TETON Westwood Balanced Fund Class AAA NCSR Certified 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
Teton Advisors, Inc.
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: September 30, 2022

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Annual Report

September 30, 2022

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.tetonadv.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Funds, you may call 800-937-8966 or send an email request to info@tetonadv.com.

TETON WESTWOOD FUNDS

(Unaudited)

		Class AAA Shares						Class A Shares
		Average Annual Returns — September 30, 2022 (a)						Average Annual Returns — September 30, 2022 (a)(b)(c)

	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimbursements	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimbursements

Mighty Mites Fund	(20.64)%	0.70%	7.23%	6.38%	9.43%	1.41%	1.41%	(23.81)%	(0.28)%	6.57%	5.86%	9.05%	1.41%	1.41%
SmallCap Equity Fund	(14.79)	5.82	9.96	6.88	7.61	1.63	1.25	(18.18)	4.79	9.30	6.37	7.27	1.63	1.25
Convertible Securities Fund	(23.78)	5.03	6.89	4.58	6.88	1.56	1.15	(26.82)	4.04	6.25	4.07	6.50	1.56	1.15
Equity Fund	(8.75)	6.02	9.16	5.57	9.46	1.64	1.64	(12.41)	4.99	8.50	5.06	9.12	1.64	1.64
Balanced Fund	(13.36)	3.31	5.71	4.30	7.54	1.41	1.41	(16.83)	2.30	5.07	3.78	7.15	1.41	1.41

		Class C Shares						Class I Shares
		Average Annual Returns — September 30, 2022 (a)(c)(d)						Average Annual Returns — September 30, 2022 (a)(c)

	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimbursements	1 Year	5 Year	10 Year	15 Year	Since Inception	Gross Expense Ratio	Expense Ratio after Adviser Reimbursements

Mighty Mites Fund	(22.01)%	(0.06)%	6.43%	5.58%	8.73%	2.16%	2.16%	(20.44)%	0.95%	7.49%	6.64%	9.60%	1.16%	1.16%
SmallCap Equity Fund	(16.23)	5.02	9.15	6.09	6.92	2.38	2.00	(14.54)	6.08	10.25	7.15	7.77	1.38	1.00
Convertible Securities Fund	(25.08)	4.25	6.10	3.80	6.27	2.31	1.90	(23.56)	5.31	7.18	4.85	7.05	1.31	0.90
Equity Fund	(10.31)	5.21	8.34	4.77	8.91	2.39	2.39	(8.52)	6.29	9.42	5.82	9.57	1.39	1.39
Balanced Fund	(14.88)	2.52	4.92	3.52	6.93	2.16	2.16	(13.15)	3.56	5.97	4.55	7.66	1.16	1.16

(a)

For the SmallCap Equity and Convertible Securities Funds (and for the Mighty Mites Fund through September 30, 2005), the Adviser reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2023 and are renewable annually by the Adviser. The gross expense ratios and expense ratios after adviser reimbursements are from the current prospectus dated January 28, 2022. 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 fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Mighty Mites Fund was (20.6)% compared with a total return of (23.5)% for the Russell 2000 Index. See the next page for additional performance information.

Investment Objective and Strategy

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

Performance Discussion

Stock market volatility intensified during the fourth quarter 2021 as markets reacted to the risk that mobility restrictions would recur following the emergence of a new coronavirus variant (Omicron). Supply chain, labor, and raw material headwinds challenged operations for many companies, increasing inflation and the likelihood of higher interest rates. Despite the rapid increase in COVID-19 infections, fears of severe disruption gradually lessened over the quarter, when the more easily transmissible Omicron variant proved to be less virulent than previous strains.

Equity markets declined over a volatile first quarter in 2022 with small and micro-cap stocks underperforming large-cap peers. As the quarter began, the COVID-fueled labor and supply chain disorder of the past two years worsened as the Omicron variant spread rapidly throughout the world and further delayed a return to normal business operations. While Omicron proved to be less severe than initially feared, particularly in the United States, the lingering global disruption of the pandemic has resulted in substantial cost pressures for many companies. These pressures only worsened with Russia’s invasion of Ukraine in late February, which has caused both tremendous humanitarian damage and general discord in the global commodity and energy markets.

Major U.S. equity indices declined during the second quarter amid rising concerns that escalating inflation would lead to quantitative tightening and an economic slowdown. Global supply chains, already under pressure, were weakened further by both the ongoing Russian-Ukraine conflict and persistent COVID-related lockdowns across major Chinese cities, driving up costs for key commodities including oil and food.

Following a brief rally in July that extended into mid-August, U.S. equity markets turned sharply negative and declined materially through September, finishing the third quarter at near lows for the year. Midsummer optimism that inflation may have peaked was quickly dispelled by both CPI data and commentary from the Federal Reserve, which affirmed its commitment to continued interest rate increases for as long as necessary to reduce inflation to its targeted rate of 2%. At the same time, the ongoing war in Ukraine and the unpredictability stemming from China’s COVID policies continued to inject uncertainty into global supply chains and commodity markets.

Among the Fund’s top contributors to performance for the year was Bel Fuse Inc., Cl. A. (0.9% of net assets as of September 30, 2022), which designs, manufactures, markets, and sells products that are used in the networking, telecommunication, high speed data transmission, commercial aerospace, military, broadcasting, transportation, e-Mobility and broadcasting, and consumer electronic industries; Digi International Inc. (0.5%), provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States and internationally; and CTS Corp. (2.3%), which manufactures and sells sensors, actuators, and connectivity components in North America, Europe, and Asia. The company provides sensors and actuators for use in passenger or commercial vehicles.

Some of the detractors to performance included Neogen Corp. (0.7%), together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide; Park-Ohio Holdings Corp. (0.5%), which provides supply chain management outsourcing services, capital equipment, and manufactured components in the United States and internationally; Lifetime Brands Inc. (0.4%), which designs, sources, and sells branded kitchenware, tableware, and other products for use in the home in the United States and internationally.

We appreciate your continued confidence and trust.

Average Annual Returns through September 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

	1 Year			5 Year			10 Year			15 Year			Since Inception (5/11/98)
Mighty Mites Fund Class AAA		(20.64	)%		0.70	%		7.23	%		6.38	%		9.43	%
Dow Jones U.S. Micro-cap Total Stock Market Index (b)		(36.54	)		0.01			5.92			4.26			6.83
Russell 2000 Index (c)		(23.50	)		3.55			8.55			6.40			6.66
Lipper Small Cap Value Fund Average (d)		(12.37	)		3.57			8.00			5.99			7.41

(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 for the Since Inception column only. 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 28, 2022, the expense ratio for Class AAA Shares is 1.41%. See page 35 for the expense ratios for the year ended September 30, 2022. 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.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE MIGHTY MITES FUND CLASS AAA, THE
RUSSELL 2000 INDEX, AND THE DOW JONES U.S. MICRO-CAP TOTAL STOCK MARKET INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	(20.64)%	0.70%	7.23%

*Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

SmallCap Equity Fund (Unaudited)

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood SmallCap Equity Fund was (14.8)% compared with a total return of (23.5)% 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

Despite the sharp gyrations in the equity markets over the emergence of yet another coronavirus variant, Omicron, and the Federal Reserve’s more hawkish monetary policy, small cap stocks ended the year with strong gains. During the fourth quarter of 2021 (the Fund’s first fiscal quarter), U.S. small cap value stocks appreciated 4.4%, outperforming small cap growth stocks, which rose 2.8%, and under-performing large cap value stocks, up 7.8%, large cap growth, up 11.6% and the S&P 500, up 11.0%.

Market turbulence was exacerbated in the first quarter 2022 by Russia’s unprovoked invasion of Ukraine, surging oil, gasoline, wheat and commodity prices, and a U.S. Federal Reserve intent on taming the highest inflation in four decades with tighter monetary policy. Against this backdrop, the opportunity for active management in small caps has never been more attractive, given geopolitical market dislocation, a less accommodative Fed, and the cooling of one decision growth stocks as rising interest rates compress unsustainable multiples. Amidst the volatility, fundamental stock picking has once again gained ascendancy.

The first half of 2022 has been among the most challenging periods in history. The S&P 500 index sustained its worst first half since 1970, registering a 21% decline. Long dated U.S. Treasuries lost 10%, even including coupon payments, the biggest six month loss since the early 1980s. Against a backdrop of surging inflation caused by COVID induced excessively accommodative fiscal and monetary policies, global central banks are now raising interest rates to rein in inflation. This is no easy task given that surging oil and food prices have been exacerbated by sanctions related to Russia’s invasion of Ukraine.

Among our stronger performing stocks for the year were Diamondback Energy Inc. (2.5% of net assets as of September 30, 2022), an independent oil and natural gas company which focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves; Patterson–UTI Energy Inc. (2.2%), which provides drilling and pressure pumping services, directional drilling, and rental equipment for oil fields; and FTI Consulting Inc. (1.1%), a provider of business advisory services to manage change, mitigate risk, and resolve disputes worldwide.

Some of the weaker holdings in the portfolio included American Eagle Outfitters Inc. (0.7%), a casual clothing retailer serving young adults; The Greenbrier Companies Inc. (1.1%), a leading domestic manufacturer of railcars, with additional operations in Brazil and Europe, and leasing services; and Steelcase, Inc. (no longer held) which provides a portfolio of furniture and architectural products in the United States and internationally.

We thank you for your continued confidence and trust.

Average Annual Returns through September 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

	1 Year			5 Year			10 Year			15 Year			Since Inception (4/15/97)
SmallCap Equity Fund Class AAA		(14.79	)%		5.82	%		9.96	%		6.88	%		7.61	%
Russell 2000 Index (b)		(23.50	)		3.55			8.55			6.40			7.84
Russell 2000 Value Index (c)		(17.69	)		2.87			7.94			5.70			8.40

(a)

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

(b)

(c)

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

In the current prospectuses dated January 28, 2022, the gross expense ratio for Class AAA Shares is 1.63%, and the net expense ratio is 1.25% after contractual reimbursements by the Adviser in place through January 31, 2023. See page 36 for the expense ratios for the year ended September 30, 2022. Class AAA Shares do not have a sales charge.

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.tetenadv.com for performance information as of the most recent month end.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE SMALLCAP EQUITY FUND CLASS AAA

AND THE RUSSELL 2000 VALUE INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	(14.79)%	5.82%	9.96%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Convertible Securities Fund (Unaudited)

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of the TETON Convertible Securities Fund was (23.8)% compared with a total return of (15.5)% and (20.0)% 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

Fiscal 2022 was a difficult year across asset classes and convertibles were no exception. In the first fiscal quarter, we saw a rotation in the market from growth to value as rising interest rates brought growth stock valuations into question. This had an outsized impact on the convertible market as many convertibles have been issued by growing companies. Convertibles outperformed their underlying equities, but underperformed the broader equity markets in the quarter. Volatility accelerated in our second fiscal quarter as war, inflation, and interest rates combined to weigh on the market. While convertibles remained less volatile than their underlying equities, the convertible market was still negatively impacted by these three major factors that led to investor redemptions, contracting growth multiples, and increasing credit spreads. With general uncertainty, convertible issuance slowed significantly. These same factors continued into our third quarter. The Federal Reserve stepped up their fight against inflation in June and it became clear that they are willing to tip the economy into recession to slow rising prices. Equities and convertibles hit new lows as a result. Since then, investors have become very focused on any economic data points which would cause the Fed to pivot or pause the current rate hike cycle. This lead to positive performance through the first six weeks of our fiscal Q4. The convertible market seemed to find its footing and was once again driven higher by underlying equity performance. Issuance returned in August, and we had an opportunity to invest in new convertibles at more attractive terms than we have seen in some time. As the fiscal year came to an end, the Fed reiterated its hawkish stance bringing equity markets to new lows. The convertible market moved lower as well but did not dip below the June low.

Among our stronger performing positions for the year were: Vocera Communications Inc. 0.500%, 9/15/26 (no longer held as of September 30, 2022), which offers the leading platform for clinical communications and workflow; Impinj Inc. 1.12%, 5/15/27 (2.5%), which provides RFID chips, readers, and software across many different industries; and Atlas Air Worldwide Inc. (no longer held), through its subsidiaries, provides outsourced aircraft and aviation operating services.

Some of the weaker holdings in the portfolio included Broadcom Inc. (no longer held), which provides software and semiconductors broadly for wireless connectivity and networking; Digital Bridge Communications Corp. 5.75%, 7/15/25 (1.5%), which provides digital infrastructure including macro towers, small cells, data centers, and fiber networks; and Match Group Financeco 3 Inc. 2%, 1/15/30 (1.7%), which provides dating products worldwide.

We appreciate your continued confidence and trust.

Average Annual Returns through September 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

	1 Year			5 Year			10 Year			15 Year			Since Inception (9/30/97)
Convertible Securities Fund Class AAA		(23.78	)%		5.03	%		6.89	%		4.58	%		6.88	%
S&P 500 Index (b)		(15.47	)		9.24			11.70			8.03			7.45
ICE BofA U.S. Convertibles Index (c)		(20.01	)		9.28			10.14			7.63			7.52

(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 28, 2022, the gross expense ratio for Class AAA Shares is 1.56%, and the net expense ratio is 1.15%, after contractual reimbursements by the Adviser in place through January 31, 2023. See page 37 for the expense ratios for the year ended September 30, 2022. 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.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE CONVERTIBLE SECURITIES FUND CLASS AAA, THE S&P 500 INDEX, AND THE ICE BOFA U.S. CONVERTIBLES INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	(23.78)%	5.03%	6.89%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Equity Fund (Unaudited)

To Our Shareholders,

For the fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of the Equity Fund was (8.8)% compared with a total return of (15.5)% 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

Equities seemed poised at year end 2021 to push through the growing inflationary risks and subsequent steepening of the Federal Reserve’s interest rate curve, the acceleration of known factors, compounded by corrections in high valuation tech names, supply chain woes and a return of shutdowns to several large cities in China proved too much to bear. What’s more, the Russia-Ukraine war added sudden, additional logistical and inflationary pressures, while potentially upending the way the world conducts its trade and commerce (obviously the potential for escalation had to be hastily built into risk assessments).

For the second quarter (and first half) of 2022, most major indices logged some of the worst performances in decades, with the S&P 500 Index recording its worst half-year return since 1970. From mega-cap to micro, most of the broad index charts mimicked the same “risk-off” selling patterns (with a fair number of exceptions). Investors continue to grapple with an abrupt shift from the more than decade long (mostly) bullish market, low inflation, an accommodative Federal Reserve that always seemed to be “on our side,” to one where the Fed is (seemingly) doing everything in its power to quell growth.

Among our stronger performing positions for the year were: EOG Resources Inc. (1.8% as of September 30, 2022), a crude oil and natural gas exploration and production company with reserves in the U.S., Trinidad, and China; American International Group Inc. (1.9%) provides insurance products for commercial, institutional, and individual customers; and The Charles Schwab, Corp. (2.0%), through its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services.

Some of the weaker holdings in the portfolio included: Mohawk Industries Inc. (no longer held) provides designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces; Activision Blizzard, Inc. (no longer held), together with its subsidiaries, develops and publishes interactive entertainment content and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific; and Alexandria Real Estate Equities Inc. (1.8%) is the first, longest tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations.

We appreciate your continued confidence and trust.

Average Annual Returns through September 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

Since

Inception

1 Year

5 Year

10 Year

15 Year

(1/2/87)

Equity Fund Class AAA

(8.75

‌)%

6.02

‌%

9.16‌

‌%

5.57‌

‌%

9.46‌

‌%

S&P 500 Index (b)

(15.47‌

)

9.24‌

11.70‌

8.03‌

10.22‌

(a)

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

(b)

In the current prospectuses dated January 28, 2022, the expense ratio for Class AAA Shares is 1.64%. See page 38 for the expense ratios for the year ended September 30, 2022. Class AAA Shares do not have a sales charge.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE EQUITY FUND CLASS AAA AND THE S&P

500 INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	(8.75)%	6.02%	9.16%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Balanced Fund (Unaudited)

To Our Shareholders,

For fiscal year ended September 30, 2022, the net asset value (NAV) total return per Class AAA Share of the TETON Westwood Balanced Fund was (13.4)% compared with total return of (15.0)% and (15.3)% for the Bloomberg Government/Credit Bond Index and the common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Capital Government/Credit Bond Index, respectively. See the next page for additional performance information.

Investment Objective and Strategy

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

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

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

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

Performance Discussion

Looking back, the fourth quarter of 2021 saw markets once again prove their resilience against adversity. Inflation had arisen as a material concern for investors as the Consumer Price Index (CPI) accelerated to 6.8% in the reading for November, the highest reading since 1990. In response, the Federal Reserve accelerated the timeline to taper their asset purchases, which they had just announced the plan details of a few weeks prior. Their new communication included the potential for rate hikes, shifting probabilities higher for multiple increases in 2022. Interest rates were relatively unchanged for the quarter, moving just slightly higher to 1.51% by year end.

Looking back, equities seemed poised at year end to push through concerns such as growing Inflationary risks and the subsequent steepening of the Federal Reserve’s interest rate curve. But the acceleration of these known factors, compounded by corrections in high valuation tech names, supply chain woes and a return of shutdowns in several large cities in China proved too much to bear. What’s more, Russia’s invasion of Ukraine added sudden, additional logistical and inflationary pressures.

For the second quarter (and first half) of 2022, most major indices logged some of the worst performances in decades, with the S&P 500 recording its worst half year return since 1970. From mega-cap to micro, most of the broad index charts mimicked the same “risk-off” selling patterns (with a fair number of exceptions). Investors continue to grapple with an abrupt shift from the more than decade long (mostly) bullish market, low inflation, and an accommodative Federal Reserve that always seemed to be “on our side,” to one where the Fed is (seemingly) doing everything in its power to quell growth.

Equity markets showed a little spunk at the beginning of the third quarter, but as time passed stocks continued to sell off, with all three major indexes continuing a downward trend that has persisted all year. September was a particularly tough period as the Dow tumbled 8.8%, the S&P 500 fell 9.3%, and the Nasdaq lost 10.5% in the month alone. The S&P 500 has fallen for three consecutive quarters, its longest losing streak since 2009. In the debt markets, government bond yields across all durations trended higher in the second half of the quarter, as the Fed’s objectives became clearer and the trajectory for interest rates steepened. From a global perspective, the losses in government bonds during the first half of 2022 were some of the deepest in history; investment grade and high yield corporate bonds also logged losses not seen in decades. Though the early portion of the third quarter offered some reprieve, corporate bonds continued their march lower as the period ended.

We appreciate your continued confidence and trust.

Average Annual Returns through September 30, 2022 (a) (Unaudited)

Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.

