		6.81
Russell 2000 Index (c)	9.14		(11.61	)	4.71		8.04		8.10		6.89
Lipper Small Cap Value Fund Average (d)	12.13		(7.23	)	5.78		7.60		7.78		7.75

(a)

The Adviser reimbursed expenses through September 30, 2005 to limit the expense ratios. Had such limitations not been in place, returns would have been lower. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares.

(b)

The Dow Jones U.S. Micro-Cap Total Stock Market Index is designed to provide a comprehensive measure of the micro-cap segment of the U.S. stock market. Dividends are considered reinvested. You cannot invest directly in an index. Since inception performance is as of April 29, 1998.

(c)

The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(d)

The Lipper Small Cap Value Fund Average reflects the average performance of mutual funds classified in this particular category. Dividends are considered reinvested. You cannot invest directly in an index. Since inception performance is as of April 29, 1998.

In the current prospectuses dated January 27, 2023, the expense ratio for Class AAA Shares is 1.41%. See page 34 for the expense ratios for the six months ended March 31, 2023. Class AAA Shares do not have a sales charge.

Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end.

SmallCap Equity Fund (Unaudited)

To Our Shareholders,

For the six months ended March 31, 2023, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood SmallCap Equity Fund was 10.8% compared with a total return of 9.1% for the Russell 2000 Index. See the next page for additional performance information.

Investment Objective and Strategy

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

Performance Discussion

The overriding concern impacting markets has been how much further the U.S. Federal Reserve and global central banks will raise interest rates to tame inflation. The Fed hiked its Federal Funds rate by half a point in December 2022 and suggested a terminal rate of around 5%. December’s rate move marked a downshift by the Fed following four consecutive 75 basis point hikes that have boosted rates at the fastest pace since the 1980s. Despite the most rapid tightening of financial conditions in a generation, the U.S. economy is entering 2023 in decent shape. Job growth remains robust, consumers have ample savings, and corporate earnings are at record levels.

The first quarter of 2023 ended amidst stock market turbulence over fears that the collapse of a few regional banks would trigger a contagion of systemic deposit outflows. The rapid collapse into Federal Deposit Insurance Corp. (FDIC) receivership of SVB Financial Group and Signature Bank, along with the virtual wipeout of First Republic Bank equity holders, has raised concerns over the stability and durability of U.S. community banks as rising interest rates force markdowns of bank bond portfolio holdings.

While our bank holdings have borne some of the brunt of the market sell off, well capitalized community banks remain the lifeblood of the U.S. economy, vital to capital formation and lending to small businesses, which drive both employment and GDP growth. Banks with less than $10 billion in assets accounted for nearly 43 percent of small loans to businesses outstanding at the end of 2022, according to a study at Florida Atlantic University. The 13 largest banks, by contrast, accounted for less than 23 percent of small business loans.

Among our stronger performing stocks for the period were: Onto Innovation Inc. (3.3% of net assets as of March 31, 2023) is a semiconductor equipment provider well known for its metrology and inspection products; AAR Corp, (2.8%) which provides products and services to commercial aviation, government, and defense markets worldwide; and MYR Group Inc. (1.8%) is an electrical construction firm whose specialty is installation of high voltage transmission lines.

Some of the weaker holdings in the portfolio included: Veritex Holdings Inc. (1.4%) is a commercial bank serving Texas markets in the Dallas-Fort Worth and Houston metro areas; Five Star Bancorp.(0.7%) operates as the bank holding company for Five Star Bank that provides a range of banking products and services to small and medium sized businesses, professionals, and individuals in Northern California; and Omnicell Inc.(0.7%), together with its subsidiaries, provides medication management solutions and adherence tools for healthcare systems and pharmacies in the United States and internationally.

We thank you for your continued confidence and trust.

Average Annual Returns through March 31, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (4/15/97)
SmallCap Equity Fund Class AAA	10.75	%	(11.22	)%	7.24	%	9.44	%	8.88	%	7.88	%
Russell 2000 Index (b)	9.14		(11.61	)	4.71		8.04		8.10		8.04
Russell 2000 Value Index (c)	7.70		(12.96	)	4.55		7.22		7.24		8.54

(a)

The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares.

(b)

(c)

The Russell 2000 Value Index measures the performance of the small capitalization sector of the U.S. equity market. It is a subset of the Russell 2000 Index. Dividends are considered reinvested. You cannot invest directly in an index.

In the current prospectuses dated January 27, 2023, the gross expense ratio for Class AAA Shares is 1.64%, and the net expense ratio is 1.25% after contractual reimbursements by the Adviser in place through January 31, 2024. See page 35 for the expense ratios for the six months ended March 31, 2023. Class AAA Shares do not have a sales charge.

Convertible Securities Fund (Unaudited)

To Our Shareholders,

For the six months ended March 31, 2023, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was 6.0% compared with a total return of 15.6% and 5.7% for the Standard & Poor’s (S&P) 500 Index and the ICE BofA U.S. Convertibles Index, respectively. See the next page for additional performance information.

Investment Objective and Strategy

The Fund invests in convertible securities. By investing in convertible securities, the portfolio managers seek the opportunity to participate in the capital appreciation of underlying stocks, while at the same time relying on the fixed income aspect of the convertible securities to provide current income and reduced price volatility, which can limit the risk of loss in a down equity market. The Fund may invest in securities of any market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies.

Performance Discussion

The first fiscal quarter began with a continuation of the volatility we saw in 2022, bottoming in October with extremely negative market sentiment about inflation and rising interest rates. The convertible market approached the lows that we had seen in June without breaching them. This is representative of the changes we have seen in the market over the last 2 years. Convertibles outperformed their underlying equities as the markets moved lower, and have become much more fixed income oriented. These issues should accrete to par as they approach maturity, and in the quarter we saw many of them grind higher off of the lows as sentiment slowly improved. Teton Convertible benefited from this combined with positive performance from some of the equity sensitive holdings in the portfolio. The second fiscal quarter began with a strong move higher in January. Our equity sensitive holdings greatly aided performance. Volatility returned in February and March, but convertibles remained less volatile than their underlying equities.

In March, the world became acutely aware of the effects of tightening monetary policy with the fall of Silicon Valley Bank and the takeover of Credit Suisse by UBS. It is unlikely that these will be the only casualties of the move higher in rates, leading investors to look for the next area of concern. Fortunately, the Fed has stepped in to support the banking system and rates have dropped to ease some of the pain.

The current market continues to offer us many fixed income equivalent convertibles that trade based on yield to maturity. Some of these have traded below levels that we believe are reflective of the issuer’s credit. As appropriate we have added to these positions in our portfolio as we expect them to accrete to par at or before maturity. One catalyst for this accretion is a continued focus on the balance sheet by convertible issuers. We have seen some companies that have addressed investor concerns by issuing more manageable converts and buying back or exchanging some percentage of their existing debt. This can be an accretive transaction for the company and usually improves the credit. Transactions like this helped the fixed income equivalent segment of our portfolio outperform during the first half of our fiscal year.

The Bloomberg Barclays US Convertible market is now $270B across 550 issues with a YTM of 5.2% and a 53% premium to conversion value. Our portfolio offers a 5.6% YTM at a 37% conversion premium. Sensitivity to moves in underlying equities has increased slightly from year end with the market delta now at 47. The Fund’s delta is slightly higher at 51. At quarter end our portfolio was 10% equity sensitive, 58% total return, and 32% fixed income equivalent. This compares with the market at 29% equity, 33% total return, and 38% fixed income equivalent.

Among our stronger performing positions for the period were: Mercado Libre Inc. 2.0%, 8/15/28 (2.9% of net assets as of March 31, 2023) operates Mercado Libre Marketplace, an online commerce platform in Latin America that enables businesses, merchants, and individuals. to list merchandise and conduct sales and purchases online; Indie Semiconductor Inc. 4.5%, 11/15/27 (2.4%), which provides automotive semiconductors and software solutions for advanced driver assistance systems, autonomous vehicle, in-cabin, connected car, and electrification applications in the United States, South America, rest of North America, Greater China, rest of Asia Pacific, and Europe; and Impinj Inc. 1.1%, 05/15/27 (2.3%), which operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Some of the weaker holdings in the portfolio included: Cutera Inc. 2.2%, 03/15/26 (2.2%) is a manufacturer of non-invasive laser and other energy based systems and products for cosmetic vascular conditions, body sculpting, hair removal, skin rejuvenation, pigmented lesions, and tattoo removal; and Chart Industries Inc.1.0% 11/15/24 (1.0%) which manufactures and sells engineered cryogenic equipment for the industrial gas and clean energy markets in the United States and internationally.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (9/30/97)
Convertible Securities Fund Class AAA	6.03	%	(12.53	)%	4.99	%	6.36	%	5.74	%	6.99	%
S&P 500 Index (b)	15.62		(7.73	)	11.19		12.24		10.06		7.91
ICE Bank of America U.S. Convertibles Index (c)	5.70		7.66		9.57		9.61		8.67		7.59

(a)

(b)

The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(c)

The ICE Bank of America U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are exchangeable into U.S. equities that have a market value of more than $50 million. Dividends are considered reinvested. You cannot invest directly in an index.

In the current prospectuses dated January 27, 2023, the gross expense ratio for Class AAA Shares is 1.62%, and the net expense ratio is 1.15%, after contractual reimbursements by the Adviser in place through January 31, 2024. See page 36 for the expense ratios for the six months ended March 31, 2023. Class AAA Shares do not have a sales charge.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.

Equity Fund (Unaudited)

To Our Shareholders,

For the six months ended March 31, 2023, the net asset value (NAV) total return per Class AAA Share of the Equity Fund was 9.9% compared with a total return of 15.6% for the S&P 500 Index. See the next page for additional performance information.

Investment Objective and Strategy

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

Performance Discussion

U.S. equities continued the rally as we turned to 2023 amid optimism that global central banks, with the Federal Reserve leading, might soon halt interest rate hikes and even transition to rate cuts or more accommodative policies by end of the year. Unfortunately, choppy earnings, mixed economic data, and a stubbornly hawkish Fed, fueled by still sticky inflation and a tight labor market, were a few factors that quickly slowed the surge by early February. And despite a banking “crisis” in early March, the S&P 500 still managed to end the quarter in the black, gaining 7.50%.

Among our stronger performing positions for the year were: Microchip Technology Inc. (3.1% of net assets as of March 31, 2023) which develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia; Gilead Sciences Inc.(3.1%) is a biopharmaceutical company which discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally; and Eaton Corp. Plc (2.0%) which operates as a power management company worldwide.

Some of the weaker holdings in the portfolio included: Ventas Inc. (1.4%), is an S&P 500 company, which operates at the intersection of two large and dynamic industries, healthcare and real estate; Meta Platforms Inc. (no longer held of March 31, 2023) which engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide; and Western Alliance Bancorp. (no longer held), which operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (1/2/87)
Equity Fund Class AAA	9.91	%	(7.08	)%	6.82	%	8.97	%	6.81	%	9.61	%
S&P 500 Index (b)	15.62		(7.73	)	11.19		12.24		10.06		10.51

(a)

Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares.

(b)

In the current prospectuses dated January 27, 2023, the expense ratio for Class AAA Shares is 1.64%. See page 37 for the expense ratios for the six months ended March 31, 2023. Class AAA Shares do not have a sales charge.

Balanced Fund (Unaudited)

To Our Shareholders,

For the six months ended March 31, 2023, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was 9.9% compared with total return of 5.0% and 11.4% for the Bloomberg Government/Credit Bond Index and the combined balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Capital Government/Credit Bond Index, respectively. See the next page for additional performance information.

Investment Objective and Strategy

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

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

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

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

Performance Discussion

During the fourth quarter 2022, U.S. equities finally turned a corner, rebounding to registering robust gains. The bulk of the rebound was made in November as cooling inflationary data and stable economic activity offset ongoing caution from the Federal Reserve (Fed). Stocks largely fell in December, closing the year on a somber note. The Fed remains a large driver for market direction, and indications that the pace of policy tightening would slow and signs that elevated inflation could be cooling were critical factors for investors. The bond market finally gained ground in the fourth quarter, posting a small gain, primarily driven by a rally in investment grade and high yield bonds. As rates rose, longer-duration bonds struggled, and investors moved out of Treasuries and supported higher-yielding corporate debt. The broad bond market closed the year with a double-digit loss, one of the worst years on record.

U.S. equities continued the rally as we turned to 2023 amid optimism that global central banks, with the Federal Reserve leading, might soon halt interest rate hikes and even transition to rate cuts or more accommodative policies by end of the year. Unfortunately, choppy earnings, mixed economic data and a stubbornly hawkish Fed, fueled by still sticky inflation and a tight labor market, were a few factors that quickly slowed the surge by early February. And despite a banking “crisis” in early March, the S&P 500 still managed to end the quarter in the black, gaining 7.50%.

Over the last three months, bond markets continued to oscillate frantically as market participants jockeyed to best position themselves in a still uncertain rate and economic climate. A bond rally early in the year was followed quickly by a selloff, then a rush back into high quality debt (U.S. Treasuries) as financial system jitters shuddered confidence in this fragile late cycle expansion phase. To put this uncertainty in perspective, the yield on the two-year U.S. Treasury surged to 5.05% on March 8, only to plummet to a low of 3.76% on March 24 — volatility in the bond market remains at twice its long term levels for the fourth quarter in a row.

Among our stronger performing positions for the year were: Microchip Technology Inc. (2.1% of net assets as of March 31, 2023); which develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia; Gilead Sciences Inc.(1.9%), is a biopharmaceutical company which, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally; and Eaton Corp. Plc (1.2%), which operates as a power management company worldwide.

Some of the weaker holdings in the portfolio included: Amazon.com Inc. (1.3%), which engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally; Meta Platforms Inc. (no longer held of March 31,2023), which engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide ; and Western Alliance Bancorp. (no longer held), which operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2023 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Performance for periods of less than one year is not annualized.

	Six Months		1 Year		5 Year		10 Year		15 Year		Since Inception (10/1/91)
Balanced Fund Class AAA	9.89	%	(6.77	)%	4.48	%	5.92	%	5.14	%	7.74	%
60% S&P 500 Index and 40% Bloomberg Government/Credit Bond Index (b)	11.38		(6.56	)	7.18		7.94		7.16		7.94
S&P 500 Index (c)	15.62		(7.73	)	11.19		12.24		10.06		9.95
Bloomberg Government/Credit Bond Index (d)	5.02		(4.81	)	1.16		1.50		2.81		4.93

(a)

The Adviser reimbursed expenses in years prior to 1998 to limit the expense ratio. Had such limitation not been in place, returns would have been lower. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares.

(b)

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

(c)

(d)

The Bloomberg Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. Since inception performance are as of September 30, 1991.

In the current prospectuses dated January 27, 2023, the expense ratio for Class AAA Shares is 1.41%. See page 38 for the expense ratios for the six months ended March 31, 2023. Class AAA Shares do not have a sales charge.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2022 through March 31, 2023

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 15 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.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2022 through March 31, 2023

Expense Table

	Actual Fund Return				Hypothetical 5% Return
	Beginning Account Value 10/01/22	Ending Account Value 03/31/23	Annualized Expense Ratio	Expenses Paid During Period*	Beginning Account Value 10/01/22	Ending Account Value 03/31/23	Annualized Expense Ratio	Expenses Paid During Period*

TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00	$1,165.10	1.45%	$7.83	$1,000.00	$1,017.70	1.45%	$7.29
Class A	$1,000.00	$1,164.90	1.45%	$7.83	$1,000.00	$1,017.70	1.45%	$7.29
Class C	$1,000.00	$1,161.10	2.20%	$11.85	$1,000.00	$1,013.96	2.20%	$11.05
Class I	$1,000.00	$1,166.40	1.20%	$6.48	$1,000.00	$1,018.95	1.20%	$6.04
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,107.50	1.25%	$6.57	$1,000.00	$1,018.70	1.25%	$6.29
Class A	$1,000.00	$1,107.60	1.25%	$6.57	$1,000.00	$1,018.70	1.25%	$6.29
Class C	$1,000.00	$1,102.60	2.00%	$10.48	$1,000.00	$1,014.96	2.00%	$10.05
Class I	$1,000.00	$1,108.60	1.00%	$5.26	$1,000.00	$1,019.95	1.00%	$5.04
TETON Westwood Convertible Securities Fund
Class AAA	$1,000.00	$1,060.30	1.15%	$5.91	$1,000.00	$1,019.20	1.15%	$5.79
Class A	$1,000.00	$1,060.00	1.15%	$5.91	$1,000.00	$1,019.20	1.15%	$5.79
Class C	$1,000.00	$1,056.30	1.90%	$9.74	$1,000.00	$1,015.46	1.90%	$9.55
Class I	$1,000.00	$1,061.00	0.90%	$4.62	$1,000.00	$1,020.44	0.90%	$4.53
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,099.10	1.63%	$8.53	$1,000.00	$1,016.80	1.63%	$8.20
Class A	$1,000.00	$1,099.10	1.63%	$8.53	$1,000.00	$1,016.80	1.63%	$8.20
Class C	$1,000.00	$1,094.80	2.38%	$12.43	$1,000.00	$1,013.06	2.38%	$11.94
Class I	$1,000.00	$1,100.10	1.38%	$7.23	$1,000.00	$1,018.05	1.38%	$6.94
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,098.90	1.42%	$7.43	$1,000.00	$1,017.85	1.42%	$7.14
Class A	$1,000.00	$1,098.60	1.42%	$7.43	$1,000.00	$1,017.85	1.42%	$7.14
Class C	$1,000.00	$1,094.60	2.17%	$11.33	$1,000.00	$1,014.11	2.17%	$10.90
Class I	$1,000.00	$1,100.40	1.17%	$6.13	$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.

