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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number             811-04719            

            The TETON Westwood Funds (formerly, The GAMCO Westwood Funds)            

(Exact name of registrant as specified in charter)

One Corporate Center

                         Rye, New York 10580-1422                        

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                            Rye, New York 10580-1422                        

(Name and address of agent for service)

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

Date of fiscal year end:   September 30

Date of reporting period:   March 31, 2013

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Income Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semiannual Report

March 31, 2013

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																								Class A Shares
	Average Annual Returns – March 31, 2013 (a)																				Average Annual Returns – March 31, 2013 (a)(b)(e)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbur- sements			Maximum Sales Charge		1 Year	5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbur- sements			Maximum Sales Charge
Mighty Mites		20.91	%		10.96	%		12.43	%		11.86	%		1.47	%		1.47	%		None	15.72%		9.81	%		11.72	%		11.35	%		1.72	%		1.72	%		4.00	%
SmallCap Equity		9.61			7.76			10.41			6.92			1.65			1.50			None	4.96		6.64			9.71			6.51			1.90			1.75			4.00
Income		13.49			4.50			8.88			7.39			2.82			2.00			None	8.72		3.38			8.17			6.91			3.07			2.25			4.00
Equity		13.51			2.62			8.77			9.86			1.56			1.56			None	8.63		1.52			8.06			9.47			1.81			1.81			4.00
Balanced		9.53			3.60			7.22			8.59			1.27			1.27			None	4.91		2.49			6.51			8.12			1.52			1.52			4.00
Intermediate Bond		1.91			4.00			3.63			5.35			1.35			1.02			None	(2.35)		3.01			3.08			5.08			1.45			1.12			4.00

	Class B Shares																								Class C Shares
	Average Annual Returns – March 31, 2013 (a)(c)(e)																					Average Annual Returns – March 31, 2013 (a)(d)(e)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbur- sements			Maximum Sales Charge			1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbur- sements			Maximum Sales Charge
Mighty Mites		15.02	%		9.81	%		11.58	%		11.19	%		2.22	%		2.22	%		5.00	%		18.99	%		10.15	%		11.62	%		11.22	%		2.22	%		2.22	%		1.00	%
SmallCap Equity		Class B Shares have been discontinued.																					7.82			6.98			9.43			6.30			2.40			2.25			1.00
Income		Class B Shares have been discontinued.																					11.69			3.71			8.11			6.89			3.57			2.75			1.00
Equity		Class B Shares have been discontinued.																					11.64			1.84			7.96			9.40			2.31			2.31			1.00
Balanced		3.67			2.44			6.40			8.03			2.02			2.02			5.00			7.66			2.84			6.42			8.06			2.02			2.02			1.00
Intermediate Bond		(3.86	)		2.85			2.85			4.90			2.10			1.77			5.00			0.21			3.23			2.87			4.93			2.10			1.77			1.00

	Class I Shares
	Average Annual Returns – March 31, 2013 (a)(e)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimbur- sements			Maximum Sales Charge
Mighty Mites		21.17	%		11.23	%		12.58	%		11.96	%		1.22	%		1.22	%		None
SmallCap Equity		9.97			8.06			10.56			7.01			1.40			1.25			None
Income		13.88			4.78			9.03			7.49			2.57			1.75			None
Equity		13.85			2.89			8.93			9.92			1.31			1.31			None
Balanced		9.82			3.86			7.36			8.65			1.02			1.02			None
Intermediate Bond		2.13			4.24			3.74			5.41			1.10			0.77			None

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price and reinvestment of distributions and are net of expenses. 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. For the SmallCap Equity, Income, and Intermediate Bond Funds (and for the Mighty Mites Fund through September 30, 2005), Teton Advisors, Inc., (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, 2014 and are renewable annually by the Adviser. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains information about these and other matters and should be read carefully before investing.

(b) Includes the effect of the maximum 4.0% sales charge at the beginning of the period.

(c) Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is gradually reduced to 0% after six years.

(d) Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.

(e) The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class B Shares, Class C Shares, and Class I Shares. The performance for the Class B Shares and Class C Shares would have been lower due to the additional 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 B Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.

	Class AAA Shares	Class A Shares	Class B Shares		Class C Shares	Class I Shares
Mighty Mites	05/11/98	11/26/01		06/06/01	08/03/01	01/11/08
SmallCap Equity	04/15/97	11/26/01		—	11/26/01	01/11/08
Income	09/30/97	05/09/01		—	11/26/01	01/11/08
Equity	01/02/87	01/28/94		—	02/13/01	01/11/08
Balanced	10/01/91	04/06/93		03/27/01	09/25/01	01/11/08
Intermediate Bond	10/01/91	07/26/01		03/27/01	10/22/01	01/11/08

2

Morningstar^® Ratings Based on Risk Adjusted Returns as of March 31, 2013. (Unaudited)

Overall Rating

3 Year Rating

5 Year Rating

10 Year Rating

Morningstar

# of

# of

# of

# of

FUND

Category

Stars

Funds

Stars

Funds

Stars

Funds

Stars

Funds

TETON Westwood Mighty Mites AAA

Small Blend

«« «««

604

«« ««

604

«« «««

535

«« «««

329

TETON Westwood Mighty Mites A

Small Blend

«« «««

604

«« «

604

«« «««

535

«« «««

329

TETON Westwood Mighty Mites B

Small Blend

«« ««

604

«« «

604

«« «««

535

«« ««

329

TETON Westwood Mighty Mites C

Small Blend

«« ««

604

«« ««

604

«« «««

535

«« ««

329

TETON Westwood Mighty Mites I

Small Blend

««« ««

604

««« «

604

««« ««

535

««« ««

329

TETON Westwood SmallCap Equity AAA

Small Blend

««

604

««

604

««

535

««

329

TETON Westwood SmallCap Equity A

Small Blend

«

604

«

604

««

535

«

329

TETON Westwood SmallCap Equity C

Small Blend

«

604

«

604

««

535

«

329

TETON Westwood SmallCap Equity I

Small Blend

««

604

««

604

««

535

««

329

TETON Westwood Income AAA

Large Value

«« ««

1045

«« ««

1045

«« ««

927

«« ««

589

TETON Westwood Income A

Large Value

«« «

1045

«« «

1045

«« «

927

«« «

589

TETON Westwood Income C

Large Value

«« «

1045

«« «

1045

«« «

927

«« «

589

TETON Westwood Income I

Large Value

««« «

1045

««« «

1045

««« «

927

««« «

589

TETON Westwood Equity AAA

Large Value

«« «

1045

««

1045

««

927

«« «

589

TETON Westwood Equity A

Large Value

«« «

1045

««

1045

««

927

«« «

589

TETON Westwood Equity C

Large Value

«« «

1045

««

1045

««

927

«« «

589

TETON Westwood Equity I

Large Value

««

1045

««

1045

««

927

««« «

589

TETON Westwood Balanced AAA

Moderate Allocation

«« «

802

«« «

802

«« «

697

«« «

414

TETON Westwood Balanced A

Moderate Allocation

«« «

802

««

802

««

697

«« «

414

TETON Westwood Balanced B

Moderate Allocation

«« «

802

««

802

««

697

«« «

414

TETON Westwood Balanced C

Moderate Allocation

«« «

802

««

802

««

697

«« «

414

TETON Westwood Balanced I

Moderate Allocation

«««

802

«««

802

«««

697

«««

414

TETON Westwood Intermediate Bond AAA

Intermediate-Term Bond

«

1004

«

1004

«

877

«

605

TETON Westwood Intermediate Bond A

Intermediate-Term Bond

«

1004

«

1004

«

877

«

605

TETON Westwood Intermediate Bond B

Intermediate-Term Bond

«

1004

«

1004

«

877

«

605

TETON Westwood Intermediate Bond C

Intermediate-Term Bond

«

1004

«

1004

«

877

«

605

TETON Westwood Intermediate Bond I

Intermediate-Term Bond

««

1004

«

1004

««

877

««

605

The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with its three, five and ten year (if applicable) Morningstar Rating metrics. Data presented reflects past performance, which is no guarantee of future results. Ratings are for Class AAA, A, B, C, or I shares, other classes may have different performance characteristics. Unrated classes of fund shares are not listed. For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure (including the effects of sales charges, loads, and redemption fees) that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Strong relative performance is not indicative of positive fund returns. ^© 2013 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Teton Advisors, Inc. is the investment manager for all TETON Westwood Funds. Investors should carefully consider the investment objectives, risks, sales charges, and expenses of a fund carefully before investing. Each Fund’s prospectus contains this and other information about the Funds and is available by calling 800-WESTWOOD, online at www.tetonadv.com, or from your financial adviser. The prospectus should be read carefully before investing.

Distributed by G.distributors, LLC, One Corporate Center, Rye, NY 10580. Call 800-WESTWOOD for a prospectus.

3

TETON Westwood Funds
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2012 through March 31, 2013	Expense Table

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 below 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.

	Beginning Account Value 10/01/12		Ending Account Value 03/31/13		Annualized Expense Ratio			Expenses Paid During Period*
TETON Westwood Mighty Mites Fund
Actual Fund Return
Class AAA		$1,000.00		$1,182.80		1.43	%		$  7.78
Class A		$1,000.00		$1,181.40		1.68	%		$  9.14
Class B		$1,000.00		$1,178.20		2.18	%		$11.84
Class C		$1,000.00		$1,179.20		2.18	%		$11.84
Class I		$1,000.00		$1,184.30		1.18	%		$  6.43
Hypothetical 5% Return
Class AAA		$1,000.00		$1,017.80		1.43	%		$  7.19
Class A		$1,000.00		$1,016.55		1.68	%		$  8.45
Class B		$1,000.00		$1,014.06		2.18	%		$10.95
Class C		$1,000.00		$1,014.06		2.18	%		$10.95
Class I		$1,000.00		$1,019.05		1.18	%		$  5.94
TETON Westwood SmallCap Equity Fund
Actual Fund Return
Class AAA		$1,000.00		$1,161.90		1.50	%		$  8.08
Class A		$1,000.00		$1,161.00		1.75	%		$  9.43
Class C		$1,000.00		$1,157.90		2.25	%		$12.10
Class I		$1,000.00		$1,164.30		1.25	%		$  6.74
Hypothetical 5% Return
Class AAA		$1,000.00		$1,017.45		1.50	%		$  7.54
Class A		$1,000.00		$1,016.21		1.75	%		$  8.80
Class C		$1,000.00		$1,013.71		2.25	%		$11.30
Class I		$1,000.00		$1,018.70		1.25	%		$  6.29
TETON Westwood Income Fund
Actual Fund Return
Class AAA		$1,000.00		$1,114.40		2.00	%		$10.54
Class A		$1,000.00		$1,113.60		2.25	%		$11.86
Class C		$1,000.00		$1,110.70		2.75	%		$14.47
Class I		$1,000.00		$1,116.80		1.75	%		$  9.24
Hypothetical 5% Return
Class AAA		$1,000.00		$1,014.96		2.00	%		$10.05
Class A		$1,000.00		$1,013.71		2.25	%		$11.30
Class C		$1,000.00		$1,011.22		2.75	%		$13.79
Class I		$1,000.00		$1,016.21		1.75	%		$  8.80
TETON Westwood Equity Fund
Actual Fund Return
Class AAA		$1,000.00		$1,119.10		1.63	%		$  8.61
Class A		$1,000.00		$1,117.80		1.88	%		$  9.93
Class C		$1,000.00		$1,114.70		2.38	%		$12.55
Class I		$1,000.00		$1,121.30		1.38	%		$  7.30
Hypothetical 5% Return
Class AAA		$1,000.00		$1,016.80		1.63	%		$  8.20
Class A		$1,000.00		$1,015.56		1.88	%		$  9.45
Class C		$1,000.00		$1,013.06		2.38	%		$11.94
Class I		$1,000.00		$1,018.05		1.38	%		$  6.94
TETON Westwood Balanced Fund
Actual Fund Return
Class AAA		$1,000.00		$1,077.10		1.30	%		$  6.73
Class A		$1,000.00		$1,075.50		1.55	%		$  8.02
Class B		$1,000.00		$1,072.30		2.05	%		$10.59
Class C		$1,000.00		$1,072.80		2.05	%		$10.59
Class I		$1,000.00		$1,077.60		1.05	%		$  5.44
Hypothetical 5% Return
Class AAA		$1,000.00		$1,018.45		1.30	%		$  6.54
Class A		$1,000.00		$1,017.20		1.55	%		$  7.80
Class B		$1,000.00		$1,014.71		2.05	%		$10.30
Class C		$1,000.00		$1,014.71		2.05	%		$10.30
Class I		$1,000.00		$1,019.70		1.05	%		$  5.29
TETON Westwood Intermediate Bond Fund
Actual Fund Return
Class AAA		$1,000.00		$  998.60		1.00	%		$  4.98
Class A		$1,000.00		$  998.10		1.10	%		$  5.48
Class B		$1,000.00		$  995.00		1.75	%		$  8.70
Class C		$1,000.00		$  994.80		1.75	%		$  8.70
Class I		$1,000.00		$  999.80		0.75	%		$  3.74
Hypothetical 5% Return
Class AAA		$1,000.00		$1,019.95		1.00	%		$  5.04
Class A		$1,000.00		$1,019.45		1.10	%		$  5.54
Class B		$1,000.00		$1,016.21		1.75	%		$  8.80
Class C		$1,000.00		$1,016.21		1.75	%		$  8.80
Class I		$1,000.00		$1,021.19		0.75	%		$  3.78

* Expenses are equal to the Funds’ annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182 days), then divided by 365.

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2013:

TETON Westwood Mighty Mites Fund

U.S. Government Obligations	10.9%
Diversified Industrial	8.6%
Health Care	8.6%
Business Services	5.8%
Financial Services	5.2%
Equipment and Supplies	5.2%
Electronics	4.5%
Automotive: Parts and Accessories	4.3%
Computer Software and Services	3.9%
Broadcasting	3.7%
Food and Beverage	3.3%
Aviation: Parts and Services	3.3%
Retail	2.8%
Restaurants	2.7%
Consumer Products	2.7%
Specialty Chemicals	2.1%
Machinery	2.0%
Hotels and Gaming	1.9%
Telecommunications	1.8%
Publishing	1.7%
Real Estate	1.6%
Energy and Utilities: Services	1.5%
Building and Construction	0.9%
Energy and Utilities: Natural Gas	0.9%

Metals and Mining	0.9%
Educational Services	0.7%
Consumer Services	0.7%
Energy and Utilities: Water	0.7%
Entertainment	0.6%
Manufactured Housing and Recreational Vehicles	0.6%
Semiconductors	0.6%
Energy and Utilities: Integrated	0.5%
Automotive	0.5%
Energy and Utilities: Oil	0.5%
Aerospace and Defense	0.3%
Transportation	0.3%
Communications Equipment	0.2%
Agriculture	0.2%
Environmental Control	0.2%
Paper and Forest Products	0.2%
Airlines	0.1%
Closed-End Business Development Company	0.1%
Cable	0.0%
Other Assets and Liabilities (Net)	2.2%
	100.0%

TETON Westwood SmallCap Equity Fund

Financial Services	13.8%
Electronics	9.3%
Energy and Utilities	9.1%
Diversified Industrial	7.7%
Business Services	7.5%
Retail	7.2%
Health Care	7.0%
Semiconductors	5.9%
Computer Software and Services	5.7%
Building and Construction	3.9%
Aerospace	3.9%
Equipment and Supplies	3.6%
Machinery	2.9%

Consumer Products	2.6%
U.S. Government Obligations	2.4%
Telecommunications	2.0%
Metals and Mining	2.0%
Computer Hardware	1.4%
Specialty Chemicals	0.8%
Entertainment	0.7%
Publishing	0.2%
Communications Equipment	0.1%
Other Assets and Liabilities (Net)	0.3%
	100.0%

TETON Westwood Income Fund

Health Care	13.0%
Financial Services	12.8%
Food and Beverage	10.3%
Energy and Utilities: Oil	6.8%
U.S. Government Obligations	5.9%
Diversified Industrial	5.6%
Specialty Chemicals	4.1%
Energy and Utilities: Services	4.0%
Telecommunications	3.7%
Energy and Utilities: Natural Gas	3.4%
Energy and Utilities: Water	3.3%
Paper and Forest Products	3.0%
Banking	2.9%
Consumer Staples	2.3%
Consumer Products	2.2%
Computer Hardware	2.2%
Electronics	2.2%
Wireless Communications	1.8%

Retail	1.7%
Real Estate Investment Trusts	1.7%
Machinery	1.7%
Metals and Mining	1.6%
Automotive	1.0%
Environmental Services	1.0%
Energy and Utilities: Integrated	0.7%
Agriculture	0.4%
Other Assets and Liabilities (Net)	0.7%
	100.0%

5

Summary of Portfolio Holdings (Unaudited)

TETON Westwood Equity Fund

Health Care	16.2%
Banking	11.0%
Financial Services	10.0%
Energy: Oil	8.8%
Computer Software and Services	7.0%
Food and Beverage	6.3%
Retail	5.2%
Entertainment	5.0%
Energy: Integrated	4.1%
Aerospace	4.1%
Diversified Industrial	3.1%
Communications Equipment	2.9%
Transportation	2.1%

Business Services	2.1%
Cable and Satellite	2.1%
Energy: Natural Gas	2.0%
Consumer Products	2.0%
Specialty Chemicals	1.9%
Automotive	1.9%
Mutual Funds	1.3%
Automotive: Parts and Accessories	1.2%
Electronics	0.2%
Other Assets and Liabilities (Net)	(0.5)%
	100.0%

TETON Westwood Balanced Fund

Banking	11.8%
Health Care	10.7%
U.S. Government Obligations	8.8%
Energy: Oil	8.5%
Financial Services	7.4%
U.S. Government Agency Obligations	6.0%
Computer Software and Services	5.3%
Retail	4.6%
Food and Beverage	3.8%
Entertainment	3.4%
Energy: Integrated	3.1%
Transportation	3.1%
Mutual Funds	2.8%
Aerospace	2.6%
Diversified Industrial	2.4%

Energy: Natural Gas	2.3%
Electronics	1.9%
Communications Equipment	1.7%
Cable and Satellite	1.4%
Specialty Chemicals	1.3%
Consumer Products	1.2%
Business Services	1.2%
Automotive	1.2%
Metals and Mining	0.9%
Wireless Communications	0.9%
Real Estate Investment Trusts	0.8%
Automotive: Parts and Accessories	0.7%
Other Assets and Liabilities (Net)	0.2%
	100.0%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	37.7%
U.S. Government Agency Obligations	33.6%
U.S. Government Obligations	25.2%

Mutual Funds	4.5%
Other Assets and Liabilities (Net)	(1.0)%
	100.0%

The TETON Westwood Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Funds’ Form N-Q 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-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) visiting the SEC’s website at www.sec.gov.

