TETON WESTWOOD FUNDS SmallCap Equity Fund Convertible Securities Fund Equity Fund Balanced Fund

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TETON WESTWOOD FUNDS

     Mighty Mites SM Fund

    SmallCap Equity Fund

  Convertible Securities Fund

         Equity Fund

        Balanced Fund

         Commentary
         June 30, 2021

TETON WESTWOOD FUNDS

TETON Westwood Mighty MitesSM Fund

Mario J. Gabelli, CFA Sarah Donnelly Adam J. Trivison, CFA Joseph Gabelli Laura S. Linehan, CFA
Portfolio Manager Portfolio Manager Portfolio Manager Portfolio Manager Special Adviser
BS, Fordham University BS, Fordham University BA, California BA, Boston College BA, Lehigh University
State University
MBA, Columbia MBA, Columbia MBA, Wharton School
Business School MBA, Columbia Business School of Business
Business School

To Our Shareholders, Year to date, the Fund appreciated remained on course. Most COVID-relat-
For the quarter ended June 30, 2021, 21.7% compared with gains of 17.5% and ed restrictions were lifted during the
the Teton Westwood Mighty Mites Fund 28.5% for the respective indices. quarter as nearly 55% or 180 million
net asset value (“NAV”) per class AAA Americans received at least one dose of
Commentary a vaccine. Accordingly, the U.S. econo-
share increased 6.9% compared to total
returns of 4.3% for the Russell 2000 Equity indices continued to rise during my strengthened and growth forecasts
Index and 2.1% for the Dow Jones U.S. the second quarter breaching record improved. With household wealth rising
Micro-Cap Total Stock Market Index. levels as the post-pandemic expansion in tandem with home and financial asset

(a) Teton Advisors, Inc., the Adviser, reimbursed expenses through September 30, 2005 to limit the expense ratios. Had such limitations not been in
place, returns would have been lower. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Other
share classes are available and have different performance characteristics. See page 19 for performance of other classes of shares.
(b) The Dow Jones U.S. Micro-Cap Toal 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 30, 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 30, 1998.
In the current prospectuses dated January 28, 2021, the expense ratio for Class AAA Shares is 1.45%. 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.

values, the U.S. consumer has emerged puts particular focus on identifying is poised for rapid growth as the
from the pandemic with greater confi- companies in attractive industries with number of elective medical procedures
dence. This has been further enhanced pricing power, stable cash flows and rebounds in the U.S. and other interna-
by increased savings during the year- solid balance sheets. This process gives tional markets following steep declines
long lockdown, which bodes well for us confidence that the impact from associated with lockdowns. As previ-
future spending. At the same time, these forces will be at worst transitory, ously mentioned, Ferro Corp. (1.9%)
business investment has increased sig- as our portfolio company’s (FOE – $21.57 – NYSE), a long-term
nificantly due to stronger corporate bal- management teams have the ability to investment of the fund, announced an
ance sheets and the resumption of cap- offset negative headwinds. We also agreement to be acquired by Prince
ital projects following deferrals during expect the Fund to continue to benefit International Corp. for $22 per share in
the pandemic. Finally, further stimulus is from the resurgence in M&A activity, as cash. The transaction is expected to
expected as prospects for a federal several holdings announced takeovers close by early 2022.
infrastructure bill are improving. When during the quarter including Top Ten The detractors to performance in the
completed, this bill may provide roughly holding, Ferro Corp.. In May, Ferro quarter included Astec Industries, Inc.
$1 trillion in incremental funding over announced an agreement to be (1.9% of net assets as of June 30, 2021),
five years to modernize the interstate acquired by Prince International Corp. Gibraltar Industries, Inc. (1.0%) and
highway system, transit networks and for $22 per share in cash, a significant Ducommun Incorporated (1.3%). Astec
power grid. All of these factors are pro- premium to the Fund’s average cost of Industries, Inc. (1.9%) (ASTE – $62.94 –
jected to fuel continued robust econom- $4.50 per share. NASDAQ) is a manufacturer of asphalt
ic growth, which should benefit our
and road building equipment, including
small cap portfolio. Contributors and Detractors
milling machines and asphalt pavers.
Notwithstanding these positive drivers For the second quarter, the top contrib- Following an exceptional recovery in the
of growth there are several risks utors to the Fund’s performance share price in 2020, shares fell in the
emerging, including the spread of more included Golden Entertainment, Inc. quarter associated with disappointing
virulent COVID-19 variants, inflation and (3.3% of net assets as of June 30, 2021), first quarter earnings results related to
rising interest rates. To this point, the Cutera, Inc. (2.2%), and Ferro Corp. transitory issues, including inefficiencies
faster than expected reopening has (1.9%). Golden Entertainment, Inc. at its plants related to labor shortages.
resulted in bottlenecks as demand (3.3%) (GDEN – $44.80 – NASDAQ), Astec is well positioned to benefit from
increased well ahead of expectations based in Las Vegas, Nevada, owns the recently proposed federal infra-
constraining supply chains across many casinos and operates slot machines structure bill that has allocated an incre-
industries. This has not only pressured located in dining and retail establish- mental $109 billion of funding specifi-
the availability of commodities and ments, primarily in southern Nevada. cally for roads and bridges and other
components but other resources such as Golden shares appreciated during the major projects. Gibraltar Industries
transportation and labor resulting in quarter as pandemic-related restrictions (1.0%) (ROCK – $76.31 – NASDAQ) is a
widespread cost inflation. These factors lifted and consumer mobility improved designer, manufacturer and assembler
have raised investor concerns that the resulting in higher occupancy levels and of products and systems for the
Federal Open Market Committee room rates at its properties, as well as renewable energy, residential and
(FOMC) will consider tapering asset increased gaming activity. Its first construction markets. During the
purchases and increasing interest rates quarter financial results benefitted from second quarter, its share price declined
sooner than projected. previous cost reductions and operating from its all-time high earlier this year
We believe the portfolio is well- leverage, which is expected to continue despite a record order backlog of $355
balanced and is positioned to not only throughout the recovery. Cutera (2.2%) million, as pandemic-related challenges
benefit from robust economic recovery (CUTR – $49.03 – NASDAQ), a manufac- affected end-market demand and its
but also withstand broader market risks, turer and marketer of aesthetic and supply chain. We expect Gibraltar to
including rising inflation and interest laser treatment equipment, including overcome these headwinds, while capi-
rates. Our bottom-up research process the truSculpt body contouring platform, talizing on growth across its faster-