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2023:

TETON Westwood Mighty Mites Fund

Diversified Industrial	12.0%
Financial Services	12.0%
Equipment and Supplies	6.0%
Hotels and Gaming	6.0%
Electronics	5.7%
Health Care	5.1%
Machinery	4.4%
Aerospace and Defense	3.9%
Restaurants	3.9%
Manufactured Housing and Recreational Vehicles	3.7%
Aviation: Parts and Services	3.6%
Automotive: Parts and Accessories	3.3%
Building and Construction	3.3%
Real Estate	2.9%
Consumer Products	2.3%
Food and Beverage	2.3%
Automotive	2.0%
Business Services	1.8%
Specialty Chemicals	1.7%
Energy and Utilities: Water	1.6%
Computer Software and Services	1.5%
Broadcasting	1.2%
Retail	1.2%

U.S. Government Obligations	0.9	%
Agriculture	0.9	%
Publishing	0.8	%
Environmental Control	0.8	%
Telecommunications	0.6	%
Energy and Utilities: Natural Gas	0.6	%
Consumer Services	0.5	%
Communications	0.5	%
Entertainment	0.5	%
Communications Equipment	0.5	%
Energy and Utilities: Services	0.5	%
Educational Services	0.2	%
Miscellaneous	0.2	%
Metals and Mining	0.1	%
Paper and Forest Products	0.1	%
Semiconductors	0.0	%*
Transportation	0.0	%*
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood SmallCap Equity Fund

Banking	11.1%
Semiconductors	10.1%
U.S. Government Obligations	7.7%
Health Care	6.5%
Energy and Utilities	6.0%
Business Services	5.7%
Electronics	5.3%
Computer Software and Services	5.2%
Retail	5.2%
Building and Construction	4.8%
Diversified Industrial	4.0%
Financial Services	3.9%
Communications Equipment	3.3%
Consumer Products	3.1%

Aviation: Parts and Services	2.8	%
Automotive	2.3	%
Equipment and Supplies	1.9	%
Machinery	1.6	%
Transportation	1.5	%
Broadcasting	1.4	%
Real Estate	1.4	%
Environmental Control	1.3	%
Specialty Chemicals	1.0	%
Communications	0.8	%
Materials	0.7	%
Aerospace	0.5	%
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

TETON Convertible Securities Fund

Computer Software and Services	24.7%
Health Care	11.4%
Consumer Services	11.2%
Semiconductors	8.4%
Energy and Utilities: Integrated	8.3%
Energy and Utilities: Services	5.5%
Financial Services	5.4%
Security Software	3.6%
Cable and Satellite	2.9%
Diversified Industrial	2.6%
Business Services	2.5%

Telecommunications	2.4	%
Real Estate Investment Trusts	2.3	%
Food and Beverage	2.0	%
Communications Equipment	1.8	%
Airlines	1.1	%
Automotive	1.0	%
U.S. Government Obligations	0.6	%
Materials	0.2	%
Other Assets and Liabilities (Net)	2.1	%
	100.0	%

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Equity Fund

Financial Services	14.4%
Health Care	13.9%
Computer Software and Services	8.1%
Retail	6.6%
Food and Beverage	6.5%
Energy: Integrated	6.5%
Real Estate	6.3%
Telecommunications	5.5%
Diversified Industrial	4.4%
Consumer Products	4.4%

Energy: Oil	4.1	%
Energy and Energy Services	3.6	%
Electronics	3.1	%
Business Services	2.6	%
Banking	2.4	%
Transportation	2.4	%
Computer Hardware	2.2	%
Equipment and Supplies	2.0	%
Short Term Investment	1.1	%
Other Assets and Liabilities (Net)	(0.1)	%
	100.0	%

TETON Westwood Balanced Fund

Financial Services	14.3%
Health Care	13.7%
Computer Software and Services	8.3%
Retail	7.2%
U.S. Government Obligations	5.9%
Real Estate	5.7%
Diversified Industrial	4.4%
Energy: Oil	4.3%
Transportation	3.9%
Telecommunications	3.7%
Banking	3.3%
Energy and Energy Services	3.2%
Energy: Integrated	3.1%
Food and Beverage	3.1%

Electronics	2.9	%
Consumer Products	2.6	%
Computer Hardware	2.1	%
Equipment and Supplies	1.9	%
Semiconductors	1.8	%
Business Services	1.6	%
Consumer Services	1.3	%
Automotive: Parts and Accessories	0.6	%
Aerospace	0.6	%
Short Term Investment	0.0	%*
Other Assets and Liabilities (Net)	0.5	%
	100.0	%

Amount represents less than 0.05%.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* — 97.7%
		Aerospace and Defense — 3.9%
	161,500	Aerojet Rocketdyne Holdings Inc.†	$	813,124	$	9,071,455
	119,400	Allied Motion Technologies Inc.		2,868,679		4,614,810
	320,103	Various Securities		3,448,204		3,171,225
				7,130,007		16,857,490
		Agriculture — 0.9%
	195,000	Limoneira Co.		3,559,244		3,248,700
	370,215	Various Securities		1,413,363		683,000
				4,972,607		3,931,700
		Automotive — 2.0%
	81,000	Rush Enterprises Inc., Cl. B		1,085,928		4,851,090
	94,960	Various Securities		718,585		3,800,502
				1,804,513		8,651,592
		Automotive: Parts and Accessories — 3.2%
	242,000	Modine Manufacturing Co.†		3,090,991		5,578,100
	111,560	Strattec Security Corp. †		2,558,375		2,537,990
	548,690	Various Securities		4,186,216		5,707,213
				9,835,582		13,823,303
		Aviation: Parts and Services — 3.6%
	238,000	Astronics Corp.†		2,886,727		3,179,680
	176,540	Ducommun Inc.†		4,446,906		9,658,503
	150,896	Various Securities		2,799,910		2,599,256
				10,133,543		15,437,439
		Broadcasting — 1.2%
	1,325,865	Various Securities		4,105,965		5,158,986

		Building and Construction — 3.3%
	85,000	Gibraltar Industries Inc.†		1,986,381		4,122,500
	19,000	MYR Group Inc.†		382,027		2,394,190
	62,000	The Monarch Cement Co.		1,660,295		7,002,900
	70,000	Various Securities		262,292		775,236
				4,290,995		14,294,826
		Business Services — 1.8%
	36,900	Du-Art Film Laboratories Inc.†(a)		239,850		352,764
	4,100	Du-Art Film Laboratories Inc.†(a)		26,650		39,196
	2,300,000	Trans-Lux Corp.†(b)		1,196,147		1,173,000
	530,180	Various Securities		6,072,484		6,146,277
				7,535,131		7,711,237
		Communications — 0.5%
	179,000	Various Securities		2,580,995		2,233,920

		Communications Equipment — 0.5%
	63,000	Various Securities		2,137,687		2,081,520

		Computer Software and Services — 1.5%
	1,154,000	Various Securities		4,638,371		6,548,777

		Consumer Products — 2.3%
	367,600	Marine Products Corp.		2,603,261		4,848,644
	5,700	PC Group Inc.†(a)		3,465		1
	3,526,975	Various Securities		5,266,580		5,029,645
				7,873,306		9,878,290
		Consumer Services — 0.5%
	229,900	Various Securities		1,208,793		2,306,245

		Diversified Industrial — 12.0%
	211,300	Burnham Holdings Inc., Cl. A(b)		3,254,146		2,678,228
	29,300	Chase Corp.		448,333		3,068,589
	68,000	Columbus McKinnon Corp.		1,113,342		2,526,880
	180,900	Distribution Solutions Group Inc.†		2,479,381		8,223,714
	663,870	Myers Industries Inc.		11,018,398		14,226,734

Shares			Cost		Market Value
	192,500	Park-Ohio Holdings Corp.	$	3,961,093	$	2,325,400
	93,000	Steel Partners Holdings LP†		1,446,285		4,081,724
	1,223,179	Various Securities		13,335,354		14,323,051
				37,056,332		51,454,320
		Educational Services — 0.2%
	95,000	Various Securities		289,750		701,100

		Electronics — 5.7%
	121,000	Bel Fuse Inc., Cl. A(b)		2,195,722		4,394,720
	160,000	CTS Corp.		1,485,086		7,913,600
	83,700	Ultra Clean Holdings Inc.†		202,907		2,775,492
	59,012	Vishay Precision Group Inc.†		1,581,342		2,464,341
	518,390	Various Securities		3,397,412		6,757,043
				8,862,469		24,305,196
		Energy and Utilities: Natural Gas — 0.6%
	63,510	Various Securities		731,508		2,324,872

		Energy and Utilities: Services — 0.4%
	295,500	Various Securities		439,488		1,672,480

		Energy and Utilities: Water — 1.6%
	195,980	Various Securities		2,825,519		6,950,061

		Entertainment — 0.5%
	689,055	Various Securities		1,656,672		2,231,606

		Environmental Control — 0.8%
	39,200	Casella Waste Systems Inc., Cl. A†		152,882		3,240,272
	15,000	Various Securities		121,162		230,250
				274,044		3,470,522
		Equipment and Supplies — 6.0%
	153,054	Core Molding Technologies Inc.†		1,173,402		2,753,441
	87,000	Federal Signal Corp.		526,183		4,716,270
	295,000	The Eastern Co.		5,522,320		5,746,600
	569,200	Various Securities		7,613,549		12,338,700
				14,835,454		25,555,011
		Financial Services — 11.9%
	79,800	Capital City Bank Group Inc.		1,945,755		2,338,938
	1,105	Farmers & Merchants Bank of Long Beach		6,057,140		6,685,250
	379,300	Flushing Financial Corp.		6,029,508		5,647,777
	10	Guaranty Corp., Cl. A†(a)		137,500		55,000
	101,791	I3 Verticals Inc., Cl. A†		1,759,853		2,496,933
	60,500	KKR & Co. Inc.		7,013		3,177,460
	285,000	Post Holdings Partnering Corp., Cl. A†		2,847,578		2,884,200
	75,010	Southern First Bancshares Inc.†		3,468,703		2,302,807
	1,409,512	Various Securities		19,642,420		25,338,786
				41,895,470		50,927,151
		Food and Beverage — 2.3%
	1,587,760	Various Securities		12,025,712		9,698,693

		Health Care — 5.1%
	228,660	Cutera Inc.†		3,480,605		5,400,949
	212,000	Neogen Corp.†		306,519		3,926,240
	1,041,863	Various Securities		7,253,180		12,465,070
				11,040,304		21,792,259
		Hotels and Gaming — 6.0%
	1,211,119	Full House Resorts Inc.†		3,339,101		8,756,391
	120,700	Golden Entertainment Inc.†		1,377,499		5,251,657
	280,221	Inspired Entertainment Inc.†		1,716,107		3,584,027
	590,353	Various Securities		5,390,930		7,896,375
				11,823,637		25,488,450

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Machinery — 4.4%
	180,000	Astec Industries Inc.	$	6,316,469	$	7,425,000
	475,000	Gencor Industries Inc.†		3,073,608		7,300,750
	16,220	The Middleby Corp.†		159,792		2,378,014
	38,150	Various Securities		705,543		1,765,962
				10,255,412		18,869,726

		Manufactured Housing and Recreational Vehicles — 3.7%
	17,540	Cavco Industries Inc.†		1,194,401		5,573,160
	107,250	Nobility Homes Inc.		1,551,680		2,922,562
	71,000	Skyline Champion Corp.†		475,574		5,341,330
	36,400	Various Securities		340,866		2,100,280
				3,562,521		15,937,332
		Metals and Mining — 0.1%
	436,000	Various Securities		476,573		579,128

		Paper and Forest Products — 0.1%
	26,550	Various Securities		2,229,847		588,083

		Publishing — 0.8%
	339,800	The E.W. Scripps Co., Cl. A†		1,693,211		3,197,518
	27,100	Various Securities		520,261		288,412
				2,213,472		3,485,930
		Real Estate — 2.9%
	70,000	Indus Realty Trust Inc., REIT		1,860,007		4,640,300
	2,508	Royalty LLC†(a)		0		765
	1,112,709	Various Securities		8,740,302		7,793,156
				10,600,309		12,434,221
		Restaurants — 3.9%
	213,684	Nathan’s Famous Inc.(b)		3,227,308		16,154,510
	57,000	Various Securities		384,205		636,120
				3,611,513		16,790,630
		Retail — 1.2%
	108,747	Village Super Market Inc., Cl. A		2,784,360		2,488,131
	134,500	Various Securities		1,745,586		2,547,955
				4,529,946		5,036,086
		Semiconductors — 0.0%
	7,500	Various Securities		71,442		85,350

		Specialty Chemicals — 1.7%
	71,840	Hawkins Inc.		1,276,016		3,145,155
	66,900	The General Chemical Group Inc.†(a)		6,021		0
	398,774	Various Securities		3,398,557		3,916,130
				4,680,594		7,061,285
		Telecommunications — 0.6%
	374,800	Various Securities		1,749,075		2,700,317

		Transportation — 0.0%
	6,000	Various Securities		94,813		47,460
		TOTAL COMMON STOCKS		256,079,371		419,102,594

		PREFERRED STOCKS* — 0.2%
		Automotive: Parts and Accessories — 0.1%
	17,300	Various Securities		47,481		603,381

		Financial Services — 0.1%
	12,200	Various Securities		145,498		282,552

		TOTAL PREFERRED STOCKS		192,979		885,933

Shares			Cost		Market Value
		RIGHTS* — 0.1%
		Energy and Utilities: Services — 0.1%
	85,500	Pineapple Energy Inc., CVR†(a)	$	0	$	301,815

		Health Care — 0.0%
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 01/02/24†(a)		103,591		0
	8,000	Various Securities		0		4,000

		Metals and Mining — 0.0%
	60,000	Various Securities		44,994		33,000

		TOTAL RIGHTS		148,585		338,815

		WARRANTS* — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(a)		0		652

		Computer Software and Services — 0.0%
	9,000	Various Securities		12,907		277

		Diversified Industrial — 0.0%
	47,000	Various Securities		32,110		25,845

		Energy and Utilities: Services — 0.0%
	7,627	Various Securities		0		3,699

		Financial Services — 0.0%
	95,000	Various Securities		5,272		14,250

		Health Care — 0.0%
	17,474	Various Securities		15,533		59,493

		TOTAL WARRANTS		65,822		104,216

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS* — 0.9%
$	4,025,000	Various Securities		3,990,724		3,992,743
		TOTAL U.S. GOVERNMENT OBLIGATIONS		3,990,724		3,992,743

		TOTAL MISCELLANEOUS INVESTMENTS— 0.2%(c)		741,089		697,830

		TOTAL INVESTMENTS — 99.1%	$	261,218,570		425,122,131

		Other Assets and Liabilities (Net) — 0.9%				3,799,262

		NET ASSETS — 100.0%			$	428,921,393

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, 2023. 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.

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

(a)

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

(b)

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

(c)

Represents 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.

