TETON Westwood Balanced 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, 2024

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, 100 F Street, NE, Washington, DC 20549-1090. 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, 2024

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, 2024 (a)																					Average Annual Returns — March 31, 2024 (a)(b)(c)

	1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments
Mighty Mites Fund		13.58	%		7.40	%		6.00	%		11.50	%		10.05	%		1.48	%		1.48	%		9.09	%		6.45	%		5.40	%		10.99	%		9.68	%		1.48	%		1.48	%
SmallCap Equity Fund		19.05			11.17			9.17			14.57			8.28			1.60			1.25			14.27			10.18			8.54			14.05			7.95			1.60			1.25
Convertible Securities Fund		1.46			3.88			5.14			8.96			6.77			1.82			1.16			(2.60	)		2.94			4.54			8.47			6.42			1.82			1.16
Equity Fund		16.61			9.12			8.63			11.46			9.80			1.64			1.64			12.05			8.17			8.01			10.96			9.47			1.64			1.64
Balanced Fund		13.72			6.27			6.07			8.01			7.91			1.46			1.46			9.24			5.34			5.47			7.51			7.54			1.46			1.46

				Class C Shares																					Class I Shares
				Average Annual Returns — March 31, 2024 (a)(c)(d)																					Average Annual Returns — March 31, 2024 (a)(c)

	1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments
Mighty Mites Fund		11.70	%		6.59	%		5.21	%		10.67	%		9.33	%		2.23	%		2.23	%		13.87	%		7.67	%		6.26	%		11.78	%		10.22	%		1.23	%		1.23	%
SmallCap Equity Fund		17.15			10.33			8.35			13.72			7.58			2.35			2.00			19.33			11.46			9.44			14.86			8.44			1.35			1.00
Convertible Securities Fund		(0.32	)		3.09			4.36			8.15			6.15			2.57			1.91			1.64			4.11			5.41			9.24			6.94			1.57			0.91
Equity Fund		14.80			8.31			7.80			10.63			9.23			2.39			2.39			17.00			9.40			8.89			11.72			9.91			1.39			1.39
Balanced Fund		11.94			5.47			5.28			7.20			7.30			2.21			2.21			14.03			6.55			6.34			8.28			8.05			1.21			1.21

(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, 2025 and are renewable annually by the Adviser. The Funds, except for the Equity and Balanced Funds, impose a 2.00% redemption fee on shares sold or exchanged within seven days after the date of purchase.

(b)

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

(c)

The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares. The performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed 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, 2024, the net asset value (NAV) total return per Class AAA of the TETON Westwood Mighty Mites Fund was 16.0%, compared with a total returns of 19.9% for the Russell 2000 Index and 16.4% for the Dow Jones U.S. Micro-Cap Total Stock Market 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

Equities returned to favor in the fourth quarter 2023, enjoying a broad year-end rally that was particularly pronounced in small-cap stocks, which outperformed large-cap peers in the quarter but lagged for the year, extending a persistent relative performance gap. The U.S. economy has staved off a recession (thus far), U.S. Treasury yields have retraced from highs, and corporate earnings remain robust as supply chains and inflation appear to be normalizing. At their December meeting, the FOMC Committee extended the rate pause – a decision supported by strong economic data – stoking hope that interest rate stability, or even cuts, could be on the horizon. Estimated third quarter GDP growth was revised upwards to 5.2% in November as a healthy labor market continued to fuel higher consumer spending, and inflation decelerated to approximately 3.1% for the last twelve months ended November, approaching the FOMC targeted range. While the risk of recession remains top of mind, the much-craved ‘soft-landing’ appears increasingly realistic.

Equity markets delivered positive performance in the first quarter of 2024, with continued narrow concentrated high share performance in AI and large-cap technology names. Macroeconomy discussions continue to dominate the top of the mind of investors. Concerns about lingering weaknesses and geopolitics in China, excess inventories in industrial and automotive sectors, and higher mortgage rates also weigh on the equity market.

Inflation has moderated relative to last year, yet it remained stubbornly high. The U.S. economy remains resilient. The U.S. labor market continues to show strength. The addition of 303,000 jobs in the U.S. economy in the month of March was well above the economists’ consensus by around 100,000 jobs. The consumer price index remained high and stayed above expectation with year-over-year growth of 3.2% in February and 3.5% in March, driven by upticks in the cost of housing and gasoline. Core inflation was 3.8% year-over-year in March, marking the third consecutive strong reading and potential delaying the initial interest-rate cut. The U.S. Federal Reserve continues to pursue its 2% inflation target and wants to see inflation toward an annual rate of 2% prior to lowering interest rates. The market shifted its expectations on the timing of the first interest rate cut this year beyond the month of June and now expects only two rate cuts instead of the initial three going into the year.

Among the Fund’s top contributors to performance for the period were: The Eastern Co. (2.8% of net assets as of March 31, 2024), which designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally; KKR& Co Inc. (1.3%), is a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzanine, distressed, turnaround, lower middle market and middle market investments; and Graham Corp. (1.1%), together with its subsidiaries, designs and manufactures fluid, power, heat transfer, and vacuum equipment for chemical and petrochemical processing, defense, space, petroleum refining, cryogenic, energy, and other industries.

Some of the detractors to performance included: Astec Industries Inc. (1.9%), which designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities worldwide; Marine Products Corp. (1.0%), which designs, manufactures, and sells recreational fiberglass powerboats for the sport boat and sport fishing boat markets worldwide; and Core Molding Technologies Inc. (0.7%), together with its subsidiaries, operates as a molder of thermoplastic and thermoset structural products.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2024 (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	15.98	%	13.58	%	7.40	%	6.00	%	11.50	%	10.05	%
Dow Jones U.S. Micro-Cap Total Stock Market Index (b)	16.36		12.78		2.43		3.18		11.00		7.03
Russell 2000 Index (c)	19.94		19.71		8.10		7.58		12.89		7.36
Lipper Small Cap Value Fund Average (d)	18.22		20.99		10.53		7.41		12.70		8.23

(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 26, 2024, the expense ratio for Class AAA Shares is 1.48%. See page 33 for the expense ratios for the six months ended March 31, 2024. 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 contains 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, 2024, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood SmallCap Equity Fund was 17.6%, compared with a total return of 19.9% 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 fourth quarter of 2023 saw a shift in market sentiment, igniting a strong rally as investors rushed into those stocks perceived as to have languished during the Federal Reserve’s tightening cycle. With the Fed clearly telegraphing an end to the historic rate hike cycle, which more than doubled interest costs for debt-bearing companies, market participants shifted towards anticipating both the quantity of rate cuts and their timing.

Transitioning into the new calendar year 2024, a key condition of expected rate cuts-inflation- has proved to be sticky, while job growth has powered ahead at an impressive rate. With these signs of continued economic health, the Fed adjusted its message towards a delay in the timing of rate cuts. Consequently, expectations have solidified around the likelihood of fewer cuts this year. While different than what had been eagerly anticipated at the beginning of the calendar year, the delay points towards economic health and an environment which should remain supportive of small cap companies.

Across the fiscal semiannual period, our greatest areas of performance came from our industrial, tech, consumer, and energy holdings, while our banks generally recovered much of the hit from the deposit crisis earlier in last calendar year, as in subsequent months credit quality held firm and deposit flight did not occur as feared.

Among our stronger performing stocks for the period were: American Eagle Outfitters Inc. (2.9% of net assets as of March 31, 2024), which operates as a multi-brand specialty retailer in the United States and internationally. The company provides jeans, apparel and accessories, and personal care products for women and men; EMCOR Group Inc. (1.8%), which provides construction and facilities, building, and industrial services in the United States and the United Kingdom; and Entegris Inc. (1.7%), which develops, manufactures, and supplies micro contamination control products, specialty chemicals, and advanced materials handling solutions in North America, Taiwan, China, South Korea, Japan, Europe, and Southeast Asia.

Some of the weaker holdings in the portfolio included: NetScout Systems Inc. (1.9%), which provides service assurance and cybersecurity solutions for protect digital business services against disruptions in the United States, Europe, Asia, and internationally; IMAX Corp. (1.3%) together with its subsidiaries, operates as a technology platform for entertainment and events worldwide; and AMN Healthcare Services Inc. (1.1%), which provides healthcare workforce solutions and staffing services to healthcare facilities in the United States.

We thank you for your continued confidence and trust.

Average Annual Returns through March 31, 2024 (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	17.55	%	19.05	%	11.17	%	9.17	%	14.57	%	8.28	%
Russell 2000 Index (b)	19.94		19.71		8.10		7.58		12.89		8.45
Russell 2000 Value Index (c)	18.60		18.75		8.17		6.87		12.10		8.90

(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)	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.

(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 26, 2024, the gross expense ratio for Class AAA Shares is 1.60%, and the net expense ratio is 1.25% after contractual reimbursements by the Adviser in place through January 31, 2025. See page 34 for the expense ratios for the six months ended March 31, 2024. Class AAA Shares do not have a sales charge.

Convertible Securities Fund (Unaudited)

To Our Shareholders,

For the six months ended March 31, 2024, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was 5.6% compared with a total return of 23.5% and 9.2% 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

Convertibles have performed well over the last six months, benefiting both from moves in their underlying equities as well as improving credit spreads and accretion to par as certain issues approach maturity. New issuance has continued to improve the profile of the market, with higher coupons and lower conversion premiums. After a few years of mixed performance, the market is beginning to offer investors better asymmetrical exposure to underlying equities.

The first fiscal quarter began slowly, but animal spirits returned in November and December. Much of the move higher in the quarter was driven by the expectation that the Federal Reserve would stop increasing the Fed Funds Rate, and that upcoming interest rate cuts would help justify higher equity multiples in 2024. During the quarter, the Fund was overweight balanced convertibles and underweight equity sensitive convertibles, which caused the Fund to lag as underlying equities moved sharply higher.

The market was resilient in the second fiscal quarter, despite significant changes in investor expectations of the trajectory of interest rates for the remainder of the year. The refinancing trade drove convertible performance in the quarter. Many issuers who were expected to refinance existing converts over the next two years were able to come to the market at reasonable terms, extending maturities without a significant increase in interest expense. This led to a number of our fixed income equivalent holdings being bid higher as investors anticipated which companies would benefit from this trade. We took advantage of these moves to raise cash that we were able to redeploy in some of the new issues. The terms of these issues have generally been attractive as we seek asymmetrical exposure to the underlying equities, and we will continue to add them to our portfolio as appropriate.

Among our stronger performing positions for the period were: Semtech Corp. 1.6%, 11/01/27 (2.9% of net assets as of March 31, 2024), which designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms; Northern Oil and Gas Inc. 3.6%, 04/15/29 (2.8%), is an independent energy company, which engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States; and Impinj Inc. 1.1%, 05/15/27 (2.4%), 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: Sunnova Energy International Inc. 2.6%, 02/15/28 (1.7%), which engages in the provision of energy as a service in the United States; fuboTV Inc.3.2% 02/15/26 (1.3%), which operates a live TV streaming platform for live sports, news, and entertainment content in the United States and internationally; and Rivian Automotive Inc.3.6% 10/15/30 (1.0%), together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2024 (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	5.64	%	1.46	%	3.88	%	5.14	%	8.96	%	6.77	%
S&P 500 Index (b)	23.48		29.88		15.05		12.96		15.63		8.66
ICE BofA U.S. Convertibles Index (c)	9.17		11.31		10.27		8.68		12.08		7.66

(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 BofA 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 26, 2024, the gross expense ratio for Class AAA Shares is 1.82%, and the net expense ratio is 1.16%, after contractual reimbursements by the Adviser in place through January 31, 2025. See page 35 for the expense ratios for the six months ended March 31, 2024. 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 contains 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, 2024, the net asset value (NAV) total return per Class AAA Share of the Equity Fund was 16.3% compared with a total return of 23.5% 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

During the fourth quarter of 2023, U.S. equity investors clicked the buy button across the board with just a few exceptions, despite mixed economic signals internationally and marginally positive economic data stateside. U.S. consumers and the labor market remain resilient and healthy by most metrics, but there are hints of potential strain as surging credit card debt, relatively low sentiment (which got a bump in December), and a still pricey and “stuck” housing market.

The fourth quarter rally began in late October, after a series of dispiriting economic releases that had solidified the “higher for longer” interest rate trajectory caused markets to sink following a mid-summer rally. The rally was sparked by statements from the Federal Reserve that seemed to indicate that the rate hike regime had come to an end. The “Powell Pivot” caused the S&P 500 to rally 6.5% over the next eight trading days; the index finished the calendar year within a hair’s breadth of all-time highs. The rally off the bottom was encouraging in that it spread beyond the Magnificent Seven, the large-cap technology stocks that had dominated the market for much of the year. Small- and mid-cap stocks participated, and value outperformed growth for the last two months of the year.

Equity markets experienced overall growth in the first quarter of 2024, with both the Dow Jones Industrial Average and the S&P 500 setting record highs in the quarter. The closely watched S&P 500 returned 10.6%, marking the second quarter in a row of double-digit gains and reaching a new high of 5,245 in March. Broad-based market optimism, confidence in corporate earnings, and any “landing” still to come in the economy fueled those markets. Large-cap stocks continued to outpace small-cap issues, though small- and mid-caps enjoyed a strong March. From a style perspective, growth outperformed value over the entire market cap spectrum.

Among our stronger performing positions for the period were: Microsoft Corp. (3.3% of net assets as of March 31, 2024), which develops and supports software, services, devices and solutions worldwide; JPMorgan Chase & Co. (3.2%), which operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management; and American International Group Inc. (2.7%), which offers insurance products for commercial, institutional, and individual customers in North America and internationally.

Some of the weaker holdings in the portfolio included: WEC Energy Group Inc. (2.1%), through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States; NextEra Energy Inc. (2.0%), through its subsidiaries, generates, transmits, distributes, and sells electric power to retail and wholesale customers in North America; and Dollar General Corp. (1.8%), is a discount retailer, which provides various merchandise products in the southern, southwestern, midwestern, and eastern United States.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2024 (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	16.28	%	16.61	%	9.12	%	8.63	%	11.46	%	9.80	%
S&P 500 Index (b)	23.48		29.88		15.05		12.96		15.63		10.99

(a)

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

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

In the current prospectuses dated January 26, 2024, the expense ratio for Class AAA Shares is 1.64%. See page 36 for the expense ratios for the six months ended March 31, 2024. Class AAA Shares do not have a sales charge.

Balanced Fund (Unaudited)

To Our Shareholders,

For the six months ended March 31, 2024, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was 14.1% compared with total return of 5.9% and 16.4% for the Bloomberg Government/Credit Bond Index and the combined balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg 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

Looking back to the last quarter of 2023, despite mixed economic signals internationally and marginally positive economic data stateside, U.S. debt and equity investors clicked the buy button across the board with just a few exceptions. U.S. consumers and the labor market remain resilient and healthy by most metrics, but there are hints of potential strain as surging credit card debt, relatively low sentiment (which got a bump in December), and a still pricey and “stuck” housing market. The quarter certainly seemed to bring an end to the broad ‘higher for longer’ interest rate concerns, but investors could be getting a bit ahead of themselves already pricing in six cuts for the Federal Reserve in 2024.

Bond markets trended sideways to lower as resilient economic data and sticky inflation prompted a revival in the “higher for longer” interest rate case that was confirmed by the Federal Reserve in their March meeting. Despite the shift in the Fed’s sentiment, investors continued to believe in a benign risk environment.

The bond market was not as bullish as we saw late last year, but showed signs of stabilization, with yields on government bonds remaining relatively steady. The 10-year U.S. Treasury yield, a key indicator for borrowing costs, closed the quarter at 4.20%, up from its final read in 2023 of 3.88%. The decline in the Treasury bond market reflects the Federal Reserve's cautious approach to interest rate cuts, now expected to total just three for the rest of the year, less than half of what was expected in early January. Corporate bond yields, on the other hand, experienced a slight increase, reflecting the improved credit outlook for many companies and the overall optimism in the market.

