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, 2015

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, 2015

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																				Class A Shares
	Average Annual Returns – March 31, 2015 (a)																				Average Annual Returns – March 31, 2015 (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		1.81	%		13.69	%		10.64	%		12.00	%		1.44	%		1.44	%		None		(2.50	)%		12.49	%		9.95	%		11.52	%		1.69	%		1.69	%		4.00	%
SmallCap Equity		1.06			10.87			8.36			7.37			1.63			1.50			None		(3.19	)		9.72			7.68			6.98			1.88			1.75			4.00
Mid-Cap Equity		8.14			—			—			12.01			3.88			1.50			None		3.57			—			—			9.28			4.13			1.75			4.00
Income		7.08			10.63			6.08			7.74			2.57			2.00			None		2.50			9.45			5.39			7.28			2.82			2.25			4.00
Equity		10.36			11.86			7.47			10.23			1.60			1.60			None		5.63			10.69			6.77			9.46			1.85			1.85			4.00
Balanced		7.51			8.56			6.36			8.69			1.28			1.28			None		2.92			7.39			5.66			8.24			1.53			1.53			4.00
Intermediate Bond		1.98			2.33			3.37			4.91			1.36			1.00			None		(2.16	)		1.36			2.83			4.66			1.46			1.10			4.00

	Class C Shares																					Class I Shares
	Average Annual Returns – March 31, 2015 (a)(c)(d)																					Average Annual Returns – March 31, 2015 (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		0.02	%		12.83	%		9.83	%		11.33	%		2.19	%		2.19	%		1.00	%		2.08	%		13.97	%		10.84	%		12.12	%		1.19	%		1.19	%	None
SmallCap Equity		(0.72	)		10.05			7.42			6.73			2.38			2.25			1.00			1.33			11.16			8.56			7.48			1.38			1.25		None
Mid-Cap Equity		6.29			—			—			11.21			4.63			2.25			1.00			8.39			—			—			12.30			3.63			1.25		None
Income		5.35			9.81			5.29			7.20			3.32			2.75			1.00			7.36			10.91			6.27			7.85			2.32			1.75		None
Equity		8.51			11.03			6.68			9.75			2.35			2.35			1.00			10.59			12.09			7.65			10.30			1.35			1.35		None
Balanced		5.67			7.74			5.56			8.14			2.03			2.03			1.00			7.71			8.81			6.54			8.77			1.03			1.03		None
Intermediate Bond		0.26			1.56			2.58			4.46			2.11			1.75			1.00			2.32			2.57			3.54			4.98			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, 2016, 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. 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, except for Mid-Cap Equity. The performance for the Class I Shares, except for Mid-Cap Equity, would have been higher due to the lower expenses associated with this class of shares. The performance for all share classes of Mid-Cap Equity is based on the Fund’s inception date of May 31, 2013. The performance for the Class A Shares and Class C Shares, except for Mid-Cap Equity, would have been lower due to the additional fees and expenses associated with these classes 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.tetonadv.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, 2015 (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	««««	620	«««	620	«««	559	«««««	360
TETON Westwood Mighty Mites A	Small Blend	««««	620	«««	620	«««	559	«««««	360
TETON Westwood Mighty Mites C	Small Blend	««««	620	«««	620	«««	559	«««««	360
TETON Westwood Mighty Mites I	Small Blend	«««	620	«««	620	«««	559	¶¶¶¶¶	360
TETON Westwood SmallCap Equity AAA	Small Blend	«	620	«	620	«	559	««	360
TETON Westwood SmallCap Equity A	Small Blend	«	620	«	620	«	559	««	360
TETON Westwood SmallCap Equity C	Small Blend	«	620	«	620	«	559	««	360
TETON Westwood SmallCap Equity I	Small Blend	«	620	«	620	«	559	¶¶	360
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	««	1125	««	1125	««	991	«««	689
TETON Westwood Income A	Large Value	««	1125	«	1125	««	991	«««	689
TETON Westwood Income C	Large Value	««	1125	««	1125	««	991	«««	689
TETON Westwood Income I	Large Value	«««	1125	««	1125	«««	991	¶¶¶	689
TETON Westwood Equity AAA	Large Value	««««	1125	«««	1125	«««	991	««««	689
TETON Westwood Equity A	Large Value	«««	1125	««	1125	««	991	«««	689
TETON Westwood Equity C	Large Value	«««	1125	«««	1125	««	991	«««	689
TETON Westwood Equity I	Large Value	«««	1125	«««	1125	«««	991	¶¶¶¶	689
TETON Westwood Balanced AAA	Moderate Allocation	«««	787	«««	787	«««	697	«««	444
TETON Westwood Balanced A	Moderate Allocation	«««	787	««	787	««	697	«««	444
TETON Westwood Balanced C	Moderate Allocation	«««	787	«««	787	««	697	«««	444
TETON Westwood Balanced I	Moderate Allocation	«««	787	««««	787	«««	697	¶¶¶¶	444
TETON Westwood Intermediate Bond AAA	Intermediate Term Bond	«	905	«	905	«	803	«	584
TETON Westwood Intermediate Bond A	Intermediate Term Bond	«	905	«	905	«	803	«	584
TETON Westwood Intermediate Bond C	Intermediate Term Bond	«	905	«	905	«	803	«	584
TETON Westwood Intermediate Bond I	Intermediate Term Bond	«	905	«	905	«	803	¶¶	584

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. 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. © 2015 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Teton Advisors, Inc. is the investment manager for all TETON Westwood Funds. Investors should carefully consider the investment objectives, risks, sales charges, and expenses of a Fund carefully before investing. Each Fund’s prospectus contains this and other information about the Funds and 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, 2014 through March 31, 2015

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, 2014 through March 31, 2015

Expense Table

	Actual Fund Return										Hypothetical 5% Return
	Beginning Account Value 10/01/14		Ending Account Value 03/31/15		Annualized Expense Ratio			Expenses Paid During Period*			Beginning Account Value 10/01/14		Ending Account Value 03/31/15		Annualized Expense Ratio			Expenses Paid During Period*
TETON Westwood Mighty Mites Fund
Class AAA		$1,000.00		$1,085.80		1.41	%		$	7.33		$1,000.00		$1,017.90		1.41	%		$	7.09
Class A		$1,000.00		$1,084.80		1.66	%		$	8.63		$1,000.00		$1,016.65		1.66	%		$	8.35
Class C		$1,000.00		$1,081.90		2.16	%		$	11.21		$1,000.00		$1,014.16		2.16	%		$	10.85
Class I		$1,000.00		$1,087.50		1.16	%		$	6.04		$1,000.00		$1,019.15		1.16	%		$	5.84
TETON Westwood SmallCap Equity Fund
Class AAA		$1,000.00		$1,069.70		1.50	%		$	7.74		$1,000.00		$1,017.45		1.50	%		$	7.54
Class A		$1,000.00		$1,068.30		1.75	%		$	9.02		$1,000.00		$1,016.21		1.75	%		$	8.80
Class C		$1,000.00		$1,065.50		2.25	%		$	11.59		$1,000.00		$1,013.71		2.25	%		$	11.30
Class I		$1,000.00		$1,071.10		1.25	%		$	6.45		$1,000.00		$1,018.70		1.25	%		$	6.29
TETON Westwood Mid-Cap Equity Fund
Class AAA		$1,000.00		$1,066.40		1.51	%		$	7.78		$1,000.00		$1,017.40		1.51	%		$	7.59
Class A		$1,000.00		$1,064.80		1.76	%		$	9.06		$1,000.00		$1,016.16		1.76	%		$	8.85
Class C		$1,000.00		$1,062.60		2.26	%		$	11.62		$1,000.00		$1,013.66		2.26	%		$	11.35
Class I		$1,000.00		$1,067.90		1.26	%		$	6.50		$1,000.00		$1,018.65		1.26	%		$	6.34
TETON Westwood Income Fund
Class AAA		$1,000.00		$1,005.60		2.00	%		$	10.00		$1,000.00		$1,014.96		2.00	%		$	10.05
Class A		$1,000.00		$1,004.80		2.25	%		$	11.25		$1,000.00		$1,013.71		2.25	%		$	11.30
Class C		$1,000.00		$1,002.40		2.75	%		$	13.73		$1,000.00		$1,011.22		2.75	%		$	13.79
Class I		$1,000.00		$1,007.00		1.75	%		$	8.76		$1,000.00		$1,016.21		1.75	%		$	8.80
TETON Westwood Equity Fund
Class AAA		$1,000.00		$1,066.40		1.59	%		$	8.19		$1,000.00		$1,017.00		1.59	%		$	8.00
Class A		$1,000.00		$1,065.60		1.84	%		$	9.48		$1,000.00		$1,015.76		1.84	%		$	9.25
Class C		$1,000.00		$1,062.70		2.34	%		$	12.03		$1,000.00		$1,013.26		2.34	%		$	11.75
Class I		$1,000.00		$1,067.80		1.34	%		$	6.91		$1,000.00		$1,018.25		1.34	%		$	6.74
TETON Westwood Balanced Fund
Class AAA		$1,000.00		$1,051.00		1.29	%		$	6.60		$1,000.00		$1,018.50		1.29	%		$	6.49
Class A		$1,000.00		$1,049.40		1.54	%		$	7.87		$1,000.00		$1,017.25		1.54	%		$	7.75
Class C		$1,000.00		$1,046.20		2.04	%		$	10.41		$1,000.00		$1,014.76		2.04	%		$	10.25
Class I		$1,000.00		$1,051.50		1.04	%		$	5.32		$1,000.00		$1,019.75		1.04	%		$	5.24
TETON Westwood Intermediate Bond Fund
Class AAA		$1,000.00		$1,016.90		1.00	%		$	5.03		$1,000.00		$1,019.95		1.00	%		$	5.04
Class A		$1,000.00		$1,016.40		1.10	%		$	5.53		$1,000.00		$1,019.45		1.10	%		$	5.54
Class C		$1,000.00		$1,013.70		1.75	%		$	8.79		$1,000.00		$1,016.21		1.75	%		$	8.80
Class I		$1,000.00		$1,018.10		0.75	%		$	3.77		$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, 2015:

TETON Westwood Mighty Mites Fund

U.S. Government Obligations	21.1%
Diversified Industrial	8.4%
Health Care	7.8%
Equipment and Supplies	6.1%
Automotive: Parts and Accessories	4.8%
Financial Services	4.4%
Food and Beverage	3.9%
Computer Software and Services	3.2%
Electronics	3.2%
Business Services	3.2%
Aviation: Parts and Services	3.1%
Retail	2.6%
Telecommunications	2.4%
Specialty Chemicals	2.4%
Entertainment	2.3%
Hotels and Gaming	2.2%
Machinery	2.1%
Restaurants	2.1%
Consumer Products	1.9%
Publishing	1.9%
Real Estate	1.5%
Metals and Mining	1.3%
Broadcasting	1.2%

Consumer Services	0.9	%
Energy and Utilities: Natural Gas	0.6	%
Building and Construction	0.6	%
Energy and Utilities: Water	0.6	%
Manufactured Housing and Recreational Vehicles	0.5	%
Semiconductors	0.5	%
Energy and Utilities: Integrated	0.4	%
Automotive	0.4	%
Airlines	0.4	%
Agriculture	0.3	%
Paper and Forest Products	0.3	%
Environmental Control	0.3	%
Energy and Utilities: Oil	0.2	%
Energy and Utilities: Services	0.2	%
Transportation	0.2	%
Communications Equipment	0.2	%
Educational Services	0.2	%
Aerospace and Defense	0.1	%
Closed-End Business Development Company	0.0	%
Energy and Utilities: Alternative Energy	0.0	%
Other Assets and Liabilities (Net)	0.0	%
	100.0	%

TETON Westwood SmallCap Equity Fund

Financial Services	20.4%
Semiconductors	8.4%
Energy and Utilities	8.4%
Business Services	7.9%
Retail	6.7%
Computer Software and Services	6.6%
Health Care	6.4%
Diversified Industrial	5.2%
Building and Construction	5.1%
Electronics	4.7%
Aerospace	3.8%
Telecommunications	3.7%

U.S. Government Obligations	3.3	%
Machinery	2.2	%
Equipment and Supplies	2.2	%
Computer Hardware	1.7	%
Metals and Mining	1.2	%
Specialty Chemicals	1.1	%
Consumer Products	0.6	%
Entertainment	0.5	%
Automotive: Parts and Accessories	0.0	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

TETON Westwood Mid-Cap Equity Fund

Financials	20.5%
Industrials	17.4%
Consumer Discretionary	16.9%
Health Care	16.2%
Information Technology	13.5%
Energy	5.5%

Consumer Staples	3.7	%
Materials	3.0	%
Utilities	2.8	%
Other Assets and Liabilities (net)	0.5	%
	100.0	%

6

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Income Fund

Financial Services	19.1%
Health Care	15.3%
Energy and Utilities: Oil	7.1%
U.S. Government Obligations	6.9%
Computer Hardware	6.0%
Retail	5.6%
Energy and Utilities: Services	5.1%
Diversified Industrial	4.4%
Automotive	3.8%
Paper and Forest Products	3.0%
Metals and Mining	2.9%
Electronics	2.9%
Specialty Chemicals	2.8%
Food and Beverage	2.4%