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 91.4%
		Aerospace — 0.5%
	5,260	Hexcel Corp.	$	214,874	$	358,995

		Automotive — 2.3%
	22,550	Rush Enterprises Inc., Cl. A		650,424		1,231,230
	6,400	Winnebago Industries Inc.		177,498		369,280
				827,922		1,600,510
		Aviation: Parts and Services — 2.8%
	35,800	AAR Corp.†		733,984		1,952,890

		Banking — 11.1%
	15,533	Atlantic Union Bankshares Corp.		437,254		544,432
	28,300	Banc of California Inc.		496,811		354,599
	30,211	Columbia Banking System Inc.		858,241		647,120
	21,500	Five Star Bancorp		485,843		458,810
	7,000	Glacier Bancorp Inc.		147,883		294,070
	39,050	OceanFirst Financial Corp.		809,338		721,644
	42,100	Old National Bancorp		706,858		607,082
	10,433	SouthState Corp.		702,009		743,455
	11,400	Third Coast Bancshares Inc.†		251,468		179,094
	4,740	TrustCo Bank Corp. NY		158,616		151,395
	28,800	USCB Financial Holdings Inc.†		315,551		284,832
	91,120	Valley National Bancorp		909,582		841,949
	55,700	Veritex Holdings Inc.		1,427,976		1,017,082
	20,100	Washington Federal Inc.		519,315		605,412
	10,970	Washington Trust Bancorp Inc.		397,178		380,220
				8,623,923		7,831,196
		Broadcasting — 1.4%
	50,400	IMAX Corp.†		809,958		966,672

		Building and Construction — 4.8%
	50,400	Babcock & Wilcox
		Enterprises Inc.†		307,844		305,424
	7,300	EMCOR Group Inc.		537,913		1,186,907
	9,800	MYR Group Inc.†		372,068		1,234,898
	8,670	Skyline Champion Corp.†		450,075		652,244
				1,667,900		3,379,473
		Business Services — 5.7%
	29,600	ABM Industries Inc		1,067,935		1,330,224
	10,400	Deluxe Corp.		248,046		166,400
	4,600	FTI Consulting Inc.†		349,572		907,810
	20,600	Heidrick & Struggles International Inc.		537,405		625,416
	10,400	McGrath RentCorp		589,280		970,424
				2,792,238		4,000,274
		Communications — 0.8%
	13,200	ATN International Inc.		604,054		540,144

		Communications Equipment — 3.3%
	144,900	Infinera Corp. †		953,660		1,124,424
	22,300	Lumentum Holdings Inc.†		1,363,283		1,204,423
				2,316,943		2,328,847
		Computer Software and Services — 5.2%
	59,700	NetScout Systems Inc.†		1,528,892		1,710,405
	20,300	Progress Software Corp.		610,202		1,166,235
	9,970	Teradata Corp.†		252,548		401,592
	49,500	Unisys Corp.†		380,293		192,060

Shares			Cost		Market Value

	55,000	Vimeo Inc.†	$	262,133	$	210,650
				3,034,068		3,680,942
		Consumer Products — 3.1%
	109,600	KAR Auction Services Inc.†		1,643,791		1,499,328
	3,800	Oxford Industries Inc.		209,232		401,242
	12,300	United Natural Foods Inc.†		363,735		324,105
				2,216,758		2,224,675
		Diversified Industrial — 4.0%
	3,160	Albany International Corp., Cl. A		191,317		282,378
	11,070	Apogee Enterprises Inc.		371,210		478,777
	41,900	Enerpac Tool Group Corp.		885,291		1,068,450
	13,700	Kennametal Inc.		380,589		377,846
	11,900	Luxfer Holdings plc		159,582		201,110
	12,900	Textainer Group Holdings Ltd.		95,172		414,219
				2,083,161		2,822,780
		Electronics — 5.3%
	20,900	Advanced Energy Industries Inc.		1,332,967		2,048,200
	9,300	Comtech Telecommunications Corp.		134,158		116,064
	20,200	FARO Technologies Inc.†		646,595		497,122
	80,300	TTM Technologies Inc.†		1,076,777		1,083,247
				3,190,497		3,744,633
		Energy and Utilities — 6.0%
	40,900	ChampionX Corp.		840,586		1,109,617
	5,900	Diamondback Energy Inc.		188,260		797,503
	8,600	Dril-Quip Inc.†		229,935		246,734
	40,400	Magnolia Oil & Gas Corp., Cl. A		508,204		883,952
	32,900	Oceaneering International Inc.†		201,160		580,027
	53,700	Patterson-UTI Energy Inc.		220,091		628,290
				2,188,236		4,246,123
		Environmental Control — 1.3%
	18,200	Evoqua Water Technologies Corp.†		267,454		904,904

		Equipment and Supplies — 1.9%
	39,000	Flowserve Corp.		1,283,091		1,326,000

		Financial Services — 3.9%
	10,200	Brown & Brown Inc.		230,563		585,684
	8,280	Horace Mann Educators Corp.		289,733		277,214
	6,530	Mercury General Corp.		247,355		207,262
	6,400	ProAssurance Corp.		180,289		118,272
	7,000	Stewart Information Services Corp.		300,047		282,450
	10,150	Stifel Financial Corp.		289,236		599,764
	17,600	Univest Financial Corp.		484,444		417,824
	7,413	Webster Financial Corp.		263,120		292,221
				2,284,787		2,780,691
		Health Care — 6.5%
	4,300	AMN Healthcare Services Inc.†		212,984		356,728
	6,360	Haemonetics Corp.†		465,719		526,290
	5,980	ICU Medical Inc.†		815,449		986,461

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	8,550	Omnicell Inc.†	$	294,726	$	501,628
	60,200	Patterson Cos. Inc.		1,346,637		1,611,554
	15,800	Supernus Pharmaceuticals Inc.†		454,696		572,434
				3,590,211		4,555,095
		Machinery — 1.6%
	83,400	Mueller Water Products Inc., Cl. A		951,803		1,162,596

		Materials — 0.7%
	12,690	Avient Corp.		421,009		522,320

		Real Estate — 1.4%
	14,700	Alpine Income Property Trust Inc., REIT		265,411		247,401
	36,400	CareTrust REIT Inc.		707,031		712,712
				972,442		960,113
		Retail — 5.2%
	64,950	American Eagle Outfitters Inc.		824,934		872,928
	78,100	Ethan Allen Interiors Inc.		1,605,147		2,144,626
	7,600	The Hain Celestial Group Inc.†		140,955		130,340
	17,800	Urban Outfitters Inc †		410,756		493,416
				2,981,792		3,641,310
		Semiconductors — 10.1%
	28,800	Cohu Inc.†		910,894		1,105,632
	16,095	Entegris Inc.		626,776		1,319,951
	25,200	FormFactor Inc.†		411,676		802,620
	10,100	Marvell Technology Inc.		179,747		437,330
	7,400	MKS Instruments Inc.		628,411		655,788
	45,900	nLight Inc.†		518,614		467,262
	26,400	Onto Innovation Inc.†		1,174,571		2,320,032
				4,450,689		7,108,615
		Specialty Chemicals — 1.0%
	9,600	Darling Ingredients Inc.†		256,276		560,640
	3,000	Minerals Technologies Inc.		104,869		181,260
				361,145		741,900
		Transportation — 1.5%
	32,305	The Greenbrier Companies Inc.		892,793		1,039,252

		TOTAL COMMON STOCKS		49,761,732		64,420,950

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 7.7%
$	5,475,000	U.S. Treasury Bills, 4.493% to 4.928%††, 04/13/23 to 06/29/23		5,444,299		5,445,517

		TOTAL INVESTMENTS — 99.1%	$	55,206,031		69,866,467

		Other Assets and Liabilities (Net) — 0.9%				638,392

		NET ASSETS — 100.0%			$	70,504,859

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments — March 31, 2023 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 92.4%
		Airlines — 1.1%
$	300,000	Southwest Airlines Co., 1.250%, 05/01/25	$	354,734	$	341,925

		Automotive — 1.0%
	300,000	Rivian Automotive Inc., 4.625%, 03/15/29(a)		300,000		311,588

		Business Services — 2.5%
	1,000,000	Kaleyra Inc., 6.125%, 06/01/26(a)		1,004,580		791,003

		Cable and Satellite — 2.9%
	700,000	DISH Network Corp., Zero Coupon, 12/15/25		499,745		373,100
	500,000	Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27(a)		481,970		539,148
				981,715		912,248
		Communications Equipment — 1.8%
	500,000	InterDigital Inc., 3.500%, 06/01/27(a)		510,516		561,500

		Computer Software and Services — 24.7%
	300,000	Akamai Technologies Inc., 0.375%, 09/01/27		299,109		277,022
	700,000	Bandwidth Inc., 0.250%, 03/01/26		660,345		546,534
	780,000	Cardlytics Inc., 1.000%, 09/15/25		806,016		333,450
	500,000	Edgio Inc., 3.500%, 08/01/25		478,711		424,157
	360,000	fuboTV Inc., 3.250%, 02/15/26		334,372		153,217
	304,000	Lumentum Holdings Inc., 0.500%, 06/15/28		304,000		232,980
	300,000	MercadoLibre Inc., 2.000%, 08/15/28		294,819		906,300
	1,000,000	PAR Technology Corp., 2.875%, 04/15/26		932,002		1,069,416
	1,000,000	Perficient Inc., 0.125%, 11/15/26		953,839		799,489
	860,000	Progress Software Corp., 1.000%, 04/15/26		859,540		939,980
	465,000	PROS Holdings Inc., 2.250%, 09/15/27		465,000		444,773
	925,000	Verint Systems Inc., 0.250%, 04/15/26		924,929		822,672
	1,056,000	Veritone Inc., 1.750%, 11/15/26		1,032,302		727,467
				8,344,984		7,677,457
		Consumer Services — 11.2%
	1,100,000	2U Inc., 2.250%, 05/01/25		1,050,738		865,150
	100,000	Freshpet Inc., 3.000%, 04/01/28(a)		100,000		116,475
	240,000	Live Nation Entertainment Inc., 3.125%, 01/15/29(a)		243,092		235,920

Principal Amount			Cost		Market Value

		Consumer Services (Continued)
$	400,000	Marriott Vacations Worldwide Corp., 3.250%, 12/15/27(a)	$	402,831	$	391,000
		NCL Corp. Ltd.
	250,000	5.375%, 08/01/25		252,940		270,375
	223,000	1.125%, 02/15/27		223,000		159,703
	400,000	Royal Caribbean Cruises Ltd., 6.000%, 08/15/25(a)		408,361		611,800
	850,000	Stride Inc., 1.125%, 09/01/27		759,902		846,417
				3,440,864		3,496,840

		Diversified Industrial — 1.4%
	150,000	Chart Industries Inc., 1.000%, 11/15/24		144,359		324,225
	165,000	Xometry Inc., 1.000%, 02/01/27		165,000		110,583
				309,359		434,808

		Energy and Utilities: Integrated — 7.5%
	878,000	Array Technologies Inc., 1.000%, 12/01/28		806,347		969,548
	425,000	NextEra Energy Partners LP, 2.500%, 06/15/26(a)		413,293		379,525
	375,000	Ormat Technologies Inc., 2.500%, 07/15/27(a)		375,000		420,937
	200,000	Stem Inc., 4.250%, 04/01/30		200,000		198,440
	500,000	Sunnova Energy International Inc., 2.625%, 02/15/28(a)		477,289		362,760
				2,271,929		2,331,210

		Energy and Utilities: Services — 4.4%
	200,000	Nabors Industries Inc., 1.750%, 06/15/29(a)		214,644		174,200
	500,000	Northern Oil and Gas Inc., 3.625%, 04/15/29(a)		525,952		536,247
	300,000	PPL Capital Funding Inc., 2.875%, 03/15/28(a)		300,000		302,606
	350,000	The Southern Co., 3.875%, 12/15/25(a)		350,000		355,681
				1,390,596		1,368,734

		Financial Services — 3.6%
	200,000	Envestnet Inc., 2.625%, 12/01/27(a)		202,557		209,900
	500,000	LendingTree Inc., 0.500%, 07/15/25		392,130		375,400
	750,000	SoFi Technologies Inc., Zero Coupon, 10/15/26(a)		559,905		526,875
				1,154,592		1,112,175

		Food and Beverage — 2.0%
	200,000	Post Holdings Inc., 2.500%, 08/15/27(a)		200,000		210,040
	400,000	The Chefs’ Warehouse Inc., 2.375%, 12/15/28(a)		406,861		409,895
				606,861		619,935

		Health Care — 11.4%
	505,000	Coherus Biosciences Inc., 1.500%, 04/15/26		432,701		356,530

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
$	100,000	Collegium Pharmaceutical Inc., 2.875%, 02/15/29(a)	$	100,000	$	89,700
	350,000	CONMED Corp., 2.250%, 06/15/27(a)		327,293		348,425
		Cutera Inc.
	300,000	2.250%, 03/15/26		300,000		301,711
	250,000	2.250%, 06/01/28(a)		250,000		185,962
	255,000	4.000%, 06/01/29(a)		255,000		187,789
	400,000	Halozyme Therapeutics Inc., 1.000%, 08/15/28(a)		408,647		379,000
	500,000	Insulet Corp., 0.375%, 09/01/26		507,484		749,250
	67,000	Integer Holdings Corp., 2.125%, 02/15/28(a)		67,914		73,264
	365,000	Invacare Corp., 4.250%, 03/15/26		365,000		20,075
	640,000	PetIQ Inc., 4.000%, 06/01/26		623,610		560,960
	255,000	Sarepta Therapeutics Inc., 1.250%, 09/15/27(a)		255,380		306,532
				3,893,029		3,559,198

		Materials — 0.2%
	110,000	Danimer Scientific Inc., 3.250%, 12/15/26(a)		110,000		49,817

		Real Estate Investment Trusts — 2.3%
	200,000	Pebblebrook Hotel Trust, 1.750%, 12/15/26		205,786		170,295
	250,000	Redwood Trust Inc., 7.750%, 06/15/27(a)		250,000		217,656
	385,000	Summit Hotel Properties Inc., 1.500%, 02/15/26		389,363		331,370
				845,149		719,321

		Security Software — 3.6%
	430,000	Nice Ltd., Zero Coupon, 09/15/25		434,673		413,875
	675,000	Zscaler Inc., 0.125%, 07/01/25		680,029		715,162
				1,114,702		1,129,037

		Semiconductors — 8.4%
	500,000	Impinj Inc., 1.125%, 05/15/27		483,313		712,173
	500,000	indie Semiconductor Inc., 4.500%, 11/15/27(a)		514,297		733,333
	225,000	ON Semiconductor Corp., 0.500%, 03/01/29(a)		225,182		235,037
	400,000	Semtech Corp., 1.625%, 11/01/27(a)		388,585		367,200
		Wolfspeed Inc.
	579,000	0.250%, 02/15/28		596,925		485,202
	100,000	1.875%, 12/01/29(a)		100,000		89,050
				2,308,302		2,621,995

		Telecommunications — 2.4%
	500,000	Infinera Corp. 2.500%, 03/01/27		484,511		612,591

Principal Amount			Cost		Market Value
		Telecommunications (Continued)
		Infinera Corp. (continued)
$	100,000	3.750%, 08/01/28(a)	$	100,000	$	135,500
				584,511		748,091

		TOTAL CONVERTIBLE CORPORATE BONDS		29,526,423		28,786,882

Shares
		MANDATORY CONVERTIBLE SECURITIES(b) — 4.9%
		Diversified Industrial — 1.2%
	7,000	Chart Industries Inc., Ser. B, 6.750%, 12/15/25	350,000	374,430

		Energy and Utilities: Integrated — 0.8%
	5,000	NextEra Energy Inc., 6.926%, 09/01/25	234,676	231,750

		Energy and Utilities: Services — 1.1%
	6,745	Spire Inc., Ser. A, 7.500%, 03/01/24	353,245	338,970

		Financial Services — 1.8%
	480	2020 Cash Mandatory Exchangeable Trust, 5.250%, 06/01/23(a)(c)	502,228	559,320

		TOTAL MANDATORY CONVERTIBLE SECURITIES	1,440,149	1,504,470

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.6%
	195,000	U.S. Treasury Bills, 4.608%†, 06/15/23		193,150		193,171

		TOTAL INVESTMENTS — 97.9%	$	31,159,722		30,484,523

		Other Assets and Liabilities (Net) — 2.1%				662,929

		NET ASSETS — 100.0%			$	31,147,452

(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, 2023, the Fund held an investment in a restricted and illiquid security amounting to $559,320 or 1.80% of net assets, which was valued under methods approved by the Board of Trustees as follows:

Issuer

Acquisition Dates

Acquisition Cost

03/31/23 Carrying Value Per Share

480

2020 Cash Mandatory Exchangeable Trust, 5.250%, 06/01/23

06/24/20

- 09/30/20

502,228

1,165.2500

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

†

Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.0%
		Banking — 2.4%
	37,839	Bank of America Corp.	$	1,159,010	$	1,082,195

		Business Services — 2.6%
	5,119	Visa Inc., Cl. A		1,050,287		1,154,130

		Computer Hardware — 2.2%
	5,842	Apple Inc.		895,369		963,346

		Computer Software and Services — 8.1%
	12,266	Alphabet Inc., Cl. A†		1,242,444		1,272,352
	3,356	CACI International Inc., Cl. A†		1,002,185		994,316
	4,680	Microsoft Corp.		936,815		1,349,244
				3,181,444		3,615,912
		Consumer Products — 4.4%
	11,889	Church & Dwight Co. Inc.		968,260		1,051,107
	3,603	The Estee Lauder Companies Inc., Cl. A		939,496		887,995
				1,907,756		1,939,102
		Diversified Industrial — 4.4%
	5,072	Eaton Corp. plc		675,506		869,036
	5,680	Honeywell International Inc.		976,852		1,085,562
				1,652,358		1,954,598
		Electronics — 3.1%
	16,557	Microchip Technology Inc.		1,233,197		1,387,146