Among our stronger performing positions for the period were: Microsoft Corp. (4.1% of net assets as of March 31, 2024), which develops and supports software, services, devices and solutions worldwide; Alphabet Inc. (2.7%), which offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America; and Amazon.com Inc. (1.8%), which engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally.

Some of the weaker holdings in the portfolio included: VICI Properties Inc. (1.4%), is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas; The Hershey Co. (0.9%), together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally; and WEC Energy Group Inc. (0.8%), through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States.

We appreciate your continued confidence and trust.

Average Annual Returns through March 31, 2024 (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	14.06	%	13.72	%	6.27	%	6.07	%	8.01	%	7.91	%
60% S&P 500 Index and 40% Bloomberg Government/Credit Bond Index (b)	16.43		18.62		9.28		8.46		10.50		8.24
S&P 500 Index (c)	23.48		29.88		15.05		12.96		15.63		10.52
Bloomberg Government/Credit Bond Index (d)	5.86		1.74		0.62		1.70		2.81		4.83

(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% of the S&P 500 Index and 40% of the Bloomberg Government/Credit Bond Index.

(c)	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. Since inception performance are as of September 30, 1991.

(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 26, 2024, the expense ratio for Class AAA Shares is 1.46%. See page 37 for the expense ratios for the six months ended March 31, 2024. 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, 2023 through March 31, 2024

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 14 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, 2023 through March 31, 2024

Expense Table

	Actual Fund Return					Hypothetical 5% Return
	Beginning Account Value 10/01/23	Ending Account Value 03/31/24	Annualized Expense Ratio	Expenses Paid During Period^*		Beginning Account Value 10/01/23	Ending Account Value 03/31/24	Annualized Expense Ratio	Expenses Paid During Period^*

TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00	$1,159.80	1.46%	$7.88	$1,000.00		$1,017.70	1.46%	$7.36
Class A	$1,000.00	$1,160.10	1.46%	$7.88	$1,000.00		$1,017.70	1.46%	$7.36
Class C	$1,000.00	$1,155.70	2.21%	$11.91	$1,000.00		$1,013.95	2.21%	$11.13
Class I	$1,000.00	$1,161.30	1.21%	$6.54	$1,000.00		$1,018.95	1.21%	$6.11
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,175.50	1.25%	$6.80	$1,000.00		$1,018.75	1.25%	$6.31
Class A	$1,000.00	$1,175.40	1.25%	$6.80	$1,000.00		$1,018.75	1.25%	$6.31
Class C	$1,000.00	$1,170.50	2.00%	$10.85	$1,000.00		$1,015.00	2.00%	$10.08
Class I	$1,000.00	$1,176.90	1.00%	$5.44	$1,000.00		$1,020.00	1.00%	$5.05
TETON Westwood Convertible Securities Fund
Class AAA	$1,000.00	$1,056.40	1.15%	$5.91	$1,000.00		$1,019.25	1.15%	$5.81
Class A	$1,000.00	$1,056.60	1.15%	$5.91	$1,000.00		$1,019.25	1.15%	$5.81
Class C	$1,000.00	$1,052.30	1.90%	$9.75	$1,000.00		$1,015.50	1.90%	$9.57
Class I	$1,000.00	$1,057.50	0.90%	$4.63	$1,000.00		$1,020.50	0.90%	$4.55
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,162.80	1.57%	$8.49	$1,000.00		$1,017.15	1.57%	$7.92
Class A	$1,000.00	$1,163.90	1.57%	$8.49	$1,000.00		$1,017.15	1.57%	$7.92
Class C	$1,000.00	$1,159.30	2.32%	$12.52	$1,000.00		$1,013.40	2.32%	$11.68
Class I	$1,000.00	$1,164.40	1.32%	$7.14	$1,000.00		$1,018.40	1.32%	$6.66
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,140.60	1.36%	$7.28	$1,000.00		$1,018.20	1.36%	$6.86
Class A	$1,000.00	$1,141.70	1.36%	$7.28	$1,000.00		$1,018.20	1.36%	$6.86
Class C	$1,000.00	$1,137.60	2.11%	$11.28	$1,000.00		$1,014.45	2.11%	$10.63
Class I	$1,000.00	$1,142.20	1.11%	$5.94	$1,000.00		$1,019.45	1.11%	$5.60

*	Expenses are equal to the Funds’ annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2024:

TETON Westwood Mighty Mites Fund

Diversified Industrial	14.1	%	Retail	1.2	%
Financial Services	12.4	%	Agriculture	1.0	%
Equipment and Supplies	6.9	%	Environmental Control	0.7	%
Electronics	6.2	%	Consumer Services	0.7	%
Hotels and Gaming	5.6	%	Energy and Utilities: Natural Gas	0.6	%
Machinery	5.6	%	Communications Equipment	0.5	%
Building and Construction	4.2	%	Publishing	0.5	%
Aviation: Parts and Services	4.1	%	Telecommunications	0.5	%
Restaurants	4.0	%	Energy and Utilities: Services	0.5	%
Health Care	3.8	%	Entertainment	0.4	%
Consumer Products	2.8	%	Miscellaneous	0.4	%
Food and Beverage	2.7	%	Educational Services	0.4	%
Automotive: Parts and Accessories	2.5	%	Semiconductors	0.2	%
Manufactured Housing and Recreational Vehicles	2.3	%	Communications	0.2	%
Aerospace and Defense	2.1	%	Metals and Mining	0.1	%
Business Services	2.1	%	Paper and Forest Products	0.0	%*
Specialty Chemicals	2.0	%	Other Assets and Liabilities (Net)	0.0	%*
Automotive	2.0	%		100.0	%
Real Estate	1.9	%
Energy and Utilities: Water	1.7	%
Computer Software and Services	1.7	%	* Amount represents less than 0.05%.
Broadcasting	1.4	%

TETON Westwood SmallCap Equity Fund

Banking	10.1	%	Equipment and Supplies	2.4	%
Semiconductors	10.0	%	U.S. Government Obligations	2.3	%
Health Care	8.6	%	Broadcasting	2.0	%
Retail	7.8	%	Automotive	1.9	%
Energy and Utilities	7.4	%	Communications	1.8	%
Financial Services	6.2	%	Machinery	1.8	%
Building and Construction	5.6	%	Real Estate	1.7	%
Electronics	4.8	%	Specialty Chemicals	1.5	%
Business Services	4.3	%	Transportation	1.2	%
Diversified Industrial	3.9	%	Materials	0.7	%
Computer Software and Services	3.8	%	Aerospace	0.5	%
Consumer Products	3.3	%	Entertainment	0.1	%
Communications Equipment	3.3	%	Other Assets and Liabilities (Net)	0.1	%
Aviation: Parts and Services	2.9	%		100.0	%

TETON Convertible Securities Fund

Health Care	15.1	%	U.S. Government Obligations	2.2	%
Computer Software and Services	12.6	%	Business Services	2.0	%
Semiconductors	12.1	%	Real Estate Investment Trusts	1.7	%
Energy and Utilities: Integrated	11.8	%	Food and Beverage	1.3	%
Energy and Utilities: Services	10.1	%	Specialty Chemicals	1.1	%
Consumer Services	10.0	%	Metals and Mining	1.1	%
Financial Services	6.2	%	Automotive	1.0	%
Telecommunications	3.2	%	Aerospace and Defense	0.9	%
Entertainment	3.0	%	Transportation	0.5	%
Diversified Industrial	2.6	%	Other Assets and Liabilities (Net)	(1.0	)%
Communications Equipment	2.5	%		100.0	%

TETON Westwood Equity Fund

Financial Services	18.0	%	Energy: Oil	5.0	%
Retail	11.8	%	Real Estate	3.7	%
Computer Software and Services	11.5	%	Energy and Energy Services	3.3	%
Health Care	10.7	%	Banking	3.2	%
Food and Beverage	6.0	%	Diversified Industrial	2.4	%
Energy: Integrated	5.9	%	Air Freight and Logistics	2.1	%
Equipment and Supplies	5.1	%	Business Services	2.1	%

Summary of Portfolio Holdings (Unaudited) (Continued)

Electronics	2.0	%	Commercial Services and Supplies	1.0	%
Computer Hardware	2.0	%	Short Term Investment	0.3	%
Transportation	1.9	%	Other Assets and Liabilities (Net)	(0.1	)%
Telecommunications	1.1	%		100.0	%
.ConsumerProducts	1.0	%

TETON Westwood Balanced Fund

Financial Services	15.7	%	Semiconductors	2.3	%
Computer Software and Services	12.9	%	Energy: Integrated	2.1	%
Retail	10.4	%	Consumer Services	1.8	%
Health Care	7.9	%	Electronics	1.8	%
Energy and Energy Services	4.4	%	Air Freight and Logistics	1.4	%
Computer Hardware	4.2	%	Business Services	1.3	%
Real Estate	4.2	%	Automotive: Parts and Accessories	1.3	%
Energy: Oil	4.2	%	Consumer Products	1.1	%
Equipment and Supplies	3.9	%	Telecommunications	1.1	%
U.S. Government Obligations	3.4	%	Aerospace	0.7	%
Transportation	3.4	%	Commercial Services and Supplies	0.6	%
Banking	3.2	%	Short Term Investment	0.1	%
Food and Beverage	3.1	%	Other Assets and Liabilities (Net)	0.4	%
Diversified Industrial	3.1	%		100.0	%

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments—March 31, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* — 99.4%
		Aerospace and Defense — 2.1%
	116,700	Allient Inc.	$	2,815,346	$	4,163,856
	251,800	Various Securities		2,532,004		2,797,805
				5,347,350		6,961,661
		Agriculture — 1.0%
	153,700	Limoneira Co.		2,751,787		3,006,372
	92,215	Various Securities		440,363		172,425
				3,192,150		3,178,797
		Automotive — 2.0%
	81,400	Rush Enterprises Inc., Cl. B		743,430		4,337,806
	62,900	Various Securities		192,839		2,236,926
				936,269		6,574,732
		Automotive: Parts and Accessories — 2.4%
	112,560	Strattec Security Corp.†		2,583,960		2,671,049
	470,428	Various Securities		3,381,323		5,191,116
				5,965,283		7,862,165
		Aviation: Parts and Services — 4.1%
	198,000	Astronics Corp.†		2,345,323		3,769,920
	162,340	Ducommun Inc.†		3,950,942		8,328,042
	83,896	Various Securities		901,168		1,261,067
				7,197,433		13,359,029
		Broadcasting — 1.4%
	1,025,020	Various Securities		3,178,069		4,550,289
		Building and Construction — 4.2%
	71,000	Gibraltar Industries Inc.†		1,630,943		5,717,630
	31,230	The Monarch Cement Co.		848,967		5,686,983
	75,559	Various Securities		348,595		2,297,741
				2,828,505		13,702,354
		Business Services — 2.1%
	36,900	Du-Art Film Laboratories Inc.†(a)		0		159,998
	4,100	Du-Art Film Laboratories Inc.†(a)		0		17,778
	2,299,900	Trans-Lux Corp.†(b)		1,196,110		2,046,911
	259,000	Various Securities		2,810,248		4,519,780
				4,006,358		6,744,467
		Communications — 0.2%
	99,000	Various Securities		1,303,489		543,570
		Communications Equipment — 0.5%
	53,000	Anterix Inc.†		1,723,610		1,781,330
		Computer Software and Services — 1.7%
	137,000	Mitek Systems Inc.†		778,274		1,931,700
	782,927	Various Securities		2,846,674		3,659,182
				3,624,948		5,590,882
		Consumer Products — 2.8%
	226,000	Lifetime Brands Inc.		2,351,898		2,368,480
	290,000	Marine Products Corp.		2,022,511		3,407,500
	5,700	PC Group Inc.†(a)		3,465		1
	3,080,200	Various Securities		1,975,047		3,480,615
				6,352,921		9,256,596
		Consumer Services — 0.7%
	168,000	1-800-Flowers.com Inc., Cl. A†		1,077,814		1,819,440
	66,900	Various Securities		140,909		360,920
				1,218,723		2,180,360
		Diversified Industrial — 14.1%
	198,400	Burnham Holdings Inc., Cl. A(b)		3,025,109		2,638,720
	48,400	Columbus McKinnon Corp.		748,412		2,160,092

Shares			Cost		Market Value
	194,600	Distribution Solutions Group Inc.†	$	1,234,676	$	6,904,408
	130,000	Graham Corp.†		1,400,045		3,546,400
	167,537	L.B. Foster Co., Cl. A†		2,421,667		4,575,436
	495,600	Myers Industries Inc.		8,664,423		11,483,052
	188,500	Park-Ohio Holdings Corp.		3,862,594		5,029,180
	949,500	Various Securities		8,218,805		9,993,214
				29,575,731		46,330,502
		Educational Services — 0.4%
	80,000	Various Securities		228,510		1,275,200
		Electronics — 6.2%
	53,400	Bel Fuse Inc., Cl. A		911,372		3,781,254
	109,200	CTS Corp.		1,049,742		5,109,468
	66,500	Ultra Clean Holdings Inc.†		136,535		3,055,010
	54,012	Vishay Precision Group Inc.†		1,407,877		1,908,244
	415,590	Various Securities		2,674,532		6,552,547
				6,180,058		20,406,523
		Energy and Utilities: Natural Gas — 0.6%
	87,010	RGC Resources Inc.		1,176,262		1,761,082
	3,500	Various Securities		167,989		183,225
				1,344,251		1,944,307
		Energy and Utilities: Services — 0.4%
	296,500	Various Securities		650,414		1,368,178
		Energy and Utilities: Water — 1.7%
	178,980	Various Securities		2,613,627		5,613,995
		Entertainment — 0.4%
	139,807	Various Securities		869,957		1,391,968
		Environmental Control — 0.7%
	20,300	Casella Waste Systems Inc., Cl. A†		78,453		2,007,061
	15,000	Various Securities		121,162		273,150
				199,615		2,280,211
		Equipment and Supplies — 6.9%
	128,500	Core Molding Technologies Inc.†		1,048,071		2,432,505
	23,000	Federal Signal Corp.		144,789		1,952,010
	271,900	The Eastern Co.		5,109,538		9,269,071
	74,400	The Gorman-Rupp Co.		1,729,789		2,942,520
	71,000	Titan Machinery Inc.†		907,211		1,761,510
	240,200	Various Securities		1,700,988		4,201,767
				10,640,386		22,559,383
		Financial Services — 12.4%
	79,800	Capital City Bank Group Inc.		1,945,755		2,210,460
	1,001	Farmers & Merchants Bank of Long Beach		5,424,822		4,804,800
	376,800	Flushing Financial Corp.		5,941,442		4,751,448
	10	Guaranty Corp., Cl. A†(a)		137,500		55,000
	42,500	KKR & Co. Inc.		5,637		4,274,650
	1,293,244	Various Securities		18,953,983		24,686,383
				32,409,139		40,782,741
		Food and Beverage — 2.7%
	1,629,867	Various Securities		10,327,012		8,916,967
		Health Care — 3.8%
	192,860	Neogen Corp.†		273,278		3,043,331
	881,763	Various Securities		5,064,360		9,384,048
				5,337,638		12,427,379
		Hotels and Gaming — 5.6%
	1,211,119	Full House Resorts Inc.†		3,339,101		6,745,933
	114,200	Golden Entertainment Inc.		1,309,065		4,205,986
	247,221	Inspired Entertainment Inc.†		1,489,024		2,437,599

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — March 31, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Hotels and Gaming (Continued)
	421,044	Various Securities	$	3,472,437	$	5,079,987
				9,609,627		18,469,505

		Machinery — 5.6%
	144,000	Astec Industries Inc.		5,030,269		6,294,240
	452,500	Gencor Industries Inc.†		2,893,044		7,552,225
	15,500	Tennant Co.		438,322		1,884,955
	13,920	The Middleby Corp.†		136,601		2,238,197
	4,400	Various Securities		22,722		208,865
				8,520,958		18,178,482