growing end markets including solar            advertising     agencies,      corporate     Las Vegas, is the result of the merger of
energy, controlled-environment agri-           communications departments, and by           publicly-traded casino operator Lakes
culture and residential remodel and            independent video and audio creative         Entertainment (formerly LACO) and
repair.    Ducommun (1.3%) (DCO –              professionals. AVID focuses on growing       Golden Gaming, a private gaming
$54.56 – NYSE) is a supplier of elec-          its high margin predictable recurring        company. In its Distributed Gaming
tronic and lighting systems and struc-         subscription model and delivering            segment,      the    company    operates
tural components to the commercial             growth and strong profitability. Growth      approximately 10,900 gaming machines
aerospace and military and defense             catalysts include enterprise subscrip-       in 1,000 retail stores, restaurants, bars
industries. Despite strong results for its     tions, growth in video creation tools,       and gas stations throughout Nevada.
military and defense business, shares          market adoption of cloud-based media         Approximately 1,000 of the segment’s
declined    attributable      to   concerns    production workflows, and remote             gaming machines are located within 66
surrounding the timing of production           collaboration solutions.                     owned and operated taverns. Golden’s
increases of the Boeing 737 MAX, where         Ferro Corp. (1.9%) (FOE – $21.57 –           Casino segment operates nine casinos
it has content, particularly as Chinese        NYSE), following its transformation into     in southern Nevada and one in
aviation authorities delayed certification     a specialty materials company focusing       Maryland. In January, Golden completed
of the aircraft. As this is resolved and       on glass technology and colors, its          a $105 million renovation of the
Boeing MAX production increases,               upgraded portfolio focuses on attractive     Stratosphere, which is located at the
Ducommun’s commercial revenue and              end markets: consumer, electronics,          north end of the Las Vegas Strip.
profitability will improve.                    construction, automotive, and appli-         Management skillfully reduced oper-
                                               ances. Following accretive acquisitions      ating costs to minimize cash loses
Let’s Talk Stocks                                                                           during the COVID shutdowns last year
                                               bringing new technologies, new product
Anterix, Inc. (0.4%) (ATEX – $59.99 –          lines, geographic expansion, and entry       and has been able to realize significant
NASDAQ) is a wireless communications           into new markets, management moved           operating leverage as demand returns.
company focused on commercializing             into its “optimization” program phase.       Looking forward, we believe the
its spectrum assets to enable its target-      Having closed the anticipated sale of tile   company will continue to be a major
ed utility and critical infrastructure cus-    coatings ($460 million), Ferro’s net         beneficiary of a multi-year recovery in
tomers to deploy private broadband             leverage declined to 2.1x EBITDA. In line    Las Vegas and the continued population
networks, technologies, and solutions.         with our expectations, new Ferro’s           migration the city is seeing from
ATEX is the largest holder of licensed         higher margin/higher growth remaining        California.
spectrum in the 900 MHz band in the            portfolio had become attractive to a         MoneyGram International, Inc. (0.2%)
U.S., with nationwide coverage. In June,       potential buyer. On May 11, Ferro’s          (MGI – $10.08 – NASDAQ) is a provider
Anterix held a Virtual Investor Day            management announced it had entered          of global money transfer services head-
where       management             discussed   into a definite agreement to be acquired     quartered in Dallas, Texas. It has been a
increased potential customer pipeline,         by Prince International Corp., a portfolio   challenging    two    years    since   the
with expectations for $1.8 billion in con-     company of American Securities LLC, in       Committee on Foreign Investment in the
tracted value by end of fiscal year end-       an all cash transaction valued at $2.1       United States blocked an $18 per share
ing March 31, 2024.                            billion, or 12.4 times TTM adjusted          takeover by Jack Ma’s Ant Financial. The
AVID Technology, Inc. (0.3%) (AVID –           EBITDA. The $22 a share represents a         growth of digital upstarts and new
$39.15 – NASDAQ) develops and sells            25% premium to May 10th price of             efforts by established players have
software and integrated solutions for          $17.58. The transaction is expected to       created a heightened competitive envi-
video and audio content creation,              close in Q1 2022, following shareholders     ronment; while at the same time, a
management and distribution. Its solu-         and regulatory approvals; at this            negative judgement by regulators
tions are used in production and post-         juncture, we do not anticipate any           leveed a $150 million fine and forced the
production facilities, including film          issues.                                      company to implement security prac-
studios, television stations, recording        Golden Entertainment, Inc. (3.3%)            tices that have been detrimental to
studios, live-sound performance venues,        (GDEN – $44.80 – NASDAQ), based in           revenue growth. However, during their