		Energy and Energy Services — 3.6%
	6,699	EOG Resources Inc.		513,530		767,907
	7,862	Schlumberger NV		405,585		386,024
	3,345	Valero Energy Corp.		279,089		466,962
				1,198,204		1,620,893
		Energy: Integrated — 6.5%
	7,213	DTE Energy Co.		758,028		790,112
	11,081	NextEra Energy Inc.		379,694		854,123
	13,068	WEC Energy Group Inc.		1,307,728		1,238,716
				2,445,450		2,882,951
		Energy: Oil — 4.1%
	6,466	Chevron Corp.		763,176		1,054,993
	7,847	ConocoPhillips		454,286		778,501
				1,217,462		1,833,494
		Equipment and Supplies — 2.0%
	3,576	Danaher Corp.		1,010,047		901,295

		Financial Services — 14.4%
	18,798	American International Group Inc.		804,432		946,667
	6,018	Arthur J. Gallagher & Co.		1,077,989		1,151,303
	3,000	Berkshire Hathaway Inc., Cl. B†		830,860		926,310
	12,741	JPMorgan Chase & Co.		1,521,145		1,660,280
	2,670	The Goldman Sachs Group Inc.		896,431		873,384
	6,068	The Progressive Corp.		845,574		868,088
				5,976,431		6,426,032
		Food and Beverage — 6.5%
	2,754	Domino’s Pizza Inc.		943,991		908,462
	12,714	McCormick & Co. Inc., Non-Voting		1,219,002		1,057,932

Shares			Cost		Market Value
	5,031	PepsiCo Inc.	$	514,629	$	917,151
				2,677,622		2,883,545
		Health Care — 13.9%
	4,851	Becton Dickinson & Co.		970,638		1,200,817
	16,391	Gilead Sciences Inc.		1,206,551		1,359,961
	1,877	HCA Healthcare Inc.		476,579		494,927
	9,044	Johnson & Johnson		1,472,789		1,401,820
	1,642	McKesson Corp.		319,405		584,634
	2,376	UnitedHealth Group Inc.		671,391		1,122,874
				5,117,353		6,165,033
		Real Estate — 6.3%
	6,256	Prologis Inc., REIT		753,868		780,561
	1,500	Public Storage, REIT		430,892		453,210
	14,192	Ventas Inc., REIT		695,786		615,223
	28,705	VICI Properties Inc., REIT		889,394		936,357
				2,769,940		2,785,351
		Retail — 6.6%
	1,917	Dollar General Corp.		410,766		403,452
	539	O’Reilly Automotive Inc.†		328,718		457,600
	3,022	The Home Depot Inc.		455,934		891,853
	7,996	Walmart Inc.		1,090,703		1,179,010
				2,286,121		2,931,915
		Telecommunications — 5.5%
	75,394	AT&T Inc.		1,416,794		1,451,334
	3,545	Motorola Solutions Inc.		933,601		1,014,331
				2,350,395		2,465,665
		Transportation — 2.4%
	5,354	Union Pacific Corp.		553,186		1,077,546

		TOTAL COMMON STOCKS		38,681,632		44,070,149

		SHORT TERM INVESTMENT — 1.1%
		Other Investment Companies — 1.1%
	494,494	Dreyfus Treasury Securities Cash Management, 4.430%*		494,494		494,494

		TOTAL INVESTMENTS — 100.1%	$	39,176,126		44,564,643

		Other Assets and Liabilities (Net) — (0.1)%				(30,585	)

		NET ASSETS — 100.0%			$	44,534,058

1 day yield as of March 31, 2023.

†

Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 63.6%
		Automotive: Parts and Accessories — 0.6%
	291	O’Reilly Automotive Inc.†	$	151,939	$	247,053

		Banking — 1.5%
	20,746	Bank of America Corp.		808,551		593,336

		Business Services — 1.6%
	2,810	Visa Inc., Cl. A		579,312		633,543

		Computer Hardware — 1.3%
	3,129	Apple Inc.		479,565		515,972

		Computer Software and Services — 6.6%
	825	Accenture plc, Cl. A		198,322		235,793
	6,535	Alphabet Inc., Cl. A†		689,171		677,876
	2,001	CACI International Inc., Cl. A†		593,179		592,856
	1,689	Cadence Design Systems Inc.†		209,108		354,842
	2,495	Microsoft Corp.		413,454		719,309
				2,103,234		2,580,676
		Consumer Products — 2.6%
	6,319	Church & Dwight Co. Inc.		514,628		558,663
	1,949	The Estee Lauder Companies Inc., Cl. A		508,198		480,350
				1,022,826		1,039,013
		Consumer Services — 1.3%
	4,947	Amazon.com Inc.†		810,583		510,976

		Diversified Industrial — 2.7%
	2,732	Eaton Corp. plc		395,873		468,101
	3,045	Honeywell International Inc.		563,993		581,960
				959,866		1,050,061
		Electronics — 2.9%
	10,066	Microchip Technology Inc.		744,840		843,329
	555	Monolithic Power Systems Inc.		186,985		277,800
				931,825		1,121,129
		Energy and Energy Services — 2.0%
	2,726	EOG Resources Inc.		195,566		312,481
	4,457	Schlumberger NV		229,928		218,839
	1,731	Valero Energy Corp.		156,168		241,648
				581,662		772,968
		Energy: Integrated — 3.1%
	2,635	DTE Energy Co.		277,056		288,638
	3,803	NextEra Energy Inc.		134,883		293,135
	6,836	WEC Energy Group Inc.		689,424		647,985
				1,101,363		1,229,758
		Energy: Oil — 2.0%
	3,218	Chevron Corp.		400,447		525,049
	2,665	ConocoPhillips		177,034		264,395
				577,481		789,444
		Equipment and Supplies — 1.9%
	3,377	Amphenol Corp., Cl. A		200,780		275,968
	1,918	Danaher Corp.		547,725		483,413
				748,505		759,381
		Financial Services — 8.7%
	11,410	American International Group Inc.		515,188		574,607
	3,249	Arthur J. Gallagher & Co.		582,873		621,566

Shares			Cost		Market Value

	1,510	Berkshire Hathaway Inc., Cl. B†	$	421,761	$	466,243
	6,539	JPMorgan Chase & Co.		788,410		852,097
	1,324	The Goldman Sachs Group Inc.		459,346		433,094
	3,267	The Progressive Corp.		455,254		467,377
				3,222,832		3,414,984
		Food and Beverage — 2.4%
	6,880	McCormick & Co. Inc., Non-Voting		668,543		572,485
	1,998	PepsiCo Inc.		219,204		364,235
				887,747		936,720
		Health Care — 8.4%
	2,866	Becton Dickinson & Co.		598,285		709,450
	8,828	Gilead Sciences Inc.		651,599		732,459
	1,012	HCA Healthcare Inc.		256,953		266,844
	4,904	Johnson & Johnson		809,632		760,120
	695	McKesson Corp.		145,482		247,455
	1,250	UnitedHealth Group Inc.		337,390		590,737
				2,799,341		3,307,065
		Real Estate — 3.8%
	3,366	Prologis Inc., REIT		409,408		419,976
	801	Public Storage, REIT		230,103		242,014
	7,576	Ventas Inc., REIT		371,659		328,419
	15,395	VICI Properties Inc., REIT		478,466		502,185
				1,489,636		1,492,594
		Retail — 4.6%
	1,035	Dollar General Corp.		229,495		217,826
	1,486	Domino’s Pizza Inc.		509,360		490,187
	1,568	The Home Depot Inc.		261,607		462,748
	4,322	Walmart Inc.		590,209		637,279
				1,590,671		1,808,040
		Semiconductors — 0.6%
	860	NVIDIA Corp.		124,970		238,882


		Telecommunications — 3.3%
	38,631	AT&T Inc.		722,577		743,647
	1,912	Motorola Solutions Inc.		503,538		547,080
				1,226,115		1,290,727
		Transportation — 1.7%
	3,263	Union Pacific Corp.		387,869		656,711

		TOTAL COMMON STOCKS		22,585,893		24,989,033

		MANDATORY CONVERTIBLE SECURITIES(a) — 1.6%
		Health Care — 1.6%
	5,090	Boston Scientific Corp., Ser. A, 5.500%, 06/01/23		570,285		616,094

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 26.9%
		Aerospace — 0.6%
$	255,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.450%, 10/01/25	$	267,622	$	246,449

		Banking — 1.8%
	750,000	Fifth Third Bancorp, 2.375%, 01/28/25		749,924		695,834

		Computer Hardware — 0.8%
	295,000	Dell International LLC / EMC Corp., 5.750%, 02/01/33		293,249		295,224

		Computer Software and Services — 1.0%
		Oracle Corp.
	240,000	6.250%, 11/09/32		240,435		258,106
	135,000	6.900%, 11/09/52		135,549		150,849
				375,984		408,955

		Diversified Industrial — 1.7%
	510,000	Cabot Corp., 4.000%, 07/01/29		508,990		475,442
	191,000	Jabil Inc., 1.700%, 04/15/26		191,240		171,507
				700,230		646,949
		Energy and Energy Services — 1.2%
	235,000	Energy Transfer LP, 6.250%, 04/15/49		274,051		232,214
	260,000	Plains All American Pipeline LP / PAA Finance Corp., 3.800%, 09/15/30		271,490		231,805
				545,541		464,019

		Energy: Oil — 2.3%
	95,000	Diamondback Energy Inc., 6.250%, 03/15/33		99,288		100,520
	275,000	MPLX LP, 2.650%, 08/15/30		274,103		233,538
	395,000	Petroleos Mexicanos, 6.700%, 02/16/32		397,307		314,743
	259,000	Piedmont Natural Gas Co. Inc., 5.050%, 05/15/52		257,519		240,180
				1,028,217		888,981

		Financial Services — 5.6%
	138,000	American Honda Finance Corp., MTN, 1.000%, 09/10/25		137,997		126,669
	500,000	Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.21%), 2.572%, 10/20/32(b)		486,113		408,718
	500,000	Bank of Montreal, MTN, 2.650%, 03/08/27		490,930		461,719
	500,000	Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%), 3.070%, 02/24/28(b)		493,968		465,002

Principal Amount			Cost		Market Value

$	370,000	HSBC Holdings plc, (U.S. Secured Overnight Financing Rate + 3.03%), 7.336%, 11/03/26(b)	$	370,000	$	383,736
	405,000	Owl Rock Capital Corp., 3.400%, 07/15/26		404,726		357,897
				2,383,734		2,203,741

		Food and Beverage — 0.7%
	380,000	The J.M. Smucker Co., 3.550%, 03/15/50		386,944		284,799

		Health Care — 2.9%
	450,000	Aetna Inc., 3.500%, 11/15/24		450,139		439,230
	750,000	Amgen Inc., 2.200%, 02/21/27		755,546		690,948
				1,205,685		1,130,178

		Real Estate — 1.9%
	150,000	Brixmor Operating Partnership LP, 2.250%, 04/01/28		149,843		129,024
	355,000	Kimco Realty OP LLC, 4.600%, 02/01/33		313,675		333,019
	265,000	Realty Income Corp., 2.850%, 12/15/32		276,339		219,204
	113,000	Vornado Realty LP, 3.400%, 06/01/31		113,160		78,218
				853,017		759,465

		Retail — 2.6%
	151,000	7-Eleven Inc., 0.950%, 02/10/26		150,792		135,744
	200,000	AutoZone Inc., 1.650%, 01/15/31		198,261		159,426
	800,000	CVS Health Corp., 3.250%, 08/15/29		808,746		731,116
				1,157,799		1,026,286

		Semiconductors — 1.2%
	235,000	Broadcom Inc., 4.150%, 11/15/30		264,568		217,907
	275,000	NXP BV / NXP Funding LLC / NXP USA Inc., 5.000%, 01/15/33		273,994		269,471
				538,562		487,378

		Telecommunications — 0.4%
	270,000	Charter Communications Operating LLC / Charter Communications Operating Capital Corp., 3.700%, 04/01/51		277,501		172,484

		Transportation — 2.2%

	875,000	AP Moller - Maersk A/S, 4.500%, 06/20/29		871,391		868,344

		TOTAL CORPORATE BONDS		11,635,400		10,579,086

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 1.5%
		Computer Software and Services — 0.7%
$	350,000	Splunk Inc., 1.125%, 06/15/27	$	371,530	$	300,825

		Health Care — 0.8%
	325,000	Exact Sciences Corp., 0.375%, 03/15/27		365,602		304,031

		TOTAL CONVERTIBLE CORPORATE BONDS		737,132		604,856

		U.S. GOVERNMENT OBLIGATIONS — 5.9%
		U.S. Treasury Bonds — 4.8%
	450,000	2.500%, 02/15/45		409,706		358,541
	700,000	2.500%, 05/15/46		700,132		554,682
	350,000	2.250%, 08/15/46		368,499		263,580
	350,000	1.875%, 02/15/51		320,423		238,192
	70,000	2.250%, 02/15/52		59,980		51,990
	505,000	3.000%, 08/15/52		417,590		441,796
				2,276,330		1,908,781
		U.S. Treasury Notes — 1.1%
	159,000	2.625%, 02/15/29		161,733		150,671
	85,000	2.750%, 08/15/32		77,614		79,933
	165,000	4.125%, 11/15/32		174,511		173,250
				413,858		403,854
		TOTAL U.S. GOVERNMENT OBLIGATIONS		2,690,188		2,312,635

Shares
		SHORT TERM INVESTMENT — 0.0%
		Other Investment Companies — 0.0%
	12,700	Dreyfus Treasury Securities Cash Management, 4.430%*		12,700		12,700

		TOTAL INVESTMENTS — 99.5%	$	38,231,598		39,114,404

		Other Assets and Liabilities (Net) — 0.5%				206,393

		NET ASSETS — 100.0%			$	39,320,797

†

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, 2023.

1 day yield as of March 31, 2023.

MTN Medium Term Note

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood Funds
Statements of Assets and Liabilities
March 31, 2023 (Unaudited)

	Mighty Mites Fund		SmallCap Equity Fund		Convertible Securities Fund
Assets:
Investments, at value (Cost $251,345,247, $55,206,031, and 31,159,722, respectively)	$	400,721,673	$	69,866,467	$	30,484,523
Investments in affiliates, at value (Cost$ 9,873,323)		24,400,458		—		—
Cash		—		38,496		—
Foreign currency, at value (Cost $6,426)		6,434		—		—
Receivable for Fund shares sold		153,916		634,838		—
Receivable for investments sold		4,286,296		15,762		803,448
Receivable from Adviser		—		19,454		17,479
Dividends and interest receivable		536,558		46,338		159,135
Prepaid expenses		77,753		19,517		18,025
Total Assets		430,183,088		70,640,872		31,482,610
Liabilities:
Payable to bank		11,842		—		45,637
Payable for investments purchased		6,005		—		200,000
Payable for Fund shares redeemed		543,782		15,784		130
Payable for investment advisory fees		354,129		59,597		26,906
Payable for distribution fees		55,844		5,445		3,510
Payable for accounting fees		7,500		7,500		—
Payable for trustees fees		1,065		—		334
Payable for custodian fees		—		2,467		5,682
Payable for legal and audit fees		49,645		24,059		20,857
Payable for shareholder communications expenses		110,940		11,827		18,949
Payable for shareholder services fees		114,097		5,390		6,853
Other accrued expenses		6,846		3,944		6,300
Total Liabilities		1,261,695		136,013		335,158
Net Assets	$	428,921,393	$	70,504,859	$	31,147,452
Net Assets Consist of:
Paid-in capital	$	212,228,211	$	55,318,336	$	30,913,146
Total distributable earnings		216,693,182		15,186,523		234,306
Net Assets	$	428,921,393	$	70,504,859	$	31,147,452
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	92,305,030	$	7,724,747	$	3,843,347
Shares of beneficial interest outstanding		4,333,381		341,526		321,626
Net Asset Value, offering, and redemption price per share	$	21.30	$	22.62	$	11.95
Class A:
Net assets	$	76,048,494	$	7,079,662	$	2,747,673
Shares of beneficial interest outstanding		3,801,780		334,006		221,032
Net Asset Value and redemption price per share	$	20.00	$	21.20	$	12.43
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	20.83	$	22.08	$	12.95
Class C:
Net assets	$	23,309,794	$	2,637,768	$	2,370,054
Shares of beneficial interest outstanding		1,444,287		153,868		177,013
Net Asset Value and offering price per share (a)	$	16.14	$	17.14	$	13.39
Class I:
Net assets	$	237,258,075	$	53,062,682	$	22,186,378
Shares of beneficial interest outstanding		10,694,673		2,241,291		1,849,880
Net Asset Value, offering, and redemption price per share	$	22.18	$	23.68	$	11.99

