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            

(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, 2014

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

Mid-Cap Equity Fund

Income Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semiannual Report

March 31, 2014

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																				Class A Shares
	Average Annual Returns – March 31, 2014 (a)																				Average Annual Returns – March 31, 2014 (a)(b)(d)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge		1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge
Mighty Mites		25.53	%		23.38	%		11.62	%		12.68	%		1.44	%		1.44	%		None		20.23	%		22.10	%		10.91	%		12.18	%		1.69	%		1.69	%		4.00	%
SmallCap Equity		22.02			26.20			10.00			7.75			1.63			1.50			None		16.85			24.88			9.31			7.35			1.88			1.75			4.00
Mid-Cap Equity Fund		—			—			—			13.83			3.88			1.50			None		—			—			—			9.05			4.13			1.75			4.00
Income		13.86			17.02			6.21			7.78			2.57			2.00			None		9.04			15.81			5.52			7.31			2.82			2.25			4.00
Equity		20.31			17.35			7.88			10.23			1.60			1.60			None		15.32			16.15			7.19			9.84			1.85			1.85			4.00
Balanced		12.16			12.00			6.50			8.75			1.28			1.28			None		7.47			10.80			5.81			8.28			1.53			1.53			4.00
Intermediate Bond		(1.46	)		2.92			3.14			5.04			1.36			1.00			None		(5.44	)		1.99			2.61			4.78			1.46			1.10			4.00

	Class C Shares																					Class I Shares
	Average Annual Returns – March 31, 2014 (a)(c)(d)																					Average Annual Returns – March 31, 2014 (a)(d)
	1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge			1 Year			5 Year			10 Year			Since Inception			Gross Expense Ratio			Expense Ratio after Adviser Reimburse- ments			Maximum Sales Charge
Mighty Mites		23.56	%		22.47	%		10.80	%		12.01	%		2.19	%		2.19	%		1.00	%		25.83	%		23.69	%		11.79	%		12.78	%		1.19	%		1.19	%	None
SmallCap Equity		20.13			25.27			8.99			7.13			2.38			2.25			1.00			22.31			26.53			10.18			7.86			1.38			1.25		None
Mid-Cap Equity		—			—			—			12.23			4.63			2.25			1.00			—			—			—			14.11			3.63			1.25		None
Income		11.98			16.14			5.41			7.25			3.32			2.75			1.00			14.06			17.32			6.37			7.88			2.32			1.75		None
Equity		18.53			16.50			7.09			9.76			2.35			2.35			1.00			20.42			17.59			8.05			10.29			1.35			1.35		None
Balanced		10.39			11.15			5.71			8.21			2.03			2.03			1.00			12.46			12.27			6.67			8.82			1.03			1.03		None
Intermediate Bond		(3.20	)		2.15			2.39			4.61			2.11			1.75			1.00			(1.22	)		3.17			3.28			5.10			1.11			0.75		None

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, 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. 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. For the SmallCap Equity, Mid-Cap 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, 2015 (and for the Mid-Cap Equity Fund through May 31, 2015) and are renewable annually by the Adviser. The Funds, except for the Equity, Balanced, and Intermediate Bond Funds, impose a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.

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

(c) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

(d) The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares. The performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.

	Class AAA Shares	Class A Shares	Class C Shares	Class I Shares
Mighty Mites	05/11/98	11/26/01	08/03/01	01/11/08
SmallCap Equity	04/15/97	11/26/01	11/26/01	01/11/08
Mid-Cap Equity	05/31/13	05/31/13	05/31/13	05/31/13
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	09/25/01	01/11/08
Intermediate Bond	10/01/91	07/26/01	10/22/01	01/11/08

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 Funds at 800-WESTWOOD (800-937-8966). 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-WESTWOOD (800-937-8966); (ii) writing to The TETON Westwood Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) visiting the SEC’s
website at www.sec.gov.

2

Morningstar^® Ratings Based on Risk Adjusted Returns as of March 31, 2014 (Unaudited)

		Overall Rating		3 Year Rating		5 Year Rating		10 Year Rating
FUND	Morningstar Category	Stars	# of Funds	Stars	# of Funds	Stars	# of Funds	Stars	# of Funds
TETON Westwood Mighty Mites AAA	Small Blend	««««	612	««««	612	«««	554	«««««	335
TETON Westwood Mighty Mites A	Small Blend	««««	612	«««	612	«««	554	«««««	335
TETON Westwood Mighty Mites C	Small Blend	««««	612	««««	612	«««	554	«««««	335
TETON Westwood Mighty Mites I	Small Blend	««««	612	««««	612	««««	554	¶¶¶¶¶	335
TETON Westwood SmallCap Equity AAA	Small Blend	«««	612	«	612	«««	554	«««	335
TETON Westwood SmallCap Equity A	Small Blend	««	612	«	612	««	554	«««	335
TETON Westwood SmallCap Equity C	Small Blend	««	612	«	612	«««	554	««	335
TETON Westwood SmallCap Equity I	Small Blend	««	612	«	612	«««	554	¶¶¶	335
TETON Westwood Mid-Cap Equity AAA	Mid-Cap Growth	—	—	—	—	—	—	—	—
TETON Westwood Mid-Cap Equity A	Mid-Cap Growth	—	—	—	—	—	—	—	—
TETON Westwood Mid-Cap Equity C	Mid-Cap Growth	—	—	—	—	—	—	—	—
TETON Westwood Mid-Cap Equity I	Mid-Cap Growth	—	—	—	—	—	—	—	—
TETON Westwood Income AAA	Large Value	««	1068	««	1068	««	951	«««	626
TETON Westwood Income A	Large Value	«	1068	«	1068	«	951	««	626
TETON Westwood Income C	Large Value	««	1068	««	1068	««	951	««	626
TETON Westwood Income I	Large Value	««	1068	««	1068	««	951	¶¶¶	626
TETON Westwood Equity AAA	Large Value	«««	1068	««	1068	«	951	««««	626
TETON Westwood Equity A	Large Value	««	1068	««	1068	«	951	«««	626
TETON Westwood Equity C	Large Value	««	1068	««	1068	«	951	«««	626
TETON Westwood Equity I	Large Value	««	1068	««	1068	««	951	¶¶¶¶	626
TETON Westwood Balanced AAA	Moderate Allocation	«««	742	«««	742	««	666	««««	437
TETON Westwood Balanced A	Moderate Allocation	««	742	««	742	«	666	«««	437
TETON Westwood Balanced C	Moderate Allocation	««	742	«««	742	«	666	«««	437
TETON Westwood Balanced I	Moderate Allocation	««	742	«««	742	««	666	¶¶¶¶	437
TETON Westwood Intermediate Bond AAA	Intermediate Term Bond	««	942	«	942	«	808	««	581
TETON Westwood Intermediate Bond A	Intermediate Term Bond	«	942	«	942	«	808	«	581
TETON Westwood Intermediate Bond C	Intermediate Term Bond	«	942	«	942	«	808	«	581
TETON Westwood Intermediate Bond I	Intermediate Term Bond	«	942	«	942	«	808	¶¶	581

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, 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. © 2014 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 prospectuses contain this and other information about the Funds and are available by calling 800-WESTWOOD, online at www.tetonadv.com, or from your financial adviser. The prospectuses 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, 2013 through March 31, 2014

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.

4

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2013 through March 31, 2014

Expense Table

	Actual Fund Return										Hypothetical 5% Return
	Beginning Account Value 10/01/13		Ending Account Value 03/31/14		Annualized Expense Ratio			Expenses Paid During Period*			Beginning Account Value 10/01/13		Ending Account Value 03/31/14		Annualized Expense Ratio			Expenses Paid During Period*
TETON Westwood Mighty Mites Fund
Class AAA		$1,000.00		$1,090.20		1.38	%		$	7.19		$1,000.00		$1,018.05		1.38	%		$	6.94
Class A		$1,000.00		$1,089.10		1.63	%		$	8.49		$1,000.00		$1,016.80		1.63	%		$	8.20
Class C		$1,000.00		$1,086.00		2.13	%		$	11.08		$1,000.00		$1,014.31		2.13	%		$	10.70
Class I		$1,000.00		$1,091.20		1.13	%		$	5.89		$1,000.00		$1,019.30		1.13	%		$	5.69
TETON Westwood SmallCap Equity Fund
Class AAA		$1,000.00		$1,095.30		1.50	%		$	7.84		$1,000.00		$1,017.45		1.50	%		$	7.54
Class A		$1,000.00		$1,094.30		1.75	%		$	9.14		$1,000.00		$1,016.21		1.75	%		$	8.80
Class C		$1,000.00		$1,091.90		2.25	%		$	11.73		$1,000.00		$1,013.71		2.25	%		$	11.30
Class I		$1,000.00		$1,097.10		1.25	%		$	6.54		$1,000.00		$1,018.70		1.25	%		$	6.29
TETON Westwood Mid-Cap Equity Fund
Class AAA		$1,000.00		$1,086.20		1.51	%		$	7.85		$1,000.00		$1,017.40		1.51	%		$	7.59
Class A		$1,000.00		$1,085.30		1.76	%		$	9.15		$1,000.00		$1,016.16		1.76	%		$	8.85
Class C		$1,000.00		$1,083.60		2.26	%		$	11.74		$1,000.00		$1,013.66		2.26	%		$	11.35
Class I		$1,000.00		$1,088.80		1.26	%		$	6.56		$1,000.00		$1,018.65		1.26	%		$	6.34
TETON Westwood Income Fund
Class AAA		$1,000.00		$1,084.20		2.00	%		$	10.39		$1,000.00		$1,014.96		2.00	%		$	10.05
Class A		$1,000.00		$1,083.60		2.25	%		$	11.69		$1,000.00		$1,013.71		2.25	%		$	11.30
Class C		$1,000.00		$1,079.90		2.75	%		$	14.26		$1,000.00		$1,011.22		2.75	%		$	13.79
Class I		$1,000.00		$1,085.90		1.75	%		$	9.10		$1,000.00		$1,016.21		1.75	%		$	8.80
TETON Westwood Equity Fund
Class AAA		$1,000.00		$1,114.00		1.60	%		$	8.43		$1,000.00		$1,016.95		1.60	%		$	8.05
Class A		$1,000.00		$1,114.00		1.85	%		$	9.75		$1,000.00		$1,015.71		1.85	%		$	9.30
Class C		$1,000.00		$1,111.20		2.35	%		$	12.37		$1,000.00		$1,013.21		2.35	%		$	11.80
Class I		$1,000.00		$1,114.10		1.35	%		$	7.12		$1,000.00		$1,018.20		1.35	%		$	6.79
TETON Westwood Balanced Fund
Class AAA		$1,000.00		$1,073.80		1.30	%		$	6.72		$1,000.00		$1,018.45		1.30	%		$	6.54
Class A		$1,000.00		$1,072.10		1.55	%		$	8.01		$1,000.00		$1,017.20		1.55	%		$	7.80
Class C		$1,000.00		$1,069.40		2.05	%		$	10.58		$1,000.00		$1,014.71		2.05	%		$	10.30
Class I		$1,000.00		$1,074.30		1.05	%		$	5.43		$1,000.00		$1,019.70		1.05	%		$	5.29
TETON Westwood Intermediate Bond Fund
Class AAA		$1,000.00		$1,002.60		1.00	%		$	4.99		$1,000.00		$1,019.95		1.00	%		$	5.04
Class A		$1,000.00		$1,002.90		1.10	%		$	5.49		$1,000.00		$1,019.45		1.10	%		$	5.54
Class C		$1,000.00		$   999.60		1.75	%		$	8.72		$1,000.00		$1,016.21		1.75	%		$	8.80
Class I		$1,000.00		$1,003.80		0.75	%		$	3.75		$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.

5

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2014:

TETON Westwood Mighty Mites Fund

U.S. Government Obligations	27.8%
Health Care	7.0%
Diversified Industrial	6.6%
Equipment and Supplies	4.9%
Automotive: Parts and Accessories	4.8%
Financial Services	4.4%
Computer Software and Services	3.9%
Business Services	3.4%
Food and Beverage	3.4%
Electronics	3.3%
Broadcasting	3.2%
Aviation: Parts and Services	2.6%
Retail	2.3%
Specialty Chemicals	2.1%
Restaurants	2.0%
Telecommunications	1.9%
Hotels and Gaming	1.8%
Machinery	1.8%
Consumer Products	1.4%
Real Estate	1.2%
Publishing	1.1%
Energy and Utilities: Services	1.1%
Entertainment	1.0%
Building and Construction	0.7%

Energy and Utilities: Natural Gas	0.6%
Energy and Utilities: Water	0.6%
Manufactured Housing and Recreational Vehicles	0.5%
Metals and Mining	0.5%
Airlines	0.4%
Consumer Services	0.4%
Energy and Utilities: Integrated	0.4%
Semiconductors	0.4%
Educational Services	0.4%
Energy and Utilities: Oil	0.3%
Automotive	0.3%
Environmental Control	0.3%
Agriculture	0.3%
Paper and Forest Products	0.2%
Aerospace and Defense	0.2%
Transportation	0.2%
Communications Equipment	0.1%
Energy and Utilities: Alternative Energy	0.1%
Home Furnishings	0.0%
Closed-End Business Development Company	0.0%
Other Assets and Liabilities (Net)	0.1%
	100.0%

TETON Westwood SmallCap Equity Fund

Financial Services	17.9%
Energy and Utilities	9.4%
Electronics	7.7%
Business Services	7.7%
Computer Software and Services	7.5%
Semiconductors	7.0%
Health Care	6.7%
Diversified Industrial	6.1%
Retail	5.6%
Building and Construction	3.9%
Aerospace	3.5%
Equipment and Supplies	3.0%

Machinery	2.8%
U.S. Government Obligations	2.7%
Telecommunications	2.3%
Consumer Products	1.4%
Specialty Chemicals	1.4%
Metals and Mining	1.4%
Computer Hardware	1.2%
Entertainment	0.6%
Publishing	0.2%
Other Assets and Liabilities (Net)	0.0%
	100.0%

TETON Westwood Mid-Cap Equity Fund

Financials	19.0%
Consumer Discretionary	15.3%
Industrials	15.2%
Health Care	15.1%
Information Technology	13.4%

U.S. Government Obligations	9.6%
Energy	7.9%
Consumer Staples	4.0%
Materials	2.9%
Utilities	2.9%
Other Assets and Liabilities (Net)	(5.3)%
	100.0%

6

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Income Fund

Health Care	17.2%
Financial Services	13.1%
Energy and Utilities: Oil	8.6%
Energy and Utilities: Services	4.9%
U.S. Government Obligations	4.3%
Diversified Industrial	4.2%
Retail	3.8%
Energy and Utilities: Natural Gas	3.7%
Computer Hardware	3.7%
Energy and Utilities: Water	3.4%
Food and Beverage	3.1%
Automotive	2.9%
Banking	2.8%
Paper and Forest Products	2.7%
Metals and Mining	2.7%
Consumer Staples	2.4%

Electronics	2.4%
Specialty Chemicals	2.3%
Machinery	2.1%
Telecommunications	1.8%
Real Estate Investment Trusts	1.7%
Communications Equipment	1.4%
Energy and Utilities: Integrated	1.2%
Wireless Communications	1.2%
Cable and Satellite	1.1%
Environmental Services	1.0%
Pharmaceuticals	0.8%
Agriculture	0.5%
Other Assets and Liabilities (Net)	(1.0)%
	100.0%

TETON Westwood Equity Fund

Health Care	14.0%
Banking	13.2%
Energy: Oil	6.2%
Diversified Industrial	6.0%
Financial Services	5.8%
Food and Beverage	5.6%
Telecommunications	5.1%
Aerospace	4.9%
Retail	4.8%
Business Services	4.7%
Cable and Satellite	4.0%
Entertainment	3.8%
Consumer Products	3.1%
Transportation	2.3%

Communications Equipment	2.2%
Computer Hardware	2.0%
Energy: Integrated	2.0%
Energy and Energy Services	2.0%
Computer Software and Services	1.9%
Electronics	1.9%
Semiconductors	1.5%
Consumer Services	1.0%
Energy: Natural Gas	0.8%
Mutual Funds	0.5%
Other Assets and Liabilities (Net)	0.7%
	100.0%

TETON Westwood Balanced Fund

Banking	12.9%
Health Care	8.8%
U.S. Government Obligations	7.9%
Energy: Oil	7.3%
Mutual Funds	5.8%
Financial Services	4.9%
Diversified Industrial	4.1%
Retail	4.0%
Food and Beverage	3.7%
Federal Home Loan Mortgage Corp.	3.6%
Aerospace	3.1%
Electronics	3.0%
Federal National Mortgage Association	2.9%
Consumer Products	2.7%
Transportation	2.6%
Entertainment	2.6%
Communications Equipment	2.5%

Cable and Satellite	2.3%
Energy: Integrated	2.1%
Telecommunications	1.9%
Business Services	1.7%
Energy and Energy Services	1.4%
Computer Software and Services	1.3%
Computer Hardware	1.2%
Equipment and Supplies	1.2%
Semiconductors	0.9%
Metals and Mining	0.9%
Real Estate Investment Trusts	0.8%
Consumer Services	0.8%
Energy: Natural Gas	0.7%
Other Assets and Liabilities (Net)	0.4%
	100.0%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	44.8%
U.S. Government Agency Obligations	29.6%
U.S. Government Obligations	19.2%
Mutual Funds	6.8%

Other Assets and Liabilities (Net)	(0.4)%
	100.0%

7

TETON Westwood Mighty Mites Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 71.8%
	Aerospace and Defense — 0.2%
159,494	Innovative Solutions & Support Inc.†	$	670,623	$	1,200,990
162,229	Kratos Defense & Security Solutions Inc.†		1,709,246		1,223,207
			2,379,869		2,424,197
	Agriculture — 0.3%
225	J.G. Boswell Co.		144,675		206,325
149,316	Limoneira Co.		3,228,078		3,386,487
			3,372,753		3,592,812
	Airlines — 0.3%
125,484	American Airlines Group Inc.†		64,454		4,592,714
	Automotive — 0.3%
27,200	Lithia Motors Inc., Cl. A		517,533		1,807,712
66,500	Sonic Automotive Inc., Cl. A		849,600		1,494,920
70,000	Wabash National Corp.†		132,194		963,200
			1,499,327		4,265,832
	Automotive: Parts and Accessories — 4.7%
5,000	China Automotive Systems Inc.†		25,813		39,500
105,000	Dana Holding Corp.		624,231		2,443,350
222,622	Federal-Mogul Corp.†		2,107,730		4,165,258
27,800	Gentherm Inc.†		404,618		965,216
156,600	Modine Manufacturing Co.†		1,283,571		2,294,190
36,000	Motorcar Parts of America Inc.†		473,161		956,520
60,000	Puradyn Filter Technologies Inc.†		13,098		13,140
31,517	Shiloh Industries Inc.†		325,425		559,112
185,200	Standard Motor Products Inc.		1,797,387		6,624,604
201,296	Strattec Security Corp.(a)		4,605,510		14,539,610
597,986	Superior Industries International Inc.		10,807,860		12,252,733
37,000	Tenneco Inc.†		115,032		2,148,590
855,070	The Pep Boys - Manny, Moe & Jack†		9,621,176		10,876,490
104,565	Tower International Inc.†		1,697,806		2,846,259
134,231	West Marine Inc.†		1,576,523		1,526,206
			35,478,941		62,250,778
	Aviation: Parts and Services — 2.6%
13,500	Astronics Corp.†		151,752		856,035
6,992	Astronics Corp., Cl. B†		76,429		443,957
120,485	Ducommun Inc.†		2,034,710		3,019,354
1,218,900	GenCorp Inc.†		5,625,828		22,269,303
197,201	Kaman Corp.		5,007,415		8,022,137
			12,896,134		34,610,786
	Broadcasting — 3.2%
614,200	ACME Communications Inc.		21,436		17,198
578,088	Beasley Broadcast Group Inc., Cl. A(a)		3,109,849		5,260,601
160,000	Crown Media Holdings Inc., Cl. A†		559,365		614,400
36,000	Cumulus Media Inc., Cl. A†		166,178		248,760
88,700	Entercom Communications Corp., Cl. A†		196,753		893,209
437,500	Gray Television Inc.†		377,694		4,536,875
52,032	Gray Television Inc., Cl. A†		271,080		441,231
153,366	LIN Media LLC, Cl. A†		2,259,081		4,064,199
1,105,029	Media General Inc.†		5,663,506		20,299,383
559,158	Salem Communications Corp., Cl. A		2,968,876		5,585,988