                                                                   4

travails, management completely rebuilt strategic transformation has stream- conservative as their beverages end-
the company’s technology stack and lined its product portfolio, Enterprise market is likely to be a beneficiary of
launched a very compelling digital Resource Planning, solution platforms, reopening.
offering, with better economics than the and distribution channels.
Raven Industries, Inc. (0.2%) (RAVN –
legacy money transfer business. Digital Treatt Plc (0.4%) (TET – $16.18 – LSE), $57.85 – NASDAQ), headquartered in
growth accelerated to 64% in 2020 and headquartered in Bury’s St Edmunds, Sioux Falls, South Dakota, is a leading
has continued at a similar pace thus far UK, is a global Flavours and Fragrance developer of precision agriculture tech-
in 2021. We believe that forthcoming (F&F) company, gradually diversifying nologies for the global farming industry.
IPOs of pure-play digital remittance from largely being a commodity The company also has unrelated high
competitors at high valuations will help supplier (Citrus) to being a value added performance specialty films and aero-
to highlight the value embedded in the products supplier to the global space divisions. In June of this year,
MoneyGram business. consumer products and food Raven agreed to be acquired by CNH
Orbcomm, Inc. (0.1%) (ORBC – $11.24 – companies. Treatt has doubled its U.S.
Industrial (CNHI) for $58 per share in
NASDAQ) provides Internet of Things capacity in the last 12 months and the
cash, highlighting its capabilities in
(IoT) solutions that connect businesses UK expansion will come online this
innovating technologies to make
to their assets to deliver increased visi- summer enabling further improvement
farming more efficient. The deal is
bility and operational efficiency. in the client profile towards beverage
expected to close in the fourth quarter
Utilizing its leading edge hardware, companies household and personal care
of 2021.
analytic applications, and seamless versus F&F players while improving effi-
satellite and cellular connectivity, the ciency of operations for margin Conclusion
company’s communication solutions progression. Treatt reported strong 1H
We believe the Fund is well positioned
remotely track, monitor, and control FY21 results with the company bene-
to deliver excellent risk adjusted returns
fixed and mobile assets. Orbcomm’s fiting from its natural portfolio and
major markets are transportation, heavy margins uplift from improving mix and over a complete market cycle. We

equipment, maritime, natural resources stable citrus prices. While management appreciate your confidence and trust.
and government. Orbcomm’s recent raised guidance, we think they are June 30, 2021

Top Ten Holdings (Percent of Net Assets)
June 30, 2021
Aerojet Rocketdyne Holdings, Inc. 4.0% Nathan's Famous, Inc. 2.1%
Golden Entertainment, Inc. 3.3% Ferro Corp. 1.9%
Indus Realty Trust, Inc. 2.2% Astec Industries, Inc. 1.9%
Cutera, Inc. 2.2% Full House Resorts, Inc. 1.7%
Myer's Industries, Inc. 2.2% Lawson Products, Inc. 1.6%

TETON Westwood SmallCap Equity Fund
To Our Shareholders, traffic. Underpinning the broad based
For the quarter ended June 30, 2021, the reopening of America is trillions of
Teton Westwood Small Cap Equity Fund dollars of government fiscal stimulus
funneled to businesses along with
appreciated 5.4% versus gains of 4.6%
funding to unemployed workers hit
for the Russell 2000 Value and 4.3% for
hardest by the pandemic. Against this
the Russell 2000 indices. Year to date,
backdrop has been the U.S. Federal Nicholas F. Galluccio Scott R. Butler
the fund was up 25.6% versus 26.7% and
Reserve with its unprecedented quanti- President & CEO Senior Vice President
17.5% for the respective indices.
tative easing, fostering negative real BA, University of BA, Claremont
interest rates, adjusted for inflation. Hartford McKenna College
Commentary MA, Columbia BS, Columbia
Through its purchases of high yield, University University
The equity bull market appears to investment grade and government MBA, Columbia
remain intact as U.S. and global Business School
bonds, the Fed has injected massive
economies rebound from pandemic liquidity into financial assets, the pandemic restrictions ease. Pent-up
driven shutdowns with a surge of economy and banking system to consumer demand and business capex
consumer spending on retail, travel, promote lending and capital formation. investment should fuel the recovery in
leisure, and hospitality. As we look to Fast forward: residential housing sales the months ahead.
next year and beyond, further gains will are booming and the labor market is
largely depend on the extent of June payrolls increased by 850,000,
very tight as the ratio of unemployed
monetary accommodation. Widespread gaining the most in ten months,
workers to job openings is approaching
vaccination in the U.S. to protect against suggesting firms are having greater
an all-time low. U.S. service providers
the spread of COVID-19, has allowed the success recruiting workers to keep pace
expanded at the fastest pace on record
reopenings of bars, restaurants and in May. The Institute for Supply with the broadening of economic
entertainment venues. Air travel recently Management (ISM) Services Index fell activity. The jobless rate edged up to 5.9
reached pre-pandemic levels, hotel to 60 in June from 64 in May, the percent in June, while the labor partici-
occupancies are rising rapidly, and major highest dating back to 1997. The figure pation rate was little changed. The
cities, like New York, are once again underscores rising demand from air payrolls gain still leaves the U.S. labor
vibrant and bustling with commuter travel, hotel stays and meals out as market 7.6 million jobs short of pre-