(a)

Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)
March 31, 2023 (Unaudited)

	Equity		Balanced
	Fund		Fund
Assets:
Investments, at value (Cost $39,176,126 and $38,231,598, respectively)	$	44,564,643	$	39,114,404
Cash		—		87
Receivable for Fund shares sold		813		—
Receivable for investments sold		—		130,354
Dividends and interest receivable		42,718		147,781
Prepaid expenses		28,455		23,575
Total Assets		44,636,629		39,416,201
Liabilities:
Payable to bank		1,909		—
Payable for Fund shares redeemed		3,000		16,677
Payable for investment advisory fees		37,029		24,773
Payable for distribution fees		8,952		8,076
Payable for custodian fees		4,663		7,550
Payable for legal and audit fees		19,903		19,882
Payable for shareholder communications expenses		14,373		6,683
Payable for shareholder services fees		7,351		6,443
Other accrued expenses		5,391		5,320
Total Liabilities		102,571		95,404
Net Assets	$	44,534,058	$	39,320,797
Net Assets Consist of:
Paid-in capital	$	38,653,352	$	38,410,100
Total distributable earnings		5,880,706		910,697
Net Assets	$	44,534,058	$	39,320,797
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	42,242,108	$	30,325,520
Shares of beneficial interest outstanding		4,016,853		3,216,599
Net Asset Value, offering, and redemption price per share	$	10.52	$	9.43
Class A:
Net assets	$	790,885	$	5,327,340
Shares of beneficial interest outstanding		75,252		559,995
Net Asset Value and redemption price per share	$	10.51	$	9.51
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	10.95	$	9.91
Class C:
Net assets	$	10,788	$	693,766
Shares of beneficial interest outstanding		1,145		71,894
Net Asset Value and offering price per share (a)	$	9.42	$	9.65
Class I:
Net assets	$	1,490,277	$	2,974,171
Shares of beneficial interest outstanding		142,554		316,133
Net Asset Value, offering, and redemption price per share	$	10.45	$	9.41

(a)

Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

TETON Westwood Funds
Statements of Operations
For the Six Months Ended March 31, 2023 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund			Convertible Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $24,151, $0, and $0, respectively)	$	3,694,426		$	451,319		$	48,930
Dividends-affiliated		315,258			—			—
Interest		35,828			125,899			452,610
Total Investment Income		4,045,512			577,218			501,540
Expenses:
Investment advisory fees		2,272,015			324,026			179,704
Distribution fees - Class AAA		115,977			10,039			5,065
Distribution fees - Class A		96,922			8,821			3,819
Distribution fees - Class C		128,003			12,067			14,173
Accounting fees		22,500			22,500			—
Custodian fees		37,350			6,275			6,403
Legal and audit fees		49,462			19,236			15,552
Registration expenses		32,851			26,778			28,814
Shareholder communications expenses		93,282			13,570			14,877
Shareholder services fees		238,486			11,260			9,812
Trustees’ fees		52,878			5,524			4,599
Miscellaneous expenses		20,764			6,558			7,626
Total Expenses		3,160,490			466,654			290,444
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(110,759	)		(104,794	)
Advisory fee reduction on unsupervised assets (See Note 3)		(80,165	)		—			—
Expenses paid indirectly by broker (See Note 6)		(3,676	)		(923	)		(859	)
Total Reimbursements, Waivers, Reductions, and Credits		(83,841	)		(111,682	)		(105,653	)
Net Expenses		3,076,649			354,972			184,791
Net Investment Income		968,863			222,246			316,749
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		58,074,849			435,642			1,289,917
Net realized loss on investments - affiliated		(690,456	)		—			—
Net realized loss on foreign currency transactions		(2,111	)		—			—
Net realized gain on investments and foreign currency transactions		57,382,282			435,642			1,289,917
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		9,719,825			4,252,027			664,608
on investments - affiliated		3,396,748			—			—
on foreign currency translations		3,359			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		13,119,932			4,252,027			664,608
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		70,502,214			4,687,669			1,954,525
Net Increase in Net Assets Resulting from Operations	$	71,471,077		$	4,909,915		$	2,271,274

See accompanying notes to financial statements.

TETON Westwood Funds
Statements of Operations (Continued)
For the Six Months Ended March 31, 2023 (Unaudited)

	Equity Fund			Balanced Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $724 and $365, respectively)	$	490,232		$	270,413
Interest		12,680			256,973
Total Investment Income		502,912			527,386
Expenses:
Investment advisory fees		230,500			154,613
Distribution fees - Class AAA		54,469			39,898
Distribution fees - Class A		1,018			6,953
Distribution fees - Class C		120			3,457
Custodian fees		6,334			8,545
Legal and audit fees		15,319			15,233
Registration expenses		27,737			27,997
Shareholder communications expenses		13,857			13,506
Shareholder services fees		13,965			11,421
Trustees’ fees		5,112			4,687
Miscellaneous expenses		6,458			6,407
Total Expenses		374,889			292,717
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)		(859	)		(840	)
Total Reimbursements, Waivers, Reductions, and Credits		(859	)		(840	)
Net Expenses		374,030			291,877
Net Investment Income		128,882			235,509
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		366,582			109,459
Net realized gain on investments - affiliated		—			—
Net realized gain on foreign currency transactions		—			—
Net realized gain on investments and foreign currency transactions		366,582			109,459
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		3,874,058			3,591,023
on investments - affiliated		—			—
on foreign currency translations		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		3,874,058			3,591,023
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		4,240,640			3,700,482
Net Increase in Net Assets Resulting from Operations	$	4,369,522		$	3,935,991

See accompanying notes to financial statements.

TETON Westwood Funds
Statements of Changes in Net Assets

	Mighty Mites Fund
	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022

Operations:
Net investment income	$	968,863		$	3,581,218
Net realized gain on investments and foreign currency transactions		57,382,282			62,709,055
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		13,119,932			(190,191,685	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		71,471,077			(123,901,412	)
Distributions to Shareholders:
Accumulated earnings
Class AAA		(11,164,408	)		(17,928,539	)
Class A		(9,626,296	)		(14,451,631	)
Class C		(3,076,929	)		(8,098,122	)
Class I		(33,844,855	)		(55,813,204	)
Total Distributions to Shareholders		(57,712,488	)		(96,291,496	)

Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		2,091,930			2,012,736
Class A		5,524,659			15,999,365
Class C		372,722			1,551,151
Class I		16,886,818			54,885,767
		24,876,129			74,449,019
Proceeds from reinvestment of distributions
Class AAA		10,872,699			17,443,390
Class A		8,304,406			12,321,803
Class C		3,034,798			7,915,476
Class I		25,597,381			42,778,029
		47,809,284			80,458,698
Cost of shares redeemed
Class AAA		(8,252,206	)		(23,585,285	)
Class A		(11,676,143	)		(21,549,703	)
Class C		(6,574,035	)		(16,228,511	)
Class I		(77,484,232	)		(118,489,528	)
		(103,986,616	)		(179,853,027	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(31,301,203	)		(24,945,310	)
Redemption Fees		14			92
Net Increase/(Decrease) in Net Assets		(17,542,600	)		(245,138,126	)
Net Assets:
Beginning of year		446,463,993			691,602,119
End of period	$	428,921,393		$	446,463,993

See accompanying notes to financial statements.

TETON Westwood Funds
Statements of Changes in Net Assets (Continued)

SmallCap Equity Fund						Convertible Securities Fund						Equity Fund						Balanced Fund
For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022


$	222,246		$	211,324		$	316,749		$	158,446		$	128,882		$	163,572		$	235,509		$	338,482
	435,642			862,602			1,289,917			4,148,819			366,582			3,254,320			109,459			2,687,251
	4,252,027			(9,548,343	)		664,608			(19,338,974	)		3,874,058			(7,405,186	)		3,591,023			(9,466,909	)
	4,909,915			(8,474,417	)		2,271,274			(15,031,709	)		4,369,522			(3,987,294	)		3,935,991			(6,441,176	)

	(123,982	)		(554,225	)		(415,728	)		(636,750	)		(3,192,830	)		(8,020,288	)		(2,228,090	)		(4,929,390	)
	(109,934	)		(347,566	)		(325,491	)		(498,218	)		(59,409	)		(156,056	)		(392,247	)		(1,035,383	)
	(24,161	)		(165,125	)		(278,784	)		(464,204	)		(1,829	)		(6,584	)		(42,709	)		(140,721	)
	(760,837	)		(2,017,134	)		(2,873,339	)		(5,413,759	)		(155,555	)		(501,478	)		(231,832	)		(519,861	)
	(1,018,914	)		(3,084,050	)		(3,893,342	)		(7,012,931	)		(3,409,623	)		(8,684,406	)		(2,894,878	)		(6,625,355	)


	499,159			1,054,137			13,552			88,247			198,536			425,506			213,165			2,226,513
	1,480,393			1,708,695			56,760			147,636			5,288			60,016			42,410			533,899
	1,172,635			558,507			75,498			225,406			—			—			320,594			40,280
	22,855,829			17,236,350			2,200,554			7,394,638			137,661			402,781			270,703			1,353,558
	26,008,016			20,557,689			2,346,364			7,855,927			341,485			888,303			846,872			4,154,250

	122,746			541,864			413,335			629,125			3,077,989			7,709,509			2,166,163			4,796,641
	109,733			347,178			322,988			495,471			57,984			150,622			379,917			1,020,834
	24,161			165,125			277,959			457,033			1,829			6,584			42,708			128,224
	760,165			2,009,732			2,871,616			5,411,447			151,069			491,374			231,832			519,861
	1,016,805			3,063,899			3,885,898			6,993,076			3,288,871			8,358,089			2,820,620			6,465,560

	(843,537	)		(2,330,166	)		(470,829	)		(1,332,275	)		(2,971,103	)		(4,790,697	)		(4,330,497	)		(5,835,794	)
	(852,693	)		(420,524	)		(911,625	)		(965,187	)		(77,392	)		(126,070	)		(950,749	)		(2,348,492	)
	(655,121	)		(628,421	)		(1,174,261	)		(1,253,508	)		(16,324	)		(10,344	)		(175,403	)		(667,301	)
	(7,433,339	)		(10,669,255	)		(10,526,194	)		(23,250,701	)		(779,690	)		(1,300,787	)		(821,275	)		(1,313,213	)
	(9,784,690	)		(14,048,366	)		(13,082,909	)		(26,801,671	)		(3,844,509	)		(6,227,898	)		(6,277,924	)		(10,164,800	)
	17,240,131			9,573,222			(6,850,647	)		(11,952,668	)		(214,153	)		3,018,494			(2,610,432	)		455,010
	1,879			—			—			—			—			—			—			—
	21,133,011			(1,985,245	)		(8,472,715	)		(33,997,308	)		745,746			(9,653,206	)		(1,569,319	)		(12,611,521	)

	49,371,848			51,357,093			39,620,167			73,617,475			43,788,312			53,441,518			40,890,116			53,501,637
$	70,504,859		$	49,371,848		$	31,147,452		$	39,620,167		$	44,534,058		$	43,788,312		$	39,320,797		$	40,890,116

See accompanying notes to financial statements.

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
2023(f)	$	20.74	$	0.04		$	3.31		$	3.35		$	(0.13	)	$	(2.66	)	$	(2.79	)	$	0.00	$	21.30		16.51	%	$	92,305		0.33	%(g)		1.45	%(g)		1.49	%(g)		1	%
2022		30.25		0.13			(5.39	)		(5.26	)		(0.07	)		(4.18	)		(4.25	)		0.00		20.74		(20.64	)		84,906		0.50			1.41			1.43			3
2021		22.42		0.13			10.11			10.24			—			(2.41	)		(2.41	)		0.00		30.25		48.78			129,754		0.47			1.40			1.42			6
2020		25.58		(0.07	)		(2.01	)		(2.08	)		—			(1.08	)		(1.08	)		0.00		22.42		(8.68	)		103,109		(0.31	)		1.43			1.44			2
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
Class A
2023(f)	$	19.49	$	0.03		$	3.12		$	3.15		$	(0.14	)	$	(2.50	)	$	(2.64	)	$	0.00	$	20.00		16.49	%	$	76,048		0.33	%(g)		1.45	%(g)		1.49	%(g)		1	%
2022		28.68		0.12			(5.06	)		(4.94	)		(0.07	)		(4.18	)		(4.25	)		0.00		19.49		(20.63	)		71,820		0.48			1.41			1.43			3
2021		21.37		0.12			9.60			9.72			—			(2.41	)		(2.41	)		0.00		28.68		48.74			98,771		0.44			1.41			1.43			6
2020		24.49		(0.12	)		(1.92	)		(2.04	)		—			(1.08	)		(1.08	)		0.00		21.37		(8.91	)		68,250		(0.55	)		1.68			1.69			2
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
Class C
2023(f)	$	15.67	$	(0.04	)	$	2.52		$	2.48		$	—		$	(2.01	)	$	(2.01	)	$	0.00	$	16.14		16.11	%	$	23,310		(0.43	)%(g)		2.20	%(g)		2.24	%(g)		1	%
2022		23.95		(0.05	)		(4.05	)		(4.10	)		—			(4.18	)		(4.18	)		0.00		15.67		(21.22	)		25,567		(0.25	)		2.16			2.18			3
2021		18.31		(0.06	)		8.11			8.05			—			(2.41	)		(2.41	)		0.00		23.95		47.66			48,054		(0.27	)		2.15			2.17			6
2020		21.24		(0.20	)		(1.65	)		(1.85	)		—			(1.08	)		(1.08	)		0.00		18.31		(9.40	)		47,509		(1.06	)		2.18			2.19			2
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
Class I
2023(f)	$	21.63	$	0.06		$	3.47		$	3.53		$	(0.20	)	$	(2.78	)	$	(2.98	)	$	0.00	$	22.18		16.64	%	$	237,258		0.57	%(g)		1.20	%(g)		1.24	%(g)		1	%
2022		31.38		0.20			(5.62	)		(5.42	)		(0.15	)		(4.18	)		(4.33	)		0.00		21.63		(20.44	)		264,171		0.74			1.16			1.18			3
2021		23.13		0.21			10.45			10.66			—			(2.41	)		(2.41	)		0.00		31.38		49.13			415,023		0.72			1.15			1.17			6
2020		26.29		(0.01	)		(2.07	)		(2.08	)		—			(1.08	)		(1.08	)		0.00		23.13		(8.43	)		328,187		(0.05	)		1.18			1.19			2
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

†

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 0.04%, 0.03%, 0.02%, and 0.01% of net assets for the six months ended March 31, 2023 and the years ended September 30, 2022, 2021, and 2020. 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, 2023, unaudited.

(g)

Annualized.

(h)

Amount represents less than 0.005%.

See accompanying notes to financial statements.

TETON Westwood Funds
Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout each 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
2023(d)	$	20.74	$	0.06		$	2.18		$	2.24		$	(0.08	)	$	(0.28	)	$	(0.36	)	$	0.00	$	22.62		10.75	%	$	7,725		0.53	%(e)		1.25	%(e)		1.59	%(e)		0	%(f)
2022		25.74		0.06			(3.61	)		(3.55	)		(0.01	)		(1.44	)		(1.45	)		—		20.74		(14.79	)		7,300		0.23			1.25			1.64			15
2021		15.40		0.04			10.30			10.34			(0.00	)(b)		—			(0.00	)(b)		—		25.74		67.16			9,838		0.15			1.25			1.64			21
2020		17.97		0.04			(1.72	)		(1.68	)		(0.07	)		(0.82	)		(0.89	)		0.00		15.40		(10.08	)		6,146		0.26			1.25			1.70			18
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
Class A
2023(d)	$	19.45	$	0.06		$	2.04		$	2.10		$	(0.09	)	$	(0.26	)	$	(0.35	)	$	0.00	$	21.20		10.76	%	$	7,079		0.53	%(e)		1.25	%(e)		1.59	%(e)		0	%(f)
2022		24.23		0.06			(3.38	)		(3.32	)		(0.02	)		(1.44	)		(1.46	)		—		19.45		(14.78	)		5,820		0.25			1.25			1.65			15
2021		14.50		0.03			9.70			9.73			—			—			—			—		24.23		67.10			5,539		0.14			1.27			1.65			21
2020		16.98		0.00	(b)		(1.63	)		(1.63	)		(0.03	)		(0.82	)		(0.85	)		0.00		14.50		(10.34	)		3,172		0.02			1.50			1.95			18
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
Class C
2023(d)	$	15.73	$	(0.02	)	$	1.64		$	1.62		$	—		$	(0.21	)	$	(0.21	)	$	0.00	$	17.14		10.26	%	$	2,638		(0.22	)%(e)		2.00	%(e)		2.34	%(e)		0	%(f)
2022		19.98		(0.10	)		(2.71	)		(2.81	)		—			(1.44	)		(1.44	)		—		15.73		(15.38	)		1,931		(0.53	)		2.00			2.39			15
2021		12.04		(0.11	)		8.05			7.94			—			—			—			—		19.98		65.95			2,336		(0.60	)		2.00			2.39			21
2020		14.28		(0.06	)		(1.36	)		(1.42	)		—			(0.82	)		(0.82	)		0.00		12.04		(10.82	)		1,597		(0.46	)		2.00			2.45			18
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
Class I
2023(d)	$	21.74	$	0.09		$	2.28		$	2.37		$	(0.14	)	$	(0.29	)	$	(0.43	)	$	0.00	$	23.68		10.86	%	$	53,063		0.78	%(e)		1.00	%(e)		1.34	%(e)		0	%(f)
2022		26.90		0.13			(3.77	)		(3.64	)		(0.08	)		(1.44	)		(1.52	)		—		21.74		(14.54	)		34,321		0.49			1.00			1.39			15
2021		16.09		0.10			10.75			10.85			(0.04	)		—			(0.04	)		—		26.90		67.55			33,644		0.40			1.00			1.39			21
2020		18.74		0.09			(1.80	)		(1.71	)		(0.12	)		(0.82	)		(0.94	)		0.00		16.09		(9.87	)		17,435		0.52			1.00			1.45			18
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

†

(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, 2023, unaudited.