Communications Equipment		2.2	%
Media		2.0	%
Machinery		2.0	%
Energy and Utilities: Natural Gas		1.9	%
Telecommunications		1.9	%
Real Estate Investment Trusts		1.4	%
Consumer Staples		1.2	%
Computer Software and Services		0.7	%
Agriculture		0.5	%
Energy and Utilities: Integrated		0.5	%
Other Assets and Liabilities (Net)		(1.6	)%
	��
		100.0	%

TETON Westwood Equity Fund

Banking	13.2%
Health Care	10.6%
Food and Beverage	6.8%
Retail	6.3%
Financial Services	6.1%
Aerospace	5.9%
Telecommunications	5.6%
Energy: Oil	4.8%
Mutual Fund	4.7%
Cable and Satellite	4.0%
Energy: Integrated	3.9%
Entertainment	3.9%
Consumer Products	3.7%
Computer Hardware	2.5%

Business Services	2.4	%
Health Care Providers and Services	2.4	%
Diversified Industrial	2.0	%
Computer Software and Services	2.0	%
Automotive: Parts and Accessories	2.0	%
Transportation	1.9	%
Energy and Energy Services	1.6	%
Communications Equipment	1.1	%
Semiconductors	1.1	%
Electronics	1.0	%
Energy: Natural Gas	0.7	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

TETON Westwood Balanced Fund

Banking	12.9%
Health Care	10.9%
Financial Services	7.8%
Energy: Oil	7.1%
U.S. Government Obligations	5.4%
Federal Home Loan Mortgage Corp.	4.5%
Food and Beverage	4.5%
Retail	4.1%
Consumer Products	4.0%
Aerospace	3.9%
Telecommunications	3.6%
Computer Hardware	3.3%
Mutual Fund	3.1%
Energy: Integrated	2.8%
Electronics	2.8%
Transportation	2.7%

Cable and Satellite	2.6	%
Entertainment	2.5	%
Diversified Industrial	2.4	%
Federal National Mortgage Association	1.5	%
Computer Software and Services	1.4	%
Automotive: Parts and Accessories	1.3	%
Energy and Energy Services	1.2	%
Business Services	0.9	%
Communications Equipment	0.7	%
Semiconductors	0.7	%
Equipment and Supplies	0.6	%
Energy: Natural Gas	0.6	%
Other Assets and Liabilities (Net)	0.2	%
	100.0	%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	65.0%
U.S. Government Agency Obligations	17.3%
U.S. Government Obligations	10.6%
Mutual Fund	6.6%

Other Assets and Liabilities (Net)	0.5	%
	100.0	%

7

TETON Westwood Mighty Mites Fund

Schedule of Investments — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 78.6%
	Aerospace and Defense — 0.1%
170,794	Innovative Solutions & Support Inc.†	$	749,930	$	649,017
37,500	Kratos Defense & Security Solutions Inc.†		247,124		207,375
			997,054		856,392
	Agriculture — 0.3%
225	J.G. Boswell Co.		144,676		163,125
194,836	Limoneira Co.		4,267,803		4,247,425
			4,412,479		4,410,550
	Airlines — 0.4%
89,000	American Airlines Group Inc.		36,713		4,697,420
225,000	American Airlines Group Inc., Escrow†		3,288		483,750
			40,001		5,181,170
	Automotive — 0.4%
27,200	Lithia Motors Inc., Cl. A		517,533		2,703,952
66,500	Sonic Automotive Inc., Cl. A		849,600		1,655,850
70,000	Wabash National Corp.†		132,194		987,000
			1,499,327		5,346,802
	Automotive: Parts and Accessories — 4.7%
6,000	China Automotive Systems Inc.		34,007		43,680
105,000	Dana Holding Corp.		624,231		2,221,800
310,685	Federal-Mogul Holdings Corp.†		3,464,642		4,135,221
27,800	Gentherm Inc.†		404,618		1,404,178
196,600	Modine Manufacturing Co.†		1,907,098		2,648,202
31,000	Motorcar Parts of America Inc.†		407,454		861,490
60,000	Puradyn Filter Technologies Inc.†		13,098		11,700
77,000	Shiloh Industries Inc.†		1,090,261		1,081,080
181,200	Standard Motor Products Inc.		1,765,804		7,657,512
179,000	Strattec Security Corp.		4,402,837		13,217,360
610,000	Superior Industries International Inc.		11,038,959		11,547,300
37,000	Tenneco Inc.†		115,032		2,124,540
1,119,114	The Pep Boys - Manny, Moe & Jack†		12,333,484		10,765,877
134,665	Tower International Inc.†		2,365,846		3,582,089
134,231	West Marine Inc.†		1,576,523		1,244,321
			41,543,894		62,546,350
	Aviation: Parts and Services — 3.1%
13,500	Astronics Corp.†		127,472		994,950
11,090	Astronics Corp., Cl. B†		100,706		810,568
120,485	Ducommun Inc.†		2,034,710		3,120,562
1,218,900	GenCorp Inc.†		5,625,828		28,266,291
197,301	Kaman Corp.		5,011,314		8,371,481
			12,900,030		41,563,852
	Broadcasting — 1.2%
614,200	ACME Communications Inc.†		21,436		22,418
588,501	Beasley Broadcast Group Inc., Cl. A(a)		3,170,451		3,007,240
133,000	Crown Media Holdings Inc., Cl. A†		314,097		532,000
36,000	Cumulus Media Inc., Cl. A†		166,178		88,920
88,700	Entercom Communications Corp., Cl. A†		196,753		1,077,705
377,500	Gray Television Inc.†		346,494		5,217,050
76,042	Gray Television Inc., Cl. A†		484,342		895,775
617,008	Salem Media Group Inc.		3,271,449		3,800,769

Shares		Cost		Market Value
33,000	Sinclair Broadcast Group Inc., Cl. A	$	53,667	$	1,036,530
			8,024,867		15,678,407
	Building and Construction — 0.6%
866,265	Huttig Building Products Inc.†		1,008,674		2,468,855
107,074	MYR Group Inc.†		2,422,367		3,355,699
500	Nortek Inc.†		20,053		44,125
88,360	The Monarch Cement Co.		2,287,620		2,509,424
			5,738,714		8,378,103
	Business Services — 3.2%
194,679	Ascent Capital Group Inc., Cl. A†		5,834,739		7,750,171
19,000	Cenveo Inc.†		63,979		40,660
66,906	CoSine Communications Inc.†		148,651		173,956
594	Du-Art Film Labs Inc.†		98,792		114,791
692,272	Edgewater Technology Inc.†(a)		2,188,004		4,735,140
101,271	GP Strategies Corp.†		928,058		3,747,027
23,300	ICF International Inc.†		558,939		951,805
491,477	Internap Corp.†		3,199,991		5,027,810
32,029	KAR Auction Services Inc.		443,660		1,214,860
8,000	Landauer Inc.		282,324		281,120
16,000	Macquarie Infrastructure Co. LLC		203,038		1,316,640
7,260	Matthews International Corp., Cl. A		319,367		373,963
23,000	McGrath RentCorp		616,374		756,930
1,134,311	ModusLink Global Solutions Inc.†		4,267,094		4,367,097
30,000	Pendrell Corp.†		48,782		39,000
188,172	PFSweb Inc.†		835,090		2,068,010
401,375	PRGX Global Inc.†		2,535,374		1,613,528
312,800	Pure Technologies Ltd.		1,468,667		2,002,928
189,555	Safeguard Scientifics Inc.†		3,723,543		3,427,154
110,000	Scientific Games Corp., Cl. A†		1,415,337		1,151,700
9,000	Stamps.com Inc.†		110,502		605,610
11,032	Trans-Lux Corp.†		105,494		47,713
20,562	Viad Corp.		544,831		572,035
			29,940,630		42,379,648
	Closed-End Business Development Company — 0.0%
45,000	MVC Capital Inc.		499,586		426,600
	Communications Equipment — 0.2%
174,954	Communications Systems Inc.		1,943,586		1,996,225
166,100	Extreme Networks Inc.†		672,216		524,876
134,600	Sycamore Networks Inc.		37,521		51,148
30,000	ViewCast.com Inc.†		14,100		65
			2,667,423		2,572,314
	Computer Software and Services — 3.2%
126,078	American Software Inc., Cl. A		1,144,870		1,288,517
60,000	Avid Technology Inc.†		601,469		894,000
210,285	Blucora Inc.†		3,586,816		2,872,493
50,000	Borderfree Inc.†		396,180		300,500
331,400	Callidus Software Inc.†		1,847,278		4,202,152
71,687	Carbonite Inc.†		819,835		1,025,124
16,000	Cinedigm Corp., Cl. A†		27,077		25,920
159,652	Computer Task Group Inc.		1,999,157		1,167,056
28,100	Constant Contact Inc.†		392,805		1,073,701
50,000	CyrusOne Inc.		953,240		1,556,000
40,000	Daegis Inc.†		49,529		26,404
34,000	Datawatch Corp.†		486,724		230,860
47,318	Digi International Inc.†		483,258		472,234
523,311	Dot Hill Systems Corp.†		1,778,471		2,773,548
511,250	EarthLink Holdings Corp.		2,044,914		2,269,950
120,000	Emulex Corp.†		809,530		956,400
800,000	FalconStor Software Inc.†		2,531,413		1,240,000
533,161	Furmanite Corp.†		3,415,902		4,206,640
1,410	Gemalto NV		8,172		112,449

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Computer Software and Services (Continued)
923,076	Global Sources Ltd.†	$	6,642,731	$	5,409,225
20,000	GSE Systems Inc.†		109,966		30,000
593,507	Guidance Software Inc.†		5,005,234		3,210,873
144,117	iGO Inc.†		484,026		364,616
458,356	Lionbridge Technologies Inc.†		1,640,566		2,621,796
29,500	Mercury Systems Inc.†		166,227		458,725
67,500	Mitek Systems Inc.†		199,734		213,300
5,802	MTS Systems Corp.		265,634		438,921
12,000	Qualstar Corp.†		17,642		17,880
210,058	Qumu Corp.†		2,563,883		2,814,777
335,424	Speed Commerce Inc.†		974,194		214,235
3,800	Tyler Technologies Inc.†		39,378		458,014
			41,485,855		42,946,310
	Consumer Products — 1.9%
13,984	Arctic Cat Inc.		522,759		507,899
155,070	Bassett Furniture Industries Inc.		2,268,715		4,422,596
285,021	Blyth Inc.		3,120,750		2,163,309
2,000	Brunswick Corp.		30,085		102,900
55,687	Callaway Golf Co.		383,296		530,697
20,000	Elizabeth Arden Inc.†		323,231		312,000
3,500	Johnson Outdoors Inc., Cl. A		29,026		115,885
11,400	Lakeland Industries Inc.†		109,829		102,030
1,372,622	Marine Products Corp.		9,292,093		11,763,371
13,000	MarineMax Inc.†		63,807		344,630
200	National Presto Industries Inc.		5,745		12,678
77,331	Nautilus Inc.†		587,220		1,180,844
10,000	Norcraft Companies Inc.†		255,700		255,700
129,300	Oil-Dri Corp. of America		2,299,864		4,350,945
5,700	PC Group Inc.†		3,465		36
10,400	Syratech Corp.†		2,600		31
			19,298,185		26,165,551
	Consumer Services — 0.9%
489,500	1-800-FLOWERS.COM Inc., Cl. A†		1,430,614		5,790,785
55,000	Bowlin Travel Centers Inc.†		69,687		77,000
800	Collectors Universe Inc.		238		18,048
63,025	Liberty Tax Inc.†		1,169,913		1,753,986
467,570	Martha Stewart Living Omnimedia Inc., Cl. A†		1,978,786		3,039,205
74,991	XO Group Inc.†		732,512		1,325,091
			5,381,750		12,004,115
	Diversified Industrial — 8.2%
18,000	A.M. Castle & Co.†		187,781		65,700
74,492	AEP Industries Inc.†		3,466,704		4,100,040
9,292	American Railcar Industries Inc.		147,177		462,091
405,300	Ampco-Pittsburgh Corp.		8,891,268		7,076,538
226,693	Burnham Holdings Inc., Cl. A(a)		3,567,581		4,873,900
123,122	Chase Corp.		1,771,716		5,384,125
115,300	Columbus McKinnon Corp.		1,895,176		3,106,182
292,792	FormFactor Inc.†		1,782,486		2,597,065
33,000	Graham Corp.		534,517		791,010
432,703	Griffon Corp.		4,709,349		7,542,013
7,500	Handy & Harman Ltd.†		191,816		307,950
25,000	Haulotte Group SA		134,090		414,776
24,500	Haynes International Inc.		1,191,578		1,092,945
310,095	Insignia Systems Inc.†		901,019		930,285
97,649	John Bean Technologies Corp.		2,860,405		3,488,022
13,526	JPS Industries Inc.†		129,995		135,125
269,892	Katy Industries Inc.†		292,641		699,020
35,380	L.B. Foster Co., Cl. A		1,311,502		1,679,842
248,948	Lawson Products Inc.†		3,440,472		5,778,083
168,949	Lydall Inc.†		1,640,018		5,359,062
75,255	Magnetek Inc.†		1,376,963		2,898,823