6

TETON Westwood Mighty Mites Fund

Schedule of Investments — March 31, 2013 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 86.7%
	Aerospace and Defense — 0.3%
252,312	Innovative Solutions & Support Inc.	$	1,138,107	$	1,243,898
158,229	Kratos Defense & Security Solutions Inc.†		1,677,574		795,892
			2,815,681		2,039,790
	Agriculture — 0.2%
225	J.G. Boswell Co.		144,675		191,405
69,000	Limoneira Co.		1,383,215		1,333,080
			1,527,890		1,524,485
	Airlines — 0.1%
225,000	AMR Corp.†		86,373		933,750
	Automotive — 0.5%
26,200	Lithia Motors Inc., Cl. A		462,577		1,243,976
66,500	Sonic Automotive Inc., Cl. A		849,600		1,473,640
75,000	Wabash National Corp.†		141,575		762,000
			1,453,752		3,479,616
	Automotive: Parts and Accessories — 4.2%
5,000	China Automotive Systems Inc.†		25,813		24,050
105,000	Dana Holding Corp.		624,230		1,872,150
40,000	Federal-Mogul Corp.†		479,728		241,200
20,600	Gentherm Inc.†		299,688		337,428
136,600	Modine Manufacturing Co.†		1,052,167		1,243,060
60,000	Puradyn Filter Technologies Inc.†		13,098		10,350
31,517	Shiloh Industries Inc.		325,425		339,438
27,200	Spartan Motors Inc.		137,501		144,432
232,060	Standard Motor Products Inc.		2,167,374		6,432,703
178,800	Strattec Security Corp.(a)		3,704,934		5,083,284
356,313	Superior Industries International Inc.		6,417,550		6,655,927
39,000	Tenneco Inc.†		121,471		1,533,090
370,806	The Pep Boys - Manny, Moe & Jack†		3,695,800		4,371,803
55,000	Tower International Inc.†		714,935		770,000
17,879	West Marine Inc.†		193,231		204,357
			19,972,945		29,263,272
	Aviation: Parts and Services — 3.3%
13,500	Astronics Corp.†		180,657		402,570
3,577	Astronics Corp., Cl. B†		47,527		105,200
124,485	Ducommun Inc.†		2,119,890		2,463,558
1,208,800	GenCorp Inc.†		5,446,510		16,077,040
116,601	Kaman Corp.		2,056,561		4,135,837
			9,851,145		23,184,205
	Broadcasting — 3.7%
614,200	Acme Communications Inc.		24,036		85,988
561,000	Beasley Broadcast Group Inc., Cl. A(a)		2,977,651		3,309,900
100,000	Crown Media Holdings Inc., Cl. A†		384,596		205,000
3,700	Cumulus Media Inc., Cl. A†		2,201		12,469
73,800	Entercom Communications Corp., Cl. A†		57,011		549,072
3,800	Equity Media Holdings Corp.†(b)		1,722		0
186,261	Fisher Communications Inc		3,830,240		7,308,882
924	Granite Broadcasting Corp.†(b)		24,780		5
607,500	Gray Television Inc.†		402,406		2,849,175
30,832	Gray Television Inc., Cl. A†		52,106		126,411
160,834	LIN TV Corp., Cl. A†		343,768		1,767,566
1,010,029	Media General Inc., Cl. A†		4,372,074		5,999,572

Shares		Cost		Market Value
328,199	Salem Communications Corp., Cl. A	$	1,204,504	$	2,602,618
49,500	Sinclair Broadcast Group Inc., Cl. A		88,760		1,001,880
			13,765,855		25,818,538
			��
	Building and Construction — 0.9%
100	Builders FirstSource Inc.†		466		586
834,565	Huttig Building Products Inc.†		884,949		2,261,671
176,000	Material Sciences Corp.†		327,125		1,900,800
68,974	MYR Group Inc.†		1,524,397		1,694,001
500	Nortek Inc.†		20,053		35,680
32,300	The Monarch Cement Co.		825,357		702,525
			3,582,347		6,595,263
	Business Services — 5.8%
101,100	ACCO Brands Corp.†		942,277		675,348
28,000	ANC Rental Corp.†(b)		840		3
235,000	Ascent Capital Group Inc., Cl. A†		6,186,557		17,493,400
19,000	Cenveo Inc.†		63,979		40,850
103	Chazak Value Corp.†(b)		0		0
662,189	Edgewater Technology Inc.†(a)		2,018,671		2,589,159
50,000	Fortegra Financial Corp.†		394,500		438,000
105,236	GP Strategies Corp.†		958,211		2,510,931
23,300	ICF International Inc.†		558,939		633,760
70,000	Intermec Inc.†		579,493		688,100
464,877	Internap Network Services Corp.†		2,990,338		4,346,600
32,029	KAR Auction Services Inc.		443,660		641,541
6,500	Keynote Systems Inc.		122,922		90,740
1,500	Liquidity Services Inc.†		7,977		44,715
20,000	Macquarie Infrastructure Co. LLC		346,319		1,080,800
27,500	McGrath RentCorp		739,258		855,250
269,610	ModusLink Global Solutions Inc.†		1,258,918		889,713
30,000	Pendrell Corp.†		48,782		49,800
208,375	PRGX Global Inc.†		1,229,747		1,448,206
290,900	Pure Technologies Ltd.†		1,343,932		1,354,488
155,438	Stamps.com Inc.†		1,443,790		3,881,287
640,800	Swisher Hygiene Inc.†		733,245		813,734
51,700	The Active Network Inc.†		277,235		216,623
175,000	Trans-Lux Corp.†		79,616		44,625
			22,769,206		40,827,673
	Cable — 0.0%
90,000	Adelphia Communications Corp., Cl. A†(b)		15,750		0
90,000	Adelphia Communications Corp., Escrow†(b)		0		0
90,000	Adelphia Recovery Trust†		0		720
20,000	Outdoor Channel Holdings Inc.		133,746		178,400
			149,496		179,120
	Closed-End Business Development Company — 0.1%
45,000	MVC Capital Inc.		499,586		577,350
	Communications Equipment — 0.2%
29,900	Communications Systems Inc.		316,200		294,515
385,000	Sycamore Networks Inc.		1,001,103		142,450
265,077	Symmetricom Inc.†		1,459,762		1,203,450
3,000	Technical Communications Corp.		18,350		12,300
30,000	ViewCast.com Inc.†		14,100		1,950
			2,809,515		1,654,665
	Computer Software and Services — 3.9%
10,000	Blucora Inc.†		158,892		154,800
276,200	Callidus Software Inc.†		1,613,696		1,262,234

See accompanying notes to financial statements.

7

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Computer Software and Services (Continued)
34,987	Carbonite Inc.†	$	348,278	$	383,108
16,000	Cinedigm Digital Cinema Corp.†		27,077		24,960
102,538	Computer Task Group Inc.		957,516		2,193,288
28,100	Constant Contact Inc.†		392,805		364,738
80,000	CyrusOne Inc.		1,520,000		1,827,200
20,000	Daegis Inc.†		29,483		22,800
85,000	EarthLink Inc.		625,813		460,700
40,000	Emulex Corp.†		300,065		261,200
805,000	FalconStor Software Inc.†		2,821,736		2,157,400
451,900	Furmanite Corp.†		2,680,789		3,023,211
1,910	Gemalto NV		10,942		166,610
532,674	Global Sources Ltd.†		3,845,395		4,027,015
45,300	GSE Systems Inc.†		245,965		90,600
204,250	Guidance Software Inc.†		1,448,420		2,216,113
350,000	Harris Interactive Inc.†		396,911		588,000
437,709	Lionbridge Technologies Inc.†		1,558,896		1,693,934
107,900	Mercury Systems Inc.†		1,571,961		795,223
252,500	Mitek Systems Inc.†		971,310		1,181,700
4,400	MTS Systems Corp.		166,619		255,860
154,831	Official Payments Holdings Inc.†		884,484		877,892
115,096	Pervasive Software Inc.†		754,855		1,055,430
12,000	Qualstar Corp.†		17,642		20,040
65,800	Rimage Corp.		706,822		593,516
51,541	Schawk Inc.		793,623		566,436
105,662	SeaChange International Inc.†		1,220,455		1,256,321
3,800	Tyler Technologies Inc.†		39,378		232,788
			26,109,828		27,753,117
	Consumer Products — 2.7%
352,289	A. T. Cross Co., Cl. A†		3,738,515		4,851,020
15,000	Blyth Inc.		295,953		260,400
2,000	Brunswick Corp.		30,085		68,440
41,800	Callaway Golf Co.		277,302		276,716
585,000	Eastman Kodak Co.†		307,064		175,500
4,300	Johnson Outdoors Inc., Cl. A†		33,657		102,512
119,376	Kid Brands Inc.†		869,672		185,033
11,400	Lakeland Industries Inc.†		109,829		40,698
888,049	Marine Products Corp.		5,478,343		6,536,041
13,000	MarineMax Inc.†		63,807		176,670
200	National Presto Industries Inc.		5,745		16,100
40,900	Nautilus Inc.†		128,808		298,570
130,009	Oil-Dri Corp. of America		2,310,084		3,540,145
5,700	PC Group Inc.†		3,465		54
73,131	Steinway Musical Instruments Inc.†		1,471,959		1,756,607
10,400	Syratech Corp.†		2,600		31
157,917	The Wet Seal Inc., Cl. A†		580,500		476,909
119,200	ValueVision Media Inc., Cl. A†		546,447		412,432
			16,253,835		19,173,878
	Consumer Services — 0.7%
508,804	1-800-FLOWERS.COM Inc., Cl. A†		1,494,779		2,528,756
27,000	Bowlin Travel Centers Inc.†		30,327		36,855
800	Collectors Universe Inc.		783		9,416
7,526	JTH Holding Inc., Cl. A†		120,442		118,836
175,000	Stewart Enterprises Inc., Cl. A		1,023,574		1,625,750
3,500	Valassis Communications Inc.		4,639		104,545
47,705	XO Group Inc.†		423,977		477,050
			3,098,521		4,901,208
	Diversified Industrial — 8.6%
20,000	A.M. Castle & Co.†		219,152		350,000
54,000	American Railcar Industries Inc.		726,623		2,523,960
210,300	Ampco-Pittsburgh Corp.		5,181,574		3,976,773
167,500	Burnham Holdings Inc., Cl. A(a)		2,426,687		3,015,000
126,197	Chase Corp.		1,766,411		2,438,126

Shares		Cost		Market Value
127,300	Columbus McKinnon Corp.†	$	2,109,769	$	2,450,525
189,000	FormFactor Inc.†		1,520,816		888,300
49,300	Graham Corp.		701,770		1,219,682
283,603	Griffon Corp.		2,946,130		3,380,548
394,100	Handy & Harman Ltd.†		2,260,988		6,065,199
25,000	Haulotte Group SA†		134,090		219,518
17,000	Haynes International Inc.		841,779		940,100
242,492	Katy Industries Inc.†		266,149		157,620
27,464	L.B. Foster Co., Cl. A		946,038		1,216,381
60,500	Lawson Products Inc.		926,971		1,063,590
183,949	Lydall Inc.†		1,744,412		2,823,617
64,255	Magnetek Inc.†		1,161,363		897,642
335,788	Myers Industries Inc.		3,228,087		4,687,600
217,875	Park-Ohio Holdings Corp.†		3,882,342		7,218,199
3,200	Raven Industries Inc.		78,948		107,552
15,200	RWC Inc.†		257,184		133,380
389,835	Sevcon Inc.†(a)		2,012,070		1,438,491
80,000	Standex International Corp.		2,379,971		4,417,600
40,588	Steel Partners Holdings LP†		478,819		552,809
109,483	Tredegar Corp.		1,914,568		3,223,179
171,068	Twin Disc Inc.		3,594,897		4,290,385
64,990	Vishay Precision Group Inc.†		1,064,127		954,703
			44,771,735		60,650,479
	Educational Services — 0.7%
345,000	Corinthian Colleges Inc.†		1,841,411		724,500
337,100	Universal Technical Institute Inc.		6,111,844		4,257,573
108,500	Voyager Learning Co., Escrow†(b)		0		0
			7,953,255		4,982,073
	Electronics — 4.5%
30,000	A123 Systems Inc.†		12,594		810
30,500	Alliance Semiconductor Corp.†		64,946		12,352
14,000	Badger Meter Inc.		477,554		749,280
27,396	Ballantyne Strong Inc.†		123,830		115,885
107,300	Bel Fuse Inc., Cl. A		2,027,088		1,480,740
1,800	Bel Fuse Inc., Cl. B		36,012		28,098
2,000	Benchmark Electronics Inc.†		34,870		36,040
55,000	BTU International Inc.†		219,541		124,850
296,500	CTS Corp.		2,309,355		3,095,460
31,000	Daktronics Inc.		278,481		325,500
101,867	Dialight plc		1,243,483		2,004,434
98,049	Electro Scientific Industries Inc.		1,219,030		1,083,441
34,000	IMAX Corp.†		143,748		908,820
20,000	Iteris Inc.†		32,200		36,400
50,500	Mesa Laboratories Inc.		1,266,626		2,675,995
72,800	Methode Electronics Inc.		363,791		937,664
75,000	MOCON Inc.		1,121,749		1,062,000
53,256	MoSys Inc.†		100,121		250,836
63,800	Newport Corp.†		399,295		1,079,496
51,200	Park Electrochemical Corp.		1,095,342		1,297,408
70,000	Pericom Semiconductor Corp.†		699,279		476,700
190,000	Pulse Electronics Corp.†		844,440		76,950
53,874	Rofin-Sinar Technologies Inc.†		1,263,777		1,459,447
79,000	Schmitt Industries Inc.†		214,990		229,890
6,776	Sparton Corp.†		77,815		90,798
275,200	Stoneridge Inc.†		1,430,239		2,099,776
34,000	Texas Industries Inc.†		1,134,243		2,145,740
134,900	Ultra Clean Holdings†		287,575		876,850
224,650	Ultralife Corp.†		1,239,532		983,967
77,800	Ultratech Inc.†		1,323,601		3,075,434
204,000	Zygo Corp.†		1,619,907		3,021,240
			22,705,054		31,842,301
	Energy and Utilities: Integrated — 0.5%
179,800	Headwaters Inc.†		719,458		1,959,820
29,500	MGE Energy Inc.		1,030,612		1,635,480
			1,750,070		3,595,300

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Natural Gas — 0.9%
	71,554	Abraxas Petroleum Corp.†	$	291,491	$	165,290
	22,342	American DG Energy Inc.†		57,459		46,918
	34,500	Chesapeake Utilities Corp.		946,099		1,692,225
	90,570	Corning Natural Gas Corp.		1,015,904		1,402,929
	82,580	Delta Natural Gas Co. Inc.		1,154,988		1,805,199
	95,800	Gastar Exploration Ltd.†		406,048		168,608
	3,000	Piedmont Natural Gas Co. Inc.		101,218		98,640
	35,900	RGC Resources Inc.		410,416		665,945
	15,200	U.S. Energy Corp.†		57,250		25,232
	10,928	Whitecap Resources Inc.		92,690		104,025
				4,533,563		6,175,011
		Energy and Utilities: Oil — 0.5%
	194,844	Callon Petroleum Co.†		1,328,335		720,923
	24,333	Halcon Resources Corp.†		137,638		189,557
	10,900	Mitcham Industries Inc.†		173,694		184,428
	63,600	Tesco Corp.†		543,737		851,604
	197,600	Triangle Petroleum Corp.†		1,473,400		1,304,160
				3,656,804		3,250,672
		Energy and Utilities: Services — 1.5%
	45,000	Archer Ltd.†		164,353		40,063
	84,300	Dawson Geophysical Co.†		2,469,437		2,529,000
	20,000	Flotek Industries Inc.†		199,476		327,000
	24,690	Gulf Island Fabrication Inc.		677,075		519,971
	217,900	Layne Christensen Co.†		4,973,666		4,658,702
	70,100	Pike Electric Corp.		661,297		997,523
	90,000	RPC Inc.		173,633		1,365,300
	9,500	Subsea 7 SA, ADR		32,064		223,345
	10,000	TGC Industries Inc.		74,278		99,000
				9,425,279		10,759,904
		Energy and Utilities: Water — 0.7%
	6,000	Artesian Resources Corp., Cl. A		73,322		134,820
	42,174	Cadiz Inc.†		513,311		285,096
	5,000	California Water Service Group		55,553		99,500
	64,000	Consolidated Water Co. Ltd.		675,645		633,600
	55,000	Energy Recovery Inc.†		235,781		203,500
	11,200	Middlesex Water Co.		187,867		218,624
	99,300	SJW Corp.		2,338,311		2,631,450
	28,500	The York Water Co.		398,710		535,800
				4,478,500		4,742,390
		Entertainment — 0.6%
	41,500	Canterbury Park Holding Corp.		424,930		416,660
	252,500	Dover Motorsports Inc.		513,680		505,000
	674,641	Entravision Communications Corp., Cl. A		1,575,361		2,152,105
	77,800	RealD Inc.†		868,001		1,011,400
	2,000	RLJ Entertainment Inc.†		9,973		9,320
	15,000	Triple Crown Media Inc.†(b)		274		3
				3,392,219		4,094,488
		Environmental Control — 0.2%
	7,500	BioteQ Environmental Technologies Inc.†		12,419		997
	319,800	Casella Waste Systems Inc., Cl. A†		1,659,961		1,397,526
				1,672,380		1,398,523
		Equipment and Supplies — 5.2%
	2,000	AZZ Inc.		34,894		96,400
	709,100	Capstone Turbine Corp.†		1,336,107		638,190
	137,781	CIRCOR International Inc.		4,403,129		5,855,692
	317,549	Core Molding Technologies Inc.†		1,239,905		2,819,835
	565,009	Federal Signal Corp.†		3,569,721		4,599,173
	308,804	Gerber Scientific Inc., Escrow†(b)		0		3,088

Shares			Cost		Market Value
	8,500	Gildemeister AG	$	61,536	$	178,582
	575,000	Interpump Group SpA		4,065,084		4,496,103
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		264,939
	89,000	Met-Pro Corp.		962,827		919,370
	11,800	Mine Safety Appliances Co.		367,269		585,516
	17,903	Powell Industries Inc.†		634,070		941,161
	258,366	SL Industries Inc.(a)		2,501,801		4,684,176
	40,559	The Eastern Co.		611,454		711,405
	66,515	The Gorman-Rupp Co.		1,789,157		1,998,776
	50,000	The Greenbrier Companies Inc.†		930,601		1,135,500
	309,615	The L.S. Starrett Co., Cl. A(a)		3,641,460		3,421,246
	48,979	Titan Machinery Inc.†		840,433		1,359,167
	142,000	TransAct Technologies Inc.		636,670		1,120,380
	105,500	Vicor Corp.†		657,571		524,335
	27,000	WaterFurnace Renewable Energy Inc.		544,223		430,575
				28,936,029		36,783,609
		Financial Services — 5.2%
	49,400	Anchor Bancorp.†		508,737		778,050
	45,500	BBCN Bancorp Inc.		386,836		594,230
	13,000	Berkshire Bancorp Inc.		187,482		108,550
	3,900	Berkshire Hills Bancorp Inc.		78,058		99,606
	500	BKF Capital Group Inc.†		555		520
	75	Burke & Herbert Bank and Trust Co.		95,726		164,625
	40,000	Capital Financial Holdings Inc.†		35,200		3,320
	6,791	Capitol Federal Financial Inc.		75,244		81,967
	29,000	Crazy Woman Creek Bancorp Inc.†		501,616		315,375
	275	Farmers & Merchants Bank of Long Beach		1,200,920		1,347,500
	10,966	Fidelity Southern Corp.†		67,792		126,109
	183,600	Flushing Financial Corp.		2,555,541		3,110,184
	10	Guaranty Corp., Cl. A†		137,500		626,250
	129,710	Hallmark Financial Services†		1,102,217		1,167,390
	6,600	Hampden Bancorp Inc.		75,984		101,706
	16,000	Hancock Holding Co.		200,587		494,720
	39,900	Heritage Financial Group Inc.		414,190		577,752
	66,137	Hudson Valley Holding Corp.		1,248,858		986,103
	175,723	JMP Group Inc.		1,462,799		1,214,246
	90,843	KKR & Co. LP		265,210		1,755,087
	148,462	Meadowbrook Insurance Group Inc.		1,429,095		1,046,657
	95,000	Medallion Financial Corp.		747,912		1,255,900
	11,055	New York Community Bancorp Inc.		143,811		158,639
	28,500	Newport Bancorp Inc.†		356,595		495,900
	5,697	Northrim BanCorp Inc.		119,035		128,012
	40,000	Oritani Financial Corp.		412,856		619,600
	6,000	Provident New York Bancorp		70,885		54,420
	45,400	Pzena Investment Management Inc., Cl. A		205,226		295,100
	30,000	Simplicity Bancorp Inc.		300,000		450,900
	416,838	Steel Excel Inc.†		11,930,445		11,312,983
	11	Sunwest Bank†		311,201		423,500
	318,800	SWS Group Inc.†		2,394,088		1,928,740
	11,000	The Ziegler Companies Inc.†		213,356		284,075
	7,500	Tree.com Inc.		61,967		138,675
	55,000	Trustco Bank Corp NY		253,000		306,900
	45,900	Washington Trust Bancorp Inc.		1,029,683		1,256,742
	87,100	Westfield Financial Inc.		746,912		677,638
	38,100	Wilshire Bancorp Inc.†		330,044		258,318
	100,000	WisdomTree Investments Inc.†		402,626		1,040,000
	402,800	Wright Investors’ Service Holdings Inc.†		625,586		946,580
	30,000	Xenith Bankshares Inc.†		127,500		154,800
				32,812,875		36,887,369