Shares		Cost		Market Value
33,000	Sinclair Broadcast Group Inc., Cl. A	$	53,667	$	893,970
			15,647,485		42,855,814
	Building and Construction — 0.7%
77,963	Builders FirstSource Inc.†		616,243		710,243
835,065	Huttig Building Products Inc.†		886,439		3,824,598
107,074	MYR Group Inc.†		2,422,367		2,711,114
500	Nortek Inc.†		20,053		41,105
65,325	The Monarch Cement Co.		1,652,437		1,659,255
			5,597,539		8,946,315
	Business Services — 3.4%
277,408	ACCO Brands Corp.†		2,086,018		1,708,833
184,000	Ascent Capital Group Inc., Cl. A†		4,995,213		13,901,200
19,000	Cenveo Inc.†		63,979		57,760
692,272	Edgewater Technology Inc.†(a)		2,188,004		4,949,745
50,000	Fortegra Financial Corp.†		394,500		351,500
101,271	GP Strategies Corp.†		928,058		2,757,609
23,300	ICF International Inc.†		558,939		927,573
709,560	Internap Network Services Corp.†		4,982,598		5,023,685
32,029	KAR Auction Services Inc.		443,660		972,080
1,500	Liquidity Services Inc.†		7,977		39,075
17,000	Macquarie Infrastructure Co. LLC		275,158		973,590
23,000	McGrath RentCorp		616,374		804,080
482,016	ModusLink Global Solutions Inc.†		1,923,836		2,038,928
30,000	Pendrell Corp.†		48,782		54,900
188,172	Pfsweb Inc.†		835,090		1,691,666
367,775	PRGX Global Inc.†		2,319,849		2,548,681
302,900	Pure Technologies Ltd.		1,403,331		1,830,278
71,468	Safeguard Scientifics Inc.†		1,390,130		1,585,160
85,105	Stamps.com Inc.†		862,727		2,856,124
570,000	Swisher Hygiene Inc.†		663,392		262,958
9,380	Trans-Lux Corp.†		93,192		39,865
			27,080,807		45,375,290
	Closed-End Business Development Company — 0.0%
45,000	MVC Capital Inc.		499,586		609,750
	Communications Equipment — 0.1%
137,100	Communications Systems Inc.		1,504,191		1,764,477
381,000	Sycamore Networks Inc.†		983,589		217,170
3,000	Technical Communications Corp.†		18,350		19,500
30,000	ViewCast.com Inc.†		14,100		210
			2,520,230		2,001,357
	Computer Software and Services — 3.9%
95,417	Blucora Inc.†		1,636,905		1,878,761
331,400	Callidus Software Inc.†		1,847,278		4,149,128
68,487	Carbonite Inc.†		717,393		697,883
16,000	Cinedigm Corp., Cl. A†		27,077		40,960
178,020	Computer Task Group Inc.		2,320,839		3,024,560
28,100	Constant Contact Inc.†		392,805		687,326
72,000	CyrusOne Inc.		1,368,000		1,499,760
40,000	Daegis Inc.†		49,529		51,200
30,492	Datawatch Corp.†		930,611		826,943
134,619	Digital River Inc.†		2,453,098		2,346,409
428,823	Dot Hill Systems Corp.†		1,405,567		1,659,545
155,000	EarthLink Holdings Corp.		978,519		559,550
160,000	Emulex Corp.†		1,228,622		1,182,400
850,000	FalconStor Software Inc.†		2,825,795		1,343,000
463,161	Furmanite Corp.†		2,751,036		4,548,241
1,410	Gemalto NV		8,172		164,219
817,192	Global Sources Ltd.†		5,890,144		7,322,040
29,200	GSE Systems Inc.†		159,350		50,808
637,929	Guidance Software Inc.†		5,327,531		7,055,495

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Computer Software and Services (Continued)
144,117	iGO Inc.†	$	484,026	$	445,322
458,356	Lionbridge Technologies Inc.†		1,640,566		3,075,569
29,500	Mercury Systems Inc.†		166,227		389,695
252,500	Mitek Systems Inc.†		971,310		977,175
5,802	MTS Systems Corp.		265,634		397,379
12,000	Qualstar Corp.†		17,642		19,200
114,418	Qumu Corp.†		1,281,343		1,830,688
51,541	Schawk Inc.		793,623		1,030,305
251,462	SeaChange International Inc.†		2,919,547		2,625,263
356,200	Speed Commerce Inc.†		1,034,145		1,296,568
3,800	Tyler Technologies Inc.†		39,378		317,984
			41,931,712		51,493,376
	Consumer Products — 1.4%
135,070	Bassett Furniture Industries Inc.		1,993,081		2,005,789
110,082	Blyth Inc.		1,603,716		1,181,180
2,000	Brunswick Corp.		30,085		90,580
55,687	Callaway Golf Co.		383,296		569,121
3,500	Johnson Outdoors Inc., Cl. A		29,026		88,970
11,400	Lakeland Industries Inc.†		109,829		72,504
1,042,358	Marine Products Corp.		6,830,880		7,838,532
13,000	MarineMax Inc.†		63,807		197,470
200	National Presto Industries Inc.		5,745		15,608
91,931	Nautilus Inc.†		688,912		885,296
129,300	Oil-Dri Corp. of America		2,299,864		4,466,022
5,700	PC Group Inc.†		3,465		34
10,400	Syratech Corp.†		2,600		31
464,553	The Wet Seal Inc., Cl. A†		1,603,856		613,210
119,200	ValueVision Media Inc., Cl. A†		546,447		579,312
			16,194,609		18,603,659
	Consumer Services — 0.4%
508,804	1-800-FLOWERS.COM Inc., Cl. A†		1,494,779		2,864,567
35,000	Bowlin Travel Centers Inc.†		41,597		49,700
800	Collectors Universe Inc.		396		15,056
60,025	JTH Holding Inc., Cl. A†		1,064,639		1,665,093
192,490	Martha Stewart Living Omnimedia Inc., Cl. A†		804,500		871,980
47,705	XO Group Inc.†		423,977		483,729
			3,829,888		5,950,125
	Diversified Industrial — 6.6%
20,000	A.M. Castle & Co.†		219,152		293,800
51,224	AEP Industries Inc.†		2,631,571		1,900,410
9,292	American Railcar Industries Inc.		147,177		650,719
280,351	Ampco-Pittsburgh Corp.		6,473,878		5,290,223
172,200	Burnham Holdings Inc., Cl. A(a)		2,515,542		3,259,746
122,122	Chase Corp.		1,712,348		3,850,507
118,300	Columbus McKinnon Corp.†		1,948,574		3,169,257
367,202	FormFactor Inc.†		2,581,761		2,346,421
35,000	Graham Corp.		558,453		1,114,750
327,706	Griffon Corp.		3,493,814		3,912,810
403,264	Handy & Harman Ltd.†		2,457,114		8,875,841
25,000	Haulotte Group SA†		134,090		528,676
21,200	Haynes International Inc.		1,041,254		1,144,800
222,359	Insignia Systems Inc.†		627,167		671,524
77,007	John Bean Technologies Corp.		2,267,355		2,379,516
252,292	Katy Industries Inc.†		271,598		375,915
32,380	L.B. Foster Co., Cl. A		1,177,645		1,517,003
253,272	Lawson Products Inc.†		3,474,284		4,070,081
180,449	Lydall Inc.†		1,721,959		4,126,869
63,255	Magnetek Inc.†		1,110,649		1,201,845
11,800	MSA Safety Inc.		367,269		672,600
348,900	Myers Industries Inc.		3,447,765		6,950,088
147,500	Park-Ohio Holdings Corp.†		2,673,487		8,282,125
6,200	Raven Industries Inc.		169,938		203,050
66,666	Rubicon Ltd.†		37,762		21,985
17,900	RWC Inc.†		296,129		170,647

Shares		Cost		Market Value
397,735	Sevcon Inc.†(a)	$	2,070,075	$	4,573,953
38,000	Standex International Corp.		1,123,014		2,036,040
186,182	Steel Partners Holdings LP†		2,717,891		3,159,509
142,383	Tredegar Corp.		2,748,065		3,276,233
272,982	Twin Disc Inc.		6,083,342		7,190,346
86,217	Vishay Precision Group Inc.†		1,420,317		1,498,451
			59,720,439		88,715,740
	Educational Services — 0.4%
400,000	Corinthian Colleges Inc.†		1,911,275		552,000
325,900	Universal Technical Institute Inc.		5,769,414		4,220,405
			7,680,689		4,772,405
	Electronics — 3.3%
33,000	Alliance Semiconductor Corp.†		66,300		23,103
14,000	Badger Meter Inc.		477,554		771,400
132,147	Bel Fuse Inc., Cl. A(a)		2,499,093		2,554,402
55,000	BTU International Inc.†		219,541		172,150
342,500	CTS Corp.		2,816,345		7,151,400
38,138	Daktronics Inc.		359,566		548,806
151,867	Dialight plc		1,836,479		2,297,639
170,249	Electro Scientific Industries Inc.		2,018,683		1,676,953
34,000	IMAX Corp.†		143,748		929,220
20,000	Iteris Inc.†		32,200		39,600
44,000	Mesa Laboratories Inc.		1,113,468		3,971,000
43,800	Methode Electronics Inc.		236,424		1,342,908
321,433	MOCON Inc.(a)		4,567,049		5,361,502
52,100	MoSys Inc.†		150,654		236,534
64,800	Newport Corp.†		419,585		1,340,064
51,200	Park Electrochemical Corp.		946,862		1,529,344
70,000	Pericom Semiconductor Corp.†		699,279		548,100
8,000	Pulse Electronics Corp.†		126,992		30,800
74,074	Rofin-Sinar Technologies Inc.†		1,735,692		1,774,813
79,000	Schmitt Industries Inc.†		214,990		233,050
6,776	Sparton Corp.†		77,815		198,401
275,200	Stoneridge Inc.†		1,430,239		3,090,496
2,200	Texas Industries Inc.†		71,466		197,164
137,000	Ultra Clean Holdings†		302,143		1,801,550
256,732	Ultralife Corp.†		1,340,750		1,091,111
79,500	Ultratech Inc.†		1,383,779		2,320,605
234,900	Zygo Corp.†		2,127,462		3,568,131
			27,414,158		44,800,246
	Energy and Utilities: Alternative Energy — 0.1%
34,200	JA Solar Holdings Co. Ltd., ADR†		300,114		347,814
179,700	Real Goods Solar Inc., Cl. A†		695,257		731,379
			995,371		1,079,193
	Energy and Utilities: Integrated — 0.4%
167,235	Broadwind Energy Inc.†		915,085		2,043,612
159,500	Headwaters Inc.†		656,007		2,106,995
44,250	MGE Energy Inc.		1,030,612		1,735,927
			2,601,704		5,886,534
	Energy and Utilities: Natural Gas — 0.6%
71,554	Abraxas Petroleum Corp.†		291,491		283,354
250,000	Alvopetro Energy Ltd.†		263,671		239,711
22,342	American DG Energy Inc.†		57,459		44,461
30,500	Chesapeake Utilities Corp.		852,042		1,926,380
90,570	Corning Natural Gas Holding Co.		1,015,904		1,630,260
88,580	Delta Natural Gas Co. Inc.		1,278,006		1,835,378
10,000	Gas Natural Inc.		96,862		100,900
95,800	Gastar Exploration Inc.†		406,048		524,026
3,000	Piedmont Natural Gas Co. Inc.		101,218		106,170
41,400	RGC Resources Inc.		517,196		786,600
16,000	U.S. Energy Corp.†		58,970		76,160

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Natural Gas (Continued)
	10,928	Whitecap Resources Inc.	$	92,690	$	121,982
				5,031,557		7,675,382
		Energy and Utilities: Oil — 0.3%
	194,844	Callon Petroleum Co.†		1,328,335		1,630,844
	24,334	Halcon Resources Corp.†		137,638		105,366
	10,900	Mitcham Industries Inc.†		173,694		151,946
	61,900	Tesco Corp.†		531,686		1,145,150
	197,600	Triangle Petroleum Corp.†		1,473,400		1,628,224
				3,644,753		4,661,530
		Energy and Utilities: Services — 1.1%
	28,000	Archer Ltd.†		94,653		36,474
	74,300	Dawson Geophysical Co.		2,151,632		2,081,143
	25,300	Flotek Industries Inc.†		279,150		704,605
	24,690	Gulf Island Fabrication Inc.		677,075		533,551
	352,110	Layne Christensen Co.†		7,443,227		6,404,881
	221,316	Pike Corp.†		2,307,731		2,381,360
	92,500	RPC Inc.		218,733		1,888,850
	7,100	Subsea 7 SA, ADR		25,056		131,421
	10,500	TGC Industries Inc.†		74,278		62,475
				13,271,535		14,224,760
		Energy and Utilities: Water — 0.6%
	19,900	Artesian Resources Corp., Cl. A		385,455		446,954
	44,174	Cadiz Inc.†		515,735		311,427
	23,300	California Water Service Group		445,307		557,802
	4,000	Connecticut Water Service Inc.		135,142		136,680
	65,000	Consolidated Water Co. Ltd.		703,929		856,700
	80,000	Energy Recovery Inc.†		361,031		425,600
	30,433	Middlesex Water Co.		587,770		664,048
	108,304	SJW Corp.		2,593,467		3,201,466
	43,537	The York Water Co.		705,453		888,155
				6,433,289		7,488,832
		Entertainment — 1.0%
	78,100	Canterbury Park Holding Corp.†		823,854		856,757
	369,445	Dover Motorsports Inc.		794,847		923,612
	674,641	Entravision Communications Corp., Cl. A		1,575,361		4,520,095
	12,000	RealD Inc.†		134,824		134,040
	45,000	RLJ Entertainment Inc.†		231,025		200,700
	15,000	Triple Crown Media Inc.†		274		3
	242,804	World Wrestling Entertainment Inc., Cl. A		2,581,970		7,012,180
				6,142,155		13,647,387
		Environmental Control — 0.3%
	7,500	BioteQ Environmental Technologies Inc.†		12,419		475
	499,087	Casella Waste Systems Inc., Cl. A†		2,681,572		2,550,335
	11,801	Ceco Environmental Corp.		152,351		195,779
	107,700	Hudson Technologies Inc.†		387,751		301,560
	48,859	Nuverra Environmental Solutions Inc.†		1,124,325		991,349
				4,358,418		4,039,498
		Equipment and Supplies — 4.9%
	20,000	AZZ Inc.		716,820		893,600
	925,100	Capstone Turbine Corp.†		1,443,815		1,970,463
	144,100	CIRCOR International Inc.		4,735,619		10,566,853
	319,500	Core Molding Technologies Inc.†		1,280,674		4,000,140
	6,300	DMG MORI SEIKI AG		40,709		192,983
	690,009	Federal Signal Corp.†		4,711,310		10,281,134
	547,000	Interpump Group SpA		3,910,748		8,425,007

Shares			Cost		Market Value
	156,000	Kimball International Inc., Cl. B	$	2,317,759	$	2,825,160
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		246,476
	20,103	Powell Industries Inc.		750,311		1,302,674
	270,994	SL Industries Inc.†(a)		2,825,540		6,655,613
	81,059	The Eastern Co.		1,277,814		1,307,482
	106,000	The Gorman-Rupp Co.		2,340,035		3,369,740
	48,000	The Greenbrier Companies Inc.†		985,869		2,188,800
	318,600	The L.S. Starrett Co., Cl. A(a)		3,737,792		5,075,298
	154,279	Titan Machinery Inc.†		2,853,964		2,417,552
	144,200	TransAct Technologies Inc.		654,668		1,656,858
	217,591	Vicor Corp.†		1,406,348		2,219,428
	21,000	WaterFurnace Renewable Energy Inc.		411,433		388,087
				36,509,345		65,983,348
		Financial Services — 4.4%
	49,400	Anchor Bancorp.†		508,737		972,686
	58,500	BBCN Bancorp Inc.		583,570		1,002,690
	13,000	Berkshire Bancorp Inc.		187,482		93,600
	3,900	Berkshire Hills Bancorp Inc.		78,058		100,932
	500	BKF Capital Group Inc.†		555		627
	75	Burke & Herbert Bank and Trust Co.		95,726		164,025
	4	Capital Financial Holdings Inc.†		35,200		6,820
	6,791	Capitol Federal Financial Inc.		75,244		85,227
	12,700	Citizens & Northern Corp.		252,105		250,317
	102,339	CoBiz Financial Inc.		1,159,544		1,178,945
	28,800	Crazy Woman Creek Bancorp Inc.†		497,983		321,120
	19,500	Dime Community Bancshares Inc.		327,265		331,110
	416	Farmers & Merchants Bank of Long Beach		1,916,859		2,423,200
	11,218	Fidelity Southern Corp.		67,779		156,715
	32,000	First Internet Bancorp		661,348		728,640
	483,200	Flushing Financial Corp.		7,476,595		10,181,024
	10	Guaranty Corp., Cl. A†		137,500		250,000
	174,860	Hallmark Financial Services Inc.†		1,514,168		1,453,087
	6,600	Hampden Bancorp Inc.		75,984		104,280
	16,000	Hancock Holding Co.		200,587		586,400
	13,800	Heritage Commerce Corp.		114,043		111,228
	39,900	Heritage Financial Group Inc.		414,190		784,035
	72,554	Hudson Valley Holding Corp.		1,369,778		1,382,154
	169,023	JMP Group Inc.		1,408,969		1,201,754
	90,843	KKR & Co. LP		265,210		2,074,854
	11,200	Meadowbrook Insurance Group Inc.		108,657		65,296
	100,000	Medallion Financial Corp.		832,118		1,321,000
	8,255	New York Community Bancorp Inc.		104,605		132,658
	4,197	Northrim BanCorp Inc.		91,497		107,821
	19,100	OceanFirst Financial Corp.		359,632		337,879
	40,000	Oritani Financial Corp.		412,856		632,400
	150,000	Pzena Investment Management Inc., Cl. A		1,330,456		1,765,500
	122,700	Rockville Financial Inc.		1,690,034		1,667,493
	511	Security National Corp.		41,273		41,647
	8,842	SI Financial Group Inc.		101,241		99,649
	30,000	Simplicity Bancorp Inc.		300,000		528,000
	19,594	Southwest Bancorp Inc.		353,725		346,030
	150,000	Sprott Inc.		395,669		489,824
	2,100	State Bank Financial Corp.		38,122		37,149
	461,838	Steel Excel Inc.†		13,256,789		14,778,816
	12,000	Sterling Bancorp		150,728		151,920
	12	Sunwest Bank†		343,901		495,000
	355,676	SWS Group Inc.†		2,605,602		2,660,456
	11,000	The Ziegler Companies Inc.†		213,356		335,500
	7,500	Tree.com Inc.†		61,967		232,800