Average Annual Returns Through June 30, 2021 (a)
Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.
Performance returns for periods of less than one year is not annualized.
Since
Inception
Quarter
—————— 1—
—Year
——— —3—Year 5—Year
——— — ——— 10 Year
————— 15
———Year
——- (4/15/97)
————-----------
SmallCap Equity Fund Class AAA (WESCX) . . . . . . . . . . . . . . . 5.36% 73.42% 13.49% 17.28% 11.14% 9.51% 8.87%
Russell 2000 Index (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.29 62.03 13.52 16.47 12.34 9.51 9.66
Russell 2000 Value Index (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.56 73.28 10.27 13.62 10.85 7.90 9.86
(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 19 for performance of other classes of shares.
(b) The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. Dividends
are considered reinvested. You cannot invest directly in an index.
(c) The Russell 2000 Value Index mearures 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, 2021, the gross expense ratio for Class AAA Shares is 1.70%, and the net expense ratio is 1.25% after
contractual reimbursements by Teton Advisors, Inc. (the "Adviser") in place through January 31, 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.

pandemic levels. A major positive is the Sachs Group Inc. predicts the world (GBCI) (0.7%) based in Kalispell,
resurgence of corporate capital economy will grow 6.6 percent this year Montana; Texas-based Veritex Holdings,
spending. Output at U.S. factories rose in and 4.8 percent in 2022. Inc. (VBTX) (2.4%) and First Foundation,
May by 0.9 percent, more than forecast. The equity market has rallied in tandem Inc. (FFWM) (1.4%) in California.
This includes a strong rebound in motor with the Fed’s commitment to maintain Among holdings in the portfolio that
vehicle production and strength in zero interest rates. However, at their should benefit from the tailwinds of
machinery and chemicals. U.S. manufac- June meeting, while Federal Reserve consumer spending and the housing
turing continued to expand at a solid, yet officials held interest rates at zero, they boom are: Ethan Allen Interiors, Inc.
slightly slower pace in June, while raw signaled they expect two rate increases (ETH) (2.5%), an iconic furniture brand
materials costs rose to a 40 year high. by the end of 2023, pulling forward the with refreshed product offerings,
The ISM’s index of prices paid for raw date of liftoff as the economy recovers. domestic manufacturing and excellent
materials increased to 92.1, a level not This marks the first major hawkish policy supply chain management. Mueller
seen since 1979. Also, technology capex shift by the Fed from its post pandemic Water Products, Inc. (MWA) (1.5%) a
is surging, with the likes of Intel Corp and ultra-dovish stance. We would expect manufacturer of water infrastructure and
Taiwan Semiconductor Manufacturing the stock market to discount multiple flow control products also used by
Co. spending billions on U.S.-based contractions, mainly for equities selling municipalities for waste water treatment
semiconductor fabrication plants. at the very highest multiples of sales, facilities. Rush Enterprises, Inc. (RUSHA)
Shortages of semiconductors have been earnings, or cash flow. We believe this (1.3%) which operates a regional network
particularly disruptive to the auto policy shift favors the equities of banks, of commercial truck dealerships. The
industry, where production is industrials, and companies with cyclical company sells used and new heavy-duty
constrained due to lack of supply. exposure where improved pricing and and medium-duty trucks, and provides
In fact, the U.S., economic recovery, margin expansion can buck compressed parts and service. Greenbrier Companies
powered by consumers with extra multiples. Banks in particular stand to
(GBX) (1.8%), a railcar manufacturer
savings, is unlike any in recent history. benefit from widening net interest
which also provides repair and refur-
New businesses are opening at the margins as the yield curve steepens.
bishment for intermodal and conven-
fastest pace on record. The swift collapse Robust stock markets have stretched the tional railcars.
and boom, however, has led to supply valuations of many equities, strength-
chain constraints, raw material ening the rationale for active Let’s Talk Stocks
shortages, higher food costs and the management; bottom up, fundamental Among the best performing stocks in the
imminent threat of an inflationary cycle. research is a critical tool we use to quarter were: Ferro Corp. (2.4% of net
The Consumer Price Index climbed 0.6 identify and analyze the undervalued
assets as of June 30, 2021), American
percent in May, the second largest equities of excellent companies selling at
Eagle Outfitters, Inc. (1.2%), and
advance in more than a decade. discounts to intrinsic value based on
Meredith Corp. (1.0%).
Economists debate whether the rapid earnings, cash flow or underlying asset
climb in consumer prices, which are value. As the market begins to absorb Ferro Corp. (2.4%) (FOE – $21.57 – NYSE)
rising at an annual sale of more than 4 the Fed’s shifting policy stance toward is a specialty chemical producer of
percent, will persist. Chinese producer slightly higher rates, we would expect coatings and coloring agents. After a
prices rose by 9 percent year over year in choppier seas for equities. As such, we multi-year repositioning away from
May, the biggest jump in 13 years. The remain disciplined value investors commodity-like products and then
Fed insists that higher inflation will be focused on sale price targets and we are weathering the pandemic-induced
“transitory.” Even with rising labor constantly assessing risk/reward param- global shutdown, the company entered
wages, however, many firms are having eters for each of our holdings. Always the year on a footing of strength, taking
trouble filling vacancies. Another opportunistic, we often take advantage preemptive pricing measures to offset
potential accelerator of corporate of market pullbacks to build positions for expected inflation. On the verge of
earnings growth and inflation is the long the longer term. We remain positive on demonstrating earnings power against a
debated bipartisan Congressional plan our regional bank holdings which span leaner cost structure, the company was
for major infrastructure spending on most major geographies: Valley National acquired by Prince International, a
roads, highways, bridges, trains, electric Bancorp (VLY) in New Jersey (1.6% of division of private equity firm American
grid, broadband and water. This will net assets as of June 30, 2021); Portland, Securities. Though the cash bid matched
result in job creation and bolster an Oregon-based UMPQUA Holdings Corp our upside target for the stock, we had
economy already in high gear. Goldman (UMPQ) (0.6%); Glacier Bancorp, Inc. long expected the buyer would be a
7