Since

Inception

1 Year

5 Year

10 Year

15 Year

(10/1/91)

Balanced Fund Class AAA

(13.36‌

3.31‌

5.71‌

4.30‌

7.54

‌%

60% S&P 500 Index and 40% Bloomberg Government/Credit Bond Index (b)

(15.26

‌‌‌)

‌

5.52‌

7.43‌

5.96‌

7.71‌

S&P 500 Index (c)

(15.47

)

9.24‌

11.70‌

8.03‌

9.61‌

Bloomberg Government/Credit Bond Index (d)

(14.95

)

(0.05‌

)

1.02‌

2.86‌

4.85‌

(a)

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

(b)

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

(c)

(d)

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

In the current prospectuses dated January 28, 2022, the expense ratio for Class AAA Shares is 1.41%. See page 39 for the expense ratios for the year ended September 30, 2022. Class AAA Shares do not have a sales charge.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE BALANCED FUND CLASS AAA, THE S&P
500 INDEX, A COMPOSITE OF 60% OF THE S&P 500 INDEX AND 40% OF THE BLOOMBERG GOVERNMENT/CREDIT
BOND INDEX, AND THE BLOOMBERG GOVERNMENT/CREDIT BOND INDEX (Unaudited)

Average Annual Total Returns*
	1 Year	5 Year	10 Year
Class AAA	(13.36)%	3.31%	5.71%

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2022 through September 30, 2022

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table on page 15 illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an

$8,600 account value divided by$1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the fiscal year ended September 30, 2022.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from April 1, 2022 through September 30, 2022

Expense Table

		Actual Fund Return					Hypothetical 5% Return
	Beginning Account Value 04/01/22	Ending Account Value 09/30/22	Annualized Expense Ratio	Expenses Paid During Period^*		Beginning Account Value 04/01/22	Ending Account Value 09/30/22	Annualized Expense Ratio	Expenses Paid During Period^*

TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00	$815.30	1.42%	$6.46	$1,000.00		$1,017.95	1.42%	$7.18
Class A	$1,000.00	$815.50	1.42%	$6.46	$1,000.00		$1,017.95	1.42%	$7.18
Class C	$1,000.00	$812.30	2.17%	$9.86	$1,000.00		$1,014.19	2.17%	$10.96
Class I	$1,000.00	$816.50	1.17%	$5.33	$1,000.00		$1,019.20	1.17%	$5.92
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$801.70	1.25%	$5.65	$1,000.00		$1,018.80	1.25%	$6.33
Class A	$1,000.00	$801.70	1.25%	$5.65	$1,000.00		$1,018.80	1.25%	$6.33
Class C	$1,000.00	$798.90	2.00%	$9.02	$1,000.00		$1,015.04	2.00%	$10.10
Class I	$1,000.00	$803.10	1.00%	$4.52	$1,000.00		$1,020.05	1.00%	$5.06
TETON Westwood Convertible Securities Fund
Class AAA	$1,000.00	$825.00	1.15%	$5.26	$1,000.00		$1,019.30	1.15%	$5.82
Class A	$1,000.00	$872.30	1.15%	$5.40	$1,000.00		$1,019.30	1.15%	$5.82
Class C	$1,000.00	$847.10	1.90%	$8.80	$1,000.00		$1,015.54	1.90%	$9.60
Class I	$1,000.00	$826.10	0.90%	$4.12	$1,000.00		$1,020.56	0.90%	$4.56
TETON Westwood Equity Fund
Class AAA	$1,000.00	$845.40	1.65%	$7.63	$1,000.00		$1,016.80	1.65%	$8.34
Class A	$1,000.00	$845.30	1.65%	$7.63	$1,000.00		$1,016.80	1.65%	$8.34
Class C	$1,000.00	$842.60	2.39%	$11.04	$1,000.00		$1,013.09	2.39%	$12.06
Class I	$1,000.00	$846.20	1.39%	$6.43	$1,000.00		$1,018.10	1.39%	$7.03
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$848.30	1.39%	$6.44	$1,000.00		$1,018.10	1.39%	$7.03
Class A	$1,000.00	$868.00	1.39%	$6.51	$1,000.00		$1,018.10	1.39%	$7.03
Class C	$1,000.00	$849.90	2.14%	$9.92	$1,000.00		$1,014.34	2.14%	$10.81
Class I	$1,000.00	$849.20	1.14%	$5.28	$1,000.00		$1,019.35	1.14%	$5.77

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 365.

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of September 30, 2022:

TETON Westwood Mighty Mites Fund
Financial Services	14.9	%	Retail	1.4	%
Diversified Industrial	12.0	%	Publishing	0.9	%
Electronics	6.2	%	Environmental Control	0.9	%
Aerospace and Defense	6.1	%	Communications Equipment	0.8	%
Health Care	5.9	%	Agriculture	0.7	%
Equipment and Supplies	5.2	%	Energy and Utilities: Natural Gas	0.5	%
Hotels and Gaming	4.8	%	Entertainment	0.5	%
Real Estate	4.0	%	Telecommunications	0.5	%
Machinery	3.4	%	Communications	0.4	%
Restaurants	3.3	%	Energy and Utilities: Services	0.4	%
Building and Construction	3.2	%	Consumer Services	0.3	%
Manufactured Housing and Recreational Vehicles	3.0	%	Miscellaneous	0.3	%
Aviation: Parts and Services	3.0	%	Educational Services	0.1	%
Automotive: Parts and Accessories	2.7	%	Paper and Forest Products	0.1	%
Business Services	2.4	%	Metals and Mining	0.1	%
Food and Beverage	2.3	%	Transportation	0.0	%*
Energy and Utilities: Water	2.3	%	Other Assets and Liabilities (Net)	(1.1	)%
Computer Software and Services	2.0	%		100.0	%
ConsumerProducts	1.9	%	__________
Automotive	1.7	%
Broadcasting	1.5	%	* Amount represents less than 0.05%.
Specialty Chemicals	1.4	%
TETON Westwood SmallCap Equity Fund
Banking	15.0	%	Communications Equipment	2.3	%
U.S. Government Obligations	11.9	%	Automotive	2.0	%
Semiconductors	9.0	%	Specialty Chemicals	1.4	%
Energy and Utilities	8.0	%	Equipment and Supplies	1.3	%
Health Care	6.2	%	Machinery	1.2	%
Computer Software and Services	6.2	%	Real Estate	1.1	%
Business Services	4.9	%	Broadcasting	1.1	%
Financial Services	4.6	%	Transportation	1.1	%
Electronics	4.4	%	Environmental Control	1.0	%
Retail	3.7	%	Materials	0.5	%
Building and Construction	3.5	%	Communications	0.5	%
Diversified Industrial	3.5	%	Aerospace	0.4	%
Aviation: Parts and Services	2.5	%	Other Assets and Liabilities (Net)	0.3	%
Consumer Products	2.4	%		100.0	%

TETON Convertible Securities Fund
Computer Software and Services	25.0	%	Airlines	2.9	%
Health Care	12.8	%	Automotive: Parts and Accessories	2.1	%
Consumer Services	9.6	%	Telecommunications	2.0	%
Financial Services	7.1	%	Real Estate Investment Trusts	1.8	%
Business Services	6.7	%	Cable and Satellite	1.4	%
Energy and Utilities: Integrated	4.9	%	Energy and Utilities: Services	0.8	%
Security Software	4.8	%	Food and Beverage	0.5	%
Diversified Industrial	4.6	%	Materials	0.2	%
Communications Equipment	4.4	%	Other Assets and Liabilities (Net)	0.1	%
U.S. Government Obligations	4.3	%		100.0	%
Semiconductors	4.0	%

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Equity Fund

Financial Services	14.8	%	Equipment and Supplies	3.1	%
Health Care	12.5	%	Telecommunications	3.0	%
Retail	11.2	%	Energy and Energy Services	2.9	%
Computer Software and Services	8.9	%	Electronics	2.5	%
Diversified Industrial	6.8	%	Transportation	2.4	%
Energy: Integrated	6.1	%	Aerospace	2.2	%
Energy: Oil	4.9	%	Business Services	2.1	%
Real Estate	4.5	%	Short Term Investment	2.0	%
Food and Beverage	4.3	%	Semiconductors	1.8	%
Banking	4.1	%	Other Assets and Liabilities (Net)	(0.1	)%
				100.0	%

*TETON Westwood Balanced Fund*

Financial Services	15.3	%	Semiconductors	2.8	%
Health Care	12.1	%	Energy: Integrated	2.7	%
Computer Software and Services	8.6	%	Electronics	2.6	%
Retail	7.7	%	Food and Beverage	2.6	%
U.S. Government Obligations	7.6	%	Telecommunications	2.2	%
Diversified Industrial	5.3	%	Aerospace	1.8	%
Real Estate	4.5	%	Consumer Services	1.7	%
Energy: Oil	4.5	%	Automotive: Parts and Accessories	1.7	%
Banking	4.3	%	Business Services	1.3	%
Transportation	3.6	%	Hotels and Gaming	0.5	%
Equipment and Supplies	3.2	%	Short Term Investment	0.3	%
Energy and Energy Services	3.0	%	Other Assets and Liabilities (Net)	0.1	%
				100.0	%

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments — September 30, 2022

Market

Shares

Cost

Value

COMMON STOCKS* — 100.4%

Aerospace and Defense — 6.1%

507,000

Aerojet Rocketdyne Holdings Inc.†

2,548,529‌

20,274,930‌

134,460‌

Allied Motion Technologies Inc.

3,273,653‌

3,848,245‌

328,500‌

Various Securities

3,583,204‌

3,057,986‌

9,405,386‌

27,181,161‌

Agriculture — 0.7%

203,000‌

Limoneira Co.

3,726,474‌

2,675,540‌

410,215‌

Various Securities

1,553,363‌

494,950‌

5,279,837‌

3,170,490‌

Automotive — 1.7%

87,000‌

Rush Enterprises Inc., Cl. B

1,125,755‌

4,168,170‌

114,660‌

Various Securities

947,125‌

3,338,628‌

2,072,880‌

7,506,798‌

Automotive: Parts and Accessories — 2.6%

355,000‌

Modine Manufacturing Co.†

4,436,327‌

4,593,700‌

650,078‌

Various Securities

6,855,462‌

6,942,380‌

11,291,789‌

11,536,080‌

Aviation: Parts and Services — 3.0%

180,540‌

Ducommun Inc.†

4,543,644‌

7,160,217‌

140,830‌

Kaman Corp.

3,744,242‌

3,933,382‌

265,896‌

Various Securities

3,230,221‌

2,132,844‌

11,518,107‌

13,226,443‌

Broadcasting — 1.5%

241,120‌

Gray Television Inc.

265,142‌

3,452,838‌

925,745‌

Various Securities

3,807,231‌

3,241,937‌

4,072,373‌

6,694,775‌

Building and Construction — 3.2%

93,500‌

Gibraltar Industries Inc.†

2,204,964‌

3,826,955‌

72,870‌

The Monarch Cement Co.

1,929,449‌

7,618,559‌

93,700‌

Various Securities

747,043‌

2,675,173‌

4,881,456‌

14,120,687‌

Business Services — 2.4%

36,900‌

Du-Art Film Laboratories Inc.†(a)

239,850‌

4,100‌

Du-Art Film Laboratories Inc.†(a)

26,650‌

261,000‌

PFSweb Inc.†

1,529,803‌

2,432,520‌

2,280,000‌

Trans-Lux Corp.†(b)

1,188,097‌

912,000‌

537,517‌

Various Securities

6,230,741‌

6,971,864‌

9,215,141‌

10,582,884‌

Communications — 0.4%

189,500‌

Various Securities

2,761,487‌

1,896,895‌

Communications Equipment — 0.8%

153,000‌

Various Securities

2,362,807‌

3,426,660‌

Computer Software and Services — 2.0%

1,236,821‌

Various Securities

5,492,354‌

8,839,415‌

Consumer Products — 1.9%

400,000‌

Marine Products Corp.

2,815,473‌

3,384,000‌

3,588,595‌

Various Securities

5,400,783‌

4,949,297‌

8,216,256‌

8,333,297‌

Consumer Services — 0.3%

219,500‌

Various Securities

1,094,225‌

1,427,040‌

Diversified Industrial — 12.0%

218,500‌

Burnham Holdings Inc., Cl. A(b)

3,387,468‌

2,845,962‌

38,500‌

Chase Corp.

648,455‌

3,217,445‌

185,500

Distribution Solutions Group Inc.†

2,541,763‌

5,225,535‌

297,840‌

Griffon Corp.

3,304,924‌

8,792,237‌

Shares			Cost		Market Value
	753,870	Myers Industries Inc.	$	12,085,164	$	12,416,239
	92,700	Steel Partners Holdings LP†		1,429,747		3,847,050
	268,000	Tredegar Corp.		4,161,068		2,529,920
	1,239,095	Various Securities		15,192,980		14,553,217
				42,751,569		53,427,605
		Educational Services — 0.1%
	95,000	Various Securities		289,750		516,800

		Electronics — 6.2%
	148,300	Bel Fuse Inc., Cl. A(b)		2,750,132		4,144,985
	244,580	CTS Corp.		2,131,384		10,186,757
	593,000	Schmitt Industries Inc.†(b)		1,341,444		1,227,510
	93,000	Ultra Clean Holdings Inc.†		262,449		2,394,750
	653,300	Various Securities		6,097,437		9,820,037
				12,582,846		27,774,039
		Energy and Utilities: Natural Gas — 0.5%
	66,490	Various Securities		778,992		2,355,094

		Energy and Utilities: Services — 0.3%
	333,500	Various Securities		1,275,019		1,579,472

		Energy and Utilities: Water — 2.3%
	62,304	SJW Group		1,594,829		3,588,710
	208,985	Various Securities		3,073,621		6,693,081
				4,668,450		10,281,791
		Entertainment — 0.5%
	697,555	Various Securities		1,803,675		2,344,588

		Environmental Control — 0.9%
	52,300	Casella Waste Systems Inc., Cl. A†		205,363		3,995,197
	15,000	Various Securities		121,162		188,250
				326,525		4,183,447
		Equipment and Supplies — 5.2%
	110,000	Federal Signal Corp.		654,129		4,105,200
	298,000	The Eastern Co.		5,581,796		5,170,300
	139,000	Titan Machinery Inc.†		2,034,146		3,928,140
	788,966	Various Securities		9,555,898		9,869,602
				17,825,969		23,073,242
		Financial Services — 14.7%
	81,800	Capital City Bank Group Inc.		1,996,750		2,544,798
	1,110	Farmers & Merchants Bank of Long Beach		6,090,015		8,796,750
	391,300	Flushing Financial Corp.		6,272,673		7,579,481
	10	Guaranty Corp., Cl. A†(a)		137,500		55,000
	62,500	KKR & Co. Inc.		7,419		2,687,500
	285,000	Post Holdings Partnering Corp.†		2,852,850		2,831,475
	75,010	Southern First Bancshares Inc.†		3,468,703		3,124,917
	74,240	SouthState Corp.		3,537,895		5,873,869
	1,747,301	Various Securities		23,632,057		32,208,644
				47,995,862		65,702,434
		Food and Beverage — 2.3%
	1,636,160	Various Securities		12,673,677		10,414,603

		Health Care — 5.9%
	241,660	Cutera Inc.†		3,809,505		11,019,696
	212,000	Neogen Corp.†		306,519		2,961,640
	1,286,383	Various Securities		8,231,550		12,377,533
				12,347,574		26,358,869
		Hotels and Gaming — 4.8%
	1,217,119	Full House Resorts Inc.†		3,347,719		6,840,209
	121,500	Golden Entertainment Inc.†		1,384,663		4,239,135
	355,721	Inspired Entertainment Inc.†		2,238,036		3,141,016

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Hotels and Gaming (Continued)
	626,005	Various Securities	$	6,177,151	$	7,043,122
				13,147,569		21,263,482
		Machinery — 3.4%
	219,000	Astec Industries Inc.		7,709,095		6,830,610
	476,037	Gencor Industries Inc.†		3,080,659		4,289,093
	18,020	The Middleby Corp.†		177,942		2,309,623
	43,030	Various Securities		966,108		1,904,531
				11,933,804		15,333,857
		Manufactured Housing and Recreational Vehicles — 3.0%
	23,740	Cavco Industries Inc.†		1,541,707		4,884,742
	106,250	Nobility Homes Inc.		1,526,910		2,576,563
	73,500	Skyline Champion Corp.†		487,055		3,885,945
	38,700	Various Securities		365,514		2,059,227
				3,921,186		13,406,477
		Metals and Mining — 0.1%
	436,000	Various Securities		476,573		378,326
		Paper and Forest Products — 0.1%
	26,550	Various Securities		2,229,847		468,608
		Publishing — 0.9%
	341,900	The E.W. Scripps Co., Cl. A†		1,694,756		3,853,213
	27,900	Various Securities		544,812		382,176
				2,239,568		4,235,389
		Real Estate — 4.0%
	201,166	Indus Realty Trust Inc., REIT		5,537,668		10,535,063
	2,508	Royalty LLC†(a)		0		255
	1,201,174	Various Securities		9,448,422		7,488,545
				14,986,090		18,023,863
		Restaurants — 3.3%
	220,234	Nathan's Famous Inc.(b)		3,355,228		14,022,299
	57,000	Various Securities		384,205		536,370
				3,739,433		14,558,669
		Retail — 1.4%
	128,167	Village Super Market Inc., Cl. A		3,340,636		2,477,468
	173,100	Various Securities		2,473,247		3,705,487
				5,813,883		6,182,955
		Specialty Chemicals — 1.4%
	72,840	Hawkins Inc.		1,294,278		2,840,032
	66,900	The General Chemical Group Inc.†(a)		6,021		0
	432,304	Various Securities		3,639,014		3,442,100
				4,939,313		6,282,132
		Telecommunications — 0.5%
	426,900	Various Securities		1,877,838		2,307,755
		Transportation — 0.0%
	5,000	Various Securities		90,183		39,300
		TOTAL COMMON STOCKS		298,379,293		448,435,422

		PREFERRED STOCKS* — 0.3%
		Automotive: Parts and Accessories — 0.1%
	18,300	Various Securities		50,138		374,840

		Financial Services — 0.2%
	32,000	Various Securities		386,247		744,960

		TOTAL PREFERRED STOCKS		436,385		1,119,800

Shares			Cost		Market Value
		RIGHTS* — 0.1%
		Energy and Utilities: Services — 0.1%
	85,500	Various Securities	$	0	$	301,815

		Health Care — 0.0%
	8,000	Progenics Pharmaceuticals Inc., CVR†(a)		0		3,978
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		103,591		0
				103,591		3,978

		Metals and Mining — 0.0%
	60,000	Various Securities		44,994		34,560

		TOTAL RIGHTS		148,585		340,353

		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		360

		Diversified Industrial — 0.0%
	47,000	Various Securities		32,110		12,681

		Energy and Utilities: Services — 0.0%
	7,627	Various Securities		0		1,277

		Health Care — 0.0%
	17,474	Various Securities		15,533		57,027

		Hotels and Gaming — 0.0%
	3,667	Various Securities		19,204		2,676

		TOTAL WARRANTS		79,754		74,673

		TOTAL MISCELLANEOUS INVESTMENTS — 0.3%(c)		1,463,211		1,323,968

		TOTAL INVESTMENTS — 101.1%	$	300,507,228		451,294,216

		Other Assets and Liabilities (Net) — (1.1)%				(4,830,223	)

		NET ASSETS — 100.0%			$	446,463,993

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 September 30, 2022. The complete Schedule of Investments is available (i) without charge, upon request, by calling 800-GABELLI (800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

(a)

Security 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.

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Summary Schedule of Investments (Continued) — September 30, 2022

(c)

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

†

Non-income producing security.