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Financial Services (Continued)
55,000	Trustco Bank Corp NY	$	253,000	$	387,200
31,116	Value Line Inc.		295,407		465,495
45,900	Washington Trust Bancorp Inc.		1,029,683		1,719,873
80,900	Waterstone Financial Inc.†		862,796		840,551
87,100	Westfield Financial Inc.		746,912		648,895
28,500	Wilshire Bancorp Inc.		246,078		316,350
55,000	WisdomTree Investments Inc.†		223,469		721,600
402,800	Wright Investors’ Service Holdings Inc.†		625,586		745,180
30,000	Xenith Bankshares Inc.†		127,500		178,800
			46,627,138		58,196,252
	Food and Beverage — 3.4%
29,200	Andrew Peller Ltd., Cl. A		366,944		359,222
200	Annie’s Inc.†		3,800		8,038
485,773	Boulder Brands Inc.†		4,256,190		8,559,320
141,814	Calavo Growers Inc.		3,667,737		5,045,742
380,000	Crimson Wine Group Ltd.†		3,481,835		3,363,000
80,000	Diamond Foods Inc.†		1,555,687		2,794,400
90,286	Farmer Brothers Co.†		1,200,733		1,778,634
1,100	Hanover Foods Corp., Cl. A		110,881		135,850
192,794	Inventure Foods Inc.†		1,107,966		2,695,260
1,500	J & J Snack Foods Corp.		21,623		143,955
163,300	Lifeway Foods Inc.		1,630,012		2,400,510
13,000	MGP Ingredients Inc.		60,352		87,750
7,800	Rock Field Co. Ltd.		125,557		147,891
5,900	Scheid Vineyards Inc., Cl. A†		89,940		165,200
163,000	Snyder’s-Lance Inc.		3,512,561		4,594,970
4,000	Spartan Stores Inc.		80,124		92,840
315,265	SunOpta Inc.†		2,481,094		3,723,280
14,100	The Boston Beer Co. Inc., Cl. A†		415,435		3,450,693
43,000	The Hain Celestial Group Inc.†		880,557		3,933,210
270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		774,512
280,000	Vitasoy International Holdings Ltd.		133,057		406,472
23,000	Willamette Valley Vineyards Inc.†		88,087		149,270
			25,663,959		44,810,019
	Health Care — 6.9%
32,960	Accuray Inc.†		244,893		316,416
2,362	AcelRx Pharmaceuticals Inc.†		21,558		28,368
13,000	Alere Inc.†		350,377		446,550
41,000	AngioDynamics Inc.†		517,816		645,750
11,000	ArthroCare Corp.†		149,174		530,090
342,340	Biolase Inc.†		450,242		825,040
72,000	Bio-Reference Laboratories Inc.†		1,539,889		1,992,960
839,739	BioScrip Inc.†		6,687,299		5,861,378
107,000	BioTelemetry Inc.†		539,912		1,079,630
9,500	Boiron SA		159,091		772,177
573,326	Cantel Medical Corp.		5,887,491		19,332,553
21,000	Cardica Inc.†		81,246		21,210
89,100	Cardiovascular Systems Inc.†		1,317,825		2,832,489
62,500	Cepheid Inc.†		595,116		3,223,750
354,000	Cutera Inc.†		3,129,613		3,961,260
45,000	Cynosure Inc., Cl. A†		1,233,779		1,318,500
3,700	DexCom Inc.†		41,173		153,032
152,300	Exactech Inc.†		2,560,721		3,435,888
165,000	Gentiva Health Services Inc.†		1,847,622		1,504,800
41,049	Heska Corp.†		395,858		432,656
3,622	ICU Medical Inc.†		184,994		216,885
634,235	InfuSystems Holdings Inc.†		1,649,491		1,769,516
190,417	IntriCon Corp.†		764,523		866,397
124,814	Invacare Corp.		2,553,968		2,380,203
235,000	Lexicon Pharmaceuticals Inc.†		536,773		406,550
264,197	Liberator Medical Holdings Inc.		932,003		1,038,294
71,500	Medical Action Industries Inc.†		511,861		498,355
95,000	Meridian Bioscience Inc.		1,977,370		2,070,050

Shares		Cost		Market Value
126,750	Neogen Corp.†	$	522,230	$	5,697,412
71,736	NeoGenomics Inc.†		182,679		248,924
81,056	Nutraceutical International Corp.†		2,079,751		2,106,645
44,612	Omnicell Inc.†		732,122		1,276,795
50,000	OPKO Health Inc.†		108,408		466,000
38,200	Orthofix International NV†		715,836		1,151,730
110,991	Pain Therapeutics Inc.†		375,275		610,451
76,500	PhotoMedex Inc.†		1,010,755		1,210,995
2,500	PreMD Inc.†		4,580		0
147,061	Quidel Corp.†		1,709,110		4,014,765
68,000	RTI Surgical Inc.†		352,328		277,440
45,000	Skilled Healthcare Group Inc., Cl. A†		382,634		237,150
213,900	Special Diversified Opportunities Inc.†		207,526		254,541
144,053	SurModics Inc.†		3,227,723		3,255,598
95,000	Syneron Medical Ltd.†		819,192		1,182,750
2,000	Targanta Therapeutics Corp., Escrow†		0		640
123,000	Trinity Biotech plc, ADR		1,088,252		2,980,290
75,900	United-Guardian Inc.		668,062		2,220,075
5,000	Uroplasty Inc.†		18,128		18,150
5,174	Utah Medical Products Inc.		143,347		299,212
133,940	Vascular Solutions Inc.†		1,348,519		3,507,889
230,000	Zealand Pharma A/S†		2,831,443		2,928,395
			55,389,578		91,906,594
	Home Furnishings — 0.0%
24,000	La-Z-Boy Inc.		546,488		650,400
	Hotels and Gaming — 1.8%
71,800	Boyd Gaming Corp.†		416,103		947,760
74,540	Churchill Downs Inc.		2,789,871		6,805,502
192,000	Dover Downs Gaming & Entertainment Inc.†		940,287		295,680
7,500	Florida Gaming Corp.†		7,218		6,000
567,532	Morgans Hotel Group Co.†		4,196,561		4,562,957
100,000	MTR Gaming Group Inc.†		519,164		513,000
92,941	Multimedia Games Holding Co. Inc.†		2,645,251		2,699,007
100,000	Pinnacle Entertainment Inc.†		1,085,576		2,370,000
8,900	Ryman Hospitality Properties Inc.		260,124		378,428
368,812	The Marcus Corp.		4,608,696		6,159,160
			17,468,851		24,737,494
	Machinery — 1.8%
197,127	Astec Industries Inc.		6,622,439		8,655,847
15,000	Bolzoni SpA		40,097		83,693
11,000	DXP Enterprises Inc.†		140,765		1,044,230
25,701	Gencor Industries Inc.†		267,392		265,491
144,000	Global Power Equipment Group Inc.		3,318,637		2,864,160
6,000	Hardinge Inc.		54,215		86,400
151,009	Key Technology Inc.†		2,537,003		1,973,688
16,364	Lindsay Corp.		1,078,906		1,442,978
50,300	Tennant Co.		1,073,836		3,300,686
14,800	The Middleby Corp.†		464,969		3,910,308
			15,598,259		23,627,481
	Manufactured Housing and Recreational Vehicles — 0.5%
36,801	Cavco Industries Inc.†		1,460,399		2,887,038
120,000	Nobility Homes Inc.†		1,060,701		1,479,000
147,045	Skyline Corp.†		1,099,880		889,622
61,000	Winnebago Industries Inc.†		626,036		1,670,790
			4,247,016		6,926,450
	Metals and Mining — 0.5%
85,000	5N Plus Inc.†		306,827		293,713
650,000	Alkane Resources Ltd.†		692,065		198,928

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Metals and Mining (Continued)
20,000	Camino Minerals Corp.†	$	3,744	$	271
30,000	Chaparral Gold Corp.†		9,849		16,282
100,000	Duluth Metals Ltd.†		298,512		58,797
178,800	Materion Corp.		3,806,348		6,066,684
900,000	Tanami Gold NL†		210,755		19,197
			5,328,100		6,653,872
	Paper and Forest Products — 0.2%
21,598	Keweenaw Land Association Ltd.†		1,843,424		1,744,038
72,000	Wausau Paper Corp.		781,920		916,560
			2,625,344		2,660,598
	Publishing — 1.1%
120,000	Cambium Learning Group Inc.†		450,177		258,000
510,000	Il Sole 24 Ore SpA†		880,622		628,129
1,290,034	Journal Communications Inc., Cl. A†		3,962,570		11,429,701
160,000	The E.W. Scripps Co., Cl. A†		713,032		2,835,200
			6,006,401		15,151,030
	Real Estate — 1.2%
134,300	Ambase Corp.†		201,065		158,474
8,000	Bresler & Reiner Inc.†		83,995		5,240
38,300	Capital Properties Inc., Cl. A†(b)		328,646		315,975
103,000	Cohen & Steers Inc.		2,203,347		4,104,550
36,243	DGT Holdings Corp.†		506,001		570,827
120,500	Griffin Land & Nurseries Inc.		3,411,208		3,643,920
9,742	Gyrodyne Co. of America Inc.†		106,090		106,090
9,742	Gyrodyne Co. of America Inc., Escrow†		201,659		201,659
7,300	Holobeam Inc.†		134,329		193,450
323,623	Reading International Inc., Cl. A†		1,988,057		2,372,157
65,856	Reading International Inc., Cl. B†		518,153		673,707
2,508	Royalty LLC†(c)		0		983
105,200	Tejon Ranch Co.†		2,971,907		3,558,916
			12,654,457		15,905,948
	Restaurants — 2.0%
20,177	Biglari Holdings Inc.†		5,704,622		9,836,086
90,500	Denny’s Corp.†		293,666		581,915
121,252	Famous Dave’s of America Inc.†		1,341,786		2,968,249
216,809	Nathan’s Famous Inc.†		4,821,208		10,621,473
57,000	The Cheesecake Factory Inc.		1,667,901		2,714,910
			13,829,183		26,722,633
	Retail — 2.3%
49,000	Aaron’s Inc.†		949,904		1,481,760
235,000	Big 5 Sporting Goods Corp.		3,567,563		3,771,750
431,420	Coastal Contacts Inc.†		3,038,277		4,836,218
75,000	Coldwater Creek Inc.†		397,886		12,000
30,000	Destination XL Group Inc.†		169,350		169,200
3,000	Ethan Allen Interiors Inc.		73,187		76,350
191,200	Ingles Markets Inc., Cl. A		3,204,922		4,554,384
303,800	Krispy Kreme Doughnuts Inc.†		1,903,838		5,386,374
14,000	Movado Group Inc.		169,833		637,700
30,000	Pier 1 Imports Inc.		345,257		566,400
29,605	Rush Enterprises Inc., Cl. A†		545,615		961,570
103,005	Rush Enterprises Inc., Cl. B†		1,775,041		2,906,801
456,000	The Bon-Ton Stores Inc.		5,285,359		5,006,880
31,581	Village Super Market Inc., Cl. A		871,799		833,738
2,500	Winmark Corp.		182,512		189,150
			22,480,343		31,390,275

Shares		Cost		Market Value
	Semiconductors — 0.4%
236,160	Cascade Microtech Inc.†	$	1,323,037	$	2,385,216
145,100	Entegris Inc.†		800,846		1,757,161
93,700	IXYS Corp.		991,052		1,063,495
4,000	PLX Technology Inc.†		26,484		24,200
			3,141,419		5,230,072
	Specialty Chemicals — 2.1%
65,000	Chemtura Corp.†		984,789		1,643,850
1,186,000	Ferro Corp.†		5,973,230		16,200,760
267,226	General Chemical Group Inc.†(a)		59,859		3,207
13,000	Hawkins Inc.		195,724		477,620
4,000	Minerals Technologies Inc.		116,940		258,240
3,000	Navigator Holdings Ltd.†		50,896		78,000
260,000	OMNOVA Solutions Inc.†		633,248		2,698,800
101,900	Penford Corp.†		1,313,144		1,463,284
275,000	Zep Inc.		3,827,582		4,867,500
			13,155,412		27,691,261
	Telecommunications — 1.9%
66,200	Atlantic Tele-Network Inc.		2,590,675		4,363,904
500,005	Cincinnati Bell Inc.†		1,722,206		1,730,017
500	Consolidated Communications Holdings Inc.		8,519		10,005
10,000	Frequency Electronics Inc.†		117,409		108,100
71,600	HickoryTech Corp.		690,182		915,764
250	Horizon Telecom Inc., Cl. B†		28,589		625
124,000	Ixia†		1,862,315		1,550,000
43,000	New ULM Telecom Inc.		421,285		295,840
1,300,000	NII Holdings Inc.†		3,217,980		1,547,000
4,100	North State Telecommunications Corp., Cl. A		349,343		301,350
431,106	ORBCOMM Inc.†		2,378,654		2,953,076
7,788	Preformed Line Products Co.		338,590		533,867
669,578	PTGi Holding Inc.		2,431,948		2,443,960
251,000	Shenandoah Telecommunications Co.		2,752,809		8,104,790
			18,910,504		24,858,298
	Transportation — 0.2%
21,000	Dakota Plains Holdings Inc.†		53,275		36,330
8,200	PHI Inc.†		130,182		344,236
104,308	Providence and Worcester Railroad Co.		1,422,678		1,841,036
1	Trailer Bridge Inc.†		7,995		465
			1,614,130		2,222,067
	TOTAL COMMON STOCKS		608,083,329		959,888,404
	PREFERRED STOCKS — 0.1%
	Automotive: Parts and Accessories — 0.1%
20,000	Jungheinrich AG		229,855		1,515,147
	CONVERTIBLE PREFERRED STOCKS — 0.0%
	Food and Beverage — 0.0%
500	Seneca Foods Corp., Ser. 2003		7,625		15,740
	RIGHTS — 0.2%
	Airlines — 0.1%
225,000	American Airlines Group Inc., CVR, expire 06/30/14†		21,919		1,822,500
	Health Care — 0.1%
300,000	Adolor Corp., CPR, expire 07/01/19†		0		156,000
200,000	Clinical Data Inc., CVR, expire 04/14/18†		0		190,000

See accompanying notes to financial statements.

12

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	RIGHTS (Continued)
	Health Care (Continued)
200,000	Nupathe Inc., CVR, expire 02/20/23†	$	103,591	$	106,000
400,000	Sanofi, CVR, expire 12/31/20†		137,800		127,920
			241,391		579,920
	TOTAL RIGHTS		263,310		2,402,420
	WARRANTS — 0.0%
	Real Estate — 0.0%
15,170	Tejon Ranch Co., expire 08/31/16†		89,313		55,371
	Transportation — 0.0%
2	Trailer Bridge Inc., Ser. A, expire 04/02/17†		0		0
2	Trailer Bridge Inc., Ser. B, expire 04/02/17†		0		0
			0		0
	TOTAL WARRANTS		89,313		55,371
Principal Amount
	CORPORATE BONDS — 0.0%
	Real Estate — 0.0%
$         40,860	Capital Properties Inc., 5.000%, 12/31/22(c)		40,860		39,237
	U.S. GOVERNMENT OBLIGATIONS — 27.8%
371,715,000	U.S. Treasury Bills, 0.030% to 0.100%††, 04/03/14 to 09/25/14		371,645,816		371,671,484
	TOTAL INVESTMENTS — 99.9%	$	980,360,108		1,335,587,803
	Other Assets and Liabilities (Net) — 0.1%				1,923,581
	NET ASSETS — 100.0%			$	1,337,511,384

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

(b) At March 31, 2014, the Fund held an investment in a restricted security amounting to $315,975 or 0.02% of net assets, which was valued under methods approved by the Board of Trustees as follows:

Acquisition Shares	Issuer	Acquisition Date	Acquisition Cost		03/31/14 Carrying Value Per Share
38,300	Capital Properties Inc., Cl. A	11/20/03		$328,646		$8.2500

(c) At March 31, 2014, the Fund held investments in restricted and illiquid securities amounting to $40,220 or 0.00% of net assets, which were valued under methods approved by the Board of Trustees as follows:

Acquisition Shares/ Principal	Issuer	Acquisition Date	Acquisition Cost		03/31/14 Carrying Value Per Units
2,508	Royalty LLC	09/09/03		—		$0.3919
$40,860	Capital Properties Inc., 5.000%, 12/31/22	12/17/12		$40,860		96.0279

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

CPR Contingent Payment Right

CVR Contingent Value Right

See accompanying notes to financial statements.