		Manufactured Housing and Recreational Vehicles — 2.3%
	101,350	Nobility Homes Inc.		1,476,249		3,294,382
	22,500	Skyline Champion Corp.†		150,291		1,912,725
	28,000	Winnebago Industries Inc.		256,807		2,072,000
	600	Various Securities		41,592		239,436
				1,924,939		7,518,543
		Metals and Mining — 0.1%
	418,000	Various Securities		230,630		304,006
		Paper and Forest Products — 0.0%
	50	Various Securities		3,051		1,153
		Publishing — 0.5%
	377,600	Various Securities		2,184,299		1,727,378
		Real Estate — 1.9%
	2,508	Royalty LLC†(a)		0		765
	852,941	Various Securities		7,292,948		6,223,190
				7,292,948		6,223,955
		Restaurants — 4.0%
	178,300	Nathan’s Famous Inc.		2,000,849		12,623,640
	55,000	Various Securities		347,819		492,800
				2,348,668		13,116,440
		Retail — 1.2%
	62,700	Village Super Market Inc., Cl. A		1,523,385		1,793,847
	157,100	Various Securities		1,501,499		2,020,403
				3,024,884		3,814,250

		Semiconductors — 0.2%
	62,427	Various Securities		577,859		634,883
		Specialty Chemicals — 2.0%
	48,000	Hawkins Inc.		852,185		3,686,400
	66,900	The General Chemical Group Inc.†(a)		6,021		0
	296,259	Various Securities		2,246,855		2,931,915
				3,105,061		6,618,315

		Telecommunications — 0.5%
	389,540	Various Securities		1,441,037		1,487,601
		TOTAL COMMON STOCKS		187,515,407		325,678,097

		PREFERRED STOCKS* — 0.1%
		Automotive: Parts and Accessories — 0.1%
	6,900	Various Securities		19,312		255,182

		RIGHTS* — 0.1%
		Energy and Utilities: Services — 0.1%
	85,500	Various Securities		0		90,220
		Health Care — 0.0%
	25,000	Various Securities		0		500

Shares			Cost		Market Value
		Metals and Mining — 0.0%
	60,000	Various Securities	$	44,994	$	26,880

		TOTAL RIGHTS		44,994		117,600

		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		424

		Diversified Industrial — 0.0%
	47,000	Various Securities		32,110		4,700

		Health Care — 0.0%
	17,474	Various Securities		15,533		54,630

		TOTAL WARRANTS		60,550		60,406

		TOTAL MISCELLANEOUS INVESTMENTS — 0.4%(c)		1,728,978		1,349,560

		TOTAL INVESTMENTS — 100.0%	$	189,369,241		327,460,845

		Other Assets and Liabilities (Net) — (0.0)%				139,770
		NET ASSETS — 100.0%			$	327,600,615

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, 2024. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

(a)

Security 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.

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 97.6%
		Aerospace — 0.5%
	5,260	Hexcel Corp.	$	214,874	$	383,191

		Automotive — 1.9%
	26,625	Rush Enterprises Inc., Cl. A		572,200		1,424,970

		Aviation: Parts and Services — 2.9%
	32,182	AAR Corp.†		651,299		1,926,736
	6,704	Standard Motor Products Inc.		215,460		224,919
				866,759		2,151,655
		Banking — 10.1%
	15,533	Atlantic Union Bankshares Corp.		437,254		548,470
	40,800	Banc of California Inc.		638,651		620,568
	37,211	Columbia Banking System Inc.		1,005,203		720,033
	21,500	Five Star Bancorp		485,843		483,750
	7,000	Glacier Bancorp Inc.		147,883		281,960
	29,050	OceanFirst Financial Corp.		579,382		476,710
	42,100	Old National Bancorp		706,858		732,961
	10,433	SouthState Corp.		702,009		887,118
	28,800	USCB Financial Holdings Inc.		315,551		328,320
	51,720	Valley National Bancorp		543,421		411,691
	55,700	Veritex Holdings Inc.		1,427,976		1,141,293
	20,100	WaFd Inc.		519,315		583,503
	10,970	Washington Trust Bancorp Inc.		397,178		294,874
				7,906,524		7,511,251
		Broadcasting — 2.0%
	168,388	Grupo Televisa SAB, ADR		378,722		538,841
	58,605	IMAX Corp.†		941,143		947,643
				1,319,865		1,486,484
		Building and Construction — 5.6%
	3,768	EMCOR Group Inc.		382,796		1,319,554
	8,395	MYR Group Inc.†		350,904		1,483,816
	16,082	Skyline Champion Corp.†		896,884		1,367,131
				1,630,584		4,170,501
		Business Services — 4.3%
	29,600	ABM Industries Inc.		1,067,934		1,320,752
	4,600	FTI Consulting Inc.†		349,572		967,334
	27,848	Heidrick & Struggles International Inc.		721,925		937,364
				2,139,431		3,225,450
		Communications — 1.8%
	19,266	ATN International Inc.		806,819		606,976
	51,403	Harmonic Inc.†		585,769		690,856
	20,000	Luna Innovations Inc.†		136,510		64,100
				1,529,098		1,361,932
		Communications Equipment — 3.3%
	153,284	Infinera Corp.†		631,517		924,302
	31,937	Lumentum Holdings Inc.†		1,811,560		1,512,217
				2,443,077		2,436,519
		Computer Software and Services — 3.8%
	66,300	NetScout Systems Inc.†		1,668,080		1,447,992
	12,503	Progress Software Corp.		458,686		666,535
	9,970	Teradata Corp.†		252,548		385,540

Shares			Cost		Market Value


	79,960	Vimeo Inc.†	$	399,877	$	327,036
				2,779,191		2,827,103
		Consumer Products — 3.3%
	112,790	OPENLANE Inc.†		1,696,320		1,951,267
	1,959	Oxford Industries Inc.		115,519		220,192
	34,026	The Duckhorn Portfolio Inc.†		321,352		316,782
				2,133,191		2,488,241
		Diversified Industrial — 3.9%
	2,460	Albany International Corp., Cl. A		156,590		230,035
	11,070	Apogee Enterprises Inc.		371,210		655,344
	41,900	Enerpac Tool Group Corp.		885,290		1,494,154
	19,664	Kennametal Inc.		521,994		490,420
				1,935,084		2,869,953
		Electronics — 4.8%
	17,908	Advanced Energy Industries Inc.		1,193,843		1,826,258
	23,000	FARO Technologies Inc.†		348,926		494,730
	80,300	TTM Technologies Inc.†		1,076,777		1,256,695
				2,619,546		3,577,683
		Energy and Utilities — 7.4%
	40,900	ChampionX Corp.		840,586		1,467,901
	5,900	Diamondback Energy Inc.		188,260		1,169,203
	40,400	Magnolia Oil & Gas Corp., Cl. A		508,204		1,048,380
	32,900	Oceaneering International Inc.†		201,160		769,860
	53,700	Patterson-UTI Energy Inc.		220,091		641,178
	13,749	Riley Exploration Permian Inc.		360,194		453,717
				2,318,495		5,550,239
		Entertainment — 0.1%
	29,834	Ollamani SAB†		31,411		53,891

		Equipment and Supplies — 2.4%
	39,000	Flowserve Corp.		1,283,091		1,781,520

		Financial Services — 6.2%
	10,200	Brown & Brown Inc.		230,563		892,908
	14,100	First Interstate BancSystem Inc., Cl. A		331,914		383,661
	7,800	Heritage Financial Corp.		131,385		151,242
	8,280	Horace Mann Educators Corp.		289,733		306,277
	16,105	Mercury General Corp.		518,418		831,018
	17,881	Stewart Information Services Corp.		775,594		1,163,338
	6,686	Stifel Financial Corp.		208,596		522,645
	17,600	Univest Financial Corp.		484,444		366,432
				2,970,647		4,617,521
		Health Care — 8.6%
	12,616	AMN Healthcare Services Inc.†		784,529		788,626
	84,725	Axogen Inc.†		424,064		683,731
	41,387	Embecta Corp.		661,567		549,206
	6,360	Haemonetics Corp.†		465,719		542,826
	21,914	Omnicell Inc.†		688,332		640,546
	50,339	Orthofix Medical Inc.†		630,235		730,922
	69,552	Patterson Cos. Inc.		1,599,437		1,923,113

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	15,800	Supernus Pharmaceuticals Inc.†	$	454,696	$	538,938
				5,708,579		6,397,908
		Machinery — 1.8%
	83,400	Mueller Water Products Inc., Cl. A		951,803		1,341,906

		Materials — 0.7%
	12,690	Avient Corp.		421,009		550,746

		Real Estate — 1.7%
	23,467	Alpine Income Property Trust Inc., REIT		405,067		358,576
	36,400	CareTrust REIT Inc.		696,589		887,068
				1,101,656		1,245,644
		Retail — 7.8%
	4,626	Advance Auto Parts Inc.		346,609		393,626
	84,586	American Eagle Outfitters Inc.		1,081,698		2,181,473
	42,307	El Pollo Loco Holdings Inc.†		367,496		412,070
	56,082	Ethan Allen Interiors Inc.		1,186,902		1,938,755
	20,300	Urban Outfitters Inc. †		477,828		881,426
				3,460,533		5,807,350
		Semiconductors — 10.0%
	35,945	Cohu Inc.†		1,133,238		1,198,047
	8,967	Entegris Inc.		512,004		1,260,222
	20,878	FormFactor Inc.†		369,584		952,663
	7,400	MKS Instruments Inc.		628,411		984,200
	77,788	nLight Inc.†		877,480		1,011,244
	8,068	Onto Innovation Inc.†		596,023		1,460,953
	12,637	Ultra Clean Holdings Inc.†		325,821		580,544
				4,442,561		7,447,873
		Specialty Chemicals — 1.5%
	14,296	Darling Ingredients Inc.†		469,597		664,907
	6,243	Minerals Technologies Inc.		296,543		469,973
				766,140		1,134,880
		Transportation — 1.2%
	17,513	The Greenbrier Companies Inc.		511,664		912,427

		TOTAL COMMON STOCKS		52,057,013		72,756,838

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.3%
$	1,760,000	U.S. Treasury Bills, 5.299% to 5.325%††, 05/23/24 to 06/20/24		1,744,401		1,744,456


		TOTAL INVESTMENTS — 99.9%	$	53,801,414		74,501,294
		Other Assets and Liabilities (Net) — 0.1%				69,324
		NET ASSETS — 100.0%			$	74,570,618

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments — March 31, 2024 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 91.7%
		Aerospace and Defense — 0.9%
$	150,000	Rocket Lab USA Inc., 4.250%, 02/01/29(a)	$	152,551	$	159,469

		Automotive — 1.0%
	250,000	Rivian Automotive Inc.,
		3.625%, 10/15/30(a)		250,000		176,250

		Business Services — 2.0%
		MicroStrategy Inc.
	100,000	0.625%, 03/15/30 (a)		100,000		134,060
	200,000	0.875%, 03/15/31 (a)		199,806		203,900
				299,806		337,960

		Communications Equipment — 2.5%
	300,000	InterDigital Inc.,
		3.500%, 06/01/27		304,864		431,594

		Computer Software and Services — 12.6%
	700,000	Bandwidth Inc.,
		0.250%, 03/01/26		672,773		618,625
	180,000	Cardlytics Inc.,
		4.250%, 04/01/29		183,200		197,325
	400,000	CSG Systems International
		Inc.,
		3.875%, 09/15/28(a)		397,211		395,638
	360,000	fuboTV Inc.,
		3.250%, 02/15/26		342,773		232,236
	200,000	Lumentum Holdings Inc.,
		1.500%, 12/15/29(a)		202,178		188,405
	200,000	PagerDuty Inc.,
		1.500%, 10/15/28(a)		200,000		213,760
	300,000	Progress Software Corp.,
		3.500%, 03/01/30(a)		303,323		304,500
	30,000	Rapid7 Inc.,
		1.250%, 03/15/29(a)		30,000		30,570
				2,331,458		2,181,059

		Consumer Services — 10.0%
	500,000	Live Nation Entertainment
		Inc.,
		3.125%, 01/15/29		504,270		602,200
		NCL Corp. Ltd.
	100,000	5.375%, 08/01/25		100,635		131,200
	223,000	1.125%, 02/15/27		223,000		211,426
	400,000	Stride Inc.,
		1.125%, 09/01/27		362,720		530,000
	200,000	Uber Technologies Inc., Ser.
		2028,
		0.875%, 12/01/28(a)		200,291		247,900
				1,390,916		1,722,726

		Energy and Utilities: Integrated — 10.7%
	528,000	Array Technologies Inc.,
		1.000%, 12/01/28		475,165		490,186
	200,000	Bloom Energy Corp.,
		3.000%, 06/01/28(a)		200,087		182,250
	425,000	NextEra Energy Partners LP,
		2.500%, 06/15/26(a)		416,814		384,075
	397,000	PG&E Corp.,
		4.250%, 12/01/27(a)		402,944		399,283
	200,000	Stem Inc.,
		4.250%, 04/01/30(a)		200,000		107,210

Principal Amount			Cost		Market Value


$	700,000	Sunnova Energy
		International Inc.,
		2.625%, 02/15/28	$	599,538	$	285,214
				2,294,548		1,848,218

		Energy and Utilities: Services — 10.1%
	200,000	Kosmos Energy Ltd.,
		3.125%, 03/15/30(a)		205,939		219,650
	250,000	Nabors Industries Inc.,
		1.750%, 06/15/29		181,537		190,000
	400,000	Northern Oil & Gas Inc.,
		3.625%, 04/15/29		421,309		488,500
	375,000	Ormat Technologies Inc.,
		2.500%, 07/15/27		375,000		363,750
	500,000	PPL Capital Funding Inc.,
		2.875%, 03/15/28		493,571		480,375
				1,677,356		1,742,275

		Entertainment — 3.0%
	500,000	Liberty Media Corp.-Liberty
		Formula One,
		2.250%, 08/15/27		485,898		513,833

		Financial Services — 6.2%
	200,000	Bread Financial Holdings
		Inc.,
		4.250%, 06/15/28(a)		201,811		234,120
	300,000	Coinbase Global Inc.,
		0.250%, 04/01/30(a)		298,012		317,526
	300,000	Global Payments Inc.,
		1.500%, 03/01/31(a)		306,007		318,600
	200,000	SoFi Technologies Inc.,
		1.250%, 03/15/29(a)		201,975		201,800
				1,007,805		1,072,046

		Food and Beverage — 1.3%
	200,000	The Chefs’ Warehouse Inc.,
		2.375%, 12/15/28		194,255		219,900

		Health Care — 12.8%
	275,000	Amphastar Pharmaceuticals
		Inc.,
		2.000%, 03/15/29(a)		279,691		276,598
	100,000	Coherus Biosciences Inc.,
		1.500%, 04/15/26		73,345		64,275
	100,000	Cytokinetics Inc.,
		3.500%, 07/01/27		170,312		159,000
	100,000	Dexcom Inc.,
		0.375%, 05/15/28(a)		102,765		107,491
	150,000	Evolent Health Inc.,
		3.500%, 12/01/29(a)		160,588		172,612
	500,000	Halozyme Therapeutics Inc.,
		1.000%, 08/15/28		499,958		487,027
	110,000	Immunocore Holdings plc,
		2.500%, 02/01/30(a)		115,915		115,021
	150,000	Insmed Inc.,
		0.750%, 06/01/28		160,472		161,025
	365,000	Invacare Corp., Escrow,
		Zero Coupon, 05/08/28(b)		0		0
	200,000	iRhythm Technologies Inc.,
		1.500%, 09/01/29(a)		203,242		212,075
	200,000	Sarepta Therapeutics Inc.,
		1.250%, 09/15/27		226,568		234,120

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2024 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
$	200,000	TransMedics Group Inc.,
		1.500%, 06/01/28(a)	$	173,499	$	220,192
				2,166,355		2,209,436

		Metals and Mining — 1.1%
	200,000	MP Materials Corp.,
		3.000%, 03/01/30(a)		199,536		187,400

		Real Estate Investment Trusts — 1.7%
	250,000	Redwood Trust Inc.,
		7.750%, 06/15/27		250,000		240,625
	50,000	Rexford Industrial Realty LP,
		4.125%, 03/15/29(a)		50,000		50,649
				300,000		291,274