(e)

Annualized.

(f)

Amount represents less than 0.5%.

See accompanying notes to financial statements.

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
Convertible Securities Fund
Class AAA
2023(d)	$	12.54	$	0.10		$	0.63		$	0.73		$	(0.15	)	$	(1.17	)	$	(1.32	)	$	—	$	11.95		6.03	%	$	3,843		1.67	%(e)		1.15	%(e)		1.73	%(e)		21	%
2022		18.26		0.02			(3.96	)		(3.94	)		(0.17	)		(1.61	)		(1.78	)		—		12.54		(23.78	)		4,065		0.16			1.15			1.62			39
2021		15.59		0.05			3.11			3.16			(0.16	)		(0.33	)		(0.49	)		0.00		18.26		20.48			6,701		0.27			1.15			1.56			34
2020		13.86		0.16			1.98			2.14			(0.25	)		(0.16	)		(0.41	)		0.00		15.59		15.80			7,392		1.12			1.15			1.62			62
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			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			2.03			35
Class A
2023(d)	$	13.04	$	0.10		$	0.66		$	0.76		$	(0.15	)	$	(1.22	)	$	(1.37	)	$	—	$	12.43		6.00	%	$	2,748		1.64	%(e)		1.15	%(e)		1.73	%(e)		21	%
2022		18.91		0.02			(4.12	)		(4.10	)		(0.16	)		(1.61	)		(1.77	)		—		13.04		(23.77	)		3,419		0.16			1.15			1.62			39
2021		16.13		0.04			3.22			3.26			(0.15	)		(0.33	)		(0.48	)		0.00		18.91		20.45			5,417		0.24			1.17			1.58			34
2020		14.33		0.13			2.04			2.17			(0.21	)		(0.16	)		(0.37	)		0.00		16.13		15.47			6,143		0.86			1.40			1.87			62
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			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			2.28			35
Class C
2023(d)	$	14.04	$	0.06		$	0.71		$	0.77		$	(0.11	)	$	(1.31	)	$	(1.42	)	$	—	$	13.39		5.63	%	$	2,370		0.88	%(e)		1.90	%(e)		2.48	%(e)		21	%
2022		20.24		(0.10	)		(4.43	)		(4.53	)		(0.06	)		(1.61	)		(1.67	)		—		14.04		(24.32	)		3,297		(0.60	)		1.90			2.37			39
2021		17.26		(0.10	)		3.44			3.34			(0.03	)		(0.33	)		(0.36	)		0.00		20.24		19.54			5,575		(0.49	)		1.90			2.31			34
2020		15.30		0.06			2.19			2.25			(0.13	)		(0.16	)		(0.29	)		0.00		17.26		14.93			6,130		0.37			1.90			2.37			62
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			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			2.78			35
Class I
2023(d)	$	12.59	$	0.12		$	0.61		$	0.73		$	(0.16	)	$	(1.17	)	$	(1.33	)	$	—	$	11.99		6.10	%	$	22,186		1.89	%(e)		0.90	%(e)		1.48	%(e)		21	%
2022		18.32		0.06			(3.98	)		(3.92	)		(0.20	)		(1.61	)		(1.81	)		—		12.59		(23.56	)		28,839		0.39			0.90			1.37			39
2021		15.64		0.09			3.12			3.21			(0.20	)		(0.33	)		(0.53	)		0.00		18.32		20.79			55,924		0.51			0.90			1.31			34
2020		13.91		0.20			1.97			2.17			(0.28	)		(0.16	)		(0.44	)		0.00		15.64		16.03			52,842		1.36			0.90			1.37			62
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			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			1.78			35

†

(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, 2023, unaudited.

(e)

Annualized.

See accompanying notes to financial statements.

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
2023(c)	$	10.28	$	0.03		$	1.02		$	1.05		$	(0.04	)	$	(0.77	)	$	(0.81	)	$	10.52		9.91	%	$	42,242		0.55	%(d)		1.63	%(d)		26	%
2022		13.37		0.04			(0.93	)		(0.89	)		(0.00	)(e)		(2.20	)		(2.20	)		10.28		(8.75	)		41,068		0.30			1.64			50
2021		11.02		0.00	(e)		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
Class A
2023(c)	$	10.27	$	0.03		$	1.02		$	1.05		$	(0.04	)	$	(0.77	)	$	(0.81	)	$	10.51		9.91	%	$	791		0.55	%(d)		1.63	%(d)		26	%
2022		13.36		0.04			(0.93	)		(0.89	)		(0.00	)(e)		(2.20	)		(2.20	)		10.27		(8.76	)		788		0.29			1.64			50
2021		10.99		0.00	(e)		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
Class C
2023(c)	$	9.21	$	(0.01	)	$	0.91		$	0.90		$	—		$	(0.69	)	$	(0.69	)	$	9.42		9.48	%	$	11		(0.28	)%(d)		2.38	%(d)		26	%
2022		12.27		(0.05	)		(0.81	)		(0.86	)		—			(2.20	)		(2.20	)		9.21		(9.40	)		25		(0.48	)		2.39			50
2021		10.18		(0.11	)		2.68			2.57			—			(0.48	)		(0.48	)		12.27		25.93			37		(1.00	)		2.39			66
2020		11.76		(0.00	)(e)		(0.50	)		(0.50	)		—			(1.08	)		(1.08	)		10.18		(5.04	)		38		(0.01	)		2.38			46
2019		13.09		0.00	(e)		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
Class I
2023(c)	$	10.23	$	0.04		$	1.02		$	1.06		$	(0.07	)	$	(0.77	)	$	(0.84	)	$	10.45		10.01	%	$	1,490		0.78	%(d)		1.38	%(d)		26	%
2022		13.32		0.07			(0.92	)		(0.85	)		(0.04	)		(2.20	)		(2.24	)		10.23		(8.52	)		1,907		0.56			1.39			50
2021		10.98		0.03			2.88			2.91			(0.09	)		(0.48	)		(0.57	)		13.32		27.31			3,004		0.25			1.39			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

†

(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, 2023, unaudited.

(d)

Annualized.

(e)

Amount represents less than $0.005 per share.

(f)

Amount represents less than (0.005)%.

See accompanying notes to financial statements.

TETON Westwood Funds
Financial Highlights (Continued)

Selected data for a share of beneficial interest outstanding throughout each 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
2023(c)	$	9.20	$	0.05		$	0.86		$	0.91		$	(0.06	)	$	(0.62	)	$	(0.68	)	$	9.43		9.89	%	$	30,326		1.14	%(d)		1.42	%(d)		23	%
2022		12.11		0.07			(1.44	)		(1.37	)		(0.07	)		(1.47	)		(1.54	)		9.20		(13.36	)		31,492		0.68			1.41			46
2021		10.85		0.03			1.75			1.78			(0.02	)		(0.50	)		(0.52	)		12.11		16.93			40,187		0.22			1.41			65
2020		11.71		0.10			(0.11	)		(0.01	)		(0.10	)		(0.75	)		(0.85	)		10.85		0.17			38,713		0.95			1.42			57
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
Class A
2023(c)	$	9.28	$	0.05		$	0.86		$	0.91		$	(0.06	)	$	(0.62	)	$	(0.68	)	$	9.51		9.86	%	$	5,327		1.13	%(d)		1.42	%(d)		23	%
2022		12.20		0.07			(1.45	)		(1.38	)		(0.07	)		(1.47	)		(1.54	)		9.28		(13.35	)		5,702		0.66			1.41			46
2021		10.93		0.02			1.77			1.79			(0.02	)		(0.50	)		(0.52	)		12.20		16.87			8,454		0.20			1.43			65
2020		11.79		0.08			(0.11	)		(0.03	)		(0.08	)		(0.75	)		(0.83	)		10.93		(0.43	)		7,981		0.70			1.67			57
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
Class C
2023(c)	$	9.43	$	0.02		$	0.87		$	0.89		$	(0.04	)	$	(0.63	)	$	(0.67	)	$	9.65		9.46	%	$	694		0.37	%(d)		2.17	%(d)		23	%
2022		12.39		(0.02	)		(1.46	)		(1.48	)		(0.01	)		(1.47	)		(1.48	)		9.43		(14.02	)		491		(0.15	)		2.16			46
2021		11.15		(0.07	)		1.81			1.74			—			(0.50	)		(0.50	)		12.39		16.03			1,212		(0.57	)		2.16			65
2020		12.01		0.02			(0.11	)		(0.09	)		(0.02	)		(0.75	)		(0.77	)		11.15		(0.95	)		1,215		0.20			2.17			57
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
Class I
2023(c)	$	9.18	$	0.07		$	0.85		$	0.92		$	(0.07	)	$	(0.62	)	$	(0.69	)	$	9.41		10.04	%	$	2,974		1.39	%(d)		1.17	%(d)		23	%
2022		12.09		0.10			(1.44	)		(1.34	)		(0.10	)		(1.47	)		(1.57	)		9.18		(13.15	)		3,205		0.93			1.16			46
2021		10.83		0.05			1.76			1.81			(0.05	)		(0.50	)		(0.55	)		12.09		17.26			3,649		0.47			1.16			65
2020		11.69		0.13			(0.11	)		0.02			(0.13	)		(0.75	)		(0.88	)		10.83		0.09			4,131		1.19			1.17			57
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

†

(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, 2023, unaudited.

(d)

Annualized.

See accompanying notes to financial statements.

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 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,

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, 2023 is as follows:

		Valuation Inputs
		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 03/31/23
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Building and Construction	$	7,291,590	$	7,003,236		—	$	14,294,826
Business Services		7,369,977		—	$	391,960		7,761,937
Consumer Products		9,878,289		—		1		9,878,290
Consumer Services		1,981,320		324,925		—		2,306,245
Diversified Industrial		48,600,592		2,853,728		—		51,454,320
Financial Services		49,734,664		1,137,487		55,000		50,927,151
Food and Beverage		9,536,849		161,844		—		9,698,693
Real Estate		10,932,688		1,500,768		765		12,434,221
Specialty Chemicals		7,061,285		—		0		7,061,285
Other Industries (a)		253,983,456		—		—		253,983,456
Total Common Stocks		406,370,710		12,981,988		447,726		419,800,424

Preferred Stocks (a)		885,933		—		—		885,933
Rights (a)		33,000		4,000		301,815		338,815
Warrants (a)		44,071		59,493		652		104,216
U.S. Government Obligations		—		3,992,743		—		3,992,743
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	407,333,714	$	17,038,224	$	750,193(b)	$	425,122,131

SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	64,420,950		—		—	$	64,420,950
U.S. Government Obligations		—	$	5,445,517		—		5,445,517
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	64,420,950	$	5,445,517		—	$	69,866,467

CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (c)		—	$	28,786,882		—	$	28,786,882
Mandatory Convertible Securities (c)	$	606,180		898,290		—		1,504,470
U.S. Government Obligations		—		193,171		—		193,171
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	606,180	$	29,878,343		—	$	30,484,523

EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	44,070,149		—		—	$	44,070,149
Short Term Investment		494,494		—		—		494,494
TOTAL INVESTMENTS IN SECURITIES — ASSETS	$	44,564,643		—		—	$	44,564,643

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

		Valuation Inputs
				Level 2 Other Significant	Level 3 Significant		Total Market
		Level 1		Observable	Unobservable		Value
		Quoted Prices		Inputs	Inputs		at 03/31/23

BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	24,989,033		—	—	$	24,989,033
Mandatory Convertible Securities (c)		616,094		—	—		616,094
Corporate Bonds (c)		—	$	10,579,086	—		10,579,086
Convertible Corporate Bonds (c)		—		604,856	—		604,856
U.S. Government Obligations		—		2,312,635	—		2,312,635
Short Term Investment		12,700		—	—		12,700
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	25,617,827	$	13,496,577	—	$	39,114,404

(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.

The following table reconciles Level 3 investments for the Mighty Mites Fund for which significant unobservable inputs were used to determine fair value.

																Net change
																in unrealized
																appreciation/
																depreciation
																during the
																period on
						Net Change										Level 3
		Balance	Accrued	Realized		in unrealized				Transfers		Transfers		Balance		investments
		as of	discounts/	gain/		appreciation/				Into		Out of		as of		still held at
		09/30/22	(premiums)	(loss)		depreciation†	Purchases	Sales		Level 3		Level 3		03/31/23		03/31/23†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	321,755	—	—	$	125,970	—	—	$	1		—	$	447,726	$	125,970
Rights (a)		3,978	—	—		—	—	—		301,815	$	3,978		301,815		—
Warrants (a)		652	—	—		—	—	—		—		—		652		—
TOTAL INVESTMENTS IN
SECURITIES	$	326,385	—	—	$	125,970	—	—	$	301,816	$	3,978	$	750,193	$	125,970

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

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

During the six months ended March 31, 2023, the Mighty Mites Fund had material transfers into or out of level 3.

There were no Level 3 investments held at March 31, 2023 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.

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Securities Sold Short. The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the six months ended March 31, 2023, 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, 2023, refer to the Schedules of Investments.

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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, 2023, the 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.

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 year ended September 30, 2022 was as follows:

	Mighty Mites			SmallCap		Convertible
	Fund			Equity Fund		Securities Fund		Equity Fund		Balanced Fund
Ordinary income (inclusive of short term capital gains)	$	3,413,588		$	440,131	$	2,901,646	$	1,834,685	$	2,359,741
Net long term capital gains		100,784,565			2,643,919		4,111,285		6,849,721		4,265,614
Total distributions paid	$	04,198,153	*	$	3,084,050	$	7,012,931	$	8,684,406	$	6,625,355

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

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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/depreciation at March 31, 2023:

	Mighty Mites			SmallCap			Convertible
	Fund			Equity Fund			Securities Fund			Equity Fund			Balanced Fund
Aggregate cost of investments	$	263,131,584		$	55,210,904		$	31,159,722		$	39,178,092		$	38,239,504
Gross unrealized appreciation	$	192,912,211		$	17,013,934		$	2,760,070		$	6,100,518		$	3,461,767
Gross unrealized depreciation		(30,921,664	)		(2,358,371	)		(3,435,269	)		(713,967	)		(2,586,867	)
Net unrealized appreciation/depreciation	$	161,990,547		$	14,655,563		$	(675,199	)	$	5,386,551		$	874,900

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, 2023, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the Advisory Agreements) with Teton Advisors, LLC and Keeley-Teton Advisors, LLC, individually an “Adviser” and collectively, the “Advisers,” which provide that the Funds will pay the respective Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, and Equity Fund, and 0.75% for the Balanced Fund, of the value of each Fund’s average daily net assets. In accordance with the Advisory Agreements, the Advisers provide a continuous investment program for the Funds’ portfolios, oversee the administration of all aspects of the Funds’ business and affairs, and pay the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Advisers. Teton Advisors, LLC is the Adviser of the Mighty Mites Fund, the Convertible Securities Fund, the Equity Fund, and the Balanced Fund; and Keeley-Teton Advisors, LLC is the Adviser of the SmallCap Equity Fund.

There was a reduction in the Mighty Mites Fund’s advisory fee paid to its Adviser relating to certain portfolio holdings, i.e., unsupervised assets, with respect to which the Adviser transferred dispositive and voting control to the Mighty Mites Fund’s Proxy Voting Committee. During the six months ended March 31, 2023, the Mighty Mites 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 advisory fee with respect to such securities by $80,165.