CCCP

Contingent Cash Consideration Payment

CVR

Contingent Value Right

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS — 87.8%
		Aerospace — 0.4%
	3,600	Hexcel Corp.	$	109,475	$	186,192

		Automotive — 2.0%
	15,750	Rush Enterprises Inc., Cl. A		290,875		690,795
	5,800	Winnebago Industries Inc.		142,855		308,618
				433,730		999,413
		Aviation: Parts and Services — 2.5%
	34,800	AAR Corp.†		686,958		1,246,536

		Banking — 15.0%
	10,633	Atlantic Union Bankshares Corp.		260,012		323,031
	12,900	Banc of California Inc.		237,602		206,013
	10,800	Columbia Banking System Inc.		320,715		312,012
	52,100	First Foundation Inc.		919,475		945,094
	15,000	Five Star Bancorp		300,000		425,400
	6,800	Glacier Bancorp Inc.		138,682		334,084
	28,150	OceanFirst Financial Corp.		556,544		524,716
	26,000	Old National Bancorp		407,269		428,220
	7,133	SouthState Corp.		427,437		564,363
	7,700	Third Coast Bancshares Inc.†		180,622		131,747
	4,440	TrustCo Bank Corp. NY		147,725		139,505
	19,050	Umpqua Holdings Corp.		280,046		325,564
	20,000	USCB Financial Holdings Inc.†		200,000		262,200
	63,020	Valley National Bancorp		567,483		680,616
	38,400	Veritex Holdings Inc.		902,517		1,021,056
	14,000	Washington Federal Inc.		300,174		419,720
	7,600	Washington Trust Bancorp Inc.		239,284		353,248
				6,385,587		7,396,589
		Broadcasting — 1.1%
	8,600	Chicken Soup For The Soul Entertainment Inc.†		87,638		59,168
	34,700	IMAX Corp.†		558,776		489,964
				646,414		549,132
		Building and Construction — 3.5%
	26,000	Babcock & Wilcox Enterprises Inc.†		169,832		165,880
	5,500	EMCOR Group Inc.		262,514		635,140
	7,300	MYR Group Inc.†		130,968		618,529
	6,000	Skyline Champion Corp.†		301,026		317,220
				864,340		1,736,769
		Business Services — 4.9%
	20,400	ABM Industries Inc.		642,914		779,892
	9,300	Deluxe Corp.		225,764		154,845
	3,150	FTI Consulting Inc.†		108,347		521,987
	13,900	Heidrick & Struggles International Inc.		337,013		361,261
	7,200	McGrath RentCorp.		272,468		603,792
				1,586,506		2,421,777
		Communications — 0.5%
	6,200	ATN International Inc.		290,293		239,134

		Communications Equipment — 2.3%
	23,400	Extreme Networks Inc.†		127,529		305,838
	100,000	Infinera Corp.†		643,257		484,000

Shares			Cost		Market Value

	5,100	Lumentum Holdings Inc.†	$	373,430	$	349,707
				1,144,216		1,139,545
		Computer Software and Services — 6.2%
	44,200	NetScout Systems Inc.†		1,018,532		1,384,344
	50,000	Paya Holdings Inc.†		321,890		305,500
	16,300	Progress Software Corp.		398,949		693,565
	6,900	Teradata Corp.†		146,757		214,314
	37,500	Unisys Corp.†		324,293		283,125
	44,000	Vimeo Inc.†		214,174		176,000
				2,424,595		3,056,848
		Consumer Products — 2.4%
	73,100	KAR Auction Services Inc.†		1,135,929		816,527
	3,800	Oxford Industries Inc.		209,232		341,164
				1,345,161		1,157,691
		Diversified Industrial — 3.5%
	2,600	Albany International Corp., Cl. A		135,217		204,958
	7,600	Apogee Enterprises Inc.		207,346		290,472
	30,300	Enerpac Tool Group Corp.		583,991		540,249
	9,500	Kennametal Inc.		269,519		195,510
	9,800	Luxfer Holdings plc		126,608		142,100
	12,900	Textainer Group Holdings Ltd.		95,172		346,494
				1,417,853		1,719,783
		Electronics — 4.4%
	14,300	Advanced Energy Industries Inc.		733,993		1,106,963
	6,300	Comtech Telecommunications Corp.		94,831		63,063
	10,000	FARO Technologies Inc.†		343,471		274,400
	55,500	TTM Technologies Inc.†		700,182		731,490
				1,872,477		2,175,916
		Energy and Utilities — 8.0%
	31,100	ChampionX Corp.		533,511		608,627
	10,100	Diamondback Energy Inc.		282,483		1,216,646
	8,600	Dril-Quip Inc.†		229,935		167,872
	32,700	Magnolia Oil & Gas Corp., Cl. A		316,481		647,787
	28,900	Oceaneering International Inc.†		134,614		230,044
	91,700	Patterson-UTI Energy Inc.		305,767		1,071,056
				1,802,791		3,942,032
		Environmental Control — 1.0%
	15,300	Evoqua Water Technologies Corp.†		146,240		505,971

		Equipment and Supplies — 1.3%
	27,100	Flowserve Corp.		895,350		658,530

		Financial Services — 4.6%
	8,800	Brown & Brown Inc.		150,642		532,224
	6,178	Citizens Financial Group Inc.		218,552		212,276
	6,000	Horace Mann Educators Corp.		203,747		211,740
	4,700	Mercury General Corp.		183,369		133,574
	6,400	ProAssurance Corp.		180,289		124,864
	9,750	Stifel Financial Corp.		262,650		506,122
	12,000	Univest Financial Corp.		329,683		281,760

See accompanying notes to financial statements.

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — September 30, 2022

Shares			Cost			Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	5,743	Webster Financial Corp.	$	176,978		$	259,584
				1,705,910			2,262,144
		Health Care — 6.2%
	4,100	AMN Healthcare Services Inc.†		193,504			434,436
	4,400	Haemonetics Corp.†		304,712			325,732
	2,780	ICU Medical Inc.†		301,803			418,668
	5,850	Omnicell Inc.†		153,889			509,125
	41,600	Patterson Cos. Inc.		813,264			999,232
	11,000	Supernus Pharmaceuticals Inc.†		275,953			372,350
				2,043,125			3,059,543
		Machinery — 1.2%			��
	57,700	Mueller Water Products Inc., Cl. A		647,082			592,579

		Materials — 0.5%
	8,700	Avient Corp.		276,887			263,610

		Real Estate — 1.1%
	10,000	Alpine Income Property Trust Inc., REIT		176,768			162,200
	22,100	CareTrust REIT Inc.		440,946			400,231
				617,714			562,431
		Retail — 3.7%
	34,750	American Eagle Outfitters Inc.		424,778			338,117
	54,000	Ethan Allen Interiors Inc.		930,386			1,141,560
	5,800	The Hain Celestial Group Inc.†		106,135			97,904
	12,200	Urban Outfitters Inc.†		262,406			239,730
				1,723,705			1,817,311
		Semiconductors — 9.0%
	20,000	Cohu Inc.†		596,728			515,600
	11,195	Entegris Inc.		257,994			929,409
	16,900	FormFactor Inc.†		210,933			423,345
	9,100	Marvell Technology Inc.		137,156			390,481
	7,700	MKS Instruments Inc.		900,839			636,328
	31,500	nLight Inc.†		358,014			297,675
	19,400	Onto Innovation Inc.†		613,695			1,242,570
				3,075,359			4,435,408
		Specialty Chemicals — 1.4%
	8,100	Darling Ingredients Inc.†		162,009			535,815
	2,700	Minerals Technologies Inc.		85,384			133,407
				247,393			669,222
		Transportation — 1.1%
	22,300	The Greenbrier Companies Inc.		538,195			541,221

		TOTAL COMMON STOCKS		32,927,356			43,335,327

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 11.9%
$	5,941,000	U.S. Treasury Bills, 2.516% to 3.271%††, 11/10/22 to 12/29/22	$	5,910,001	$	5,910,439

		TOTAL INVESTMENTS — 99.7%	$	38,837,357		49,245,766

		Other Assets and Liabilities (Net) — 0.3%				126,082

		NET ASSETS — 100.0%			$	49,371,848

†

Non-income producing security.

††

Represents annualized yields at dates of purchase.

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments — September 30, 2022

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 87.6%
		Airlines — 2.9%
$	1,000,000	Southwest Airlines Co., 1.250%, 05/01/25	$	1,081,999	$	1,145,250

		Business Services — 6.7%
	1,000,000	Kaleyra Inc., 6.125%, 06/01/26(a)		1,005,232		797,959
	1,000,000	Perficient Inc., 0.125%, 11/15/26(a)		947,643		745,000
	565,000	Shift4 Payments Inc., Zero Coupon, 12/15/25		627,723		501,437
	800,000	TechTarget Inc., Zero Coupon, 12/15/26(a)		779,545		621,995
				3,360,143		2,666,391
		Cable and Satellite — 1.4%

	700,000	DISH Network Corp., Zero Coupon, 12/15/25		469,165		462,700
	100,000	Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27(a)		100,000		93,050
				569,165		555,750
		Communications Equipment — 4.4%
	500,000	InterDigital Inc., 3.500%, 06/01/27(a)		511,691		437,000
	500,000	Lumentum Holdings Inc. 0.500%, 12/15/26		516,761		468,750
	554,000	0.500%, 06/15/28(a)		554,000		444,308
	500,000	Radius Global Infrastructure Inc., 2.500%, 09/15/26(a)		500,000		406,200
				2,082,452		1,756,258
		Computer Software and Services — 25.0%
	300,000	Akamai Technologies Inc., 0.375%, 09/01/27		299,009		280,650
	700,000	Bandwidth Inc., 0.250%, 03/01/26		654,534		456,400
	350,000	Blackline Inc., 0.125%, 08/01/24		350,404		363,790
	780,000	Cardlytics Inc., 1.000%, 09/15/25		811,497		461,370
	500,000	Dropbox Inc., Zero Coupon, 03/01/28		539,328		427,500
	700,000	Edgio Inc., 3.500%, 08/01/25		662,861		632,800
	360,000	fuboTV Inc., 3.250%, 02/15/26		330,406		174,780
	1,250,000	i3 Verticals LLC, 1.000%, 02/15/25		1,223,699		1,077,344
	750,000	Match Group Financeco 3 Inc., 2.000%, 01/15/30(a)		751,412		661,875
	300,000	MercadoLibre Inc., 2.000%, 08/15/28		294,376		592,050
	205,000	Nice Systems Inc., 1.250%, 01/15/24		208,207		462,531
	1,000,000	PAR Technology Corp., 2.875%, 04/15/26		922,802		993,000
	860,000	Progress Software Corp., 1.000%, 04/15/26		859,466		810,980
	465,000	PROS Holdings Inc., 2.250%, 09/15/27		465,000		409,897

Principal Amount			Cost		Market Value
$	925,000	Verint Systems Inc., 0.250%, 04/15/26	$	924,923	$	771,913
	1,056,000	Veritone Inc., 1.750%, 11/15/26(a)		1,029,185		636,768
	600,000	Workiva Inc., 1.125%, 08/15/26		571,338		705,900
				10,898,447		9,919,548
		Consumer Services — 9.6%
	1,100,000	2U Inc., 2.250%, 05/01/25		1,040,054		754,901
	365,000	National Vision Holdings Inc., 2.500%, 05/15/25		367,628		453,074
	250,000	NCL Corp. Ltd. 5.375%, 08/01/25		253,525		246,625
	223,000	1.125%, 02/15/27(a)		223,000		140,774
	600,000	Royal Caribbean Cruises Ltd., 6.000%, 08/15/25(a)		609,994		635,100
	1,100,000	Stride Inc., 1.125%, 09/01/27		1,000,618		1,121,450
	360,000	Topgolf Callaway Brands Corp., 2.750%, 05/01/26		369,336		466,200
				3,864,155		3,818,124
		Diversified Industrial — 4.6%
	485,000	Bloom Energy Corp., 2.500%, 08/15/25		508,536		676,817
	300,000	Chart Industries Inc., 1.000%, 11/15/24(a)		285,355		944,340
	165,000	Xometry Inc., 1.000%, 02/01/27(a)		165,000		196,334
				958,891		1,817,491
		Energy and Utilities: Integrated — 4.3%
	1,128,000	Array Technologies Inc., 1.000%, 12/01/28(a)		1,054,039		1,006,198
	375,000	Ormat Technologies Inc., 2.500%, 07/15/27(a)		375,000		431,625
	300,000	Sunnova Energy International Inc., 2.625%, 02/15/28(a)		305,389		268,200
				1,734,428		1,706,023
		Financial Services — 4.3%
	385,000	Digitalbridge Operating Co. LLC, 5.750%, 07/15/25		454,264		584,468
	250,000	LendingTree Inc., 0.500%, 07/15/25		183,955		179,475
	750,000	SoFi Technologies Inc., Zero Coupon, 10/15/26(a)		537,232		513,357
	750,000	Upstart Holdings Inc., 0.250%, 08/15/26		492,147		417,656
				1,667,598		1,694,956
		Food and Beverage — 0.5%
	200,000	Post Holdings Inc., 2.500%, 08/15/27(a)		200,000		198,500

See accompanying notes to financial statements.

TETON Convertible Securities Fund

Schedule of Investments (Continued) — September 30, 2022

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care — 11.1%
$	255,000	Coherus Biosciences Inc., 1.500%, 04/15/26	$	256,350	$	201,769
	350,000	CONMED Corp., 2.625%, 02/01/24		354,433		385,350
	300,000	Cutera Inc. 2.250%, 03/15/26		300,000		462,734
	250,000	2.250%, 06/01/28(a)		250,000		273,000
	500,000	Exact Sciences Corp., 0.375%, 03/01/28		424,165		318,750
	400,000	Halozyme Therapeutics Inc., 1.000%, 08/15/28(a)		409,435		375,500
	1,000,000	Insulet Corp., 0.375%, 09/01/26		1,006,520		1,183,500
	365,000	Invacare Corp., 4.250%, 03/15/26		365,000		170,871
	400,000	Paratek Pharmaceuticals Inc., 4.750%, 05/01/24		398,319		357,840
	490,000	PetIQ Inc., 4.000%, 06/01/26		490,000		402,290
	255,000	Sarepta Therapeutics Inc., 1.250%, 09/15/27(a)		255,422		263,798
				4,509,644		4,395,402

		Materials — 0.2%
	110,000	Danimer Scientific Inc., 3.250%, 12/15/26(a)		110,000		58,300

		Real Estate Investment Trusts — 1.8%
	200,000	Pebblebrook Hotel Trust, 1.750%, 12/15/26		206,570		171,600
	250,000	Redwood Trust Inc., 7.750%, 06/15/27(a)		250,000		201,802
	385,000	Summit Hotel Properties Inc., 1.500%, 02/15/26		390,105		321,090
				846,675		694,492
		Security Software — 4.8%
	680,000	Nice Ltd., Zero Coupon, 09/15/25		686,552		630,020
	365,000	Varonis Systems Inc., 1.250%, 08/15/25		367,364		404,968
	675,000	Zscaler Inc., 0.125%, 07/01/25		681,149		862,987
				1,735,065		1,897,975
		Semiconductors — 4.0%
	1,000,000	Impinj Inc., 1.125%, 05/15/27(a)		1,026,455		990,269
	579,000	Wolfspeed Inc., 0.250%, 02/15/28(a)		598,772		608,529
				1,625,227		1,598,798
		Telecommunications — 2.0%
		Infinera Corp.
	750,000	2.500%, 03/01/27		724,004		687,913
	100,000	3.750%, 08/01/28(a)		100,000		99,350
				824,004		787,263

		TOTAL CONVERTIBLE CORPORATE BONDS		36,067,893		34,710,521

Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES(b) — 8.0%
		Automotive: Parts and Accessories — 2.1%
	8,875	Aptiv plc, Ser. A, 5.500%, 06/15/23	$	889,711	$	844,900

		Energy and Utilities: Integrated — 0.6%
	5,000	NextEra Energy Inc., 6.926%, 09/01/25		234,676		230,000

		Energy and Utilities: Services — 0.8%
	6,745	Spire Inc., Ser. A, 7.500%, 03/01/24		353,245		316,241

		Financial Services — 2.8%
	980	2020 Cash Mandatory Exchangeable Trust, 5.250%, 06/01/23(a)(c)		1,022,450		1,104,852

		Health Care — 1.7%
	500	Danaher Corp., Ser. B, 5.000%, 04/15/23		652,473		673,745

		TOTAL MANDATORY CONVERTIBLE SECURITIES		3,152,555		3,169,738
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 4.3%
$	1,695,000	U.S. Treasury Bill, 3.242%†, 12/29/22		1,681,524		1,681,906

		TOTAL INVESTMENTS — 99.9%	$	40,901,972		39,562,165
		Other Assets and Liabilities (Net) — 0.1%				58,002
		NET ASSETS — 100.0%			$	39,620,167

(a)

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

(b)

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

(c)

At September 30, 2022, the Fund held an investment in a restricted and illiquid security amounting to $1,104,852 or 2.79% of net assets, which was valued under methods approved by the Board of Trustees as follows:

Acquisition Shares				Issuer		Acquisition Dates				Acquisition Cost				09/30/22 Carrying Value Per Share
	980			2020 Cash Mandatory Exchangeable Trust, 5.250%, 06/01/23			06/24/20 -09/30/20			$	1,022,450			$	1,127.4000

†

Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

TETON Westwood Equity Fund

Schedule of Investments — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS — 98.1%
		Aerospace — 2.2%
	4,590	L3Harris Technologies Inc.	$	926,753	$	953,940

		Banking — 4.1%
	37,839	Bank of America Corp.		1,159,010		1,142,738
	9,625	Western Alliance Bancorp		901,737		632,747
				2,060,747		1,775,485
		Business Services — 2.1%
	5,089	Visa Inc., Cl. A		1,043,966		904,061

		Computer Software and Services — 8.9%
	8,563	Alphabet Inc., Cl. A†		850,973		819,051
	3,696	CACI International Inc., Cl. A†		1,101,352		964,878
	5,507	Meta Platforms Inc., Cl. A†		968,293		747,190
	5,799	Microsoft Corp.		1,073,015		1,350,587
				3,993,633		3,881,706
		Diversified Industrial — 6.8%
	9,740	Eaton Corp. plc		1,103,713		1,298,927
	15,191	Fortive Corp.		1,034,466		885,635
	4,858	Honeywell International Inc.		814,646		811,140
				2,952,825		2,995,702
		Electronics — 2.5%
	17,717	Microchip Technology Inc.		1,309,713		1,081,268

		Energy and Energy Services — 2.9%
	7,149	EOG Resources Inc.		552,820		798,758
	4,516	Valero Energy Corp.		369,849		482,534
				922,669		1,281,292
		Energy: Integrated — 6.1%
	7,213	DTE Energy Co.		758,029		829,856
	13,201	NextEra Energy Inc.		420,610		1,035,090
	9,160	WEC Energy Group Inc.		972,125		819,179
				2,150,764		2,684,125
		Energy: Oil — 4.9%
	6,039	Chevron Corp.		663,668		867,623
	8,317	ConocoPhillips		479,033		851,162
	7,062	Devon Energy Corp.		521,134		424,638
				1,663,835		2,143,423
		Equipment and Supplies — 3.1%
	5,276	Danaher Corp.		1,424,584		1,362,738

		Financial Services — 14.8%
	17,524	American International Group Inc.		667,134		832,039
	3,480	Berkshire Hathaway Inc., Cl. B†		948,573		929,230
	8,372	Blackstone Inc.		1,168,527		700,736
	10,454	JPMorgan Chase & Co.		1,214,541		1,092,443
	12,147	The Charles Schwab Corp.		574,429		873,005
	4,233	The Goldman Sachs Group Inc.		1,348,774		1,240,481
	5,451	The PNC Financial Services Group Inc.		1,046,000		814,488
				6,967,978		6,482,422
		Food and Beverage — 4.3%
	11,216	McCormick & Co. Inc., Non-Voting		1,109,080		799,364
	6,691	PepsiCo Inc.		637,385		1,092,373
				1,746,465		1,891,737

Shares			Cost		Market Value
		Health Care — 12.5%
	5,466	Becton, Dickinson and Co.	$	1,057,633	$	1,217,989
	14,895	Gilead Sciences Inc.		1,031,903		918,873
	9,749	Johnson & Johnson		1,583,950		1,592,597
	1,642	McKesson Corp.		319,405		558,066
	2,376	UnitedHealth Group Inc.		671,391		1,199,975
				4,664,282		5,487,500
		Real Estate — 4.5%
	5,579	Alexandria Real Estate Equities Inc., REIT		1,132,255		782,120
	7,611	Prologis Inc., REIT		818,431		773,277
	14,582	VICI Properties Inc., REIT		414,706		435,273
				2,365,392		1,990,670
		Retail — 11.2%
	9,262	CVS Health Corp.		543,800		883,317
	4,344	Dollar General Corp.		935,264		1,041,952
	1,657	O’Reilly Automotive Inc.†		1,104,818		1,165,451
	3,022	The Home Depot Inc.		455,934		833,891
	7,669	Walmart Inc.		1,037,753		994,669
				4,077,569		4,919,280
		Semiconductors — 1.8%
	1,852	ASML Holding NV		997,273		769,228

		Telecommunications — 3.0%
	86,346	AT&T Inc.		1,636,098		1,324,548

		Transportation — 2.4%
	5,354	Union Pacific Corp.		553,186		1,043,066

		TOTAL COMMON STOCKS		41,457,732		42,972,191

		SHORT TERM INVESTMENT — 2.0%
		Other Investment Companies — 2.0%
	871,033	Dreyfus Treasury Securities Cash Management, 2.460%*		871,033		871,033

		TOTAL INVESTMENTS — 100.1%	$	42,328,765		43,843,224
		Other Assets and Liabilities (Net) — (0.1)%				(54,912	)
		NET ASSETS — 100.0%			$	43,788,312

1 day yield as of September 30, 2022.

†

Non-income producing security.