		Semiconductors — 12.1%
	300,000	Impinj Inc.,
		1.125%, 05/15/27		292,345		406,680
	400,000	indie Semiconductor Inc.,
		4.500%, 11/15/27(a)		411,399		446,000
	400,000	ON Semiconductor Corp.,
		0.500%, 03/01/29		390,358		395,600
	500,000	Semtech Corp.,
		1.625%, 11/01/27		465,331		494,050
	600,000	Wolfspeed Inc.,
		1.875%, 12/01/29		441,400		337,110
				2,000,833		2,079,440

		Telecommunications — 3.2%
	500,000	Infinera Corp.,
		3.750%, 08/01/28		487,042		555,590

		Transportation — 0.5%
	100,000	Air Transport Services
		Group Inc.,
		3.875%, 08/15/29(a)		100,000		83,229

		TOTAL CONVERTIBLE
		CORPORATE BONDS		15,643,223		15,811,699

Shares
		CONVERTIBLE PREFERRED STOCKS — 1.5%
		Health Care — 1.5%
	11,225	Invacare Holdings Corp.,
		Ser. A,
		9.000%(b)		280,625		252,563

		MANDATORY CONVERTIBLE SECURITIES(c) — 5.6%
		Diversified Industrial — 2.6%
	7,000	Chart Industries Inc., Ser. B,
		6.750%, 12/15/25		350,000		449,470

		Energy and Utilities: Integrated — 1.1%
	5,000	NextEra Energy Inc.,
		6.926%, 09/01/25		234,676		194,650

		Health Care — 0.8%
	3,000	BrightSpring Health Services
		Inc.,
		6.750%, 02/01/27		150,000		135,240

Shares			Cost		Market Value
		Specialty Chemicals — 1.1%
	3,250	Albemarle Corp.,
		7.250%, 03/01/27	$	165,100	$	191,750

		TOTAL MANDATORY
		CONVERTIBLE
		SECURITIES		899,776		971,110

		COMMON STOCKS — 0.0%
		Health Care — 0.0%
	5,023	Invacare Holdings Corp.†(b)		0		0

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.2%
$	380,000	U.S. Treasury Bills,
		5.292% to 5.297%††,
		05/21/24 to 06/20/24		376,343		376,347

		TOTAL INVESTMENTS — 101.0%	$	17,199,967		17,411,719
		Other Assets and Liabilities (Net) — (1.0)%				(180,799	)
		NET ASSETS — 100.0%			$	17,230,920

(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)

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

(c)

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

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.8%
		Air Freight and Logistics — 2.1%
	3,374	FedEx Corp.	$	774,886	$	977,583

		Banking — 3.2%
	38,720	Bank of America Corp.		1,202,875		1,468,262

		Business Services — 2.1%
	3,496	Visa Inc., Cl. A		725,519		975,664

		Commercial Services and Supplies — 1.0%
	2,176	Waste Management Inc.		359,263		463,814

		Computer Hardware — 2.0%
	5,297	Apple Inc.		811,363		908,330

		Computer Software and Services — 11.5%
	2,698	Accenture plc, Cl. A		811,089		935,154
	7,107	Alphabet Inc., Cl. A†		697,183		1,072,660
	2,396	CACI International Inc.,
		Cl. A†		722,183		907,677
	3,617	Microsoft Corp.		803,693		1,521,744
	2,975	Salesforce Inc.		687,494		896,010
				3,721,642		5,333,245
		Consumer Products — 1.0%
	4,632	Church & Dwight Co. Inc.		375,731		483,164

		Diversified Industrial — 2.4%
	5,404	Honeywell International Inc.		934,830		1,109,171

		Electronics — 2.0%
	10,137	Microchip Technology Inc.		759,428		909,390

		Energy and Energy Services — 3.3%
	7,685	EOG Resources Inc.		666,231		982,450
	3,092	Valero Energy Corp.		440,375		527,774
				1,106,606		1,510,224
		Energy: Integrated — 5.9%
	7,494	DTE Energy Co.		788,138		840,377
	14,618	NextEra Energy Inc.		580,279		934,236
	11,530	WEC Energy Group Inc.		1,092,222		946,844
				2,460,639		2,721,457
		Energy: Oil — 5.0%
	5,697	Chevron Corp.		692,428		898,645
	3,893	ConocoPhillips		242,774		495,501
	7,783	Exxon Mobil Corp.		900,731		904,696
				1,835,933		2,298,842
		Equipment and Supplies — 5.1%
	3,716	Danaher Corp.		926,739		927,960
	2,326	Hubbell Inc.		727,887		965,406
	1,880	Littelfuse Inc.		454,856		455,618
				2,109,482		2,348,984
		Financial Services — 18.0%
	15,951	American International
		Group Inc.		734,480		1,246,890
	3,854	Arthur J. Gallagher & Co.		698,224		963,654
	2,152	Berkshire Hathaway Inc.,
		Cl. B†		609,698		904,959
	7,305	JPMorgan Chase & Co.		972,479		1,463,191
	12,986	The Charles Schwab Corp.		885,773		939,407
	2,868	The Goldman Sachs Group
		Inc.		982,614		1,197,935
	2,655	The Progressive Corp.		347,497		549,107

Shares			Cost		Market Value

	17,711	Wells Fargo & Co.	$	726,385	$	1,026,530
				5,957,150		8,291,673
		Food and Beverage — 6.0%
	1,998	Domino’s Pizza Inc.		686,242		992,766
	5,174	PepsiCo Inc.		538,117		905,502
	4,423	The Hershey Co.		927,653		860,273
				2,152,012		2,758,541
		Health Care — 10.7%
	11,659	Abbott Laboratories		1,291,488		1,325,162
	4,251	Becton Dickinson & Co.		877,740		1,051,910
	9,211	Johnson & Johnson		1,499,912		1,457,088
	2,282	UnitedHealth Group Inc.		649,340		1,128,905
				4,318,480		4,963,065
		Real Estate — 3.7%
	4,995	Prologis Inc., REIT		629,177		650,449
	35,801	VICI Properties Inc., REIT		1,114,066		1,066,512
				1,743,243		1,716,961
		Retail — 11.8%
	11,793	CVS Health Corp.		911,865		940,610
	5,600	Darden Restaurants Inc.		922,987		936,040
	5,229	Dollar General Corp.		891,466		816,038
	846	O’Reilly Automotive Inc.†		645,620		955,032
	2,329	The Home Depot Inc.		362,134		893,404
	14,907	Walmart Inc.		676,519		896,954
				4,410,591		5,438,078
		Telecommunications — 1.1%
	1,419	Motorola Solutions Inc.		375,622		503,717

		Transportation — 1.9%
	3,644	Union Pacific Corp.		558,866		896,169

		TOTAL COMMON
		STOCKS		36,694,161		46,076,334

		SHORT TERM INVESTMENT — 0.3%
		Other Investment Companies — 0.3%
	150,785	Dreyfus Treasury Securities
		Cash Management,
		5.190%*		150,785		150,785

		TOTAL INVESTMENTS —
		100.1%	$	36,844,946		46,227,119
		Other Assets and Liabilities (Net) — (0.1)%				(47,589	)
		NET ASSETS — 100.0%			$	46,179,530

1 day yield as of March 31, 2024.

†

Non-income producing security.

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 68.0%
		Air Freight and Logistics — 1.4%
	1,935	FedEx Corp.	$	444,400	$	560,647

		Automotive: Parts and Accessories — 1.3%
	441	O’Reilly Automotive Inc.†		312,439		497,836

		Banking — 1.3%
	13,091	Bank of America Corp.		564,486		496,411

		Business Services — 1.3%
	1,881	Visa Inc., Cl. A		394,003		524,949

		Commercial Services and Supplies — 0.6%
	1,111	Waste Management Inc.		185,265		236,810

		Computer Hardware — 3.4%
	7,789	Apple Inc.		1,352,364		1,335,658

		Computer Software and Services — 11.2%
	1,508	Accenture plc, Cl. A		406,805		522,688
	6,821	Alphabet Inc., Cl. A†		793,299		1,029,493
	1,220	CACI International Inc.,
		Cl. A†		365,385		462,173
	908	Cadence Design Systems
		Inc.†		118,221		282,642
	3,765	Microsoft Corp.		1,023,543		1,584,011
	1,539	Salesforce Inc.		355,300		463,516
				3,062,553		4,344,523
		Consumer Products — 0.6%
	2,387	Church & Dwight Co. Inc.		192,470		248,988

		Consumer Services — 1.8%
	3,850	Amazon.com Inc.†		556,881		694,463

		Diversified Industrial — 1.4%
	2,601	Honeywell International Inc.		487,186		533,855

		Electronics — 1.8%
	5,550	Microchip Technology Inc.		407,561		497,890
	287	Monolithic Power Systems
		Inc.		102,649		194,420
				510,210		692,310
		Energy and Energy Services — 1.7%
	2,939	EOG Resources Inc.		307,106		375,722
	1,613	Valero Energy Corp.		229,730		275,323
				536,836		651,045
		Energy: Integrated — 2.1%
	2,530	DTE Energy Co.		266,423		283,714
	3,652	NextEra Energy Inc.		130,544		233,399
	3,621	WEC Energy Group Inc.		347,987		297,357
				744,954		814,470
		Energy: Oil — 2.7%
	2,535	Chevron Corp.		337,541		399,871
	2,031	ConocoPhillips		137,497		258,506
	3,292	Exxon Mobil Corp.		382,350		382,662
				857,388		1,041,039
		Equipment and Supplies — 3.9%
	1,861	Amphenol Corp., Cl. A		115,082		214,666
	1,992	Danaher Corp.		499,874		497,442
	1,331	Hubbell Inc.		415,261		552,432
	969	Littelfuse Inc.		234,446		234,837
				1,264,663		1,499,377

Shares			Cost		Market Value


		Financial Services — 9.2%
	5,677	American International
		Group Inc.	$	289,401	$	443,771
	1,460	Arthur J. Gallagher & Co.		268,441		365,058
	942	Berkshire Hathaway Inc.,
		Cl. B†		267,679		396,130
	3,779	JPMorgan Chase & Co.		578,369		756,934
	6,672	The Charles Schwab Corp.		455,096		482,653
	1,113	The Goldman Sachs Group
		Inc.		388,781		464,889
	1,205	The Progressive Corp.		156,764		249,218
	7,117	Wells Fargo & Co.		291,891		412,501
				2,696,422		3,571,154
		Food and Beverage — 1.7%
	1,737	PepsiCo Inc.		192,833		303,992
	1,890	The Hershey Co.		399,110		367,605
				591,943		671,597
		Health Care — 6.6%
	6,304	Abbott Laboratories		693,765		716,513
	2,042	Becton Dickinson & Co.		450,123		505,293
	4,708	Johnson & Johnson		778,728		744,758
	1,201	UnitedHealth Group Inc.		325,886		594,135
				2,248,502		2,560,699
		Real Estate — 2.3%
	2,781	Prologis Inc., REIT		358,480		362,142
	17,994	VICI Properties Inc., REIT		576,087		536,041
				934,567		898,183
		Retail — 8.1%
	6,088	CVS Health Corp.		470,746		485,579
	2,848	Darden Restaurants Inc.		469,582		476,043
	2,713	Dollar General Corp.		465,193		423,391
	1,428	Domino’s Pizza Inc.		489,699		709,545
	1,506	The Home Depot Inc.		253,149		577,701
	7,905	Walmart Inc.		359,377		475,644
				2,507,746		3,147,903
		Semiconductors — 1.7%
	717	NVIDIA Corp.		292,585		647,852

		Telecommunications — 0.7%
	729	Motorola Solutions Inc.		192,973		258,780

		Transportation — 1.2%
	1,878	Union Pacific Corp.		296,802		461,857

		TOTAL COMMON
		STOCKS		21,227,638		26,390,406

Principal Amount
		CORPORATE BONDS — 27.3%
		Aerospace — 0.7%
$	255,000	AerCap Ireland Capital
		DAC/AerCap Global
		Aviation Trust,
		4.450%, 10/01/25		262,295		251,099

		Banking — 1.9%
	750,000	Fifth Third Bancorp,
		2.375%, 01/28/25		749,965		730,256

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2024 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Computer Hardware — 0.8%
$	295,000	Dell International LLC/EMC
		Corp.,
		5.750%, 02/01/33	$	293,385	$	305,700

		Computer Software and Services — 1.7%
	250,000	Cloud Software Group Inc.,
		6.500%, 03/31/29		228,846		237,530
		Oracle Corp.
	240,000	6.250%, 11/09/32		240,400		256,964
	135,000	6.900%, 11/09/52		135,542		155,407
				604,788		649,901

		Consumer Products — 0.5%
	200,000	G-III Apparel Group Ltd.,
		7.875%, 08/15/25		196,830		200,483

		Diversified Industrial — 1.7%
	510,000	Cabot Corp.,
		4.000%, 07/01/29		509,135		482,586
	191,000	Jabil Inc.,
		1.700%, 04/15/26		191,160		177,403
				700,295		659,989

		Energy and Energy Services — 2.7%
		Energy Transfer LP
	330,000	7.125% (a)(b)		282,150		323,169
	250,000	6.000%, 02/01/29		238,947		252,408
	235,000	6.250%, 04/15/49		273,279		241,745
	260,000	Plains All American Pipeline
		LP/PAA Finance Corp.,
		3.800%, 09/15/30		270,043		238,451
				1,064,419		1,055,773

		Energy: Oil — 1.5%
	10,000	Civitas Resources Inc.,
		8.375%, 07/01/28		10,000		10,542
	95,000	Diamondback Energy Inc.,
		6.250%, 03/15/33		98,946		101,405
	275,000	MPLX LP,
		2.650%, 08/15/30		274,214		236,426
	259,000	Piedmont Natural Gas Co.
		Inc.,
		5.050%, 05/15/52		257,542		236,971
				640,702		585,344

		Financial Services — 6.5%
	210,000	Ally Financial Inc., (U.S.
		Secured Overnight
		Financing Rate + 3.26%),
		6.992%, 06/13/29(b)		210,053		217,963
	500,000	Bank of America Corp.,
		(U.S. Secured Overnight
		Financing Rate + 1.21%),
		2.572%, 10/20/32(b)		487,394		415,445
	500,000	Bank of Montreal, MTN,
		2.650%, 03/08/27		493,131		468,928
	405,000	Blue Owl Capital Corp.,
		3.400%, 07/15/26		404,803		381,791
	500,000	Citigroup Inc., (U.S. Secured
		Overnight Financing Rate
		+ 1.28%),
		3.070%, 02/24/28(b)		495,124		470,545

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		$	380,867
	190,000	State Street Corp., Ser.
		I, (5 yr. US Treasury
		Yield Curve Rate T Note
		Constant Maturity +
		2.61%),
		6.700%, (a)(b)		190,426			193,226
				2,650,931			2,528,765

		Food and Beverage — 1.4%
	250,000	Pilgrim’s Pride Corp.,
		6.250%, 07/01/33		247,881			255,818
	380,000	The J.M. Smucker Co.,
		3.550%, 03/15/50		386,780			269,941
				634,661			525,759

		Health Care — 0.5%			��
	250,000	CHS/Community Health
		Systems Inc.,
		5.250%, 05/15/30		207,985			204,083

		Real Estate — 1.9%
	150,000	Brixmor Operating
		Partnership LP,
		2.250%, 04/01/28		149,874			133,327
	200,000	Iron Mountain Inc.,
		5.000%, 07/15/28		185,949			191,607
	250,000	MPT Operating Partnership
		LP/MPT Finance Corp.,
		4.625%, 08/01/29		196,697			191,959
	265,000	Realty Income Corp.,
		2.850%, 12/15/32		275,253			220,784
				807,773			737,677

		Retail — 2.3%
	200,000	AutoZone Inc.,
		1.650%, 01/15/31		198,471			161,439
	800,000	CVS Health Corp.,
		3.250%, 08/15/29		807,423			734,551
				1,005,894			895,990

		Semiconductors — 0.6%
	235,000	Broadcom Inc.,
		4.150%, 11/15/30		260,839			222,499

		Telecommunications — 0.4%
	270,000	Charter Communications
		Operating LLC/Charter
		Communications
		Operating Capital Corp.,
		3.700%, 04/01/51		277,337			167,315

		Transportation — 2.2%
	875,000	AP Moller - Maersk A/S,
		4.500%, 06/20/29		871,906			856,495

		TOTAL CORPORATE
		BONDS		11,230,005			10,577,128

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2024 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 0.8%
		Health Care — 0.8%
$	325,000	Exact Sciences Corp.,
		0.375%, 03/15/27	$	354,933	$	311,383

		U.S. GOVERNMENT OBLIGATIONS — 3.4%
		U.S. Treasury Bonds — 3.4%
	365,000	2.500%, 02/15/45		333,388		267,470
	565,000	2.500%, 05/15/46		572,395		408,499
	285,000	2.250%, 08/15/46		299,458		195,498
	235,000	1.875%, 02/15/51		215,659		141,936
	410,000	3.000%, 08/15/52		341,947		319,199
				1,762,847		1,332,602

Shares
		SHORT TERM INVESTMENT — 0.1%
		Other Investment Companies — 0.1%
	35,110	Dreyfus Treasury Securities
		Cash Management,
		5.190%*		35,110		35,110

		TOTAL INVESTMENTS —
		99.6%	$	34,610,533		38,646,629
		Other Assets and Liabilities (Net) — 0.4%				141,998
		NET ASSETS — 100.0%			$	38,788,627

†

Non-income producing security.