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage — 3.3%
	2,300	Andrew Peller Ltd., Cl. A	$	22,063	$	25,471
	200	Annie’s Inc.†		3,800		7,652
	300,000	Boulder Brands Inc.†		1,629,755		2,694,000
	65,600	Calavo Growers Inc.		1,512,692		1,887,968
	45,000	Diamond Foods Inc.†		914,576		758,700
	85,286	Farmer Brothers Co.†		1,121,523		1,253,704
	21,000	Feihe International Inc.†		188,063		152,250
	1,100	Hanover Foods Corp., Cl. A		110,881		103,345
	176,800	Inventure Foods Inc.†		983,662		1,375,504
	1,500	J & J Snack Foods Corp.		21,623		115,335
	220,300	Lifeway Foods Inc.		2,127,264		3,062,170
	13,000	MGP Ingredients Inc.		60,352		56,940
	7,800	Rock Field Co. Ltd.		125,557		164,891
	5,900	Scheid Vineyards Inc., Cl. A†		89,940		100,300
	162,000	Snyders-Lance Inc.		3,484,478		4,092,120
	4,000	Spartan Stores Inc.		80,124		70,200
	71,135	SunOpta Inc.†		504,204		512,172
	19,500	The Boston Beer Co. Inc., Cl. A†		526,832		3,112,980
	45,000	The Hain Celestial Group Inc.†		916,110		2,748,600
	270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		704,343
	280,000	Vitasoy International Holdings Ltd.		133,057		315,618
	23,000	Willamette Valley Vineyards Inc.†		88,087		110,170
				15,038,430		23,424,433
		Health Care — 8.5%
	32,960	Accuray Inc.†		244,893		152,934
	5,000	Alere Inc.†		94,541		127,650
	80,000	AngioDynamics Inc.†		1,027,675		914,400
	13,800	ArthroCare Corp.†		165,518		479,688
	340,311	Biolase Inc.†		454,662		1,354,438
	72,000	Bio-Reference Laboratories Inc.†		1,539,889		1,870,560
	40,000	BioScrip Inc.†		301,840		508,400
	10,000	Boiron SA		166,957		518,254
	402,039	Cantel Medical Corp.		6,079,050		12,085,292
	21,000	Cardica Inc.†		81,246		27,300
	110,000	CardioNet Inc.†		557,034		267,300
	83,700	Cardiovascular Systems Inc.†		777,615		1,714,176
	62,500	Cepheid Inc.†		595,116		2,398,125
	116,800	Cutera Inc.†		963,672		1,518,400
	53,000	Cynosure Inc., Cl. A†		445,792		1,387,010
	3,700	DexCom Inc.†		41,173		61,864
	147,300	Exactech Inc.†		2,465,958		3,047,637
	25,000	Gentiva Health Services Inc.†		269,196		270,500
	41,049	Heska Corp.		395,858		380,524
	1,422	ICU Medical Inc.†		48,057		83,827
	10,000	Indevus Pharmaceuticals Inc., Escrow†(b)		0		0
	548,400	InfuSystems Holdings Inc.†		1,448,541		954,216
	172,500	IntriCon Corp.†		678,398		833,175
	230,000	Lexicon Pharmaceuticals Inc.†		525,123		501,400
	10,000	MAKO Surgical Corp.†		208,384		111,500
	73,000	Meridian Bioscience Inc.		1,403,042		1,665,860
	87,500	Neogen Corp.†		537,750		4,337,375
	4,600	NeoGenomics Inc.†		8,548		18,216
	1,000	Nutraceutical International Corp.		11,755		17,350
	44,612	Omnicell Inc.†		732,122		842,275
	50,000	Opko Health Inc.†		108,408		381,500
	17,500	Orthofix International NV†		279,401		627,725
	127,800	Pain Therapeutics Inc.		474,067		438,354
	197,000	Palomar Medical Technologies Inc.†		2,781,818		2,657,530
	2,500	PreMD Inc.†		4,580		4
	152,561	Quidel Corp.†		1,733,466		3,623,324
	392,238	Rochester Medical Corp.†		4,242,928		5,734,520
	69,000	RTI Biologics Inc.†		361,908		271,860

Shares			Cost		Market Value
	37,000	Skilled Healthcare Group Inc., Cl. A†	$	344,535	$	243,090
	213,900	Strategic Diagnostics Inc.†		207,526		209,622
	95,000	Syneron Medical Ltd.†		819,192		970,900
	2,000	Targanta Therapeutics Corp., Escrow†(b)		0		1,280
	125,000	Trinity Biotech plc, ADR		1,105,442		2,110,000
	80,700	United-Guardian Inc.		713,324		1,565,580
	5,000	Uroplasty Inc.†		18,128		12,700
	5,174	Utah Medical Products Inc.		143,347		252,336
	133,940	Vascular Solutions Inc.†		1,348,519		2,172,507
				36,955,994		59,722,478
		Hotels and Gaming — 1.9%
	60,700	Boyd Gaming Corp.†		324,294		501,989
	73,540	Churchill Downs Inc.		2,699,766		5,150,742
	262,000	Dover Downs Gaming & Entertainment Inc.		1,276,035		544,960
	2,500	Florida Gaming Corp.†		6,253		625
	356,522	Morgans Hotel Group Co.†		2,678,519		2,110,610
	8,500	Multimedia Games Holding Co. Inc.†		76,734		177,395
	140,000	Pinnacle Entertainment Inc.†		1,495,004		2,046,800
	6,790	Ryman Hospitality Properties Inc.		168,276		310,643
	218,174	The Marcus Corp.		2,633,880		2,724,993
				11,358,761		13,568,757
		Machinery — 2.0%
	88,044	Astec Industries Inc.		2,719,556		3,075,377
	15,000	Bolzoni SpA		40,097		50,646
	11,000	DXP Enterprises Inc.†		140,765		821,700
	134,000	Flow International Corp.†		210,750		523,940
	146,000	Global Power Equipment Group Inc.		3,405,262		2,572,520
	6,000	Hardinge Inc.		54,215		81,780
	108,111	Key Technology Inc.†		1,948,398		1,366,523
	6,000	Lindsay Corp.		180,673		529,080
	50,300	Tennant Co.		1,073,836		2,442,568
	14,800	The Middleby Corp.†		464,969		2,251,820
				10,238,521		13,715,954
		Manufactured Housing and Recreational Vehicles — 0.6%
	14,159	Arctic Cat Inc.†		190,725		618,748
	28,001	Cavco Industries Inc.†		974,251		1,332,008
	54,900	Nobility Homes Inc.†		520,211		298,107
	94,085	Skyline Corp.†		847,520		561,687
	61,000	Winnebago Industries Inc.†		626,036		1,259,040
				3,158,743		4,069,590
		Metals and Mining — 0.9%
	85,000	5N Plus Inc.†		306,827		179,062
	650,000	Alkane Resources Ltd.†		704,489		392,512
	20,000	Camino Minerals Corp.†		3,744		2,166
	100,000	Duluth Metals Ltd.†		298,512		190,973
	178,800	Materion Corp.		3,785,500		5,095,800
	600,000	Tanami Gold NL†		556,226		99,950
				5,655,298		5,960,463
		Paper and Forest Products — 0.2%
	14,669	Keweenaw Land Association Ltd.†		1,254,074		1,027,563
	5,000	Wausau Paper Corp.		53,990		53,900
				1,308,064		1,081,463
		Publishing — 1.7%
	171,300	Belo Corp., Cl. A		348,288		1,683,879
	115,000	Cambium Learning Group Inc.†		443,390		118,450
	755,000	Il Sole 24 Ore SpA†		1,342,802		481,480

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Publishing (Continued)
	1,190,000	Journal Communications Inc., Cl. A†	$	3,091,197	$	7,996,800
	145,000	The E.W. Scripps Co., Cl. A†		533,809		1,744,350
				5,759,486		12,024,959
		Real Estate — 1.6%
	30,000	Ambase Corp.		77,600		38,100
	8,500	Bresler & Reiner Inc.†		99,295		3,230
	6,000	Capital Properties Inc., Cl. B(b)(c)		0		43,800
	17,800	Capital Properties Inc., Cl. A		206,606		129,940
	107,000	Cohen & Steers Inc.		2,286,536		3,859,490
	31,963	DGT Holdings Corp.†		440,723		426,706
	90,988	Griffin Land & Nurseries Inc.		2,506,077		2,734,189
	1,360	Gyrodyne Co. of America Inc.		31,334		99,998
	6,900	Holobeam Inc.†		126,064		142,002
	132,500	Reading International Inc., Cl. A†		668,781		742,000
	60,756	Reading International Inc., Cl. B†		477,588		424,684
	2,508	Royalty LLC†(b)(c)		0		7,550
	84,000	Tejon Ranch Co.†		2,450,140		2,501,520
				9,370,744		11,153,209
		Restaurants — 2.7%
	16,399	Biglari Holdings Inc.†		4,688,482		6,119,943
	90,500	Denny’s Corp.†		293,666		522,185
	148,143	Famous Dave’s of America Inc.†		1,419,941		1,608,833
	209,929	Nathan’s Famous Inc.†		4,129,985		8,869,500
	56,000	The Cheesecake Factory Inc.		1,620,138		2,162,160
				12,152,212		19,282,621
		Retail — 2.8%
	45,000	Aaron’s Inc.†		831,035		1,290,600
	80,500	Big 5 Sporting Goods Corp.		996,755		1,256,605
	91,385	Coastal Contacts Inc.†		534,117		571,156
	102,500	Coldwater Creek Inc.†		869,342		323,900
	10,000	Destination XL Group Inc.†		44,631		50,900
	171,437	Hot Topic Inc.		1,015,047		2,379,546
	181,200	Ingles Markets Inc., Cl. A		2,942,845		3,892,176
	315,800	Krispy Kreme Doughnuts Inc.†		1,982,146		4,560,152
	15,800	Movado Group Inc.		196,770		529,616
	3,000	Orchard Supply Hardware Stores Corp., Cl. A†		38,231		11,880
	28,000	Pier 1 Imports Inc.		293,203		644,000
	74,300	Rush Enterprises Inc., Cl. A†		1,185,555		1,792,116
	57,500	Rush Enterprises Inc., Cl. B†		623,178		1,184,500
	46,000	The Bon-Ton Stores Inc.		325,330		598,000
	20,000	Village Super Market Inc., Cl. A		538,753		673,800
	100	Winmark Corp.		5,511		6,299
				12,422,449		19,765,246
		Semiconductors — 0.6%
	236,160	Cascade Microtech Inc.†		1,323,037		1,690,906
	127,500	Entegris Inc.†		627,307		1,257,150
	93,700	IXYS Corp.		991,052		898,583
	4,000	PLX Technology Inc.†		26,484		18,240
	66,666	Rubicon Ltd.†		37,762		17,292
				3,005,642		3,882,171

Shares			Cost		Market Value
		Specialty Chemicals — 2.1%
	63,000	Chemtura Corp.†	$	941,074	$	1,361,430
	1,052,800	Ferro Corp.†		4,991,904		7,106,400
	267,226	General Chemical Group Inc.†(a)		59,859		64,802
	13,600	Hawkins Inc.		204,652		543,320
	4,000	Minerals Technologies Inc.		116,940		166,040
	200	Navigator Holdings Ltd.†		8,474		8,470
	240,000	OMNOVA Solutions Inc.†		459,053		1,840,800
	1,388	Penford Corp.†		10,611		15,226
	255,868	Zep Inc.		3,536,779		3,840,579
				10,329,346		14,947,067
		Telecommunications — 1.8%
	66,200	Atlantic Tele-Network Inc.		2,590,675		3,211,362
	421,305	Cincinnati Bell Inc.†		1,471,257		1,373,454
	294	Consolidated Communications Holdings Inc.		4,505		5,160
	1,000	Electronic Systems Technology Inc.†		705		355
	71,600	HickoryTech Corp.		690,182		726,740
	250	Horizon Telecom Inc., Cl. B		28,589		8,125
	42,000	Ixia†		653,110		908,880
	56,100	New ULM Telecom Inc.		547,403		336,881
	4,100	North State Telecommunications Corp., Cl. A		349,343		337,738
	7,788	Preformed Line Products Co.		338,590		544,926
	39,700	Primus Telecommunications Group Inc.		456,561		438,685
	250,799	Shenandoah Telecommunications Co.		2,684,462		3,819,669
	52,353	Telular Corp.		538,300		526,671
	17,875	Windstream Corp.		179,823		142,106
				10,533,505		12,380,752
		Transportation — 0.3%
	8,200	PHI Inc.†		130,182		263,466
	102,308	Providence and Worcester Railroad Co.		1,391,076		1,552,012
	1	Trailer Bridge Inc.†(b)		7,995		465
				1,529,253		1,815,943
		TOTAL COMMON STOCKS		439,650,186		609,863,155
		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	20,000	Jungheinrich AG		229,855		840,512
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Cv., Pfd., Ser. 2003†(b)		7,625		16,510
		RIGHTS — 0.1%
		Health Care — 0.1%
	300,000	Adolor Corp., expire 07/01/19†(b)		0		156,000
	200,000	Clinical Data Inc., CVR, expire 04/14/18†(b)		0		190,000
		TOTAL RIGHTS		0		346,000

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		WARRANTS — 0.0%
		Metals and Mining — 0.0%
	6,667	Duluth Metals Ltd., expire 07/31/13†(b)(c)	$	0	$	0
		Transportation — 0.0%
	2	Trailer Bridge Inc., Ser. A, expire 04/02/17†(b)		0		0
	2	Trailer Bridge Inc., Ser. B, expire 04/02/17†(b)		0		0
				0		0
		TOTAL WARRANTS		0		0
Principal Amount
		CORPORATE BONDS — 0.0%
		Real Estate — 0.0%
$	40,860	Capital Properties Inc., 5.000%, 12/31/22(b)		40,860		40,860
		U.S. GOVERNMENT OBLIGATIONS — 10.9%
	76,950,000	U.S. Treasury Bills, 0.050% to 0.125%††, 04/04/13 to 09/19/13		76,930,140		76,933,453
		TOTAL INVESTMENTS — 97.8%	$	516,858,666		688,040,490
		Other Assets and Liabilities (Net) — 2.2%				15,202,199
		NET ASSETS — 100.0%			$	703,242,689

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

(b) Security fair valued under procedures established by the Board of Trustees. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At March 31, 2013, the market value of fair valued securities amounted to $459,564 or 0.07% of net assets.

(c) At March 31, 2013, the Fund held investments in restricted and illiquid securities amounting to $51,350 or 0.01% of net assets, which were valued under methods approved by the Board of Trustees as follows:

Acquisition Shares	Issuer	Acquisition Date	Acquisition Cost	03/31/13 Carrying Value Per Unit
6,000	Capital Properties Inc., Cl. B	11/20/03	—	$	7.3000
2,508	Royalty LLC	09/09/03	—		3.0104
6,667	Duluth Metals Ltd., Warrants expire 07/31/13	08/19/11	—		—

†   Non-income producing security.

††   Represents annualized yield at date of purchase.

ADR American Depositary Receipt

CVR Contingent Value Right

See accompanying notes to financial statements.

12

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 97.3%
		Aerospace — 3.9%
	42,950	AAR Corp.	$	775,186	$	789,850
	26,100	Hexcel Corp.†		569,694		757,161
				1,344,880		1,547,011
		Building and Construction — 3.9%
	12,350	Aegion Corp.†		194,017		285,902
	14,400	Builders FirstSource Inc.†		77,257		84,384
	18,550	Dycom Industries Inc.†		322,040		365,249
	33,600	MYR Group Inc.†		703,264		825,216
				1,296,578		1,560,751
		Business Services — 7.5%
	21,950	ABM Industries Inc.		471,552		488,168
	23,800	Checkpoint Systems Inc.†		299,777		310,828
	15,350	Convergys Corp.		190,932		261,410
	19,550	FTI Consulting Inc.†		669,476		736,253
	5,400	G & K Services Inc., Cl. A		168,566		245,754
	10,750	KAR Auction Services Inc.		168,377		215,323
	6,600	McGrath RentCorp		166,245		205,260
	30,450	PRGX Global Inc.†		211,969		211,628
	11,400	The Active Network Inc.†		69,257		47,766
	8,700	The Brink’s Co.		215,068		245,862
				2,631,219		2,968,252
		Communications Equipment — 0.1%
	6,300	Symmetricom Inc.†		28,636		28,602
		Computer Hardware — 1.4%
	46,700	QLogic Corp.†		723,918		541,720
		Computer Software and Services — 5.7%
	2,300	Akamai Technologies Inc.†		52,428		81,167
	2,400	Belden Inc.		66,875		123,960
	10,600	Bottomline Technologies Inc.†		191,501		302,206
	26,500	Callidus Software Inc.†		145,774		121,105
	9,800	Constant Contact Inc.†		129,645		127,204
	8,000	Guidance Software Inc.†		78,959		86,800
	13,900	Heartland Payment Systems Inc.		283,556		458,283
	4,200	Informatica Corp.†		114,797		144,774
	10,300	Netscout Systems Inc.†		142,913		253,071
	18,700	Progress Software Corp.†		383,084		425,986
	5,400	PTC Inc.†		108,099		137,646
				1,697,631		2,262,202
		Consumer Products — 2.6%
	12,850	A. T. Cross Co., Cl. A†		151,407		176,944
	9,900	ACCO Brands Corp.†		74,676		66,132
	9,000	Hanesbrands Inc.†		267,894		410,040
	7,150	Knoll Inc.		103,044		129,630
	9,200	True Religion Apparel Inc.		268,411		240,212
				865,432		1,022,958
		Diversified Industrial — 7.7%
	16,500	Badger Meter Inc.		555,187		883,080
	8,250	Barnes Group Inc.		201,245		238,672
	24,160	Columbus McKinnon Corp.†		402,544		465,080
	16,800	Furmanite Corp.†		96,746		112,392
	3,738	Griffon Corp.		33,122		44,557
	5,400	Itron Inc.†		211,601		250,560
	6,550	Kaydon Corp.		215,144		167,549
	7,550	Kennametal Inc.		300,376		294,752
	24,100	Sealed Air Corp.		426,528		581,051
				2,442,493		3,037,693
		Electronics — 9.3%
	6,500	Avnet Inc.†		205,163		235,300
	58,550	Electro Scientific Industries Inc.		847,186		646,978
	19,600	General Cable Corp.†		622,841		717,948
	7,450	International Rectifier Corp.†		145,004		157,568
	2,800	Molex Inc.		58,973		81,984

Shares			Cost		Market Value
	45,400	Newport Corp.†	$	607,192	$	768,168
	4,100	Park Electrochemical Corp.		95,151		103,894
	18,500	TTM Technologies Inc.†		273,887		140,600
	14,750	Vishay Intertechnology Inc.†		142,803		200,748
	16,200	Woodward Inc.		538,914		644,112
				3,537,114		3,697,300
		Energy and Utilities — 9.1%
	20,000	Approach Resources Inc.†		516,875		492,200
	22,400	Comstock Resources Inc.†		378,199		364,000
	12,600	Energy XXI Bermuda Ltd.		393,949		342,972
	27,800	Goodrich Petroleum Corp.†		469,106		435,070
	5,750	Gulf Island Fabrication Inc.		176,057		121,095
	11,750	Matrix Service Co.†		136,205		175,075
	37,500	Newpark Resources Inc.†		284,202		348,000
	32,900	Patterson-UTI Energy Inc.		680,976		784,336
	39,650	PetroQuest Energy Inc.†		267,102		176,046
	16,550	Pike Electric Corp.		142,123		235,507
	10,900	Tesco Corp.†		122,805		145,951
				3,567,599		3,620,252
		Entertainment — 0.7%
	15,200	RealD Inc.†		189,062		197,600
	4,850	Take-Two Interactive Software Inc.†		51,964		78,328
				241,026		275,928
		Equipment and Supplies — 3.6%
	4,100	CIRCOR International Inc.		151,496		174,250
	10,700	Crown Holdings Inc.†		403,996		445,227
	7,250	GrafTech International Ltd.†		103,230		55,680
	11,150	Mine Safety Appliances Co.		380,456		553,263
	4,600	Moog Inc., Cl. A†		157,769		210,818
				1,196,947		1,439,238
		Financial Services — 13.8%
	5,450	Anchor Bancorp.†		52,001		85,837
	4,900	BancorpSouth Inc.		72,338		79,870
	9,000	BankUnited Inc.		217,482		230,580
	11,750	BBCN Bancorp Inc.		87,734		153,455
	4,600	Berkshire Hills Bancorp Inc.		106,506		117,484
	10,500	Boston Private Financial Holdings Inc.		79,344		103,740
	27,650	Brown & Brown Inc.		637,582		885,906
	12,300	Cardinal Financial Corp.		139,027		223,614
	9,700	Columbia Banking System Inc.		181,416		213,206
	7,050	Fidelity National Financial Inc., Cl. A		111,759		177,872
	3,900	Financial Institutions Inc.		63,254		77,844
	14,300	Flushing Financial Corp.		188,821		242,242
	12,600	Glacier Bancorp Inc.		181,714		239,148
	3,900	HF Financial Corp.		33,739		53,469
	11,784	Hudson Valley Holding Corp.		206,011		175,699
	11,100	Investors Bancorp Inc.		188,279		208,458
	4,750	National Penn Bancshares Inc.		28,909		50,778
	4,750	OceanFirst Financial Corp.		62,176		68,495
	2,900	Old National Bancorp		32,711		39,875
	14,850	Oriental Financial Group Inc.		177,646		230,324
	7,600	Oritani Financial Corp.		111,304		117,724
	9,750	Sterling Bancorp		97,729		99,060
	12,200	Stifel Financial Corp.†		385,118		422,974
	14,200	Trustco Bank Corp. NY		65,679		79,236
	7,750	Umpqua Holdings Corp.		86,219		102,765
	23,200	ViewPoint Financial Group Inc.		410,535		466,552
	12,700	Washington Federal Inc.		198,354		222,250
	8,800	Washington Trust Bancorp Inc.		193,672		240,944
	14,000	Xenith Bankshares Inc.†		57,380		72,240
				4,454,439		5,481,641
		Health Care — 7.0%
	9,050	AngioDynamics Inc.†		126,045		103,441

See accompanying notes to financial statements.