The respective Advisers have contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund and Convertible Securities Fund in the event annual expenses of such Funds exceed certain prescribed limits as described in the paragraph below. Such fee waiver/reimbursement arrangements continue at least until January 31,2024. For the six months ended March 31, 2023, the respective Advisers waived fees or reimbursed expenses in the amounts of $110,759 and $104,794 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, 2023, 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 six months

September 30, 2021,

September 30, 2022,

ended March 31, 2023,

expiring

September 30, 2023

September 30, 2024

September 30, 2025

Total

SmallCap Equity Fund

184,043

217,384

110,759

512,186

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

For the year ended

For the six months

September 30, 2020,

September 30, 2021,

September 30, 2022,

ended March 31, 2023,

expiring

September 30, 2023

September 30, 2024

September 30, 2025

September 30, 2026

Total

Convertible Securities Fund

291,369

324,715

271,186

104,794

992,064

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

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

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2023, 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	$	3,138,312	$	103,669,736		—		—
SmallCap Equity Fund		20,474,559		4,060,826		—		—
Convertible Securities Fund		7,445,714		17,094,040		—		—
Equity Fund		11,964,228		15,082,588		—		—
Balanced Fund		8,060,525		12,459,444	$	1,363,878	$	2,240,974

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2023, the Mighty Mites Fund paid $16,079 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $6,211 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2023, 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 $3,676, $923, $859, $859, and $840, 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, 2023, the Mighty Mites Fund and SmallCap Equity Fund accrued $22,500 and $22,500 in connection with the cost of computing these Funds’ NAVs.

During the six months ended March 31, 2023, the Mighty Mites Fund engaged in sale transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act and amounted to $17,250 in sales transactions.

7. Significant Shareholder. As of March 31, 2023, 6.98% 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.

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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, 2023 and the fiscal year ended September 30, 2022 can be found in the Statements of Changes in Net Assets under Redemption Fees. Transactions in shares of beneficial interest were as follows:

	Mighty Mites Fund						SmallCap Equity Fund						Convertible Securities Fund
	Six Months						Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	March 31, 2023			September 30,			March 31, 2023			September 30,			March 31, 2023			September 30,
	(Unaudited)			2022			(Unaudited)			2022			(Unaudited)			2022
Class AAA
Shares sold		96,829			78,974			21,417			41,591			1,125			6,071
Shares issued upon reinvestment of distributions		522,977			647,250			5,284			21,468			34,949			38,447
Shares redeemed		(380,846	)		(921,647	)		(37,097	)		(93,383	)		(38,610	)		(87,386	)
Net increase/(decrease) in Class AAA Shares		238,960			(195,423	)		(10,396	)		(30,324	)		(2,536	)		(42,868	)
Class A
Shares sold		274,198			655,965			68,923			74,532			4,264			9,989
Shares issued upon reinvestment of distributions		425,431			486,643			5,040			14,668			26,265			29,152
Shares redeemed		(583,359	)		(901,365	)		(39,161	)		(18,597	)		(71,713	)		(63,380	)
Net increase/(decrease) in Class A Shares		116,270			241,243			34,802			70,603			(41,184	)		(24,239	)
Class C
Shares sold		22,982			77,977			67,725			30,768			5,245			12,129
Shares issued upon reinvestment of distributions		192,198			386,309			1,369			8,578			20,981			24,726
Shares redeemed		(402,383	)		(838,946	)		(38,019	)		(33,469	)		(84,009	)		(77,445	)
Net increase/(decrease) in Class C Shares		(187,203	)		(374,660	)		31,075			5,877			(57,783	)		(40,590	)
Class I
Shares sold		757,358			2,043,336			934,551			669,250			177,797			477,793
Shares issued upon reinvestment of distributions		1,183,420			1,525,607			31,295			76,155			241,978			329,964
Shares redeemed		(3,460,546	)		(4,581,699	)		(303,571	)		(417,053	)		(860,981	)		(1,569,187	)
Net increase/(decrease) in Class I Shares		(1,519,768	)		(1,012,756	)		662,275			328,352			(441,206	)		(761,430	)

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Equity Fund						Balanced Fund
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	March 31, 2023			September 30,			March 31, 2023			September 30,
	(Unaudited)			2022			(Unaudited)			2022
Class AAA
Shares sold		18,434			35,819			22,360			209,102
Shares issued upon reinvestment of distributions		282,384			654,457			229,558			434,985
Shares redeemed		(280,130	)		(394,206	)		(459,543	)		(538,770	)
Net increase/(decrease) in Class AAA Shares		20,688			296,070			(207,625	)		105,317
Class A
Shares sold		489			4,957			4,495			50,469
Shares issued upon reinvestment of distributions		5,320			12,797			39,881			91,660
Shares redeemed		(7,336	)		(10,780	)		(98,817	)		(220,463	)
Net increase/(decrease) in Class A Shares		(1,527	)		6,974			(54,441	)		(78,334	)
Class C
Shares sold								33,490			3,918
Shares issued upon reinvestment of distributions		187			620			4,417			11,273
Shares redeemed		(1,739	)		(980	)		(18,133	)		(60,847	)
Net increase/(decrease) in Class C Shares		(1,552	)		(360	)		19,774			(45,656	)
Class I
Shares sold		13,034			36,072			28,980			119,750
Shares issued upon reinvestment of distributions		13,949			41,998			24,621			47,328
Shares redeemed		(70,825	)		(117,117	)		(86,683	)		(119,747	)
Net increase/(decrease) in Class I Shares		(43,842	)		(39,047	)		(33,082	)		47,331

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, 2023 is set forth below:

	Market									Change In			Market
	Value at		��							Unrealized			Value at				Percent
	September				Sales		Realized			Appreciation/			March 31,		Dividend		Owned of
	30, 2022		Purchases		Proceeds		Gain/(Loss)			(Depreciation)			2023		Income		Shares
Bel Fuse Inc., Cl. A	$	4,144,985		—	$	890,831	$	336,421		$	804,145		$	4,394,720	$	16,196		5.56	%
Burnham Holdings Inc., Cl. A		2,845,962		—		90,033		(43,289	)		(34,412	)		2,678,228		93,720		6.97	%
Nathan’s Famous Inc.		14,022,299		—		454,701		326,781			2,260,131			16,154,510		205,342		5.24	%
Schmitt Industries Inc. *		1,227,510		—		31,075		(1,310,369	)		113,934			—		—		—
Trans-Lux Corp.†		912,000	$	8,050		—		—			252,950			1,173,000		—		17.11	%
Total							$	(690,456	)	$	3,396,748		$	24,400,458	$	315,258

* Security was not held at March 31, 2023.

† 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.

This page was intentionally left blank.

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Convertible Securities Fund

TETON Westwood Equity Fund

TETON Westwood Balanced Fund

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

Officers

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

PETER GOLDSTEIN
Secretary and Vice President

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.

GABWWQ123SR

(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, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 97.7%
		Aerospace and Defense — 3.9%
	161,500	Aerojet Rocketdyne Holdings Inc.†	$	813,124	$	9,071,455
	119,400	Allied Motion Technologies Inc.		2,868,679		4,614,810
	147,000	Avio SpA		2,065,150		1,487,403
	105,503	Innovative Solutions and Support Inc.†		394,554		774,392
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		94,360
	60,600	Park Aerospace Corp.		945,537		815,070
				7,130,007		16,857,490

		Agriculture — 0.9%
	215	J.G. Boswell Co.		136,405		148,350
	195,000	Limoneira Co.		3,559,244		3,248,700
	370,000	S&W Seed Co.†		1,276,958		534,650
				4,972,607		3,931,700

		Automotive — 2.0%
	36,660	Rush Enterprises Inc., Cl. A		448,153		2,001,636
	81,000	Rush Enterprises Inc., Cl. B		1,085,928		4,851,090
	5,900	TravelCenters of America Inc.†		171,492		510,350
	52,400	Wabash National Corp.		98,940		1,288,516
				1,804,513		8,651,592

		Automotive: Parts and Accessories — 3.2%
	280,500	Commercial Vehicle Group Inc.†		2,521,757		2,047,650
	47,500	Dana Inc.		320,625		714,875
	50,000	Garrett Motion Inc.†		381,001		383,000
	12,190	Gentherm Inc.†		177,000		736,520
	242,000	Modine Manufacturing Co.†		3,090,991		5,578,100
	18,000	Motorcar Parts of America Inc.†		236,616		133,920
	80,000	Puradyn Filter Technologies Inc.†		13,773		8
	40,000	Standard Motor Products Inc.		447,186		1,476,400
	111,560	Strattec Security Corp.†		2,558,375		2,537,990
	20,500	Titan International Inc.†		88,258		214,840
				9,835,582		13,823,303

		Aviation: Parts and Services — 3.6%
	238,000	Astronics Corp.†		2,886,727		3,179,680
	23,896	Astronics Corp., Cl. B†		144,647		262,856
	176,540	Ducommun Inc.†		4,446,906		9,658,503
	43,000	Heroux-Devtek Inc.†		562,613		416,160
	84,000	Kaman Corp.		2,092,650		1,920,240
				10,133,543		15,437,439

		Broadcasting — 1.2%
	305,000	Beasley Broadcast Group Inc., Cl. A†		1,407,747		251,167
	216,000	Corus Entertainment Inc., Cl. B		368,906		274,895
	295,145	Dish TV India Ltd., GDR†		226,437		44,272
	241,120	Gray Television Inc.		265,142		2,102,566
	86,600	Gray Television Inc., Cl. A		625,686		736,966
	32,000	Sinclair Broadcast Group Inc., Cl. A		51,619		549,120

Shares			Cost		Market Value
	150,000	Townsquare Media Inc., Cl. A	$	1,160,428	$	1,200,000
				4,105,965		5,158,986

		Building and Construction — 3.3%
	60,000	Armstrong Flooring Inc.†		11,883		336
	85,000	Gibraltar Industries Inc.†		1,986,381		4,122,500
	5,000	Granite Construction Inc.		112,794		205,400
	5,000	Herc Holdings Inc.		137,615		569,500
	19,000	MYR Group Inc.†		382,027		2,394,190
	62,000	The Monarch Cement Co.		1,660,295		7,002,900
				4,290,995		14,294,826

		Business Services — 1.8%
	111,000	Diebold Nixdorf Inc.†		377,800		133,200
	36,900	Du-Art Film Laboratories Inc.†(a)		239,850		352,764
	4,100	Du-Art Film Laboratories Inc.†(a)		26,650		39,196
	19,780	ICF International Inc.		474,386		2,169,866
	31,400	KAR Auction Services Inc.†		165,651		429,552
	221,000	PFSweb Inc.		1,239,102		937,040
	10,000	Team Inc.†.		71,277		54,799
	2,300,000	Trans-Lux Corp.†(b)		1,196,147		1,173,000
	54,000	Viad Corp.†		1,321,396		1,125,360
	83,000	Willdan Group Inc.†		2,422,872		1,296,460
				7,535,131		7,711,237

		Communications — 0.5%
	179,000	Comtech Telecommunications Corp.		2,580,995		2,233,920

		Communications Equipment — 0.5%
	63,000	Anterix Inc.†		2,137,687		2,081,520

		Computer Software and Services — 1.5%
	4,000	Agilysys Inc.†		69,574		330,040
	712,000	Alithya Group Inc., Cl. A†		1,694,600		1,416,880
	134,000	American Software Inc., Cl. A		1,146,486		1,689,740
	22,000	Avid Technology Inc.†		125,104		703,560
	4,000	Cardlytics Inc.†		41,253		13,580
	45,000	DHI Group Inc.†		81,549		174,600
	10,000	Digi International Inc.†		124,708		336,800
	10,000	Materialise NV, ADR†		58,532		83,000
	137,000	Mitek Systems Inc.†		778,274		1,313,830
	45,000	Otonomo Technologies Ltd.†		327,710		21,407
	30,000	Playstudios Inc.†		173,653		110,700
	1,000	Tyler Technologies Inc.†		16,928		354,640
				4,638,371		6,548,777

		Consumer Products — 2.3%
	55,000	Acme United Corp.		968,676		1,265,000
	27,700	Bassett Furniture Industries Inc.		394,203		493,060
	850,000	Goodbaby International Holdings Ltd.†		228,494		66,052
	5,000	Johnson Outdoors Inc., Cl. A		145,741		315,050
	244,675	Lifetime Brands Inc.		2,597,276		1,438,689
	367,600	Marine Products Corp.		2,603,261		4,848,644
	14,000	MarineMax Inc.†		217,524		402,500
	10,000	Nautilus Inc.†		38,938		13,400
	20,600	Oil-Dri Corp. of America		398,914		857,166
	5,700	PC Group Inc.†(a)		3,465		1
	2,300,000	Playmates Holdings Ltd.		276,814		178,728
				7,873,306		9,878,290

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Services — 0.5%
	163,000	1-800-Flowers.com Inc., Cl. A†	$	1,067,884	$	1,874,500
	63,400	Bowlin Travel Centers Inc.†		86,945		324,925
	3,500	Carriage Services Inc.		53,964		106,820
				1,208,793		2,306,245

		Diversified Industrial — 12.0%
	129,000	American Outdoor Brands Inc.†		1,290,395		1,269,360
	133,000	Ampco-Pittsburgh Corp.†		597,069		325,850
	211,300	Burnham Holdings Inc., Cl. A(b)		3,254,146		2,678,228
	29,300	Chase Corp.		448,333		3,068,589
	68,000	Columbus McKinnon Corp.		1,113,342		2,526,880
	180,900	Distribution Solutions Group Inc.†		2,479,381		8,223,714
	119,000	Graham Corp.†		1,268,974		1,556,520
	2,000	Griffon Corp.		20,040		64,020
	18,700	Haulotte Group SA		100,406		66,417
	700	Hyster-Yale Materials Handling Inc.		20,560		34,923
	267,000	Intevac Inc.†		1,308,413		1,957,110
	10,000	John Bean Technologies Corp.		285,348		1,092,900
	152,279	L.B. Foster Co., Cl. A†		2,214,940		1,748,163
	7,800	MSA Safety Inc.		252,913		1,041,300
	663,870	Myers Industries Inc.		11,018,398		14,226,734
	192,500	Park-Ohio Holdings Corp.		3,961,093		2,325,400
	19,500	RWC Inc.†		311,533		175,500
	14,200	Standex International Corp.		577,271		1,738,648
	93,000	Steel Partners Holdings LP†		1,446,285		4,081,724
	234,000	Tredegar Corp.		3,596,386		2,136,420
	116,000	Twin Disc Inc.†		1,491,106		1,115,920
				37,056,332		51,454,320

		Educational Services — 0.2%
	95,000	Universal Technical Institute Inc.†		289,750		701,100

		Electronics — 5.7%
	147,000	Arlo Technologies Inc.†		449,148		890,820
	6,800	Badger Meter Inc.		116,613		828,376
	121,000	Bel Fuse Inc., Cl. A(b)		2,195,722		4,394,720
	160,000	CTS Corp.		1,485,086		7,913,600
	55,000	Daktronics Inc.†		407,517		311,850
	30,000	IMAX Corp.†		129,139		575,400
	35,400	Kimball Electronics Inc.†		212,732		853,140
	4,000	Mesa Laboratories Inc.		115,946		698,920
	8,190	Methode Electronics Inc.		47,934		359,377
	89,000	Stoneridge Inc.†		943,138		1,664,300
	83,700	Ultra Clean Holdings Inc.†		202,907		2,775,492
	143,000	Ultralife Corp.†		975,245		574,860
	59,012	Vishay Precision Group Inc.†		1,581,342		2,464,341
				8,862,469		24,305,196

		Energy and Utilities: Natural Gas — 0.6%
	7,000	Chesapeake Utilities Corp.		115,651		895,930
	53,010	RGC Resources Inc.		447,868		1,229,302
	3,500	Unitil Corp.		167,989		199,640
				731,508		2,324,872

		Energy and Utilities: Services — 0.4%
	205,000	Alvopetro Energy Ltd.		244,734		1,092,120

Shares			Cost		Market Value
	24,000	Dawson Geophysical Co.†	$	62,929	$	42,000
	60,000	RPC Inc.		108,521		461,400
	6,500	Subsea 7 SA, ADR		23,304		76,960
				439,488		1,672,480

		Energy and Utilities: Water — 1.6%
	32,320	Artesian Resources Corp., Cl. A		835,884		1,789,235
	9,500	Cadiz Inc.†		81,830		38,380
	23,600	California Water Service Group		464,891		1,373,520
	57,000	Consolidated Water Co. Ltd.		616,036		936,510
	30,000	Energy Recovery Inc.†		85,397		691,500
	5,200	Middlesex Water Co.		106,188		406,224
	38,360	The York Water Co.		635,293		1,714,692
				2,825,519		6,950,061