(a)

Security is perpetual and has no stated maturity date.

(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, 2024.

1 day yield as of March 31, 2024.

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, 2024 (Unaudited)

					Convertible
	Mighty		SmallCap		Securities
	Mites Fund		Equity Fund		Fund
Assets:
Investments, at value (Cost $185,148,022, $53,801,414, and 17,199,967, respectively)	$	322,775,214	$	74,501,294	$	17,411,719
Investments in affiliates, at value (Cost $4,221,219)		4,685,631		—		—
Cash		—		33,526		—
Foreign currency, at value (Cost $97,776)		95,779		—		—
Receivable for Fund shares sold		180,866		34,886		—
Receivable for investments sold		543,765		—		—
Receivable from Adviser		—		20,134		14,354
Dividends and interest receivable		390,727		43,810		88,086
Prepaid expenses		50,213		46,274		32,417
Total Assets		328,722,195		74,679,924		17,546,576
Liabilities:
Payable to bank		78,052		—		55,859
Payable for investments purchased		—		—		183,200
Payable for Fund shares redeemed		410,754		1,046		4,737
Payable for investment advisory fees		259,203		61,610		14,651
Payable for distribution fees		43,783		5,706		2,199
Payable for accounting fees		7,500		7,500		—
Payable for custodian fees		15,626		2,574		12,227
Payable for legal and audit fees		32,845		22,216		17,821
Payable for shareholder communications expenses		106,122		2,035		11,901
Payable for shareholder services fees		167,695		6,619		11,262
Other accrued expenses		—		—		1,799
Total Liabilities		1,121,580		109,306		315,656
Net Assets	$	327,600,615	$	74,570,618	$	17,230,920
Net Assets Consist of:
Paid-in capital	$	146,761,334	$	49,126,142	$	17,521,861
Total distributable earnings/(accumulated loss)		180,839,281		25,444,476		(290,941	)
Net Assets	$	327,600,615	$	74,570,618	$	17,230,920
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	79,094,886	$	9,053,743	$	3,294,731
Shares of beneficial interest outstanding		3,962,183		346,634		279,661
Net Asset Value, offering, and redemption price per share	$	19.96	$	26.12	$	11.78
Class A:
Net assets	$	70,631,436	$	8,450,056	$	2,230,777
Shares of beneficial interest outstanding		3,765,699		345,502		181,831
Net Asset Value and redemption price per share	$	18.76	$	24.46	$	12.27
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	19.54	$	25.48	$	12.78
Class C:
Net assets	$	15,650,758	$	2,558,915	$	1,234,764
Shares of beneficial interest outstanding		1,041,651		129,602		93,309
Net Asset Value and offering price per share (a)	$	15.02	$	19.74	$	13.23
Class I:
Net assets	$	162,223,535	$	54,507,904	$	10,470,648
Shares of beneficial interest outstanding		7,816,186		1,993,155		885,537
Net Asset Value, offering, and redemption price per share	$	20.75	$	27.35	$	11.82

(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, 2024 (Unaudited)

	Equity		Balanced
	Fund		Fund
Assets:
Investments, at value (Cost $36,844,946 and $34,610,533, respectively)	$	46,227,119	$	38,646,629
Cash		21,466		9,577
Receivable for Fund shares sold		867		246
Dividends and interest receivable		41,036		161,820
Prepaid expenses		47,530		46,888
Total Assets		46,338,018		38,865,160
Liabilities:
Payable for Fund shares redeemed		80,441		420
Payable for investment advisory fees		38,433		24,501
Payable for distribution fees		9,369		8,088
Payable for custodian fees		3,305		12,382
Payable for legal and audit fees		17,898		17,884
Payable for shareholder communications expenses		852		5,691
Payable for shareholder services fees		8,190		7,567
Total Liabilities		158,488		76,533
Net Assets	$	46,179,530	$	38,788,627
Net Assets Consist of:
Paid-in capital	$	35,623,602	$	34,257,859
Total distributable earnings		10,555,928		4,530,768
Net Assets	$	46,179,530	$	38,788,627
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	44,197,800	$	30,261,185
Shares of beneficial interest outstanding		3,792,876		2,920,102
Net Asset Value, offering, and redemption price per share	$	11.65	$	10.36
Class A:
Net assets	$	766,157	$	5,012,595
Shares of beneficial interest outstanding		65,790		479,273
Net Asset Value and redemption price per share	$	11.65	$	10.46
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	12.14	$	10.90
Class C:
Net assets	$	12,493	$	834,936
Shares of beneficial interest outstanding		1,197		78,690
Net Asset Value and offering price per share (a)	$	10.44	$	10.61
Class I:
Net assets	$	1,203,080	$	2,679,911
Shares of beneficial interest outstanding		103,868		259,151
Net Asset Value, offering, and redemption price per share	$	11.58	$	10.34

(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, 2024 (Unaudited)

							Convertible
	Mighty			SmallCap			Securities
	Mites Fund			Equity Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $34,351, $0, and $0, respectively)	$	2,301,736		$	561,993		$	20,470
Dividends - affiliated		90,182			–			–
Interest		18,508			57,284			324,153
Total Investment Income		2,410,426			619,277			344,623
Expenses:
Investment advisory fees		1,668,653			350,503			92,890
Distribution fees - Class AAA		98,683			10,153			4,056
Distribution fees - Class A		85,966			9,421			2,785
Distribution fees - Class C		81,297			12,055			6,762
Accounting fees		22,500			22,500			–
Custodian fees		35,648			6,043			5,422
Legal and audit fees		37,405			19,319			16,305
Registration expenses		14,971			14,870			17,449
Shareholder communications expenses		87,249			21,274			13,163
Shareholder services fees		160,389			9,534			5,611
Trustees’ fees		44,773			8,944			2,482
Interest expense		65			–			–
Miscellaneous expenses		21,776			8,374			7,558
Total Expenses		2,359,375			492,990			174,483
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		–			(109,856	)		(76,464	)
Advisory fee reduction on unsupervised assets (See Note 3)		(66,345	)		–			–
Expenses paid indirectly by broker (See Note 6)		(3,454	)		(1,128	)		(814	)
Total Reimbursements, Waivers, Reductions, and Credits		(69,799	)		(110,984	)		(77,278	)
Net Expenses		2,289,576			382,006			97,205
Net Investment Income		120,850			237,271			247,418
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments - unaffiliated		49,674,820			5,285,287			(81,729	)
Net realized loss on investments - affiliated		(70,852	)		–			–
Net realized loss on foreign currency transactions		(785	)		–			–
Net realized gain/(loss) on investments and foreign currency transactions		49,603,183			5,285,287			(81,729	)
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		12,811,331			5,999,484			816,386
on investments - affiliated		(13,917,055	)		–			–
on foreign currency translations		(1,455	)		–			–
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(1,107,179	)		5,999,484			816,386
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		48,496,004			11,284,771			734,657
Net Increase in Net Assets Resulting from Operations	$	48,616,854		$	11,522,042		$	982,075

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2024 (Unaudited)


	Equity			Balanced
	Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0 and $0, respectively)	$	440,734		$	203,788
Interest		8,437			291,604
Total Investment Income		449,171			495,392
Expenses:
Investment advisory fees		217,448			140,060
Distribution fees - Class AAA		52,024			35,961
Distribution fees - Class A		903			6,026
Distribution fees - Class C		57			4,513
Custodian fees		4,789			5,701
Legal and audit fees		14,532			14,360
Registration expenses		11,249			12,490
Shareholder communications expenses		15,306			14,594
Shareholder services fees		12,576			9,511
Trustees’ fees		5,538			4,761
Interest expense		124			71
Miscellaneous expenses		7,279			7,082

Total Expenses		341,825			255,130
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)		(949	)		(910	)
Total Reimbursements, Waivers, Reductions, and Credits		(949	)		(910	)
Net Expenses		340,876			254,220
Net Investment Income		108,295			241,172
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		1,253,014			524,848
Net realized gain on investments - affiliated		–			–
Net realized gain on foreign currency transactions		–			–
Net realized gain on investments and foreign currency transactions		1,253,014			524,848
Net change in unrealized appreciation/depreciation:
on investments- unaffiliated		5,292,336			4,194,794
on investments - affiliated		–			–
on foreign currency translations		–			–
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		5,292,336			4,194,794
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		6,545,350			4,719,642
Net Increase in Net Assets Resulting from Operations	$	6,653,645		$	4,960,814

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Changes in Net Assets

March 31, 2024

	Mighty Mites Fund
	For the Six
	Months
	Ended			For the
	March 31,			Year Ended
	2024			September
	(Unaudited)			30, 2023

Operations:
Net investment income	$	120,850		$	1,436,522
Net realized gain/(loss) on investments and foreign currency transactions		49,603,183			70,385,508
Net realized gain on redemptions in-kind		–			3,330,066
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(1,107,179	)		(11,587,171	)
Net Increase in Net Assets Resulting from Operations		48,616,854			63,564,925
Distributions to Shareholders:
Accumulated earnings
Class AAA		(14,224,106	)		(11,164,408	)
Class A		(12,322,823	)		(9,626,296	)
Class C		(3,037,288	)		(3,076,929	)
Class I		(33,611,691	)		(33,844,855	)
Total Distributions to Shareholders		(63,195,908	)		(57,712,488	)

Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		689,081			2,567,651
Class A		4,132,390			9,925,813
Class C		204,797			898,544
Class I		12,733,404			29,415,843
		17,759,672			42,807,851
Proceeds from reinvestment of distributions
Class AAA		13,877,592			10,872,699
Class A		10,798,764			8,304,405
Class C		3,014,541			3,034,798
Class I		27,724,148			25,597,381
		55,415,045			47,809,283
Cost of shares redeemed
Class AAA		(15,866,605	)		(16,254,457	)
Class A		(13,773,474	)		(19,023,694	)
Class C		(4,866,862	)		(11,957,744	)
Class I		(78,430,836	)		(113,755,096	)
		(112,937,777	)		(160,990,991	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(39,763,060	)		(70,373,857	)
Redemption Fees		142			14
Net Increase/(Decrease) in Net Assets		(54,341,972	)		(64,521,406	)
Net Assets:
Beginning of year		381,942,587			446,463,993
End of period	$	327,600,615		$	381,942,587

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

March 31, 2024

SmallCap Equity Fund						Convertible Securities Fund						Equity Fund						Balanced Fund

For the Six						For the Six						For the Six						For the Six
Months			For the			Months			For the			Months			For the			Months			For the
Ended March			Year Ended			Ended March			Year Ended			Ended March			Year Ended			Ended March			Year Ended
31, 2024			September 30,			31, 2024			September 30,			31, 2024			September 30,			31, 2024			September 30,
(Unaudited)			2023			(Unaudited)			2023			(Unaudited)			2023			(Unaudited)			2023


$	237,271		$	532,116		$	247,418		$	618,124		$	108,295		$	234,454		$	241,172		$	474,197
	5,285,287			930,537			(81,729	)		(7,481	)		1,253,014			1,749,578			524,848			842,419
	–			–			–			–			–			–			–			–
	5,999,484			4,291,987			816,386			735,173			5,292,336			2,575,378			4,194,794			2,549,519
	11,522,042			5,754,640			982,075			1,345,816			6,653,645			4,559,410			4,960,814			3,866,135


	(231,052	)		(123,982	)		(45,582	)		(466,866	)		(2,068,035	)		(3,192,830	)		(789,868	)		(2,418,152	)
	(215,981	)		(109,934	)		(29,613	)		(360,197	)		(35,880	)		(59,410	)		(132,591	)		(424,683	)
	(58,382	)		(24,161	)		(12,283	)		(293,965	)		(479	)		(1,829	)		(20,517	)		(45,380	)
	(1,603,399	)		(760,837	)		(159,232	)		(3,107,468	)		(63,916	)		(155,555	)		(80,370	)		(254,204	)
	(2,108,814	)		(1,018,914	)		(246,710	)		(4,228,496	)		(2,168,310	)		(3,409,624	)		(1,023,346	)		(3,142,419	)



	257,663			865,822			20,123			19,834			162,475			370,604			350,462			310,927
	499,896			1,962,608			21,006			71,017			4,732			8,069			189,412			53,827
	200,634			1,295,436			34,772			77,098			–			–			151,885			547,576
	6,288,260			31,333,039			580,864			2,413,963			78,689			143,768			229,377			513,313
	7,246,453			35,456,905			656,765			2,581,912			245,896			522,441			921,136			1,425,643

	229,238			122,746			45,098			463,757			2,006,323			3,077,989			767,119			2,350,696
	215,351			109,733			29,608			357,689			34,840			57,984			129,945			411,206
	58,382			24,161			12,206			293,074			479			1,829			20,517			45,380
	1,603,193			760,165			159,003			3,105,507			63,415			151,069			80,370			254,204
	2,106,164			1,016,805			245,915			4,220,027			2,105,057			3,288,871			997,951			3,061,486

	(154,599	)		(1,406,921	)		(257,823	)		(827,310	)		(2,613,871	)		(5,212,589	)		(1,826,946	)		(6,764,738	)
	(421,706	)		(1,372,741	)		(155,946	)		(1,334,485	)		(36,494	)		(186,950	)		(622,630	)		(1,467,058	)
	(374,646	)		(1,099,150	)		(398,980	)		(1,941,151	)		–			(16,324	)		(314,924	)		(202,014	)
	(11,322,662	)		(18,625,991	)		(3,824,496	)		(19,206,360	)		(243,418	)		(1,096,522	)		(646,642	)		(1,323,937	)
	(12,273,613	)		(22,504,803	)		(4,637,245	)		(23,309,306	)		(2,893,783	)		(6,512,385	)		(3,411,142	)		(9,757,747	)
	(2,920,996	)		13,968,907			(3,734,565	)		(16,507,367	)		(542,830	)		(2,701,073	)		(1,492,055	)		(5,270,618	)
	–			1,905			–			–			–			–			–			–
	6,492,232			18,706,538			(2,999,200	)		(19,390,047	)		3,942,505			(1,551,287	)		2,445,413			(4,546,902	)

	68,078,386			49,371,848			20,230,120			39,620,167			42,237,025			43,788,312			36,343,214			40,890,116
$	74,570,618		$	68,078,386		$	17,230,920		$	20,230,120		$	46,179,530		$	42,237,025		$	38,788,627		$	36,343,214

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
2024(f)	$	20.86	$	(0.00	)(c)	$	2.72		$	2.72		$	(0.07	)	$	(3.55	)	$	(3.62	)	$	0.00	$	19.96		15.98	%	$	79,095		(0.01	)%(g)		1.46	%(g)		1.51	%(g)		1	%
2023		20.74		0.05			2.86			2.91			(0.13	)		(2.66	)		(2.79	)		0.00		20.86		14.10			82,962		0.23			1.48			1.51			2
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
Class A
2024(f)	$	19.59	$	(0.00	)(c)	$	2.56		$	2.56		$	(0.06	)	$	(3.33	)	$	(3.39	)	$	0.00	$	18.76		16.01	%	$	70,631		(0.00	)%(g)(h)		1.46	%(g)		1.51	%(g)		1	%
2023		19.49		0.05			2.69			2.74			(0.14	)		(2.50	)		(2.64	)		0.00		19.59		14.10			71,537		0.24			1.48			1.51			2
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
Class C
2024(f)	$	15.74	$	(0.05	)	$	2.05		$	2.00		$	(0.05	)	$	(2.67	)	$	(2.72	)	$	0.00	$	15.02		15.57	%	$	15,651		(0.76	)%(g)		2.21	%(g)		2.25	%(g)		1	%
2023		15.67		(0.09	)		2.17			2.08			–			(2.01	)		(2.01	)		0.00		15.74		13.23			18,012		(0.52	)		2.23			2.26			2
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
Class I
2024(f)	$	21.75	$	0.02		$	2.83		$	2.85		$	(0.07	)	$	(3.78	)	$	(3.85	)	$	0.00	$	20.75		16.13	%	$	162,224		0.22	%(g)		1.21	%(g)		1.25	%(g)		1	%
2023		21.63		0.11			2.99			3.10			(0.20	)		(2.78	)		(2.98	)		0.00		21.75		14.38			209,432		0.48			1.23			1.26			2
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

†

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%, 0.04%, 0.03%, 0.02%, and 0.01% of net assets for the six months ended March 31, 2024 and the fiscal years ended September 30, 2023, 2022, 2021, and 2020. For the fiscal year ended September 30, 2019, there was no impact on the expense ratios.