Shares		Cost		Market Value
11,800	MSA Safety Inc.	$	367,269	$	588,584
587,932	Myers Industries Inc.		7,647,516		10,306,448
154,711	NAPCO Security Technologies Inc.†		808,728		895,777
148,500	Park-Ohio Holdings Corp.		2,741,558		7,821,495
127,551	Raven Industries Inc.		3,378,196		2,609,693
66,666	Rubicon Ltd.†		37,762		15,699
18,699	RWC Inc.		306,532		500,292
474,854	Sevcon Inc.†(a)		2,684,174		3,784,586
28,000	Standex International Corp.		928,588		2,299,640
536,509	Steel Partners Holdings LP†		8,601,047		10,188,306
221,824	Tredegar Corp.		4,286,455		4,460,881
290,620	Twin Disc Inc.		6,293,899		5,135,255
150,176	Vishay Precision Group Inc.†		2,460,311		2,392,304
			80,966,289		109,781,557
	Educational Services — 0.2%
287,587	Corinthian Colleges Inc.†		196,007		4,055
262,336	Universal Technical Institute Inc.		4,491,013		2,518,426
			4,687,020		2,522,481
	Electronics — 3.2%
33,000	Alliance Semiconductor Corp.†		66,300		26,403
14,000	Badger Meter Inc.		477,554		839,160
148,347	Bel Fuse Inc., Cl. A(a)		2,812,454		2,720,684
344,177	CTS Corp.		2,845,059		6,191,744
52,000	Daktronics Inc.		527,159		562,120
151,867	Dialight plc		1,836,479		1,703,105
49,789	Electro Scientific Industries Inc.		507,868		307,696
36,271	EMRISE Corp.†		33,129		34,095
34,000	IMAX Corp.†		143,748		1,146,140
20,000	Iteris Inc.†		32,200		36,400
330,000	Kimball Electronics Inc.†		2,001,430		4,666,200
185,000	Kopin Corp.†		691,949		651,200
43,500	Mesa Laboratories Inc.		1,122,942		3,140,700
36,800	Methode Electronics Inc.		204,495		1,731,072
363,633	MOCON Inc.(a)		5,206,107		6,079,944
52,100	MoSys Inc.†		150,654		109,410
64,800	Newport Corp.†		419,585		1,235,088
60,200	Park Electrochemical Corp.		985,935		1,297,912
70,000	Pericom Semiconductor Corp.		699,279		1,082,900
9,000	Pulse Electronics Corp.†		25,097		14,130
82,074	Rofin-Sinar Technologies Inc.†		1,923,230		1,988,653
78,000	Schmitt Industries Inc.†		210,348		205,920
6,776	Sparton Corp.†		77,815		166,012
288,920	Stoneridge Inc.†		1,599,317		3,261,907
157,000	Ultra Clean Holdings†		478,219		1,122,550
109,198	Ultralife Corp.†		437,808		435,700
99,500	Ultratech Inc.†		1,819,137		1,725,330
			27,335,297		42,482,175
	Energy and Utilities: Alternative Energy — 0.0%
39,200	JA Solar Holdings Co. Ltd., ADR†		339,814		374,752
	Energy and Utilities: Integrated — 0.4%
138,340	Broadwind Energy Inc.†		798,619		691,700
159,500	Headwaters Inc.†		656,007		2,925,230
44,000	MGE Energy Inc.		1,025,270		1,950,080
			2,479,896		5,567,010
	Energy and Utilities: Natural Gas — 0.6%
71,554	Abraxas Petroleum Corp.†		291,491		232,551
250,000	Alvopetro Energy Ltd.†		237,762		80,928
43,750	Chesapeake Utilities Corp.		807,212		2,214,188
90,570	Corning Natural Gas Holding Co.		1,015,904		1,831,778
105,000	Delta Natural Gas Co. Inc.		1,603,470		2,042,250

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Energy and Utilities: Natural Gas (Continued)
18,000	Gas Natural Inc.	$	181,544	$	179,280
95,800	Gastar Exploration Inc.†		406,048		250,996
230,181	Gulf Coast Ultra Deep Royalty Trust†		287,863		163,889
15,000	Piedmont Natural Gas Co. Inc.		530,578		553,650
43,600	RGC Resources Inc.		566,134		913,856
16,000	U.S. Energy Corp.†		58,970		18,080
10,928	Whitecap Resources Inc.		92,690		123,900
			6,079,666		8,605,346
	Energy and Utilities: Oil — 0.2%
194,844	Callon Petroleum Co.†		1,328,335		1,455,485
24,334	Halcon Resources Corp.†		137,638		37,474
10,900	Mitcham Industries Inc.†		173,694		50,140
57,900	Tesco Corp.		503,333		658,323
197,600	Triangle Petroleum Corp.†		1,473,400		993,928
			3,616,400		3,195,350
	Energy and Utilities: Services — 0.2%
26,000	Archer Ltd.†		88,053		7,714
23,027	Dawson Geophysical Co.†		252,381		98,324
25,300	Flotek Industries Inc.†		279,150		372,922
16,671	Gulf Island Fabrication Inc.		441,878		247,731
200,087	Layne Christensen Co.†		2,783,699		1,002,436
92,500	RPC Inc.		218,733		1,184,925
7,100	Subsea 7 SA, ADR		25,056		60,634
			4,088,950		2,974,686
	Energy and Utilities: Water — 0.6%
24,226	Artesian Resources Corp., Cl. A		482,625		518,194
44,174	Cadiz Inc.†		515,735		453,004
24,800	California Water Service Group		478,224		607,848
4,000	Connecticut Water Service Inc.		135,142		145,320
65,000	Consolidated Water Co. Ltd.		703,929		667,550
80,000	Energy Recovery Inc.†		361,031		207,200
30,433	Middlesex Water Co.		587,770		692,655
10,000	Mueller Water Products Inc., Cl. A		88,100		98,500
111,304	SJW Corp.		2,672,607		3,440,407
44,537	The York Water Co.		726,093		1,081,358
			6,751,256		7,912,036
	Entertainment — 2.3%
105,100	Canterbury Park Holding Corp.†		1,099,945		1,076,224
619,556	Dover Motorsports Inc.		1,521,154		1,468,348
734,163	Entravision Communications Corp., Cl. A		1,852,983		4,647,252
1,188,890	Media General Inc.†		7,115,131		19,604,788
12,000	RealD Inc.†		134,824		153,480
20,000	Rentrak Corp.†		975,859		1,111,200
60,000	RLJ Entertainment Inc.†		279,325		87,600
152,943	World Wrestling Entertainment Inc., Cl. A		1,697,131		2,142,731
			14,676,352		30,291,623
	Environmental Control — 0.3%
7,500	BioteQ Environmental Technologies Inc.†		12,419		207
553,023	Casella Waste Systems Inc., Cl. A†		2,570,882		3,041,627
15,718	Ceco Environmental Corp.		225,420		166,768
107,700	Hudson Technologies Inc.†		387,751		449,109
			3,196,472		3,657,711

Shares		Cost		Market Value
	Equipment and Supplies — 6.1%
18,101	Amtech Systems Inc.†	$	219,541	$	202,364
20,000	AZZ Inc.		716,820		931,800
150,000	Blount International Inc.†		2,038,893		1,932,000
328,000	Capstone Turbine Corp.†		392,113		213,200
158,400	CIRCOR International Inc.		5,646,942		8,664,480
374,035	Core Molding Technologies Inc.†		1,982,446		6,414,700
704,009	Federal Signal Corp.		4,911,250		11,116,302
540,000	GrafTech International Ltd.†		2,716,906		2,100,600
510,000	Interpump Group SpA		3,677,985		8,296,918
610,000	Kimball International Inc., Cl. B		6,360,479		6,392,800
20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		241,798
20,103	Powell Industries Inc.		750,311		678,878
270,600	SL Industries Inc.†(a)		2,902,278		11,568,150
308,028	The Eastern Co.		5,634,354		6,179,042
106,000	The Gorman-Rupp Co.		2,340,035		3,174,700
41,800	The Greenbrier Companies Inc.		866,098		2,424,400
318,600	The L.S. Starrett Co., Cl. A(a)		3,735,726		6,053,400
115,933	Titan Machinery Inc.†		1,917,267		1,547,706
136,600	TransAct Technologies Inc.		614,006		807,306
228,500	Vicor Corp.†		1,565,681		3,473,200
			49,097,248		82,413,744
	Financial Services — 4.4%
49,400	Anchor Bancorp.†		508,737		1,081,860
20,000	Atlantic American Corp.		75,277		80,600
60,500	BBCN Bancorp Inc.		615,050		875,435
13,900	Berkshire Bancorp Inc.		195,307		116,760
3,900	Berkshire Hills Bancorp Inc.		78,058		108,030
500	BKF Capital Group Inc.†		555		688
75	Burke & Herbert Bank and Trust Co.		95,726		150,375
4	Capital Financial Holdings Inc.		35,200		11,250
6,791	Capitol Federal Financial Inc.		75,244		84,888
18,200	Citizens & Northern Corp.		357,816		367,276
102,339	CoBiz Financial Inc.		1,159,544		1,260,816
28,800	Crazy Woman Creek Bancorp Inc.†		497,983		322,848
32,100	Dime Community Bancshares Inc.		518,414		516,810
870	Farmers & Merchants Bank of Long Beach		4,630,120		5,211,300
11,218	Fidelity Southern Corp.		67,779		189,360
32,000	First Internet Bancorp		661,348		594,240
563,800	Flushing Financial Corp.		9,075,686		11,315,466
10	Guaranty Corp., Cl. A†		137,500		525,000
179,860	Hallmark Financial Services Inc.†		1,565,758		1,906,516
6,600	Hampden Bancorp Inc.		75,984		146,058
16,000	Hancock Holding Co.		200,587		477,760
13,800	Heritage Commerce Corp.		114,043		125,994
39,900	Heritage Financial Group Inc.		414,190		1,086,477
78,000	Hilltop Holdings Inc.†		1,588,249		1,516,320
30,000	HomeStreet Inc.†		300,000		549,600
57,554	Hudson Valley Holding Corp.		1,088,035		1,471,080
22,500	JMP Group LLC		169,614		188,550
90,843	KKR & Co. LP		265,210		2,072,129
22,500	LendingTree Inc.†		498,800		1,260,225
20,000	Meadowbrook Insurance Group Inc.		182,663		170,000
100,000	Medallion Financial Corp.		832,118		926,000
200,000	Monitise plc†		58,454		38,568
8,255	New York Community Bancorp Inc.		104,605		138,106
4,197	Northrim BanCorp Inc.		91,497		102,994

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Financial Services (Continued)
21,300	OceanFirst Financial Corp.	$	395,540	$	367,851
40,000	Oritani Financial Corp.		412,856		582,000
160,000	Pzena Investment Management Inc., Cl. A		1,418,082		1,467,200
2,872	Security National Corp.		246,707		277,148
8,842	SI Financial Group Inc.		101,241		107,342
71,105	Silvercrest Asset Management Group Inc., Cl. A		1,001,707		1,013,246
20,594	Southwest Bancorp Inc.		370,915		366,367
600,000	Sprott Inc.		1,753,102		1,279,065
20,700	State Bank Financial Corp.		357,067		434,700
460,870	Steel Excel Inc.†		13,225,582		9,908,705
12,000	Sterling Bancorp		150,728		160,920
12	Sunwest Bank†		343,901		499,200
65,000	TheStreet Inc.		154,731		117,000
10,000	TriState Capital Holdings Inc.†		98,183		104,700
55,000	TrustCo Bank Corp NY		253,000		378,400
127,100	United Financial Bancorp Inc.		1,749,440		1,579,853
33,089	Value Line Inc.		326,193		483,430
45,900	Washington Trust Bancorp Inc.		1,029,683		1,752,921
82,200	Waterstone Financial Inc.		876,303		1,055,448
87,100	Westfield Financial Inc.		746,912		673,283
28,500	Wilshire Bancorp Inc.		246,078		284,145
402,800	Wright Investors’ Service Holdings Inc.†		625,586		745,180
30,000	Xenith Bankshares Inc.†		127,500		182,400
			52,346,188		58,809,883
	Food and Beverage — 3.9%
29,200	Andrew Peller Ltd., Cl. A		366,944		368,876
563,973	Boulder Brands Inc.†		5,187,634		5,374,663
149,814	Calavo Growers Inc.		3,927,953		7,703,436
110,000	Cott Corp.		748,495		1,030,700
500,000	Crimson Wine Group Ltd.†		4,546,647		4,550,000
100,000	Diamond Foods Inc.†		2,091,601		3,257,000
170,000	Farmer Brothers Co.†		3,135,187		4,207,500
1,100	Hanover Foods Corp., Cl. A		110,881		115,500
200,794	Inventure Foods Inc.†		1,203,806		2,246,885
5,600	Iwatsuka Confectionery Co. Ltd.		304,811		314,237
1,500	J & J Snack Foods Corp.		21,623		160,050
931	John B Sanfilippo & Son Inc.		37,104		40,126
172,808	Lifeway Foods Inc.†		1,758,103		3,696,363
25,000	MGP Ingredients Inc.		129,112		336,500
7,800	Rock Field Co. Ltd.		125,557		167,986
5,900	Scheid Vineyards Inc., Cl. A†		89,940		184,257
163,000	Snyder’s-Lance Inc.		3,512,561		5,209,480
315,265	SunOpta Inc.†		2,481,094		3,348,114
12,200	The Boston Beer Co. Inc., Cl. A†		373,005		3,262,280
80,000	The Hain Celestial Group Inc.†		827,229		5,124,000
270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		580,911
280,000	Vitasoy International Holdings Ltd.		133,057		437,734
23,000	Willamette Valley Vineyards Inc.†		88,087		138,000
			31,594,218		51,854,598
	Health Care — 7.8%
32,960	Accuray Inc.†		244,893		306,528
2,362	AcelRx Pharmaceuticals Inc.†		21,558		9,117
5,000	Achillion Pharmaceuticals Inc.†		19,520		49,300
13,000	Alere Inc.†		350,377		635,700
24,000	AngioDynamics Inc.†		294,826		426,960