REIT

Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS — 64.8%
		Aerospace — 1.2%
	2,389	L3Harris Technologies Inc.	$	488,376	$	496,506

		Automotive: Parts and Accessories — 1.7%
	973	O’Reilly Automotive Inc.†		469,766		684,360

		Banking — 2.6%
	22,688	Bank of America Corp.		849,404		685,177
	5,682	Western Alliance Bancorp		526,268		373,535
				1,375,672		1,058,712
		Business Services — 1.3%
	2,921	Visa Inc., Cl. A		601,578		518,916

		Computer Software and Services — 7.9%
	1,629	Accenture plc, Cl. A		383,539		419,142
	4,924	Alphabet Inc., Cl. A†		503,222		470,981
	2,225	CACI International Inc., Cl. A†		658,512		580,858
	3,510	Cadence Design Systems Inc.†		421,023		573,639
	3,168	Meta Platforms Inc., Cl. A†		764,369		429,834
	3,240	Microsoft Corp.		470,460		754,596
				3,201,125		3,229,050
		Consumer Services — 1.7%
	6,109	Amazon.com Inc.†		1,005,051		690,317

		Diversified Industrial — 3.8%
	5,748	Eaton Corp. plc		759,882		766,553
	8,713	Fortive Corp.		592,936		507,968
	1,710	Honeywell International Inc.		298,975		285,519
				1,651,793		1,560,040
		Electronics — 2.6%
	10,708	Microchip Technology Inc.		791,965		653,509
	1,174	Monolithic Power Systems Inc.		381,776		426,632
				1,173,741		1,080,141
		Energy and Energy Services — 2.0%
	2,833	EOG Resources Inc.		202,792		316,531
	4,553	Valero Energy Corp.		380,661		486,488
				583,453		803,019
		Energy: Integrated — 2.7%
	2,739	DTE Energy Co.		287,588		315,122
	3,953	NextEra Energy Inc.		139,194		309,955
	5,324	WEC Energy Group Inc.		565,081		476,125
				991,863		1,101,202
		Energy: Oil — 2.6%
	3,373	Chevron Corp.		384,340		484,599
	3,369	ConocoPhillips		220,937		344,783
	4,101	Devon Energy Corp.		301,729		246,593
				907,006		1,075,975
		Equipment and Supplies — 3.2%
	7,571	Amphenol Corp., Cl. A		437,860		506,954
	3,033	Danaher Corp.		818,884		783,394
				1,256,744		1,290,348
		Financial Services — 9.1%
	9,808	American International Group Inc.		383,129		465,684
	1,901	Berkshire Hathaway Inc., Cl. B†		517,716		507,605
	4,935	Blackstone Inc.		676,190		413,060

Shares			Cost		Market Value
	5,695	JPMorgan Chase & Co.	$	661,642	$	595,127
	7,278	The Charles Schwab Corp.		414,678		523,070
	2,541	The Goldman Sachs Group Inc.		811,810		744,640
	3,159	The PNC Financial Services Group Inc.		599,809		472,018
				4,064,974		3,721,204
		Food and Beverage — 2.0%
	6,762	McCormick & Co. Inc., Non-Voting		666,218		481,927
	2,076	PepsiCo Inc.		227,085		338,928
				893,303		820,855
		Health Care — 7.2%
	3,140	Becton, Dickinson and Co.		647,541		699,686
	8,119	Gilead Sciences Inc.		558,962		500,861
	4,653	Johnson & Johnson		766,913		760,114
	977	McKesson Corp.		200,337		332,053
	1,299	UnitedHealth Group Inc.		348,894		656,047
				2,522,647		2,948,761
		Real Estate — 2.8%
	3,266	Alexandria Real Estate Equities Inc., REIT		655,596		457,861
	4,382	Prologis Inc., REIT		497,858		445,211
	8,438	VICI Properties Inc., REIT		242,971		251,874
				1,396,425		1,154,946
		Retail — 5.3%
	6,626	CVS Health Corp.		393,477		631,922
	2,193	Dollar General Corp.		480,144		526,013
	1,629	The Home Depot Inc.		269,929		449,506
	4,419	Walmart Inc.		602,882		573,144
				1,746,432		2,180,585
		Semiconductors — 1.7%
	1,074	ASML Holding NV		576,773		446,086
	1,986	NVIDIA Corp.		282,763		241,080
				859,536		687,166
		Telecommunications — 1.8%
	47,191	AT&T Inc.		893,684		723,910

		Transportation — 1.6%
	3,391	Union Pacific Corp.		398,637		660,635

		TOTAL COMMON STOCKS		26,481,806		26,486,648

		MANDATORY CONVERTIBLE SECURITIES(a) — 1.3%
		Health Care — 1.3%
	5,090	Boston Scientific Corp., Ser. A,
		5.500%, 06/01/23		570,285		515,210

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — September 30, 2022

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 24.7%
		Aerospace — 0.6%
$	255,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust,
		4.450%, 10/01/25	$	270,242	$	240,997

		Banking — 1.7%
	750,000	Fifth Third Bancorp,
		2.375%, 01/28/25		749,904		701,455

		Diversified Industrial — 1.5%
	510,000	Cabot Corp.,
		4.000%, 07/01/29		508,919		445,061
	191,000	Jabil Inc.,
		1.700%, 04/15/26		191,280		166,214
				700,199		611,275

		Energy and Energy Services — 1.0%
	235,000	Energy Transfer LP,
		6.250%, 04/15/49		274,423		211,154
	260,000	Plains All American Pipeline LP / PAA Finance Corp.,
		3.800%, 09/15/30		272,199		218,207
				546,622		429,361

		Energy: Oil — 1.9%
	55,000	Diamondback Energy Inc.,
		3.125%, 03/24/31		54,837		44,675
	275,000	MPLX LP,
		2.650%, 08/15/30		274,048		215,756
	395,000	Petroleos Mexicanos,
		6.700%, 02/16/32		397,405		278,880
	259,000	Piedmont Natural Gas Co. Inc.,
		5.050%, 05/15/52		257,508		227,861
				983,798		767,172

		Financial Services — 6.2%
	138,000	American Honda Finance Corp., MTN,
		1.000%, 09/10/25		137,996		123,736
	500,000	Bank of America Corp., (U.S. Secured Overnight Financing Rate + 1.21%),
		2.572%, 10/20/32(b)		485,486		382,781
	500,000	Bank of Montreal, MTN,
		2.650%, 03/08/27		489,852		446,638
	140,000	Berkshire Hathaway Finance Corp.,
		2.850%, 10/15/50		139,893		90,282
	600,000	Capital One Financial Corp.,
		3.750%, 04/24/24		602,032		587,829
	500,000	Citigroup Inc., (U.S. Secured Overnight Financing Rate + 1.28%),
		3.070%, 02/24/28(b)		493,410		445,858
	405,000	Owl Rock Capital Corp.,
		3.400%, 07/15/26		404,688		348,088
	118,000	Schlumberger Finance Canada Ltd.,
		1.400%, 09/17/25		118,172		107,223
				2,871,529		2,532,435

Principal Amount			Cost		Market Value
		Food and Beverage — 0.6%
$	380,000	The J.M. Smucker Co.,			��
		3.550%, 03/15/50	$	387,024	$	256,554

		Health Care — 3.1%
	600,000	Aetna Inc.,
		3.500%, 11/15/24		600,251		583,762
	750,000	Amgen Inc.,
		2.200%, 02/21/27		756,254		667,306
				1,356,505		1,251,068

		Hotels and Gaming — 0.5%
	235,000	Marriott International Inc.,
		4.625%, 06/15/30		267,293		212,651

		Real Estate — 1.7%
	400,000	Boston Properties LP,
		2.450%, 10/01/33		369,358		282,112
	150,000	Brixmor Operating
		Partnership LP,
		2.250%, 04/01/28		149,829		121,383
	265,000	Realty Income Corp.,
		2.850%, 12/15/32		276,871		212,446
	113,000	Vornado Realty LP,
		3.400%, 06/01/31		113,169		86,598
				909,227		702,539

		Retail — 2.4%
	151,000	7-Eleven Inc.,
		0.950%, 02/10/26		150,757		130,435
	200,000	AutoZone Inc.,
		1.650%, 01/15/31		198,157		148,770
	800,000	CVS Health Corp.,
		3.250%, 08/15/29		809,387		700,570
				1,158,301		979,775

		Semiconductors — 1.1%
	235,000	Broadcom Inc.,
		4.150%, 11/15/30		266,402		203,663
	275,000	NXP BV / NXP Funding LLC / NXP USA Inc.,
		5.000%, 01/15/33		273,955		247,209
				540,357		450,872

		Telecommunications — 0.4%
	270,000	Charter Communications Operating LLC / Charter Communications Operating Capital Corp.,
		3.700%, 04/01/51		277,582		164,352

		Transportation — 2.0%
	875,000	AP Moller - Maersk A/S,
		4.500%, 06/20/29		871,144		801,642

		TOTAL CORPORATE BONDS		11,889,727		10,102,148

See accompanying notes to financial statements.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — September 30, 2022

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 1.2%
		Computer Software and Services — 0.7%
$	350,000	Splunk Inc.,
		1.125%, 06/15/27	$	374,104	$	277,122

		Health Care — 0.5%
	325,000	Exact Sciences Corp.,
		0.375%, 03/15/27		371,064		226,476

		TOTAL CONVERTIBLE CORPORATE BONDS		745,168		503,598

		U.S. GOVERNMENT OBLIGATIONS — 7.6%
		U.S. Treasury Bonds — 3.7%
	450,000	2.500%, 02/15/45		409,067		343,758
	700,000	2.500%, 05/15/46		700,180		531,809
	350,000	2.250%, 08/15/46		368,808		252,615
	350,000	1.875%, 02/15/51		320,048		231,875
	205,000	2.250%, 02/15/52		175,338		148,977
				1,973,441		1,509,034
		U.S. Treasury Notes — 3.9%
	900,000	0.750%, 05/31/26		898,367		795,270
	125,000	1.250%, 12/31/26		123,567		111,113
	330,000	2.250%, 11/15/27		319,000		302,247
	159,000	2.625%, 02/15/29		161,947		146,609
	255,000	2.750%, 08/15/32		249,872		233,086
				1,752,753		1,588,325

		TOTAL U.S. GOVERNMENT OBLIGATIONS		3,726,194		3,097,359

Shares
		SHORT TERM INVESTMENT — 0.3%
		Other Investment Companies — 0.3%
	136,908	Dreyfus Treasury Securities Cash Management, 2.460%*		136,908		136,908

		TOTAL INVESTMENTS — 99.9%	$	43,550,088		40,841,871
		Other Assets and Liabilities (Net) — 0.1%				48,245
		NET ASSETS — 100.0%			$	40,890,116

†

Non-income producing security.

(a)

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

(b)

Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at

a specified date. Rate shown is the rate in effect as of September 30, 2022.

1 day yield as of September 30, 2022.

	MTN	Medium Term Note
	REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Assets and Liabilities

September 30, 2022

	Mighty Mites Fund		SmallCap Equity Fund		Convertible Securities Fund
Assets:
Investments, at value (Cost $288,484,859, $38,837,357, and 40,901,972, respectively)	$	428,141,460	$	49,245,766	$	39,562,165
Investments in affiliates, at value (Cost $12,022,369)		23,152,756		—		—
Cash		—		57,842		17,259
Receivable for Fund shares sold		223,817		88,891		82,794
Receivable for investments sold		588,024		—		—
Receivable from Adviser		—		35,165		1,456
Dividends and interest receivable		384,313		29,469		161,256
Prepaid expenses		31,768		24,565		28,639
Total Assets		452,522,138		49,481,698		39,853,569
Liabilities:
Payable to bank		3,905,536		—		—
Payable for Fund shares redeemed		1,497,145		2		142,089
Payable for investment advisory fees		388,845		42,959		35,272
Payable for distribution fees		57,834		4,482		4,594
Payable for accounting fees		7,500		7,500		—
Payable for legal and audit fees		49,632		34,343		26,122
Payable for shareholder communications expenses		73,261		8,262		11,158
Other accrued expenses		78,392		12,302		14,167
Total Liabilities		6,058,145		109,850		233,402
Net Assets	$	446,463,993	$	49,371,848	$	39,620,167
Net Assets Consist of:
Paid-in capital	$	243,529,400	$	38,076,326	$	37,763,793
Total distributable earnings		202,934,593		11,295,522		1,856,374
Net Assets	$	446,463,993	$	49,371,848	$	39,620,167
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	84,906,244	$	7,299,856	$	4,065,389
Shares of beneficial interest outstanding		4,094,421		351,922		324,162
Net Asset Value, offering, and redemption price per share	$	20.74	$	20.74	$	12.54
Class A:
Net assets	$	71,819,408	$	5,820,234	$	3,419,161
Shares of beneficial interest outstanding		3,685,510		299,204		262,216
Net Asset Value and redemption price per share	$	19.49	$	19.45	$	13.04
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	20.30	$	20.26	$	13.58
Class C:
Net assets	$	25,567,143	$	1,930,993	$	3,296,696
Shares of beneficial interest outstanding		1,631,490		122,793		234,796
Net Asset Value and offering price per share (a)	$	15.67	$	15.73	$	14.04
Class I:
Net assets	$	264,171,198	$	34,320,765	$	28,838,921
Shares of beneficial interest outstanding		12,214,441		1,579,016		2,291,086
Net Asset Value, offering, and redemption price per share	$	21.63	$	21.74	$	12.59

(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)

September 30, 2022

	Equity		Balanced
	Fund		Fund
Assets:
Investments, at value (Cost $42,328,765 and $43,550,088, respectively)	$	43,843,224	$	40,841,871
Receivable for Fund shares sold		833		1,139
Dividends and interest receivable		34,615		144,919
Prepaid expenses		22,341		24,317
Total Assets		43,901,013		41,012,246
Liabilities:
Payable for Fund shares redeemed		13,440		36,650
Payable for investment advisory fees		39,131		26,995
Payable for distribution fees		9,248		8,617
Payable for legal and audit fees		26,590		26,560
Payable for shareholder communications expenses		10,351		9,307
Other accrued expenses		13,941		14,001
Total Liabilities		112,701		122,130
Net Assets	$	43,788,312	$	40,890,116
Net Assets Consist of:
Paid-in capital	$	38,867,505	$	41,020,532
Total distributable earnings/(accumulated loss)		4,920,807		(130,416	)
Net Assets	$	43,788,312	$	40,890,116
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$	41,068,273	$	31,492,205
Shares of beneficial interest outstanding		3,996,165		3,424,224
Net Asset Value, offering, and redemption price per share	$	10.28	$	9.20
Class A:
Net assets	$	788,515	$	5,701,635
Shares of beneficial interest outstanding		76,779		614,436
Net Asset Value and redemption price per share	$	10.27	$	9.28
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$	10.70	$	9.67
Class C:
Net assets	$	24,836	$	491,323
Shares of beneficial interest outstanding		2,697		52,120
Net Asset Value and offering price per share (a)	$	9.21	$	9.43
Class I:
Net assets	$	1,906,688	$	3,204,953
Shares of beneficial interest outstanding		186,396		349,215
Net Asset Value, offering, and redemption price per share	$	10.23	$	9.18

(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 Year Ended September 30, 2022

							Convertible
	Mighty			SmallCap			Securities
	Mites Fund			Equity Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $52,419, $0, and $0, respectively)	$	10,809,213		$	794,653		$	332,531
Dividends - affiliated		610,042			—			—
Interest		15,690			31,353			419,538
Total Investment Income		11,434,945			826,006			752,069
Expenses:
Investment advisory fees		6,030,550			554,973			581,607
Distribution fees - Class AAA		277,127			22,607			13,211
Distribution fees - Class A		226,925			15,432			11,108
Distribution fees - Class C		375,347			21,595			45,501
Accounting fees		45,000			45,000			26,250
Custodian fees		85,544			12,575			15,917
Legal and audit fees		91,074			38,208			30,467
Registration expenses		65,289			53,173			57,288
Shareholder communications expenses		188,058			27,997			31,641
Shareholder services fees		480,117			18,968			25,401
Trustees’ fees		107,703			9,725			10,547
Interest expense		489			75			919
Miscellaneous expenses		41,835			13,508			15,481
Total Expenses		8,015,058			833,836			865,338
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(217,384	)		(271,186	)
Custodian fee credits		(616	)		(22	)		(1	)
Advisory fee reduction on unsupervised assets (See Note 3)		(154,715	)		—			—
Expenses paid indirectly by broker (See Note 6)		(6,000	)		(1,748	)		(528	)
Total Reimbursements, Waivers, Reductions, and Credits		(161,331	)		(219,154	)		(271,715	)
Net Expenses		7,853,727			614,682			593,623
Net Investment Income		3,581,218			211,324			158,446
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		62,702,134			862,602			4,148,819
Net realized gain on investments - affiliated		10,568			—			—
Net realized loss on foreign currency transactions		(3,647	)		—			—
Net realized gain on investments and foreign currency transactions		62,709,055			862,602			4,148,819
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		(191,281,648	)		(9,548,343	)		(19,338,974	)
on investments - affiliated		1,094,695			—			—
on foreign currency translations		(4,732	)		—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(190,191,685	)		(9,548,343	)		(19,338,974	)
Net Realized and Unrealized Loss on Investments and Foreign Currency		(127,482,630	)		(8,685,741	)		(15,190,155	)
Net Decrease in Net Assets Resulting from Operations	$	(123,901,412	)	$	(8,474,417	)	$	(15,031,709	)

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Operations (Continued)

For the Year Ended September 30, 2022

	Equity			Balanced
	Fund			Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $809 and $448, respectively)	$	1,013,974		$	569,944
Interest		4,232			463,657
Total Investment Income		1,018,206			1,033,601
Expenses:
Investment advisory fees		524,445			371,997
Distribution fees - Class AAA		121,053			93,486
Distribution fees - Class A		2,281			18,614
Distribution fees - Class C		307			8,701
Accounting fees		30,000			26,250
Custodian fees		12,926			16,623
Legal and audit fees		30,256			30,074
Registration expenses		54,477			54,783
Shareholder communications expenses		30,512			27,925
Shareholder services fees		27,298			26,183
Trustees’ fees		9,245			8,780
Miscellaneous expenses		13,591			13,455
Total Expenses		856,391			696,871
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)		(1,757	)		(1,752	)
Total Reimbursements, Waivers, Reductions, and Credits		(1,757	)		(1,752	)
Net Expenses		854,634			695,119
Net Investment Income		163,572			338,482
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		3,254,320			2,687,251
Net realized gain on investments - affiliated		—			—
Net realized gain on foreign currency transactions		—			—
Net realized gain on investments and foreign currency transactions		3,254,320			2,687,251
Net change in unrealized appreciation/depreciation:
on investments - unaffiliated		(7,405,186	)		(9,466,909	)
on investments - affiliated		—			—
on foreign currency translations		—			—

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(7,405,186	)		(9,466,909	)
Net Realized and Unrealized Loss on Investments and Foreign Currency		(4,150,866	)		(6,779,658	)
Net Decrease in Net Assets Resulting from Operations	$	(3,987,294	)	$	(6,441,176	)

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Changes in Net Assets

For the Year Ended September 30,

	Mighty Mites Fund
	2022			2021

Operations:
Net investment income	$	3,581,218		$	3,814,420
Net realized gain on investments and foreign currency transactions		62,709,055			101,051,467
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(190,191,685	)		146,086,310
Net Increase/(Decrease) in Net Assets Resulting from Operations		(123,901,412	)		250,952,197
Distributions to Shareholders:
Accumulated earnings
Class AAA		(17,928,539	)		(10,683,732	)
Class A		(14,451,631	)		(7,469,859	)
Class C		(8,098,122	)		(5,804,836	)
Class I		(55,813,204	)		(32,433,056	)
Total Distributions to Shareholders		(96,291,496	)		(56,391,483	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		2,012,736			5,794,806
Class A		15,999,365			17,932,535
Class C		1,551,151			2,904,009
Class I		54,885,767			60,244,187
		74,449,019			86,875,537
Proceeds from reinvestment of distributions
Class AAA		17,443,390			10,374,998
Class A		12,321,803			6,360,400
Class C		7,915,476			5,657,197
Class I		42,778,029			24,488,342
		80,458,698			46,880,937
Cost of shares redeemed
Class AAA		(23,585,285	)		(26,608,043	)
Class A		(21,549,703	)		(18,910,418	)
Class C		(16,228,511	)		(22,284,435	)
Class I		(118,489,528	)		(115,966,884	)
		(179,853,027	)		(183,769,780	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(24,945,310	)		(50,013,306	)
Redemption Fees		92			50
Net Increase/(Decrease) in Net Assets		(245,138,126	)		144,547,458
Net Assets:
Beginning of year		691,602,119			547,054,661
End of year	$	446,463,993		$	691,602,119

See accompanying notes to financial statements.