13

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	4,800	ArthroCare Corp.†	$	148,150	$	166,848
	2,100	ICU Medical Inc.†		85,762		123,795
	11,050	Omnicare Inc.		348,303		449,956
	5,350	Omnicell Inc.†		70,208		101,008
	23,050	Patterson Companies Inc.		699,918		876,822
	5,600	STERIS Corp.		181,854		233,016
	2,950	Teleflex Inc.		177,985		249,305
	1,800	Thoratec Corp.†		53,914		67,500
	16,900	VCA Antech Inc.†		308,786		396,981
				2,200,925		2,768,672
		Machinery — 2.9%
	16,500	Briggs & Stratton Corp.		287,012		409,200
	15,150	Flow International Corp.†		37,812		59,237
	15,000	Trinity Industries Inc.		433,127		679,950
				757,951		1,148,387
		Metals and Mining — 2.0%
	9,650	Carpenter Technology Corp.		470,131		475,648
	21,300	Globe Specialty Metals Inc.		351,845		296,496
				821,976		772,144
		Publishing — 0.2%
	1,600	Meredith Corp.		46,356		61,216
		Retail — 7.2%
	4,250	American Eagle Outfitters Inc.		50,983		79,475
	9,200	Big 5 Sporting Goods Corp.		74,585		143,612
	32,250	Ethan Allen Interiors Inc.		597,243		1,061,670
	20,300	Penske Automotive Group Inc.		442,173		677,208
	21,200	Rush Enterprises Inc., Cl. A†		383,586		511,344
	30,850	The Jones Group Inc.		355,836		392,412
				1,904,406		2,865,721
		Semiconductors — 5.9%
	29,100	ATMI Inc.†		555,530		652,713
	20,300	Brooks Automation Inc.		169,228		206,654
	18,400	Cascade Microtech Inc.†		89,393		131,744
	18,700	Entegris Inc.†		145,817		184,382

Shares			Cost		Market Value
	81,300	FormFactor Inc.†	$	577,337	$	382,110
	28,800	Intersil Corp., Cl. A		288,114		250,848
	35,900	ON Semiconductor Corp.†		277,715		297,252
	6,100	Ultratech Inc.†		158,903		241,133
				2,262,037		2,346,836
		Specialty Chemicals — 0.8%
	7,500	PolyOne Corp.		85,272		183,075
	8,500	Zep Inc.		149,927		127,585
				235,199		310,660
		Telecommunications — 2.0%
	4,650	Atlantic Tele-Network Inc.		163,864		225,571
	19,500	Polycom Inc.†		236,320		216,060
	6,400	Procera Networks Inc.†		79,830		76,096
	25,600	Sierra Wireless Inc.†		248,669		271,104
				728,683		788,831
		TOTAL COMMON STOCKS		32,985,445		38,546,015
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 2.4%
$	973,000	U.S. Treasury Bills, 0.065% to 0.120%††, 05/02/13 to 08/15/13		972,680		972,763
		TOTAL INVESTMENTS — 99.7%	$	33,958,125		39,518,778
		Other Assets and Liabilities (Net) — 0.3%				103,926
		NET ASSETS — 100.0%			$	39,622,704

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

14

TETON Westwood Income Fund

Schedule of Investments — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 92.6%
		Agriculture — 0.4%
	1,000	Archer Daniels Midland Co.	$	28,410	$	33,730
		Automotive — 1.0%
	3,000	General Motors Co.†		84,503		83,460
		Banking — 2.9%
	4,000	Bank of America Corp.		49,700		48,720
	4,000	U.S. Bancorp		131,903		135,720
	5,042	Valley National Bancorp		81,797		51,630
				263,400		236,070
		Computer Hardware — 2.2%
	400	Apple Inc.		142,376		177,052
		Consumer Products — 2.2%
	2,200	Tupperware Brands Corp.		107,630		179,828
		Consumer Staples — 2.3%
	6,000	Mondelez International Inc., Cl. A		127,789		183,660
		Diversified Industrial — 5.6%
	6,000	General Electric Co.		94,338		138,720
	2,000	Honeywell International Inc.		78,538		150,700
	5,000	Tyco International Ltd.		142,150		160,000
				315,026		449,420
		Electronics — 2.2%
	8,000	Intel Corp.		188,828		174,800
		Energy and Utilities: Integrated — 0.7%
	1,334	FirstEnergy Corp.		50,482		56,295
		Energy and Utilities: Natural Gas — 3.4%
	1,500	Enterprise Products Partners LP		66,903		90,435
	6,000	Spectra Energy Corp.		155,279		184,500
				222,182		274,935
		Energy and Utilities: Oil — 6.8%
	1,500	Chevron Corp.		127,333		178,230
	3,500	ConocoPhillips		213,513		210,350
	2,250	Phillips 66		86,073		157,433
				426,919		546,013
		Energy and Utilities: Services — 4.0%
	5,000	Halliburton Co.		180,373		202,050
	1,000	Noble Corp.		48,772		38,150
	1,500	Transocean Ltd.†		107,798		77,940
				336,943		318,140
		Energy and Utilities: Water — 3.3%
	6,500	American Water Works Co. Inc.		113,655		269,360
		Environmental Services — 1.0%
	2,000	Waste Management Inc.		69,920		78,420
		Financial Services — 12.0%
	4,000	American International Group Inc.†		130,000		155,280
	800	BlackRock Inc.		126,144		205,504
	2,700	Citigroup Inc.		121,500		119,448
	2,800	CME Group Inc.		164,453		171,892
	2,000	JPMorgan Chase & Co.		77,560		94,920
	6,000	Wells Fargo & Co.		193,140		221,940
				812,797		968,984
		Food and Beverage — 10.3%
	7,000	ConAgra Foods Inc.		174,145		250,670
	6,522	General Mills Inc.		193,302		321,600
	2,000	Kraft Foods Group Inc.		68,591		103,060
	2,000	PepsiCo Inc.		107,960		158,220
				543,998		833,550

Shares			Cost		Market Value
		Health Care — 13.0%
	2,000	AbbVie Inc.	$	54,652	$	81,560
	2,000	AstraZeneca plc, ADR		85,794		99,960
	3,783	Bristol-Myers Squibb Co.		99,310		155,822
	1,000	Eli Lilly & Co.		43,784		56,790
	1,500	Johnson & Johnson		85,403		122,295
	2,520	Mead Johnson Nutrition Co.		107,163		195,174
	3,000	Merck & Co. Inc.		115,194		132,690
	6,940	Pfizer Inc.		146,422		200,288
				737,722		1,044,579
		Machinery — 1.7%
	5,000	Xylem Inc.		132,724		137,800
		Metals and Mining — 1.6%
	3,000	Newmont Mining Corp.		147,074		125,670
		Paper and Forest Products — 3.0%
	5,200	International Paper Co.		149,403		242,216
		Real Estate Investment Trusts — 1.7%
	5,000	Starwood Property Trust Inc.		89,451		138,800
		Retail — 1.7%
	2,000	The Home Depot Inc.		79,247		139,560
		Specialty Chemicals — 4.1%
	1,500	Air Products & Chemicals Inc.		119,868		130,680
	4,000	E. I. du Pont de Nemours and Co.		198,318		196,640
				318,186		327,320
		Telecommunications — 3.7%
	4,000	AT&T Inc.		128,045		146,760
	3,000	Verizon Communications Inc.		118,791		147,450
				246,836		294,210
		Wireless Communications — 1.8%
	5,000	Vodafone Group plc, ADR		140,743		142,050
		TOTAL COMMON STOCKS		5,876,244		7,455,922
		PREFERRED STOCKS — 0.8%
		Financial Services — 0.8%
	2,285	Bank One Capital Trust VI, 7.200%†		58,400		59,959
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 5.9%
$	478,000	U.S. Treasury Bills, 0.070% to 0.120%††, 04/25/13 to 08/15/13		477,883		477,907
		TOTAL INVESTMENTS — 99.3%	$	6,412,527		7,993,788
		Other Assets and Liabilities (Net) — 0.7%				60,315
		NET ASSETS — 100.0%			$	8,054,103

†   Non-income producing security.

††   Represents annualized yield at date of purchase.

ADR American Depositary Receipt

See accompanying notes to financial statements.

15

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		Aerospace — 4.1%
	21,000	General Dynamics Corp.	$	1,533,321	$	1,480,710
	17,000	The Boeing Co.		1,063,653		1,459,450
				2,596,974		2,940,160
		Automotive — 1.9%
	49,800	General Motors Co.†		1,628,591		1,385,436
		Automotive: Parts and Accessories — 1.2%
	10,900	Genuine Parts Co.		698,842		850,200
		Banking — 11.0%
	120,800	Bank of America Corp.		812,624		1,471,344
	26,800	Capital One Financial Corp.		1,488,584		1,472,660
	32,700	CIT Group Inc.†		1,093,390		1,421,796
	28,684	JPMorgan Chase & Co.		1,091,705		1,361,342
	59,300	Wells Fargo & Co.		1,684,626		2,193,507
				6,170,929		7,920,649
		Business Services — 2.1%
	25,900	Equifax Inc.		1,462,389		1,491,581
		Cable and Satellite — 2.1%
	35,400	Comcast Corp., Cl. A		658,553		1,487,154
		Communications Equipment — 2.9%
	34,700	Cisco Systems Inc.		637,350		725,577
	20,500	QUALCOMM Inc.		1,364,718		1,372,475
				2,002,068		2,098,052
		Computer Software and Services — 7.0%
	57,100	EMC Corp.†		1,412,183		1,364,119
	78,000	Microsoft Corp.		2,105,203		2,231,580
	44,300	Oracle Corp.		1,193,729		1,432,662
				4,711,115		5,028,361
		Consumer Products — 2.0%
	12,300	Colgate-Palmolive Co.		1,402,887		1,451,769
		Diversified Industrial — 3.1%
	19,800	Honeywell International Inc.		795,297		1,491,930
	8,000	Rock Tenn Co., Cl. A		697,557		742,320
				1,492,854		2,234,250
		Electronics — 0.2%
	3,000	TE Connectivity Ltd.		105,422		125,790
		Energy: Integrated — 4.1%
	31,200	American Electric Power Co. Inc.		1,085,291		1,517,256
	18,700	NextEra Energy Inc.		1,424,922		1,452,616
				2,510,213		2,969,872
		Energy: Natural Gas — 2.0%
	21,600	EQT Corp.		961,141		1,463,400
		Energy: Oil — 8.8%
	17,200	Anadarko Petroleum Corp.		959,603		1,504,140
	12,300	Chevron Corp.		832,972		1,461,486
	41,200	Marathon Oil Corp.		1,168,378		1,389,264
	25,510	Occidental Petroleum Corp.		2,071,175		1,999,219
				5,032,128		6,354,109
		Entertainment — 5.0%
	25,300	The Walt Disney Co.		848,540		1,437,040

Shares			Cost		Market Value
	12,900	Time Warner Inc.	$	393,353	$	743,298
	22,900	Viacom Inc., Cl. B		1,337,019		1,409,953
				2,578,912		3,590,291
		Financial Services — 10.0%
	16,500	ACE Ltd.		725,028		1,468,005
	56,700	American International Group Inc.†		1,848,251		2,201,094
	9,800	Ameriprise Financial Inc.		393,049		721,770
	55,300	Hartford Financial Services Group Inc.		1,257,545		1,426,740
	36,400	MetLife Inc.		1,522,863		1,383,928
				5,746,736		7,201,537
		Food and Beverage — 6.3%
	31,300	General Mills Inc.		1,218,199		1,543,403
	20,400	McCormick & Co. Inc., Non-Voting		1,377,934		1,500,420
	18,800	PepsiCo Inc.		1,162,461		1,487,268
				3,758,594		4,531,091
		Health Care — 16.2%
	41,400	Abbott Laboratories		1,232,143		1,462,248
	21,300	Baxter International Inc.		1,212,776		1,547,232
	31,200	Cardinal Health Inc.		1,225,666		1,298,544
	22,300	Covidien plc		958,109		1,512,832
	27,700	Johnson & Johnson		1,668,677		2,258,381
	20,600	Novartis AG, ADR		1,126,109		1,467,544
	25,900	Pfizer Inc.		405,023		747,474
	35,800	Teva Pharmaceutical Industries Ltd., ADR		1,709,673		1,420,544
				9,538,176		11,714,799
		Retail — 5.2%
	8,945	Advance Auto Parts Inc.		643,889		739,304
	27,300	CVS Caremark Corp.		818,212		1,501,227
	21,700	Target Corp.		1,367,132		1,485,365
				2,829,233		3,725,896
		Specialty Chemicals — 1.9%
	43,900	The Dow Chemical Co.		1,459,644		1,397,776
		Transportation — 2.1%
	10,600	Union Pacific Corp.		679,639		1,509,546
		TOTAL COMMON STOCKS		58,025,040		71,471,719
		SHORT TERM INVESTMENTS — 1.3%
		Mutual Funds — 1.3%
	980,254	Dreyfus Treasury & Agency Cash Management Fund, 0.050%*		980,254		980,254
		TOTAL INVESTMENTS — 100.5%	$	59,005,294		72,451,973
		Other Assets and Liabilities (Net) — (0.5)%				(379,754	)
		NET ASSETS — 100.0%			$	72,072,219

†   Non-income producing security.

*   Current yield.

ADR American Depositary Receipt

See accompanying notes to financial statements.

16

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2013 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 64.3%
		Aerospace — 2.6%
	15,500	General Dynamics Corp.	$	1,112,166	$	1,092,905
	14,500	The Boeing Co.		902,855		1,244,825
				2,015,021		2,337,730
		Automotive — 1.2%
	37,600	General Motors Co.†		1,177,892		1,046,032
		Automotive: Parts and Accessories — 0.7%
	8,100	Genuine Parts Co.		519,473		631,800
		Banking — 7.0%
	89,800	Bank of America Corp.		554,029		1,093,764
	19,200	Capital One Financial Corp.		1,066,727		1,055,040
	28,900	CIT Group Inc.†		1,003,113		1,256,572
	24,196	JPMorgan Chase & Co.		861,562		1,148,342
	45,100	Wells Fargo & Co.		1,241,371		1,668,249
				4,726,802		6,221,967
		Business Services — 1.2%
	18,800	Equifax Inc.		1,061,619		1,082,692
		Cable and Satellite — 1.4%
	28,900	Comcast Corp., Cl. A		540,437		1,214,089
		Communications Equipment — 1.7%
	25,500	Cisco Systems Inc.		464,032		533,205
	15,100	QUALCOMM Inc.		1,005,229		1,010,945
				1,469,261		1,544,150
		Computer Software and Services — 4.4%
	47,600	EMC Corp.†		1,174,029		1,137,164
	59,000	Microsoft Corp.		1,596,901		1,687,990
	32,800	Oracle Corp.		867,529		1,060,752
				3,638,459		3,885,906
		Consumer Products — 1.2%
	9,200	Colgate-Palmolive Co.		1,049,365		1,085,876
		Diversified Industrial — 2.4%
	20,200	Honeywell International Inc.		847,415		1,522,070
	6,000	Rock Tenn Co., Cl. A		523,121		556,740
				1,370,536		2,078,810
		Electronics — 0.1%
	2,200	TE Connectivity Ltd.		69,491		92,246
		Energy: Integrated — 2.5%
	24,500	American Electric Power Co. Inc.		843,920		1,191,435
	13,700	NextEra Energy Inc.		1,043,966		1,064,216
				1,887,886		2,255,651
		Energy: Natural Gas — 1.2%
	15,900	EQT Corp.		706,648		1,077,225
		Energy: Oil — 5.8%
	14,000	Anadarko Petroleum Corp.		754,047		1,224,300
	9,400	Chevron Corp.		621,814		1,116,908
	37,000	Marathon Oil Corp.		1,035,109		1,247,640
	20,000	Occidental Petroleum Corp.		1,604,746		1,567,400
				4,015,716		5,156,248
		Entertainment — 3.4%
	22,500	The Walt Disney Co.		664,213		1,278,000
	10,900	Time Warner Inc.		331,306		628,058
	18,100	Viacom Inc., Cl. B		1,056,012		1,114,417
				2,051,531		3,020,475
		Financial Services — 6.2%
	12,000	ACE Ltd.		476,178		1,067,640
	42,400	American International Group Inc.†		1,347,405		1,645,968
	8,700	Ameriprise Financial Inc.		356,895		640,755

Shares			Cost		Market Value
	44,000	Hartford Financial Services Group Inc.	$	1,002,251	$	1,135,200
	27,100	MetLife Inc.		1,061,834		1,030,342
				4,244,563		5,519,905
		Food and Beverage — 3.8%
	23,000	General Mills Inc.		894,109		1,134,130
	15,100	McCormick & Co. Inc., Non-Voting		1,020,096		1,110,605
	14,500	PepsiCo Inc.		893,634		1,147,095
				2,807,839		3,391,830
		Health Care — 10.7%
	32,700	Abbott Laboratories		962,915		1,154,964
	16,400	Baxter International Inc.		929,788		1,191,296
	23,000	Cardinal Health Inc.		904,577		957,260
	16,400	Covidien plc		710,373		1,112,576
	25,100	Johnson & Johnson		1,521,552		2,046,403
	15,200	Novartis AG, ADR		830,482		1,082,848
	25,500	Pfizer Inc.		424,990		735,930
	29,200	Teva Pharmaceutical Industries Ltd., ADR		1,483,481		1,158,656
				7,768,158		9,439,933
		Retail — 3.7%
	7,765	Advance Auto Parts Inc.		557,572		641,777
	24,400	CVS Caremark Corp.		729,851		1,341,756
	18,300	Target Corp.		1,151,806		1,252,635
				2,439,229		3,236,168
		Specialty Chemicals — 1.3%
	35,200	The Dow Chemical Co.		1,139,623		1,120,768
		Transportation — 1.8%
	11,000	Union Pacific Corp.		611,778		1,566,510
		TOTAL COMMON STOCKS		45,311,327		57,006,011
Principal Amount
		CORPORATE BONDS — 17.9%
		Banking — 4.8%
	$1,250,000	Bank of America Corp., 5.375%, 06/15/14		1,258,853		1,312,876
	750,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		769,554		843,049
	1,125,000	Citigroup Inc., MTN, 5.500%, 10/15/14		1,126,438		1,200,927
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		766,621		917,243
				3,921,466		4,274,095
		Computer Software and Services — 0.9%
	750,000	Oracle Corp., 4.950%, 04/15/13		750,004		750,004
		Electronics — 1.8%
	1,000,000	Intel Corp., 3.300%, 10/01/21		1,036,490		1,051,173
	500,000	Texas Instruments Inc., 1.650%, 08/03/19		498,292		499,996
				1,534,782		1,551,169
		Energy: Integrated — 0.6%
	500,000	The Southern Co., 4.150%, 05/15/14		499,877		519,317

See accompanying notes to financial statements.

17

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Energy: Natural Gas — 1.1%
	$1,000,000	Apache Corp., 5.250%, 04/15/13	$	999,999	$	999,999
		Energy: Oil — 2.7%
	1,000,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		987,812		1,152,020
	500,000	Marathon Oil Corp., 5.900%, 03/15/18		501,639		596,403
	500,000	XTO Energy Inc., 6.500%, 12/15/18		551,752		649,410
				2,041,203		2,397,833
		Financial Services — 1.2%
	950,000	ACE INA Holdings Inc., 5.600%, 05/15/15		959,877		1,047,181
		Metals and Mining — 0.9%
	750,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		751,362		788,380
		Real Estate Investment Trusts — 0.8%
	700,000	Vornado Realty LP, 4.250%, 04/01/15		698,744		740,227
		Retail — 0.9%
	800,000	Wal-Mart Stores Inc., 3.200%, 05/15/14		825,860		825,195
		Transportation — 1.3%
	1,000,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		991,183		1,173,077
		Wireless Communications — 0.9%
	750,000	Vodafone Group plc, 4.150%, 06/10/14		755,020		780,950
		TOTAL CORPORATE BONDS		14,729,377		15,847,427
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%
		Federal Home Loan Mortgage Corp. — 2.0%
	1,500,000	3.750%, 03/27/19		1,496,245		1,722,093
		Federal National Mortgage Association — 4.0%
	1,000,000	0.750%, 12/18/13		1,003,707		1,004,565
	1,500,000	5.000%, 04/15/15		1,519,139		1,643,496
	775,000	5.375%, 06/12/17		811,356		924,893
				3,334,202		3,572,954
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		4,830,447		5,295,047

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 8.8%
		U.S. Treasury Bills — 1.1%
	$1,000,000	U.S. Treasury Bills, 0.100%††, 09/19/13	$	999,525	$	999,525
		U.S. Treasury Inflation Indexed Notes — 4.6%
	1,368,192	2.500%, 07/15/16		1,370,913		1,583,682
	1,065,358	2.125%, 01/15/19		979,109		1,178,175
	1,183,731	1.375%, 01/15/20		1,102,157		1,269,358
				3,452,179		4,031,215
		U.S. Treasury Notes — 3.1%
	750,000	0.750%, 08/15/13		750,052		751,875
	1,000,000	3.625%, 08/15/19		1,017,504		1,158,281
	750,000	3.375%, 11/15/19		827,196		858,633
				2,594,752		2,768,789
		TOTAL U.S. GOVERNMENT OBLIGATIONS		7,046,456		7,799,529
Shares
		SHORT TERM INVESTMENTS — 2.8%
		Mutual Funds — 2.8%
	2,447,152	Dreyfus Treasury & Agency Cash Management Fund, 0.050%*		2,447,152		2,447,152
		TOTAL INVESTMENTS — 99.8%	$	74,364,759		88,395,166
		Other Assets and Liabilities (Net) — 0.2%				200,008
		NET ASSETS — 100.0%			$	88,595,174

† Non-income producing security.