Shares		Cost		Market Value
80,000	ArthroCare Corp. Stub†	$	0	$	28,000
341,461	Biolase Inc.†		449,404		689,751
71,500	Bio-Reference Laboratories Inc.†		1,528,531		2,519,660
998,619	BioScrip Inc.†		7,101,222		4,423,882
107,000	BioTelemetry Inc.†		539,912		946,950
8,500	Boiron SA		143,359		912,953
535,505	Cantel Medical Corp.		5,635,720		25,436,488
24,000	Cardica Inc.†		50,865		15,113
89,100	Cardiovascular Systems Inc.†		1,317,825		3,478,464
62,500	Cepheid Inc.†		595,116		3,556,250
354,000	Cutera Inc.†		3,129,613		4,573,680
3,500	DexCom Inc.†		37,449		218,190
50,000	Electromed Inc.†		114,907		124,000
173,226	Exactech Inc.†		3,024,589		4,439,782
200,000	Exelixis Inc.†		381,000		514,000
44,200	Genesis Healthcare Inc.†		374,381		314,704
200,628	Harvard Bioscience Inc.†		1,019,886		1,167,655
40,049	Heska Corp.†		373,961		1,032,463
4,022	ICU Medical Inc.†		208,829		374,609
633,835	InfuSystems Holdings Inc.†		1,649,886		1,717,693
182,117	IntriCon Corp.†		741,187		1,480,611
221,970	Invacare Corp.		4,093,040		4,308,438
460,709	Liberator Medical Holdings Inc.		1,620,252		1,612,482
138,000	Meridian Bioscience Inc.		2,839,503		2,633,040
126,750	Neogen Corp.†		522,230		5,923,028
161,407	NeoGenomics Inc.†		473,398		753,771
193,034	Nutraceutical International Corp.†		4,694,701		3,802,770
44,612	Omnicell Inc.†		732,122		1,565,881
50,000	OPKO Health Inc.†		108,408		708,500
38,200	Orthofix International NV†		715,836		1,370,998
110,991	Pain Therapeutics Inc.†		364,869		209,773
24,000	PhotoMedex Inc.†		292,016		48,240
2,500	PreMD Inc.†		4,580		0
147,061	Quidel Corp.†		1,709,110		3,967,706
68,000	RTI Surgical Inc.†		352,328		335,920
213,900	Special Diversified Opportunities Inc.†		207,526		248,124
274,292	SurModics Inc.†		5,902,882		7,139,821
101,249	Syneron Medical Ltd.†		885,583		1,253,463
2,000	Targanta Therapeutics Corp., Escrow†		0		640
5,000	Titan Medical Inc.†		6,781		7,150
137,000	Trinity Biotech plc, ADR		1,389,648		2,637,250
74,700	United-Guardian Inc.		656,817		1,414,818
170,000	Uroplasty Inc.†		420,155		207,400
5,174	Utah Medical Products Inc.		143,347		309,716
22,000	Vascular Solutions Inc.†		240,599		667,040
330,000	Zealand Pharma A/S†		4,082,133		4,939,089
			61,806,680		105,457,561
	Hotels and Gaming — 2.2%
71,800	Boyd Gaming Corp.†		416,103		1,019,560
72,040	Churchill Downs Inc.		2,735,264		8,282,439
140,484	Dover Downs Gaming & Entertainment Inc.†		586,221		164,366
125,000	Eldorado Resorts Inc.†		585,204		628,750
13,000	Empire Resorts Inc.†		90,939		59,800
194,807	Full House Resorts Inc.†		275,489		294,159
33,000	Isle of Capri Casinos Inc.†		245,334		463,650
254,153	Lakes Entertainment Inc.†		2,101,803		2,178,091
602,891	Morgans Hotel Group Co.†		4,462,865		4,672,405
70,000	Pinnacle Entertainment Inc.†		775,900		2,526,300
9,000	Ryman Hospitality Properties Inc.		265,532		548,190
383,820	The Marcus Corp.		4,872,450		8,171,528
			17,413,104		29,009,238

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Machinery — 2.1%
294,060	Astec Industries Inc.	$	10,296,353	$	12,609,293
12,000	Bolzoni SpA		33,891		47,225
6,300	DMG MORI SEIKI AG		40,709		207,286
12,200	DXP Enterprises Inc.†		222,516		537,898
255,016	Gencor Industries Inc.†		2,494,984		2,552,710
130,000	Global Power Equipment Group Inc.		2,964,809		1,716,000
6,000	Hardinge Inc.		54,215		69,600
152,009	Key Technology Inc.†		2,549,723		1,936,595
15,664	Lindsay Corp.		1,058,407		1,194,380
49,300	Tennant Co.		1,064,922		3,222,741
44,400	The Middleby Corp.†		464,969		4,557,660
			21,245,498		28,651,388
	Manufactured Housing and Recreational Vehicles — 0.5%
54,000	Cavco Industries Inc.†		2,860,659		4,053,240
124,000	Nobility Homes Inc.†		1,103,616		1,488,000
47,796	Skyline Corp.†		222,012		166,330
61,000	Winnebago Industries Inc.		626,036		1,296,860
			4,812,323		7,004,430
	Metals and Mining — 1.3%
85,000	5N Plus Inc.†		306,827		144,290
10,000	Alkane Resources Ltd.†		3,333		2,209
180,800	Materion Corp.		3,872,388		6,948,144
25,000	Molycorp Inc.†		20,475		9,633
830,000	Osisko Gold Royalties Ltd.		12,083,392		10,970,116
900,000	Tanami Gold NL†		210,755		19,194
			16,497,170		18,093,586
	Paper and Forest Products — 0.3%
24,098	Keweenaw Land Association Ltd.†		2,043,499		2,626,682
135,000	Wausau Paper Corp.		1,369,518		1,286,550
			3,413,017		3,913,232
	Publishing — 1.9%
420,000	Il Sole 24 Ore SpA†		705,739		379,798
1,439,576	Journal Communications Inc., Cl. A†		5,585,238		21,334,516
155,000	The E.W. Scripps Co., Cl. A†		672,184		4,408,200
			6,963,161		26,122,514
	Real Estate — 1.5%
200,000	Ambase Corp.†		311,545		440,000
8,000	Bresler & Reiner Inc.†		4,912		7,320
69,398	Capital Properties Inc., Cl. A†		667,370		864,005
100,000	Cohen & Steers Inc.		2,089,041		4,095,000
46,135	DGT Holdings Corp.†		664,322		724,320
9,500	FRP Holdings Inc.†		300,099		345,800
154,205	Griffin Land & Nurseries Inc.		4,353,856		4,794,233
9,742	Gyrodyne Special Distribution, LLC†		201,659		201,659
7,300	Holobeam Inc.†		132,985		507,350
359,623	Reading International Inc., Cl. A†		2,269,643		4,836,929
67,181	Reading International Inc., Cl. B†		533,630		921,052
2,508	Royalty LLC.		0		1,020
115,000	Tejon Ranch Co.†		3,240,219		3,041,750
			14,769,281		20,780,438
	Restaurants — 2.1%
25,168	Biglari Holdings Inc.†		7,136,164		10,422,069
76,000	Denny’s Corp.†		241,347		866,400
96,703	Famous Dave’s of America Inc.†		1,183,983		2,756,036
206,534	Nathan’s Famous Inc.		4,769,718		11,183,816

Shares		Cost		Market Value
55,000	The Cheesecake Factory Inc.	$	1,614,698	$	2,713,150
			14,945,910		27,941,471
	Retail — 2.6%
49,000	Aaron’s Inc.†		949,904		1,387,190
265,089	Big 5 Sporting Goods Corp.		3,725,198		3,517,731
30,000	Destination XL Group Inc.†		169,350		148,200
60,496	Ethan Allen Interiors Inc.		1,459,896		1,672,109
119,200	EVINE Live Inc.†		546,447		799,832
190,700	Ingles Markets Inc., Cl. A		3,195,787		9,435,836
293,800	Krispy Kreme Doughnuts Inc.†		1,839,163		5,873,062
59,000	La-Z-Boy Inc.		1,313,713		1,658,490
15,000	Movado Group Inc.		198,103		427,800
35,000	Pier 1 Imports Inc.		421,157		489,300
140,000	Roundy’s Inc.†		572,718		684,600
29,605	Rush Enterprises Inc., Cl. A†		545,615		809,993
103,005	Rush Enterprises Inc., Cl. B†		1,775,041		2,546,284
6,000	SpartanNash Co.		121,934		189,360
616,755	The Bon-Ton Stores Inc.		6,709,782		4,292,615
39,581	Village Super Market Inc., Cl. A		1,065,449		1,244,427
4,000	Winmark Corp.		284,701		350,280
			24,893,958		35,527,109
	Semiconductors — 0.5%
236,160	Cascade Microtech Inc.†		1,323,037		3,207,053
185,100	Entegris Inc.†		1,250,835		2,534,019
93,700	IXYS Corp.		991,052		1,154,384
			3,564,924		6,895,456
	Specialty Chemicals — 2.4%
85,000	Chemtura Corp.†		1,480,785		2,319,650
1,186,000	Ferro Corp.†		5,973,230		14,884,300
267,226	General Chemical Group Inc.†(a)		59,859		14,697
147,406	Hawkins Inc.		5,099,148		5,599,954
2,000	KMG Chemicals Inc.		51,827		53,460
4,000	Minerals Technologies Inc.		116,940		292,400
39,000	Navigator Holdings Ltd.†		840,322		744,900
260,000	OMNOVA Solutions Inc.†		633,248		2,217,800
319,543	Zep Inc.		4,212,390		5,441,817
			18,467,749		31,568,978
	Telecommunications — 2.4%
74,200	Atlantic Tele-Network Inc.		3,030,595		5,136,124
1,270,048	Cincinnati Bell Inc.†		4,307,961		4,483,269
46,801	Consolidated Communications Holdings Inc.		590,136		954,740
20,000	Frequency Electronics Inc.†		225,394		279,000
715,178	HC2 Holdings Inc.†		2,613,959		7,831,199
752	Horizon Telecom Inc., Cl. B†		33,866		6,016
95,000	Ixia†		1,088,123		1,152,350
54,000	New ULM Telecom Inc.		502,691		388,800
835,000	NII Holdings Inc.†		804,131		36,323
4,100	North State Telecommunications Corp., Cl. A		349,343		291,633
559,235	ORBCOMM Inc.†		3,171,044		3,338,633
69,535	PC-Tel Inc.		542,336		556,280
7,788	Preformed Line Products Co.		338,590		328,108
249,000	Shenandoah Telecommunications Co.		2,739,911		7,758,840
			20,338,080		32,541,315
	Transportation — 0.2%
120,700	Dakota Plains Holdings Inc.†		239,164		223,295
6,142	Patriot Transportation Holding Inc.†		140,916		153,366
8,200	PHI Inc.†		130,182		243,950

See accompanying notes to financial statements.

12

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Transportation (Continued)
126,308	Providence and Worcester Railroad Co.	$	1,830,318	$	2,283,649
1	Trailer Bridge Inc.†		7,995		465
			2,348,575		2,904,725
	TOTAL COMMON STOCKS		693,164,291		1,057,310,557
	PREFERRED STOCKS — 0.1%
	Automotive: Parts and Accessories — 0.1%
20,000	Jungheinrich AG		229,855		1,290,295
	CONVERTIBLE PREFERRED STOCKS — 0.2%
	Diversified Industrial — 0.2%
88,937	Sevcon Inc., 4.000%, Ser. A		1,912,146		2,086,462
	Food and Beverage — 0.0%
500	Seneca Foods Corp., Ser. 2003†		7,625		14,905
	TOTAL CONVERTIBLE PREFERRED STOCKS		1,919,771		2,101,367
	RIGHTS — 0.0%
	Health Care — 0.0%
300,000	Adolor Corp., CPR, expire 07/01/19†		0		156,000
400,000	Sanofi, CVR, expire 12/31/20†		137,800		271,200
200,000	Teva Pharmaceutical Industries Ltd., CPR, expire 02/20/23†		103,591		106,000
	TOTAL RIGHTS		241,391		533,200
	WARRANTS — 0.0%
	Real Estate — 0.0%
15,170	Tejon Ranch Co., expire 08/31/16†		89,313		12,136
	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		12,136

Principal Amount		Cost		Market Value
	CORPORATE BONDS — 0.0%
	Real Estate — 0.0%
$         40,860	Capital Properties Inc., 5.000%, 12/31/22	$	40,860	$	38,868
108,079	Gyrodyne Co. of America Inc., Sub. Deb., 5.000%, 06/30/17		108,079		108,079
	TOTAL CORPORATE BONDS		148,939		146,947
	U.S. GOVERNMENT OBLIGATIONS — 21.1%
283,668,000	U.S. Treasury Bills, 0.000% to 0.145%††, 04/02/15 to 09/24/15		283,597,602		283,621,261
	TOTAL INVESTMENTS — 100.0%	$	979,391,162		1,345,015,763
	Other Assets and Liabilities (Net) — 0.0%				519,319
	NET ASSETS — 100.0%			$	1,345,535,082