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

For the Year Ended September 30,

SmallCap Equity Fund						Convertible Securities Fund						Equity Fund						Balanced Fund
2022			2021			2022			2021			2022			2021			2022			2021

$	211,324		$	136,411		$	158,446		$	307,573		$	163,572		$	3,795		$	338,482		$	114,422
	862,602			3,928,010			4,148,819			6,714,145			3,254,320			8,683,901			2,687,251			6,710,700
	(9,548,343	)		17,372,154			(19,338,974	)		7,949,190			(7,405,186	)		3,641,511			(9,466,909	)		1,536,829
	(8,474,417	)		21,436,575			(15,031,709	)		14,970,908			(3,987,294	)		12,329,207			(6,441,176	)		8,361,951

	(554,225	)		(750	)		(636,750	)		(232,965	)		(8,020,288	)		(2,094,143	)		(4,929,390	)		(1,812,147	)
	(347,566	)		—			(498,218	)		(175,139	)		(156,056	)		(44,214	)		(1,035,383	)		(373,653	)
	(165,125	)		—			(464,204	)		(121,353	)		(6,584	)		(1,252	)		(140,721	)		(56,191	)
	(2,017,134	)		(59,483	)		(5,413,759	)		(1,800,662	)		(501,478	)		(137,755	)		(519,861	)		(197,563	)
	(3,084,050	)		(60,233	)		(7,012,931	)		(2,330,119	)		(8,684,406	)		(2,277,364	)		(6,625,355	)		(2,439,554	)


	1,054,137			1,714,520			88,247			1,945,520			425,506			249,813			2,226,513			884,878
	1,708,695			658,030			147,636			817,677			60,016			154,374			533,899			657,352
	558,507			436,338			225,406			592,407			—			547,726			40,280			1,483,389
	17,236,350			14,704,128			7,394,638			18,132,901			402,781			275,942			1,353,558			273,243
	20,557,689			17,513,016			7,855,927			21,488,505			888,303			1,227,855			4,154,250			3,298,862

	541,864			749			629,125			230,588			7,709,509			2,026,765			4,796,641			1,766,100
	347,178			—			495,471			173,891			150,622			43,105			1,020,834			369,227
	165,125			—			457,033			120,432			6,584			1,252			128,224			51,954
	2,009,732			59,113			5,411,447			1,797,959			491,374			135,300			519,861			197,563
	3,063,899			59,862			6,993,076			2,322,870			8,358,089			2,206,422			6,465,560			2,384,844

	(2,330,166	)		(1,987,200	)		(1,332,275	)		(4,043,161	)		(4,790,697	)		(6,192,501	)		(5,835,794	)		(5,591,490	)
	(420,524	)		(381,946	)		(965,187	)		(2,768,497	)		(126,070	)		(480,393	)		(2,348,492	)		(1,477,607	)
	(628,421	)		(728,852	)		(1,253,508	)		(2,286,385	)		(10,344	)		(561,082	)		(667,301	)		(1,687,746	)
	(10,669,255	)		(12,844,328	)		(23,250,701	)		(26,243,620	)		(1,300,787	)		(562,448	)		(1,313,213	)		(1,387,382	)
	(14,048,366	)		(15,942,326	)		(26,801,671	)		(35,341,663	)		(6,227,898	)		(7,796,424	)		(10,164,800	)		(10,144,225	)
	9,573,222			1,630,552			(11,952,668	)		(11,530,288	)		3,018,494			(4,362,147	)		455,010			(4,460,519	)
	—			—			—			45			—			—			—			—
	(1,985,245	)		23,006,894			(33,997,308	)		1,110,546			(9,653,206	)		5,689,696			(12,611,521	)		1,461,878

	51,357,093			28,350,199			73,617,475			72,506,929			53,441,518			47,751,822			53,501,637			52,039,759
$	49,371,848		$	51,357,093		$	39,620,167		$	73,617,475		$	43,788,312		$	53,441,518		$	40,890,116		$	53,501,637

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights

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

			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 Year		Total Return†		Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)		Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(d)		Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions(e)		Portfolio Turnover Rate
Mighty Mites Fund
Class AAA
2022	$	30.25	$	0.13		$	(5.39	)	$	(5.26	)	$	(0.07	)	$	(4.18	)	$	(4.25	)	$	0.00	$	20.74	(20.64	)%	$	84,906	0.50	%	1.41	%	1.43	%	3	%
2021		22.42		0.13			10.11			10.24			—			(2.41	)		(2.41	)		0.00		30.25	48.78			129,754	0.47		1.40		1.42		6
2020		25.58		(0.07	)		(2.01	)		(2.08	)		—			(1.08	)		(1.08	)		0.00		22.42	(8.68	)		103,109	(0.31	)	1.43		1.44		2
2019		28.86		(0.03	)		(2.28	)		(2.31	)		—			(0.97	)		(0.97	)		0.00		25.58	(8.00	)		156,267	(0.11	)	1.41		1.41		8
2018		29.42		(0.07	)		1.32			1.25			—			(1.81	)		(1.81	)		0.00		28.86	4.38			226,938	(0.25	)	1.40		1.40		9
Class A
2022	$	28.68	$	0.12		$	(5.06	)	$	(4.94	)	$	(0.07	)	$	(4.18	)	$	(4.25	)	$	0.00	$	19.49	(20.63	)%	$	71,820	0.48	%	1.41	%	1.43	%	3	%
2021		21.37		0.12			9.60			9.72			—			(2.41	)		(2.41	)		0.00		28.68	48.74			98,771	0.44		1.41		1.43		6
2020		24.49		(0.12	)		(1.92	)		(2.04	)		—			(1.08	)		(1.08	)		0.00		21.37	(8.91	)		68,250	(0.55	)	1.68		1.69		2
2019		27.75		(0.09	)		(2.20	)		(2.29	)		—			(0.97	)		(0.97	)		0.00		24.49	(8.26	)		75,977	(0.35	)	1.66		1.66		8
2018		28.42		(0.14	)		1.28			1.14			—			(1.81	)		(1.81	)		0.00		27.75	4.13			111,572	(0.50	)	1.65		1.65		9
Class C
2022	$	23.95	$	(0.05	)	$	(4.05	)	$	(4.10	)	$	—		$	(4.18	)	$	(4.18	)	$	0.00	$	15.67	(21.22	)%	$	25,567	(0.25	)%	2.16	%	2.18	%	3	%
2021		18.31		(0.06	)		8.11			8.05			—			(2.41	)		(2.41	)		0.00		23.95	47.66			48,054	(0.27	)	2.15		2.17		6
2020		21.24		(0.20	)		(1.65	)		(1.85	)		—			(1.08	)		(1.08	)		0.00		18.31	(9.40	)		47,509	(1.06	)	2.18		2.19		2
2019		24.32		(0.18	)		(1.93	)		(2.11	)		—			(0.97	)		(0.97	)		0.00		21.24	(8.70	)		108,356	(0.85	)	2.16		2.16		8
2018		25.24		(0.24	)		1.13			0.89			—			(1.81	)		(1.81	)		0.00		24.32	3.63			166,600	(1.00	)	2.15		2.15		9
Class I
2022	$	31.38	$	0.20		$	(5.62	)	$	(5.42	)	$	(0.15	)	$	(4.18	)	$	(4.33	)	$	0.00	$	21.63	(20.44	)%	$	264,171	0.74	%	1.16	%	1.18	%	3	%
2021		23.13		0.21			10.45			10.66			—			(2.41	)		(2.41	)		0.00		31.38	49.13			415,023	0.72		1.15		1.17		6
2020		26.29		(0.01	)		(2.07	)		(2.08	)		—			(1.08	)		(1.08	)		0.00		23.13	(8.43	)		328,187	(0.05	)	1.18		1.19		2
2019		29.57		0.04			(2.35	)		(2.31	)		—			(0.97	)		(0.97	)		0.00		26.29	(7.80	)		625,116	0.15		1.16		1.16		8
2018		30.02		0.00	(c)		1.36			1.36			—			(1.81	)		(1.81	)		0.00		29.57	4.67			930,953	0.00	(f)	1.15		1.15		9

†

Total return represents aggregate total return of a hypothetical investment at the beginning of the year and sold at the end of the year including reinvestment of distributions and does not reflect the applicable sales charges.

(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 0.03%, 0.02%, and 0.01% of net assets for the years ended September 30, 2022, 2021, and 2020. For the years ended September 30, 2019 and 2018, there was no impact on the expense ratios.

(f)

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 year:

			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 Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions(c)		Operating Expenses Before Waivers/ Credits/ Reimbursements/ Reductions		Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2022	$	25.74	$	0.06		$	(3.61	)	$	(3.55	)	$	(0.01	)	$	(1.44	)	$	(1.45	)	$	—	$	20.74		(14.79	)%	$	7,300		0.23	%	1.25	%	1.64	%		15	%
2021		15.40		0.04			10.30			10.34			(0.00	)(b)		—			(0.00	)(b)		—		25.74		67.16			9,838		0.15		1.25		1.64			21
2020		17.97		0.04			(1.72	)		(1.68	)		(0.07	)		(0.82	)		(0.89	)		0.00		15.40		(10.08	)		6,146		0.26		1.25		1.70			18
2019		21.49		0.06			(1.28	)		(1.22	)		—			(2.30	)		(2.30	)		0.00		17.97		(5.56	)		7,758		0.33		1.25		1.64			35
2018		21.37		(0.02	)		2.00			1.98			—			(1.86	)		(1.86	)		—		21.49		9.68			9,286		(0.08	)	1.25		1.72			32
Class A
2022	$	24.23	$	0.06		$	(3.38	)	$	(3.32	)	$	(0.02	)	$	(1.44	)	$	(1.46	)	$	—	$	19.45		(14.78	)%	$	5,820		0.25	%	1.25	%	1.65	%		15	%
2021		14.50		0.03			9.70			9.73			—			—			—			—		24.23		67.10			5,539		0.14		1.27		1.65			21
2020		16.98		0.00	(b)		(1.63	)		(1.63	)		(0.03	)		(0.82	)		(0.85	)		0.00		14.50		(10.34	)		3,172		0.02		1.50		1.95			18
2019		20.48		0.01			(1.21	)		(1.20	)		—			(2.30	)		(2.30	)		0.00		16.98		(5.75	)		4,440		0.08		1.50		1.89			35
2018		20.50		(0.07	)		1.91			1.84			—			(1.86	)		(1.86	)		—		20.48		9.38			5,024		(0.33	)	1.50		1.97			32
Class C
2022	$	19.98	$	(0.10	)	$	(2.71	)	$	(2.81	)	$	—		$	(1.44	)	$	(1.44	)	$	—	$	15.73		(15.38	)%	$	1,931		(0.53	)%	2.00	%	2.39	%		15	%
2021		12.04		(0.11	)		8.05			7.94			—			—			—			—		19.98		65.95			2,336		(0.60	)	2.00		2.39			21
2020		14.28		(0.06	)		(1.36	)		(1.42	)		—			(0.82	)		(0.82	)		0.00		12.04		(10.82	)		1,597		(0.46	)	2.00		2.45			18
2019		17.69		(0.06	)		(1.05	)		(1.11	)		—			(2.30	)		(2.30	)		0.00		14.28		(6.21	)		3,164		(0.41	)	2.00		2.39			35
2018		18.04		(0.15	)		1.66			1.51			—			(1.86	)		(1.86	)		—		17.69		8.79			2,895		(0.83	)	2.00		2.47			32
Class I
2022	$	26.90	$	0.13		$	(3.77	)	$	(3.64	)	$	(0.08	)	$	(1.44	)	$	(1.52	)	$	—	$	21.74		(14.54	)%	$	34,321		0.49	%	1.00	%	1.39	%		15	%
2021		16.09		0.10			10.75			10.85			(0.04	)		—			(0.04	)		—		26.90		67.55			33,644		0.40		1.00		1.39			21
2020		18.74		0.09			(1.80	)		(1.71	)		(0.12	)		(0.82	)		(0.94	)		0.00		16.09		(9.87	)		17,435		0.52		1.00		1.45			18
2019		22.27		0.11			(1.32	)		(1.21	)		(0.02	)		(2.30	)		(2.32	)		0.00		18.74		(5.27	)		23,307		0.60		1.00		1.39			35
2018		22.04		0.04			2.05			2.09			—			(1.86	)		(1.86	)		—		22.27		9.90			21,688		0.17		1.00		1.47			32

†

(a)

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

(b)

Amount represents less than $0.005 per share.

(c)

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

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights (Continued)

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

			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 Year		Total Return†		Net Assets, End of Year (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
2022	$	18.26	$	0.02		$	(3.96	)	$	(3.94	)	$	(0.17	)	$	(1.61	)	$	(1.78	)	$	—	$	12.54	(23.78	)%	$	4,065	0.16	%	1.15	%	1.62	%	39	%
2021		15.59		0.05			3.11			3.16			(0.16	)		(0.33	)		(0.49	)		0.00		18.26	20.48			6,701	0.27		1.15		1.56		34
2020		13.86		0.16			1.98			2.14			(0.25	)		(0.16	)		(0.41	)		0.00		15.59	15.80			7,392	1.12		1.15		1.62		62
2019		13.98		0.13			0.51			0.64			(0.23	)		(0.53	)		(0.76	)		—		13.86	5.08			5,168	1.00		1.15		1.66		28
2018		12.41		0.04			1.73			1.77			(0.20	)		—			(0.20	)		—		13.98	14.38			4,523	0.34		1.15		2.03		35
Class A
2022	$	18.91	$	0.02		$	(4.12	)	$	(4.10	)	$	(0.16	)	$	(1.61	)	$	(1.77	)	$	—	$	13.04	(23.77	)%	$	3,419	0.16	%	1.15	%	1.62	%	39	%
2021		16.13		0.04			3.22			3.26			(0.15	)		(0.33	)		(0.48	)		0.00		18.91	20.45			5,417	0.24		1.17		1.58		34
2020		14.33		0.13			2.04			2.17			(0.21	)		(0.16	)		(0.37	)		0.00		16.13	15.47			6,143	0.86		1.40		1.87		62
2019		14.43		0.10			0.53			0.63			(0.20	)		(0.53	)		(0.73	)		—		14.33	4.81			4,821	0.76		1.40		1.91		28
2018		12.79		0.01			1.80			1.81			(0.17	)		—			(0.17	)		—		14.43	14.22			3,711	0.09		1.40		2.28		35
Class C
2022	$	20.24	$	(0.10	)	$	(4.43	)	$	(4.53	)	$	(0.06	)	$	(1.61	)	$	(1.67	)	$	—	$	14.04	(24.32	)%	$	3,297	(0.60	)%	1.90	%	2.37	%	39	%
2021		17.26		(0.10	)		3.44			3.34			(0.03	)		(0.33	)		(0.36	)		0.00		20.24	19.54			5,575	(0.49	)	1.90		2.31		34
2020		15.30		0.06			2.19			2.25			(0.13	)		(0.16	)		(0.29	)		0.00		17.26	14.93			6,130	0.37		1.90		2.37		62
2019		15.36		0.04			0.56			0.60			(0.13	)		(0.53	)		(0.66	)		—		15.30	4.30			4,246	0.26		1.90		2.41		28
2018		13.62		(0.06	)		1.90			1.84			(0.10	)		—			(0.10	)		—		15.36	13.55			2,960	(0.40	)	1.90		2.78		35
Class I
2022	$	18.32	$	0.06		$	(3.98	)	$	(3.92	)	$	(0.20	)	$	(1.61	)	$	(1.81	)	$	—	$	12.59	(23.56	)%	$	28,839	0.39	%	0.90	%	1.37	%	39	%
2021		15.64		0.09			3.12			3.21			(0.20	)		(0.33	)		(0.53	)		0.00		18.32	20.79			55,924	0.51		0.90		1.31		34
2020		13.91		0.20			1.97			2.17			(0.28	)		(0.16	)		(0.44	)		0.00		15.64	16.03			52,842	1.36		0.90		1.37		62
2019		14.03		0.18			0.49			0.67			(0.26	)		(0.53	)		(0.79	)		—		13.91	5.33			36,402	1.32		0.90		1.41		28
2018		12.44		0.08			1.75			1.83			(0.24	)		—			(0.24	)		—		14.03	14.79			18,097	0.56		0.90		1.78		35

†

(a)

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

(b)

Amount represents less than $0.005 per share.

(c)

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

See accompanying notes to financial statements.

TETON Westwood Funds

Financial Highlights (Continued)

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

				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 Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses(b)			Portfolio Turnover Rate
Equity Fund
Class AAA
2022	$	13.37	$	0.04		$	(0.93	)	$	(0.89	)	$	(0.00	)(c)	$	(2.20	)	$	(2.20	)	$	10.28		(8.75	)%	$	41,068		0.30	%		1.64	%		50	%
2021		11.02		0.00	(c)		2.89			2.89			(0.06	)		(0.48	)		(0.54	)		13.37		26.99			49,468		0.00	(d)		1.64			66
2020		12.66		0.08			(0.53	)		(0.45	)		(0.11	)		(1.08	)		(1.19	)		11.02		(4.32	)		44,109		0.70			1.63			46
2019		13.94		0.10			0.54			0.64			(0.09	)		(1.83	)		(1.92	)		12.66		5.84			50,849		0.80			1.64			28
2018		13.69		0.08			1.71			1.79			(0.06	)		(1.48	)		(1.54	)		13.94		14.14			54,595		0.59			1.60			33
Class A
2022	$	13.36	$	0.04		$	(0.93	)	$	(0.89	)	$	(0.00	)(c)	$	(2.20	)	$	(2.20	)	$	10.27		(8.76	)%	$	788		0.29	%		1.64	%		50	%
2021		10.99		0.00	(c)		2.88			2.88			(0.03	)		(0.48	)		(0.51	)		13.36		26.94			933		(0.03	)		1.67			66
2020		12.63		0.05			(0.53	)		(0.48	)		(0.08	)		(1.08	)		(1.16	)		10.99		(4.57	)		1,010		0.45			1.88			46
2019		13.90		0.07			0.54			0.61			(0.05	)		(1.83	)		(1.88	)		12.63		5.59			1,366		0.56			1.89			28
2018		13.64		0.05			1.71			1.76			(0.02	)		(1.48	)		(1.50	)		13.90		13.88			1,435		0.35			1.85			33
Class C
2022	$	12.27	$	(0.05	)	$	(0.81	)	$	(0.86	)	$	—		$	(2.20	)	$	(2.20	)	$	9.21		(9.40	)%	$	25		(0.48	)%		2.39	%		50	%
2021		10.18		(0.11	)		2.68			2.57			—			(0.48	)		(0.48	)		12.27		25.93			37		(1.00	)		2.39			66
2020		11.76		(0.00	)(c)		(0.50	)		(0.50	)		—			(1.08	)		(1.08	)		10.18		(5.04	)		38		(0.01	)		2.38			46
2019		13.09		0.00	(c)		0.50			0.50			—			(1.83	)		(1.83	)		11.76		4.99			104		0.04			2.39			28
2018		12.97		(0.02	)		1.62			1.60			—			(1.48	)		(1.48	)		13.09		13.32			449		(0.17	)		2.35			33
Class I
2022	$	13.32	$	0.07		$	(0.92	)	$	(0.85	)	$	(0.04	)	$	(2.20	)	$	(2.24	)	$	10.23		(8.52	)%	$	1,907		0.56	%		1.39	%		50	%
2021		10.98		0.03			2.88			2.91			(0.09	)		(0.48	)		(0.57	)		13.32		27.31			3,004		0.25			1.39			66
2020		12.62		0.11			(0.53	)		(0.42	)		(0.14	)		(1.08	)		(1.22	)		10.98		(4.09	)		2,595		0.96			1.38			46
2019		13.91		0.13			0.53			0.66			(0.12	)		(1.83	)		(1.95	)		12.62		6.08			3,954		1.06			1.39			28
2018		13.66		0.11			1.72			1.83			(0.10	)		(1.48	)		(1.58	)		13.91		14.47			4,870		0.84			1.35			33

†

(a)

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

(b)

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

(c)

Amount represents less than $0.005 per share.