strategic one, given the consolidating tising business has transitioned towards improved customer profitability which,
chemical industry. digital, this promises to be a more prof- together with looming emissions regula-
American Eagle Outfitters, Inc. (1.2%) itable stream going forward. tions tightening, has, we believe, estab-
(AEO – $37.53 – NYSE) is a casual Among the worst performing stocks in lished a base for a cyclical upcycle.
clothing retailer serving young adults. the quarter were: FormFactor, Inc. (1.1% OceanFirst Financial Corp. (1.1%) (OCFC
Management’s financial discipline has of net assets as of June 30, 2021), Rush – $20.84 – NASDAQ) is a regional bank
long served the company well amidst a Enterprises, Inc. (1.3%), and OceanFirst
serving southern New Jersey, stretching
fickle end market, maintaining margins Financial Corp. (1.1%).
and keeping a tight reign over working into the neighboring metropolitan New
FormFactor, Inc. (1.1%) (FORM – $36.46 – York and Philadelphia markets. After
capital in order to steadily generate free
NASDAQ) designs and manufacturers posting a strong recovery into the early
cash flow. As the economy reopens
probe cards, used in the testing of semi-
following the pandemic shutdown, part of the calendar year, the stock has
conductors. The company is facing
retailers have benefit from increased steadily traded off throughout the
temporary gross margin pressure from
traffic and pent-up demand. On top of quarter. Last quarter’s earnings disap-
two sources: adding production capacity
that, the broader retail industry has pointed as the core net interest margin
to service higher demand levels, and a
reversed behavior away from regular barely budged, despite expectations
mix shift from foundry/logic products
discounting and back to full price selling, that a prior balance sheet restructuring
towards somewhat lower margin
resulting in record gross margins across
memory probe cards. Undue focus on would have enabled them to. Coupled
the sector. Exiting the quarter, the
this departure from expectation over- with the hiring of new out-of-markets
company raised the dividend by thirty
looks the massive amount of spending lenders, some investors concluded that
percent to reflect an improved outlook
for sustained free cash flow. that key customers have committed to in management was making plans it could
coming years as they build out new not deliver upon. We take a more opti-
Meredith Corp. (1.0%) (MDP – $43.44 – domestic semiconductor capacity. mistic view, confident that the signif-
NYSE) is a creator of national and local Being the market share leader,
lifestyle content delivered across digital, icant excess cash position can be prof-
FormFactor will disproportionately
print and broadcast media. Three years itably deployed in time, leading to both
benefit.
ago, the steadily growing company cata- loan growth and net interest margin
pulted itself forward with the acquisition Rush Enterprises, Inc. (1.3%) (RUSHA – expansion as the rate environment
of Time Inc., beginning an ambitious $43.24 – NASDAQ) is the largest improves. The existing geographic foot-
turnaround process of divesting a domestic dealer and servicer of medium
print and past consolidation efforts
sizeable basket of properties, cutting and heavy duty trucks, operating service
makes this a unique franchise.
costs, repaying debt and restarting centers within 21 states. Amidst the
growth. This past quarter, it largely shutdown of dealerships during the
Conclusion
completed the process by formalizing pandemic, the aftermarket parts
the sale of the local television division to business remained resilient. New truck Our portfolio, well diversified among a
an industry peer. Representing nearly a sales, though recovering towards prior host of special situation equities,
third of the business by size and levels, are being impacted by the remains well positioned to deliver
currently the primary cash generator, the pervasive component shortages excellent risk adjusted returns over the
transaction will cut net debt leverage by plaguing the entire automotive sector. next market cycle.
nearly two turns to a more manageable This constraint has tempered the stock
We appreciate your confidence and
level as the company seeks to recover but the supply chain situation gives signs
trust.
national advertising business lost during of recovery. Similarly, sustained shipping
the pandemic. As the remaining adver- demand and higher freight rates have June 30, 2021

Top Ten Holdings (Percent of Net Assets)
June 30, 2021

Onto Innovation, Inc. 3.6% Veritex Holdings, Inc. 2.4%
AAR Corp. 3.2% Ferro Corp. 2.4%
Ethan Allen Interiors, Inc. 2.6% Netscout Systems, Inc. 2.3%
Advanced Energy Industries, Inc. 2.6% Patterson-UTI Energy, Inc. 2.1%
Entegris, Inc. 2.4% Patterson Company, Inc. 2.0%