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

† 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, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 96.8%
	Aerospace — 3.8%
23,750	AAR Corp.	$	302,494	$	729,125
14,900	Hexcel Corp.		334,024		766,158
			636,518		1,495,283
	Automotive: Parts and Accessories — 0.0%
402	Remy International, Inc.		4,186		8,928
	Building and Construction — 5.1%
24,700	Builders FirstSource Inc.†		152,490		164,749
9,350	Dycom Industries Inc.†		164,173		456,654
12,200	EMCOR Group Inc.		496,315		566,934
9,800	MasTec Inc.†		263,755		189,140
20,200	MYR Group Inc.†		381,130		633,068
			1,457,863		2,010,545
	Business Services — 7.9%
20,250	ABM Industries Inc.		433,172		645,165
21,900	Checkpoint Systems Inc.		269,498		236,958
12,450	Convergys Corp.		154,581		284,732
18,050	FTI Consulting Inc.†		613,945		676,153
2,000	G & K Services Inc., Cl. A		62,137		145,060
8,850	KAR Auction Services Inc.		139,585		335,681
9,600	McGrath RentCorp		262,043		315,936
27,950	PRGX Global Inc.†		195,987		112,359
13,600	The Brink’s Co.		348,011		375,768
			2,478,959		3,127,812
	Computer Hardware — 1.7%
45,700	QLogic Corp.†		679,826		673,618
	Computer Software and Services — 6.6%
9,800	Bottomline Technologies Inc.†		176,329		268,226
17,600	Constant Contact Inc.†		295,184		672,496
21,600	Covisint Corp.†		142,449		43,848
15,500	Guidance Software Inc.†		146,768		83,855
6,600	Heartland Payment Systems Inc.		134,730		309,210
3,800	Informatica Corp.†		104,124		166,649
9,500	NetScout Systems Inc.†		132,167		416,575
17,200	Progress Software Corp.†		348,852		467,324
5,000	PTC Inc.†		99,782		180,850
			1,580,385		2,609,033
	Consumer Products — 0.6%
6,900	Hanesbrands Inc.		44,921		231,219
	Diversified Industrial — 5.2%
7,200	Badger Meter Inc.		225,338		431,568
5,550	Barnes Group Inc.		134,945		224,719
16,260	Columbus McKinnon Corp.		244,105		438,044
15,500	Furmanite Corp.†		87,431		122,295
3,438	Griffon Corp.		30,572		59,924
5,000	Itron Inc.†		196,757		182,550
7,450	Kennametal Inc.		295,385		250,991
7,800	Sealed Air Corp.		128,023		355,368
			1,342,556		2,065,459
	Electronics — 4.7%
4,000	Avnet Inc.		124,610		178,000
47,450	Electro Scientific Industries Inc.		659,151		293,241
8,500	Knowles Corp.†		191,132		163,795
37,600	Newport Corp.†		473,804		716,656
13,550	Vishay Intertechnology Inc.		138,852		187,261
6,100	Woodward Inc.		203,284		311,161
			1,790,833		1,850,114
	Energy and Utilities — 8.4%
14,100	C&J Energy Services Ltd.†		369,610		156,933
8,300	Carrizo Oil & Gas Inc.†		309,165		412,095
31,800	Energy XXI Bermuda Ltd.		659,474		115,752
8,100	Gulfport Energy Corp.†		380,737		371,871

Shares		Cost		Market Value
18,300	Matador Resources Co.†	$	313,289	$	401,136
10,850	Matrix Service Co.†		127,833		190,526
31,300	Newpark Resources Inc.†		236,379		285,143
44,900	Patterson-UTI Energy Inc.		742,206		842,998
30,100	Rosetta Resources Inc.†		829,142		512,302
			3,967,835		3,288,756
	Entertainment — 0.5%
13,300	World Wrestling Entertainment Inc., Cl. A		146,150		186,333
	Equipment and Supplies — 2.2%
3,700	CIRCOR International Inc.		134,675		202,390
9,900	Crown Holdings Inc.†		373,213		534,798
9,900	Titan Machinery Inc.†		194,158		132,165
			702,046		869,353
	Financial Services — 20.4%
8,300	BankUnited Inc.		201,551		271,742
10,850	BBCN Bancorp Inc.		80,984		156,999
12,498	Beneficial Bancorp Inc.†		126,446		141,102
4,200	Berkshire Hills Bancorp Inc.		97,244		116,340
9,700	Boston Private Financial Holdings Inc.		73,597		117,855
10,950	Brown & Brown Inc.		259,801		362,554
11,300	Cardinal Financial Corp.		129,263		225,774
17,900	CoBiz Financial Inc.		199,945		220,528
8,900	Columbia Banking System Inc.		167,736		257,833
3,600	Financial Institutions Inc.		58,349		82,548
13,200	Flushing Financial Corp.		172,900		264,924
3,550	FNF Group		47,387		130,498
2,149	FNFV Group†		13,409		30,301
10,300	Glacier Bancorp Inc.		150,943		259,045
16,000	Heritage Commerce Corp.		126,965		146,080
10,884	Hudson Valley Holding Corp.		191,825		278,195
81,550	Investors Bancorp Inc.		762,169		955,766
30,900	LegacyTexas Financial Group Inc.		577,212		702,357
4,350	OceanFirst Financial Corp.		56,798		75,125
13,650	OFG Bancorp		162,884		222,768
7,000	Oritani Financial Corp.		102,517		101,850
7,800	Southwest Bancorp Inc.		126,900		138,762
4,600	Square 1 Financial Inc.†		82,800		123,142
9,400	State Bank Financial Corp.		167,599		197,400
11,309	Sterling Bancorp		89,284		151,654
16,900	Stifel Financial Corp.†		573,754		942,175
13,100	TrustCo Bank Corp NY		60,619		90,128
7,150	Umpqua Holdings Corp.		80,417		122,837
29,600	United Financial Bancorp Inc.		397,626		367,928
11,700	Washington Federal Inc.		181,030		255,119
8,100	Washington Trust Bancorp Inc.		180,411		309,339
12,000	Waterstone Financial Inc.		128,468		154,080
12,900	Xenith Bankshares Inc.†		52,705		78,432
			5,881,538		8,051,180
	Health Care — 6.4%
8,350	AngioDynamics Inc.†		116,492		148,546
39,600	BioScrip Inc.†		281,104		175,428
2,000	ICU Medical Inc.†		82,020		186,280
4,250	Omnicare Inc.		129,405		327,505
4,950	Omnicell Inc.†		67,502		173,745
16,350	Patterson Companies Inc.		478,210		797,717
4,600	STERIS Corp.		147,016		323,242
1,700	Thoratec Corp.†		51,659		71,213
5,800	VCA Inc.†		98,593		317,956
			1,452,001		2,521,632
	Machinery — 2.2%
22,000	Briggs & Stratton Corp.		414,741		451,880
11,800	Trinity Industries Inc.		144,819		419,018
			559,560		870,898

See accompanying notes to financial statements.

14

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Metals and Mining — 1.2%
12,350	Carpenter Technology Corp.	$	591,650	$	480,168
	Retail — 6.7%
33,550	American Eagle Outfitters Inc.		459,798		573,034
17,600	Big 5 Sporting Goods Corp.		188,649		233,552
25,950	Ethan Allen Interiors Inc.		540,535		717,258
11,600	Haverty Furniture Companies Inc.		274,498		288,608
3,600	Penske Automotive Group Inc.		104,855		185,364
7,000	Pier 1 Imports Inc.		80,336		97,860
19,500	Rush Enterprises Inc., Cl. A†		355,893		533,520
			2,004,564		2,629,196
	Semiconductors — 8.4%
8,300	Cabot Microelectronics Corp.†		360,576		414,751
16,900	Cascade Microtech Inc.†		84,203		229,502
8,500	Cypress Semiconductor Corp.		72,887		119,935
54,800	Entegris Inc.†		586,814		750,212
44,900	FormFactor Inc.†		243,513		398,263
35,900	Intersil Corp., Cl. A		296,032		514,088
57,400	ON Semiconductor Corp.†		437,176		695,114
11,400	Ultratech Inc.†		268,889		197,676
			2,350,090		3,319,541
	Specialty Chemicals — 1.1%
10,900	Chemtura Corp.†		286,583		297,461
7,800	Zep Inc.		137,749		132,834
			424,332		430,295

Shares		Cost		Market Value
	Telecommunications — 3.7%
4,250	Atlantic Tele-Network Inc.	$	150,196	$	294,185
81,100	Extreme Networks Inc.†		328,696		256,276
22,000	Ixia†		316,000		266,860
28,200	Polycom Inc.†		325,236		377,880
27,600	Procera Networks Inc.†		251,189		259,164
			1,371,317		1,454,365
	TOTAL COMMON STOCKS		29,467,130		38,173,728
Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 3.3%
$1,315,000	U.S. Treasury Bills, 0.035% to 0.125%††, 07/23/15 to 09/24/15		1,314,700		1,314,722
	TOTAL INVESTMENTS — 100.1% .	$	30,781,830		39,488,450
	Other Assets and Liabilities (Net) — (0.1)%				(33,015	)
	NET ASSETS — 100.0%			$	39,455,435

† 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, 2015 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.5%
		FINANCIALS — 20.5%
		Banks — 4.2%
3,254		BankUnited Inc.	$	97,984	$	106,536
5,396		Regions Financial Corp.		54,079		50,992
2,363		Zions Bancorporation		69,103		63,801
				221,166		221,329
		Diversified Financials — 5.1%
353		Affiliated Managers Group Inc.†		65,734		75,817
1,094		Financial Engines Inc.		49,436		45,762
2,301		Invesco Ltd.		81,720		91,327
2,734		WisdomTree Investments Inc.		33,290		58,672
				230,180		271,578
		Insurance — 3.8%
628		ACE Ltd.		60,723		70,016
2,309		HCC Insurance Holdings Inc.		103,915		130,851
				164,638		200,867
		Real Estate — 7.4%
1,061		American Tower Corp.		88,515		99,893
3,565		CBRE Group Inc., Cl. A†		95,589		138,001
2,127		Corrections Corp. of America		72,860		85,633
1,754		Gaming and Leisure Properties Inc.		67,839		64,670
				324,803		388,197
		TOTAL FINANCIALS		940,787		1,081,971
		INDUSTRIALS — 17.4%
		Capital Goods — 9.3%
373		Cummins Inc.		50,446		51,713
1,610		Fortune Brands Home & Security Inc.		65,534		76,443
1,595		Hexcel Corp.		62,785		82,015
991		MSC Industrial Direct Co. Inc., Cl. A		84,361		71,550
3,577		Quanta Services Inc.†		112,571		102,052
4,030		Rexnord Corp.†		99,151		107,561
				474,848		491,334
		Commercial and Professional Services — 6.7%
1,085		Bright Horizons Family Solutions Inc.†		41,547		55,628
607		IHS Inc., Cl. A†		70,725		69,052
2,255		Nielsen NV		93,096		100,505
3,907		Steelcase Inc., Cl. A		63,606		73,999
383		Stericycle Inc.†		43,876		53,785
				312,850		352,969
		Transportation — 1.4%
1,484		Expeditors International of Washington Inc.		61,503		71,499
	��	TOTAL INDUSTRIALS		849,201		915,802
		CONSUMER DISCRETIONARY — 16.9%
		Consumer Durables — 1.3%
1,797		Toll Brothers Inc.†		61,251		70,694
		Consumer Services — 2.2%
871		Hyatt Hotels Corp., Cl. A†		45,540		51,581
1,218		Norwegian Cruise Line Holdings Ltd.†		39,922		65,784
				85,462		117,365
		Media — 6.7%
2,720		Discovery Communications Inc., Cl. C†		97,068		80,172
404		Liberty Broadband Corp., Cl. C†		18,446		22,866
2,224		Liberty Global plc, Cl. C†		86,092		110,777
1,352		Liberty Media Corp., Cl. C†		46,901		51,646

Shares		Cost		Market Value
1,947	Manchester United plc, Cl. A†	$	30,525	$	30,977
698	Omnicom Group Inc.		48,989		54,430
			328,021		350,868
	Retailing — 6.7%
512	Bed Bath & Beyond Inc.†		33,277		39,309
1,686	Ethan Allen Interiors Inc.		42,354		46,601
507	O’Reilly Automotive Inc.†		68,452		109,634
761	United Natural Foods Inc.†		50,931		58,627
1,424	Urban Outfitters Inc.†		54,048		65,006
2,476	zulily Inc., Cl. A†		80,371		32,163
			329,433		351,340
	TOTAL CONSUMER DISCRETIONARY		804,167		890,267
	HEALTH CARE — 16.2%
	Health Care Equipment and Services — 6.7%
2,981	Castlight Health Inc., Cl. B†		27,127		23,133
2,653	Catamaran Corp.†		124,675		157,960
1,509	Insulet Corp.†		58,149		50,325
245	Laboratory Corp. of America Holdings†		28,368		30,892
794	Universal Health Services Inc., Cl. B		65,340		93,462
			303,659		355,772
	Pharmaceuticals, Biotechnology, and Life Sciences — 9.5%
482	Alexion Pharmaceuticals Inc.†		75,337		83,531
5,809	Exact Sciences Corp.†		93,803		127,914
336	Illumina Inc.†		47,638		62,375
922	Incyte Corp. Ltd.†		41,378		84,510
168	Mettler-Toledo International Inc.†		40,994		55,213
744	Vertex Pharmaceuticals Inc.†		60,376		87,770
			359,526		501,313
	TOTAL HEALTH CARE		663,185		857,085
	INFORMATION TECHNOLOGY — 13.5%
	Software and Services — 11.0%
2,918	Activision Blizzard Inc.		56,606		66,311
3,197	Cornerstone OnDemand Inc.†		106,605		92,361
7,837	Covisint Corp.†		51,994		15,909
383	Equinix Inc.		74,979		89,181
5,008	Fortinet Inc.†		108,169		175,030
622	MercadoLibre Inc.		68,044		76,207
310	Mobileye NV†		12,990		13,029
874	Splunk Inc.†		47,630		51,741
			527,017		579,769
	Technology Hardware and Equipment — 2.5%
423	Stratasys Ltd.†		23,656		22,326
1,368	Synaptics Inc.†		80,313		111,225
			103,969		133,551
	TOTAL INFORMATION TECHNOLOGY		630,986		713,320
	ENERGY — 5.5%
	Energy — 5.5%
1,077	Antero Resources Corp.†		62,779		38,040
1,098	Cameron International Corp.†		69,172		49,542
1,277	Noble Corp. plc		36,472		18,236
426	Paragon Offshore plc		4,802		554
518	Pioneer Natural Resources Co.		91,215		84,698
1,093	Range Resources Corp.		79,345		56,880
3,534	Weatherford International plc†		58,990		43,468
	TOTAL ENERGY		402,775		291,418

See accompanying notes to financial statements.