(d)

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 year:

			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 Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses(b)			Portfolio Turnover Rate
Balanced Fund
Class AAA
2022	$	12.11	$	0.07		$	(1.44	)	$	(1.37	)	$	(0.07	)	$	(1.47	)	$	(1.54	)	$	9.20		(13.36	)%	$	31,492		0.68	%		1.41	%		46	%
2021		10.85		0.03			1.75			1.78			(0.02	)		(0.50	)		(0.52	)		12.11		16.93			40,187		0.22			1.41			65
2020		11.71		0.10			(0.11	)		(0.01	)		(0.10	)		(0.75	)		(0.85	)		10.85		0.17			38,713		0.95			1.42			57
2019		12.39		0.13			0.55			0.68			(0.13	)		(1.23	)		(1.36	)		11.71		6.44			44,638		1.15			1.37			44
2018		12.16		0.12			0.96			1.08			(0.12	)		(0.73	)		(0.85	)		12.39		9.32			45,181		1.00			1.34			27
Class A
2022	$	12.20	$	0.07		$	(1.45	)	$	(1.38	)	$	(0.07	)	$	(1.47	)	$	(1.54	)	$	9.28		(13.35	)%	$	5,702		0.66	%		1.41	%		46	%
2021		10.93		0.02			1.77			1.79			(0.02	)		(0.50	)		(0.52	)		12.20		16.87			8,454		0.20			1.43			65
2020		11.79		0.08			(0.11	)		(0.03	)		(0.08	)		(0.75	)		(0.83	)		10.93		(0.43	)		7,981		0.70			1.67			57
2019		12.47		0.10			0.55			0.65			(0.10	)		(1.23	)		(1.33	)		11.79		6.13			9,553		0.89			1.62			44
2018		12.23		0.09			0.97			1.06			(0.09	)		(0.73	)		(0.82	)		12.47		9.08			8,719		0.75			1.59			27
Class C
2022	$	12.39	$	(0.02	)	$	(1.46	)	$	(1.48	)	$	(0.01	)	$	(1.47	)	$	(1.48	)	$	9.43		(14.02	)%	$	491		(0.15	)%		2.16	%		46	%
2021		11.15		(0.07	)		1.81			1.74			—			(0.50	)		(0.50	)		12.39		16.03			1,212		(0.57	)		2.16			65
2020		12.01		0.02			(0.11	)		(0.09	)		(0.02	)		(0.75	)		(0.77	)		11.15		(0.95	)		1,215		0.20			2.17			57
2019		12.67		0.05			0.56			0.61			(0.04	)		(1.23	)		(1.27	)		12.01		5.58			2,195		0.40			2.12			44
2018		12.41		0.03			0.99			1.02			(0.03	)		(0.73	)		(0.76	)		12.67		8.54			4,544		0.25			2.09			27
Class I
2022	$	12.09	$	0.10		$	(1.44	)	$	(1.34	)	$	(0.10	)	$	(1.47	)	$	(1.57	)	$	9.18		(13.15	)%	$	3,205		0.93	%		1.16	%		46	%
2021		10.83		0.05			1.76			1.81			(0.05	)		(0.50	)		(0.55	)		12.09		17.26			3,649		0.47			1.16			65
2020		11.69		0.13			(0.11	)		0.02			(0.13	)		(0.75	)		(0.88	)		10.83		0.09			4,131		1.19			1.17			57
2019		12.38		0.16			0.54			0.70			(0.16	)		(1.23	)		(1.39	)		11.69		6.63			3,734		1.40			1.12			44
2018		12.15		0.15			0.97			1.12			(0.16	)		(0.73	)		(0.89	)		12.38		9.61			3,925		1.24			1.09			27

†

(a)

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

(b)

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

See accompanying notes to financial statements.

TETON Westwood Funds

Notes to Financial Statements

1. Organization. The TETON Westwood Funds (the Trust) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified open-end management investment company and currently consists of five active separate investment portfolios: TETON Westwood Mighty Mites Fund (Mighty Mites Fund), TETON Westwood SmallCap Equity Fund (SmallCap Equity Fund), TETON Convertible Securities Fund (Convertible Securities Fund), TETON Westwood Equity Fund (Equity Fund), and TETON Westwood Balanced Fund (Balanced Fund), individually, a “Fund” and collectively, the “Funds.” Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.

The investment objectives of each Fund are as follows:

●

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

●

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

●

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

●

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

●

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

2. Significant Accounting Policies. As an investment company, the Trust follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements.

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

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

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

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities,

TETON Westwood Funds

Notes to Financial Statements (Continued)

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

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

●

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

●

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

●

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of September 30, 2022 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total Market Value at 09/30/22
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks
Automotive: Parts and Accessories	$	11,818,572	$	8		—		$	11,818,580
Aviation: Parts and Services		13,035,036		191,407		—			13,226,443
Building and Construction		6,500,556		7,620,131		—			14,120,687
Business Services		10,316,384		—	$	266,500			10,582,884
Consumer Products		8,333,297		0		—			8,333,297
Consumer Services		1,099,040		328,000		—			1,427,040
Diversified Industrial		50,537,768		2,889,837		—			53,427,605
Financial Services		56,083,584		9,850,650		55,000			65,989,234
Food and Beverage		10,209,818		204,785		—			10,414,603
Real Estate		16,491,660		1,531,948		255			18,023,863
Specialty Chemicals		6,656,132		—		0			6,656,132
Other Industries (a)		235,739,022		—		—			235,739,022
Total Common Stocks		426,820,869		22,616,766		321,755			449,759,390
Preferred Stocks (a)		1,119,800		—		—			1,119,800
Rights (a)		34,560		301,815		3,978			340,353
Warrants (a)		16,994		57,027		652			74,673
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	427,992,223	$	22,975,608	$	326,385	(b)	$	451,294,216
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	43,335,327		—		—		$	43,335,327
U.S. Government Obligations		—	$	5,910,439		—			5,910,439
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	43,335,327	$	5,910,439		—		$	49,245,766
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (c)		—	$	34,710,521		—		$	34,710,521
Mandatory Convertible Securities (c)	$	2,064,886		1,104,852		—			3,169,738
U.S. Government Obligations		—		1,681,906		—			1,681,906
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	2,064,886	$	37,497,279		—		$	39,562,165
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	42,972,191		—		—		$	42,972,191
Short Term Investment		871,033		—		—			871,033
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	43,843,224		—		—		$	43,843,224

TETON Westwood Funds

Notes to Financial Statements (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 09/30/22
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (c)	$	26,486,648		—		—	$	26,486,648
Mandatory Convertible Securities (c)		515,210		—		—		515,210
Corporate Bonds (c)		—	$	10,102,148		—		10,102,148
Convertible Corporate Bonds (c)		—		503,598		—		503,598
U.S. Government Obligations		—		3,097,359		—		3,097,359
Short Term Investment		136,908		—		—		136,908
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	27,138,766	$	13,703,105		—	$	40,841,871

(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 Mighty Mites Fund for which significant unobservable inputs were used to determine fair value.

	Balance as of 09/30/21		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 09/30/22		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 09/30/22†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)	$	138,589		—		—	$	(83,334	)	$	266,500		—			—		—	$	321,755	$	(83,334	)
Rights (a)		3,979		—	$	58,413		—			—	$	(58,414	)		—		—		3,978		—
Warrants (a)		656		—		—		(4	)		—		—			—		—		652		—
TOTAL INVESTMENTS
IN SECURITIES	$	143,224		—	$	58,413	$	(83,338	)	$	266,500	$	(58,414	)		—		—	$	326,385	$	(83,334	)

† 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.

Additional Information to Evaluate Qualitative Information.

General. The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities

TETON Westwood Funds

Notes to Financial Statements (Continued)

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 fiscal year ended September 30, 2022, there were no short sales.

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

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

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

Restricted Securities. Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. Securities deemed as liquid are not included in the limitations described above. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Funds held as of September 30, 2022, refer to the Schedules of Investments.

TETON Westwood Funds

Notes to Financial Statements (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 fiscal year ended September 30, 2022, the Mighty Mites Fund’s, Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was each less than 1 basis point.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

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

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

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

For the fiscal year ended September 30, 2022, the following reclassifications were made to increase/decrease such amounts with offsetting adjustments to paid-in capital:

Accumulated
Earnings/

(Losses)

Paid-in

Capital

Mighty Mites Fund

(8,446,926

)

8,446,926

The tax character of distributions paid during the fiscal years ended September 30, 2022 and 2021 was as follows:

	Mighty Mites Fund						SmallCap Equity Fund				Convertible Securities Fund
	Year Ended September 30,						Year Ended September 30,				Year Ended September 30,
	2022			2021			2022		2021		2022		2021
Ordinary income (inclusive of short term capital gains)	$	3,413,588		$	263,315		$	440,131	$	60,233	$	2,901,646	$	822,928
Net long term capital gains		100,784,565			64,413,988			2,643,919		—		4,111,285		1,507,191
Total distributions paid	$	104,198,153	*	$	64,677,303	*	$	3,084,050	$	60,233	$	7,012,931	$	2,330,119

TETON Westwood Funds

Notes to Financial Statements (Continued)

	Equity Fund					Balanced Fund
	Year Ended September 30,					Year Ended September 30,
	2022		2021			2022		2021
Ordinary income (inclusive of short term capital gains)	$	1,834,685	$	254,580		$	2,359,741	$	135,877
Net long term capital gains		6,849,721		2,023,224			4,265,614		2,303,677
Total distributions paid	$	8,684,406	$	2,277,804	*	$	6,625,355	$	2,439,554

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

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

At September 30, 2022, the components of accumulated earnings/(losses) on a tax basis were as follows:

	Mighty Mites Fund		SmallCap Equity Fund		Convertible Securities Fund			Equity Fund		Balanced Fund
Undistributed ordinary income (inclusive of short term capital gains)	$	3,066,746	$	177,366	$	23,681		$	160,344	$	4,879
Undistributed long term capital gain		52,786,566		714,686		3,484,498			3,249,129		2,644,469
Unrealized appreciation/depreciation		147,081,281		10,403,470		(1,651,805	)		1,511,334		(2,779,764	)
Total accumulated earnings	$	202,934,593	$	11,295,522	$	1,856,374		$	4,920,807	$	(130,416	)

At September 30, 2022, the temporary differences between book basis and tax basis unrealized appreciation/depreciation on investments was primarily due to deferral of losses from wash sales for tax purposes, investments in REITs, mark-to-market adjustments on investments in passive foreign investment companies, premium amortization, tax basis adjustments on investments in real estate investment trusts, adjustments on the sale of securities no longer deemed passive foreign investment companies, and basis adjustments in partnerships.

The following summarizes the tax cost of investments and the related net unrealized appreciation at September 30, 2022:

	Mighty Mites Fund			SmallCap Equity Fund			Convertible Securities Fund			Equity Fund			Balanced Fund
Aggregate cost of investments	$	304,206,922		$	38,842,296		$	41,213,970		$	42,331,890		$	43,621,635
Gross unrealized appreciation	$	191,228,934		$	12,682,687		$	2,942,338		$	5,370,944		$	2,986,264
Gross unrealized depreciation		(44,141,640	)		(2,279,217	)		(4,594,143	)		(3,859,610	)		(5,766,028	)
Net unrealized appreciation/depreciation	$	147,087,294		$	10,403,470		$	(1,651,805	)	$	1,511,334		$	(2,779,764	)

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 September 30, 2022, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

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.

TETON Westwood Funds

Notes to Financial Statements (Continued)

There was a reduction in the Mighty Mites Fund’s advisory fee paid to its Adviser relating to certain portfolio holdings, i.e., unsupervised assets, with respect to which the Adviser transferred dispositive and voting control to the Mighty Mites Fund’s Proxy Voting Committee. During the fiscal year ended September 30, 2022, 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 $154,715.

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 31,2023. For the fiscal year ended September 30, 2022, the respective Advisers waived fees or reimbursed expenses in the amounts of $217,384 and $271,186 for the SmallCap Equity Fund and Convertible Securities Fund, respectively.

In addition, the SmallCap Equity Fund and the Convertible Securities Fund are obliged to repay the Adviser for a period of two and three fiscal years, respectively, following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of these Funds fall below the following expense limitations based on average net assets for the SmallCap Equity Fund and the Convertible Securities Fund for Class AAA Shares 1.25% and 1.15%, respectively, for Class A Shares 1.25% and 1.15%, respectively, for Class C Shares 2.00% and 1.90%, respectively, and for Class I Shares 1.00% and 0.90%, respectively. As of September 30, 2022, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

			For the year ended September 30, 2021, expiring September 30, 2023				For the year ended September 30, 2022, expiring September 30, 2024		Total
SmallCap Equity Fund			$	184,043		$	217,384		$	$401,427

			For the year ended September 30, 2020, expiring September 30, 2023				For the year ended September 30, 2021, expiring September 30, 2024				For the year ended September 30, 2022, expiring September 30, 2025				Total
Convertible Securities Fund			$	291,369			$	324,715			$	271,186			$	887,270

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.

TETON Westwood Funds

Notes to Financial Statements (Continued)

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the fiscal year ended September 30, 2022, other than short term securities, are as follows:

	Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
Mighty Mites Fund	$	18,917,505	$	118,112,249		—		—
SmallCap Equity Fund		9,211,307		7,965,476		—		—
Convertible Securities Fund		22,416,155		39,383,538		—		—
Equity Fund		25,615,946		31,513,715		—		—
Balanced Fund		19,462,371		21,658,580	$	2,953,050	$	5,326,357

6. Transactions with Affiliates and Other Arrangements. During the fiscal year ended September 30, 2022, the Mighty Mites Fund paid $13,674 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $10,610 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the fiscal year ended September 30, 2022, the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $6,000, $1,748, $528, $1,757, and $1,752, respectively.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the fiscal year ended September 30, 2022, the Mighty Mites Fund, SmallCap Equity Fund, Convertible Securities Fund, Equity Fund, and Balanced Fund accrued $45,000, $45,000, $26,250, $30,000, and $26,250 in connection with the cost of computing these Funds’ NAVs.

During the fiscal year ended September 30, 2022, the Mighty Mites Fund engaged in sale transactions with funds that have a common investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act and amounted to $3,277,179 in sales transactions.

7. Significant Shareholder. As of September 30, 2022, 10.32% of the Convertible Securities Fund was beneficially owned by the Adviser and its affiliates, including managed accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

8. Shares of Beneficial Interest. The Funds offer four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Mighty Mites Fund, SmallCap Equity Fund, and Convertible Securities Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the fiscal years ended September 30, 2022 and 2021 can be found in the Statements of Changes in Net Assets under Redemption Fees.

TETON Westwood Funds

Notes to Financial Statements (Continued)

Transactions in shares of beneficial interest were as follows:

	Mighty Mites Fund						SmallCap Equity Fund						Convertible Securities Fund
	Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
	2022			2021			2022			2021			2022			2021
Class AAA
Shares sold		78,974			204,748			41,591			67,928			6,071			110,407
Shares issued upon reinvestment of distributions		647,250			442,242			21,468			38			38,447			13,604
Shares redeemed		(921,647	)		(956,412	)		(93,383	)		(84,927	)		(87,386	)		(231,146	)
Net decrease in Class AAA Shares		(195,423	)		(309,422	)		(30,324	)		(16,961	)		(42,868	)		(107,135	)
Class A
Shares sold		655,965			681,988			74,532			28,084			9,989			45,239
Shares issued upon reinvestment of distributions		486,643			285,861			14,668			—			29,152			9,906
Shares redeemed		(901,365	)		(717,310	)		(18,597	)		(18,280	)		(63,380	)		(149,530	)
Net increase/(decrease) in Class A Shares		241,243			250,539			70,603			9,804			(24,239	)		(94,385	)
Class C
Shares sold		77,977			126,510			30,768			24,310			12,129			30,209
Shares issued upon reinvestment of distributions		386,309			302,524			8,578			—			24,726			6,495
Shares redeemed		(838,946	)		(1,017,133	)		(33,469	)		(40,029	)		(77,445	)		(116,479	)
Net increase/(decrease) in Class C Shares		(374,660	)		(588,099	)		5,877			(15,719	)		(40,590	)		(79,775	)
Class I
Shares sold		2,043,336			2,080,055			669,250			672,134			477,793			1,022,132
Shares issued upon reinvestment of distributions		1,525,607			1,008,166			76,155			2,873			329,964			105,088
Shares redeemed		(4,581,699	)		(4,052,069	)		(417,053	)		(508,195	)		(1,569,187	)		(1,452,440	)
Net increase/(decrease) in Class I Shares		(1,012,756	)		(963,848	)		328,352			166,812			(761,430	)		(325,220	)

	Equity Fund						Balanced Fund
	Year Ended September 30,			Year Ended September 30,			Year Ended September 30,			Year Ended September 30,
	2022			2021			2022			2021
Class AAA
Shares sold		35,819			19,822			209,102			75,851
Shares issued upon reinvestment of distributions		654,457			175,022			434,985			161,071
Shares redeemed		(394,206	)		(498,259	)		(538,770	)		(485,998	)
Net increase/(decrease) in Class AAA Shares		296,070			(303,415	)		105,317			(249,076	)
Class A
Shares sold		4,957			13,124			50,469			56,771
Shares issued upon reinvestment of distributions		12,797			3,726			91,660			33,400
Shares redeemed		(10,780	)		(38,922	)		(220,463	)		(127,607	)
Net increase/(decrease) in Class A Shares		6,974			(22,072	)		(78,334	)		(37,436	)
Class C
Shares sold		—			50,190			3,918			129,488
Shares issued upon reinvestment of distributions		620			117			11,273			4,618
Shares redeemed		(980	)		(51,023	)		(60,847	)		(145,210	)
Net decrease in Class C Shares		(360	)		(716	)		(45,656	)		(11,104	)
Class I
Shares sold		36,072			24,025			119,750			23,696
Shares issued upon reinvestment of distributions		41,998			11,745			47,328			18,006
Shares redeemed		(117,117	)		(46,631	)		(119,747	)		(121,172	)
Net increase/(decrease) in Class I Shares		(39,047	)		(10,861	)		47,331			(79,470	)

TETON Westwood Funds

Notes to Financial Statements (Continued)

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund’s transactions in the securities of these issuers during the fiscal year ended September 30, 2022 is set forth below:

	Market Value at September 30, 2021		Purchases		Sales Proceeds		Realized Gain/ (Loss)			Change In Unrealized Appreciation/ (Depreciation)			Market Value at September 30, 2022		Dividend Income		Percent Owned of Shares
Bel Fuse Inc., Cl. A	$	2,159,811	$	50,819	$	144,204	$	51,874		$	2,026,685		$	4,144,985	$	36,582		6.92	%
Burnham Holdings Inc., Cl. A		3,195,800		—		187,391		(60,521	)		(101,926	)		2,845,962		198,612		7.21	%
Nathan’s Famous Inc.		13,471,714		25,749		32,419		19,215			538,040			14,022,299		374,848		5.40	%
Schmitt Industries Inc.†		2,549,900		—		—		—			(1,322,390	)		1,227,510		—		15.31	%
Trans-Lux Corp.†		957,714		—		—		—			(45,714	)		912,000		—		16.96	%
Total							$	10,568		$	1,094,695		$	23,152,756	$	610,042

† 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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TETON Westwood Funds and Shareholders of TETON Westwood Mighty Mites^SM Fund, TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund

Opinions on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of TETON Westwood Mighty Mites^SM Fund and the accompanying statements of assets and liabilities, including the schedules of investments, of TETON Westwood SmallCap Equity Fund, TETON Convertible Securities Fund, TETON Westwood Equity Fund and TETON Westwood Balanced Fund (constituting TETON Westwood Funds, hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations for the year ended September 30, 2022, the statements of changes in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2022 and each of the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

November 23, 2022

We have served as the auditor of one or more investment companies in the Gabelli Fund Complex since 1986.

TETON Westwood Funds

Liquidity Risk Management Program (Unaudited)

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

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

At a meeting of the Board held on August 16, 2022, the Board received a written report from the Committee regarding the design and operational effectiveness of the LRM Program. The Committee determined, and reported to the Board, that the LRM Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively since its implementation. The Committee reported that there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Committee noted that each Fund is primarily invested in highly liquid securities and, accordingly, continue to be exempt from the requirement to determine a “highly liquid investment minimum” as defined in the Rule 22e-4. Because of that continued qualification for the exemption, each Fund has not adopted a “highly liquid investment minimum” amount. The Committee further noted that while changes to the LRM Program were made during the Review Period and reported to the Board, no material changes were made to the LRM Program as a result of the Committee’s annual review.