13

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 97.3%
	Aerospace — 3.5%
31,750	AAR Corp.	$	480,820	$	823,912
17,900	Hexcel Corp.†		398,399		779,366
			879,219		1,603,278
	Building and Construction — 3.9%
14,400	Builders FirstSource Inc.†		77,257		131,184
15,350	Dycom Industries Inc.†		267,533		485,213
6,500	EMCOR Group Inc.		246,816		304,135
33,600	MYR Group Inc.†		703,264		850,752
			1,294,870		1,771,284
	Business Services — 7.7%
21,950	ABM Industries Inc.		471,552		630,843
23,800	Checkpoint Systems Inc.†		299,777		319,396
15,350	Convergys Corp.		190,932		336,318
19,550	FTI Consulting Inc.†		669,476		651,797
4,600	G & K Services Inc., Cl. A		142,947		281,382
10,750	KAR Auction Services Inc.		168,377		326,263
10,400	McGrath RentCorp		282,193		363,584
30,450	PRGX Global Inc.†		211,969		211,019
14,800	The Brink’s Co.		377,497		422,540
			2,814,720		3,543,142
	Computer Hardware — 1.2%
43,200	QLogic Corp.†		661,647		550,800
	Computer Software and Services — 7.5%
10,600	Bottomline Technologies Inc.†		191,501		372,590
26,500	Callidus Software Inc.†		145,774		331,780
32,900	Constant Contact Inc.†		509,079		804,734
13,100	Covisint Corp.†		91,067		96,023
16,800	Guidance Software Inc.†		159,599		185,808
11,900	Heartland Payment Systems Inc.		243,963		493,255
4,200	Informatica Corp.†		114,797		158,676
10,300	Netscout Systems Inc.†		142,913		387,074
18,700	Progress Software Corp.†		383,084		407,660
5,400	PTC Inc.†		108,099		191,322
			2,089,876		3,428,922
			��
	Consumer Products — 1.4%
9,900	ACCO Brands Corp.†		74,676		60,984
7,700	Hanesbrands Inc.		228,685		588,896
			303,361		649,880
	Diversified Industrial — 6.1%
10,000	Badger Meter Inc.		318,033		551,000
8,250	Barnes Group Inc.		201,245		317,377
24,160	Columbus McKinnon Corp.†		402,544		647,246
16,800	Furmanite Corp.†		96,746		164,976
3,738	Griffon Corp.		33,122		44,632
5,400	Itron Inc.†		211,601		191,916
10,150	Kennametal Inc.		404,646		449,645
12,800	Sealed Air Corp.		198,375		420,736
			1,866,312		2,787,528
	Electronics — 7.7%
6,500	Avnet Inc.		205,163		302,445
51,550	Electro Scientific Industries Inc.		728,072		507,767
19,600	General Cable Corp.		622,841		501,956
19,550	International Rectifier Corp.†		432,614		535,670
45,400	Newport Corp.†		607,192		938,872
4,100	Park Electrochemical Corp.		83,261		122,467
14,750	Vishay Intertechnology Inc.		142,803		219,480
10,100	Woodward Inc.		341,268		419,453
			3,163,214		3,548,110
	Energy and Utilities — 9.4%
23,100	Approach Resources Inc.†		599,577		483,021
10,900	C&J Energy Services Inc.†		267,030		317,844
22,400	Comstock Resources Inc.		378,199		511,840

Shares		Cost		Market Value
23,500	Energy XXI Bermuda Ltd.	$	674,019	$	553,895
11,750	Matrix Service Co.†		136,205		396,915
34,000	Newpark Resources Inc.†		258,058		389,300
32,900	Patterson-UTI Energy Inc.		680,976		1,042,272
16,550	Pike Corp.†		142,123		178,078
9,300	Rosetta Resources Inc.†		416,056		433,194
			3,552,243		4,306,359
	Entertainment — 0.6%
15,200	RealD Inc.†		189,062		169,784
4,850	Take-Two Interactive Software Inc.†		51,964		106,361
			241,026		276,145
	Equipment and Supplies — 3.0%
4,100	CIRCOR International Inc.		151,497		300,653
10,700	Crown Holdings Inc.†		403,996		478,718
4,600	Moog Inc., Cl. A†		157,769		301,346
3,850	MSA Safety Inc.		131,639		219,450
5,900	Titan Machinery Inc.†		121,574		92,453
			966,475		1,392,620
	Financial Services — 17.9%
5,450	Anchor Bancorp.†		52,001		107,310
9,000	BankUnited Inc.		217,482		312,930
11,750	BBCN Bancorp Inc.		87,734		201,395
12,300	Beneficial Mutual Bancorp Inc.†		136,874		162,237
4,600	Berkshire Hills Bancorp Inc.		106,506		119,048
10,500	Boston Private Financial Holdings Inc.		79,345		142,065
11,850	Brown & Brown Inc.		277,572		364,506
12,300	Cardinal Financial Corp.		139,027		219,309
8,800	CoBiz Financial Inc.		86,858		101,376
9,700	Columbia Banking System Inc.		181,416		276,644
7,050	Fidelity National Financial Inc., Cl. A		111,759		221,652
3,900	Financial Institutions Inc.		63,255		89,778
14,300	Flushing Financial Corp.		188,821		301,301
12,600	Glacier Bancorp Inc.		181,714		366,282
17,400	Heritage Commerce Corp.		138,074		140,244
3,900	HF Financial Corp.		33,740		52,260
11,784	Hudson Valley Holding Corp.		206,011		224,485
15,000	Investors Bancorp Inc.		275,536		414,600
4,750	National Penn Bancshares Inc.		28,910		49,638
4,750	OceanFirst Financial Corp.		62,176		84,028
14,850	OFG Bancorp		177,646		255,272
2,900	Old National Bancorp		32,711		43,239
7,600	Oritani Financial Corp.		111,304		120,156
26,200	Rockville Financial Inc.		351,289		356,058
8,500	Southwest Bancorp Inc.		138,288		150,110
5,000	Square 1 Financial Inc.†		90,000		100,500
10,200	State Bank Financial Corp.		181,863		180,438
12,309	Sterling Bancorp		97,725		155,832
16,800	Stifel Financial Corp.†		541,820		835,968
14,200	Trustco Bank Corp NY		65,679		99,968
7,750	Umpqua Holdings Corp.		86,219		144,460
33,500	ViewPoint Financial Group Inc.		617,837		966,475
12,700	Washington Federal Inc.		198,354		295,910
8,800	Washington Trust Bancorp Inc.		193,672		329,736
13,100	Waterstone Financial Inc.†		140,245		136,109
14,000	Xenith Bankshares Inc.†		57,380		83,440
			5,736,843		8,204,759
	Health Care — 6.7%
9,050	AngioDynamics Inc.†		126,045		142,537
2,100	ICU Medical Inc.†		85,762		125,748
11,050	Omnicare Inc.		348,303		659,354
5,350	Omnicell Inc.†		70,208		153,117
23,050	Patterson Companies Inc.		699,918		962,568
5,600	STERIS Corp.		181,854		267,400
2,950	Teleflex Inc.		177,985		316,358

See accompanying notes to financial statements.

14

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Health Care (Continued)
1,800	Thoratec Corp.†	$	53,914	$	64,458
12,600	VCA Antech Inc.†		213,971		406,098
			1,957,960		3,097,638
	Machinery — 2.8%
23,900	Briggs & Stratton Corp.		448,322		531,775
10,300	Trinity Industries Inc.		282,940		742,321
			731,262		1,274,096
	Metals and Mining — 1.4%
9,650	Carpenter Technology Corp.		470,131		637,286
	Publishing — 0.2%
1,600	Meredith Corp.		46,356		74,288
	Retail — 5.6%
36,450	American Eagle Outfitters Inc.		492,434		446,148
9,200	Big 5 Sporting Goods Corp.		74,585		147,660
23,050	Ethan Allen Interiors Inc.		448,050		586,622
3,400	Haverty Furniture Companies Inc.		84,688		100,980
12,100	Penske Automotive Group Inc.		271,722		517,396
4,200	Pier 1 Imports Inc.		87,454		79,296
21,200	Rush Enterprises Inc., Cl. A†		383,586		688,576
			1,842,519		2,566,678
	Semiconductors — 7.0%
8,500	ATMI Inc.†		162,060		289,085
18,400	Cascade Microtech Inc.†		89,393		185,840
9,200	Cypress Semiconductor Corp.		82,938		94,484
18,700	Entegris Inc.†		145,817		226,457
98,600	FormFactor Inc.†		656,583		630,054
77,200	Intersil Corp., Cl. A		684,707		997,424
63,300	ON Semiconductor Corp.†		500,272		595,020
6,100	Ultratech Inc.†		158,903		178,059
			2,480,673		3,196,423

Shares		Cost		Market Value
	Specialty Chemicals — 1.4%
8,400	Chemtura Corp.†	$	225,072	$	212,436
7,500	PolyOne Corp.		85,272		274,950
8,500	Zep Inc.		149,927		150,450
			460,271		637,836
	Telecommunications — 2.3%
4,650	Atlantic Tele-Network Inc.		163,864		306,528
17,000	Ixia†		254,672		212,500
27,400	Polycom Inc.†		317,604		375,928
16,100	Procera Networks Inc.†		201,409		167,279
			937,549		1,062,235
	TOTAL COMMON STOCKS		32,496,527		44,609,307
Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 2.7%
$1,225,000	U.S. Treasury Bills, 0.030% to 0.095%††, 04/24/14 to 08/21/14		1,224,849		1,224,884
	TOTAL INVESTMENTS — 100.0%	$	33,721,376		45,834,191
	Other Assets and Liabilities (Net) — 0.0%				(2,851	)
	NET ASSETS — 100.0%			$	45,831,340

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

15

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 95.7%
	FINANCIALS — 19.0%
	Banks — 4.5%
2,036	BankUnited Inc.	$	59,359	$	70,792
3,818	Regions Financial Corp.		37,773		42,418
1,548	Zions Bancorporation		45,234		47,957
			142,366		161,167
	Diversified Financials — 4.5%
236	Affiliated Managers Group Inc.†		42,346		47,212
431	Artisan Partners Asset Management Inc., Cl. A		23,186		27,692
519	Financial Engines Inc.		27,522		26,355
1,627	Invesco Ltd.		55,546		60,199
			148,600		161,458
	Insurance — 3.3%
422	ACE Ltd.		39,132		41,803
1,634	HCC Insurance Holdings Inc.		70,918		74,331
			110,050		116,134
	Real Estate — 6.7%
713	American Tower Corp.		55,923		58,373
2,392	CBRE Group Inc., Cl. A†		59,173		65,613
1,505	Corrections Corp. of America		51,511		47,137
1,242	Gaming and Leisure Properties Inc.		50,844		45,283
239	SL Green Realty Corp.		22,019		24,048
			239,470		240,454
	TOTAL FINANCIALS		640,486		679,213
	CONSUMER DISCRETIONARY — 15.3%
	Consumer Durables and Apparel — 2.5%
329	Coach Inc.		17,865		16,338
947	MDC Holdings Inc.		31,245		26,781
1,272	Toll Brothers Inc.†		43,285		45,665
			92,395		88,784
	Consumer Services — 2.9%
1,696	Arcos Dorados Holdings Inc., Cl. A		20,502		17,096
410	Hyatt Hotels Corp., Cl. A†		18,990		22,062
1,184	Royal Caribbean Cruises Ltd.		50,211		64,599
			89,703		103,757
	Media — 5.7%
713	Discovery Communications Inc., Cl. C†		52,471		54,944
1,574	Liberty Global plc, Cl. C†		58,766		64,078
316	Liberty Media Corp., Cl. A†		41,902		41,311
629	Omnicom Group Inc.		42,586		45,665
			195,725		205,998
	Retailing — 4.2%
879	Bed Bath & Beyond Inc.†		61,796		60,475
358	O’Reilly Automotive Inc.†		45,200		53,124
2	The Container Store Group Inc.†		36		68
1,007	Urban Outfitters Inc.†		39,100		36,725
			146,132		150,392
	TOTAL CONSUMER DISCRETIONARY		523,955		548,931
	INDUSTRIALS — 15.2%
	Capital Goods — 9.3%
265	Cummins Inc.		34,619		39,482
1,489	Harsco Corp.		36,085		34,887
1,128	Hexcel Corp.†		44,158		49,113
632	MSC Industrial Direct Co. Inc., Cl. A		52,434		54,681
2,133	Quanta Services Inc.†		64,820		78,708
2,608	Rexnord Corp.†		59,149		75,580
			291,265		332,451

Shares		Cost		Market Value
	Commercial and Professional Services — 4.8%
732	Bright Horizons Family Solutions Inc.†	$	26,668	$	28,628
374	IHS Inc., Cl. A†		41,615		45,441
1,504	Nielsen Holdings NV		58,359		67,123
271	Stericycle Inc.†		30,516		30,791
			157,158		171,983
	Transportation — 1.1%
1,050	Expeditors International of Washington Inc.		42,738		41,611
	TOTAL INDUSTRIALS		491,161		546,045
	HEALTH CARE — 15.1%
	Health Care Equipment and Services — 5.0%
3	Castlight Health Inc., Cl. B†		48		64
1,781	Catamaran Corp.†		85,340		79,718
1,114	Insulet Corp.†		41,403		52,826
563	Universal Health Services Inc., Cl. B		41,571		46,205
36	Veeva Systems Inc., Cl. A†		886		961
			169,248		179,774
	Pharmaceuticals, Biotechnology, and Life Sciences — 10.1%
470	Alexion Pharmaceuticals Inc.†		58,637		71,501
556	Covance Inc.†		48,198		57,768
3,518	Exact Sciences Corp.†		45,488		49,850
338	Illumina Inc.†		35,167		50,247
734	Incyte Corp. Ltd.†		27,777		39,284
164	Mettler-Toledo International Inc.†		37,967		38,651
780	Vertex Pharmaceuticals Inc.†		59,205		55,162
			312,439		362,463
	TOTAL HEALTH CARE		481,687		542,237
	INFORMATION TECHNOLOGY — 13.4%
	Semiconductors and Semiconductor Equipment — 1.9%
1,093	Hittite Microwave Corp.		64,572		68,903
	Software and Services — 9.6%
2,590	Activision Blizzard Inc.		43,665		52,940
1,050	Citrix Systems Inc.†		65,371		60,301
4,117	Covisint Corp.†		41,237		30,178
266	Equinix Inc.†		49,844		49,167
3,544	Fortinet Inc.†		71,557		78,074
441	MercadoLibre Inc.		49,023		41,943
444	Splunk Inc.†		27,527		31,742
			348,224		344,345
	Technology Hardware and Equipment — 1.9%
1,101	Synaptics Inc.†		54,640		66,082
	TOTAL INFORMATION TECHNOLOGY		467,436		479,330
	ENERGY — 7.9%
	Energy — 7.9%
490	Antero Resources Corp.†		27,135		30,674
736	Cameron International Corp.†		44,778		45,463
975	Noble Corp. plc		32,841		31,921
1,620	Peabody Energy Corp.		27,128		26,471
314	Pioneer Natural Resources Co.		53,368		58,762
572	Range Resources Corp.		45,577		47,459
2,501	Weatherford International Ltd.†		37,101		43,417
	TOTAL ENERGY		267,928		284,167
	CONSUMER STAPLES — 4.0%
	Food and Beverage — 4.0%
1,350	Coca-Cola Enterprises Inc.		55,505		64,476
451	McCormick & Co. Inc., Non-Voting		30,901		32,355

See accompanying notes to financial statements.

16

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	CONSUMER STAPLES (Continued)
	Food and Beverage (Continued)
554	Mead Johnson Nutrition Co.	$	44,555	$	46,060
			130,961		142,891
	TOTAL CONSUMER STAPLES		130,961		142,891
	MATERIALS — 2.9%
	Materials — 2.9%
470	Cytec Industries Inc.		38,591		45,877
527	Ecolab Inc.		50,386		56,911
	TOTAL MATERIALS		88,977		102,788
	UTILITIES — 2.9%
	Utilities — 2.9%
1,966	ITC Holdings Corp.		62,190		73,430
2,012	The AES Corp.		26,277		28,731
	TOTAL UTILITIES		88,467		102,161
	TOTAL COMMON STOCKS		3,181,058		3,427,763

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 9.6%
$  345,000	U.S. Treasury Bills, 0.050% to 0.070%††, 05/08/14 to 08/21/14	$	344,949	$	344,958
	TOTAL INVESTMENTS — 105.3%	$	3,526,007		3,772,721
	Other Assets and Liabilities (Net) — (5.3)%				(191,350	)
	NET ASSETS — 100.0%			$	3,581,371

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

17

TETON Westwood Income Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 96.7%
	Agriculture — 0.5%
1,000	Archer Daniels Midland Co.	$	28,410	$	43,390
	Automotive — 2.9%
5,000	General Motors Co.		163,215		172,100
2,300	Navistar International Corp.†		67,619		77,901
			230,834		250,001
	Banking — 2.8%
4,000	Bank of America Corp.		49,700		68,800
4,000	U.S. Bancorp		131,903		171,440
			181,603		240,240
	Cable and Satellite — 1.1%
700	Time Warner Cable Inc.		93,543		96,026
	Communications Equipment — 1.4%
500	Cisco Systems Inc.		12,310		11,205
1,400	QUALCOMM Inc.		100,380		110,404
			112,690		121,609
	Computer Hardware — 3.7%
600	Apple Inc.		237,468		322,044
	Consumer Staples — 2.4%
6,000	Mondelēz International Inc., Cl. A		127,789		207,300
	Diversified Industrial — 4.2%
7,000	General Electric Co.		122,298		181,230
2,000	Honeywell International Inc.		78,538		185,520
			200,836		366,750
	Electronics — 2.4%
8,000	Intel Corp.		188,828		206,480
	Energy and Utilities: Integrated — 1.2%
1,334	FirstEnergy Corp.		50,482		45,396
2,000	Statoil ASA, ADR		45,327		56,440
			95,809		101,836
	Energy and Utilities: Natural Gas — 3.7%
5,300	CONSOL Energy Inc.		205,005		211,735
3,000	Spectra Energy Corp.		76,143		110,820
			281,148		322,555
	Energy and Utilities: Oil — 8.6%
500	Apache Corp.		42,855		41,475
1,500	Chevron Corp.		127,333		178,365
3,500	ConocoPhillips		213,513		246,225
1,600	Devon Energy Corp.		95,837		107,088
2,250	Phillips 66		86,073		173,385
			565,611		746,538
	Energy and Utilities: Services — 4.9%
5,000	Halliburton Co.		180,373		294,450
1,500	Noble Corp. plc		67,857		49,110
2,000	Transocean Ltd.		133,756		82,680
			381,986		426,240
	Energy and Utilities: Water — 3.4%
6,500	American Water Works Co. Inc.		113,655		295,100
	Environmental Services — 1.0%
2,000	Waste Management Inc.		69,920		84,140
	Financial Services — 13.1%
5,000	American International Group Inc.		181,970		250,050
3,000	Citigroup Inc.		136,713		142,800
2,800	CME Group Inc.		164,453		207,228
3,400	JPMorgan Chase & Co.		159,068		206,414
2,500	The Blackstone Group LP		85,449		83,125
5,000	Wells Fargo & Co.		157,923		248,700
			885,576		1,138,317

Shares		Cost		Market Value
	Food and Beverage — 3.1%
2,000	General Mills Inc.	$	58,976	$	103,640
2,000	PepsiCo Inc.		107,960		167,000
			166,936		270,640
	Health Care — 17.2%
2,000	AbbVie Inc.		54,652		102,800
2,000	AstraZeneca plc, ADR		85,794		129,760
2,783	Bristol-Myers Squibb Co.		76,046		144,577
1,000	Eli Lilly & Co.		43,784		58,860
1,500	Johnson & Johnson		85,403		147,345
2,520	Mead Johnson Nutrition Co.		107,163		209,513
4,000	Merck & Co. Inc.		168,061		227,080
5,264	Pfizer Inc.		111,058		169,080
2,000	Sanofi, ADR		101,714		104,560
6,858	Zoetis Inc.		196,452		198,470
			1,030,127		1,492,045
	Machinery — 2.1%
5,000	Xylem Inc.		132,725		182,100
	Metals and Mining — 2.7%
5,000	Freeport-McMoRan Copper & Gold Inc.		189,000		165,350
3,000	Newmont Mining Corp.		147,074		70,320
			336,074		235,670
	Paper and Forest Products — 2.7%
5,200	International Paper Co.		149,403		238,576
	Pharmaceuticals — 0.8%
1,000	Gilead Sciences Inc.†		72,102		70,860
	Real Estate Investment Trusts — 1.7%
5,000	Starwood Property Trust Inc.		89,451		117,950
1,000	Starwood Waypoint Residential Trust†		28,840		28,790
			118,291		146,740
	Retail — 3.8%
6,500	Best Buy Co. Inc.		167,203		171,665
2,000	The Home Depot Inc.		79,247		158,260
			246,450		329,925
	Specialty Chemicals — 2.3%
3,000	E. I. du Pont de Nemours and Co.		146,228		201,300
	Telecommunications — 1.8%
3,315	Verizon Communications Inc.		142,414		157,695
	Wireless Communications — 1.2%
2,727	Vodafone Group plc, ADR		140,729		100,381
	TOTAL COMMON STOCKS		6,477,185		8,394,498
Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 4.3%
$370,000	U.S. Treasury Bills, 0.035% to 0.055%††, 04/24/14		369,989		369,989
	TOTAL INVESTMENTS — 101.0%	$	6,847,174		8,764,487
	Other Assets and Liabilities (Net) — (1.0)%				(84,428	)
	NET ASSETS — 100.0%			$	8,680,059

†   Non-income producing security.