16

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	CONSUMER STAPLES — 3.7%
	Food and Beverage — 3.7%
2,011	Coca-Cola Enterprises Inc	$	85,950	$	88,886
338	McCormick & Co. Inc., Non-Voting		23,180		26,063
781	Mead Johnson Nutrition Co.		65,816		78,514
	TOTAL CONSUMER STAPLES		174,946		193,463
	MATERIALS — 3.0%
	Materials — 3.0%
1,324	Cytec Industries Inc		57,922		71,549
744	Ecolab Inc		74,516		85,099
	TOTAL MATERIALS		132,438		156,648
	UTILITIES — 2.8%
	Utilities — 2.8%
2,917	ITC Holdings Corp.		98,915		109,183
2,997	The AES Corp.		40,142		38,512
	TOTAL UTILITIES		139,057		147,695
	TOTAL COMMON STOCKS		4,737,542		5,247,669
	TOTAL INVESTMENTS — 99.5%	$	4,737,542		5,247,669
	Other Assets and Liabilities (Net) — 0.5%				24,239
	NET ASSETS — 100.0%			$	5,271,908

† Non-income producing security.

See accompanying notes to financial statements.

17

TETON Westwood Income Fund

Schedule of Investments — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 94.7%
	Agriculture — 0.5%
1,000	Archer Daniels Midland Co.	$	28,410	$	47,400
	Automotive — 3.8%
5,000	General Motors Co.		163,215		187,500
5,000	Navistar International Corp.†		144,574		147,500
			307,789		335,000
	Communications Equipment — 2.2%
7,000	Cisco Systems Inc.		184,139		192,675
	Computer Hardware — 6.0%
4,200	Apple Inc.		237,468		522,606
	Computer Software and Services — 0.7%
1,000	eBay Inc.†		51,305		57,680
	Consumer Staples — 1.2%
3,000	Mondelēz International Inc., Cl. A		63,120		108,270
	Diversified Industrial — 4.4%
7,000	General Electric Co.		122,298		173,670
2,000	Honeywell International Inc.		78,538		208,620
			200,836		382,290
	Electronics — 2.9%
8,000	Intel Corp.		188,828		250,160
	Energy and Utilities: Integrated — 0.5%
1,334	FirstEnergy Corp.		50,482		46,770
	Energy and Utilities: Natural Gas — 1.9%
6,000	CONSOL Energy Inc.		220,368		167,340
	Energy and Utilities: Oil — 7.1%
500	Apache Corp		42,855		30,165
1,500	BP plc, ADR		68,991		58,665
1,000	Chevron Corp.		84,889		104,980
2,500	ConocoPhillips		152,077		155,650
1,600	Devon Energy Corp.		95,837		96,496
2,250	Phillips 66		86,073		176,850
			530,722		622,806
	Energy and Utilities: Services — 5.1%
6,000	Halliburton Co.		244,239		263,280
1,500	Noble Corp. plc		59,714		21,420
500	Paragon Offshore plc		8,143		650
13,000	Weatherford International plc†		203,687		159,900
			515,783		445,250
	Financial Services — 19.1%
5,000	American International Group Inc.		181,970		273,950
4,000	Bank of America Corp.		49,700		61,560
3,500	Citigroup Inc.		160,807		180,320
2,800	CME Group Inc.		164,453		265,188
3,400	JPMorgan Chase & Co.		159,068		205,972
6,000	The Blackstone Group LP		197,610		233,340
4,000	U.S. Bancorp		131,903		174,680
5,000	Wells Fargo & Co.		157,923		272,000
			1,203,434		1,667,010
	Food and Beverage — 2.4%
2,000	General Mills Inc.		58,976		113,200
1,000	PepsiCo Inc.		54,570		95,620
			113,546		208,820

Shares		Cost		Market Value
	Health Care — 15.3%
1,500	AbbVie Inc.	$	40,989	$	87,810
1,783	Bristol-Myers Squibb Co.		51,086		115,003
1,000	Eli Lilly & Co.		43,784		72,650
1,000	Gilead Sciences Inc.†		72,102		98,130
1,500	Johnson & Johnson		85,403		150,900
3,000	Merck & Co. Inc.		132,674		172,440
7,764	Pfizer Inc.		198,734		270,110
2,000	Sanofi, ADR		101,714		98,880
5,858	Zoetis Inc.		172,836		271,167
			899,322		1,337,090
	Machinery — 2.0%
5,000	Xylem Inc.		132,724		175,100
	Media — 2.0%
5,200	Twenty-First Century Fox Inc., Cl. A		179,837		175,968
	Metals and Mining — 2.9%
5,000	Barrick Gold Corp.		91,137		54,800
7,000	Freeport-McMoRan Inc.		245,379		132,650
3,000	Newmont Mining Corp.		147,074		65,130
			483,590		252,580
	Paper and Forest Products — 3.0%
4,700	International Paper Co.		134,673		260,803
	Real Estate Investment Trusts — 1.4%
5,000	Starwood Property Trust Inc.		89,451		121,500
	Retail — 5.6%
7,000	Best Buy Co. Inc.		182,263		264,530
2,000	The Home Depot Inc.		79,247		227,220
			261,510		491,750
	Specialty Chemicals — 2.8%
2,200	E. I. du Pont de Nemours and Co.		104,556		157,234
2,000	H.B. Fuller Co.		76,354		85,740
			180,910		242,974
	Telecommunications — 1.9%
3,315	Verizon Communications Inc.		142,414		161,208
	TOTAL COMMON STOCKS		6,400,661		8,273,050
Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 6.9%
$600,000	U.S. Treasury Bills,
	0.010% to 0.125%††,
	04/09/15 to 09/24/15		599,837		599,860
	TOTAL INVESTMENTS — 101.6%	$	7,000,498		8,872,910
	Other Assets and Liabilities (Net) — (1.6)%				(142,364	)
	NET ASSETS — 100.0%			$	8,730,546

†  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, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 95.5%
	Aerospace — 5.9%
12,700	Raytheon Co.	$	1,193,058	$	1,387,475
8,800	The Boeing Co.		982,860		1,320,704
11,400	United Technologies Corp.		1,235,811		1,336,080
			3,411,729		4,044,259
	Automotive: Parts and Accessories — 2.0%
22,700	BorgWarner Inc.		1,372,482		1,372,896
	Banking — 13.2%
117,700	Bank of America Corp.		1,313,910		1,811,403
18,000	Capital One Financial Corp.		1,223,846		1,418,760
21,800	CIT Group Inc.		699,036		983,616
39,984	JPMorgan Chase & Co.		1,839,692		2,422,231
44,600	Wells Fargo & Co.		1,710,943		2,426,240
			6,787,427		9,062,250
	Business Services — 2.4%
5,900	FedEx Corp.		781,101		976,155
9,297	MSC Industrial Direct Co. Inc., Cl. A		799,192		671,243
			1,580,293		1,647,398
	Cable and Satellite — 4.0%
16,500	AMC Networks Inc., Cl. A†		1,186,937		1,264,560
26,100	Comcast Corp., Cl. A		481,560		1,473,867
			1,668,497		2,738,427
	Communications Equipment — 1.1%
25,700	ARRIS Group Inc.†		778,822		742,602
	Computer Hardware — 2.5%
14,000	Apple Inc.		1,063,400		1,742,020
	Computer Software and Services — 2.0%
24,000	eBay Inc.†		1,299,245		1,384,320
	Consumer Products — 3.7%
20,700	Colgate-Palmolive Co.		1,182,031		1,435,338
23,700	Garmin Ltd.		1,333,187		1,126,224
			2,515,218		2,561,562
	Diversified Industrial — 2.0%
13,300	Honeywell International Inc.		959,675		1,387,323
	Electronics — 1.0%
9,900	WESCO International Inc.†		802,429		691,911
	Energy and Energy Services — 1.6%
12,100	EOG Resources Inc.		1,029,308		1,109,449
	Energy: Integrated — 3.9%
13,000	NextEra Energy Inc.		993,948		1,352,650
26,600	Wisconsin Energy Corp.		1,213,707		1,316,700
			2,207,655		2,669,350
	Energy: Natural Gas — 0.7%
6,200	EQT Corp.		312,207		513,794
	Energy: Oil — 4.8%
12,600	Chevron Corp.		933,835		1,322,748
15,000	Exxon Mobil Corp.		1,296,202		1,275,000
9,010	Occidental Petroleum Corp.		697,322		657,730
			2,927,359		3,255,478

Shares		Cost		Market Value
	Entertainment — 3.9%
16,200	Time Warner Inc.	$	1,044,977	$	1,367,928
18,700	Viacom Inc., Cl. B		1,127,452		1,277,210
			2,172,429		2,645,138
	Financial Services — 6.1%
25,500	American International Group Inc.		897,767		1,397,145
36,900	Invesco Ltd.		1,338,177		1,464,561
31,100	The Hartford Financial Services Group Inc.		739,878		1,300,602
			2,975,822		4,162,308
	Food and Beverage — 6.8%
19,500	General Mills Inc.		759,713		1,103,700
19,700	McCormick & Co. Inc., Non-Voting		1,333,727		1,519,067
7,100	PepsiCo Inc.		440,530		678,902
12,000	The J.M. Smucker Co.		1,290,019		1,388,760
			3,823,989		4,690,429
	Health Care — 10.6%
30,000	Abbott Laboratories		1,065,083		1,389,900
14,100	Becton, Dickinson and Co.		1,611,681		2,024,619
14,600	Cigna Corp.		1,286,120		1,889,824
19,100	Johnson & Johnson		1,749,518		1,921,460
			5,712,402		7,225,803
	Health Care Providers and Services — 2.4%
15,200	Aetna Inc.		1,346,254		1,619,256
	Retail — 6.3%
6,500	Simon Property Group Inc.		1,321,258		1,271,660
18,300	Target Corp.		1,154,814		1,501,881
13,400	The Home Depot Inc.		1,076,260		1,522,374
			3,552,332		4,295,915
	Semiconductors — 1.1%
7,400	Skyworks Solutions Inc.		273,180		727,346
	Telecommunications — 5.6%
44,500	Amdocs Ltd.		1,711,586		2,420,800
28,500	Verizon Communications Inc.		1,406,679		1,385,955
			3,118,265		3,806,755
	Transportation — 1.9%
12,000	Union Pacific Corp.		437,831		1,299,720
	TOTAL COMMON STOCKS		52,128,250		65,395,709
	SHORT TERM INVESTMENT — 4.7%
	Mutual Fund — 4.7%
3,201,557	Dreyfus Cash Management, 0.030%*		3,201,557		3,201,557
	TOTAL INVESTMENTS — 100.2%	$	55,329,807		68,597,266
	Other Assets and Liabilities (Net) — (0.2)%				(112,306	)
	NET ASSETS — 100.0%			$	68,484,960

† Non-income producing security.

* Current yield.

See accompanying notes to financial statements.