		Entertainment — 0.5%
	108,000	Borussia Dortmund GmbH & Co. KGaA†		704,771		481,388
	1,500	Canterbury Park Holding Corp.		18,544		36,727
	28,000	GAN Ltd.†		453,791		36,120
	534,555	Sportech plc		223,541		125,951
	17,000	World Wrestling Entertainment Inc., Cl. A		256,025		1,551,420
				1,656,672		2,231,606

		Environmental Control — 0.8%
	39,200	Casella Waste Systems Inc., Cl. A†		152,882		3,240,272
	15,000	Primo Water Corp.		121,162		230,250
				274,044		3,470,522

		Equipment and Supplies — 6.0%
	14,000	AZZ Inc.		527,604		577,360
	60,000	CIRCOR International Inc.†		1,343,177		1,867,200
	153,054	Core Molding Technologies Inc.†		1,173,402		2,753,441
	87,000	Federal Signal Corp.		526,183		4,716,270
	40,000	Interpump Group SpA		246,542		2,240,577
	145,000	Kimball International Inc., Cl. B		1,597,533		1,798,000
	34,200	Maezawa Kyuso Industries Co. Ltd.		92,537		247,018
	295,000	The Eastern Co.		5,522,320		5,746,600
	86,000	The Gorman-Rupp Co.		2,006,289		2,150,000
	67,500	The L.S. Starrett Co., Cl. A†		562,014		757,350
	18,000	The Manitowoc Co. Inc.†		217,546		307,620
	72,000	Titan Machinery Inc.†		912,575		2,192,400
	32,500	TransAct Technologies Inc.†		107,732		201,175
				14,835,454		25,555,011

		Financial Services — 11.9%
	2,000	Ameris Bancorp		16,876		73,160
	22,000	Atlantic American Corp.		82,984		53,900
	41,244	Atlantic Union Bankshares Corp.		1,287,637		1,445,602
	13,800	Bank7 Corp.		303,600		338,790
	9,660	Berkshire Hills Bancorp Inc.		167,758		242,080
	2,560	Burke & Herbert Financial Services Corp.		81,686		188,160
	15,240	Cadence Bank		467,192		316,382
	79,800	Capital City Bank Group Inc.		1,945,755		2,338,938
	8,000	Capitol Federal Financial Inc.		90,260		53,840
	16,560	Citizens & Northern Corp.		325,075		354,053

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	5,000	ConnectOne Bancorp Inc.	$	111,579	$	88,400
	28,300	Crazy Woman Creek Bancorp Inc.		489,014		666,607
	9,745	Dime Community Bancshares Inc.		228,807		221,406
	1,105	Farmers & Merchants Bank of Long Beach		6,057,140		6,685,250
	40,000	Farmers National Banc Corp.		333,870		505,600
	26,440	First Internet Bancorp		529,233		440,226
	379,300	Flushing Financial Corp.		6,029,508		5,647,777
	74,000	FNB Corp.		719,682		858,400
	32,116	FS Bancorp Inc.		589,634		963,801
	10	Guaranty Corp., Cl. A†(a)		137,500		55,000
	15,000	Hanover Bancorp Inc.		315,000		270,000
	25,600	HomeStreet Inc.		256,000		460,544
	9,030	Hope Bancorp Inc.		47,336		88,675
	101,791	I3 Verticals Inc., Cl. A†		1,759,853		2,496,933
	17,000	ICC Holdings Inc.†		170,000		267,580
	60,500	KKR & Co. Inc.		7,013		3,177,460
	80,700	Legacy Housing Corp.†		966,583		1,836,732
	700	LendingTree Inc.†		20,386		18,662
	96,000	Medallion Financial Corp		349,594		736,320
	4,197	Northrim BanCorp Inc.		91,497		198,014
	19,390	OceanFirst Financial Corp.		359,396		358,327
	10,000	Pacific Premier Bancorp Inc.		274,749		240,200
	285,000	Post Holdings Partnering Corp., Cl. A†		2,847,578		2,884,200
	32,000	Primis Financial Corp.		509,070		308,160
	30,530	Renasant Corp.		329,484		933,607
	5,978	Salisbury Bancorp Inc.		129,412		144,070
	26,500	Sandy Spring Bancorp Inc.		880,394		688,470
	3,000	Seacoast Banking Corp. of Florida		92,978		71,100
	3,600	Security National Corp.		336,038		470,880
	68,700	Silvercrest Asset Management Group Inc., Cl. A		933,267		1,248,966
	6,750	Simmons First National Corp., Cl. A		152,916		118,058
	75,010	Southern First Bancshares Inc.†		3,468,703		2,302,807
	4,500	Southside Bancshares Inc.		153,548		149,400
	9,200	SouthState Corp.		389,952		655,592
	21,500	Sprott Inc.		491,480		785,708
	64,500	Stellar Bancorp Inc.		1,815,905		1,587,345
	30,000	Territorial Bancorp Inc.		749,890		579,300
	5,500	Thomasville Bancshares Inc.		209,436		341,550
	5,000	Towne Bank		146,110		133,250
	10,010	TrustCo Bank Corp. NY		230,230		319,719
	8,500	United Bankshares Inc.		275,405		299,200
	51,152	Valley National Bancorp		344,052		472,645
	31,800	Value Line Inc.		314,878		1,536,894
	40,410	Washington Trust Bancorp Inc.		903,792		1,400,611
	71,520	Waterstone Financial Inc.		761,939		1,082,098
	84,580	Western New England Bancorp Inc.		720,641		694,402
	170,000	Wright Investors’ Service Holdings Inc.†		96,175		32,300
				41,895,470		50,927,151

Shares			Cost		Market Value
		Food and Beverage — 2.3%
	84,600	Andrew Peller Ltd., Cl. A	$	357,330	$	293,581
	15,000	BellRing Brands Inc.†		210,000		510,000
	1,900	Bridgford Foods Corp.†		32,687		26,410
	48,000	Calavo Growers Inc.		1,428,671		1,380,960
	136,000	Corby Spirit and Wine Ltd., Cl. A		2,040,176		1,554,717
	317,000	Crimson Wine Group Ltd.†		2,783,018		1,949,550
	414,000	Farmer Brothers Co.†		3,501,914		1,598,040
	1,350	Hanover Foods Corp., Cl. A		106,855		67,122
	300	Hanover Foods Corp., Cl. B		28,206		16,200
	21,000	Iwatsuka Confectionery Co. Ltd.		727,260		746,526
	1,200	J & J Snack Foods Corp.		17,298		177,864
	1,400	John B Sanfilippo & Son Inc.		62,433		135,688
	70,000	Premier Foods plc		32,686		105,349
	1,510	Rock Field Co. Ltd.		11,171		17,798
	4,600	Scheid Vineyards Inc., Cl. A†		56,199		78,522
	300	Seneca Foods Corp., Cl. A†		4,575		15,681
	4,000	T. Hasegawa Co. Ltd.		83,685		89,505
	235,200	Tingyi (Cayman Islands) Holding Corp.		345,177		391,905
	207,400	Vitasoy International Holdings Ltd.		108,284		401,595
	23,000	Willamette Valley Vineyards Inc.†		88,087		141,680
				12,025,712		9,698,693

		Health Care — 5.1%
	65,000	Accuray Inc.†		293,403		193,050
	5,700	Boiron SA		96,539		245,411
	10,000	Cardiovascular Systems Inc.†		102,883		198,600
	9,000	CareDx Inc.†		47,818		82,260
	3,000	Collegium Pharmaceutical Inc.†		55,288		71,970
	7,400	Conformis Inc.†		284,453		11,840
	228,660	Cutera Inc.†		3,480,605		5,400,949
	35,142	Electromed Inc.†		76,795		365,477
	60,500	Exelixis Inc.†		115,252		1,174,305
	200,000	InfuSystem Holdings Inc.†		640,498		1,550,000
	21,730	Integer Holdings Corp.†		452,207		1,684,075
	10,000	Invitae Corp.†		66,545		13,500
	38,000	iSpecimen Inc.†		171,820		51,300
	5,500	LeMaitre Vascular Inc.		133,878		283,085
	212,000	Neogen Corp.†		306,519		3,926,240
	60,500	NeoGenomics Inc.†		196,109		1,053,305
	58,000	Neuronetics Inc.†		405,420		168,780
	6,500	Omnicell Inc.†		104,912		381,355
	190,000	OPKO Health Inc.†		467,647		277,400
	21,000	Option Care Health Inc.†		182,763		667,170
	60,380	Orthofix Medical Inc.†		1,325,835		1,011,365
	33,700	Paratek Pharmaceuticals Inc.†		155,530		85,598
	2,500	QuidelOrtho Corp.†		27,931		222,725
	1,300	STERIS plc		51,834		248,664
	46,400	SurModics Inc.†		908,009		1,056,992
	69,611	United-Guardian Inc		621,920		646,686
	1,000	Utah Medical Products Inc.		25,584		94,770
	20,000	Zealand Pharma A/S†		242,307		625,387
				11,040,304		21,792,259

		Hotels and Gaming — 6.0%
	22,964	Bally’s Corp.†		654,013		448,257
	19,051	Boyd Gaming Corp.		100,130		1,221,550

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	20,200	Caesars Entertainment Inc.†	$	82,244	$	985,962
	1,800	Churchill Downs Inc.		35,274		462,690
	1,211,119	Full House Resorts Inc.†		3,339,101		8,756,391
	180,885	Gambling.com Group Ltd.†		1,410,960		1,792,570
	20,953	Genius Sports Ltd.†		100,721		104,346
	120,700	Golden Entertainment Inc.†		1,377,499		5,251,657
	280,221	Inspired Entertainment Inc.†		1,716,107		3,584,027
	232,000	PlayAGS Inc.†		1,834,875		1,658,800
	20,000	Rush Street Interactive Inc.†		230,786		62,200
	72,500	The Marcus Corp.		941,927		1,160,000
				11,823,637		25,488,450

		Machinery — 4.4%
	180,000	Astec Industries Inc.		6,316,469		7,425,000
	4,400	DMG Mori AG		22,722		202,324
	475,000	Gencor Industries Inc.†		3,073,608		7,300,750
	22,650	Tennant Co.		641,403		1,552,205
	16,220	The Middleby Corp.†		159,792		2,378,014
	11,100	Williams Industrial Services Group Inc.†		41,418		11,433
				10,255,412		18,869,726

		Manufactured Housing and Recreational Vehicles — 3.7%
	17,540	Cavco Industries Inc.†		1,194,401		5,573,160
	107,250	Nobility Homes Inc.		1,551,680		2,922,562
	71,000	Skyline Champion Corp.†		475,574		5,341,330
	36,400	Winnebago Industries Inc.		340,866		2,100,280
				3,562,521		15,937,332

		Metals and Mining — 0.1%
	36,000	Osisko Gold Royalties Ltd.		459,490		568,968
	400,000	Tanami Gold NL†		17,083		10,160
				476,573		579,128

		Paper and Forest Products — 0.1%
	26,550	Keweenaw Land Association Ltd.†		2,229,847		588,083

		Publishing — 0.8%
	6,100	DallasNews Corp.		47,294		26,962
	21,000	Lee Enterprises Inc.†		472,967		261,450
	339,800	The E.W. Scripps Co., Cl. A†		1,693,211		3,197,518
				2,213,472		3,485,930

		Real Estate — 2.9%
	116,000	AmBase Corp.†		123,534		11,716
	116,300	Capital Properties Inc., Cl. A		1,242,522		1,305,468
	30,000	DREAM Unlimited Corp., Cl. A		331,539		525,416
	19,500	FRP Holdings Inc.†		636,516		1,128,660
	19,040	Gyrodyne LLC†		445,774		162,792
	6,200	Holobeam Inc.†		100,461		195,300
	70,000	Indus Realty Trust Inc., REIT		1,860,007		4,640,300
	283,269	Reading International Inc., Cl. A†		2,030,875		920,624
	74,400	Reading International Inc., Cl. B†		674,532		1,584,720
	2,508	Royalty LLC†(a)		0		765
	98,000	Tejon Ranch Co.†		1,965,828		1,790,460
	350,000	Trinity Place Holdings Inc.†		1,188,721		168,000
				10,600,309		12,434,221

		Restaurants — 3.9%
	57,000	Denny’s Corp.†		384,205		636,120

Shares			Cost		Market Value
	213,684	Nathan’s Famous Inc.(b)	$	3,227,308	$	16,154,510
				3,611,513		16,790,630

		Retail — 1.2%
	16,000	Big 5 Sporting Goods Corp.		86,312		123,040
	4,000	Ingles Markets Inc., Cl. A		71,077		354,800
	23,000	Lands’ End Inc.†		368,564		223,560
	20,000	La-Z-Boy Inc.		432,258		581,600
	29,500	Movado Group Inc.		273,765		848,715
	16,000	Natural Grocers by Vitamin Cottage Inc.		231,232		188,000
	1,000	PetMed Express Inc.		15,765		16,240
	25,000	Sportsman’s Warehouse Holdings Inc.†		266,613		212,000
	108,747	Village Super Market Inc., Cl. A		2,784,360		2,488,131
				4,529,946		5,036,086

		Semiconductors — 0.0%
	7,500	SkyWater Technology Inc.†		71,442		85,350

		Specialty Chemicals — 1.7%
	22,000	American Vanguard Corp.		444,930		481,360
	71,840	Hawkins Inc.		1,276,016		3,145,155
	3,500	Minerals Technologies Inc.		101,755		211,470
	100,000	Navigator Holdings Ltd.†		939,625		1,400,000
	56,100	Neo Performance Materials Inc.		695,342		385,208
	25,000	Teraoka Seisakusho Co. Ltd.		183,098		58,369
	66,900	The General Chemical Group Inc.†(a)		6,021		0
	192,174	Treatt plc		1,033,807		1,379,723
				4,680,594		7,061,285

		Telecommunications — 0.6%
	56,000	A10 Networks Inc.		360,524		867,440
	10,500	Frequency Electronics Inc.		112,287		72,345
	270,000	INNOVATE Corp.†		798,431		801,900
	30,000	Nuvera Communications Inc.		219,358		441,000
	3,300	Preformed Line Products Co.		233,120		422,532
	5,000	Shenandoah Telecommunications Co.		25,355		95,100
				1,749,075		2,700,317

		Transportation — 0.0%
	6,000	Patriot Transportation Holding Inc.†		94,813		47,460

		TOTAL COMMON STOCKS		256,079,371		419,102,594

		PREFERRED STOCKS — 0.2%
		Automotive: Parts and Accessories — 0.1%
	17,300	Jungheinrich AG		47,481		603,381

		Financial Services — 0.1%
	12,200	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		145,498		282,552

		TOTAL PREFERRED STOCKS		192,979		885,933

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2023 (Unaudited)

Shares			Cost		Market Value
		RIGHTS — 0.1%
		Energy and Utilities: Services — 0.1%
	85,500	Pineapple Energy Inc., CVR†(a)	$	0	$	301,815

		Health Care — 0.0%
	8,000	Progenics Pharmaceuticals Inc., CVR†		0		4,000
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 01/02/24†(a)		103,591		0
				103,591		4,000

		Metals and Mining — 0.0%
	60,000	Pan American Silver Corp., CVR†		44,994		33,000

		TOTAL RIGHTS		148,585		338,815

		WARRANTS — 0.0%
		Business Services — 0.0%
	1	Internap Corp., expire 05/08/24†(a)		0		652

		Computer Software and Services — 0.0%
	9,000	Otonomo Technologies Ltd., expire 08/13/26†		12,907		277

		Diversified Industrial — 0.0%
	47,000	Ampco-Pittsburgh Corp., expire 08/01/25†		32,110		25,845

		Energy and Utilities: Services — 0.0%
	7,627	Weatherford International plc, expire 12/13/23†		0		3,699

		Financial Services — 0.0%
	95,000	Post Holdings Partnering Corp., expire 04/12/26†		5,272		14,250

		Health Care — 0.0%
	8,737	Option Care Health Inc., Cl. A, expire 07/27/25†		7,979		32,882
	8,737	Option Care Health Inc., Cl. B, expire 12/31/25†		7,554		26,611
				15,533		59,493

		TOTAL WARRANTS		65,822		104,216

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.9%
$	4,025,000	U.S. Treasury Bills,
		4.582% to 4.884%††, 05/25/23 to 06/22/23		3,990,724		3,992,743

		TOTAL MISCELLANEOUS INVESTMENTS — 0.2%(c)		741,089		697,830

		TOTAL INVESTMENTS — 99.1%	$	261,218,570		425,122,131

		Other Assets and Liabilities (Net) — 0.9%				3,799,262

		NET ASSETS — 100.0%			$	428,921,393

(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b)	Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.
(c)	Represents 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.

(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/ John C. Ball
		John C. Ball, Principal Executive Officer

Date

June 2, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date

June 2, 2023

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

Date

June 2, 2023

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

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