††   Represents annualized yield at date of purchase.

ADR  American Depositary Receipt

See accompanying notes to financial statements.

18

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 98.8%
	Aerospace — 4.9%
14,200	General Dynamics Corp.	$	1,081,114	$	1,546,664
4,000	The Boeing Co.		255,097		501,960
13,500	United Technologies Corp.		1,290,427		1,577,340
			2,626,638		3,625,964
	Banking — 13.2%
132,100	Bank of America Corp.		1,401,376		2,272,120
17,400	Capital One Financial Corp.		962,706		1,342,584
28,700	CIT Group Inc.		934,254		1,406,874
38,784	JPMorgan Chase & Co.		1,656,407		2,354,577
48,200	Wells Fargo & Co.		1,683,488		2,397,468
			6,638,231		9,773,623
	Business Services — 4.7%
13,300	Equifax Inc.		751,877		904,799
8,100	FedEx Corp.		1,063,194		1,073,736
16,897	MSC Industrial Direct Co. Inc., Cl. A		1,414,128		1,461,928
			3,229,199		3,440,463
	Cable and Satellite — 4.0%
19,400	AMC Networks Inc., Cl. A†		1,385,121		1,417,946
30,800	Comcast Corp., Cl. A		571,019		1,540,616
			1,956,140		2,958,562
	Communications Equipment — 2.2%
20,100	QUALCOMM Inc.		1,331,556		1,585,086
	Computer Hardware — 2.0%
2,800	Apple Inc.		1,477,734		1,502,872
	Computer Software and Services — 1.9%
17,700	Accenture plc, Cl. A		1,361,826		1,411,044
	Consumer Products — 3.1%
24,600	Colgate-Palmolive Co.		1,402,887		1,595,802
13,000	Garmin Ltd.		521,113		718,380
			1,924,000		2,314,182
	Consumer Services — 1.0%
10,100	IAC/InterActiveCorp		521,527		721,039
	Diversified Industrial — 6.0%
55,700	General Electric Co.		1,463,108		1,442,073
16,600	Honeywell International Inc.		668,073		1,539,816
14,100	Rock Tenn Co., Cl. A		1,353,998		1,488,537
			3,485,179		4,470,426
	Electronics — 1.9%
16,900	WESCO International Inc.†		1,331,306		1,406,418
	Energy and Energy Services — 2.0%
7,600	EOG Resources Inc.		1,316,311		1,490,892
	Energy: Integrated — 2.0%
15,600	NextEra Energy Inc.		1,190,764		1,491,672
	Energy: Natural Gas — 0.8%
6,200	EQT Corp.		312,207		601,214
	Energy: Oil — 6.2%
12,300	Chevron Corp.		832,972		1,462,593
16,300	Exxon Mobil Corp.		1,405,023		1,592,184
15,910	Occidental Petroleum Corp.		1,282,378		1,516,064
			3,520,373		4,570,841

Shares		Cost		Market Value
	Entertainment — 3.8%
18,900	Time Warner Inc.	$	924,439	$	1,234,737
18,300	Viacom Inc., Cl. B		1,070,634		1,555,317
			1,995,073		2,790,054
	Financial Services — 5.8%
30,700	American International Group Inc.		1,057,660		1,535,307
6,500	Invesco Ltd.		238,847		240,500
27,400	MetLife Inc.		1,352,367		1,446,720
31,100	The Hartford Financial Services Group Inc.		739,878		1,096,897
			3,388,752		4,319,424
	Food and Beverage — 5.6%
21,600	General Mills Inc.		841,830		1,119,312
21,400	McCormick & Co. Inc., Non-Voting		1,445,202		1,535,236
17,400	PepsiCo Inc.		1,078,736		1,452,900
			3,365,768		4,107,448
	Health Care — 14.0%
38,100	Abbott Laboratories		1,331,281		1,467,231
13,400	Becton, Dickinson and Co.		1,446,951		1,568,872
4,400	Cigna Corp.		354,734		368,412
20,900	Covidien plc		837,480		1,539,494
22,500	Express Scripts Holding Co.†		1,393,510		1,689,525
26,800	GlaxoSmithKline plc, ADR		1,375,138		1,431,924
23,100	Johnson & Johnson		1,768,750		2,269,113
			8,507,844		10,334,571
	Retail — 4.8%
11,745	Advance Auto Parts Inc.		967,648		1,485,743
34,400	Target Corp.		2,185,929		2,081,544
			3,153,577		3,567,287
	Semiconductors — 1.5%
30,100	Skyworks Solutions Inc.†		1,095,254		1,129,352
	Telecommunications — 5.1%
49,300	Amdocs Ltd.		1,889,542		2,290,478
42,700	AT&T Inc.		1,532,474		1,497,489
			3,422,016		3,787,967
	Transportation — 2.3%
9,200	Union Pacific Corp.		623,706		1,726,472
	TOTAL COMMON STOCKS		57,774,981		73,126,873
	SHORT TERM INVESTMENTS — 0.5%
	Mutual Funds — 0.5%
347,338	Dreyfus Treasury & Agency Cash Management Fund, 0.040%*		347,338		347,338
	TOTAL INVESTMENTS — 99.3%	$	58,122,319		73,474,211
	Other Assets and Liabilities (Net) — 0.7%				526,183
	NET ASSETS — 100.0%			$	74,000,394

†   Non-income producing security.

*   Current yield.

ADR  American Depositary Receipt

See accompanying notes to financial statements.

19

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 62.5%
	Aerospace — 3.1%
9,900	General Dynamics Corp.	$	737,389	$	1,078,308
3,700	The Boeing Co.		235,043		464,313
9,400	United Technologies Corp.		898,684		1,098,296
			1,871,116		2,640,917
	Banking — 8.1%
90,100	Bank of America Corp.		559,023		1,549,720
14,000	Capital One Financial Corp.		776,548		1,080,240
19,900	CIT Group Inc.		642,067		975,498
27,796	JPMorgan Chase & Co.		1,063,873		1,687,495
32,700	Wells Fargo & Co.		1,109,869		1,626,498
			4,151,380		6,919,451
	Business Services — 1.7%
10,100	Equifax Inc.		571,227		687,103
5,700	FedEx Corp.		748,999		755,592
			1,320,226		1,442,695
	Cable and Satellite — 2.3%
13,300	AMC Networks Inc., Cl. A†		952,025		972,097
19,600	Comcast Corp., Cl. A		363,281		980,392
			1,315,306		1,952,489
	Communications Equipment — 2.5%
29,400	AT&T Inc.		1,057,074		1,031,058
13,700	QUALCOMM Inc.		906,346		1,080,382
			1,963,420		2,111,440
	Computer Hardware — 1.2%
1,950	Apple Inc.		1,028,772		1,046,643
	Computer Software and Services — 1.3%
14,400	Accenture plc, Cl. A		1,110,189		1,147,968
	Consumer Products — 2.2%
18,400	Colgate-Palmolive Co.		1,049,365		1,193,608
12,500	Garmin Ltd.		495,118		690,750
			1,544,483		1,884,358
	Consumer Services — 0.8%
9,500	IAC/InterActiveCorp		503,400		678,205
	Diversified Industrial — 3.6%
38,600	General Electric Co.		1,013,962		999,354
11,125	Honeywell International Inc.		486,184		1,031,955
9,600	Rock Tenn Co., Cl. A		897,645		1,013,472
			2,397,791		3,044,781
	Electronics — 1.2%
11,800	WESCO International Inc.†		928,138		981,996
	Energy and Energy Services — 1.4%
6,000	EOG Resources Inc.		1,050,016		1,177,020
	Energy: Integrated — 1.5%
13,700	NextEra Energy Inc.		1,043,966		1,309,994
	Energy: Natural Gas — 0.7%
6,400	EQT Corp.		334,857		620,608
	Energy: Oil — 3.7%
9,400	Chevron Corp.		621,814		1,117,754
10,700	Exxon Mobil Corp.		928,158		1,045,176
10,700	Occidental Petroleum Corp.		849,183		1,019,603
			2,399,155		3,182,533
	Entertainment — 2.6%
16,200	Time Warner Inc.		673,935		1,058,346
13,100	Viacom Inc., Cl. B		766,503		1,113,369
			1,440,438		2,171,715

Shares		Cost		Market Value
	Equipment and Supplies — 1.2%
11,500	MSC Industrial Direct Co. Inc., Cl. A	$	963,427	$	994,980
	Financial Services — 3.7%
21,400	American International Group Inc.		715,595		1,070,214
4,300	Invesco Ltd.		158,002		159,100
18,600	MetLife Inc.		788,968		982,080
27,600	The Hartford Financial Services Group Inc.		653,468		973,452
			2,316,033		3,184,846
	Food and Beverage — 3.7%
15,900	General Mills Inc.		619,889		823,938
15,300	McCormick & Co. Inc., Non-Voting		1,033,549		1,097,622
14,500	PepsiCo Inc.		893,634		1,210,750
			2,547,072		3,132,310
	Health Care — 8.8%
27,200	Abbott Laboratories		946,605		1,047,472
9,100	Becton, Dickinson and Co.		983,093		1,065,428
2,900	Cigna Corp.		233,771		242,817
17,100	Covidien plc		686,021		1,259,586
16,500	Express Scripts Holding Co.†		1,021,819		1,238,985
19,500	GlaxoSmithKline plc, ADR		1,001,174		1,041,885
16,500	Johnson & Johnson		1,249,786		1,620,795
			6,122,269		7,516,968
	Retail — 3.1%
9,165	Advance Auto Parts Inc.		742,660		1,159,372
23,800	Target Corp.		1,508,408		1,440,138
			2,251,068		2,599,510
	Semiconductors — 0.9%
20,600	Skyworks Solutions Inc.†		749,778		772,912
	Telecommunications — 1.9%
34,000	Amdocs Ltd.		1,302,884		1,579,640
	Transportation — 1.3%
6,100	Union Pacific Corp.		416,011		1,144,726
	TOTAL COMMON STOCKS		41,071,195		53,238,705
Principal Amount
	CORPORATE BONDS — 16.9%
	Banking — 4.8%
$1,250,000	Bank of America Corp.,
	5.375%, 06/15/14		1,251,539		1,261,706
750,000	Barclays Bank plc, Ser. 1,
	5.000%, 09/22/16		764,190		821,737
1,125,000	Citigroup Inc., MTN,
	5.500%, 10/15/14		1,125,517		1,154,802
750,000	JPMorgan Chase & Co.,
	6.300%, 04/23/19		764,185		882,734
			3,905,431		4,120,979
	Consumer Products — 0.5%
500,000	Colgate-Palmolive Co., MTN,
	2.100%, 05/01/23		494,278		456,983
	Diversified Industrial — 0.5%
400,000	John Deere Capital Corp., MTN,
	1.950%, 12/13/18		398,606		398,632
	Electronics — 1.8%
1,000,000	Intel Corp.,
	3.300%, 10/01/21		1,032,633		1,024,774

See accompanying notes to financial statements.

20

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Principal Amount		Cost		Market Value
	CORPORATE BONDS (Continued)
	Electronics (Continued)
$500,000	Texas Instruments Inc.,
	1.650%, 08/03/19	$	498,549	$	483,121
			1,531,182		1,507,895
	Energy: Integrated — 0.6%
500,000	The Southern Co.,
	4.150%, 05/15/14		499,986		499,986
	Energy: Oil — 3.6%
1,000,000	Anadarko Petroleum Corp.,
	5.950%, 09/15/16		991,065		1,110,095
500,000	Marathon Oil Corp.,
	5.900%, 03/15/18		501,344		571,522
800,000	Occidental Petroleum Corp.,
	2.700%, 02/15/23		744,965		757,460
500,000	XTO Energy Inc.,
	6.500%, 12/15/18		543,588		602,266
			2,780,962		3,041,343
	Financial Services — 1.2%
950,000	ACE INA Holdings Inc.,
	5.600%, 05/15/15		955,290		1,002,723
	Metals and Mining — 0.9%
750,000	BHP Billiton Finance USA Ltd.,
	5.500%, 04/01/14		750,000		750,000
	Real Estate Investment Trusts — 0.8%
700,000	Vornado Realty LP,
	4.250%, 04/01/15		699,358		718,696
	Retail — 0.9%
800,000	Wal-Mart Stores Inc.,
	3.200%, 05/15/14		802,805		802,805
	Transportation — 1.3%
1,000,000	Burlington Northern Santa Fe LLC,
	5.650%, 05/01/17		993,154		1,124,553
	TOTAL CORPORATE BONDS		13,811,052		14,424,595
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.5%
	Federal Home Loan Mortgage Corp. — 3.6%
800,000	1.750%, 09/10/15		816,603		817,332
1,500,000	3.750%, 03/27/19		1,496,811		1,638,002
600,000	1.750%, 05/30/19		593,335		595,313
			2,906,749		3,050,647
	Federal National Mortgage Association — 2.9%
1,500,000	5.000%, 04/15/15		1,509,957		1,575,103
775,000	5.375%, 06/12/17		803,252		878,370
			2,313,209		2,453,473
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		5,219,958		5,504,120

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 7.9%
	U.S. Treasury Bills — 1.2%
$1,000,000	U.S. Treasury Bills,
	0.085%††, 08/21/14	$	999,667	$	999,788
	U.S. Treasury Inflation Indexed Notes — 4.5%
1,389,768	2.500%, 07/15/16		1,391,084		1,517,128
980,433	2.125%, 01/15/19		991,762		1,095,634
1,081,580	1.375%, 01/15/20		1,112,619		1,169,881
			3,495,465		3,782,643
	U.S. Treasury Notes — 2.2%
1,000,000	3.625%, 08/15/19		1,014,996		1,092,031
750,000	3.375%, 11/15/19		816,091		808,946
			1,831,087		1,900,977
	TOTAL U.S. GOVERNMENT OBLIGATIONS		6,326,219		6,683,408
Shares
	SHORT TERM INVESTMENTS — 5.8%
	Mutual Funds — 5.8%
4,964,849	Dreyfus Treasury & Agency Cash Management Fund, 0.040%*		4,964,849		4,964,849
	TOTAL INVESTMENTS — 99.6%	$	71,393,273		84,815,677
	Other Assets and Liabilities (Net) — 0.4%				301,278
	NET ASSETS — 100.0%			$	85,116,955

†   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.

21

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2014 (Unaudited)

Principal Amount		Cost		Market Value
	CORPORATE BONDS — 44.8%
	Aerospace — 1.1%
$200,000	The Boeing Co., 6.000%, 03/15/19	$	203,134	$	235,595
	Automotive — 1.6%
350,000	Toyota Motor Credit Corp., MTN, 1.750%, 05/22/17		353,609		355,322
	Banking — 6.3%
300,000	Bank of America Corp., 5.375%, 06/15/14		300,369		302,809
300,000	Bank of America Corp., MTN, Ser. L, 5.650%, 05/01/18		335,064		339,443
225,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		225,466		246,521
250,000	Citigroup Inc., MTN, 5.500%, 10/15/14		250,115		256,623
200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,233		235,396
			1,310,247		1,380,792
	Computer Hardware — 3.1%
300,000	Apple Inc., 0.488%, 05/03/18		300,638		300,434
375,000	Hewlett-Packard Co., 1.550%, 05/30/14		374,575		375,523
			675,213		675,957
	Computer Software and Services — 3.0%
250,000	Microsoft Corp., 1.625%, 09/25/15		249,876		254,489
400,000	Oracle Corp., 3.625%, 07/15/23		400,219		405,842
			650,095		660,331
	Diversified Industrial — 1.9%
400,000	General Electric Capital Corp., 1.625%, 07/02/15		404,160		405,562
	Electronics — 2.3%
200,000	Arrow Electronics Inc., 6.000%, 04/01/20		199,856		221,060
300,000	Texas Instruments Inc., 1.650%, 08/03/19		299,125		289,873
			498,981		510,933
	Energy and Utilities: Electric — 2.1%
275,000	Dominion Resources Inc., 6.400%, 06/15/18		309,193		320,764
150,000	The Southern Co., 4.150%, 05/15/14		149,996		149,996
			459,189		470,760
	Energy and Utilities: Oil — 5.6%
200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		198,218		222,019
125,000	Marathon Oil Corp., 5.900%, 03/15/18		125,336		142,880
400,000	Murphy Oil Corp., 2.500%, 12/01/17		401,969		406,966
200,000	Total Capital SA, 3.000%, 06/24/15		203,996		206,260

Principal Amount		Cost		Market Value
$200,000	XTO Energy Inc., 6.500%, 12/15/18	$	217,435	$	240,906
			1,146,954		1,219,031
	Financial Services — 3.6%
175,000	ACE INA Holdings Inc., 5.600%, 05/15/15		174,825		184,712
260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16		274,480		308,928
275,000	Merrill Lynch & Co. Inc., MTN, Ser. C, 5.000%, 01/15/15		275,027		284,537
			724,332		778,177
	Food and Beverage — 2.7%
275,000	Bottling Group LLC, 5.125%, 01/15/19		309,310		310,568
250,000	Mondelēz International Inc., 5.375%, 02/10/20		252,915		282,984
			562,225		593,552
	Health Care — 1.5%
325,000	Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/21		329,992		326,077
	Metals and Mining — 0.9%
200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		200,000		200,000
	Real Estate Investment Trusts — 1.2%
250,000	Vornado Realty LP, 4.250%, 04/01/15		249,796		256,677
	Retail — 2.4%
525,000	Wal-Mart Stores Inc., 3.200%, 05/15/14		526,841		526,841
	Semiconductors — 1.6%
350,000	Intel Corp., 3.300%, 10/01/21		349,354		358,671
	Telecommunications — 2.3%
500,000	AT&T Inc., 1.700%, 06/01/17		506,233		504,714
	Transportation — 1.6%
200,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		199,632		224,911
125,000	CSX Corp., 6.250%, 04/01/15		124,988		131,947
			324,620		356,858
	TOTAL CORPORATE BONDS		9,474,975		9,815,850
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.6%
	Federal Home Loan Bank — 1.2%
250,000	5.375%, 05/18/16, Ser. 656		250,427		275,935
	Federal Home Loan Mortgage Corp. — 13.3%
525,000	5.000%, 07/15/14		530,793		532,434
900,000	1.750%, 09/10/15		917,574		919,498
325,000	5.250%, 04/18/16		338,395		356,535
600,000	3.750%, 03/27/19		629,085		655,201
450,000	1.750%, 05/30/19		445,001		446,485
			2,860,848		2,910,153

See accompanying notes to financial statements.