19

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2015 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 63.2%
	Aerospace — 3.9%
9,500	Raytheon Co.	$	892,730	$	1,037,875
6,200	The Boeing Co.		648,367		930,496
8,200	United Technologies Corp.		863,795		961,040
			2,404,892		2,929,411
	Automotive: Parts and Accessories — 1.3%
16,000	BorgWarner Inc.		967,582		967,680
	Banking — 9.0%
87,400	Bank of America Corp.		539,421		1,345,086
13,100	Capital One Financial Corp.		837,425		1,032,542
19,900	CIT Group Inc.		642,067		897,888
28,196	JPMorgan Chase & Co.		1,180,775		1,708,114
32,000	Wells Fargo & Co.		1,196,494		1,740,800
			4,396,182		6,724,430
	Business Services — 0.9%
4,200	FedEx Corp.		556,521		694,890
	Cable and Satellite — 2.6%
13,300	AMC Networks Inc., Cl. A†		952,025		1,019,312
16,900	Comcast Corp., Cl. A		311,997		954,343
			1,264,022		1,973,655
	Communications Equipment — 0.7%
18,500	ARRIS Group Inc.†		560,320		534,557
	Computer Hardware — 1.7%
10,150	Apple Inc.		769,813		1,262,964
	Computer Software and Services — 1.4%
17,500	eBay Inc.†		947,512		1,009,400
	Consumer Products — 2.3%
14,200	Colgate-Palmolive Co.		811,453		984,628
15,600	Garmin Ltd.		877,328		741,312
			1,688,781		1,725,940
	Diversified Industrial — 1.3%
9,525	Honeywell International Inc.		684,600		993,553
	Electronics — 0.7%
7,000	WESCO International Inc.†		568,174		489,230
	Energy and Energy Services — 1.2%
10,000	EOG Resources Inc.		865,832		916,900
	Energy: Integrated — 2.8%
9,800	NextEra Energy Inc.		749,119		1,019,690
21,300	Wisconsin Energy Corp.		968,156		1,054,350
			1,717,275		2,074,040
	Energy: Natural Gas — 0.6%
5,400	EQT Corp.		284,409		447,498
	Energy: Oil — 3.1%
9,000	Chevron Corp.		603,954		944,820
10,800	Exxon Mobil Corp.		937,122		918,000
6,400	Occidental Petroleum Corp.		490,007		467,200
			2,031,083		2,330,020
	Entertainment — 2.5%
11,700	Time Warner Inc.		737,674		987,948
13,400	Viacom Inc., Cl. B		788,125		915,220
			1,525,799		1,903,168
	Equipment and Supplies — 0.6%
6,700	MSC Industrial Direct Co. Inc., Cl. A		574,803		483,740
	Financial Services — 4.1%
17,600	American International Group Inc.		598,643		964,304
27,500	Invesco Ltd.		998,492		1,091,475

Shares		Cost		Market Value
25,000	The Hartford Financial Services Group Inc.	$	596,503	$	1,045,500
			2,193,638		3,101,279
	Food and Beverage — 4.5%
14,700	General Mills Inc.		572,965		832,020
13,100	McCormick & Co. Inc., Non-Voting		889,245		1,010,141
5,200	PepsiCo Inc.		325,086		497,224
8,600	The J.M. Smucker Co.		923,862		995,278
			2,711,158		3,334,663
	Health Care — 8.4%
22,800	Abbott Laboratories		801,915		1,056,324
10,800	Aetna Inc.		956,014		1,150,524
10,100	Becton, Dickinson and Co.		1,206,766		1,450,259
9,800	Cigna Corp.		862,274		1,268,512
13,800	Johnson & Johnson		1,249,383		1,388,280
			5,076,352		6,313,899
	Retail — 4.1%
4,700	Simon Property Group Inc.		954,073		919,508
13,100	Target Corp.		815,611		1,075,117
9,600	The Home Depot Inc.		771,050		1,090,656
			2,540,734		3,085,281
	Semiconductors — 0.7%
5,300	Skyworks Solutions Inc.		195,625		520,937
	Telecommunications — 3.6%
31,500	Amdocs Ltd.		1,210,217		1,713,600
20,500	Verizon Communications Inc.		1,011,816		996,915
			2,222,033		2,710,515
	Transportation — 1.2%
8,300	Union Pacific Corp.		304,255		898,973
	TOTAL COMMON STOCKS		37,051,395		47,426,623
Principal Amount
	CORPORATE BONDS — 22.1%
	Banking — 3.9%
$750,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		758,614		792,938
750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		761,635		871,702
600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,374		628,660
600,000	Wells Fargo & Co., MTN, 3.500%, 03/08/22		614,985		637,574
			2,735,608		2,930,874
	Computer Hardware — 1.6%
500,000	EMC Corp., 3.375%, 06/01/23		509,208		520,284
650,000	International Business Machines Corp., 2.900%, 11/01/21		658,580		678,238
			1,167,788		1,198,522
	Consumer Products — 1.7%
500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		494,853		484,809
800,000	Costco Wholesale Corp., 1.700%, 12/15/19		791,154		797,803
			1,286,007		1,282,612

See accompanying notes to financial statements.

20

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Principal Amount		Cost		Market Value
	CORPORATE BONDS (Continued)
	Diversified Industrial — 1.1%
$800,000	John Deere Capital Corp., MTN,
	1.950%, 12/13/18	$	801,660	$	815,110
	Electronics — 2.1%
1,000,000	Intel Corp.,
	3.300%, 10/01/21		1,028,667		1,066,075
500,000	Texas Instruments Inc.,
	1.650%, 08/03/19		498,811		498,107
			1,527,478		1,564,182
	Energy: Oil — 4.0%
1,000,000	Anadarko Petroleum Corp.,
	5.950%, 09/15/16		994,527		1,067,159
500,000	Marathon Oil Corp.,
	5.900%, 03/15/18		501,033		554,088
800,000	Occidental Petroleum Corp.,
	2.700%, 02/15/23		750,329		795,818
500,000	XTO Energy Inc.,
	6.500%, 12/15/18		535,060		586,415
			2,780,949		3,003,480
					��
	Financial Services — 3.7%
950,000	ACE INA Holdings Inc.,
	5.600%, 05/15/15		950,578		950,578
600,000	Capital One Financial Corp.,
	3.750%, 04/24/24		610,876		623,923
600,000	Morgan Stanley, GMTN,
	3.700%, 10/23/24		600,717		626,807
600,000	The PNC Financial Services Group Inc., STEP,
	2.854%, 11/09/22		589,402		606,536
			2,751,573		2,807,844
	Health Care — 2.5%
600,000	Aetna Inc.,
	3.500%, 11/15/24		601,108		627,105
600,000	Amgen Inc.,
	3.450%, 10/01/20		622,797		633,570
600,000	CVS Health Corp.,
	3.375%, 08/12/24		598,663		623,420
			1,822,568		1,884,095
	Transportation — 1.5%
1,000,000	Burlington Northern Santa Fe LLC,
	5.650%, 05/01/17		995,242		1,094,368
	TOTAL CORPORATE BONDS		15,868,873		16,581,087

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.0%
	Federal Home Loan Mortgage Corp. — 4.5%
$1,500,000	3.750%, 03/27/19	$	1,497,400	$	1,646,574
600,000	1.750%, 05/30/19		594,576		609,344
1,100,000	2.375%, 01/13/22		1,110,695		1,138,220
			3,202,671		3,394,138
	Federal National Mortgage Association — 1.5%
1,100,000	2.625%, 09/06/24		1,148,795		1,141,127
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		4,351,466		4,535,265
	U.S. GOVERNMENT OBLIGATIONS — 5.4%
	U.S. Treasury Inflation Indexed Notes — 1.5%
979,830	2.125%, 01/15/19		988,515		1,078,961
	U.S. Treasury Notes — 3.9%
1,000,000	3.625%, 08/15/19		1,012,403		1,099,844
750,000	3.375%, 11/15/19		804,795		819,023
1,000,000	2.250%, 11/15/24		1,038,850		1,028,125
			2,856,048		2,946,992
	TOTAL U.S. GOVERNMENT OBLIGATIONS		3,844,563		4,025,953
Shares
	SHORT TERM INVESTMENT — 3.1%
	Mutual Fund — 3.1%
2,331,469	Dreyfus Cash Management,
	0.030%*		2,331,469		2,331,469
	TOTAL INVESTMENTS — 99.8%	$	63,447,766		74,900,397
	Other Assets and Liabilities (Net) — 0.2%				114,370
	NET ASSETS — 100.0%			$	75,014,767

† Non-income producing security.

* Current yield.

GMTN	Global Medium Term Note
MTN	Medium Term Note
STEP	Step coupon Security. The rate disclosed is that in effect at March 31, 2015

See accompanying notes to financial statements.

21

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2015 (Unaudited)

Principal Amount		Cost		Market Value
	CORPORATE BONDS — 65.0%
	Aerospace — 1.2%
$200,000	The Boeing Co., 6.000%, 03/15/19	$	202,569	$	233,803
	Automotive — 1.7%
350,000	Toyota Motor Credit Corp., MTN, 1.750%, 05/22/17		352,485		355,641
	Banking — 9.8%
300,000	Bank of America Corp., MTN, Ser. L, 5.650%, 05/01/18		326,972		333,017
225,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		225,283		237,881
200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,366		232,454
400,000	The Bank of New York Mellon Corp., Ser. G, 2.200%, 05/15/19		401,252		406,642
400,000	US Bancorp., MTN, 2.200%, 04/25/19		401,542		407,326
400,000	Wells Fargo & Co., 2.125%, 04/22/19		399,859		405,098
			1,954,274		2,022,418
	Computer Hardware — 5.3%
300,000	Apple Inc., 0.503%, 05/03/18(a)		300,482		301,053
400,000	EMC Corp., 3.375%, 06/01/23		407,367		416,227
360,000	International Business Machines Corp., 2.900%, 11/01/21		364,752		375,639
			1,072,601		1,092,919
	Computer Software and Services — 3.3%
250,000	Microsoft Corp., 1.625%, 09/25/15		249,897		251,569
400,000	Oracle Corp., 3.625%, 07/15/23		400,199		430,517
			650,096		682,086
	Consumer Products — 3.9%
400,000	Costco Wholesale Corp., 1.700%, 12/15/19		395,577		398,902
400,000	The Home Depot Inc., 2.000%, 06/15/19		400,965		407,268
			796,542		806,170
	Diversified Industrial — 3.4%
400,000	General Electric Capital Corp., 1.625%, 07/02/15		400,846		401,238
300,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		302,076		305,666
			702,922		706,904
	Electronics — 2.6%
200,000	Arrow Electronics Inc., 6.000%, 04/01/20		199,877		228,195
300,000	Texas Instruments Inc., 1.650%, 08/03/19		299,276		298,864
			499,153		527,059
	Energy and Utilities: Electric — 1.5%
275,000	Dominion Resources Inc., 6.400%, 06/15/18		301,472		314,732

Principal Amount		Cost		Market Value
	Energy and Utilities: Oil — 5.7%
$200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16	$	198,911	$	213,432
125,000	Marathon Oil Corp., 5.900%, 03/15/18		125,258		138,522
400,000	Murphy Oil Corp., 2.500%, 12/01/17		401,448		394,586
200,000	Total Capital SA, 3.000%, 06/24/15		200,753		201,166
200,000	XTO Energy Inc., 6.500%, 12/15/18		214,024		234,566
			1,140,394		1,182,272
	Financial Services — 10.3%
175,000	ACE INA Holdings Inc., 5.600%, 05/15/15		174,901		174,901
400,000	Capital One Financial Corp., 3.750%, 04/24/24		407,250		415,948
400,000	Citigroup Inc., 2.500%, 07/29/19		401,587		405,951
260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16		267,241		290,526
400,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		400,478		417,872
400,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		403,359		419,107
			2,054,816		2,124,305
	Food and Beverage — 2.9%
275,000	Bottling Group LLC, 5.125%, 01/15/19		302,460		309,842
250,000	Mondelēz International Inc., 5.375%, 02/10/20		252,477		286,781
			554,937		596,623
	Health Care — 6.1%
400,000	Aetna Inc., 3.500%, 11/15/24		400,738		418,070
400,000	Amgen Inc., 3.450%, 10/01/20		415,198		422,380
400,000	CVS Health Corp., 2.250%, 12/05/18		404,149		409,322
			1,220,085		1,249,772
	Semiconductors — 1.8%
350,000	Intel Corp., 3.300%, 10/01/21		349,431		373,126
	Telecommunications — 4.4%
500,000	AT&T Inc., 1.700%, 06/01/17		504,293		501,958
400,000	Verizon Communications Inc., 3.000%, 11/01/21		398,433		408,586
			902,726		910,544
	Transportation — 1.1%
200,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		199,744		218,874
	TOTAL CORPORATE BONDS		12,954,247		13,397,248

See accompanying notes to financial statements.

22

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2015 (Unaudited)

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.3%
	Federal Home Loan Bank — 1.3%
$250,000	5.375%, 05/18/16, Ser. 656	$	250,233	$	264,085
	Federal Home Loan Mortgage Corp. — 8.4%
600,000	3.750%, 03/27/19		623,342		658,630
450,000	1.750%, 05/30/19		445,932		457,008
600,000	2.375%, 01/13/22		604,456		620,847
			1,673,730		1,736,485
	Federal National Mortgage Association — 7.4%
600,000	5.000%, 04/15/15		600,628		600,628
275,000	5.375%, 06/12/17		282,029		302,755
600,000	2.625%, 09/06/24		626,615		622,433
			1,509,272		1,525,816
	Government National Mortgage Association — 0.2%
7,726	Pool #562288, 6.000%, 12/15/33		7,789		9,003
24,068	Pool #604946, 5.500%, 01/15/34		24,207		27,917
			31,996		36,920
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		3,465,231		3,563,306
	U.S. GOVERNMENT OBLIGATIONS — 10.6%
	U.S. Treasury Inflation Indexed Notes — 3.2%
318,291	2.500%, 07/15/16		318,265		334,429
299,394	2.125%, 01/15/19		301,621		329,683
			619,886		664,112

Principal Amount		Cost		Market Value
	U.S. Treasury Notes — 6.4%
$275,000	3.500%, 02/15/18	$	275,143	$	295,668
650,000	3.375%, 11/15/19		665,617		709,820
300,000	2.250%, 11/15/24		311,655		308,437
			1,252,415		1,313,925
	U.S. Treasury Bonds — 1.0%
150,000	5.375%, 02/15/31		164,922		213,187
	TOTAL U.S. GOVERNMENT OBLIGATIONS		2,037,223		2,191,224
Shares
	SHORT TERM INVESTMENT — 6.6%
	Mutual Fund — 6.6%
1,361,322	Dreyfus Cash Management, 0.030%*		1,361,322		1,361,322
	TOTAL INVESTMENTS — 99.5%	$	19,818,023		20,513,100
	Other Assets and Liabilities (Net) — 0.5%				112,293
	NET ASSETS — 100.0%			$	20,625,393

(a) Variable rate security. Rate shown is the effective rate as of March 31, 2015.