(f)

For the six months ended March 31, 2024, 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
2024(d)	$	22.91	$	0.06		$	3.84		$	3.90		$	(0.18	)	$	(0.51	)	$	(0.69	)	$	–	$	26.12		17.55	%	$	9,054		0.52	%(e)		1.25	%(e)		1.57	%(e)		11	%
2023		20.74		0.14			2.39			2.53			(0.08	)		(0.28	)		(0.36	)		0.00		22.91		12.17			7,599		0.63			1.25			1.60			17
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
Class A
2024(d)	$	21.47	$	0.06		$	3.59		$	3.65		$	(0.18	)	$	(0.48	)	$	(0.66	)	$	–	$	24.46		17.54	%	$	8,450		0.52	%(e)		1.25	%(e)		1.57	%(e)		11	%
2023		19.45		0.14			2.23			2.37			(0.09	)		(0.26	)		(0.35	)		0.00		21.47		12.17			7,125		0.63			1.25			1.60			17
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
Class C
2024(d)	$	17.30	$	(0.02	)	$	2.89		$	2.87		$	(0.05	)	$	(0.38	)	$	(0.43	)	$	–	$	19.74		17.05	%	$	2,559		(0.23	)%(e)		2.00	%(e)		2.32	%(e)		11	%
2023		15.73		(0.02	)		1.80			1.78			–			(0.21	)		(0.21	)		0.00		17.30		11.29			2,349		(0.12	)		2.00			2.35			17
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
Class I
2024(d)	$	24.01	$	0.10		$	4.01		$	4.11		$	(0.24	)	$	(0.53	)	$	(0.77	)	$	–	$	27.35		17.69	%	$	54,508		0.77	%(e)		1.00	%(e)		1.32	%(e)		11	%
2023		21.74		0.21			2.49			2.70			(0.14	)		(0.29	)		(0.43	)		0.00		24.01		12.41			51,005		0.88			1.00			1.35			17
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

†

(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, 2024, 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			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
2024(d)	$	11.31	$	0.15		$	0.48		$	0.63		$	(0.16	)	$	–		$	(0.16	)	$	–	$	11.78		5.64	%	$	3,295		2.55	%(e)		1.15	%(e)		1.98	%(e)		40	%
2023		12.54		0.24			0.02			0.26			(0.32	)		(1.17	)		(1.49	)		–		11.31		1.84			3,352		1.98			1.16			1.82			36
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
Class A
2024(d)	$	11.77	$	0.15		$	0.51		$	0.66		$	(0.16	)	$	–		$	(0.16	)	$	–	$	12.27		5.66	%	$	2,231		2.55	%(e)		1.15	%(e)		1.98	%(e)		40	%
2023		13.04		0.25			0.02			0.27			(0.32	)		(1.22	)		(1.54	)		–		11.77		1.80			2,243		1.95			1.16			1.82			36
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
Class C
2024(d)	$	12.70	$	0.12		$	0.54		$	0.66		$	(0.13	)	$	–		$	(0.13	)	$	–	$	13.23		5.23	%	$	1,235		1.82	%(e)		1.90	%(e)		2.73	%(e)		40	%
2023		14.04		0.16			0.03			0.19			(0.22	)		(1.31	)		(1.53	)		–		12.70		1.06			1,534		1.16			1.91			2.57			36
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
Class I
2024(d)	$	11.35	$	0.16		$	0.49		$	0.65		$	(0.18	)	$	–		$	(0.18	)	$	–	$	11.82		5.75	%	$	10,470		2.81	%(e)		0.90	%(e)		1.73	%(e)		40	%
2023		12.59		0.26			0.02			0.28			(0.35	)		(1.17	)		(1.52	)		–		11.35		2.05			13,101		2.14			0.91			1.57			36
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

†

(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 the six months ended March 31, 2024 and the fiscal year ended September 30, 2023 if credits had not been received, the ratios of operating expenses to average net assets would have been 1.16% and 1.17% (Class AAA and Class A), 1.91% and 1.92% (Class C), and 0.91% and 0.92% (Class I), respectively. For the fiscal years ended September 30, 2022, 2021, 2020, and 2019 there was no impact on the expense ratios.

(d)

For the six months ended March 31, 2024, 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 Net of Waivers/Credits/ Reimbursements/ Reductions(b)			Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions			Portfolio Turnover Rate
Equity Fund
Class AAA
2024(c)	$	10.55	$	0.03		$	1.62		$	1.65		$	(0.08	)	$	(0.47	)	$	(0.55	)	$	11.65		16.28	%	$	44,198		0.49	%(d)		1.57	%(d)		1.58	%(d)		17	%
2023		10.28		0.05			1.03			1.08			(0.04	)		(0.77	)		(0.81	)		10.55		10.23			40,346		0.51			1.64			1.64			44
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			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			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			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			1.64			28
Class A
2024(c)	$	10.54	$	0.03		$	1.63		$	1.66		$	(0.08	)	$	(0.47	)	$	(0.55	)	$	11.65		16.39	%	$	766		0.49	%(d)		1.57	%(d)		1.58	%(d)		17	%
2023		10.27		0.06			1.02			1.08			(0.04	)		(0.77	)		(0.81	)		10.54		10.22			688		0.51			1.64			1.64			44
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			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			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			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			1.89			28
Class C
2024(c)	$	9.41	$	(0.01	)	$	1.46		$	1.45		$	–		$	(0.42	)	$	(0.42	)	$	10.44		15.93	%	$	13		(0.26	)%(d)		2.32	%(d)		2.33	%(d)		17	%
2023		9.21		(0.03	)		0.92			0.89			–			(0.69	)		(0.69	)		9.41		9.37			11		(0.28	)		2.39			2.39			44
2022		12.27		(0.05	)		(0.81	)		(0.86	)		–			(2.20	)		(2.20	)		9.21		(9.40	)		25		(0.48	)		2.39			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			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			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			2.39			28
Class I
2024(c)	$	10.50	$	0.04		$	1.62		$	1.66		$	(0.11	)	$	(0.47	)	$	(0.58	)	$	11.58		16.44	%	$	1,203		0.76	%(d)		1.32	%(d)		1.33	%(d)		17	%
2023		10.23		0.08			1.03			1.11			(0.07	)		(0.77	)		(0.84	)		10.50		10.54			1,192		0.74			1.39			1.39			44
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			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			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			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			1.39			28

†

(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, 2024, 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 Net of Waivers/Credits/ Reimbursements/ Reductions(b)			Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions			Portfolio Turnover Rate
Balanced Fund
Class AAA
2024(c)	$	9.34	$	0.06		$	1.22		$	1.28		$	(0.06	)	$	(0.20	)	$	(0.26	)	$	10.36		14.06	%	$	30,261		1.29	%(d)		1.36	%(d)		1.37	%(d)		18	%
2023		9.20		0.11			0.77			0.88			(0.12	)		(0.62	)		(0.74	)		9.34		9.57			27,932		1.18			1.46			1.46			39
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			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			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			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			1.37			44
Class A
2024(c)	$	9.42	$	0.06		$	1.25		$	1.31		$	(0.06	)	$	(0.21	)	$	(0.27	)	$	10.46		14.17	%	$	5,013		1.29	%(d)		1.36	%(d)		1.37	%(d)		18	%
2023		9.28		0.11			0.77			0.88			(0.12	)		(0.62	)		(0.74	)		9.42		9.54			4,813		1.18			1.46			1.46			39
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			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			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			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			1.62			44
Class C
2024(c)	$	9.55	$	0.03		$	1.26		$	1.29		$	(0.02	)	$	(0.21	)	$	(0.23	)	$	10.61		13.76	%	$	835		0.54	%(d)		2.11	%(d)		2.12	%(d)		18	%
2023		9.43		0.04			0.78			0.82			(0.07	)		(0.63	)		(0.70	)		9.55		8.67			884		0.45			2.21			2.21			39
2022		12.39		(0.02	)		(1.46	)		(1.48	)		(0.01	)		(1.47	)		(1.48	)		9.43		(14.02	)		491		(0.15	)		2.16			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			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			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			2.12			44
Class I
2024(c)	$	9.32	$	0.07		$	1.23		$	1.30		$	(0.08	)	$	(0.20	)	$	(0.28	)	$	10.34		14.22	%	$	2,680		1.55	%(d)		1.11	%(d)		1.12	%(d)		18	%
2023		9.18		0.14			0.77			0.91			(0.15	)		(0.62	)		(0.77	)		9.32		9.86			2,714		1.43			1.21			1.21			39
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			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			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			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			1.12			44

†

(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, 2024, 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.

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, 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.

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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, 2024 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total Market Value at 03/31/24

MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Automotive: Parts and Accessories	$	7,862,165	$	0		–		$	7,862,165
Aviation: Parts and Services		12,903,691		455,338		–			13,359,029
Business Services		6,566,691		–	$	177,776			6,744,467
Consumer Products		9,256,595		–		1			9,256,596
Consumer Services		1,914,080		266,280		–			2,180,360
Diversified Industrial		43,556,682		2,773,820		–			46,330,502
Entertainment		1,335,777		56,191		–			1,391,968
Financial Services		39,450,473		1,277,268		55,000			40,782,741
Food and Beverage		8,770,865		146,102		–			8,916,967
Manufactured Housing and Recreational Vehicles		4,224,161		3,294,382		–			7,518,543
Real Estate		5,840,816		382,374		765			6,223,955
Specialty Chemicals		6,618,315		–		0			6,618,315
Telecommunications		1,157,601		330,000		–			1,487,601
Other Industries (a)		168,354,448		–		–			168,354,448
Total Common Stocks		317,812,360		8,981,755		233,542			327,027,657

Preferred Stocks (a)		255,182		–		–			255,182
Rights (a)		26,880		90,720					117,600
Warrants (a)		4,700		55,054		652			60,406
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	318,099,122	$	9,127,529	$	234,194	(b)	$	327,460,845

SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	72,756,838		–		–		$	72,756,838
U.S. Government Obligations		–	$	1,744,456		–			1,744,456
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	72,756,838	$	1,744,456		–		$	74,501,294

CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (c)		–	$	15,811,699	$	0		$	15,811,699
Convertible Preferred Stocks (c)		–		–		252,563			252,563
Mandatory Convertible Securities (c)	$	971,110		–		–			971,110
Common Stocks (c)		–		–		0			0
U.S. Government Obligations		–		376,347		–			376,347
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	971,110	$	16,188,046	$	252,563	(b)	$	17,411,719

EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	46,076,334		–		–		$	46,076,334
Short Term Investment		150,785		–		–			150,785
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	46,227,119		–		–		$	46,227,119

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 03/31/24

BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	26,390,406		–		–	$	26,390,406
Corporate Bonds (c)		–	$	10,577,128		–		10,577,128
Convertible Corporate Bonds (c)		–		311,383		–		311,383
U.S. Government Obligations		–		1,332,602		–		1,332,602
Short Term Investment		35,110		–		–		35,110
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	26,425,516	$	12,221,113		–	$	38,646,629

(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.

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

	Balance as of 09/30/23		Accrued discounts/ (premiums)	Realized gain/ (loss)	Net Change in unrealized appreciation/ depreciation†			Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 03/31/24		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 03/31/24†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	50	–	–	$	(50	)	–	–	–	–	$	0	$	(50	)
Convertible Corporate Bonds (a)		0	–	–		0		–	–	–	–		0		0
Convertible Preferred Stocks (a)		280,625	–	–		(28,062	)	–	–	–	–		252,563		(28,062	)
TOTAL INVESTMENTS IN SECURITIES	$	280,675	–	–	$	(28,112	)	–	–	–	–	$	252,563	$	(28,112	)

†

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, 2024, the Convertible Securities Fund did not have transfers into or out of level 3.

At March 31, 2024, the total value of Level 3 investments for the Mighty Mites Fund was less than 1% of total net assets and there were no Level 3 investments held for the SmallCap Equity Fund, Equity Fund, and Balanced Fund. The Fund's policy is to recognize transfers among levels as of the beginning of the reporting period.

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, 2024, 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, 2024, 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, 2024, the Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was each less than one 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 equalization, timing differences, the redemptions in-kind and premiums amortization, 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, 2023 was as follows:

	Mighty Mites			SmallCap		Convertible
	Fund			Equity Fund		Securities Fund		Equity Fund		Balanced Fund
Ordinary income (inclusive of short term capital gains)	$	3,485,946		$	304,228	$	743,998	$	149,117	$	488,569
Net long term capital gains		64,307,540			714,686		3,484,498		3,260,507		2,653,850
Total distributions paid	$	67,793,486	*	$	1,018,914	$	4,228,496	$	3,409,624	$	3,142,419

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

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

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried forward will retain their character as either short term or long term capital losses. Convertible Securities Fund has a short term capital loss carryforward with no expiration of $20,822 and a long term capital loss carryforward with no expiration of $297,184.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2024:

	Mighty Mites			SmallCap			Convertible
	Fund			Equity Fund			Securities Fund			Equity Fund			Balanced Fund
Aggregate cost of investments	$	191,185,165		$	53,802,394		$	17,199,967		$	36,845,805		$	34,621,687
Gross unrealized appreciation	$	155,260,609		$	22,853,933		$	1,225,801		$	9,760,737		$	5,601,667
Gross unrealized depreciation		(18,984,929	)		(2,155,033	)		(1,014,049	)		(379,423	)		(1,576,725	)
Net unrealized appreciation	$	136,275,680		$	20,698,900		$	211,752		$	9,381,314		$	4,024,942

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, 2024, 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 (Bel Fuse, Inc., Full House Resorts, Inc., and Strattec Security Corp.), 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, 2024, 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 $66,345.