22

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2014 (Unaudited)

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
	Federal National Mortgage Association — 14.5%
$700,000	2.625%, 11/20/14	$	709,247	$	711,170
600,000	5.000%, 04/15/15		616,910		630,041
650,000	2.375%, 07/28/15		664,161		668,615
800,000	1.125%, 04/27/17		807,133		804,618
275,000	5.375%, 06/12/17		285,025		311,679
24,271	Pool #745122, 5.500%, 09/01/20		24,129		26,398
21,246	Pool #255554, 5.500%, 01/01/35		21,404		23,618
			3,128,009		3,176,139
	Government National Mortgage Association — 0.6%
10,499	Pool #562288,
	6.000%, 12/15/33		10,604		12,077
28,572	Pool #604946,
	5.500%, 01/15/34		28,777		31,826
20,431	Pool #604970,
	5.500%, 01/15/34		20,533		22,759
35,959	Pool #003747,
	5.000%, 08/20/35		35,686		39,438
31,961	Pool #550728,
	5.500%, 11/15/35		31,958		35,573
			127,558		141,673
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		6,366,842		6,503,900
	U.S. GOVERNMENT OBLIGATIONS — 19.2%
	U.S. Treasury Bills — 2.1%
450,000	U.S. Treasury Bills,
	0.085%†, 08/21/14		449,850		449,905
	U.S. Treasury Inflation Indexed Notes — 8.4%
318,489	2.500%, 07/15/16		318,797		347,675

Principal Amount		Cost		Market Value
$325,386	1.375%, 07/15/18	$	307,316	$	353,273
299,577	2.125%, 01/15/19		303,048		334,777
324,474	1.375%, 01/15/20		339,188		350,964
381,280	2.500%, 01/15/29		400,564		463,612
			1,668,913		1,850,301
	U.S. Treasury Notes — 7.8%
675,000	3.250%, 05/31/16		716,402		715,395
275,000	3.500%, 02/15/18		275,190		297,720
650,000	3.375%, 11/15/19		668,912		701,086
			1,660,504		1,714,201
	U.S. Treasury Bonds — 0.9%
150,000	5.375%, 02/15/31		165,555		191,953
	TOTAL U.S. GOVERNMENT OBLIGATIONS		3,944,822		4,206,360
Shares
	SHORT TERM INVESTMENTS — 6.8%
	Mutual Funds — 6.8%
1,490,767	Dreyfus Treasury & Agency Cash Management Fund, 0.040%*		1,490,767		1,490,767
	TOTAL INVESTMENTS — 100.4%	$	21,277,406		22,016,877
	Other Assets and Liabilities (Net) — (0.4)%				(98,290	)
	NET ASSETS — 100.0%			$	21,918,587

† Represents annualized yield at date of purchase.

* Current yield.

MTN Medium Term Note

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2014 (Unaudited)

	Mighty Mites Fund	SmallCap Equity Fund	Mid-Cap Equity Fund	Income Fund
Assets:
Investments, at value (cost $952,181,795, $33,721,376, $3,526,007, and $6,847,174, respectively)	$1,283,354,126	$45,834,191	$3,772,721	$8,764,487
Investments in affiliates, at value (cost $28,178,313)	52,233,677	—	—	—
Cash	4,411	3,069	18,235	—
Receivable for Fund shares sold	5,499,833	56,549	34,162	1,279
Receivable for investments sold	853,179	—	—	—
Receivable from Adviser	—	—	12,863	—
Dividends and interest receivable	353,109	19,498	3,085	9,510
Prepaid expenses	76,528	29,128	14,253	25,732
Total Assets	1,342,374,863	45,942,435	3,855,319	8,801,008
Liabilities:
Payable to custodian	—	—	—	90,204
Payable for investments purchased	1,878,531	—	259,017	—
Payable for Fund shares redeemed	1,220,244	40,213	—	—
Distributions payable	—	—	—	—
Payable for investment advisory fees	1,119,261	38,347	—	4,366
Payable for distribution fees	370,959	10,315	557	2,783
Payable for accounting fees	11,250	—	—	—
Payable for legal and audit fees	55,457	20,124	13,753	16,073
Other accrued expenses	207,777	2,096	621	7,523
Total Liabilities	4,863,479	111,095	273,948	120,949
Net Assets	$1,337,511,384	$45,831,340	$3,581,371	$8,680,059
Net Assets Consist of:
Paid-in capital	$971,920,444	$33,837,035	$3,314,594	$8,721,450
Accumulated net investment income/(loss)	(11,099,270)	(213,335)	1,765	(2,235)
Accumulated net realized gain/(loss) on investments and foreign currency transactions	21,462,028	94,825	18,298	(1,956,469)
Net unrealized appreciation on investments	355,227,695	12,112,815	246,714	1,917,313
Net unrealized appreciation on foreign currency translations	487	—	—	—
Net Assets	$1,337,511,384	$45,831,340	$3,581,371	$8,680,059
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$546,358,442	$20,577,708	$1,555,422	$6,295,928
Shares of beneficial interest outstanding	22,262,988	947,284	136,647	568,255
Net Asset Value, offering, and redemption price per share	$24.54	$21.72	$11.38	$11.08
Class A:
Net assets	$181,338,794	$4,982,030	$345,619	$953,721
Shares of beneficial interest outstanding	7,562,814	234,508	30,422	83,244
Net Asset Value and redemption price per share	$23.98	$21.24	$11.36	$11.46
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$24.98	$22.13	$11.83	$11.94
Class C:
Net assets	$215,426,973	$4,516,169	$189,503	$1,172,158
Shares of beneficial interest outstanding	9,841,814	229,050	16,747	95,346
Net Asset Value and offering price per share(a)	$21.89	$19.72	$11.32	$12.29
Class I:
Net assets	$394,387,175	$15,755,433	$1,490,827	$258,252
Shares of beneficial interest outstanding	15,906,438	714,867	130,811	23,280
Net Asset Value, offering, and redemption price per share	$24.79	$22.04	$11.40	$11.09

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

See accompanying notes to financial statements.

24

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

March 31, 2014 (Unaudited)

Assets:	Equity Fund		Balanced Fund	Intermediate Bond Fund
Investments, at value (cost $58,122,319, $71,393,273, and $21,277,406, respectively)		$73,474,211	$84,815,677		$22,016,877
Investments in affiliates, at value		—	—		—
Cash		—	—		—
Receivable for Fund shares sold		58,009	58,731		9,675
Receivable for investments sold		910,000	259,458		—
Receivable from Adviser		—	—		—
Dividends and interest receivable		80,120	344,458		197,591
Prepaid expenses		33,847	33,947		29,917
Total Assets		74,556,187	85,512,271		22,254,060
Liabilities:
Payable to custodian		—	—		—
Payable for investments purchased		387,839	251,706		300,870
Payable for Fund shares redeemed		23,290	10,294		575
Distributions payable		—	—		942
Payable for investment advisory fees		62,648	54,106		4,275
Payable for distribution fees		16,459	22,710		1,994
Payable for accounting fees		11,250	11,250		—
Payable for legal and audit fees		—	—		—
Other accrued expenses		54,307	45,250		26,817
Total Liabilities		555,793	395,316		335,473
Net Assets		$74,000,394	$85,116,955		$21,918,587
Net Assets Consist of:
Paid-in capital		$57,281,592	$68,377,254		$21,184,093
Accumulated net investment income/(loss)		48,245	(6,051)		(57	)
Accumulated net realized gain/(loss) on investments and foreign currency transactions		1,318,665	3,323,348		(4,920	)
Net unrealized appreciation on investments		15,351,892	13,422,404		739,471
Net unrealized appreciation on foreign currency translations		—	—		—
Net Assets		$74,000,394	$85,116,955		$21,918,587
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$68,001,236	$71,564,456		$5,530,978
Shares of beneficial interest outstanding		5,154,361	5,637,562		475,229
Net Asset Value, offering, and redemption price per share		$13.19	$12.69		$11.64
Class A:
Net assets		$3,327,047	$7,061,271		$927,185
Shares of beneficial interest outstanding		252,440	553,707		79,752
Net Asset Value and redemption price per share		$13.18	$12.75		$11.63
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$13.73	$13.28		$12.11
Class C:
Net assets		$793,070	$5,353,538		$611,558
Shares of beneficial interest outstanding		62,019	415,199		55,306
Net Asset Value and offering price per share(a)		$12.79	$12.89		$11.06
Class I:
Net assets		$1,879,041	$1,137,690		$14,848,866
Shares of beneficial interest outstanding		142,708	89,696		1,275,186
Net Asset Value, offering, and redemption price per share		$13.17	$12.68		$11.64

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

See accompanying notes to financial statements.

25

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2014 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund	Mid-Cap Equity Fund			Income Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $4,914, $208, $65, and $0, respectively)	$	3,126,249		$   229,212	$	19,559		$233,530
Dividends - affiliated		304,743		—		—		—
Interest		106,439		482		42		113
Total Investment Income		3,537,431		229,694		19,601		233,643
Expenses:
Investment advisory fees		6,034,386		222,117		12,438		44,464
Distribution fees - Class AAA		648,979		25,365		1,097		8,136
Distribution fees - Class A		406,640		12,243		541		2,322
Distribution fees - Class C		948,473		22,352		465		6,150
Accounting fees		22,500		—		—		—
Custodian fees		81,668		5,779		5,048		2,410
Interest expense		—		—		139		—
Legal and audit fees		60,262		17,622		10,172		12,460
Offering expenses		—		—		19,325		—
Registration expenses		32,445		21,177		2,262		22,101
Shareholder communications expenses		121,922		6,713		1,642		4,210
Shareholder services fees		431,538		11,649		1,638		4,878
Trustees’ fees		33,245		1,312		65		271
Miscellaneous expenses		26,192		5,228		2,652		4,421
Total Expenses		8,848,250		351,557		57,484		111,823
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—		(13,951)		(39,695	)	(17,401)
Advisory fee reduction on unsupervised assets (Note 3)		(54,810	)	—		—		—
Custodian fee credits		—		—		—		—
Total Reimbursements and Reductions		(54,810	)	(13,951)		(39,695	)	(17,401)
Net Expenses		8,793,440		337,606		17,789		94,422
Net Investment Income/(Loss)		(5,256,009	)	(107,912)		1,812		139,221
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		27,320,463		1,492,980		18,638		304,547
Net realized gain on investments - affiliated		8,282		—		—		—
Net realized loss on foreign currency transactions		(644	)	—		—		—
Net realized gain on investments and foreign currency transactions		27,328,101		1,492,980		18,638		304,547
Net change in unrealized appreciation/depreciation:
on investments		78,452,948		2,648,825		167,708		242,701
on foreign currency translations		(54	)	—		—		—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		78,452,894		2,648,825		167,708		242,701
Net Realized and Unrealized Gain on Investments and Foreign Currency		105,780,995		4,141,805		186,346		547,248
Net Increase in Net Assets Resulting from Operations	$	100,524,986		$4,033,893	$	188,158		$686,469

See accompanying notes to financial statements.

26

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2014 (Unaudited)

	Equity Fund			Balanced Fund	Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0, $0, and $0, respectively)	$	699,976		$   514,344	$	259
Dividends - affiliated		—		—		—
Interest		—		451,480		244,022
Total Investment Income		699,976		965,824		244,281
Expenses:
Investment advisory fees		363,428		315,983		66,502
Distribution fees - Class AAA		83,448		89,016		8,784
Distribution fees - Class A		8,109		16,209		1,685
Distribution fees - Class C		3,764		26,580		3,767
Accounting fees		22,500		22,500		—
Custodian fees		10,795		9,339		3,602
Interest expense		—		—		—
Legal and audit fees		14,964		15,432		14,284
Offering expenses		—		—		—
Registration expenses		30,304		29,788		24,545
Shareholder communications expenses		11,924	��	11,412		3,732
Shareholder services fees		27,970		28,441		6,099
Trustees’ fees		2,198		2,606		692
Miscellaneous expenses		6,164		6,526		4,776
Total Expenses		585,568		573,832		138,468
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—		—		(41,101	)
Advisory fee reduction on unsupervised assets (Note 3)		—		—		—
Custodian fee credits		—		(9,339)		—
Total Reimbursements and Credits		—		(9,339)		(41,101	)
Net Expenses		—		564,493		97,367
Net Investment Income		114,408		401,331		146,914
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		6,427,807		5,478,934		19
Net realized gain on investments - affiliated		—		—		—
Net realized loss on foreign currency transactions		—		—		—
Net realized gain on investments transactions		6,427,807		5,478,934		19
Net change in unrealized appreciation/depreciation:
on investments		1,327,697		102,956		(73,638	)
on foreign currency translations		—		—		—
Net change in unrealized appreciation/depreciation on investments		1,327,697		102,956		(73,638	)
Net Realized and Unrealized Gain/Loss on Investments		7,755,504		5,581,890		(73,619	)
Net Increase in Net Assets Resulting from Operations	$	7,869,912		$5,983,221	$	73,295

See accompanying notes to financial statements.

27

TETON Westwood Funds

Statements of Changes in Net Assets (Unaudited)

	Mighty Mites Fund						SmallCap Equity Fund						Mid-Cap Equity Fund(a)
	For the Six Months Ended March 31, 2014 (Unaudited)			For the Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			For the Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			For the Period Ended September 30, 2013
Operations:
Net investment income/(loss)	$	(5,256,009	)	$	626,045		$	(107,912	)	$	(23,125	)	$	1,812		$	(1,342	)
Net realized gain/(loss) on investments and foreign currency transactions		27,328,101			65,848,252			1,492,980			651,363			18,638			289
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		78,452,894			158,288,013			2,648,825			9,335,713			167,708			79,006
Net Increase/(Decrease) in Net Assets Resulting from Operations		100,524,986			224,762,310			4,033,893			9,963,951			188,158			77,953
Distributions to Shareholders:
Net investment income
Class AAA		—			(1,163,541	)		—			—			—			—
Class A		—			(182,178	)		—			—			—			—
Class B*		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			(1,213,298	)		—			(18,250	)		(836	)		—
		—			(2,559,017	)		—			(18,250	)		(836	)		—
Net realized gain
Class AAA		(28,607,652	)		(5,789,706	)		—			—	��		(205	)		—
Class A		(8,971,292	)		(1,631,680	)		—			—			(54	)		—
Class B*		(301	)		(81	)		—			—			—			—
Class C		(11,292,276	)		(2,128,714	)		—			—			(22	)		—
Class I		(17,271,524	)		(2,772,247	)		—			—			(348	)		—
		(66,143,045	)		(12,322,428	)		—			—			(629	)		—
Total Distributions to Shareholders		(66,143,045	)		(14,881,445	)		—			(18,250	)		(1,465	)		—
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		84,379,435			160,798,060			840,263			3,851,325			864,028			635,749
Class A		43,322,768			54,834,902			498,623			650,454			176,544			189,126
Class B*		2,777			—			—			—			—			—
Class C		53,045,725			54,048,432			158,393			343,040			108,073			73,990
Class I		130,619,116			135,506,181			2,085,031			3,225,462			229,452			1,101,734
		311,369,821			405,187,575			3,582,310			8,070,281			1,378,097			2,000,599
Proceeds from reinvestment of distributions
Class AAA		28,170,975			6,694,144			—			—			205			—
Class A		7,544,616			1,521,531			—			—			54			—
Class B*		302			81			—			—			—			—
Class C		8,388,483			1,647,595			—			—			22			—
Class I		10,456,110			2,307,004			—			6,057			1,184			—
		54,560,486			12,170,355			—			6,057			1,465			—
Cost of shares redeemed
Class AAA		(57,678,977	)		(67,722,877	)		(1,688,548	)		(4,651,260	)		(31,143	)		—
Class A		(13,454,488	)		(22,483,171	)		(622,348	)		(2,608,488	)		(32,293	)		—
Class B*		(6,148	)		(1,486	)		—			—			—			—
Class C		(10,710,610	)		(19,392,541	)		(492,761	)		(2,254,817	)		—			—
Class I		(34,973,804	)		(42,109,849	)		(1,372,930	)		(5,689,423	)		—			—
		(116,824,027	)		(151,709,924	)		(4,176,587	)		(15,203,988	)		(63,436	)		—
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		249,106,280			265,648,006			(594,277	)		(7,127,650	)		1,316,126			2,000,599
Redemption Fees		4,128			3,305			67			489			—			—
Net Increase/(Decrease) in Net Assets		283,492,349			475,532,176			3,439,683			2,818,540			1,502,819			2,078,552
Net Assets:
Beginning of period		1,054,019,035			578,486,859			42,391,657			39,573,117			2,078,552			—
End of period	$	1,337,511,384		$	1,054,019,035		$	45,831,340		$	42,391,657		$	3,581,371		$	2,078,552
Undistributed net investment income		—			—			—			—		$	1,765		$	789

(a) The Mid-Cap Equity Fund commenced investment operations on May 31, 2013.

* Class B Shares were fully redeemed and closed on January 27, 2014 for the Mighty Mites Fund, Balanced Fund, and Intermediate Bond Fund.

See accompanying notes to financial statements.