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

TETON Westwood Funds

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited)

In determining whether to approve the continuance of the Investment Advisory Agreement and Subadvisory Agreement (together, the Agreements), the Board, including a majority of the Trustees who have no direct or indirect interest in the Agreements and are not interested persons of the Funds, as defined in the 1940 Act (the Independent Board Members), considered the following information at a meeting on August 16, 2022:

1) The nature, extent, and quality of services provided by the Adviser and the Sub-Advisers.

The Board reviewed in detail the nature and extent of the services provided by the Adviser and the Sub-Advisers under the Agreements and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services including, for each Fund, monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Adviser provided certain non-advisory and compliance services, including services under the Funds’ Rule 38a-1 compliance program.

The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Funds who are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Funds who had invested through various programs offered by third party financial intermediaries. The Board evaluated these factors based on its direct experience with the Adviser and Sub-Advisers and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY, to assist it in performing certain of its administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, and by the Sub-Advisers, had not diminished over the past year and that the quality of service continued to be high.

The Board reviewed the personnel responsible for providing services to the Funds and concluded, based on their experience and interaction with the Adviser and Sub-Advisers, that (i) the Adviser and Sub-Advisers were able to retain quality personnel, (ii) the Adviser, Sub-Advisers and their agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Agreements, (iii) the Adviser and Sub-Advisers were responsive to requests of the Board, (iv) the scope and depth of the Adviser’s and Sub-Advisers’ resources were adequate, and (v) the Adviser and Sub-Advisers had kept the Board apprised of developments relating to each Fund and the industry in general. The Board also focused on the Adviser’s reputation and long standing relationship with the Funds. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds.

2) The performance of the Funds, the Adviser, and the Sub-Advisers.

The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with the Broadridge peer group of other SEC registered funds, and against each Fund’s broad-based securities market benchmarks as reflected in each Fund’s prospectuses and annual report. The Board also considered rankings and ratings of the Funds issued by Broadridge over the short, intermediate, and long term. The Board considered each Fund’s one, three, five, and ten year (where applicable) average annual total return for the periods ended June 30, 2022, but placed greatest emphasis on a Fund’s longer term performance. The peer groups considered by the Board were developed by Broadridge and were comprised of funds within the same Broadridge peer group categories (each, a “Performance Peer Group”). Each Fund’s performance against its respective Performance Peer Group was considered by the Board as providing an objective comparative benchmark against which each Fund’s performance could be assessed. In general, the Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Funds’ shareholders the total return performance that was available in the marketplace, given each Fund’s investment objectives, strategies, limitations, and restrictions. In reviewing the Funds’ performance, the Board noted that the Equity Fund’s performance was above the median for the one year period, and below the median for the three year, five year, and ten year periods; the Balanced Fund’s performance was above the median for the one year, five year, and ten year periods, and below the median for the three year period; the SmallCap Equity Fund’s performance was above the median for the one year, three year, five year, and ten year periods; the Mighty Mites Fund’s performance was below the median for the one year, three year, five year, and ten year periods; and the Convertible Securities Fund’s performance was below the median for the one year, three year, five year, and ten year periods. The Board Members concluded that the Funds’ performance was reasonable in comparison with that of the Performance Peer Groups.

TETON Westwood Funds

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

In connection with its assessment of the performance of the Adviser and the Sub-Advisers, the Board considered the Adviser’s and Sub-Advisers’ financial condition and whether they had the resources necessary to continue to carry out their responsibilities under the Agreements. The Board concluded that the Adviser and Sub-Advisers had the financial resources necessary to continue to perform their obligations under the Agreements and to continue to provide the high quality services that they have provided to the Funds to date.

3) The cost of the advisory services and the profits to the Adviser and their affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the cost of the advisory and sub-advisory services and the profits to the Adviser, Sub-Advisers and their affiliates from their relationships with the Fund, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each Fund against comparative Broadridge expense peer groups (each, an “Expense Peer Group” and collectively the “Expense Peer Groups”). The Board also considered comparative non-advisory fee expenses and comparative total fund expenses of the Funds and each Expense Peer Group. The Board considered this information as useful in assessing whether the Adviser and Sub-Advisers were providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that the SmallCap Equity Fund and the Convertible Securities Fund operated pursuant to Expense Limitation Agreements with the Adviser wherein the Adviser had agreed to limit a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund’s total operating expenses to the level set forth in the Funds’ prospectus. The Board noted that the advisory fees and total expense ratios for the Mighty Mites Fund, Equity Fund, and Balanced Fund were higher than the median when compared with those of their Expense Peer Groups. The SmallCap Equity Fund had effective advisory fees and a total expense ratio that were at the median when compared with their Expense Peer Group. Finally, the Board noted that, although the Convertible Securities Fund had an agreement in place to limit advisory fees and expenses, the total expense ratios for the Convertible Securities Fund were above the median when compared with their Expense Peer Group, and effective advisory fees were at the median.

The Board also reviewed the fees charged by the Adviser and Sub-Advisers to provide similar advisory services to other RICs with similar investment objectives and to separate accounts, noting that in some cases the fees charged by the Adviser or Sub-Advisers were higher and in other cases lower than the fees charged to the Funds. In evaluating this information, the Board considered the difference in services provided by the Adviser and Sub-Advisers to these other accounts. In particular, the Board considered the differences in risks involved in managing separate accounts and the Funds from a compliance and regulatory perspective.

The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Funds and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2021. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to each of the Funds. With respect to the Funds analysis, the Board received an analysis based on each Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Funds to the Adviser under either analysis was not excessive.

4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

With respect to the Board’s consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Funds at higher asset levels. The Board also reviewed data from the Expense Peer Groups to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board concluded that, under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5) Other Factors.

In addition to the above factors, the Board also discussed other benefits received by the Adviser and Sub-Advisers from their management of the Funds. The Board considered that the Adviser and Sub-Advisers do use soft dollars in connection with their management of the Funds.

TETON Westwood Funds

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee and, with respect to the Equity Fund and the Balanced Fund, the sub-advisory fee, was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement and, with respect to the Equity Fund, Balanced Fund, Mighty Mites Fund, and Convertible Securities Fund, the Sub-Advisory agreements. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

TETON Westwood Funds

Additional Fund Information (Unaudited)

The business and affairs of the Trust are managed under the direction of its Board of Trustees. Information pertaining to the Trustees and Officers of the Trust is set forth below. The Trusts’ Statement of Additional Information includes additional information about the TETON Westwood Funds’ Trustees and is available, without charge, upon request, by calling 800-WESTWOOD (800-937-8966) or by writing to the TETON Westwood Funds at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Number of Funds in Fund Complex Overseen by Trustee	Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee³

INTERESTED TRUSTEE⁴:
Nicholas F. Gallucio⁵ Trustee and Portfolio Manager Age: 72	Since 2017	8	Co-Chairman of Teton Advisors, Inc. (Since 2021); Former President and Chief Executive Officer of Teton Advisors, Inc. (2008-2021); Group Managing Director, U.S. Equities (2004-2008), Managing Director, U.S. Equities (1994-2004), Senior Vice President (1990-1994) and Vice President (1982-1990) of Trust Company of the West (TCW)	Board of Regents of the University of Hartford; Executive Advisory Board of the Columbia Business School Program for Financial Studies

INDEPENDENT TRUSTEES⁵:
Anthony S. Colavita⁶ Trustee Age: 61	Since 2017	22	Attorney, Anthony S. Colavita, P.C., Supervisor, Town of Eastchester, NY	—

James P. Conn Trustee Age: 84	Since 1994	23	Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings Ltd. (1992-1998)	—

Leslie F. Foley⁶ Trustee Age: 54	Since 2017	15	Attorney; Serves on the Boards of the Addison Gallery of American Art at Phillips Academy Andover, Vice President, Global Ethics & Compliance and Associate General Counsel for News Corporation (2008-2010)	—

Mary E. Hauck Trustee Age: 80	Since 2017	9	Retired Senior Manager of the Gabelli-O’Connor Fixed Income Mutual Funds Management Company	—

Michael J. Melarkey Trustee Age: 72	Since 2017	23	Of Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan & McKenzie (1980-2015)	Chairman of Southwest Gas Corporation (natural gas utility)

Kuni Nakamura Trustee Age: 54	Since 2017	36	President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long Island University Board of Trustees; Trustee on Fordham Preparatory School Board of Trustees	—

Werner J. Roeder Trustee Age: 82	Since 1994	20	Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)	—

Salvatore J. Zizza^6,7 Trustee Age: 76	Since 2004	34	President of Zizza & Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)	Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)

Name, Position(s) Address¹ and Age	Term of Office and Length of Time Served²	Principal Occupation(s) During Past Five Years

OFFICERS:
John C. Ball⁵ President and Treasurer Age: 46	Since 2017	Officer of registered investment companies within the Gabelli Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020

Peter Goldstein⁵ Secretary and Vice President Age: 69	Since 2020	General Counsel, GAMCO Investors, Inc. and Chief Legal Officer, Associated Capital Group, Inc. since 2021; General Counsel and Chief Compliance Officer, Buckingham Capital Management, Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)

Richard J. Walz⁵ Chief Compliance Officer Age: 63	Since 2013	Chief Compliance Officer of registered investment companies within the Gabelli Fund Complex since 2013

Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Amended By-Laws and Amended and Restated Declaration of Trust. For officers, includes time served in prior officer positions with the Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, i.e., public companies, or other investment companies registered under the Investment Company Act of 1940.

“Interested person” of the Funds as defined in the 1940 Act. Mr. Galluccio is considered an “interested person” because of his affiliation with Teton Advisors, Inc. that acts as the Funds’ investment adviser.

Trustees who are not interested persons are considered “Independent” Trustees.

Mr. Colavita’s father, Anthony J. Colavita, and Ms. Foley’s father, Frank J. Fahrenkopf, Jr., serve as directors of other funds in the Fund Complex. Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be under common control with the Adviser.

On September 9, 2015, Mr. Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC’s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended (the 1934 Act). The Board has discussed this matter and has determined that it does not disqualify Mr. Zizza from serving as an Independent Trustee.

TETON Westwood Funds

2022 Tax Notice to Shareholders (Unaudited)

U.S. Government Income – The percentage of the ordinary income dividend paid by the Mighty Mites Fund, SmallCap Equity Fund, the Convertible Securities Fund, and the Balanced Fund, (the “Funds”) during the year ended September 30, 2022 which was derived from U.S. Treasury securities was 0.02%, 0.32%, 0.07%, and 1.61%, respectively. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Funds did not meet this strict requirement during the fiscal year ended September 30, 2022. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser for the applicability of the information provided as to your specific situation.

Mighty Mites Fund – During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totalling $0.1059, $0.1127, $0.0325, and $0.1955 per share for Class AAA, Class A, Class C and Class I Shares, respectively, and long term capital gains totalling $100,784,565. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the fiscal year ended September 30, 2022, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.02% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain.

SmallCap Equity Fund – During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totalling $0.1721, $0.1789, $0.1585, and $0.2360 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totalling $2,643,919. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees.. For the fiscal year ended September 30, 2022, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 1.23% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain.

Convertible Securities Fund – During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totalling $0.7324, $0.7308, $0.6312, and $0.7708 per share for Class AAA, Class A, Class C and Class I Shares, respectively, and long term capital gains totalling $4,111,285. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the fiscal year ended September 30, 2022, 20.45% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 24.33% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 32.83% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain.

Equity Fund – During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totalling $0.4657, $0.4641, $0.4633, and $0.5005 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totalling $6,849,721. For the fiscal year ended September 30, 2022, 41.70% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 44.08% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.25% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain.

Balanced Fund – During the fiscal year ended September 30, 2022, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totalling $0.5450, $0.5442, $0.4782, and $0.5723 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totalling $4,265,614. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the fiscal year ended September 30, 2022, 32.17% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 33.49% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 36.57% of the ordinary income distributions as qualified interest income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 100% of the ordinary income distributions as qualified short term capital gain.

TETON Westwood Funds

2022 Tax Notice to Shareholders (Unaudited) (Continued)

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

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*	KUNI NAKAMURA
Attorney,	Co-Chairman,	President of Advanced Polymer,
Anthony S. Colavita, P.C.	Teton Advisors, Inc.	Inc.

JAMES P. CONN	MARY E. HAUCK	WERNER J. ROEDER
Former Managing Director	Former Senior Portfolio Manager,	Former Vice President of
and Chief Investment Officer,	Gabelli-O’Connor Fixed Income	Medical Affairs (Medical
Financial Security Assurance	Mutual Fund Management	Director) of New York
Holdings Ltd.	Company	Presbyterian/Lawrence Hospital

LESLIE F. FOLEY	MICHAEL J. MELARKEY	SALVATORE J. ZIZZA
Attorney	Of Counsel,	Chairman,
	McDonald Carano Wilson LLP	Zizza & Associates Corp.

*Interested Trustee

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

	PETER GOLDSTEIN
	Secretary and Vice President

	Investment Adviser	Distributor
	Teton Advisors, LLC	G.distributors, LLC
	Keeley-Teton Advisors, LLC*
	Transfer Agent and Disbursing Agent	Legal Counsel
	DST Asset Manager Solutions, Inc.	Paul Hastings LLP

		*Investment Adviser of TETON Westwood
		SmallCap Equity Fund

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

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

GABWWQ322AR

(b)

Not applicable.

Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that Kuni Nakamura is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $122,784 in 2021 and $128,924 in 2022.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 in 2021 and $0 in 2022.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $22,425 in 2021 and $23,546 in 2022. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2021 and $0 in 2022.

(e)

(1)

Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Advisers, Inc., and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)

(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(d) N/A

(f)

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $26,660 in 2021 and $23,550 in 2022.

(h)

The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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 — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS — 100.4%
		Aerospace and Defense — 6.1%
	507,000	Aerojet Rocketdyne Holdings Inc.†	$	2,548,529	$	20,274,930
	134,460	Allied Motion Technologies Inc.		3,273,653		3,848,245
	151,000	Avio SpA		2,130,362		1,360,006
	106,000	Innovative Solutions and Support Inc.†		396,484		914,780
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		71,120
	64,500	Park Aerospace Corp.		1,013,395		712,080
				9,405,386		27,181,161

		Agriculture — 0.7%
	215	J.G. Boswell Co.		136,405		195,650
	203,000	Limoneira Co.		3,726,474		2,675,540
	410,000	S&W Seed Co.†		1,416,958		299,300
				5,279,837		3,170,490

		Automotive — 1.7%
	38,660	Rush Enterprises Inc., Cl. A		473,312		1,695,628
	87,000	Rush Enterprises Inc., Cl. B		1,125,755		4,168,170
	12,000	TravelCenters of America Inc.†		352,795		647,160
	64,000	Wabash National Corp.		121,018		995,840
				2,072,880		7,506,798
		Automotive: Parts and Accessories — 2.6%
	313,300	Commercial Vehicle Group Inc.†		2,866,263		1,409,850
	47,500	Dana Inc.		320,625		542,925
	12,190	Gentherm Inc.†		177,000		606,209
	355,000	Modine Manufacturing Co.†		4,436,327		4,593,700
	18,000	Motorcar Parts of America Inc.†		236,616		273,960
	80,000	Puradyn Filter Technologies Inc.†		13,774		8
	48,028	Standard Motor Products Inc.		615,891		1,560,910
	110,560	Strattec Security Corp.†		2,537,035		2,299,648
	20,500	Titan International Inc.†		88,258		248,870
				11,291,789		11,536,080
		Aviation: Parts and Services — 3.0%
	203,000	Astronics Corp.†		2,564,076		1,595,580
	23,896	Astronics Corp., Cl. B†		144,647		191,407
	180,540	Ducommun Inc.†		4,543,644		7,160,217
	39,000	Heroux-Devtek Inc.†		521,498		345,857
	140,830	Kaman Corp.		3,744,242		3,933,382
				11,518,107		13,226,443
		Broadcasting — 1.5%
	362,000	Beasley Broadcast Group Inc., Cl. A†		1,743,061		390,960
	295,145	Dish TV India Ltd., GDR†		226,437		59,029
	241,120	Gray Television Inc.		265,142		3,452,838
	86,600	Gray Television Inc., Cl. A		625,686		1,124,068
	32,000	Sinclair Broadcast Group Inc., Cl. A		51,619		578,880
	150,000	Townsquare Media Inc., Cl. A†		1,160,428		1,089,000
				4,072,373		6,694,775
		Building and Construction — 3.2%
	60,000	Armstrong Flooring Inc.†		11,884		1,572

Shares			Cost		Market Value
	93,500	Gibraltar Industries Inc.†	$	2,204,964	$	3,826,955
	5,000	Granite Construction Inc.		112,794		126,950
	6,000	Herc Holdings Inc.		174,981		623,280
	22,700	MYR Group Inc.†		447,384		1,923,371
	72,870	The Monarch Cement Co.		1,929,449		7,618,559
				4,881,456		14,120,687
		Business Services — 2.4%
	2,277	American Airlines Group Inc.†		41,145		27,415
	258,000	Diebold Nixdorf Inc.†		1,055,183		629,520
	36,900	Du-Art Film Laboratories Inc.†(a)		239,850		239,850
	4,100	Du-Art Film Laboratories Inc.†(a)		26,650		26,650
	13,500	IAA Inc.†		114,457		429,975
	19,780	ICF International Inc.		474,386		2,156,415
	31,800	KAR Auction Services Inc.†		167,698		355,206
	25,000	MoneyGram International Inc.†		183,753		260,000
	261,000	PFSweb Inc.†		1,529,803		2,432,520
	40,000	Team Inc.†		86,963		42,400
	2,280,000	Trans-Lux Corp.†(b)		1,188,097		912,000
	53,160	Viad Corp.†		1,308,346		1,678,793
	94,000	Willdan Group Inc.†		2,798,810		1,392,140
				9,215,141		10,582,884
		Communications — 0.4%
	189,500	Comtech
		Telecommunications Corp.		2,761,487		1,896,895

		Communications Equipment — 0.8%
	63,000	Anterix Inc.†		2,137,687		2,250,360
	90,000	Extreme Networks Inc.†		225,120		1,176,300
				2,362,807		3,426,660
		Computer Software and Services — 2.0%
	4,000	Agilysys Inc.†		69,574		221,400
	722,821	Alithya Group Inc., Cl. A†		1,739,405		1,395,045
	144,000	American Software Inc., Cl. A		1,254,053		2,206,080
	30,000	Avid Technology Inc.†		173,545		697,800
	4,000	Cardlytics Inc.†		41,253		37,600
	45,000	DHI Group Inc.†		81,549		242,100
	64,000	Digi International Inc.†		777,878		2,212,480
	10,000	Materialise NV, ADR†		58,532		107,100
	137,000	Mitek Systems Inc.†		778,274		1,254,920
	45,000	Otonomo Technologies Ltd.†		327,710		12,690
	30,000	Playstudios Inc.†		173,653		104,700
	1,000	Tyler Technologies Inc.†		16,928		347,500
				5,492,354		8,839,415
		Consumer Products — 1.9%
	55,000	Acme United Corp.		968,676		1,266,100
	27,700	Bassett Furniture Industries Inc.		394,203		434,336
	900,000	Goodbaby International Holdings Ltd.†		252,666		87,138
	5,000	Johnson Outdoors Inc., Cl. A		145,741		256,550
	244,675	Lifetime Brands Inc.		2,597,276		1,656,450
	400,000	Marine Products Corp.		2,815,473		3,384,000
	13,000	MarineMax Inc.†		187,594		387,270
	10,500	Nautilus Inc.†		44,933		17,115
	27,020	Oil-Dri Corp. of America		529,415		653,884
	5,700	PC Group Inc.†		3,465		0