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, 2025. For the six months ended March 31, 2024, the respective Advisers waived fees or reimbursed expenses in the amounts of $109,856 and $76,464 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 their respective Advisers for a period of two and three fiscal years, respectively, following the fiscal year in which the Advisers 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, 2024, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

For the year ended

September 30, 2022,

expiring

September 30, 2024

For the year ended

September 30, 2023,

expiring

September 30, 2025

For the six months

ended March 31, 2024,

expiring

September 30, 2026

Total

SmallCap Equity Fund

217,384

235,115

109,856

562,355

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

For the year ended

September 30, 2021,

expiring

September 30, 2024

For the year ended

September 30, 2022,

expiring

September 30, 2025

For the year ended

September 30, 2023,

expiring

September 30, 2026

For the six months

ended March 31, 2024,

expiring

September 30, 2027

Total

Convertible Securities Fund

324,715

271,186

199,238

76,464

871,603

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, 2024, other than short term securities, are as follows:

	Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
Mighty Mites Fund	$	2,474,617	$	93,100,667		—		—
SmallCap Equity Fund		7,617,485		10,140,896		—		—
Convertible Securities Fund		7,127,856		9,550,053		—		—
Equity Fund		7,412,263		9,506,868		—		—
Balanced Fund		6,560,717		8,214,459	$	257,857	$	787,016

6. Redemptions-in-kind. When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions-in-kind). Gains and losses realized on redemptions-in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the fiscal year ended September 30, 2023 the Mighty Mites Fund realized net gain of $3,330,066 on $5,113,100 of redemptions-in kind, including cash of $152,957. During the six months ended March 31, 2024, there was no such activity.

7. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2024, the Mighty Mites Fund paid $19,781 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $2,083 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2024, 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 $3,454, $1,128, $814, $949, and $910, respectively.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement, charged monthly to a Fund when its ending monthly net assets exceed $50 million. During the six months ended March 31, 2024, the Mighty Mites Fund and SmallCap Equity Fund each accrued $22,500 and $22,500 in connection with the cost of computing these Funds’ NAVs.

During the six months ended March 31, 2024, the Mighty Mites Fund engaged in sales transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act and amounted to $460,977 in sales transactions.

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, 2024 and the fiscal year ended September 30, 2023 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 Ended March 31, 2024 (Unaudited)		Year Ended September 30, 2023		Six Months Ended March 31, 2024 (Unaudited)		Year Ended September 30, 2023		Six Months Ended March 31, 2024 (Unaudited)		Year Ended September 30, 2023
Class AAA
Shares sold	39,653		119,158		11,065		36,907		1,756		1,655
Shares issued upon reinvestment of distributions	812,506		522,977		10,335		5,284		3,886		39,294
Shares redeemed	(867,529	)	(759,003	)	(6,447	)	(62,432	)	(22,432	)	(68,660	)
Net increase/(decrease) in Class AAA Shares	(15,370	)	(116,868	)	14,953		(20,241	)	(16,790	)	(27,711	)

Class A
Shares sold	243,375		491,661		22,875		91,215		1,722		5,434
Shares issued upon reinvestment of distributions	672,820		425,431		10,368		5,040		2,450		29,135
Shares redeemed	(802,857	)	(950,241	)	(19,645	)	(63,555	)	(12,907	)	(106,219	)
Net increase/(decrease) in Class A Shares	113,338		(33,149	)	13,598		32,700		(8,735	)	(71,650	)

Class C
Shares sold	14,744		55,227		11,127		74,916		2,736		5,365
Shares issued upon reinvestment of distributions	233,685		192,198		3,473		1,369		935		22,140
Shares redeemed	(350,789	)	(734,904	)	(20,762	)	(63,314	)	(31,163	)	(141,500	)
Net increase/(decrease) in Class C Shares	(102,360	)	(487,479	)	(6,162	)	12,971		(27,492	)	(113,995	)

Class I
Shares sold	688,085		1,334,886		255,465		1,286,692		49,352		195,549
Shares issued upon reinvestment of distributions	1,562,804		1,183,420		69,103		31,295		13,679		262,026
Shares redeemed in-kind	–		(235,627	)	–		–		–		–
Shares redeemed	(4,063,954	)	(4,867,869	)	(455,822	)	(772,594	)	(332,087	)	(1,594,068	)
Net increase/(decrease) in Class I Shares	(1,813,065	)	(2,585,190	)	(131,254	)	545,393		(269,056	)	(1,136,493	)

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Equity Fund				Balanced Fund
	Six Months Ended March 31, 2024 (Unaudited)		Year Ended September 30, 2023		Six Months Ended March 31, 2024 (Unaudited)		Year Ended September 30, 2023
Class AAA
Shares sold	15,081		34,310		35,953		32,484
Shares issued upon reinvestment of distributions	193,474		282,384		80,755		249,096
Shares redeemed	(241,203	)	(487,335	)	(188,576	)	(713,834	)
Net decrease in Class AAA Shares	(32,648	)	(170,641	)	(71,868	)	(432,254	)

Class A
Shares sold	441		747		18,709		5,674
Shares issued upon reinvestment of distributions	3,363		5,320		13,554		43,162
Shares redeemed	(3,320	)	(17,540	)	(63,803	)	(152,459	)
Net increase/(decrease) in Class A Shares	484		(11,473	)	(31,540	)	(103,623	)

Class C
Shares sold	–		–		15,663		56,549
Shares issued upon reinvestment of distributions	52		187		2,122		4,695
Shares redeemed	–		(1,739	)	(31,602	)	(20,857	)
Net increase/(decrease) in Class C Shares	52		(1,552	)	(13,817	)	40,387

Class I
Shares sold	7,087		13,612		23,381		54,428
Shares issued upon reinvestment of distributions	6,157		13,949		8,474		26,994
Shares redeemed	(22,880	)	(100,453	)	(64,067	)	(139,274	)
Net decrease in Class I Shares	(9,636	)	(72,892	)	(32,212	)	(57,852	)

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, 2024 is set forth below:

	Market Value at September 30, 2023		Purchases	Sales Proceeds		Realized Gain			Change In Unrealized Appreciation		Market Value at March 31, 2024		Dividend Income		Percent Owned of Shares
Bel Fuse Inc., Cl. A*	$	5,368,107	–	$	3,616,078	$	–		$	–	$	–	$	–	–
Burnham Holdings Inc., Cl. A		2,640,071	–		148,131		(70,904	)		217,684		2,638,720		90,182	6.55	%
Nathan's Famous Inc.*		14,909,260	–		2,204,941		–			–		–		–	–
Trans-Lux Corp.†		1,035,000	–		89		52			1,011,948		2,046,911		–	17.04	%
Total	$	23,952,438				$	(70,852	)	$	1,229,632	$	4,685,631	$	90,182

* Security is no longer considered affiliated at March 31, 2024.

† 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.

TETON Westwood Funds and Your Personal Privacy

Who are we?

The TETON Westwood Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Teton Advisors, LLC and Keeley-Teton Advisors, LLC, both affiliates of Teton Advisers, Inc. and GAMCO Investors, Inc., publicly held companies that have subsidiaries that provide investment advisory or brokerage services for a variety of clients.

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

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

●

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

●

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

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

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

What do we do to protect your personal information?

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

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*	WERNER J. ROEDER
Attorney,	Co-Chairman,	Former Vice President of
Anthony S. Colavita, P.C.	Teton Advisors, Inc.	Medical Affairs (Medical
		Director) of New York
		Presbyterian/Lawrence Hospital

JAMES P. CONN	MARY E. HAUCK	SALVATORE J. ZIZZA
Former Managing Director	Former Senior Portfolio Manager,	Chairman,
and Chief Investment Officer,	Gabelli-O’Connor Fixed Income	Zizza & Associates Corp.
Financial Security Assurance	Mutual Fund Management
Holdings Ltd.	Company

LESLIE F. FOLEY	MICHAEL J. MELARKEY	*Interested Trustee
Attorney	Of Counsel,
	McDonald Carano Wilson LLP

Officers
JOHN C. BALL	RICHARD J. WALZ	PETER GOLDSTEIN
President, Treasurer, Principal	Chief Compliance Officer	Secretary & Vice President
Financial & Accounting Officer

Investment Adviser	Distributor
Teton Advisors, LLC	G.distributors, LLC
Keeley-Teton Advisors, LLC*
Transfer Agent and Disbursing Agent	Legal Counsel
SS&C Global Investor and Distribution 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.

GABWWQ124SR

(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, 2024 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.4%
		Aerospace and Defense — 2.1%
	116,700	Allient Inc.	$	2,815,346	$	4,163,856
	87,000	Avio SpA†		1,182,317		949,863
	97,200	Innovative Solutions and Support Inc.†		361,188		711,504
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		128,660
	60,600	Park Aerospace Corp.		945,536		1,007,778
				5,347,350		6,961,661

		Agriculture — 1.0%
	215	J.G. Boswell Co.		136,405		127,925
	153,700	Limoneira Co.		2,751,787		3,006,372
	92,000	S&W Seed Co.†		303,958		44,500
				3,192,150		3,178,797

		Automotive — 2.0%
	15,000	Rush Enterprises Inc., Cl. A		102,315		802,800
	81,400	Rush Enterprises Inc., Cl. B		743,430		4,337,806
	47,900	Wabash National Corp.		90,524		1,434,126
				936,269		6,574,732

		Automotive: Parts and Accessories — 2.4%
	214,228	Commercial Vehicle Group Inc.†		1,879,421		1,377,486
	42,500	Dana Inc.		286,875		539,750
	50,000	Garrett Motion Inc.†		381,001		497,000
	4,000	Gentherm Inc.†		56,929		230,320
	9,500	Modine Manufacturing Co.†		97,682		904,305
	11,000	Motorcar Parts of America Inc.†		144,555		88,440
	80,000	Puradyn Filter Technologies Inc.†		13,773		0
	38,700	Standard Motor Products Inc.		432,829		1,298,385
	112,560	Strattec Security Corp.†		2,583,960		2,671,049
	20,500	Titan International Inc.†		88,258		255,430
				5,965,283		7,862,165

		Aviation: Parts and Services — 4.1%
	198,000	Astronics Corp.†		2,345,323		3,769,920
	23,896	Astronics Corp., Cl. B†		144,647		455,338
	162,340	Ducommun Inc.†		3,950,942		8,328,042
	60,000	Heroux-Devtek Inc.†		756,521		805,729
				7,197,433		13,359,029

		Broadcasting — 1.4%
	178,000	Beasley Broadcast Group Inc., Cl. A†		746,955		138,840
	314,000	Corus Entertainment Inc., Cl. B		402,000		169,222
	30,280	Dish TV India Ltd., GDR†		22,113		5,450
	248,240	Gray Television Inc.		342,098		1,568,877
	87,000	Gray Television Inc., Cl. A		629,140		749,070
	32,000	Sinclair Inc.		51,619		431,040
	135,500	Townsquare Media Inc., Cl. A		984,144		1,487,790
				3,178,069		4,550,289

		Building and Construction — 4.2%
	59,059	Armstrong Flooring Inc.†		10,195		591
	71,000	Gibraltar Industries Inc.†		1,630,943		5,717,630
	5,000	Granite Construction Inc.		112,794		285,650
	2,500	Herc Holdings Inc.		61,668		420,750
	9,000	MYR Group Inc.†		163,938		1,590,750

Shares			Cost		Market Value
	31,230	The Monarch Cement Co.	$	848,967	$	5,686,983
				2,828,505		13,702,354

		Business Services — 2.1%
	135,000	AdTheorent Holding Co. Inc.†		256,602		433,350
	36,900	Du-Art Film Laboratories Inc.†(a)		0		159,998
	4,100	Du-Art Film Laboratories Inc.†(a)		0		17,778
	4,000	ICF International Inc.		89,149		602,520
	31,000	OPENLANE Inc.†		163,596		536,300
	2,299,900	Trans-Lux Corp.†(b)		1,196,110		2,046,911
	35,000	Viad Corp.†		817,909		1,382,150
	54,000	Willdan Group Inc.†		1,482,992		1,565,460
				4,006,358		6,744,467

		Communications — 0.2%
	59,000	Comtech Telecommunications Corp.†		734,011		202,370
	40,000	Ooma Inc.†		569,478		341,200
				1,303,489		543,570

		Communications Equipment — 0.5%
	53,000	Anterix Inc.†		1,723,610		1,781,330

		Computer Software and Services — 1.7%
	4,000	Agilysys Inc.†		69,574		337,040
	559,327	Alithya Group Inc., Cl. A†		1,261,407		844,584
	124,000	American Software Inc., Cl. A		1,047,757		1,419,800
	4,000	Cardlytics Inc.†		41,253		57,960
	45,000	DHI Group Inc.†		81,549		114,750
	10,000	Digi International Inc.†		124,708		319,300
	10,000	Materialise NV, ADR†		58,532		52,800
	137,000	Mitek Systems Inc.†		778,274		1,931,700
	24,600	Playstudios Inc.†		123,446		68,388
	1,000	Red Violet Inc.†		21,520		19,550
	1,000	Tyler Technologies Inc.†		16,928		425,010
				3,624,948		5,590,882

		Consumer Products — 2.8%
	28,000	Acme United Corp.		482,492		1,315,720
	27,700	Bassett Furniture Industries Inc.		394,203		408,852
	25,000	Glatfelter Corp.†		71,302		50,000
	770,000	Goodbaby International Holdings Ltd.†		190,035		63,946
	5,000	Johnson Outdoors Inc., Cl. A		145,741		230,550
	226,000	Lifetime Brands Inc.		2,351,898		2,368,480
	290,000	Marine Products Corp.		2,022,511		3,407,500
	14,000	MarineMax Inc.†		217,524		465,640
	10,500	Oil-Dri Corp. of America		210,033		782,880
	5,700	PC Group Inc.†(a)		3,465		1
	2,200,000	Playmates Holdings Ltd.		263,717		163,027
				6,352,921		9,256,596
		Consumer Services — 0.7%
	168,000	1-800-Flowers.com Inc., Cl. A†		1,077,814		1,819,440
	63,400	Bowlin Travel Centers Inc.†		86,945		266,280
	3,500	Carriage Services Inc.		53,964		94,640
				1,218,723		2,180,360

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued)—March 31, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Diversified Industrial — 14.1%
	179,000	American Outdoor Brands Inc.†	$	1,640,478	$	1,575,200
	140,000	Ampco-Pittsburgh Corp.†		580,244		303,800
	198,400	Burnham Holdings Inc., Cl. A(b)		3,025,109		2,638,720
	48,400	Columbus McKinnon Corp.		748,412		2,160,092
	194,600	Distribution Solutions Group Inc.†		1,234,676		6,904,408
	130,000	Graham Corp.†		1,400,045		3,546,400
	1,000	Griffon Corp.		10,020		73,340
	17,000	Haulotte Group SA†		91,271		43,650
	700	Hyster-Yale Materials Handling Inc.		20,560		44,919
	305,000	Intevac Inc.†		1,403,788		1,171,200
	8,000	John Bean Technologies Corp.		227,909		839,120
	167,537	L.B. Foster Co., Cl. A†		2,421,667		4,575,436
	7,000	MSA Safety Inc.		223,007		1,355,130
	495,600	Myers Industries Inc.		8,664,423		11,483,052
	188,500	Park-Ohio Holdings Corp.		3,862,594		5,029,180
	19,300	RWC Inc.†		304,448		135,100
	7,000	Standex International Corp.		192,436		1,275,540
	12,500	Steel Partners Holdings LP†		411,536		495,625
	150,000	Tredegar Corp.		1,858,143		978,000
	103,000	Twin Disc Inc.		1,254,965		1,702,590
				29,575,731		46,330,502

		Educational Services — 0.4%
	80,000	Universal Technical Institute Inc.†		228,510		1,275,200

		Electronics — 6.2%
	107,000	Arlo Technologies Inc.†		309,841		1,353,550
	5,200	Badger Meter Inc.		89,175		841,412
	53,400	Bel Fuse Inc., Cl. A		911,372		3,781,254
	109,200	CTS Corp.		1,049,742		5,109,468
	59,500	Daktronics Inc.†		441,557		592,620
	30,000	IMAX Corp.†		129,139		485,100
	32,500	Kimball Electronics Inc.†		194,856		703,625
	3,000	Mesa Laboratories Inc.		88,371		329,190
	3,890	Methode Electronics Inc.		22,767		47,380
	5,000	Napco Security Technologies Inc.		101,500		200,800
	52,500	Stoneridge Inc.†		489,037		968,100
	66,500	Ultra Clean Holdings Inc.†		136,535		3,055,010
	117,000	Ultralife Corp.†		808,289		1,030,770
	54,012	Vishay Precision Group Inc.†		1,407,877		1,908,244
				6,180,058		20,406,523