28

TETON Westwood Funds

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

Income Fund						Equity Fund						Balanced Fund						Intermediate Bond Fund
For the Six Months Ended March 31, 2014 (Unaudited)			For the Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			For the Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			For the Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			For the Year Ended September 30, 2013
$	139,221		$	46,665		$	114,408		$	381,600		$	401,331		$	1,013,181		$	146,914		$	310,685
	304,547			282,210			6,427,807			8,927,942			5,478,934			6,790,222			19			(4,459	)
	242,701			852,498			1,327,697			4,268,428			102,956			2,582,764			(73,638	)		(761,956	)
	686,469			1,181,373			7,869,912			13,577,970			5,983,221			10,386,167			73,295			(455,730	)
	(109,119	)		(46,737	)		(224,436	)		(586,885	)		(366,523	)		(920,053	)		(41,694	)		(123,229	)
	(15,373	)		(2,916	)		(2,453	)		(21,453	)		(25,124	)		(53,325	)		(5,304	)		(18,235	)
	—			—			—			—			(1	)		(18	)		(6	)		(24	)
	(17,118	)		(1,136	)		—			(1,694	)		(6,885	)		(21,428	)		(1,648	)		(5,793	)
	(4,631	)		(1,703	)		(11,148	)		(52,873	)		(13,682	)		(13,524	)		(98,304	)		(168,457	)
	(146,241	)		(52,492	)		(238,037	)		(662,905	)		(412,215	)		(1,008,348	)		(146,956	)		(315,738	)
	—			—			—			—			(4,993,471	)		—			—			(11,127	)
	—			—			—			—			(418,931	)		—			—			(2,177	)
	—			—			—			—			(72	)		—			—			(5	)
	—			—			—			—			(363,637	)		—			—			(1,949	)
	—			—			—			—			(215,697	)		—			—			(9,741	)
	—			—			—			—			(5,991,808	)		—			—			(24,999	)
	(146,241	)		(52,492	)		(238,037	)		(662,905	)		(6,404,023	)		(1,008,348	)		(146,956	)		(340,737	)
	918,497			2,391,019			1,101,841			3,161,295			3,277,387			6,066,643			595,875			1,225,024
	61,370			529,953			95,190			208,950			1,178,250			1,100,436			148,548			1,301,024
	—			—			—			—			—			—			—			—
	182,460			243,251			31,341			32,176			335,783			2,033,264			168,594			286,380
	73,102			100,221			159,993			270,386			2,063,866			212,282			5,017,731			5,162,576
	1,235,429			3,264,444			1,388,365			3,672,807			6,855,286			9,412,625			5,930,748			7,975,004
	102,550			44,097			211,868			554,580			5,199,993			886,356			39,485			128,739
	14,770			2,658			2,358			20,692			375,713			43,395			3,752			15,113
	—			—			—			—			73			18			5			29
	16,786			1,113			—			1,454			332,645			18,839			1,475			7,099
	4,607			1,634			6,205			11,674			225,256			12,907			26,922			2,294
	138,713			49,502			220,431			588,400			6,133,680			961,515			71,639			153,274
	(1,267,018	)		(2,267,542	)		(4,908,707	)		(20,612,357	)		(7,466,391	)		(23,231,904	)		(3,814,316	)		(3,527,680	)
	(89,676	)		(99,368	)		(375,202	)		(797,465	)		(361,737	)		(980,644	)		(287,808	)		(1,557,515	)
	—			—			—			—			(1,063	)		(6,502	)		(5,141	)		(15	)
	(186,288	)		(655,948	)		(9,718	)		(263,906	)		(563,042	)		(2,321,691	)		(359,983	)		(1,222,092	)
	(17,329	)		(67,424	)		(695,130	)		(3,153,115	)		(2,070,261	)		(130,611	)		(2,064,143	)		(2,201,117	)
	(1,560,311	)		(3,090,282	)		(5,988,757	)		(24,826,843	)		(10,462,494	)		(26,671,352	)		(6,531,391	)		(8,508,419	)
	(186,169	)		223,664			(4,379,961	)		(20,565,636	)		2,526,472			(16,297,212	)		(529,004	)		(380,141	)
	473			208			—			—			—			—			—			—
	354,532			1,352,753			3,251,914			(7,650,571	)		2,105,670			(6,919,393	)		(602,665	)		(1,176,608	)
	8,325,527			6,972,774			70,748,480			78,399,051			83,011,285			89,930,678			22,521,252			23,697,860
$	8,680,059		$	8,325,527		$	74,000,394		$	70,748,480		$	85,116,955		$	83,011,285		$	21,918,587		$	22,521,252
	—		$	4,785		$	48,245		$	171,874			—		$	4,833			—			—

See accompanying notes to financial statements.

29

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																			Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)(b)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital			Total Distributions			Redemption Fees(a)(c)		Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)(b)			Operating Expenses Net of Waivers/ Reimburse- ments/ Reductions			Operating Expenses Before Waivers/ Reimburse- ments/ Reductions(d)			Portfolio Turnover Rate††
Mighty Mites Fund
Class AAA
2014(e)	$	23.81	$	(0.09	)	$	2.20		$	2.11			—		$	(1.38	)		—		$	(1.38	)	$	0.00	$	24.54		9.0	%	$	546,358		(0.79	)%(f)		1.38	%(f)		1.39	%(f)		7	%
2013		17.94		0.04			6.29			6.33		$	(0.08	)		(0.38	)		—			(0.46	)		0.00		23.81		36.2			476,112		0.19			1.41			1.43			15
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			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			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			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			32
Class A
2014(e)	$	23.32	$	(0.12	)	$	2.16		$	2.04			—		$	(1.38	)		—		$	(1.38	)	$	0.00	$	23.98		8.9	%	$	181,339		(1.04	)%(f)		1.63	%(f)		1.64	%(f)		7	%
2013		17.59		(0.02	)		6.17			6.15		$	(0.04	)		(0.38	)		—			(0.42	)		0.00		23.32		35.8			139,464		(0.08	)		1.66			1.68			15
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			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			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			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			32
Class C
2014(e)	$	21.46	$	(0.17	)	$	1.98		$	1.81			—		$	(1.38	)		—		$	(1.38	)	$	0.00	$	21.89		8.6	%	$	215,427		(1.54	)%(f)		2.13	%(f)		2.14	%(f)		7	%
2013		16.25		(0.10	)		5.69			5.59			—			(0.38	)		—			(0.38	)		0.00		21.46		35.3			160,852		(0.57	)		2.16			2.18			15
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			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			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			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			32
Class I
2014(e)	$	24.02	$	(0.07	)	$	2.22		$	2.15			—		$	(1.38	)		—		$	(1.38	)	$	0.00	$	24.79		9.1	%	$	394,387		(0.54	)%(f)		1.13	%(f)		1.14	%(f)		7	%
2013		18.13		0.08			6.35			6.43		$	(0.16	)		(0.38	)		—			(0.54	)		0.00		24.02		36.6			277,588		0.40			1.16			1.18			15
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			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			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			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			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.

†† 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) Before advisory fee reduction on unsupervised assets totaling 0.01%, 0.02%, 0.02%, 0.02%, 0.03%, and 0.01% of net assets for the six months ended March 31, 2014 and the years ended September 30, 2013, 2012, 2011, 2010, and 2009, respectively.

(e) For the six months ended March 31, 2014, unaudited.

(f) Annualized.

See accompanying notes to financial statements.

30

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2014(c)	$	19.83	$	(0.05	)	$	1.94		$	1.89			—			—			—		$	0.00	$	21.72		9.5	%	$	20,578		(0.47	)%(d)		1.50	%(d)		1.56	%(d)		7	%
2013		15.32		(0.01	)		4.52			4.51			—			—			—			0.00		19.83		29.4			19,576		(0.05	)		1.50			1.63			12
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
Class A
2014(c)	$	19.41	$	(0.07	)	$	1.90		$	1.83			—			—			—		$	0.00	$	21.24		9.4	%	$	4,982		(0.72	)%(d)		1.75	%(d)		1.81	%(d)		7	%
2013		15.03		(0.04	)		4.42			4.38			—			—			—			0.00		19.41		29.1			4,668		(0.22	)		1.75			1.88			12
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
Class C
2014(c)	$	18.06	$	(0.12	)	$	1.78		$	1.66			—			—			—		$	0.00	$	19.72		9.2	%	$	4,516		(1.22	)%(d)		2.25	%(d)		2.31	%(d)		7	%
2013		14.06		(0.11	)		4.11			4.00			—			—			—			0.00		18.06		28.4			4,460		(0.72	)		2.25			2.38			12
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
Class I
2014(c)	$	20.09	$	(0.02	)	$	1.97		$	1.95			—			—			—		$	0.00	$	22.04		9.7	%	$	15,755		(0.22	)%(d)		1.25	%(d)		1.31	%(d)		7	%
2013		15.50		0.04			4.57			4.61		$	(0.02	)		—		$	(0.02	)		0.00		20.09		29.8			13,688		0.22			1.25			1.38			12
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

† 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.

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

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

(c) For the six months ended March 31, 2014, unaudited.

(d) Annualized.

See accompanying notes to financial statements.

31

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 on Investments		Total From Investment Operations		Net Investment Income			Net Realized Gain on Investments(b)			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income(c)			Operating Expenses Net of Waivers/ Reimbursements(c)			Operating Expenses Before Waivers/ Reimbursements(c)(d)			Portfolio Turnover Rate
Mid-Cap Equity Fund
Class AAA
2014(e)	$	10.48	$	0.00		$	0.90	$	0.90		—		$	(0.00	)	$	(0.00	)(b)	$	11.38		8.6	%	$	1,555		0.09	%		1.51	%(f)		4.70	%		10	%
2013(g)		10.00		(0.01	)		0.49		0.48		—			—			—			10.48		4.8			661		(0.42	)		1.50			3.88			3
Class A
2014(e)	$	10.47	$	(0.01	)	$	0.90	$	0.89		—		$	(0.00	)	$	(0.00	)(b)	$	11.36		8.5	%	$	346		(0.26	)%		1.76	%(f)		4.95	%		10	%
2013(g)		10.00		0.03			0.44		0.47		—			—			—			10.47		4.7			188		0.81			1.75			4.13			3
Class C
2014(e)	$	10.45	$	(0.04	)	$	0.91	$	0.87		—		$	(0.00	)	$	(0.00	)(b)	$	11.32		8.4	%	$	189		(0.69	)%		2.26	%(f)		5.45	%		10	%
2013(g)		10.00		(0.02	)		0.47		0.45		—			—			—			10.45		4.5			74		(0.65	)		2.25			4.63			3
Class I
2014(e)	$	10.48	$	0.02		$	0.91	$	0.93	$	(0.01	)	$	(0.00	)	$	(0.01	)	$	11.40		8.9	%	$	1,491		0.31	%		1.26	%(f)		4.45	%		10	%
2013(g)		10.00		(0.01	)		0.49		0.48		—			—			—			10.48		4.8			1,155		(0.20	)		1.25			3.63			3

† 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.

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

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

(c) Annualized.

(d) Certain non-recurring expenses incurred by the Fund were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 10.11% (Class AAA), 10.36% (Class A), 10.86% (Class C), and 9.86% (Class I).

(e) For the six months ended March 31, 2014, unaudited.

(f) The Fund incurred interest expense during the six months ended March 31, 2013. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class C), and 1.25% (Class I), respectively.

(g) From the commencement of offering of Fund Shares on May 31, 2013 through September 30, 2013.

See accompanying notes to financial statements.

32

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Return of Capital			Total Distributions			Redemption Fees(a)(b)		Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income			Operating Expenses Net of Waivers/ Reimbursements††(c)			Operating Expenses Before Waivers/ Reimbursements†††			Portfolio Turnover Rate
Income Fund
Class AAA
2014(d)	$	10.40	$	0.17		$	0.70		$	0.87		$	(0.19	)		—		$	(0.19	)	$	0.00	$	11.08		8.4	%	$	6,296		3.18	%(e)		2.00	%(e)		2.39	%(e)		16	%
2013		8.96		0.07			1.45			1.52			(0.08	)		—			(0.08	)		0.00		10.40		17.0			6,147		0.73			2.00			2.57			13
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
Class A
2014(d)	$	10.75	$	0.18		$	0.72		$	0.90		$	(0.19	)		—		$	(0.19	)	$	0.00	$	11.46		8.4	%	$	954		3.13	%(e)		2.25	%(e)		2.64	%(e)		16	%
2013		9.26		0.05			1.49			1.54			(0.05	)		—			(0.05	)		0.00		10.75		16.7			907		0.44			2.25			2.82			13
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
Class C
2014(d)	$	11.54	$	0.17		$	0.75		$	0.92		$	(0.17	)		—		$	(0.17	)	$	0.00	$	12.29		8.0	%	$	1,172		2.74	%(e)		2.75	%(e)		3.14	%(e)		16	%
2013		9.94		0.00	(b)		1.61			1.61			(0.01	)		—			(0.01	)		0.00		11.54		16.2			1,086		0.01			2.75			3.32			13
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
Class I
2014(d)	$	10.40	$	0.21		$	0.68		$	0.89		$	(0.20	)		—		$	(0.20	)	$	0.00	$	11.09		8.6	%	$	258		3.85	%(e)		1.75	%(e)		2.14	%(e)		16	%
2013		8.96		0.10			1.44			1.54			(0.10	)		—			(0.10	)		0.00		10.40		17.3			185		0.99			1.75			2.32			13
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

† 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 year ended September 30, 2009 would have been 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class C), and 1.25% (Class I). For the six months ended March 31, 2014 and the years ended September 30, 2013, 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 year ended September 30, 2009 would have been 2.93% (Class AAA), 3.18% (Class A), 3.68% (Class C), and 2.68% (Class I). For the six months ended March 31, 2014 and the years ended September 30, 2013, 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 during the year ended September 30, 2009. All of the interest expense for 2009 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% for all Classes. If interest expense had not been incurred, the ratios of operating expenses to the average net assets would have been 1.48% (Class AAA), 1.73% (Class A), 2.23% (Class C), and 1.23% (Class I). For the years ended September 30, 2011 and 2010, the effect of interest expense was minimal. For the six months ended March 31, 2014 and the years ended September 30, 2013 and 2012, there was no interest expense.

(d) For the six months ended March 31, 2014, unaudited.

(e) Annualized.

See accompanying notes to financial statements.

33

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations									Distributions to Shareholders											Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Total Distributions			Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses††(b)			Portfolio Turnover Rate
Equity Fund
Class AAA
2014(c)	$	11.88	$	0.02		$	1.33		$	1.35		$	(0.04	)	$	(0.04	)	$	13.19		11.4	%	$	68,001		0.33	%(d)		1.60	%(d)		31	%
2013		9.92		0.06			1.99			2.05			(0.09	)		(0.09	)		11.88		20.9			64,595		0.53			1.62			53
2012		7.81		0.08			2.11			2.19			(0.08	)		(0.08	)		9.92		28.3			70,017		0.84			1.59			41
2011		8.17		0.07			(0.38	)		(0.31	)		(0.05	)		(0.05	)		7.81		(3.8	)		79,328		0.73			1.54			38
2010		7.72		0.04			0.48			0.52			(0.07	)		(0.07	)		8.17		6.8			99,986		0.55			1.56			52
2009		9.21		0.08			(1.48	)		(1.40	)		(0.09	)		(0.09	)		7.72		(15.2	)		132,314		1.21			1.59			111
Class A
2014(c)	$	11.84	$	0.00	(e)	$	1.35		$	1.35		$	(0.01	)	$	(0.01	)	$	13.18		11.4	%	$	3,327		0.08	%(d)		1.85	%(d)		31	%
2013		9.89		0.03			1.99			2.02			(0.07	)		(0.07	)		11.84		20.5			3,256		0.27			1.87			53
2012		7.78		0.05			2.11			2.16			(0.05	)		(0.05	)		9.89		27.9			3,221		0.60			1.84			41
2011		8.13		0.04			(0.37	)		(0.33	)		(0.02	)		(0.02	)		7.78		(4.0	)		3,445		0.44			1.79			38
2010		7.69		0.02			0.48			0.50			(0.06	)		(0.06	)		8.13		6.5			6,616		0.31			1.81			52
2009		9.11		0.06			(1.43	)		(1.37	)		(0.05	)		(0.05	)		7.69		(15.0	)		6,131		0.89			1.84			111
Class C
2014(c)	$	11.51	$	(0.03	)	$	1.31		$	1.28			—			—		$	12.79		11.1	%	$	793		(0.42	)%(d)		2.35	%(d)		31	%
2013		9.62		(0.02	)		1.93			1.91		$	(0.02	)	$	(0.02	)		11.51		19.9			693		(0.22	)		2.37			53
2012		7.56		0.01			2.05			2.06			—			—			9.62		27.3			784		0.10			2.34			41
2011		7.91		(0.00	)(e)		(0.35	)		(0.35	)		—			—			7.56		(4.4	)		816		(0.02	)		2.29			38
2010		7.49		(0.02	)		0.46			0.44			(0.02	)		(0.02	)		7.91		5.9			999		(0.19	)		2.31			52
2009		8.95		0.02			(1.44	)		(1.42	)		(0.04	)		(0.04	)		7.49		(15.8	)		1,067		0.37			2.34			111
Class I
2014(c)	$	11.89	$	0.04		$	1.31		$	1.35		$	(0.07	)	$	(0.07	)	$	13.17		11.4	%	$	1,879		0.58	%(d)		1.35	%(d)		31	%
2013		9.93		0.09			1.99			2.08			(0.12	)		(0.12	)		11.89		21.2			2,204		0.84			1.37			53
2012		7.83		0.09			2.12			2.21			(0.11	)		(0.11	)		9.93		28.5			4,377		0.96			1.34			41
2011		8.19		0.10			(0.39	)		(0.29	)		(0.07	)		(0.07	)		7.83		(3.6	)		1,258		1.07			1.29			38
2010		7.73		0.06			0.49			0.55			(0.09	)		(0.09	)		8.19		7.1			1,043		0.81			1.31			52
2009		9.23		0.10			(1.49	)		(1.39	)		(0.11	)		(0.11	)		7.73		(15.0	)		691		1.44			1.34			111

† 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, 2013, 2012, 2011, 2010, and 2009 would have been 1.60% 1.56%, 1.52%, 1.54%, and 1.57% (Class AAA), 1.85%, 1.81%, 1.77%, 1.79%, and 1.82% (Class A), 2.35%, 2.31%, 2.27%, 2.29%, and 2.32% (Class C), and 1.35%, 1.35%, 1.31%, 1.27%, 1.29%, and 1.32% (Class I), respectively. For the six months ended March 31, 2014, there were no Custodian Fee Credits.

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

(b) The Fund incurred interest expense during the years ended September 30, 2013, 2012, 2011, 2010, and 2009. This interest expense was paid for by prior years Custodian Fee Credits. The effect of interest expense was minimal. For the six months ended March 31, 2014, there was no interest expense.

(c) For the six months ended March 31, 2014, unaudited.

(d) Annualized.

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

See accompanying notes to financial statements.

34

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income			Operating Expenses††			Portfolio Turnover Rate
Balanced Fund
Class AAA
2014(b)	$	12.76	$	0.07	$	0.85		$	0.92		$	(0.07	)	$	(0.92	)	$	(0.99	)	$	12.69		7.4	%	$	71,564		1.01	%(c)		1.30	%(c)		19	%
2013		11.48		0.15		1.28			1.43			(0.15	)		—			(0.15	)		12.76		12.5			70,824		1.21			1.30			36
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
Class A
2014(b)	$	12.82	$	0.05	$	0.85		$	0.90		$	(0.05	)	$	(0.92	)	$	(0.97	)	$	12.75		7.2	%	$	7,061		0.77	%(c)		1.55	%(c)		19	%
2013		11.53		0.12		1.29			1.41			(0.12	)		—			(0.12	)		12.82		12.3			5,869		0.95			1.55			36
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
Class C
2014(b)	$	12.95	$	0.02	$	0.86		$	0.88		$	(0.02	)	$	(0.92	)	$	(0.94	)	$	12.89		6.9	%	$	5,354		0.26	%(c)		2.05	%(c)		19	%
2013		11.64		0.05		1.31			1.36			(0.05	)		—			(0.05	)		12.95		11.7			5,257		0.43			2.05			36
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
Class I
2014(b)	$	12.76	$	0.09	$	0.83		$	0.92		$	(0.08	)	$	(0.92	)	$	(1.00	)	$	12.68		7.4	%	$	1,138		1.35	%(c)		1.05	%(c)		19	%
2013		11.48		0.18		1.28			1.46			(0.18	)		—			(0.18	)		12.76		12.8			1,060		1.44			1.05			36
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

† 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, 2014 and the years ended September 30, 2013, 2012, 2011, 2010, and 2009 would have been 1.28%, 1.28%, 1.27%, 1.22%, 1.24%, and 1.25% (Class AAA), 1.53%, 1.53%, 1.52%, 1.47%, 1.49%, and 1.50% (Class A), 2.03%, 2.03%, 2.02%, 1.97%, 1.99%, and 2.00% (Class C), and 1.03%, 1.03%, 1.02%, 0.97%, 0.99%, and 1.00% (Class I), respectively.