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	2,300,000	Playmates Holdings Ltd.	$	276,814	$	190,454
				8,216,256		8,333,297
		Consumer Services — 0.3%
	152,000	1-800-Flowers.com Inc., Cl. A†		952,584		986,480
	64,000	Bowlin Travel Centers Inc.†		87,677		328,000
	3,500	Carriage Services Inc.		53,964		112,560
				1,094,225		1,427,040
		Diversified Industrial — 12.0%
	122,000	American Outdoor Brands Inc.†		1,301,510		1,069,940
	134,016	Ampco-Pittsburgh Corp.†		614,382		493,179
	218,500	Burnham Holdings Inc., Cl. A(b)		3,387,468		2,845,962
	38,500	Chase Corp.		648,455		3,217,445
	74,300	Columbus McKinnon Corp.		1,222,261		1,943,688
	185,500	Distribution Solutions Group Inc.†		2,541,763		5,225,535
	112,000	Graham Corp.		1,192,391		984,480
	297,840	Griffon Corp.		3,304,924		8,792,237
	18,700	Haulotte Group SA		100,407		48,841
	1,500	Hyster-Yale Materials Handling Inc.		49,061		32,265
	222,000	Intevac Inc.†		1,071,621		1,032,300
	10,000	John Bean Technologies Corp.		285,348		860,000
	161,479	L.B. Foster Co., Cl. A†		2,453,150		1,576,035
	7,800	MSA Safety Inc.		252,913		852,384
	753,870	Myers Industries Inc.		12,085,164		12,416,239
	30,000	Napco Security Technologies Inc.†		73,632		872,400
	198,500	Park-Ohio Holdings Corp.		4,172,956		2,245,035
	19,500	RWC Inc.†		311,534		43,875
	14,800	Standex International Corp.		613,030		1,208,420
	92,700	Steel Partners Holdings LP†		1,429,747		3,847,050
	268,000	Tredegar Corp.		4,161,068		2,529,920
	112,500	Twin Disc Inc.†		1,478,784		1,290,375
				42,751,569		53,427,605
		Educational Services — 0.1%
	95,000	Universal Technical Institute Inc.†		289,750		516,800

		Electronics — 6.2%
	147,000	Arlo Technologies Inc.†		449,148		682,080
	19,400	Badger Meter Inc.		331,663		1,792,366
	148,300	Bel Fuse Inc., Cl. A(b)		2,750,132		4,144,985
	244,580	CTS Corp.		2,131,384		10,186,757
	45,000	Daktronics Inc.†		375,863		121,950
	30,000	IMAX Corp.†		129,139		423,600
	35,400	Kimball Electronics Inc.†		212,732		607,110
	4,700	Mesa Laboratories Inc.		136,881		661,901
	20,800	Methode Electronics Inc.		126,090		772,720
	593,000	Schmitt Industries Inc.†(b)		1,341,444		1,227,510
	110,000	Stoneridge Inc.†		1,196,714		1,864,500
	93,000	Ultra Clean Holdings Inc.†		262,449		2,394,750
	171,000	Ultralife Corp.†		1,169,784		822,510
	70,000	Vishay Precision Group Inc.†		1,969,423		2,071,300
				12,582,846		27,774,039

Shares			Cost		Market Value
		Energy and Utilities: Natural Gas — 0.5%
	9,180	Chesapeake Utilities Corp.	$	154,758	$	1,059,280
	53,810	RGC Resources Inc.		456,245		1,133,239
	3,500	Unitil Corp.		167,989		162,575
				778,992		2,355,094
		Energy and Utilities: Services — 0.3%
	205,000	Alvopetro Energy Ltd.		244,734		1,038,839
	24,000	Dawson Geophysical Co.†		62,929		40,320
	38,000	Pineapple Energy Inc.		835,531		33,033
	60,000	RPC Inc.		108,521		415,800
	6,500	Subsea 7 SA, ADR		23,304		51,480
				1,275,019		1,579,472
		Energy and Utilities: Water — 2.3%
	34,626	Artesian Resources Corp., Cl. A		905,237		1,666,203
	10,000	Cadiz Inc.†		87,995		19,000
	23,600	California Water Service Group		464,891		1,243,484
	61,000	Consolidated Water Co. Ltd.		663,802		938,180
	30,000	Energy Recovery Inc.†		85,397		652,200
	6,752	Middlesex Water Co.		138,256		521,255
	62,304	SJW Group		1,594,829		3,588,710
	43,007	The York Water Co.		728,043		1,652,759
				4,668,450		10,281,791
		Entertainment — 0.5%
	108,000	Borussia Dortmund GmbH & Co. KGaA†		704,771		352,254
	1,500	Canterbury Park Holding Corp.		18,544		33,405
	28,000	GAN Ltd.†		453,791		62,160
	534,555	Sportech plc		223,541		107,434
	25,500	World Wrestling Entertainment Inc., Cl. A		403,028		1,789,335
				1,803,675		2,344,588
		Environmental Control — 0.9%
	52,300	Casella Waste Systems Inc., Cl. A†		205,363		3,995,197
	15,000	Primo Water Corp.		121,162		188,250
				326,525		4,183,447
		Equipment and Supplies — 5.2%
	17,000	AZZ Inc.		643,988		620,670
	74,766	CIRCOR International Inc.†		1,732,052		1,232,891
	167,500	Core Molding Technologies Inc.†		1,216,827		1,663,275
	110,000	Federal Signal Corp.		654,129		4,105,200
	52,000	Interpump Group SpA		336,781		1,703,170
	253,000	Kimball International Inc., Cl. B		2,729,162		1,591,370
	34,200	Maezawa Kyuso Industries Co. Ltd.		92,537		211,491
	4,000	Powell Industries Inc.		126,501		84,320
	298,000	The Eastern Co.		5,581,796		5,170,300
	86,000	The Gorman-Rupp Co.		2,006,289		2,045,940
	67,500	The L.S. Starrett Co., Cl. A†		562,014		596,025
	139,000	Titan Machinery Inc.†		2,034,146		3,928,140
	33,000	TransAct Technologies Inc.†		109,747		120,450
				17,825,969		23,073,242
		Financial Services — 14.7%
	47,000	Allegiance Bancshares Inc.		1,877,815		1,956,610
	2,000	Ameris Bancorp		16,876		89,420

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	22,000	Atlantic American Corp.	$	82,984	$	62,920
	41,744	Atlantic Union Bankshares Corp.		1,292,800		1,268,183
	13,800	Bank7 Corp.		303,600		306,084
	13,500	Berkshire Bancorp Inc.†		170,924		145,260
	11,275	Berkshire Hills Bancorp Inc.		206,283		307,808
	74	Burke & Herbert Bank and Trust Co.		94,450		172,050
	15,240	Cadence Bank		467,192		387,248
	81,800	Capital City Bank Group Inc.		1,996,750		2,544,798
	10,000	Capitol Federal Financial Inc.		116,099		83,000
	16,560	Citizens & Northern Corp.		325,075		400,421
	5,000	ConnectOne Bancorp Inc.		111,579		115,300
	28,300	Crazy Woman Creek Bancorp Inc.		489,014		748,535
	21,111	Dime Community Bancshares Inc.		522,733		618,130
	1,110	Farmers & Merchants Bank of Long Beach		6,090,015		8,796,750
	40,000	Farmers National Banc Corp.		333,870		523,600
	26,440	First Internet Bancorp.		529,233		895,258
	391,300	Flushing Financial Corp.		6,272,673		7,579,481
	74,000	FNB Corp.		719,682		858,400
	32,116	FS Bancorp Inc.		589,634		875,482
	10	Guaranty Corp., Cl. A†(a)		137,500		55,000
	27,300	HomeStreet Inc.		273,000		786,513
	9,030	Hope Bancorp Inc.		47,336		114,139
	110,000	I3 Verticals Inc., Cl. A†		1,885,615		2,203,300
	17,000	ICC Holdings Inc.†		170,000		259,250
	62,500	KKR & Co. Inc.		7,419		2,687,500
	80,700	Legacy Housing Corp.†		966,583		1,384,005
	700	LendingTree Inc.†		20,386		16,702
	102,000	Medallion Financial Corp.		392,266		716,040
	4,197	Northrim BanCorp Inc.		91,497		174,427
	19,390	OceanFirst Financial Corp.		359,396		361,430
	11,000	Pacific Premier Bancorp Inc.		307,924		340,560
	285,000	Post Holdings Partnering Corp.†		2,852,850		2,831,475
	32,000	Primis Financial Corp.		509,070		388,160
	130,000	Pzena Investment Management Inc., Cl. A		983,174		1,232,400
	33,651	Renasant Corp.		367,249		1,052,603
	5,978	Salisbury Bancorp Inc.		129,412		143,233
	26,500	Sandy Spring Bancorp Inc.		880,394		934,390
	3,000	Seacoast Banking Corp. of Florida		92,978		90,690
	4,000	Security National Corp.		368,979		526,000
	70,500	Silvercrest Asset Management Group Inc., Cl. A		959,255		1,152,675
	6,750	Simmons First National Corp., Cl. A		152,916		147,082
	75,010	Southern First Bancshares Inc.†		3,468,703		3,124,917
	4,500	Southside Bancshares Inc.		153,548		159,120
	74,240	SouthState Corp.		3,537,895		5,873,869
	21,500	Sprott Inc.		491,480		721,414
	30,000	Territorial Bancorp Inc.		749,890		556,200
	5,500	Thomasville Bancshares Inc.		209,436		355,850
	5,000	Towne Bank		146,110		134,150
	10,010	TrustCo Bank Corp. NY		230,230		314,514

Shares			Cost		Market Value
	8,701	United Bankshares Inc.	$	282,365	$	311,061
	51,152	Valley National Bancorp		344,052		552,442
	31,800	Value Line Inc.		314,878		1,396,020
	43,900	Washington Trust Bancorp Inc.		984,990		2,040,472
	74,800	Waterstone Financial Inc.		797,062		1,208,768
	42,002	Webster Financial Corp.		871,427		1,898,490
	84,580	Western New England Bancorp Inc.		720,641		687,635
	220,000	Wright Investors Service Holdings Inc.†		128,675		35,200
				47,995,862		65,702,434
		Food and Beverage — 2.3%
	84,600	Andrew Peller Ltd., Cl. A		357,330		343,581
	15,000	BellRing Brands Inc.†		210,000		309,150
	1,900	Bridgford Foods Corp.†		32,687		26,885
	53,000	Calavo Growers Inc.		1,633,201		1,682,750
	136,000	Corby Spirit and Wine Ltd., Cl. A		2,040,176		1,733,782
	358,000	Crimson Wine Group Ltd.†		3,167,490		2,273,300
	415,700	Farmer Brothers Co.†		3,533,698		1,949,633
	1,550	Hanover Foods Corp., Cl. A		126,660		88,350
	300	Hanover Foods Corp., Cl. B		28,206		23,400
	21,000	Iwatsuka Confectionery Co. Ltd.		727,260		586,920
	1,500	J & J Snack Foods Corp.		21,622		194,205
	1,400	John B Sanfilippo & Son Inc.		62,433		106,022
	70,000	Premier Foods plc		32,686		74,485
	1,510	Rock Field Co. Ltd.		11,171		15,222
	4,600	Scheid Vineyards Inc., Cl. A†		56,199		93,035
	500	Seneca Foods Corp., Cl. A†		7,625		25,220
	4,000	T. Hasegawa Co. Ltd.		83,685		82,913
	235,200	Tingyi (Cayman Islands) Holding Corp.		345,177		405,701
	207,400	Vitasoy International Holdings Ltd.†		108,284		258,139
	23,000	Willamette Valley Vineyards Inc.†		88,087		141,910
				12,673,677		10,414,603
		Health Care — 5.9%
	65,000	Accuray Inc.†		293,403		135,200
	5,700	Boiron SA		96,539		247,193
	35,400	Cardiovascular Systems Inc.†		714,208		490,644
	9,000	CareDx Inc.†		47,818		153,180
	4,000	Collegium Pharmaceutical Inc.†		73,717		64,080
	185,000	Conformis Inc.†		284,453		35,372
	241,660	Cutera Inc.†		3,809,505		11,019,696
	35,142	Electromed Inc.†		76,795		360,205
	61,000	Exelixis Inc.†		116,205		956,480
	400	Heska Corp.†		3,802		29,168
	200,000	InfuSystem Holdings Inc.†		640,498		1,398,000
	21,730	Integer Holdings Corp.†		452,207		1,352,258
	10,000	Invitae Corp.†		66,545		24,600
	40,000	iSpecimen Inc.†		181,909		66,000
	5,500	LeMaitre Vascular Inc.		133,878		278,740
	212,000	Neogen Corp.†		306,519		2,961,640
	60,500	NeoGenomics Inc.†		196,109		520,905
	58,000	Neuronetics Inc.†		453,873		184,440
	6,500	Omnicell Inc.†		104,912		565,695
	210,000	OPKO Health Inc.†		516,034		396,900
	21,000	Option Care Health Inc.†		182,763		660,870

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2022

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	62,700	Orthofix Medical Inc.†	$	1,412,959	$	1,198,197
	44,000	Paratek Pharmaceuticals Inc.†		208,826		113,080
	1,300	STERIS plc		51,834		216,164
	800	Surgalign Holdings Inc.†		2,943		2,784
	50,000	SurModics Inc.†		983,577		1,520,000
	70,511	United-Guardian Inc.		637,064		801,005
	1,200	Utah Medical Products Inc.		30,973		102,372
	22,000	Zealand Pharma A/S†		267,706		504,001
				12,347,574		26,358,869
		Hotels and Gaming — 4.8%
	42,964	Bally's Corp.†		1,306,647		848,969
	19,051	Boyd Gaming Corp.		100,130		907,780
	21,500	Caesars Entertainment Inc.†		87,548		693,590
	3,990	Churchill Downs Inc.		77,832		734,758
	1,217,119	Full House Resorts Inc.†		3,347,719		6,840,209
	194,000	Gambling.com Group Ltd.†		1,515,880		1,474,400
	20,000	Genius Sports Ltd.†		81,525		73,400
	121,500	Golden Entertainment Inc.†		1,384,663		4,239,135
	355,721	Inspired Entertainment Inc.†		2,238,036		3,141,016
	232,000	PlayAGS Inc.†		1,834,875		1,229,600
	20,000	Rush Street Interactive Inc.†		230,786		73,600
	72,500	The Marcus Corp.		941,928		1,007,025
				13,147,569		21,263,482
		Machinery — 3.4%
	219,000	Astec Industries Inc.		7,709,095		6,830,610
	4,400	DMG Mori AG		22,722		177,232
	476,037	Gencor Industries Inc.†		3,080,659		4,289,093
	2,980	Lindsay Corp.		253,177		426,975
	22,650	Tennant Co.		641,403		1,281,084
	18,020	The Middleby Corp.†		177,942		2,309,623
	13,000	Williams Industrial Services Group Inc.†		48,806		19,240
				11,933,804		15,333,857

		Manufactured Housing and Recreational Vehicles — 3.0%
	23,740	Cavco Industries Inc.†		1,541,707		4,884,742
	106,250	Nobility Homes Inc.		1,526,910		2,576,563
	73,500	Skyline Champion Corp.†		487,055		3,885,945
	38,700	Winnebago Industries Inc.		365,514		2,059,227
				3,921,186		13,406,477
		Metals and Mining — 0.1%
	36,000	Osisko Gold Royalties Ltd.		459,490		366,685
	400,000	Tanami Gold NL†		17,083		11,641
				476,573		378,326
		Paper and Forest Products — 0.1%
	26,550	Keweenaw Land Association Ltd.		2,229,847		468,608

		Publishing — 0.9%
	8,400	DallasNews Corp.		95,199		38,976
	19,500	Lee Enterprises Inc.†		449,613		343,200
	341,900	The E.W. Scripps Co., Cl. A†.		1,694,756		3,853,213
				2,239,568		4,235,389
		Real Estate — 4.0%
	116,000	Ambase Corp.†		123,534		13,363
	115,300	Capital Properties Inc., Cl. A		1,230,997		1,320,185
	30,000	DREAM Unlimited Corp., Cl. A		331,539		534,260

Shares			Cost		Market Value
	20,867	FRP Holdings Inc.†	$	688,281	$	1,134,330
	16,138	Gyrodyne LLC†		421,133		162,026
	6,200	Holobeam Inc.†		100,461		198,400
	201,166	Indus Realty Trust Inc., REIT		5,537,668		10,535,063
	284,269	Reading International Inc., Cl. A†		2,155,900		935,245
	74,400	Reading International Inc., Cl. B†		674,532		1,391,280
	2,508	Royalty LLC†(a)		0		255
	98,000	Tejon Ranch Co.†		1,965,828		1,411,200
	440,000	Trinity Place Holdings Inc.†		1,756,217		388,256
				14,986,090		18,023,863
		Restaurants — 3.3%
	57,000	Denny's Corp.†		384,205		536,370
	220,234	Nathan's Famous Inc.(b)		3,355,228		14,022,299
				3,739,433		14,558,669
		Retail — 1.4%
	16,000	Big 5 Sporting Goods Corp.		86,313		171,840
	10,600	Ingles Markets Inc., Cl. A		201,701		839,626
	20,000	Lands' End Inc.†		344,865		154,400
	33,000	La-Z-Boy Inc.		718,603		744,810
	49,500	Movado Group Inc.		605,955		1,394,910
	16,000	Natural Grocers by Vitamin Cottage Inc.		231,232		172,640
	1,000	PetMed Express Inc.		15,765		19,520
	25,000	Sportsman's Warehouse Holdings Inc.†		266,613		207,500
	2,000	Tuesday Morning Corp.†		2,200		241
	128,167	Village Super Market Inc., Cl. A		3,340,636		2,477,468
				5,813,883		6,182,955
		Specialty Chemicals — 1.4%
	72,840	Hawkins Inc.		1,294,278		2,840,032
	3,500	Minerals Technologies Inc.		101,755		172,935
	100,530	Navigator Holdings Ltd.†		944,168		1,151,068
	106,100	Neo Performance Materials Inc.		1,339,145		782,683
	30,000	Teraoka Seisakusho Co. Ltd.		220,139		69,440
	66,900	The General Chemical Group Inc.†(a)		6,021		0
	192,174	Treatt plc		1,033,807		1,265,974
				4,939,313		6,282,132
		Telecommunications — 0.5%
	71,000	A10 Networks Inc.		456,227		942,170
	11,900	Frequency Electronics Inc.†		128,780		68,425
	300,000	INNOVATE Corp.†		916,960		210,060
	7,500	Iridium Communications Inc.†		63,150		332,775
	30,000	Nuvera Communications Inc.		219,358		562,500
	1,500	Preformed Line Products Co.		68,008		106,725
	5,000	Shenandoah Telecommunications Co.		25,355		85,100
				1,877,838		2,307,755
		Transportation — 0.0%
	5,000	Patriot Transportation Holding Inc.		90,183		39,300

		TOTAL COMMON STOCKS		298,379,293		448,435,422

See accompanying notes to financial statements.

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — September 30, 2022

Shares			Cost		Market Value
		PREFERRED STOCKS — 0.3%
		Automotive: Parts and Accessories — 0.1%
	18,300	Jungheinrich AG	$	50,138	$	374,840

		Financial Services — 0.2%
	32,000	Steel Partners Holdings LP, Ser. A, 6.000%, 02/07/26		386,247		744,960

		TOTAL PREFERRED STOCKS		436,385		1,119,800

		RIGHTS — 0.1%
		Energy and Utilities: Services — 0.1%
	85,500	Pineapple Energy Inc., CVR†		0		301,815

		Health Care — 0.0%
	8,000	Progenics Pharmaceuticals Inc., CVR†(a)		0		3,978
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		103,591		0
				103,591		3,978
		Metals and Mining — 0.0%
	60,000	Pan American Silver Corp., CVR†		44,994		34,560

		TOTAL RIGHTS		148,585		340,353

		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		360

		Diversified Industrial — 0.0%
	47,000	Ampco-Pittsburgh Corp., expire 08/01/25†		32,110		12,681

		Energy and Utilities: Services — 0.0%
	7,627	Weatherford International plc, expire 12/13/23†		0		1,277

		Health Care — 0.0%
	8,737	Option Care Health Inc., Cl. A, expire 07/27/25†		7,979		31,643
	8,737	Option Care Health Inc., Cl. B, expire 07/27/25†		7,554		25,384
				15,533		57,027
		Hotels and Gaming — 0.0%
	3,667	Genius Sports Ltd., expire 12/31/28†		19,204		2,676

		TOTAL WARRANTS		79,754		74,673

		TOTAL MISCELLANEOUS INVESTMENTS — 0.3%(c)		1,463,211		1,323,968

		TOTAL INVESTMENTS — 101.1% $		300,507,228		451,294,216

		Other Assets and Liabilities (Net) — (1.1)%				(4,830,223	)

		NET ASSETS — 100.0%			$	446,463,993

(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
CCCP	Contingent Cash Consideration Payment
CVR	Contingent Value Right
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

(b)

Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

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)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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

December 1, 2022

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

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

Date

December 1, 2022

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

Date

December 1, 2022

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

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