		Energy and Utilities: Natural Gas — 0.6%
	87,010	RGC Resources Inc.		1,176,262		1,761,082
	3,500	Unitil Corp.		167,989		183,225
				1,344,251		1,944,307

		Energy and Utilities: Services — 0.4%
	200,000	Alvopetro Energy Ltd.		227,741		600,938
	24,000	Dawson Geophysical Co.†		62,929		34,080
	8,000	Dril-Quip Inc.†		231,598		180,240
	58,000	RPC Inc.		104,842		448,920
	6,500	Subsea 7 SA, ADR		23,304		104,000
				650,414		1,368,178

Shares			Cost		Market Value

		Energy and Utilities: Water — 1.7%
	31,820	Artesian Resources Corp., Cl. A	$	822,364	$	1,180,840
	9,000	Cadiz Inc.†		75,665		26,100
	21,800	California Water Service Group		435,712		1,013,264
	44,500	Consolidated Water Co. Ltd.		469,344		1,304,295
	29,200	Energy Recovery Inc.†		82,993		461,068
	5,000	Middlesex Water Co.		102,056		262,500
	37,660	The York Water Co.		625,493		1,365,928
				2,613,627		5,613,995
		Entertainment — 0.4%
	73,307	Borussia Dortmund GmbH & Co. KGaA†		464,756		264,942
	1,500	Canterbury Park Holding Corp.		18,544		33,915
	53,000	Sportech plc		218,767		56,191
	12,000	TKO Group Holdings Inc.		167,890		1,036,920
				869,957		1,391,968
		Environmental Control — 0.7%
	20,300	Casella Waste Systems Inc., Cl. A†		78,453		2,007,061
	15,000	Primo Water Corp.		121,162		273,150
				199,615		2,280,211
		Equipment and Supplies — 6.9%
	10,000	AZZ Inc.		375,844		773,100
	128,500	Core Molding Technologies Inc.†		1,048,071		2,432,505
	23,000	Federal Signal Corp.		144,789		1,952,010
	30,000	Interpump Group SpA		171,343		1,462,597
	34,200	Maezawa Kyuso Industries Co. Ltd.		92,537		283,080
	50,000	Pitney Bowes Inc.		192,057		216,500
	271,900	The Eastern Co.		5,109,538		9,269,071
	74,400	The Gorman-Rupp Co.		1,729,789		2,942,520
	66,000	The L.S. Starrett Co., Cl. A†		550,581		1,048,740
	17,500	The Manitowoc Co. Inc.†		210,894		247,450
	71,000	Titan Machinery Inc.†		907,211		1,761,510
	32,500	TransAct Technologies Inc.†		107,732		170,300
				10,640,386		22,559,383
		Financial Services — 12.4%
	2,000	Ameris Bancorp		16,876		96,760
	20,000	Atlantic American Corp.		74,504		53,600
	27,500	Atlantic Union Bankshares Corp.		745,679		971,025
	11,300	Bank7 Corp.		248,600		318,660
	9,660	Berkshire Hills Bancorp Inc.		167,758		221,407
	2,000	Burke & Herbert Financial Services Corp.		63,817		112,060
	7,200	Cadence Bank		203,229		208,800
	79,800	Capital City Bank Group Inc.		1,945,755		2,210,460
	6,000	Capitol Federal Financial Inc.		68,100		35,760
	14,000	Citizens & Northern Corp.		274,025		262,920
	5,000	ConnectOne Bancorp Inc.		111,579		97,500
	19,600	Crazy Woman Creek Bancorp Inc.†		377,259		428,750
	3,000	Eagle Bancorp Inc.		63,636		70,470
	1,001	Farmers & Merchants Bank of Long Beach		5,424,822		4,804,800
	40,000	Farmers National Banc Corp.		333,870		534,400
	20,000	First Internet Bancorp		400,000		694,800

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued)—March 31, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Financial Services (Continued)
	376,800	Flushing Financial Corp.	$	5,941,442	$	4,751,448
	74,000	FNB Corp.		719,682		1,043,400
	32,116	FS Bancorp Inc.		589,634		1,114,746
	10	Guaranty Corp., Cl. A†(a)		137,500		55,000
	15,000	Hanover Bancorp Inc.		315,000		222,300
	12,600	HomeStreet Inc.		126,000		189,630
	9,030	Hope Bancorp Inc.		47,336		103,935
	76,791	I3 Verticals Inc., Cl. A†		1,244,472		1,757,746
	17,000	ICC Holdings Inc.†		170,000		271,830
	42,500	KKR & Co. Inc.		5,637		4,274,650
	73,000	Legacy Housing Corp.†		859,531		1,570,960
	700	LendingTree Inc.†		20,386		29,638
	93,000	Medallion Financial Corp.		327,766		735,630
	4,197	Northrim BanCorp Inc.		91,498		211,990
	8,500	Pacific Premier Bancorp Inc.		225,522		204,000
	15,000	Primis Financial Corp.		225,835		182,550
	30,530	Renasant Corp.		329,484		956,200
	31,300	Sandy Spring Bancorp Inc.		935,051		725,534
	3,000	Seacoast Banking Corp. of Florida		92,978		76,170
	3,600	Security National Corp.		336,038		497,700
	68,500	Silvercrest Asset Management Group Inc., Cl. A		931,486		1,082,985
	37,500	Southern First Bancshares Inc.†		1,594,552		1,191,000
	4,500	Southside Bancshares Inc.		153,548		131,535
	8,900	SouthState Corp.		375,847		756,767
	21,500	Sprott Inc.		491,480		793,304
	64,000	Stellar Bancorp Inc.		1,801,618		1,559,040
	4,500	Territorial Bancorp Inc.		99,712		36,270
	5,500	Thomasville Bancshares Inc.		209,436		350,818
	4,500	Towne Bank		130,009		126,270
	10,010	TrustCo Bank Corp. NY		230,230		281,882
	8,000	United Bankshares Inc.		256,591		286,320
	44,000	Valley National Bancorp		291,064		350,240
	31,800	Value Line Inc.		314,878		1,287,900
	40,410	Washington Trust Bancorp Inc.		903,792		1,086,221
	63,000	Waterstone Financial Inc.		670,706		766,710
	75,000	Western New England Bancorp Inc.		633,464		575,250
	115,000	Wright Investors' Service Holdings Inc.†		60,425		23,000
				32,409,139		40,782,741

		Food and Beverage — 2.7%
	84,600	Andrew Peller Ltd., Cl. A		357,330		249,200
	15,000	BellRing Brands Inc.†		210,000		885,450
	1,900	Bridgford Foods Corp.†		32,687		21,299
	38,500	Calavo Growers Inc.		1,119,510		1,070,685
	5,000	ChromaDex Corp.†		8,471		17,400
	130,000	Corby Spirit and Wine Ltd., Cl. A		1,943,766		1,237,090
	303,000	Crimson Wine Group Ltd.†		2,644,581		1,754,370
	475,809	Farmer Brothers Co.†		2,304,480		1,698,638
	1,350	Hanover Foods Corp., Cl. A		101,653		87,750
	300	Hanover Foods Corp., Cl. B		28,206		18,516
	42,000	Iwatsuka Confectionery Co. Ltd.		727,260		762,703
	1,000	J & J Snack Foods Corp.		14,415		144,560

Shares			Cost		Market Value
	11,500	Lifeway Foods Inc.†	$	121,611	$	198,030
	44,198	Premier Foods plc		20,439		83,342
	1,510	Rock Field Co. Ltd.		11,171		17,037
	4,600	Scheid Vineyards Inc., Cl. A†		56,199		39,836
	4,000	T. Hasegawa Co. Ltd.		83,685		80,196
	235,200	Tingyi (Cayman Islands) Holding Corp.		345,177		257,831
	207,400	Vitasoy International Holdings Ltd.		108,284		177,804
	23,000	Willamette Valley Vineyards Inc.†		88,087		115,230
				10,327,012		8,916,967
		Health Care — 3.8%
	58,000	Accuray Inc.†		241,393		143,260
	5,500	Boiron SA		93,152		199,490
	9,000	CareDx Inc.†		47,818		95,310
	2,700	Collegium Pharmaceutical Inc.†		49,759		104,814
	122,160	Cutera Inc.†		1,096,033		179,575
	35,142	Electromed Inc.†		76,795		567,543
	59,200	Exelixis Inc.†		112,776		1,404,816
	195,000	InfuSystem Holdings Inc.†		592,673		1,671,150
	2,000	Integer Holdings Corp.†		40,510		233,360
	5,500	LeMaitre Vascular Inc.		133,878		364,980
	192,860	Neogen Corp.†		273,278		3,043,331
	55,500	NeoGenomics Inc.†		179,870		872,460
	18,000	Neuronetics Inc.†		59,824		85,680
	1,500	Omnicell Inc.†		23,551		43,845
	162,000	OPKO Health Inc.†		402,452		194,400
	21,000	Option Care Health Inc.†		182,763		704,340
	22,500	Orthofix Medical Inc.†		383,714		326,700
	2,500	QuidelOrtho Corp.†		27,931		119,850
	1,300	STERIS plc		51,834		292,266
	32,000	SurModics Inc.†		615,787		938,880
	67,761	United-Guardian Inc.		594,515		523,793
	1,000	Utah Medical Products Inc.		25,583		71,110
	2,500	Zealand Pharma A/S†		31,749		246,426
				5,337,638		12,427,379
		Hotels and Gaming — 5.6%
	1,944	Bally's Corp.†		39,505		27,099
	4,000	Boyd Gaming Corp.		21,024		269,280
	19,000	Caesars Entertainment Inc.†		77,348		831,060
	900	Churchill Downs Inc.		8,818		111,375
	1,211,119	Full House Resorts Inc.†		3,339,101		6,745,933
	100,000	Gambling.com Group Ltd.†		763,880		913,000
	20,000	Genius Sports Ltd.†		81,525		114,200
	114,200	Golden Entertainment Inc.		1,309,065		4,205,986
	247,221	Inspired Entertainment Inc.†		1,489,024		2,437,599
	194,300	PlayAGS Inc.†		1,466,411		1,744,814
	10,900	Rush Street Interactive Inc.†		110,727		70,959
	70,000	The Marcus Corp.		903,199		998,200
				9,609,627		18,469,505
		Machinery — 5.6%
	144,000	Astec Industries Inc.		5,030,269		6,294,240
	4,400	DMG Mori AG		22,722		208,865
	452,500	Gencor Industries Inc.†		2,893,044		7,552,225
	15,500	Tennant Co.		438,322		1,884,955
	13,920	The Middleby Corp.†		136,601		2,238,197
				8,520,958		18,178,482

		Manufactured Housing and Recreational Vehicles — 2.3%
	600	Cavco Industries Inc.†		41,592		239,436

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued)—March 31, 2024 (Unaudited)

Shares			Cost		Market Value

		COMMON STOCKS (Continued)
		Manufactured Housing and Recreational Vehicles (Continued)
	101,350	Nobility Homes Inc.	$	1,476,249	$	3,294,382
	22,500	Skyline Champion Corp.†		150,291		1,912,725
	28,000	Winnebago Industries Inc.		256,807		2,072,000
				1,924,939		7,518,543

		Metals and Mining — 0.1%
	18,000	Osisko Gold Royalties Ltd.		213,548		295,404
	400,000	Tanami Gold NL†		17,082		8,602
				230,630		304,006

		Paper and Forest Products — 0.0%
	50	Keweenaw Land Association Ltd.†		3,051		1,153

		Publishing — 0.5%
	9,000	DallasNews Corp.		42,622		34,380
	26,000	Lee Enterprises Inc.†		425,548		346,580
	342,600	The E.W. Scripps Co., Cl. A†		1,716,129		1,346,418
				2,184,299		1,727,378

		Real Estate — 1.9%
	112,000	AmBase Corp.†		116,854		23,744
	115,800	Capital Properties Inc., Cl. A		1,241,217		1,273,800
	28,000	DREAM Unlimited Corp., Cl. A		309,437		400,812
	19,000	FRP Holdings Inc.†		618,496		1,166,600
	22,316	Gyrodyne LLC†		405,518		183,549
	6,025	Holobeam Inc.†		96,918		198,825
	233,000	Reading International Inc., Cl. A†		1,518,990		428,720
	74,400	Reading International Inc., Cl. B†		674,532		1,085,496
	2,508	Royalty LLC†(a)		0		765
	93,400	Tejon Ranch Co.†		1,845,865		1,439,294
	149,000	Trinity Place Holdings Inc.†		465,121		22,350
				7,292,948		6,223,955

		Restaurants — 4.0%
	55,000	Denny's Corp.†		347,819		492,800
	178,300	Nathan's Famous Inc.		2,000,849		12,623,640
				2,348,668		13,116,440

		Retail — 1.2%
	16,000	Big 5 Sporting Goods Corp.		86,313		56,320
	4,000	Ingles Markets Inc., Cl. A		71,077		306,720
	24,000	Lands' End Inc.†		289,123		261,360
	6,000	La-Z-Boy Inc.		129,677		225,720
	24,100	Movado Group Inc.		221,481		673,113
	16,000	Natural Grocers by Vitamin Cottage Inc.		231,232		288,800
	67,000	Sportsman's Warehouse Holdings Inc.†		472,596		208,370
	62,700	Village Super Market Inc., Cl. A		1,523,385		1,793,847
				3,024,884		3,814,250

		Semiconductors — 0.2%
	62,427	SkyWater Technology Inc.†		577,859		634,883

		Specialty Chemicals — 2.0%
	48,000	Hawkins Inc.		852,185		3,686,400
	5,000	Minerals Technologies Inc.		184,285		376,400
	100,000	Navigator Holdings Ltd.		939,625		1,535,000

Shares			Cost		Market Value
	10,800	Neo Performance Materials Inc.	$	133,816	$	50,231
	66,900	The General Chemical Group Inc.†(a)		6,021		0
	180,459	Treatt plc		989,129		970,284
				3,105,061		6,618,315

		Telecommunications — 0.5%
	48,500	A10 Networks Inc.		306,454		663,965
	10,000	Frequency Electronics Inc.†		96,784		108,900
	295,734	INNOVATE Corp.†		703,953		207,221
	2,306	NETGEAR Inc.†		32,445		36,365
	30,000	Nuvera Communications Inc.		219,358		330,000
	800	Preformed Line Products Co.		70,887		102,936
	2,200	Shenandoah Telecommunications Co.		11,156		38,214
				1,441,037		1,487,601

		TOTAL COMMON STOCKS		187,515,407		325,678,097

		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	6,900	Jungheinrich AG		19,312		255,182

		RIGHTS — 0.1%
		Energy and Utilities: Services — 0.1%
	85,500	Pineapple Energy Inc., CVR†		0		90,220

		Health Care — 0.0%
	25,000	Paratek Pharmaceuticals Inc., CVR†		0		500

		Metals and Mining — 0.0%
	60,000	Pan American Silver Corp., CVR†		44,994		26,880

		TOTAL RIGHTS		44,994		117,600

		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		424

		Diversified Industrial — 0.0%
	47,000	Ampco-Pittsburgh Corp., expire 08/01/25†		32,110		4,700

		Health Care — 0.0%
	8,737	Option Care Health Inc., Cl. A, expire 06/30/25†		7,979		31,804

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued)—March 31, 2024 (Unaudited)

					Market
Shares			Cost		Value
		WARRANTS (Continued)
		Health Care (Continued)
	8,737	Option Care Health Inc., Cl. B, expire 06/20/25†	$	7,554	$	22,826
				15,533		54,630
		TOTAL WARRANTS		60,550		60,406

		TOTAL MISCELLANEOUS INVESTMENTS — 0.4%(c)		1,728,978		1,349,560

		TOTAL INVESTMENTS — 100.0%	$	189,369,241		327,460,845

		Other Assets and Liabilities (Net) — 0.0%				139,770

		NET ASSETS — 100.0%			$	327,600,615

(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.

ADR	American Depositary Receipt

CVR	Contingent Value Right

GDR	Global Depositary Receipt

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 6, 2024

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 6, 2024

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

Date

June 6, 2024

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

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