†† Represents annualized yield at date of purchase.

* Current yield.

ADR American Depositary Receipt

MTN Medium Term Note

See accompanying notes to financial statements.

18

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2013 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 37.7%
		Aerospace — 1.0%
	$200,000	The Boeing Co., 6.000%, 03/15/19	$	203,668	$	247,321
		Banking — 4.3%
	300,000	Bank of America Corp., 5.375%, 06/15/14		302,125		315,090
	225,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		225,640		252,915
	250,000	Citigroup Inc., MTN, 5.500%, 10/15/14		250,320		266,873
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,109		244,598
				977,194		1,079,476
		Computer Hardware — 1.5%
	375,000	Hewlett-Packard Co., 1.550%, 05/30/14		371,988		376,629
		Computer Software and Services — 1.6%
	250,000	Microsoft Corp., 1.625%, 09/25/15		249,858		257,098
	150,000	Oracle Corp., 4.950%, 04/15/13		150,000		150,000
				399,858		407,098
		Diversified Industrial — 1.6%
	400,000	General Electric Capital Corp., 1.625%, 07/02/15		407,424		407,055
		Electronics — 2.1%
	200,000	Arrow Electronics Inc., 6.000%, 04/01/20		199,837		224,402
	300,000	Texas Instruments Inc., 1.650%, 08/03/19		298,975		299,998
				498,812		524,400
		Energy and Utilities: Electric Integrated — 2.0%
	275,000	Dominion Resources Inc., 6.400%, 06/15/18		316,672		340,138
	150,000	The Southern Co., 4.150%, 05/15/14		149,963		155,795
				466,635		495,933
		Energy and Utilities: Natural Gas — 0.8%
	200,000	Apache Corp., 5.250%, 04/15/13		199,996		199,996
		Energy and Utilities: Oil — 6.4%
	200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		197,566		230,404
	125,000	Marathon Oil Corp., 5.900%, 03/15/18		125,410		149,101
	400,000	Murphy Oil Corp., 2.500%, 12/01/17		402,475		402,099
	350,000	Occidental Petroleum Corp., 2.700%, 02/15/23		360,810		351,063
	200,000	Total Capital SA, 3.000%, 06/24/15		207,195		210,370

Principal Amount			Cost		Market Value
	$200,000	XTO Energy Inc., 6.500%, 12/15/18	$	220,701	$	259,764
				1,514,157		1,602,801
		Financial Services — 3.3%
	175,000	ACE INA Holdings Inc., 5.600%, 05/15/15		174,750		192,902
	260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16		281,333		330,617
	275,000	Merrill Lynch & Co. Inc., MTN, Series C, 5.000%, 01/15/15		275,060		292,667
				731,143		816,186
		Food and Beverage — 2.5%
	275,000	Bottling Group LLC, 5.125%, 01/15/19		316,001		325,333
	250,000	Mondelez International Inc., 5.375%, 02/10/20		253,332		297,880
				569,333		623,213
		Health Care — 1.4%
	325,000	Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/21		330,437		346,506
		Metals and Mining — 0.9%
	200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		200,363		210,235
		Real Estate Investment Trusts — 1.1%
	250,000	Vornado Realty LP, 4.250%, 04/01/15		249,601		264,367
		Retail — 2.2%
	525,000	Wal-Mart Stores Inc., 3.200%, 05/15/14		541,971		541,534
		Semiconductors — 1.5%
	350,000	Intel Corp., 3.300%, 10/01/21		349,280		367,911
		Telecommunications — 2.0%
	500,000	AT&T Inc., 1.700%, 06/01/17		508,150		506,445
		Transportation — 1.5%
	200,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		199,526		234,615
	125,000	CSX Corp., 6.250%, 04/01/15		124,977		138,476
				324,503		373,091
		TOTAL CORPORATE BONDS		8,844,513		9,390,197
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 33.6%
		Federal Home Loan Bank — 1.1%
	250,000	5.375%, 05/18/16, Ser. 656		250,613		288,493
		Federal Home Loan Mortgage Corp. — 12.8%
	525,000	5.000%, 07/15/14		550,672		557,555
	900,000	1.750%, 09/10/15		929,719		930,508
	325,000	5.250%, 04/18/16		344,636		372,489
	600,000	3.750%, 03/27/19		634,782		688,837

See accompanying notes to financial statements.

19

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2013 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
		Federal Home Loan Mortgage Corp. (Continued)
	$600,000	2.375%, 01/13/22	$	613,298	$	625,718
				3,073,107		3,175,107
		Federal National Mortgage Association — 18.9%
	800,000	0.750%, 12/18/13		801,439		803,652
	750,000	2.750%, 02/05/14		761,868		766,979
	700,000	2.625%, 11/20/14		723,741		727,656
	600,000	5.000%, 04/15/15		633,061		657,398
	500,000	2.375%, 07/28/15		518,004		523,500
	800,000	1.125%, 04/27/17		809,420		815,412
	275,000	5.375%, 06/12/17		287,900		328,188
	33,931	Pool #745122, 5.500%, 09/01/20		33,759		37,160
	32,487	Pool #255554, 5.500%, 01/01/35		32,776		35,846
				4,601,968		4,695,791
		Government National Mortgage Association — 0.8%
	16,982	Pool #562288, 6.000%, 12/15/33		17,181		19,272
	39,279	Pool #604946, 5.500%, 01/15/34		39,613		43,239
	30,965	Pool #604970, 5.500%, 01/15/34		31,157		34,087
	48,782	Pool #003747, 5.000%, 08/20/35		48,399		53,516
	46,779	Pool #550728, 5.500%, 11/15/35		46,793		51,451
				183,143		201,565
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		8,108,831		8,360,956
		U.S. GOVERNMENT OBLIGATIONS — 25.2%
		U.S. Treasury Bills — 7.2%
	1,800,000	U.S. Treasury Bills,
		0.100% to 0.130%†,
		06/27/13 to 09/19/13		1,799,290		1,799,425

Principal Amount			Cost		Market Value
		U.S. Treasury Inflation Indexed Notes — 8.1%
	$313,544	2.500%, 07/15/16	$	314,173	$	362,927
	320,337	1.375%, 07/15/18		302,092		375,495
	294,929	2.125%, 01/15/19		299,603		359,998
	319,440	1.375%, 01/15/20		336,774		380,807
	414,306	2.500%, 01/15/29		396,069		525,276
				1,648,711		2,004,503
		U.S. Treasury Notes — 9.1%
	800,000	0.750%, 08/15/13		800,740		802,000
	675,000	3.250%, 05/31/16		735,407		735,645
	275,000	3.500%, 02/15/18		275,235		311,395
	350,000	3.375%, 11/15/19		341,187		400,695
				2,152,569		2,249,735
		U.S. Treasury Bonds — 0.8%
	150,000	5.375%, 02/15/31		166,161		208,687
		TOTAL U.S. GOVERNMENT OBLIGATIONS		5,766,731		6,262,350
Shares
		SHORT TERM INVESTMENTS — 4.5%
		Mutual Funds — 4.5%
	1,121,307	Dreyfus Treasury & Agency Cash Management Fund, 0.050%*		1,121,307		1,121,307
		TOTAL INVESTMENTS — 101.0%	$	23,841,382		25,134,810
		Other Assets and Liabilities (Net) — (1.0)%				(256,902	)
		NET ASSETS — 100.0%			$	24,877,908

† Represents annualized yield at date of purchase.

* Current yield.

MTN Medium Term Note

See accompanying notes to financial statements.

20

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2013 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Assets:
Investments, at value (cost $497,515,533, $33,958,125, $6,412,527, $59,005,294, $74,364,759, and $23,841,382, respectively)		$664,434,432			$39,518,778			$7,993,788			$72,451,973			$88,395,166			$25,134,810
Investments in affiliates, at value (cost $19,343,133)		23,606,058			—			—			—			—			—
Cash.		1,022			—			58,320			—			—			—
Receivable for Fund shares sold		4,298,021			155,770			139			19,683			90,480			1,424
Receivable for investments sold		12,857,442			—			—			1,402,065			1,049,118			—
Dividends and interest receivable		382,661			21,341			12,370			142,307			448,919			196,341
Prepaid expenses		46,885			28,355			26,293			38,846			42,345			37,195
Total Assets		705,626,521			39,724,244			8,090,910			74,054,874			90,026,028			25,369,770
Liabilities:
Payable to custodian		—			20,404			—			—			—			—
Payable for investments purchased		671,585			—			—			1,734,818			1,275,104			409,067
Payable for Fund shares redeemed		672,442			8,686			9,175			106,395			21,491			28,658
Distributions payable		—			—			—			—			—			16,464
Payable for investment advisory fees		564,123			27,795			3,482			61,109			56,671			5,890
Payable for distribution fees		199,512			9,479			2,581			15,575			23,450			3,713
Payable for accounting fees		7,500			—			—			7,500			7,500			—
Payable for legal and audit fees		16,102			13,571			15,682			22,290			18,982			15,520
Payable for shareholder communications expenses		120,349			9,789			2,798			19,734			15,707			4,031
Payable for shareholder services fees		115,372			7,708			1,987			14,709			11,388			3,277
Other accrued expenses		16,847			4,108			1,102			525			561			5,242
Total Liabilities		2,383,832			101,540			36,807			1,982,655			1,430,854			491,862
Net Assets		$703,242,689			$39,622,704			$8,054,103			$72,072,219			$88,595,174			$24,877,908
Net Assets Consist of:
Paid-in capital		$492,452,463			$36,089,582			$8,999,217			$68,512,709			$74,862,515			$23,489,482
Accumulated net investment income/(loss)		(1,928,655	)		(14,627	)		37			66,721			(829	)		(133	)
Accumulated net realized gain/(loss) on investments and foreign currency transactions		41,536,994			(2,012,904	)		(2,526,412	)		(9,953,890	)		(296,919	)		95,131
Net unrealized appreciation on investments		171,181,824			5,560,653			1,581,261			13,446,679			14,030,407			1,293,428
Net unrealized appreciation on foreign currency translations		63			—			—			—			—			—
Net Assets		$703,242,689			$39,622,704			$8,054,103			$72,072,219			$88,595,174			$24,877,908
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$329,848,847			$17,209,937			$6,065,470			$64,052,585			$76,397,216			$10,012,835
Shares of beneficial interest outstanding		15,949,244			966,775			610,637			5,821,176			6,223,936			837,452
Net Asset Value, offering, and redemption price per share		$20.68			$17.80			$9.93			$11.00			$12.27			$11.96
Class A:
Net assets		$94,639,358			$4,937,871			$585,490			$3,357,607			$5,676,428			$1,711,601
Shares of beneficial interest outstanding		4,665,893			282,931			56,996			305,737			460,492			143,306
Net Asset Value and redemption price per share		$20.28			$17.45			$10.27			$10.98			$12.33			$11.94
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$21.13			$18.18			$10.70			$11.44			$12.84			$12.44
Class B:
Net assets		$4,125			—			—			—			$4,186			$5,254
Shares of beneficial interest outstanding		219.4			—			—			—			336.2			439.8
Net Asset Value and offering price per share(a)		$18.80			—			—			—			$12.45			$11.95
Class C:
Net assets		$112,014,041			$4,380,296			$1,241,249			$772,463			$5,649,179			$1,140,304
Shares of beneficial interest outstanding		5,988,170			269,059			112,509			72,161			453,720			100,386
Net Asset Value and offering price per share(a)		$18.71			$16.28			$11.03			$10.70			$12.45			$11.36
Class I:
Net assets		$166,736,318			$13,094,600			$161,894			$3,889,564			$868,165			$12,007,914
Shares of beneficial interest outstanding		8,003,192			726,816			16,289			353,698			70,766			1,003,912
Net Asset Value, offering, and redemption price per share		$20.83			$18.02			$9.94			$11.00			$12.27			$11.96

(a) Redemption price varies based on the length of time held.

See accompanying notes to financial statements.

21

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2013 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $1,918, $178, $0, $14,408, $12,986, and $0, respectively)	$	7,496,203		$	354,199		$	103,720		$	864,928		$	658,280		$	845
Dividends - affiliated		741,655			—			—			—			—			—
Interest		40,202			414			411			—			516,334			267,682
Total Investment Income		8,278,060			354,613			104,131			864,928			1,174,614			268,527
Expenses:
Investment advisory fees		3,040,040			185,819			35,698			364,370			331,997			75,526
Distribution fees - Class AAA		360,944			18,966			6,603			80,654			96,278			13,504
Distribution fees - Class A		201,719			12,551			1,172			8,061			13,294			3,412
Distribution fees - Class B		18			—			—			—			31			26
Distribution fees - Class C		485,801			23,145			6,206			3,771			26,630			7,905
Accounting fees		22,500			—			—			22,500			22,500			—
Custodian fees		47,856			14,748			2,394			8,806			8,151			3,749
Interest expense		—			—			—			799			—			—
Legal and audit fees		41,549			14,532			11,512			20,652			18,972			12,568
Registration expenses		35,554			22,455			20,492			24,715			25,064			21,542
Shareholder communications expenses		134,796			10,110			3,932			19,155			16,518			5,070
Shareholder services fees		278,592			14,271			3,944			33,493			31,219			6,071
Trustees’ fees		28,854			1,860			341			3,745			4,391			1,199
Miscellaneous expenses		21,476			5,315			4,374			6,566			7,095			4,910
Total Expenses		4,699,699			323,772			96,668			597,287			602,140			155,482
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(36,830	)		(20,215	)		—			—			(36,217	)
Advisory fee reduction on unsupervised assets (Note 3)		(75,826	)		—			—			—			—			—
Custodian fee credits		—			—			—			(8,806	)		(8,151	)		—
Total Reimbursements, Reductions, and Credits		(75,826	)		(36,830	)		(20,215	)		(8,806	)		(8,151	)		(36,217	)
Net Expenses		4,623,873			286,942			76,453			588,481			593,989			119,265
Net Investment Income		3,654,187			67,671			27,678			276,447			580,625			149,262
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		48,009,780			36,614			18,702			4,083,194			2,657,081			95,375
Net realized loss on investments - affiliated		(77	)		—			—			—			—			—
Net realized loss on foreign currency transactions		(627	)		—			—			—			—			—
Net realized gain on investments and foreign currency transactions		48,009,076			36,614			18,702			4,083,194			2,657,081			95,375
Net change in unrealized appreciation/depreciation:
on investments		52,695,220			5,432,376			759,147			3,690,912			3,293,723			(281,637	)
on foreign currency translations		(608	)		—			—			—			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		52,694,612			5,432,376			759,147			3,690,912			3,293,723			(281,637	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		100,703,688			5,468,990			777,849			7,774,106			5,950,804			(186,262	)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	104,357,875		$	5,536,661		$	805,527		$	8,050,553		$	6,531,429		$	(37,000	)

See accompanying notes to financial statements.

22

TETON Westwood Funds

Statements of Changes in Net Assets (Unaudited)

	Mighty Mites Fund								SmallCap Equity Fund
	For the Six Months Ended March 31, 2013 (Unaudited)				For the Year Ended September 30, 2012				For the Six Months Ended March 31, 2013 (Unaudited)				For the Year Ended September 30, 2012
Operations:
Net investment income/(loss)		$	3,654,187			$	(4,268,106	)		$	67,671			$	(133,812	)
Net realized gain/(loss) on investments and foreign currency transactions			48,009,076				13,604,721				36,614				(779,399	)
Net change in unrealized appreciation on investments and foreign currency translations			52,694,612				109,902,229				5,432,376				9,332,690
Net Increase in Net Assets Resulting from Operations			104,357,875				119,238,844				5,536,661				8,419,479
Distributions to Shareholders:
Net investment income
Class AAA			(1,163,541	)			—				—				—
Class A			(182,178	)			—				—				—
Class I			(1,213,298	)			—				(18,250	)			—
			(2,559,017	)			—				(18,250	)			—
Net realized gain
Class AAA			(5,789,706	)			(7,982,900	)			—				(853,019	)
Class A			(1,631,680	)			(1,539,749	)			—				(145,888	)
Class B			(81	)			(73	)			—				—
Class C			(2,128,714	)			(2,052,934	)			—				(169,511	)
Class I			(2,772,247	)			(1,171,844	)			—				(44,102	)
			(12,322,428	)			(12,747,500	)			—				(1,212,520	)
Total Distributions to Shareholders			(14,881,445	)			(12,747,500	)			(18,250	)			(1,212,520	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA			38,046,439				74,582,860				2,428,965				14,417,611
Class A			14,951,630				17,947,327				388,905				3,182,655
Class C			12,889,251				15,790,076				151,693				2,113,937
Class I			36,083,377				98,558,985				1,991,517				13,399,758
			101,970,697				206,879,248				4,961,080				33,113,961
Proceeds from reinvestment of distributions
Class AAA			6,694,144				6,581,486				—				473,208
Class A			1,521,531				1,292,229				—				137,507
Class B			81				73				—				—
Class C			1,647,404				1,539,337				—				138,549
Class I			2,307,004				739,601				6,057				44,074
			12,170,164				10,152,726				6,057				793,338
Cost of shares redeemed
Class AAA			(35,105,028	)			(213,884,823	)			(3,623,773	)			(32,774,887	)
Class A			(11,630,845	)			(19,131,847	)			(1,578,467	)			(3,838,324	)
Class B			—				(6,816	)			—				—
Class C			(8,769,037	)			(20,719,663	)			(1,687,239	)			(3,308,223	)
Class I			(23,356,746	)			(34,156,411	)			(3,546,901	)			(1,593,982	)
			(78,861,656	)			(287,899,560	)			(10,436,380	)			(41,515,416	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions			35,279,205				(70,867,586	)			(5,469,243	)			(7,608,117	)
Redemption Fees			195				1,852				419				810
Net Increase/(Decrease) in Net Assets			124,755,830				35,625,610				49,587				(400,348	)
Net Assets:
Beginning of period			578,486,859				542,861,249				39,573,117				39,973,465
End of period		$	703,242,689			$	578,486,859			$	39,622,704			$	39,573,117
Undistributed net investment income			—				—				—				—

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Changes in Net Assets (Unaudited) (Continued)

	Income Fund								Equity Fund
	For the Six Months Ended March 31, 2013 (Unaudited)				For the Year Ended September 30, 2012				For the Six Months Ended March 31, 2013 (Unaudited)				For the Year Ended September 30, 2012
Operations:
Net investment income		$	27,678			$	66,894			$	276,447			$	716,248
Net realized gain on investments			18,702				114,322				4,083,194				8,442,384
Net change in unrealized appreciation on investments			759,147				890,260				3,690,912				13,022,652
Net Increase in Net Assets Resulting from Operations			805,527				1,071,476				8,050,553				22,181,284
Distributions to Shareholders:
Net investment income
Class AAA			(29,532	)			(58,164	)			(586,885	)			(805,081	)
Class A			(1,828	)			(1,658	)			(21,453	)			(22,470	)
Class C			(1,136	)			(2,936	)			(1,694	)			—
Class I			(1,028	)			(1,484	)			(52,873	)			(14,267	)
Total Distributions to Shareholders			(33,524	)			(64,242	)			(662,905	)			(841,818	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA			812,168				2,153,062				1,562,027				2,646,826
Class A			232,120				375,527				170,634				229,814
Class C			122,133				773,106				16,123				119,193
Class I			33,853				28,197				187,654				3,791,808
			1,200,274				3,329,892				1,936,438				6,787,641
Proceeds from reinvestment of distributions
Class AAA			27,836				54,607				554,580				741,021
Class A			1,649				1,465				20,692				21,380
Class C			1,113				2,930				1,454				—
Class I			984				1,459				11,675				14,257
			31,582				60,461				588,401				776,658
Cost of shares redeemed
Class AAA			(485,421	)			(2,582,054	)			(14,596,516	)			(32,704,343	)
Class A			(95,183	)			(54,438	)			(398,607	)			(1,337,309	)
Class C			(326,324	)			(17,159	)			(108,117	)			(344,536	)
Class I			(15,602	)			(12,412	)			(1,136,079	)			(965,969	)
			(922,530	)			(2,666,063	)			(16,239,319	)			(35,352,157	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions			309,326				724,290				(13,714,480	)			(27,787,858	)
Redemption Fees			—				1				—				—
Net Increase/(Decrease) in Net Assets			1,081,329				1,731,525				(6,326,832	)			(6,448,392	)
Net Assets:
Beginning of period			6,972,774				5,241,249				78,399,051				84,847,443
End of period		$	8,054,103			$	6,972,774			$	72,072,219			$	78,399,051
Undistributed net investment income		$	37			$	5,883			$	66,721			$	453,179

See accompanying notes to financial statements.