TETON Convertible Securities Fund
To Our Shareholders, the record pace of the first quarter, but
For the quarter ended June 30, 2021, the with $60 billion in new convertibles in
Teton Convertibles Securities Fund net the first 6 months of 2021, our market
asset value (“NAV”) per Class AAA share will expand again this year. Terms were
appreciated 5.7%, compared with a gain generally more attractive to us as
of 3.9% for the Bank of America Merrill investors this quarter, and convertibles
Thomas Dinsmore, CFA Jane O'Keeffe
Lynch All U.S. Convertibles Index remain one of the quickest and least
Portfolio Manager Consultant
(“VXAO”) and a gain of 8.6% for the expensive ways for companies to raise BS, University of BA, University of
capital, so we expect issuance to Pennsylvania New Hampshire
Standard and Poor’s (“S&P”) 500 Index. MA Economics,
Year to date, the Fund appreciated 4.4% continue through year end. Fairleigh Dickinson

compared with gains of 6.9% and 15.3% The Bloomberg Barclays U.S.
for the respective indices. Convertible market is now $402 billion
with 615 issues with a yield to best
Commentary measured at 1.9%, a current yield of
Convertibles returned to form in the 1.7%, a premium to conversion value of
second quarter, performing well as their 21.6%, delta (a measure of sensitivity to
James Dinsmore, CFA
underlying equities moved higher. The stock price movements) of 69%, and an Portfolio Manager
Teton Convertible Securities Fund bene- average duration (a measure of interest BA, Cornell University
fitted from this as well, outperforming rate sensitivity) of 1.6 years. Cash pay MBA, Rutgers
University
the Bloomberg Barclays Convertible bonds make up 75% of the index market
Index for the quarter. We were able to capitalization, mandatory structures Convertible Fund had a yield to best of
add to some positions that had traded (mostly preferred shares) 21% and 1.8%, current yield of 1.7%, premium to
lower earlier in the year and this helped Convertible perpetual preferred shares conversion value of 19.1%, delta of 69%,
with performance. Issuance slowed from 4%. By comparison, the Teton and a duration of 2.0. The Fund has 11%

(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 19 for performance of other classes of shares.
(b) The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market.
Dividends are considered reinvested. You cannot invest directly in an index.
(c) The ICE Bank of America U.S. Convertibles Index is a market value weighted index of all dollar denominated convertible securities that are
exchangeable into U.S. equities that have a market value of more than $50 million. Dividends are considered reinvested. You cannot invest directly
in an index.
In the current prospectuses dated January 28, 2021, the gross expense ratio for Class AAA Shares is 1.62%, and the net expense ratio is 1.15%, after
contractual reimbursements by Teton Advisors, Inc. (the "Adviser") in place through January 31, 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.
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.

in mandatory convertibles, 1% in more balanced mix of holdings will help common stock. We think there is a lot of
convertible preferred bonds, and 85% us participate in further equity upside room for growth of the equity and the
in convertible bonds with the while still offering the asymmetrical convertible, as the company has built a
remainder in cash. return profile that makes convertibles strong reputation for itself in its niche,
Our top performers for the quarter attractive investments. and we believe demand should continue
generally came from the Information to steadily increase for their services.
Let’s Talk Investments
Technology Sector. These included FuboTV, Inc. (FUBO, 0.8%) (Cv. 3.25% of
Perficient, Inc. (digital consultancy Perficient, Inc. (PRFT, 2.3% of net assets 2/15/26) is headquartered in New York
services) (2.3% of net assets as of June as of June 30, 2021) (Cv. 1.25% of 8/1/25) City. The company is an internet tele-
30, 2021), QTS Realty (data center REIT), is headquartered in Saint Louis, Missouri. vision service provider. They are mainly
and Digital Bridge (digital infrastructure The company is an IT consulting firm. focused on the distribution of live sports,
REIT formerly known as Colony Capital) They have positioned themselves as while offering popular news, network
(1.7%). Our top detractors for the quarter more efficient and technology focused television and movies. FuboTV has a
were Southwest Airlines Company than their larger competitors. This niche solid channel lineup and offers a better
(1.9%), JetBlue Airways Corp. (0.9%), has served them well as many way for consumers to view content than
and Esperion Therapeutics, Inc. (0.5%). companies look to sort through all of the traditional cable television. As
The convertible market has become very various software that is available to consumers cut the cord they will look to
equity sensitive this year, with 61% of it in them. Perficient helps their clients other services like Fubo to fill the void.
what we would consider equity equiv- understand and implement high quality Over the long term, the focus on sports
alent issues, only 28% in total return and efficient software solutions. content and the opportunity for users to
issues and 11% fixed income equivalent. Perficient serves clients in the Health bet on that content could offer signif-
By comparison, we remain focused on Care, Financial, Telecom, Consumer, icant upside. These bonds offer an
total returns for our shareholders, with Automotive, Manufacturing and Energy attractive yield and the potential for
47% of the fund in equity equivalent markets. These convertibles have significant upside if the sports betting
issues, 46% in total return, and 7% in become more equity sensitive but still goals come to fruition.
fixed income equivalent. We believe this offer a yield advantage over the June 30, 2021

Top Ten Holdings (Percent of Net Assets)
June 30, 2021

Par Technology Corp., 2.88%, 09/15/26 2.3% Broadcom, Inc., 8.00%, 09/30/22 1.9%
Perficient, Inc., 1.25%, 08/01/25 2.3% Chart Industries, Inc., 1.00%, 11/15/24 1.9%
Cardlytics, Inc., 1.00% 09/15/25 2.1% Southwest Airlines Company, 1.25%, 05/01/25 1.9%
Aptiv Plc, 5.50%, 06/15/23 2.0% Nextera Energy, Inc., 4.87%, 09/01/22; 5.28%, 1.9%
Match Group FinanceCo 3 Inc., 1.9% 03/01/23; 6.22%, 09/01/23
2.00%, 01/15/30 MercadoLibre, Inc., 2.00%, 08/15/28 1.8%