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

(b) For the six months ended March 31, 2014, unaudited.

(c) Annualized.

See accompanying notes to financial statements.

35

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income			Operating Expenses Net of Waivers/ Reimbursements††			Operating Expenses Before Waivers/ Reimbursements†††			Portfolio Turnover Rate
Intermediate Bond Fund										��
Class AAA
2014(b)	$	11.68	$	0.07	$	(0.04	)	$	0.03		$	(0.07	)		—		$	(0.07	)	$	11.64		0.3	%	$	5,531		1.19	%(c)		1.00	%(c)		1.37	%(c)		6	%
2013		12.06		0.14		(0.36	)		(0.22	)		(0.15	)	$	(0.01	)		(0.16	)		11.68		(1.9	)		8,737		1.21			1.00			1.36			20
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
Class A
2014(b)	$	11.66	$	0.06	$	(0.03	)	$	0.03		$	(0.06	)		—		$	(0.06	)	$	11.63		0.3	%	$	927		1.10	%(c)		1.10	%(c)		1.47	%(c)		6	%
2013		12.04		0.13		(0.37	)		(0.24	)		(0.13	)	$	(0.01	)		(0.14	)		11.66		(2.0	)		1,066		1.06			1.10			1.46			20
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
Class C
2014(b)	$	11.09	$	0.02	$	(0.02	)		—		$	(0.03	)		—		$	(0.03	)	$	11.06		0.0	%(d)	$	612		0.44	%(c)		1.75	%(c)		2.12	%(c)		6	%
2013		11.46		0.05		(0.36	)	$	(0.31	)		(0.05	)	$	(0.01	)		(0.06	)		11.09		(2.7	)		803		0.43			1.75			2.11			20
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
Class I
2014(b)	$	11.68	$	0.08	$	(0.04	)	$	0.04		$	(0.08	)		—		$	(0.08	)	$	11.64		0.4	%	$	14,849		1.46	%(c)		0.75	%(c)		1.12	%(c)		6	%
2013		12.06		0.17		(0.36	)		(0.19	)		(0.18	)	$	(0.01	)		(0.19	)		11.68		(1.6	)		11,910		1.45			0.75			1.11			20
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

† 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 and 2009 would have been 1.00% and 1.00% (Class AAA), 1.10% and 1.10% (Class A), 1.75% and 1.75% (Class C), and 0.75% and 0.75% (Class I), respectively. For the six months ended March 31, 2014 and the years ended September 30, 2013, 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 and 2009 would have been 1.47% and 1.54% (Class AAA), 1.57% and 1.64% (Class A), 2.22% and 2.29% (Class C), and 1.22% and 1.29% (Class I), respectively. For the six months ended March 31, 2014 and the years ended September 30, 2013, 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, 2014, unaudited.

(c) Annualized.

(d) Amount represents less than 0.005%.

See accompanying notes to financial statements.

36

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 seven active separate investment portfolios: TETON Westwood Mighty Mites Fund (“Mighty Mites Fund”), TETON Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), TETON Westwood Mid-Cap Equity Fund (“Mid-Cap 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 four classes of shares. 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.

— Mid-Cap Equity Fund seeks to provide long term growth of capital and future income by investing primarily in mid-cap 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,

37

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2014 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/14
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Consumer Products	$	18,603,628		—	$	31	$	18,603,659
Diversified Industrial		88,545,093	$	170,647		—		88,715,740
Entertainment		13,647,384		—		3		13,647,387
Financial Services		57,451,252		250,000		495,000		58,196,252
Health Care		91,905,954		0		640		91,906,594
Real Estate		15,403,766		193,450		308,732		15,905,948
Specialty Chemicals		27,688,054		3,207		—		27,691,261
Telecommunications		24,857,673		625		—		24,858,298
Transportation		2,221,602		—		465		2,222,067
Other Industries(a)		618,141,198		—		—		618,141,198
Total Common Stocks		958,465,604		617,929		804,871		959,888,404
Preferred Stocks(a)		1,515,147		—		—		1,515,147
Convertible Preferred Stocks(a)		—		15,740		—		15,740
Rights(a)		127,920		1,822,500		452,000		2,402,420
Warrants(a)		55,371		—		0		55,371
Corporate Bonds(a)		—		39,237		—		39,237
U.S. Government Obligations		—		371,671,484		—		371,671,484
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	960,164,042	$	374,166,890	$	1,256,871	$	1,335,587,803
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	44,609,307		—		—	$	44,609,307
U.S. Government Obligations		—	$	1,224,884		—		1,224,884
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	44,609,307	$	1,224,884		—	$	45,834,191
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	3,427,763		—		—	$	3,427,763
U.S. Government Obligations		—	$	344,958		—		344,958
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	3,427,763	$	344,958		—	$	3,772,721
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	8,394,498		—		—	$	8,394,498
U.S. Government Obligations		—	$	369,989		—		369,989
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	8,394,498	$	369,989		—	$	8,764,487

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 03/31/14
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	73,126,873		—		—	$	73,126,873
Short Term Investments		347,338		—		—		347,338
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	73,474,211		—		—	$	73,474,211
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	53,238,705		—		—	$	53,238,705
Corporate Bonds(a)		—	$	14,424,595		—		14,424,595
U.S. Government Agency Obligations		—		5,504,120		—		5,504,120
U.S. Government Obligations		—		6,683,408		—		6,683,408
Short Term Investments		4,964,849		—		—		4,964,849
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	58,203,554	$	26,612,123		—	$	84,815,677
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)		—	$	9,815,850		—	$	9,815,850
U.S. Government Agency Obligations		—		6,503,900		—		6,503,900
U.S. Government Obligations		—		4,206,360		—		4,206,360
Short Term Investments	$	1,490,767		—		—		1,490,767
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	1,490,767	$	20,526,110		—	$	22,016,877

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

The Funds did not have significant transfers among Level 1, Level 2, and Level 3 during the six months ended March 31, 2014. 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, 2014 or September 30, 2013 for SmallCap Equity Fund, Mid-Cap 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 lower or higher value in such Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

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

Accounting Standards Update (“ASU”) No. 2011-11 (as clarified by ASU No. 2013-01) “Disclosures about Offsetting Assets and Liabilities” requires a fund to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of assets and liabilities and instruments and transactions subject to an agreement similar to a master netting arrangement. The scope of ASU 2011-11 includes derivatives and sale and repurchase agreements. The purpose of ASU 2011-11 is to facilitate comparison of financial statements prepared on the basis of GAAP and on the basis

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

of International Financial Reporting Standards. Management is continually evaluating the implications of ASU 2011-11 and its impact on the financial statements and, at this time, has concluded that ASU 2011-11 is not applicable to the Funds because the Funds do not have investments covered under this guidance.

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, 2014, 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, 2014, 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, 2014, the Equity Fund’s and Balanced 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, 2014, the SmallCap Equity Fund, Mid-Cap Equity Fund, and Income 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.

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 Balanced Fund’s Statement of Operations for the six months ended March 31, 2014 are prior years custodian fee credits of $9,339.

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites Fund, SmallCap Equity Fund, Mid-Cap 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, 2013 was as follows:

	Mighty Mites Fund		SmallCap Equity Fund		Mid-Cap Equity Fund		Income Fund
Ordinary Income (inclusive of short term capital gains)	$	4,504,664	$	18,250	$	—	$	52,492
Net long term capital gains		10,376,781		—		—		—
Total distributions paid	$	14,881,445	$	18,250	$	—	$	52,492
	Equity Fund		Balanced Fund		Intermediate Bond Fund
Ordinary Income (inclusive of short term capital gains)	$	662,905	$	1,008,348	$	316,469
Net long term capital gains		—		—		24,268
Total distributions paid	$	662,905	$	1,008,348	$	340,737

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, 2013, the below 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 are 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.

The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2013:

Expiring in Fiscal Year	Mighty Mites Fund		SmallCap Equity Fund		Mid-Cap Equity Fund		Income Fund		Equity Fund		Balanced Fund		Intermediate Bond Fund
2016	$	—	$	210	$	—	$	—	$	—	$	—	$	—
2017		—		585,663		—		694,663		—		—		—
2018		—		—		—		1,503,326		5,066,097		—		—
2019		—		—		—		62,766		—		—		—
Short term (post-effective with no expiration)		—		330,979		—		—		—		—		4,939
	$	—	$	916,852	$	—	$	2,260,755	$	5,066,097	$	—	$	4,939

41

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments at March 31, 2014:

	Mighty Mites Fund			SmallCap Equity Fund			Mid-Cap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	981,687,390		$	34,178,669		$	3,526,794		$	6,847,178		$	58,122,328		$	71,218,726		$	21,159,205
Gross unrealized appreciation	$	379,327,363		$	13,077,408		$	308,952		$	2,139,075		$	15,512,297		$	13,846,420		$	876,084
Gross unrealized depreciation		(25,426,950	)		(1,421,886	)		(63,025	)		(221,766	)		(160,414	)		(249,469	)		(18,412	)
Net unrealized appreciation	$	353,900,413		$	11,655,522		$	245,927		$	1,917,309		$	15,351,883		$	13,596,951		$	857,672

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, 2014, 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, 2010 through September 30, 2013 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, Mid-Cap 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, 2014, 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 $54,810.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Mid-Cap 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, 2015. For the six months ended March 31, 2014, the Adviser waived fees or reimbursed expenses in the amounts of $13,951, $39,695, $17,401, and $41,101 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, and Intermediate Bond Fund, respectively. In addition, the SmallCap Equity Fund, Mid-Cap 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%, 1.50%, 2.00%, and 1.00%, respectively, and for Class A of 1.75%, 1.75%, 2.25%, and 1.10%, respectively, and for Class C of 2.25%, 2.25%, 2.75%, and 1.75%, respectively, and for Class I of 1.25%, 1.25%, 1.75%, and 0.75%, respectively, of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2014, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next two fiscal years are as follows:

	For the year ended September 30, 2012, expiring September 30, 2014		For the year ended September 30, 2013, expiring September 30, 2015	For the six months ended March 31, 2014, expiring September 30, 2016	Total
SmallCap Equity Fund		$63,409	$50,965	$13,951	$128,325
Mid-Cap Equity Fund		—	45,488	39,695	85,183
Income Fund		50,490	44,065	17,401	111,956
Intermediate Bond Fund		71,464	87,322	41,101	199,887

42

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 for each of the Funds with Gabelli Funds, LLC, an affiliate. Gabelli Funds, LLC has entered into an agreement with BNY Mellon Investment Servicing (US) Inc. to provide certain administrative 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 Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Adviser, at annual rates of 0.25%, 0.50% (for the Intermediate Bond Fund’s Class A Shares at an annual rate of 0.35%), 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, 2014, 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	$	129,690,237	$	66,280,702		—		—
SmallCap Equity Fund		3,082,587		3,912,086		—		—
Mid-Cap Equity Fund		1,490,073		240,579
Income Fund		1,704,160		1,303,553		—		—
Equity Fund		22,049,868		26,069,051		—		—
Balanced Fund		14,586,996		20,451,629	$	593,023	$	1,000,000
Intermediate Bond Fund		700,858		4,963,783		444,767		1,550,000

6. Significant Shareholders. As of March 31, 2014, 55.1% of the Mid-Cap Equity Fund was beneficially owned by the Adviser and other affiliates, for which the affiliates and the Adviser have voting control, and 56.7% of the Intermediate Bond Fund was beneficially owned by the Subadviser and other affiliates, for which the affiliates and the Subadviser have voting control.

7. Transactions with Affiliates. During the six months ended March 31, 2014, the Mighty Mites Fund, Income Fund, and Balanced Fund paid brokerage commissions on security trades of $63,120, $1,165 and $1, respectively, to G.research, Inc., an affiliate of the Adviser. Additionally, the Distributor retained a total of $104,602 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, 2014, 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, 2014 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, and Intermediate Bond Fund.

8. Shares of Beneficial Interest. The Funds offer four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares 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, directly through the Distributor or brokers that have entered into 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 C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase. Class B Shares were fully redeemed and closed on January 27, 2014 for the Mighty Mites Fund, Balanced Fund, and Intermediate Bond Fund.

43

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The Mighty Mites Fund, SmallCap Equity Fund, Mid-Cap 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, 2014 amounted to $4,128, $67, and $473, respectively, and for the year ended September 30, 2013 amounted to $3,305, $489, and $208, respectively.

Transactions in shares of beneficial interest were as follows:

	For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013		For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
	Mighty Mites Fund						SmallCap Equity Fund						Mid-Cap Equity Fund					Income Fund
Class AAA
Shares sold		3,485,796			7,502,160			40,376			220,341			76,323			63,098		84,562			239,994
Shares issued upon reinvestment of distributions		1,177,716			381,989			—			—			19			—		9,314			4,627
Shares redeemed		(2,394,367	)		(3,371,539	)		(80,430	)		(288,756	)		(2,793	)		—		(116,913	)		(228,479	)
Net increase/(decrease) in Class AAA Shares		2,269,145			4,512,610			(40,054	)		(68,415	)		73,549			63,098		(23,037	)		16,142
Class A
Shares sold		1,831,120			2,614,975			24,314			38,137			15,445			17,957		5,348			52,518
Shares issued upon reinvestment of distributions		322,557			88,833			—			—			5			—		1,297			271
Shares redeemed		(570,114	)		(1,148,097	)		(30,216	)		(156,259	)		(2,985	)		—		(7,816	)		(10,411	)
Net increase/(decrease) in Class A Shares		1,583,563			1,555,711			(5,902	)		(118,122	)		12,465			17,957		(1,171	)		42,378
Class B*
Shares sold		124			—			—			—			—			—		—			—
Shares issued upon reinvestment of distributions		14			5			—			—			—			—		—			—
Shares redeemed		(287	)		(70	)		—			—			—			—		—			—
Net decrease in Class B Shares		(149	)		(65	)		—			—			—			—		—			—
Class C
Shares sold		2,447,890			2,786,543			8,310			21,567			9,630			7,114		15,025			22,728
Shares issued upon reinvestment of distributions		392,169			104,797			—			—			3			—		1,374			114
Shares redeemed		(494,771	)		(1,056,009	)		(26,157	)		(148,837	)		—			—		(15,150	)		(60,184	)
Net increase/(decrease) in Class C Shares		2,345,288			1,835,331			(17,847	)		(127,270	)		9,633			7,114		1,249			(37,342	)
Class I
Shares sold		5,360,305			6,279,203			98,510			192,986			20,534			110,168		6,650			10,300
Shares issued upon reinvestment of distributions		432,965			130,100			—			381			109			—		418			171
Shares redeemed		(1,443,945	)		(2,078,323	)		(64,953	)		(334,566	)		—			—		(1,583	)		(6,672	)
Net increase/(decrease) in Class I Shares		4,349,325			4,330,980			33,557			(141,199	)		20,643			110,168		5,485			3,799

44

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			For the Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		87,541			292,231			259,675			492,830			51,062			102,467
Shares issued upon reinvestment of distributions		16,882			56,590			421,365			73,366			3,383			10,817
Shares redeemed		(388,685	)		(1,970,199	)		(592,137	)		(1,897,920	)		(327,504	)		(296,417	)
Net increase/(decrease) in Class AAA Shares		(284,262	)		(1,621,378	)		88,903			(1,331,724	)		(273,059	)		(183,133	)
Class A
Shares sold		7,521			20,145			94,076			90,076			12,734			108,199
Shares issued upon reinvestment of distributions		188			2,114			30,304			3,575			322			1,269
Shares redeemed		(30,246	)		(73,053	)		(28,596	)		(79,773	)		(24,703	)		(131,358	)
Net increase/(decrease) in Class A Shares		(22,537	)		(50,794	)		95,784			13,878			(11,647	)		(21,890	)
Class B*
Shares issued upon reinvestment of distributions		—			—			6			1			—			2
Shares redeemed		—			—			(85	)		(522	)		(441	)		(1	)
Net increase/(decrease) in Class B Shares		—			—			(79	)		(521	)		(441	)		1
Class C
Shares sold		2,589			3,029			26,499			169,289			15,195			25,183
Shares issued upon reinvestment of distributions		—			152			26,542			1,562			133			624
Shares redeemed		(777	)		(24,437	)		(43,837	)		(188,419	)		(32,466	)		(107,987	)
Net increase/(decrease) in Class C Shares		1,812			(21,256	)		9,204			(17,568	)		(17,138	)		(82,180	)
Class I
Shares sold		12,531			25,901			156,387			16,870			430,375			431,571
Shares issued upon reinvestment of distributions		495			1,192			18,276			1,063			2,311			193
Shares redeemed		(55,747	)		(282,527	)		(168,075	)		(10,837	)		(177,103	)		(185,355	)
Net increase/(decrease) in Class I Shares		(42,721	)		(255,434	)		6,588			7,096			255,583			246,409

* Mighty Mites Fund, Balanced Fund, and Intermediate Bond Fund Class B shares were fully redeemed and closed on January 27, 2014.

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites Fund’s transactions in the securities of these issuers during the six months ended March 31, 2014 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividend Income		Realized Gain		Market Value at March 31, 2014		Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc., Cl. A		574,282		3,806		—			578,088	$	52,028		—	$	5,260,601		9.08	%
Bel Fuse, Cl. A		112,300		19,847		—			132,147		14,667		—		2,554,402		6.08	%
Burnham Holdings Inc., Cl. A		168,000		4,200		—			172,200		69,552		—		3,259,746		5.72	%
Edgewater Technology Inc.		672,189		20,083		—			692,272		—		—		4,949,745		6.25	%
General Chemical Group Inc.		267,226		—		—			267,226		—		—		3,207		8.59	%
MOCON Inc.*		140,360		181,073		—			321,433		60,514		—		5,361,502		5.79	%
Sevcon Inc.		391,235		8,500		(2,000	)		397,735		—	$	5,022		4,573,953		11.13	%
SL Industries Inc.		263,788		8,094		(888	)		270,994		—		3,078		6,655,613		6.57	%
Strattec Security Corp.		188,796		12,500		—			201,296		44,230		—		14,539,610		5.78	%
The L.S. Starrett Co., Cl. A		315,443		3,472		(315	)		318,600		63,752		182		5,075,298		5.20	%
Total										$	304,743	$	8,282	$	52,233,677

* Security was not affiliated at September 30, 2013.

10. Indemnifications. The Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

11. 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

45

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York (the “Court”) 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 Gabelli Funds, LLC 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 Gabelli Funds, LLC or its ability to fulfill its obligations under the Advisory Agreements.

12. Subsequent Events. On May 2, 2014, the SEC filed with the Court a stipulation of voluntary dismissal of the civil action against the Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC.

Management has evaluated the impact on the Funds of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

46

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.

47

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Mid-Cap 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		RICHARD J. WALZ
President		Chief Compliance Officer
ANDREA R. MANGO		AGNES MULLADY
Secretary		Treasurer

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.

GABWWQ114SR

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

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date     5/30/2014

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     5/30/2014

By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer

Date     5/30/2014

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