24

TETON Westwood Funds

Statements of Changes in Net Assets (Unaudited) (Continued)

	Balanced Fund								Intermediate Bond Fund
	For the Six Months Ended March 31, 2013 (Unaudited)				For the Year Ended September 30, 2012				For the Six Months Ended March 31, 2013 (Unaudited)				For the Year Ended September 30, 2012
Operations:
Net investment income		$	580,625			$	1,330,760			$	149,262			$	336,518
Net realized gain on investments			2,657,081				4,337,107				95,375				25,393
Net change in unrealized appreciation/depreciation on investments			3,293,723				9,890,990				(281,637	)			355,553
Net Increase/(Decrease) in Net Assets Resulting from Operations			6,531,429				15,558,857				(37,000	)			717,464
Distributions to Shareholders:
Net investment income
Class AAA			(529,663	)			(1,229,760	)			(64,345	)			(223,777	)
Class A			(30,406	)			(58,662	)			(9,990	)			(18,453	)
Class B			(18	)			(166	)			(13	)			(43	)
Class C			(14,336	)			(34,581	)			(3,824	)			(15,825	)
Class I			(7,031	)			(24,976	)			(76,025	)			(78,791	)
			(581,454	)			(1,348,145	)			(154,197	)			(336,889	)
Net realized gain
Class AAA			—				—				(11,127	)			(104,673	)
Class A			—				—				(2,177	)			(7,970	)
Class B			—				—				(5	)			(30	)
Class C			—				—				(1,949	)			(13,285	)
Class I			—				—				(9,741	)			(732	)
			—				—				(24,999	)			(126,690	)
Total Distributions to Shareholders			(581,454	)			(1,348,145	)			(179,196	)			(463,579	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA			2,192,342				17,635,718				937,026				5,287,309
Class A			576,274				1,227,944				1,210,953				1,131,217
Class C			1,593,072				513,056				216,882				1,341,560
Class I			7,348				775,112				3,835,227				9,535,493
			4,369,036				20,151,830				6,200,088				17,295,579
Proceeds from reinvestment of distributions
Class AAA			510,800				1,185,883				72,015				224,072
Class A			24,408				49,106				9,521				22,306
Class B			18				166				18				71
Class C			12,832				31,218				5,345				27,498
Class I			6,684				24,543				1,279				3,177
			554,742				1,290,916				88,178				277,124
Cost of shares redeemed
Class AAA			(10,456,214	)			(29,320,231	)			(2,133,158	)			(11,356,229	)
Class A			(407,523	)			(1,155,870	)			(853,865	)			(644,074	)
Class B			(3,202	)			(32,728	)			(15	)			(2,734	)
Class C			(1,266,154	)			(630,009	)			(838,454	)			(1,852,188	)
Class I			(76,164	)			(2,008,458	)			(1,066,530	)			(441,131	)
			(12,209,257	)			(33,147,296	)			(4,892,022	)			(14,296,356	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions			(7,285,479	)			(11,704,550	)			1,396,244				3,276,347
Net Increase/(Decrease) in Net Assets			(1,335,504	)			2,506,162				1,180,048				3,530,232
Net Assets:
Beginning of period			89,930,678				87,424,516				23,697,860				20,167,628
End of period		$	88,595,174			$	89,930,678			$	24,877,908			$	23,697,860
Undistributed net investment income			—				—				—			$	4,802

See accompanying notes to financial statements.

25

TETON Westwood Funds

Financial Highlights

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

	Income (Loss) from Investment Operations											Distributions to Shareholders																					Ratios to Average Net Assets/ Supplemental Data
Period Ended September 30	Net Asset Value, Begi- nning of Period		Net Invest- ment Income (Loss)(a)(b)			Net Realized and Unrea- lized Gain (Loss) on Invest- ments			Total from Inves- tment Opera- tions			Net Inves- tment Income			Net Realized Gain on Invest- ments			Return of Capital			Total Distrib- utions			Redem- ption Fees(a)(c)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Inve- stment Income (Loss)(b)			Operating Expe- nses Net of Waivers/ Reimbu- rsements/ Redu- ctions			Operating Expe- nses Before Waivers/ Reimbu- rsements/ Redu- ctions			Portfolio Turnover Rate††
Mighty Mites Fund
Class AAA
2013(d)	$	17.94	$	0.12		$	3.08		$	3.20		$	(0.08	)	$	(0.38	)		—		$	(0.46	)	$	0.00	$	20.68		18.3	%	$	329,849		1.31	%(e)		1.43	%(e)		1.45	%(e)(f)		9	%
2012		14.85		(0.10	)		3.54			3.44			—			(0.35	)		—			(0.35	)		0.00		17.94		23.6			277,666		(0.62	)		1.44			1.46	(f)		12
2011		15.81		(0.14	)		(0.34	)		(0.48	)		(0.06	)		(0.42	)		—			(0.48	)		0.00		14.85		(3.3	)		344,800		(0.79	)		1.46			1.48	(f)		20
2010		13.49		(0.10	)		2.42			2.32			—			(0.00	)(c)		—			(0.00	)(c)		0.00		15.81		17.2			261,810		(0.67	)		1.55			1.58	(f)		27
2009		13.41		(0.08	)		0.47			0.39			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		13.49		3.5			170,181		(0.69	)		1.65			1.66	(f)		32
2008		17.05		(0.00	)(c)		(2.11	)		(2.11	)		(0.06	)		(1.47	)		—			(1.53	)		0.00		13.41		(13.2	)		55,808		(0.01	)		1.71			1.71			18
Class A
2013(d)	$	17.59	$	0.09		$	3.02		$	3.11		$	(0.04	)	$	(0.38	)		—		$	(0.42	)	$	0.00	$	20.28		18.1	%	$	94,640		1.03	%(e)		1.68	%(e)		1.70	%(e)(f)		9	%
2012		14.61		(0.14	)		3.47			3.33			—			(0.35	)		—			(0.35	)		0.00		17.59		23.2			77,803		(0.87	)		1.69			1.71	(f)		12
2011		15.57		(0.18	)		(0.32	)		(0.50	)		(0.04	)		(0.42	)		—			(0.46	)		0.00		14.61		(3.5	)		64,457		(1.04	)		1.71			1.73	(f)		20
2010		13.32		(0.13	)		2.38			2.25			—			(0.00	)(c)		—			(0.00	)(c)		0.00		15.57		16.9			48,464		(0.91	)		1.80			1.83	(f)		27
2009		13.26		(0.10	)		0.47			0.37			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		13.32		3.4			16,187		(0.90	)		1.90			1.91	(f)		32
2008		16.94		(0.04	)		(2.10	)		(2.14	)		(0.07	)		(1.47	)		—			(1.54	)		0.00		13.26		(13.5	)		6,134		(0.27	)		1.96			1.96			18
Class B
2013(d)	$	16.34	$	0.05		$	2.79		$	2.84			—		$	(0.38	)		—		$	(0.38	)	$	0.00	$	18.80		17.8	%	$	4		0.54	%(e)		2.18	%(e)		2.20	%(e)(f)		9	%
2012		13.66		(0.21	)		3.24			3.03			—			(0.35	)		—			(0.35	)		0.00		16.34		22.6			3		(1.40	)		2.19			2.21	(f)		12
2011		14.64		(0.20	)		(0.36	)		(0.56	)		—			(0.42	)		—			(0.42	)		0.00		13.66		(4.1	)		10		(1.29	)		2.21			2.23	(f)		20
2010		12.59		(0.19	)		2.24			2.05			—			(0.00	)(c)		—			(0.00	)(c)		0.00		14.64		16.3			77		(1.41	)		2.30			2.33	(f)		27
2009		12.63		(0.14	)		0.41			0.27			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		12.59		2.8			116		(1.34	)		2.40			2.41	(f)		32
2008		16.21		(0.10	)		(2.01	)		(2.11	)		—			(1.47	)		—			(1.47	)		0.00		12.63		(13.9	)		169		(0.73	)		2.46			2.46			18
Class C
2013(d)	$	16.25	$	0.05		$	2.79		$	2.84			—		$	(0.38	)		—		$	(0.38	)	$	0.00	$	18.71		17.9	%	$	112,014		0.54	%(e)		2.18	%(e)		2.20	%(e)(f)		9	%
2012		13.59		(0.21	)		3.22			3.01			—			(0.35	)		—			(0.35	)		0.00		16.25		22.6			92,012		(1.37	)		2.19			2.21	(f)		12
2011		14.55		(0.25	)		(0.29	)		(0.54	)		—			(0.42	)		—			(0.42	)		0.00		13.59		(4.0	)		79,827		(1.57	)		2.21			2.23	(f)		20
2010		12.51		(0.19	)		2.23			2.04			—			(0.00	)(c)		—			(0.00	)(c)		0.00		14.55		16.3			40,297		(1.41	)		2.30			2.33	(f)		27
2009		12.55		(0.15	)		0.42			0.27			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		12.51		2.8			13,566		(1.42	)		2.40			2.41	(f)		32
2008		16.13		(0.10	)		(2.00	)		(2.10	)	$	(0.01	)		(1.47	)		—			(1.48	)		0.00		12.55		(13.9	)		4,671		(0.78	)		2.46			2.46			18
Class I
2013(d)	$	18.13	$	0.14		$	3.10		$	3.24		$	(0.16	)	$	(0.38	)		—		$	(0.54	)	$	0.00	$	20.83		18.4	%	$	166,736		1.54	%(e)		1.18	%(e)		1.20	%(e)(f)		9	%
2012		14.98		(0.06	)		3.56			3.50			—			(0.35	)		—			(0.35	)		0.00		18.13		23.8			131,003		(0.38	)		1.19			1.21	(f)		12
2011		15.92		(0.10	)		(0.33	)		(0.43	)		(0.09	)		(0.42	)		—			(0.51	)		0.00		14.98		(3.0	)		53,767		(0.57	)		1.21			1.23	(f)		20
2010		13.55		(0.06	)		2.43			2.37			—			(0.00	)(c)		—			(0.00	)(c)		0.00		15.92		17.5			23,406		(0.41	)		1.30			1.33	(f)		27
2009		13.44		(0.06	)		0.48			0.42			—			(0.29	)	$	(0.02	)		(0.31	)		0.00		13.55		3.7			12,528		(0.48	)		1.40			1.41	(f)		32
2008(g)		13.96		0.03			(0.55	)		(0.52	)		—			—			—			—			0.00		13.44		(3.7	)		893		0.26	(e)		1.46	(e)		1.46	(e)		18

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

†† For the year ended September 30, 2009, the calculation of the portfolio turnover rate excluded from purchases the value of securities acquired in connection with the Fund’s acquisition of the net assets of the B.B. Micro-Cap Growth Fund.

(a) Per share data is 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) For the six months ended March 31, 2013, unaudited.

(e) Annualized.

(f) Before advisory fee reduction on unsupervised assets totaling 0.02%, 0.02%, 0.02%, 0.03%, and 0.01% of net assets for the six months ended March 31, 2013, and the years ended September 30, 2012, 2011, 2010, and 2009, respectively.

(g) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

26

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions to Shareholders																								Ratios to Average Net Assets/ Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees(a)(b)			Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbur- sements††(c)			Operating Expenses Before Waivers/ Reimbur- sements†††			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2013(d)		$	15.32		$	0.03			$	2.45			$	2.48				—				—				—			$	0.00		$	17.80		16.2	%		$	17,210		0.38	%(e)		1.50	%(e)		1.70	%(e)		2	%
2012			12.85			(0.03	)			2.87				2.84				—			$	(0.37	)		$	(0.37	)			0.00			15.32		22.5				16,170		(0.21	)		1.50			1.65			39
2011			13.36			(0.12	)			(0.39	)			(0.51	)			—				—				—				0.00			12.85		(3.8	)			28,843		(0.73	)		1.50			1.69			52
2010			11.60			(0.10	)			1.86				1.76				—				—				—				0.00			13.36		15.2				10,435		(0.81	)		1.50			1.99			28
2009			11.99			(0.06	)			(0.33	)			(0.39	)			—				—				—				—			11.60		(3.3	)			8,856		(0.68	)		1.50			2.80			55
2008			14.99			(0.03	)			(2.97	)			(3.00	)			—				—				—				—			11.99		(20.0	)			8,491		(0.23	)		1.58			2.62			123
Class A
2013(d)		$	15.03		$	0.02			$	2.40			$	2.42				—				—				—			$	0.00		$	17.45		16.1	%		$	4,938		0.22	%(e)		1.75	%(e)		1.95	%(e)		2	%
2012			12.65			(0.06	)			2.81				2.75				—			$	(0.37	)		$	(0.37	)			0.00			15.03		22.1				5,390		(0.42	)		1.75			1.90			39
2011			13.18			(0.16	)			(0.37	)			(0.53	)			—				—				—				0.00			12.65		(4.0	)			4,965		(0.98	)		1.75			1.94			52
2010			11.47			(0.13	)			1.84				1.71				—				—				—				0.00			13.18		14.9				3,509		(1.06	)		1.75			2.24			28
2009			11.88			(0.09	)			(0.32	)			(0.41	)			—				—				—				—			11.47		(3.5	)			2,200		(0.98	)		1.75			3.05			55
2008			14.89			(0.06	)			(2.95	)			(3.01	)			—				—				—				—			11.88		(20.2	)			703		(0.49	)		1.83			2.87			123
Class C
2013(d)		$	14.06		$	(0.02	)		$	2.24			$	2.22				—				—				—			$	0.00		$	16.28		15.8	%		$	4,380		(0.29	)%(e)		2.25	%(e)		2.45	%(e)		2	%
2012			11.91			(0.13	)			2.65				2.52				—			$	(0.37	)		$	(0.37	)			0.00			14.06		21.5				5,261		(0.92	)		2.25			2.40			39
2011			12.47			(0.22	)			(0.34	)			(0.56	)			—				—				—				0.00			11.91		(4.5	)			5,406		(1.50	)		2.25			2.44			52
2010			10.91			(0.18	)			1.74				1.56				—				—				—				0.00			12.47		14.3				911		(1.55	)		2.25			2.74			28
2009			11.36			(0.12	)			(0.33	)			(0.45	)			—				—				—				—			10.91		(4.0	)			345		(1.43	)		2.25			3.55			55
2008			14.31			(0.12	)			(2.83	)			(2.95	)			—				—				—				—			11.36		(20.6	)			196		(0.94	)		2.33			3.37			123
Class I
2013(d)		$	15.50		$	0.05			$	2.49			$	2.54			$	(0.02	)			—			$	(0.02	)		$	0.00		$	18.02		16.4	%		$	13,095		0.65	%(e)		1.25	%(e)		1.45	%(e)		2	%
2012			12.96			0.04				2.87				2.91				—			$	(0.37	)			(0.37	)			0.00			15.50		22.8				12,752		0.23			1.25			1.40			39
2011			13.45			(0.07	)			(0.42	)			(0.49	)			—				—				—				0.00			12.96		(3.6	)			759		(0.46	)		1.25			1.44			52
2010			11.65			(0.08	)			1.88				1.80				—				—				—				0.00			13.45		15.5				1,123		(0.59	)		1.25			1.74			28
2009			12.00			(0.04	)			(0.31	)			(0.35	)			—				—				—				—			11.65		(2.9	)			306		(0.47	)		1.25			2.55			55
2008(f)			12.92			(0.01	)			(0.91	)			(0.92	)			—				—				—				—			12.00		(7.1	)			165		(0.06	)(e)		1.36	(e)		2.40	(e)		123

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009 and 2008 would have been 1.50% and 1.51% (Class AAA), 1.75% and 1.76% (Class A), 2.25% and 2.26% (Class C), and 1.25% and 1.26% (Class I), respectively. For the six months ended March 31, 2013 and the years ended September 30, 2012, 2011, and 2010, there were no Custodian Fee Credits.

††† The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, ratios for the years ended September 30, 2009 and 2008 would have been 2.80% and 2.55% (Class AAA), 3.05% and 2.80% (Class A), 3.55% and 3.30% (Class C), and 2.55% and 2.30% (Class I), respectively. For the six months ended March 31, 2013 and the years ended September 30, 2012, 2011, and 2010, there were no Custodian Fee Credits.

(a) Per share data is calculated using the average shares outstanding method.

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

(c) The Fund incurred interest expense of $682 during the year ended September 30, 2008. A portion of this interest expense was paid for by prior years Custodian Fee Credits. The impact to the ratios of operating expenses to the average net assets was minimal. If interest expense had not been incurred, the ratio of operating expenses to the average net assets would have been 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class C), and 1.25% (Class I), respectively. For the years ended September 30, 2011, 2010, and 2009, the effect of interest expense was minimal. For the six months ended March 31, 2013 and the year ended September 30, 2012, there was no interest expense.

(d) For the six months ended March 31, 2013, unaudited.

(e) Annualized.

(f) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

27

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders																	Ratios to Average Net Assets/ Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain on Investments		Return of Capital		Total Distributions		Redemption Fees(a)(b)		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses Net of Waivers/ Reimbur- sements††(c)			Operating Expenses Before Waivers/ Reimbur- sements†††			Portfolio Turnover Rate
Income Fund
Class AAA
2013(d)		$8.96		$0.04		$0.98			$1.02			$(0.05)		—		—		$(0.05)		—		$9.93		11.4	%		$6,065		0.92	%(e)		2.00	%(e)		2.57	%(e)		1	%
2012		7.65		0.10		1.31			1.41			(0.10)		—		—		(0.10)		$0.00		8.96		18.5			5,151		1.22			2.00			2.82			11
2011		7.53		0.09		0.11			0.20			(0.08)		—		—		(0.08)		0.00		7.65		2.6			4,665		1.08			1.84			2.74			14
2010		6.96		0.13		0.56			0.69			(0.12)		—		—		(0.12)		—		7.53		9.9			4,822		1.73			1.50			3.19			10
2009		7.85		0.16		(0.85	)		(0.69	)		(0.18)		—		$(0.02)		(0.20)		—		6.96		(8.1	)		4,869		2.57			1.63			3.06			14
2008		10.21		0.26		(2.05	)		(1.79	)		(0.34)		$(0.21)		(0.02)		(0.57)		—		7.85		(18.2	)		7,285		2.83			1.58			2.48			28
Class A
2013(d)		$9.26		$0.03		$1.02			$1.05			$(0.04)		—		—		$(0.04)		—		$10.27		11.4	%		$586		0.66	%(e)		2.25	%(e)		2.82	%(e)		1	%
2012		7.91		0.07		1.37			1.44			(0.09)		—		—		(0.09)		$0.00		9.26		18.3			389		0.78			2.25			3.07			11
2011		7.79		0.08		0.10			0.18			(0.06)		—		—		(0.06)		0.00		7.91		2.2			47		0.98			1.89			3.15			14
2010		7.20		0.10		0.59			0.69			(0.10)		—		—		(0.10)		—		7.79		9.7			341		1.29			1.75			3.44			10
2009		8.12		0.08		(0.81	)		(0.73	)		(0.17)		—		$(0.02)		(0.19)		—		7.20		(8.4	)		77		1.28			1.88			3.31			14
2008		10.54		0.24		(2.11	)		(1.87	)		(0.32)		$(0.21)		(0.02)		(0.55)		—		8.12		(18.3	)		51		2.53			1.83			2.73			28
Class C
2013(d)		$9.94		$0.01		$1.09			$1.10			$(0.01)		—		—		$(0.01)		—		$11.03		11.1	%		$1,241		0.17	%(e)		2.75	%(e)		3.32	%(e)		1	%
2012		8.49		0.03		1.46			1.49			(0.04)		—		—		(0.04)		$0.00		9.94		17.6			1,307		0.36			2.75			3.57			11
2011		8.36		0.02		0.13			0.15			(0.02)		—		—		(0.02)		0.00		8.49		1.8			437		0.19			2.62			3.47			14
2010		7.70		0.08		0.62			0.70			(0.04)		—		—		(0.04)		—		8.36		9.1			97		1.04			2.25			3.94			10
2009		8.65		0.11		(0.91	)		(0.80	)		(0.13)		—		$(0.02)		(0.15)		—		7.70		(8.8	)		261		1.68			2.38			3.81			14
2008		11.22		0.20		(2.26	)		(2.06	)		(0.28)		$(0.21)		(0.02)		(0.51)		—		8.65		(18.8	)		319		1.99			2.33			3.23			28
Class I
2013(d)		$8.96		$0.05		$0.99			$1.04			$(0.06)		—		—		$(0.06)		—		$9.94		11.7	%		$162		1.17	%(e)		1.75	%(e)		2.32	%(e)		1	%
2012		7.65		0.12		1.31			1.43			(0.12)		—		—		(0.12)		$0.00		8.96		18.8			126		1.43			1.75			2.57			11
2011		7.53		0.10		0.12			0.22			(0.10)		—		—		(0.10)		0.00		7.65		2.9			92		1.26			1.61			2.48			14
2010		6.97		0.14		0.56			0.70			(0.14)		—		—		(0.14)		—		7.53		10.1			54		1.97			1.25			2.94			10
2009		7.85		0.19		(0.85	)		(0.66	)		(0.20)		—		$(0.02)		(0.22)		—		6.97		(7.8	)		59		3.13			1.38			2.81			14
2008(f)		9.14		0.18		(1.18	)		(1.00	)		(0.27)		—		(0.02)		(0.29)		—		7.85		(11.2	)		118		2.82	(e)		1.36	(e)		2.26	(e)		28

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009 and 2008 would have been 1.50% and 1.51% (Class AAA), 1.75% and 1.76% (Class A), 2.25% and 2.26% (Class C), and 1.25% and 1.26% (Class I), respectively. For the six months ended March 31, 2013 and the years ended September 30, 2012, 2011, and 2010, there were no Custodian Fee Credits.