TETON Westwood Equity Fund
To Our Shareholders, announcement being a bipartisan
For the quarter ended June 30, 2021, the infrastructure bill with a $600 billion
TETON Westwood Equity Fund’s net figure slated for later this year. Risk
assets remained in vogue as a result,
asset value (“NAV”) per Class AAA Share
though the pullback in rates pushed
returned 5.4% versus a return of 8.6% for
growth to outperform value for the
the S&P 500 Index. Year to date, the
quarter. Overall, companies remain
Fund appreciated 13.0% compared with
optimistic for the recovery as reopening Matthew R. Lockridge Lauren Hill, CFA
gains of 15.3% for the Index. Portfolio Manager Portfolio Manager
continues in the U.S. and expectations
BBA, Southern BBA, Southern
remain elevated for the profit recovery to Methodist University Methodist University
Market Commentary
continue to unfold. Many businesses have MBA, University MBA, Columbia
Looking back, the second quarter of 2021 of Chicago Business School
pivoted to playing “offense” after
kept the party going. Equity markets rose weathering the pandemic, and those
in tandem with vaccination rates across companies with strong capital positions
most developed economies, with are well suited to deploy that cash into
emerging economies still feeling pressure accretive transactions. While potential
from lack of access. The S&P 500 Index headwinds remain, from virus variants to
posted a robust gain, with new all-time rising inflation, the overall backdrop
highs, supported by record levels of remains highly supportive for markets
earnings surprises. Despite the into the second half of the year. William Sheehan
improvement in the data, the yield on the Portfolio Manager
Looking forward, the recovery and BS, University of
10-year U.S. Treasury bond fell from 1.74% reopening is expected to continue Pennsylvania
to 1.47% to end the quarter. The Federal barring any disruptions from virus
Reserve has continued to support the variants. However, much of the future
financial markets with easy monetary improvements appear priced into opportunities, whether via capital
policy but investors are becoming markets at this point, leaving investors spending or buying back their own stock.
focused on the beginning of any effort to balancing the elevated valuations versus These investments in equipment are
taper that support. Fiscal policy the likely improvements. Corporations important as labor shortages appear to
continues to provide incremental have shifted towards playing “offense” be spreading, with many businesses
demand for goods and services as a and looking to redeploy excess capital struggling to fill their open positions.
bridge, with the most recent towards attractive investment Productivity enhancements will be

important to hitting profit forecasts as       preferred cyclicality and growth over          gained on continued high levels of retail
companies look to cost savings and             stability, given the positive overall          trading engagement, with strong
improvements to help maintain their            backdrop. Valuations broadly appear            accounts, asset balances, and trade
operating margins amidst rising input          elevated versus history but remain             frequency levels driving results ahead of
prices and other inflationary pressures.       supported by the low interest rate             estimates even as their net interest
With rising inflation concerns and the         environment and pandemic-driven                income came in modestly below.
potential for higher tax rates later this      stimulus still in place. As this fades, a
                                                                                              Information Technology and Health Care
year, there are a number of crosscurrents      wider dispersion for individual company
                                                                                              detracted from relative performance due
at play. Companies with strong financial       returns may emerge as expectations
                                                                                              to less favorable selection along with an
positions and solid fundamentals may be        converge to reality and clarity emerges
                                                                                              underweight in Technology. Fiserv
better positioned than their peers to          concerning potential growth rates and
                                                                                              reported solid results driven by their
capitalize on opportunities as they arise.     cash generation.
                                                                                              merchant acceptance business, however,
The S&P 500 Index posted a large return,                                                      shares fell on the announcement of an
                                               Quarterly Performance Drivers
up 8.56%, led by an eclectic group of                                                         upcoming secondary share offering. The
sectors. Real Estate was the leading sector,   Real Estate and Materials contributed to
                                                                                              Walt Disney Company (2.6%) declined as
as the reopening lessened some pressures       relative performance due to positive
                                                                                              results were mixed, with new Disney+
on asset owners and rent collections           stock selection. Public Storage gained as
                                                                                              subscribers coming in below expectations
appeared to have bottomed. With rates          occupancy gains from COVID have
                                                                                              as their theme parks began to see
remaining low versus history, even with the    persisted amidst strong pricing trends
                                                                                              reopening improvements as they are
move higher this year, asset prices have       and muted new supply of self storage
                                                                                              allowed to start allowing guests once
continued to lift amidst the inflationary      locations, and further shareholder
                                                                                              more. Microchip Technology, Inc. (2.9%)
tailwinds emerging. One inflationary           engagement efforts are likely on the
                                                                                              fell as investors weighed the current
pressure, rising crude oil prices, pushed      horizon given the involvement of an
                                                                                              shortage of semiconductors with their
Energy notably higher during the quarter       activist investor. Capital One Financial
                                                                                              ability to increase supply to capture
as well. While not the 30% gain seen last      Corp. (2.3% of net assets as of June 30,
                                                                                              incremental upside, even with expanding
quarter, Energy rallied again as producers     2021) beat results handily, driven
                                                                                              gross margins and depleting inventories.
remained disciplined regarding adding          primarily by lower than expected credit
                                                                                              Micron Technology, Inc. (3.0%) also
incremental barrels to the marketplace.        costs, while expenses were held in check
                                                                                              declined, despite tight supply/demand
Outside of the cyclicals, Information          allowing for strong flow through to the
                                                                                              availability for semiconductors, over
Technology and Communication Services          bottom-line. The Goldman Sachs Group,
                                                                                              concerns regarding their ability to pass
regained some relative ground and each         Inc. (3.3%) rallied on strong investment
                                                                                              through potential inflationary cost
rose over 10 percent during the quarter        banking results across all their offerings,
                                                                                              pressures in the current environment.
after more modest starts to the year.          with asset management also contributing
                                                                                              Nextera Energy, Inc. (2.6%) struggled as
Some of the market leaders played              to upside relative to expectations.
                                                                                              investors rotated away from more stable
catchup as their valuations looked more        Alphabet, Inc. (2.9%) reported strong
                                               margin performance, particularly within        and defensive areas of the market,
compelling after the recent run from
some of the more economically-sensitive        their near-breakeven cloud segment,            despite continued strong fundamentals,
industries to start the year. Utilities        sending shares higher as investors look        favoring cyclical and growth holdings
remained the most pressured of the             to the sustainability of those levels in the   instead in the given environment.
sectors, falling modestly as investors         future. Charles Schwab Corp. (3.7%)            June 30, 2021

                                               Top Ten Holdings (Percent of Net Assets)
                                                           June 30, 2021

   CVS Health Corp.                                          3.3%        The Charles Schwab Corp.                            2.9%
   Eaton Corp. Plc                                           3.1%        UnitedHealth Group, Inc.                            2.6%
   Walmart, Inc.                                             3.0%        The Goldman Sachs Group, Inc.                       2.6%
   Becton Dickinson and Company                              3.0%        The Middleby Corp.                                  2.6%
   Cisco Systems, Inc.                                       3.0%        Medtronic Plc                                       2.6%

                                                                    12

TETON Westwood Balanced Fund

To Our Shareholders, Market Commentary
For the quarter ended June 30, 2021, Looking back, the second quarter of 2021
the TETON Westwood Balanced kept the party going. Equity markets rose
Fund’s net asset value (“NAV”) per in tandem with vaccination rates across
Class AAA Share returned 5.6% versus most developed economies, with
a return of 6.1% for the benchmark: Matthew R. Lockridge Lauren Hill, CFA
emerging economies still feeling pressure Portfolio Manager Portfolio Manager
60% S&P 500 Stock Index/40% from lack of access. The S&P 500 Index BBA, Southern BBA, Southern
Methodist University Methodist University
Bloomberg Government/Credit Bond posted a robust gain, with new all-time MBA, University MBA, Columbia
Index (BB G/C). Year to date, the Fund highs, supported by record levels of of Chicago Business School
appreciated 8.0% compared with earnings surprises. Despite the
gains of 8.4% for the Index. improvement in the data, the yield on the
10-year U.S. Treasury bond fell from 1.74%
Notes on the Fund to 1.47% to end the quarter. The Federal
The Fund is designed to provide Reserve has continued to support the
exposure to equities while reducing financial markets with easy monetary
P. Adrian Helfert William Sheehan
overall risk through investment in policy but investors are becoming Portfolio Manager Portfolio Manager
investment grade fixed income securities. focused on the beginning of any effort to BA, University of BS, University of
Virginia Pennsylvania
The bond portion typically invests in taper that support. Fiscal policy MBA, Duke University
high-quality notes with lower interest continues to provide incremental
rate sensitivity — and generally a shorter demand for goods and services as a slated for later this year. Risk assets
maturity — than the BB G/C, with the bridge, with the most recent remained in vogue as a result, though the
objective of dampening the volatility of announcement being a bipartisan infra- pullback in rates pushed growth to
equity holdings. structure bill with a $600 billion figure outperform value for the quarter. Overall,

Average Annual Returns Through June 30, 2021 (a)
Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses.
Performance returns for periods of less than one year is not annualized.
Since
Inception
Quarter 1 Year 3—Year 5 Year 10 Year 15 Year
—————— ———— — ——— ———— ———— ——— —— (10/1/91)
——————--
Balanced Fund Class AAA (WEBAX). . . . . . . . . . . . . . . . . . . . . . . . . . 5.62% 20.83% 9.06% 8.61% 7.84% 6.42% 8.39%
60% S&P 500 Index and 40% Bloomberg Barclays
Government/Credit Bond Index (b) . . . . . . . . . . . . . . . . . . . . . . . . . . 6.10 24.32 13.58 11.91 10.39 8.27 8.63
S&P 500 Index (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.55 40.79 18.67 17.65 14.84 10.73 10.63
Bloomberg Barclays Government/Credit Bond Index (d) . . . . . . . . . . 2.42 (0.39) 5.95 3.31 3.71 4.58 5.63
(a) Teton Advisors, LLC, 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 19 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 Barclays Government/Credit Bond Index.
(c) The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market.
Dividends are considered reinvested. You cannot invest directly in an index. Since inception performances are as of September 30, 1991.
(d) The Bloomberg Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly
placed, dollar denominated obligations. Since inception performances are as of September 30, 1991.
In the current prospectuses dated January 28, 2021, the expense ratio for Class AAA Shares is 1.42%. 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.
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.

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