††† The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2009 and 2008 would have been 2.93% and 2.41% (Class AAA), 3.18% and 2.66% (Class A), 3.68% and 3.16% (Class C), and 2.68% and 2.16% (Class I), respectively. For the six months ended March 31, 2013 and the years ended September 30, 2012, 2011, and 2010, there were no Custodian Fee Credits.

(a) Per share data is calculated using the average shares outstanding method.

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

(c) The Fund incurred interest expense of $1,169 and $4,188 during the years ended September 30, 2009 and September 30, 2008, respectively. All of the interest expense for 2009 and a portion of this interest expense in 2008 was paid for by prior years custodian fee credits. This would impact the ratios of operating expenses to the average net assets by 0.02% and 0.03% for all Classes, respectively. If interest expense had not been incurred, the ratios of operating expenses to the average net assets would have been 1.48% and 1.50% (Class AAA), 1.73% and 1.75% (Class A), 2.23% and 2.25% (Class C), and 1.23% and 1.25% (Class I), respectively. For the years ended September 30, 2011 and 2010, the effect of interest expense was minimal. For the six months ended March 31, 2013 and the year ended September 30, 2012, there was no interest expense.

(d) For the six months ended March 31, 2013, unaudited.

(e) Annualized.

(f) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

28

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions to Shareholders																					Ratios to Average Net Assets/ Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses††			Portfolio Turnover Rate
Equity Fund
Class AAA
2013(b)		$	9.92		$	0.04			$	1.13			$	1.17			$	(0.09	)			—			$	(0.09	)		$	11.00		11.9	%		$	64,053		0.76	%(c)		1.63	%(c)		24	%
2012			7.81			0.08				2.11				2.19				(0.08	)			—				(0.08	)			9.92		28.3				70,017		0.84			1.59	(d)		41
2011			8.17			0.07				(0.38	)			(0.31	)			(0.05	)			—				(0.05	)			7.81		(3.8	)			79,328		0.73			1.54	(d)		38
2010			7.72			0.04				0.48				0.52				(0.07	)			—				(0.07	)			8.17		6.8				99,986		0.55			1.56	(d)		52
2009			9.21			0.08				(1.48	)			(1.40	)			(0.09	)			—				(0.09	)			7.72		(15.2	)			132,314		1.21			1.59	(d)		111
2008			12.63			0.08				(1.87	)			(1.79	)			(0.05	)		$	(1.58	)			(1.63	)			9.21		(16.0	)			167,946		0.73			1.49			71
Class A
2013(b)		$	9.89		$	0.03			$	1.13			$	1.16			$	(0.07	)			—			$	(0.07	)		$	10.98		11.8	%		$	3,358		0.50	%(c)		1.88	%(c)		24	%
2012			7.78			0.05				2.11				2.16				(0.05	)			—				(0.05	)			9.89		27.9				3,221		0.60			1.84	(d)		41
2011			8.13			0.04				(0.37	)			(0.33	)			(0.02	)			—				(0.02	)			7.78		(4.0	)			3,445		0.44			1.79	(d)		38
2010			7.69			0.02				0.48				0.50				(0.06	)			—				(0.06	)			8.13		6.5				6,616		0.31			1.81	(d)		52
2009			9.11			0.06				(1.43	)			(1.37	)			(0.05	)			—				(0.05	)			7.69		(15.0	)			6,131		0.89			1.84	(d)		111
2008			12.57			0.05				(1.89	)			(1.84	)			(0.04	)		$	(1.58	)			(1.62	)			9.11		(16.6	)			5,079		0.47			1.74			71
Class C
2013(b)		$	9.62		$	0.00	(e)		$	1.10			$	1.10			$	(0.02	)			—			$	(0.02	)		$	10.70		11.5	%		$	772		0.02	%(c)		2.38	%(c)		24	%
2012			7.56			0.01				2.05				2.06				—				—				—				9.62		27.3				784		0.10			2.34	(d)		41
2011			7.91			(0.00	)(e)			(0.35	)			(0.35	)			—				—				—				7.56		(4.4	)			816		(0.02	)		2.29	(d)		38
2010			7.49			(0.02	)			0.46				0.44				(0.02	)			—				(0.02	)			7.91		5.9				999		(0.19	)		2.31	(d)		52
2009			8.95			0.02				(1.44	)			(1.42	)			(0.04	)			—				(0.04	)			7.49		(15.8	)			1,067		0.37			2.34	(d)		111
2008			12.36			(0.00	)(e)			(1.83	)			(1.83	)			—			$	(1.58	)			(1.58	)			8.95		(16.7	)			736		(0.02	)		2.24			71
Class I
2013(b)		$	9.93		$	0.05			$	1.14			$	1.19			$	(0.12	)			—			$	(0.12	)		$	11.00		12.1	%		$	3,889		1.02	%(c)		1.38	%(c)		24	%
2012			7.83			0.09				2.12				2.21				(0.11	)			—				(0.11	)			9.93		28.5				4,377		0.96			1.34	(d)		41
2011			8.19			0.10				(0.39	)			(0.29	)			(0.07	)			—				(0.07	)			7.83		(3.6	)			1,258		1.07			1.29	(d)		38
2010			7.73			0.06				0.49				0.55				(0.09	)			—				(0.09	)			8.19		7.1				1,043		0.81			1.31	(d)		52
2009			9.23			0.10				(1.49	)			(1.39	)			(0.11	)			—				(0.11	)			7.73		(15.0	)			691		1.44			1.34	(d)		111
2008(f)			10.35			0.07				(1.19	)			(1.12	)			—				—				—				9.23		(10.8	)			797		1.00	(c)		1.24	(c)		71

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the six months ended March 31, 2013, and the years ended September 30, 2012, 2011, 2010, 2009, and 2008 would have been 1.61% 1.56%, 1.52%, 1.54%, 1.57%, and 1.47% (Class AAA), 1.86%, 1.81%, 1.77%, 1.79%, 1.82%, and 1.72% (Class A), 2.36%, 2.31%, 2.27%, 2.29%, 2.32%, and 2.22% (Class C), and 1.36%, 1.31%, 1.27%, 1.29%, 1.32%, and 1.22% (Class I), respectively.

(a) Per share data is calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2013, unaudited.

(c) Annualized.

(d) The Fund incurred interest expense of $799, $370, $325, $1,854, and $106 during the six months ended March 31, 2013 and the years ended September 30, 2012, 2011, 2010, and 2009, respectively. This interest expense was paid for by prior years Custodian Fee Credits. The effect of interest expense was minimal.

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

(f) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

29

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations											Distributions to Shareholders																					Ratios to Average Net Assets/ Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period			Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investment				Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income			Operating Expenses††			Portfolio Turnover Rate
Balanced Fund
Class AAA
2013(b)		$	11.48		$	0.08		$	0.79			$	0.87			$	(0.08	)			—			$	(0.08	)		$	12.27		7.7	%		$	76,397		1.37	%(c)		1.30	%(c)		16	%
2012			9.86			0.16			1.62				1.78				(0.16	)			—				(0.16	)			11.48		18.2				78,999		1.47			1.30			34
2011			10.13			0.18			(0.27	)			(0.09	)			(0.18	)			—				(0.18	)			9.86		(1.0	)			76,941		1.65			1.24			24
2010			9.65			0.14			0.49				0.63				(0.15	)			—				(0.15	)			10.13		6.5				106,782		1.45			1.26			33
2009			10.47			0.17			(0.77	)			(0.60	)			(0.17	)		$	(0.05	)			(0.22	)			9.65		(5.6	)			123,323		1.86			1.27			89
2008			12.58			0.21			(1.17	)			(0.96	)			(0.22	)			(0.93	)			(1.15	)			10.47		(8.4	)			138,174		1.83			1.23			60
Class A
2013(b)		$	11.53		$	0.07		$	0.80			$	0.87			$	(0.07	)			—			$	(0.07	)		$	12.33		7.6	%		$	5,677		1.11	%(c)		1.55	%(c)		16	%
2012			9.90			0.13			1.64				1.77				(0.14	)			—				(0.14	)			11.53		17.9				5,121		1.21			1.55			34
2011			10.17			0.15			(0.26	)			(0.11	)			(0.16	)			—				(0.16	)			9.90		(1.2	)			4,298		1.40			1.49			24
2010			9.69			0.12			0.48				0.60				(0.12	)			—				(0.12	)			10.17		6.2				5,136		1.20			1.51			33
2009			10.51			0.14			(0.76	)			(0.62	)			(0.15	)		$	(0.05	)			(0.20	)			9.69		(5.8	)			5,995		1.61			1.52			89
2008			12.63			0.18			(1.18	)			(1.00	)			(0.19	)			(0.93	)			(1.12	)			10.51		(8.7	)			5,639		1.56			1.48			60
Class B
2013(b)		$	11.64		$	0.03		$	0.81			$	0.84			$	(0.03	)			—			$	(0.03	)		$	12.45		7.2	%		$	4		0.59	%(c)		2.05	%(c)		16	%
2012			9.99			0.08			1.65				1.73				(0.08	)			—				(0.08	)			11.64		17.3				7		0.75			2.05			34
2011			10.25			0.09			(0.26	)			(0.17	)			(0.09	)			—				(0.09	)			9.99		(1.7	)			34		0.83			1.99			24
2010			9.77			0.07			0.48				0.55				(0.07	)			—				(0.07	)			10.25		5.7				82		0.69			2.01			33
2009			10.60			0.10			(0.78	)			(0.68	)			(0.10	)		$	(0.05	)			(0.15	)			9.77		(6.3	)			105		1.13			2.02			89
2008			12.72			0.13			(1.20	)			(1.07	)			(0.12	)			(0.93	)			(1.05	)			10.60		(9.1	)			125		1.10			1.98			60
Class C
2013(b)		$	11.64		$	0.03		$	0.82			$	0.85			$	(0.04	)			—			$	(0.04	)		$	12.45		7.3	%		$	5,649		0.57	%(c)		2.05	%(c)		16	%
2012			9.99			0.08			1.65				1.73				(0.08	)			—				(0.08	)			11.64		17.4				4,932		0.72			2.05			34
2011			10.26			0.10			(0.27	)			(0.17	)			(0.10	)			—				(0.10	)			9.99		(1.7	)			4,318		0.90			1.99			24
2010			9.78			0.07			0.48				0.55				(0.07	)			—				(0.07	)			10.26		5.7				4,975		0.70			2.01			33
2009			10.61			0.10			(0.77	)			(0.67	)			(0.11	)		$	(0.05	)			(0.16	)			9.78		(6.2	)			4,859		1.06			2.02			89
2008			12.74			0.12			(1.19	)			(1.07	)			(0.13	)			(0.93	)			(1.06	)			10.61		(9.1	)			1,389		1.05			1.98			60
Class I
2013(b)		$	11.48		$	0.09		$	0.80			$	0.89			$	(0.10	)			—			$	(0.10	)		$	12.27		7.8	%		$	868		1.62	%(c)		1.05	%(c)		16	%
2012			9.85			0.19			1.63				1.82				(0.19	)			—				(0.19	)			11.48		18.4				872		1.74			1.05			34
2011			10.12			0.21			(0.27	)			(0.06	)			(0.21	)			—				(0.21	)			9.85		(0.7	)			1,834		1.92			0.99			24
2010			9.64			0.17			0.48				0.65				(0.17	)			—				(0.17	)			10.12		6.8				1,769		1.70			1.01			33
2009			10.46			0.19			(0.77	)			(0.58	)			(0.19	)		$	(0.05	)			(0.24	)			9.64		(5.3	)			1,451		2.07			1.02			89
2008(d)			11.33			0.17			(0.87	)			(0.70	)			(0.17	)			—				(0.17	)			10.46		(6.2	)			1,490		2.14	(c)		0.98	(c)		60

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the six months ended March 31, 2013 and the years ended September 30, 2012, 2011, 2010, 2009, and 2008 would have been 1.28%, 1.27%, 1.22%, 1.24%, 1.25%, and 1.21% (Class AAA), 1.53%, 1.52%, 1.47%, 1.49%, 1.50%, and 1.46% (Class A), 2.03%, 2.02%, 1.97%, 1.99%, 2.00%, and 1.96% (Class B and Class C), and 1.03%, 1.02%, 0.97%, 0.99%, 1.00%, and 0.96% (Class I), respectively.

(a) Per share data is calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2013, unaudited.

(c) Annualized.

(d) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

30

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations											Distributions to Shareholders																					Ratios to Average Net Assets/Supplemental Data
Period Ended September 30	Net Asset Value, Beginning of Period			Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income			Operating Expenses Net of Waivers/ Reimburse- ments††			Operating Expenses Before Waivers/ Reimburse- ments†††			Portfolio Turnover Rate
Intermediate Bond Fund
Class AAA
2013(b)		$	12.06		$	0.07		$	(0.09	)		$	(0.02	)		$	(0.07	)		$	(0.01	)		$	(0.08	)		$	11.96		(0.1	)%		$	10,013		1.15	%(c)		1.00	%(c)		1.29	%(c)		9	%
2012			11.91			0.19			0.22				0.41				(0.19	)			(0.07	)			(0.26	)			12.06		3.5				11,230		1.56			1.00			1.33			15
2011			11.90			0.29			0.03				0.32				(0.29	)			(0.02	)			(0.31	)			11.91		2.7				16,959		2.45			1.00			1.39			16
2010			11.52			0.27			0.46				0.73				(0.27	)			(0.08	)			(0.35	)			11.90		6.5				17,038		2.32			1.02			1.49			14
2009			10.84			0.28			0.68				0.96				(0.28	)			—				(0.28	)			11.52		9.0				13,949		2.51			1.04			1.58			18
2008			10.80			0.36			0.04				0.40				(0.36	)			—				(0.36	)			10.84		3.7				10,498		3.23			1.07			1.76			32
Class A
2013(b)		$	12.04		$	0.06		$	(0.08	)		$	(0.02	)		$	(0.07	)		$	(0.01	)		$	(0.08	)		$	11.94		(0.2	)%		$	1,712		0.99	%(c)		1.10	%(c)		1.39	%(c)		9	%
2012			11.91			0.18			0.20				0.38				(0.18	)			(0.07	)			(0.25	)			12.04		3.1				1,365		1.46			1.10			1.43			15
2011			11.90			0.27			0.04				0.31				(0.28	)			(0.02	)			(0.30	)			11.91		2.6				842		2.33			1.10			1.49			16
2010			11.51			0.26			0.47				0.73				(0.26	)			(0.08	)			(0.34	)			11.90		6.4				487		2.23			1.12			1.59			14
2009			10.84			0.27			0.67				0.94				(0.27	)			—				(0.27	)			11.51		8.7				523		2.40			1.14			1.68			18
2008			10.80			0.34			0.05				0.39				(0.35	)			—				(0.35	)			10.84		3.6				101		3.09			1.17			1.86			32
Class B
2013(b)		$	12.05		$	0.02		$	(0.08	)		$	(0.06	)		$	(0.03	)		$	(0.01	)		$	(0.04	)		$	11.95		(0.5	)%		$	5		0.40	%(c)		1.75	%(c)		2.04	%(c)		9	%
2012			11.91			0.10			0.21				0.31				(0.10	)			(0.07	)			(0.17	)			12.05		2.6				5		0.79			1.75			2.08			15
2011			11.90			0.20			0.03				0.23				(0.20	)			(0.02	)			(0.22	)			11.91		2.0				8		1.71			1.75			2.14			16
2010			11.51			0.18			0.47				0.65				(0.18	)			(0.08	)			(0.26	)			11.90		5.8				38		1.59			1.77			2.24			14
2009			10.84			0.20			0.67				0.87				(0.20	)			—				(0.20	)			11.51		8.0				130		1.77			1.79			2.33			18
2008			10.80			0.28			0.03				0.31				(0.27	)			—				(0.27	)			10.84		2.9				48		2.53			1.82			2.51			32
Class C
2013(b)		$	11.46		$	0.02		$	(0.08	)		$	(0.06	)		$	(0.03	)		$	(0.01	)		$	(0.04	)		$	11.36		(0.5	)%		$	1,140		0.42	%(c)		1.75	%(c)		2.04	%(c)		9	%
2012			11.32			0.09			0.21				0.30				(0.09	)			(0.07	)			(0.16	)			11.46		2.7				1,772		0.80			1.75			2.08			15
2011			11.32			0.17			0.04				0.21				(0.19	)			(0.02	)			(0.21	)			11.32		1.9				2,234		1.51			1.75			2.14			16
2010			10.96			0.17			0.44				0.61				(0.17	)			(0.08	)			(0.25	)			11.32		5.7				1,716		1.50			1.77			2.24			14
2009			10.31			0.19			0.65				0.84				(0.19	)			—				(0.19	)			10.96		8.3				582		1.76			1.79			2.33			18
2008			10.28			0.24			0.05				0.29				(0.26	)			—				(0.26	)			10.31		2.8				478		2.29			1.82			2.51			32
Class I
2013(b)		$	12.06		$	0.08		$	(0.08	)		$	0.00	(d)		$	(0.09	)		$	(0.01	)		$	(0.10	)		$	11.96		(0.0	)%		$	12,008		1.37	%(c)		0.75	%(c)		1.04	%(c)		9	%
2012			11.92			0.22			0.21				0.43				(0.22	)			(0.07	)			(0.29	)			12.06		3.6				9,326		1.82			0.75			1.08			15
2011			11.91			0.32			0.03				0.35				(0.32	)			(0.02	)			(0.34	)			11.92		3.0				125		2.68			0.75			1.14			16
2010			11.52			0.30			0.47				0.77				(0.30	)			(0.08	)			(0.38	)			11.91		6.8				125		2.58			0.77			1.24			14
2009			10.85			0.31			0.67				0.98				(0.31	)			—				(0.31	)			11.52		9.1				322		2.75			0.79			1.33			18
2008(e)			11.09			0.28			(0.25	)			0.03				(0.27	)			—				(0.27	)			10.85		0.2				363		3.57	(c)		0.84	(c)		1.53	(c)		32

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2010, 2009, and 2008 would have been 1.00%, 1.00%, and 1.00% (Class AAA), 1.10%, 1.10%, and 1.10% (Class A), 1.75%, 1.75%, and 1.75% (Class B and Class C), and 0.75%, 0.75%, and 0.75% (Class I), respectively. For the six months ended March 31, 2013 and the years ended September 30, 2012 and 2011, there were no Custodian Fee Credits.

††† The ratios do not include a reduction for Custodian Fee Credits. Including such Custodian Fee Credits, the ratios for the years ended September 30, 2010, 2009, and 2008 would have been 1.47%, 1.54%, and 1.69% (Class AAA), 1.57%, 1.64%, and 1.79% (Class A), 2.22%, 2.29%, and 2.44% (Class B and Class C), and 1.22%, 1.29%, and 1.44% (Class I), respectively. For the six months ended March 31, 2013 and the years ended September 30, 2012 and 2011, there were no Custodian Fee Credits.

(a) Per share data is calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2013, unaudited.

(c) Annualized.

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

(e) From the commencement of offering Class I Shares on January 11, 2008 through September 30, 2008.

See accompanying notes to financial statements.

31

TETON Westwood Funds

Notes to Financial Statements (Unaudited)

1. Organization. The TETON Westwood Funds (the “Trust”) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company and currently consists of six active separate investment portfolios: TETON Westwood Mighty Mites Fund (“Mighty Mites Fund”), TETON Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), TETON Westwood Income Fund (“Income Fund”), TETON Westwood Equity Fund (“Equity Fund”), TETON Westwood Balanced Fund (“Balanced Fund”), and TETON Westwood Intermediate Bond Fund (“Intermediate Bond Fund”), (individually, a “Fund” and collectively, the “Funds”), each with five classes of shares outstanding except for the SmallCap Equity Fund, Income Fund, and Equity Fund each with four classes outstanding. 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.

• Income 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.

• Intermediate Bond Fund seeks to maximize total return, while maintaining a level of current income consistent with the maintenance of principal and liquidity.

2. Significant Accounting Policies. The Trust’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements.

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

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 instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days 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 security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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

32

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The inputs and valuation techniques used to measure fair value of the Funds’ 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 a Fund’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2013 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 3/31/13
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Broadcasting		$	25,818,533			—		$	5		$	25,818,538
Business Services			40,827,670			—			3			40,827,673
Cable			179,120			—			0			179,120
Consumer Products			19,173,847		$	31			—			19,173,878
Diversified Industrial			60,517,099			133,380			—			60,650,479
Educational Services			4,982,073			—			0			4,982,073
Entertainment			4,094,485			—			3			4,094,488
Equipment and Supplies			36,780,521			—			3,088			36,783,609
Financial Services			35,834,299			1,053,070			—			36,887,369
Health Care			59,721,198			—			1,280			59,722,478
Real Estate			11,101,859			43,800			7,550			11,153,209
Telecommunications			12,372,627			8,125			—			12,380,752
Transportation			1,815,478			—			465			1,815,943
Other Industries(a)			295,393,546			—			—			295,393,546
Total Common Stocks			608,612,355			1,238,406			12,394			609,863,155
Preferred Stocks(a)			840,512			—			—			840,512
Convertible Preferred Stocks(a)			—			16,510			—			16,510
Rights(a)			—			—			346,000			346,000
Warrants(a)			—			—			0			0
Corporate Bonds(a)			—			—			40,860			40,860
U.S. Government Obligations			—			76,933,453			—			76,933,453
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	609,452,867		$	78,188,369		$	399,254		$	688,040,490
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	38,546,015			—			—		$	38,546,015
U.S. Government Obligations			—		$	972,763			—			972,763
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	38,546,015		$	972,763			—		$	39,518,778
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	7,455,922			—			—		$	7,455,922
Preferred Stocks(a)			59,959			—			—			59,959
U.S. Government Obligations			—		$	477,907			—			477,907
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	7,515,881		$	477,907			—		$	7,993,788
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	71,471,719			—			—		$	71,471,719
Short Term Investments			980,254			—			—			980,254
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	72,451,973			—			—		$	72,451,973

33

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/13
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	57,006,011		—		—	$	57,006,011
Corporate Bonds(a)		—	$	15,847,427		—		15,847,427
U.S. Government Agency Obligations		—		5,295,047		—		5,295,047
U.S. Government Obligations		—		7,799,529		—		7,799,529
Short Term Investments		2,447,152		—		—		2,447,152
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	59,453,163	$	28,942,003		—	$	88,395,166
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)		—	$	9,390,197		—	$	9,390,197
U.S. Government Agency Obligations		—		8,360,956		—		8,360,956
U.S. Government Obligations		—		6,262,350		—		6,262,350
Short Term Investments	$	1,121,307		—		—		1,121,307
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,121,307	$	24,013,503		—	$	25,134,810

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

The Funds had no material transfers among Level 1, Level 2, and Level 3 during the six months ended March 31, 2013. The Funds’ policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments held at March 31, 2013 or September 30, 2012 for SmallCap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

Additional Information to Evaluate Qualitative Information.

General. The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Adviser –to value most of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is 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 and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments. 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 include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Securities Sold Short. The Mighty Mites Fund 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 Mighty Mites Fund records 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 Mighty Mites Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Mighty Mites Fund bears 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 Mighty Mites Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of

34

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

the open positions, which is adjusted periodically as the value of the position fluctuates. At March 31, 2013, there were no short sales outstanding for the Mighty Mites Fund.

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 Income 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. 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 Mighty Mites Fund held as of March 31, 2013, refer to its Schedule of Investments.

Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2013, both the Mighty Mites Fund’s and Intermediate Bond Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 1 basis point. For the six months ended March 31, 2013, the Equity Fund’s and Balance Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point. During the six months ended March 31, 2013, the Income Fund and SmallCap Equity Fund held no investments in other investment companies.

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. 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.

35

TETON Westwood Funds

Notes to Financial Statements (Unaudited)

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. This amount, if any, would be included in the Statements of Operations.

Currently included in the Statements of Operations for the six months ended March 31, 2013 are custodian fee credits and interest expenses that were paid for by custodian fee credits as follows:

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund				Balanced Fund				Intermediate Bond Fund
Expenses paid for by custodian fee credits:
Custodian fee expense		$	—		$	—		$	—		$	(8,806	)		$	(8,151	)		$	—
Interest expense			—			—			—			(799	)			—				—

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 Income Fund and Balanced Fund. The Intermediate Bond Fund declares dividends daily and pays those dividends monthly. 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. Distributions to shareholders are 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, timing differences, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.

The tax character of distributions paid during the year ended September 30, 2012 was as follows:

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund
Ordinary Income (inclusive of short term capital gains)		$	2,591,313		$	—		$	64,242
Net long term capital gains			10,156,187			1,212,520			—
Total distributions paid.		$	12,747,500		$	1,212,520		$	64,242
	Equity Fund			Balanced Fund			Intermediate Bond Fund
Ordinary Income		$	841,818		$	1,348,145		$	340,572
Net long term capital gains			—			—			123,007
Total distributions paid.		$	841,818		$	1,348,145		$	463,579

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. Therefore, no provision for federal income taxes is required.

At September 30, 2012, the Funds had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carryforward for an unlimited period capital losses incurred in years beginning after December 22, 2010. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carryforwards may have an increased likelihood of expiring unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short term as under previous law.

36

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2012:

Expiring in Fiscal Year	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
2016		$	—		$	210		$	—		$	—		$	—		$	—
2017			—			585,663			960,910			—			—			—
2018			—			—			1,503,326			13,065,883			1,629,520			—
2019			—			—			62,767			—			—			—
Short term (post-effective with no expiration)			—			3,119			—			—			—			—
		$	—		$	588,992		$	2,527,003		$	13,065,883		$	1,629,520		$	—

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2013:

	Mighty Mites Fund			SmallCap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	518,004,588		$	34,515,432		$	6,412,683		$	59,157,370		$	74,706,756		$	23,841,382
Gross unrealized appreciation	$	201,302,364		$	6,919,832		$	1,696,255		$	14,368,321		$	14,837,091		$	1,398,672
Gross unrealized depreciation		(31,266,462	)		(1,916,486	)		(115,150	)		(1,073,718	)		(1,148,681	)		(105,244	)
Net unrealized appreciation	$	170,035,902		$	5,003,346		$	1,581,105		$	13,294,603		$	13,688,410		$	1,293,428

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of March 31, 2013, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. Tax years ended September 30, 2009 through September 30, 2012 remain 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 the Adviser which provide that the Funds will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites Fund, SmallCap Equity Fund, Income Fund, and Equity Fund, 0.75% for the Balanced Fund, and 0.60% for the Intermediate Bond Fund, of the value of a Fund’s average daily net assets. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for the Funds’ portfolios, oversees the administration of all aspects of the Funds’ business and affairs, and pays the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Adviser.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Funds with respect to which the Adviser transferred dispositive and voting control to the Funds’ Proxy Voting Committee. During the six months ended March 31, 2013, 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 fee with respect to such securities by $75,826.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangement continues until at least January 31, 2014. For the six months ended March 31, 2013, the Adviser waived fees or reimbursed expenses in the amounts of $36,830, $20,215, and $36,217 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund, respectively. In addition, the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund are obliged to repay the Adviser for a period of two fiscal years following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of the Funds fall below the applicable expense limitation for Class AAA of 1.50%, 2.00%, and 1.00%, respectively, and for Class A of 1.75%, 2.25%, and 1.10%, respectively, and for Class B of 1.75% (for the Intermediate Bond Fund only) and for Class C of 2.25%, 2.75%, and 1.75%, respectively, and for Class I of 1.25%, 1.75%, and 0.75%, respectively, of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2013, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are as follows:

37

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	For the year ended September 30, 2011, expiring September 30, 2013		For the year ended September 30, 2012, expiring September 30, 2014		For the six months ended March 31, 2013, expiring September 30, 2015		Total
SmallCap Equity Fund	$	60,150	$	63,409	$	36,830	$	160,389
Income Fund		49,220		50,490		20,215		119,925
Intermediate Bond Fund		67,194		71,464		36,217		174,875

The Adviser has a Subadvisory Agreement with Westwood Management Corp. (the “Subadviser”) for the Equity Fund, Balanced Fund, and Intermediate Bond Fund. The Adviser paid the Subadviser out of its advisory fees with respect to these three Funds a 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 all applicable Funds or (ii) 35% of the net revenues to the Adviser from the applicable Funds.

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

The Trust pays each Trustee who is not considered an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended, and they are reimbursed by the Trust for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended, the Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Trustee receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

4. Distribution Plan. The Trust’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Funds, at annual rates of 0.25%, 0.50% (for the Intermediate Bond Fund’s Class A Shares at an annual rate of 0.35%), 1.00%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2013, 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	$	48,298,606	$	47,714,339		—		—
SmallCap Equity Fund		797,725		6,032,842		—		—
Income Fund		716,461		69,058		—		—
Equity Fund		17,080,903		30,248,137		—		—
Balanced Fund.		12,577,892		18,211,650	$	1,006,340		—
Intermediate Bond Fund		1,318,625		921,050		2,667,898	$	1,075,663

6. Transactions with Affiliates. During the six months ended March 31, 2013, the Mighty Mites Fund, Income Fund, and Balanced Fund paid brokerage commissions on security trades of $52,689, $360, and $12, respectively, to G.research, Inc. (formerly Gabelli & Company, Inc.), an affiliate of the Funds. Additionally, the Distributor retained a total of $34,869 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2013, the Mighty Mites Fund, Equity Fund, and Balanced Fund each paid or accrued $22,500 to the Adviser in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2013 for the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund.

7. Shares of Beneficial Interest. The Funds, except for the SmallCap Equity Fund, Income Fund, and Equity Fund that no longer offer Class B Shares, offer five classes of shares – Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from the Distributor, through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge solely to certain institutions, directly through the Distributor or brokers that have entered in to selling agreements specifically with respect to Class I Shares. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Class A Shares approximately eight years after the original purchase. The applicable Class B CDSC is equal to a percentage declining from 5% of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by the Distributor.

The Mighty Mites Fund, SmallCap Equity Fund, and Income 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 retained by the Mighty Mites Fund, SmallCap Equity Fund, and Income Fund during the six months ended March 31, 2013 amounted to $195, $419, and $0, respectively, and the year ended September 30, 2012 amounted to $1,852, $810, and $1, respectively.

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	For the Six Months Ended March 31, 2013 (Unaudited)			For the Year Ended September 30, 2012			For the Six Months Ended March 31, 2013 (Unaudited)			For the Year Ended September 30, 2012			For the Six Months Ended March 31, 2013 (Unaudited)			For the Year Ended September 30, 2012
	Mighty Mites Fund						SmallCap Equity Fund						Income Fund
Class AAA
Shares sold		1,974,491			4,477,913			142,974			967,840			85,605			279,285
Shares issued upon reinvestment of distributions		381,989			427,647			—			34,459			3,016			6,566
Shares redeemed		(1,888,469	)		(12,638,747	)		(231,952	)		(2,191,481	)		(53,134	)		(320,431	)
Net increase/(decrease) in Class AAA Shares		468,011			(7,733,187	)		(88,978	)		(1,189,182	)		35,487			(34,580	)
Class A
Shares sold		800,989			1,088,497			23,547			212,978			24,812			42,072
Shares issued upon reinvestment of distributions		88,833			85,465			—			10,185			173			164
Shares redeemed		(647,469	)		(1,163,294	)		(99,148	)		(257,267	)		(10,026	)		(6,185	)
Net increase/(decrease) in Class A Shares		242,353			10,668			(75,601	)		(34,104	)		14,959			36,051
Class B
Shares issued upon reinvestment of distributions		5			5			—			—			—			—
Shares redeemed		—			(519	)		—			—			—			—
Net increase/(decrease) in Class B Shares		5			(514	)		—			—			—			—
Class C
Shares sold		745,467			1,036,017			9,874			151,629			12,318			81,545
Shares issued upon reinvestment of distributions		104,797			109,718			—			10,935			114			320
Shares redeemed		(523,289	)		(1,358,648	)		(114,982	)		(242,463	)		(31,362	)		(1,913	)
Net increase/(decrease) in Class C Shares		326,975			(212,913	)		(105,108	)		(79,899	)		(18,930	)		79,952
Class I
Shares sold		1,886,214			5,607,515			124,807			863,361			3,828			3,309
Shares issued upon reinvestment of distributions		130,100			47,624			381			3,180			107			174
Shares redeemed		(1,239,255	)		(2,019,448	)		(220,881	)		(102,579	)		(1,642	)		(1,426	)
Net increase/(decrease) in Class I Shares		777,059			3,635,691			(95,693	)		763,962			2,293			2,057
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		154,335			288,471			188,135			1,624,108			78,098			442,580
Shares issued upon reinvestment of distributions		56,590			89,487			43,635			108,440			5,996			18,776
Shares redeemed		(1,449,750	)		(3,471,364	)		(888,217	)		(2,658,143	)		(178,063	)		(953,577	)
Net decrease in Class AAA Shares		(1,238,825	)		(3,093,406	)		(656,447	)		(925,595	)		(93,969	)		(492,221	)
Class A
Shares sold		16,752			24,979			48,804			109,656			100,644			94,663
Shares issued upon reinvestment of distributions		2,113			2,585			2,079			4,471			794			1,873
Shares redeemed		(38,899	)		(144,519	)		(34,436	)		(104,264	)		(71,421	)		(53,925	)
Net increase/(decrease) in Class A Shares		(20,034	)		(116,955	)		16,447			9,863			30,017			42,611
Class B
Shares issued upon reinvestment of distributions		—			—			1			15			1			6
Shares redeemed		—			—			(265	)		(2,823	)		(1	)		(228	)
Net decrease in Class B Shares		—			—			(264	)		(2,808	)		—			(222	)
Class C
Shares sold		1,530			13,302			135,171			45,731			18,946			118,136
Shares issued upon reinvestment of distributions		152			—			1,094			2,824			468			2,432
Shares redeemed		(10,984	)		(39,750	)		(106,108	)		(56,997	)		(73,652	)		(163,199	)
Net increase/(decrease) in Class C Shares		(9,302	)		(26,448	)		30,157			(8,442	)		(54,238	)		(42,631	)
Class I
Shares sold		18,843			383,544			626			68,811			319,641			799,149
Shares issued upon reinvestment of distributions		1,193			1,724			570			2,247			106			266
Shares redeemed		(107,201	)		(105,152	)		(6,442	)		(181,230	)		(89,029	)		(36,735	)
Net increase/(decrease) in Class I Shares		(87,165	)		280,116			(5,246	)		(110,172	)		230,718			762,680

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

8. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund’s transactions in the securities of these issuers during the six months ended March 31, 2013 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividend Income		Realized Gain/(Loss)			Market Value at March 31, 2013		Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc., Cl. A		548,000		13,000		—			561,000	$	47,470		—		$	3,309,900		9.05	%
Burnham Holdings Inc., Cl. A		163,000		4,500		—			167,500		63,180		—			3,015,000		5.58	%
Edgewater Technology Inc.		657,889		4,300		—			662,189		—		—			2,589,159		6.13	%
General Chemical Group Inc.		267,226		—		—			267,226		—		—			64,802		8.62	%
Sevcon Inc.		384,035		5,800		—			389,835		—		—			1,438,491		11.14	%
SL Industries Inc.		258,566		—		(200	)		258,366		517,132	$	2,725			4,684,176		6.30	%
Strattec Security Corp.		169,828		9,500		(528	)		178,800		51,949		(2,802	)		5,083,284		5.42	%
The L.S. Starrett Co., Cl. A		309,615		—		—			309,615		61,924		—			3,421,246		5.08	%
Total										$	741,655	$	(77	)	$	23,606,058

9. 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.

10. Other Matters. On April 24, 2008, Gabelli Funds, LLC, entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. Under the terms of the settlement, Gabelli Funds, LLC without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York against the Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC, alleging violations of certain federal securities laws arising from the same matter. The officer, who also is an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, including these Funds, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by Gabelli Funds, LLC did not have, and the resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreements.

11. Subsequent Events. Management has evaluated the impact on the Funds of all additional 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.

41

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, Inc., which is an affiliate of GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients. Teton Advisors, Inc. is a publicly held company that provides investment advisory services to the TETON Westwood Funds.

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 FAMILY OF FUNDS
VALUE	SMALL CAP	FIXED INCOME
TETON Westwood Equity Fund Seeks to invest primarily in the common stock of well seasoned companies that have recently reported positive earnings surprises and are trading below Westwood’s proprietary growth rate estimates. The Fund’s primary objective is capital appreciation. (Multiclass) Team Managed	TETON Westwood SmallCap Equity Fund Seeks to invest primarily in smaller capitalization equity securities – market caps of $2.5 billion or less. The Fund’s primar y objective is long term capital appreciation. (Multiclass) Portfolio Manager: Nicholas F. Galluccio	TETON Westwood Intermediate Bond Fund Seeks to invest in diversified portfolio of bonds with various maturities. The Fund’s primary objective is total return. (Multiclass) Portfolio Manager: Mark R. Freeman, CFA
MID CAP	EQUITY INCOME	MICRO CAP
TETON Westwood Mid-Cap Equity Fund Seeks to invest at least 80% of its net assets in mid-cap companies whose market capitalization falls within the range of $1 to $20 billion. The Fund’s primary objective is long term growth of capital and future income. (Multiclass) Team Managed	TETON Westwood Balanced Fund Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The Fund’s primary objective is both capital appreciation and current income. (Multiclass) Team Managed	TETON Westwood Mighty MitesSM Fund Seeks to invest in micro cap companies that have market capitalizations of $500 million or less. The Fund’s primar y objective is long term capital appreciation. (Multiclass) Team Managed
	TETON Westwood Income Fund Seeks to provide a high level of current income as well as long term capital appreciation by investing in income producing equity and fixed income securities. (Multiclass) Portfolio Manager: Barbara G. Marcin, CFA

To receive a prospectus, call 800-GABELLI (800-422-3554). Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. The prospectus contains more information about these and other matters and should be read carefully before investing. Distributed by G.distributors, LLC, One Corporate Center, Rye, NY 10580.

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Income Fund

TETON Westwood Equity Fund

TETON Westwood Balanced Fund

TETON Westwood Intermediate Bond Fund

One Corporate Center

Rye, New York 10580-1422

General and Account Information:

800-WESTWOOD [800-937-8966]

fax: 914-921-5118

website: www.tetonadv.com

e-mail: info@tetonadv.com

Board of Trustees

ANTHONY J. COLAVITA	WERNER J. ROEDER, MD
President,	Medical Director,
Anthony J. Colavita, P.C.	Lawrence Hospital
JAMES P. CONN	SALVATORE J. ZIZZA
Former Chief Investment Officer,	Chairman,
Financial Security Assurance Holdings Ltd.	Zizza & Associates Corp.

Officers

BRUCE N. ALPERT	AGNES MULLADY
President, Secretary, and Acting Chief	Treasurer
Compliance Officer

Investment Adviser

Teton Advisors, Inc.

Custodian

The Bank of New York Mellon

Distributor

G.distributors, LLC

Legal Counsel

Paul Hastings LLP

We have separated the portfolio managers’ commentaries from the financial statements and investment portfolio 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. The financial statements and investment portfolio are mailed separately from the commentaries. 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.

GABWWQ113SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of 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. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	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 (formerly, The GAMCO Westwood Funds)

By (Signature and Title)*    /s/ Bruce N. Alpert                                                                    

                                                 Bruce N. Alpert, Principal Executive Officer

Date     6/6/13                                                                                                                           

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

By (Signature and Title)*    /s/ Bruce N. Alpert                                                                     

                                                  Bruce N. Alpert, Principal Executive Officer

Date    6/6/13                                                                                                                             

By (Signature and Title)*    /s/ Agnes Mullady                                                              

                                                   Agnes Mullady, Principal Financial Officer and Treasurer

Date     6/6/13                                                                                                                           

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