* Current yield.

GMTN Global Medium Term Note

MTN Medium Term Note

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2015 (Unaudited)

	Mighty Mites Fund	SmallCap Equity Fund	Mid-Cap Equity Fund	Income Fund
Assets:
Investments, at value (cost $953,064,528, $30,781,830, $4,737,542, and $7,000,498, respectively)	$1,302,178,022	$39,488,450	$5,247,669	$8,872,910
Investments in affiliates, at value (cost $26,326,634)	42,837,741	—	—	—
Cash	—	4,305	35,043	48,200
Receivable for Fund shares sold	4,053,395	44,253	—	5,164
Receivable for investments sold	440,194	—	—	—
Receivable from Adviser	—	—	2,018	—
Dividends and interest receivable	701,128	28,251	4,940	12,990
Prepaid expenses	76,935	28,797	19,594	24,495
Total Assets	1,350,287,415	39,594,056	5,309,264	8,963,759
Liabilities:
Payable to custodian	10,570	—	—	—
Payable for investments purchased	720,264	—	10,750	198,151
Payable for Fund shares redeemed	2,081,268	64,698	—	1,804
Payable for investment advisory fees	1,121,058	30,366	—	4,861
Payable for distribution fees	337,646	7,752	981	2,740
Payable for accounting fees	7,500	—	—	—
Payable for custodian fees	62,226	—	7,558	—
Payable for legal and audit fees	54,409	22,469	14,476	17,390
Other accrued expenses	357,392	13,336	3,591	8,267
Total Liabilities	4,752,333	138,621	37,356	233,213
Net Assets	$1,345,535,082	$39,455,435	$5,271,908	$8,730,546
Net Assets Consist of:
Paid-in capital	$977,427,981	$30,156,673	$4,702,455	$8,182,439
Accumulated net investment income/(loss)	(10,498,280)	(207,519)	(8,997)	3,080
Accumulated net realized gain/(loss) on investments and foreign currency transactions	12,983,226	799,661	68,323	(1,327,385)
Net unrealized appreciation on investments	365,624,601	8,706,620	510,127	1,872,412
Net unrealized depreciation on foreign currency translations	(2,446)	—	—	—
Net Assets	$1,345,535,082	$39,455,435	$5,271,908	$8,730,546
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets	$344,037,858	$13,386,853	$1,969,497	$6,182,350
Shares of beneficial interest outstanding	14,020,512	658,770	161,731	522,541
Net Asset Value, offering, and redemption price per share	$24.54	$20.32	$12.18	$11.83
Class A:
Net assets	$184,105,896	$3,925,119	$762,956	$1,198,960
Shares of beneficial interest outstanding	7,701,298	198,380	62,923	98,095
Net Asset Value and redemption price per share	$23.91	$19.79	$12.13	$12.22
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)	$24.91	$20.61	$12.64	$12.73
Class C:
Net assets	$222,934,453	$3,760,822	$284,486	$1,039,720
Shares of beneficial interest outstanding	10,285,735	207,196	23,674	79,546
Net Asset Value and offering price per share(a)	$21.67	$18.15	$12.02	$13.07
Class I:
Net assets	$594,456,875	$18,382,641	$2,254,969	$309,516
Shares of beneficial interest outstanding	23,911,115	888,186	184,450	26,109
Net Asset Value, offering, and redemption price per share	$24.86	$20.70	$12.23	$11.85

(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, 2015 (Unaudited)

	Equity Fund		Balanced Fund	Intermediate Bond Fund
Assets:
Investments, at value (cost $55,329,807, $63,447,766, and $19,818,023, respectively)		$68,597,266	$74,900,397		$20,513,100
Investments in affiliates, at value		—	—		—
Cash		—	—		—
Receivable for Fund shares sold		46,001	38,281		6,083
Receivable for investments sold		—	—		—
Receivable from Adviser		—	—		—
Dividends and interest receivable		42,695	256,088		185,501
Prepaid expenses		35,600	34,057		27,073
Total Assets		68,721,562	75,228,823		20,731,757
Liabilities:
Payable to custodian		—	—		—
Payable for investments purchased		—	—		—
Payable for Fund shares redeemed		111,810	98,564		71,953
Payable for investment advisory fees		58,616	47,806		3,639
Payable for distribution fees		15,160	20,466		1,796
Payable for accounting fees		7,500	7,500		—
Payable for custodian fees		—	—		—
Payable for legal and audit fees		18,507	18,798		18,704
Other accrued expenses		25,009	20,922		10,272
Total Liabilities		236,602	214,056		106,364
Net Assets		$68,484,960	$75,014,767		$20,625,393
Net Assets Consist of:
Paid-in capital		$51,679,959	$59,717,131		$19,753,274
Accumulated net investment income/(loss)		57,991	(7,292)		2,497
Accumulated net realized gain on investments and foreign currency transactions		3,479,551	3,852,297		174,545
Net unrealized appreciation on investments		13,267,459	11,452,631		695,077
Net unrealized appreciation on foreign currency translations		—	—		—
Net Assets		$68,484,960	$75,014,767		$20,625,393
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$60,395,273	$60,661,025		$5,036,527
Shares of beneficial interest outstanding		4,591,940	4,901,755		429,933
Net Asset Value, offering, and redemption price per share		$13.15	$12.38		$11.71
Class A:
Net assets		$3,327,740	$6,664,448		$1,079,798
Shares of beneficial interest outstanding		253,379	535,805		92,270
Net Asset Value and redemption price per share		$13.13	$12.44		$11.70
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$13.68	$12.96		$12.19
Class C:
Net assets		$928,266	$5,755,558		$474,749
Shares of beneficial interest outstanding		73,327	457,162		42,654
Net Asset Value and offering price per share(a)		$12.66	$12.59		$11.13
Class I:
Net assets		$3,833,681	$1,933,736		$14,034,319
Shares of beneficial interest outstanding		292,164	156,417		1,197,342
Net Asset Value, offering, and redemption price per share		$13.12	$12.36		$11.72

(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, 2015 (Unaudited)

	Mighty Mites Fund			SmallCap Equity Fund	Mid-Cap Equity Fund			Income Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $16,240, $264, $159, and $100, respectively)		$  9,270,168		$  205,743		$  28,555		$107,951
Dividends - affiliated		396,552		—		—		—
Interest		87,493		141		164		61
Total Investment Income		9,754,213		205,884		28,719		108,012
Expenses:
Investment advisory fees		6,511,738		201,249		25,932		43,966
Distribution fees - Class AAA		435,371		17,973		2,318		7,925
Distribution fees - Class A		445,674		10,246		1,855		2,806
Distribution fees - Class C		1,081,887		19,601		1,263		5,190
Accounting fees		22,500		—		—		—
Custodian fees		95,604		5,737		9,323		2,372
Interest expense		—		—		159		—
Legal and audit fees		37,598		17,377		10,223		12,660
Payroll expenses		—		—		929		—
Registration expenses		74,858		20,980		6,251		21,605
Shareholder communications expenses		168,998		5,346		2,977		2,739
Shareholder services fees		579,296		11,177		3,581		3,247
Trustees’ fees		34,394		1,095		134		233
Miscellaneous expenses		32,873		6,294		5,608		5,617
Total Expenses		9,520,791		317,075		70,553		108,360
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—		(17,564)		(32,541	)	(15,497)
Advisory fee reduction on unsupervised assets (Note 3)		(28,556	)	—		—		—
Custodian fee credits		—		—		—		—
Total Reimbursements and Reductions		(28,556	)	(17,564)		(32,541	)	(15,497)
Net Expenses		9,492,235		299,511		38,012		92,863
Net Investment Income/(Loss)		261,978		(93,627)		(9,293	)	15,149
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		15,613,085		2,501,147		73,255		280,069
Net realized gain on investments - affiliated		1,787,549		—		—		—
Net realized loss on foreign currency transactions		(1,461	)	—		—		—
Net realized gain on investments and foreign currency transactions		17,399,173		2,501,147		73,255		280,069
Net change in unrealized appreciation/depreciation:
on investments		89,155,794		343,785		255,516		(222,435)
on foreign currency translations		(1,679	)	—		—		—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		89,154,115		343,785		255,516		(222,435)
Net Realized and Unrealized Gain on Investments and Foreign Currency		106,553,288		2,844,932		328,771		57,634
Net Increase in Net Assets Resulting from Operations		$106,815,266		$2,751,305		$319,478		$  72,783

See accompanying notes to financial statements.

26

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2015 (Unaudited)

	Equity Fund		Balanced Fund	Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of
$0, $0, and $0, respectively)	$	684,805	$  505,325	$	231
Dividends - affiliated		—	—		—
Interest		—	364,561		244,978
Total Investment Income		684,805	869,886		245,209
Expenses:
Investment advisory fees		341,387	290,283		62,944
Distribution fees - Class AAA		75,408	78,943		6,407
Distribution fees - Class A		8,497	16,568		1,757
Distribution fees - Class C		4,569	27,487		2,547
Accounting fees		22,500	22,500		—
Custodian fees		8,652	9,608		3,728
Interest expense		—	—		—
Legal and audit fees		13,700	13,820		14,245
Payroll expenses		—	—		—
Registration expenses		26,026	26,240		23,249
Shareholder communications expenses		10,641	10,484		3,100
Shareholder services fees		25,126	24,588		3,932
Trustees’ fees		1,830	2,134		568
Miscellaneous expenses		6,761	7,251		5,944
Total Expenses		545,097	529,906		128,421
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—	—		(38,993	)
Advisory fee reduction on unsupervised assets (Note 3)		—	—		—
Custodian fee credits		—	(4,898)		—
Total Reimbursements and Credits		—	(4,898)		(38,993	)
Net Expenses		545,097	525,008		89,428
Net Investment Income		139,708	344,878		155,781
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		3,710,872	4,340,562		177,804
Net realized gain on investments - affiliated		—	—		—
Net realized loss on foreign currency transactions		—	—		—
Net realized gain on investments transactions		3,710,872	4,340,562		177,804
Net change in unrealized appreciation/depreciation:
on investments		609,365	(797,124)		44,500
on foreign currency translations		—	—		—
Net change in unrealized appreciation/depreciation on investments		609,365	(797,124)		44,500
Net Realized and Unrealized Gain on Investments		4,320,237	3,543,438		222,304
Net Increase in Net Assets Resulting from Operations		$4,459,945	$3,888,316		$378,085

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
	For the Six Months Ended March 31, 2015 (Unaudited)			For the Year Ended September 30, 2014			For the Six Months Ended March 31, 2015 (Unaudited)	For the Year Ended September 30, 2014	For the Six Months Ended March 31, 2015 (Unaudited)			For the Period Ended September 30, 2014
Operations:
Net investment income/(loss)	$	261,978		$	(12,522,096	)	$     (93,627)	$  (162,332)	$	(9,293	)	$	(10,632	)
Net realized gain on investments and foreign currency transactions		17,399,173			28,580,653		2,501,147	2,853,146		73,255			51,231
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		89,154,115			(307,248	)	343,785	(1,101,155)		255,516			175,605
Net Increase in Net Assets Resulting from Operations		106,815,266			15,751,309		2,751,305	1,589,659		319,478			216,204
Distributions to Shareholders:
Net investment income
Class AAA		—			—		—	—		—			—
Class A		—			—		—	—		—			—
Class B*		—			—		—	—		—			—
Class C		—			—		—	—		—			—
Class I		—			—		—	—		—			(836	)
		—			—		—	—		—			(836	)
Net realized gain
Class AAA		(6,457,670	)		(28,607,652	)	(1,149,839)	—		(19,771	)		(205	)
Class A		(3,312,045	)		(8,971,292	)	(326,790)	—		(7,878	)		(54	)
Class B*		—			(301	)	—	—		—			—
Class C		(4,393,410	)		(11,292,276	)	(348,881)	—		(2,608	)		(22	)
Class I		(9,805,829	)		(17,271,524	)	(1,330,967)	—		(25,376	)		(348	)
		(23,968,954	)		(66,143,045	)	(3,156,477)	—		(55,633	)		(629	)
Total Distributions to Shareholders		(23,968,954	)		(66,143,045	)	(3,156,477)	—		(55,633	)		(1,465	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		27,560,286			127,362,664		287,321	1,265,433		365,206			1,069,627
Class A		17,223,631			68,894,121		116,994	732,091		73,226			508,794
Class B*		—			2,760		—	—		—			—
Class C		66,858,610			78,226,583		213,493	250,511		30,763			156,348
Class I		122,720,890			343,011,332		2,627,027	5,987,464		157,933			1,076,761
		234,363,417			617,497,460		3,244,835	8,235,499		627,128			2,811,530
Proceeds from reinvestment of distributions
Class AAA		6,315,803			28,170,975		1,119,099	—		19,771			205
Class A		2,740,083			7,544,617		302,367	—		6,868			54
Class B*		—			302		—	—		—			—
Class C		3,338,873			8,388,483		260,964	—		2,591			22
Class I		6,648,714			10,456,110		500,494	—		25,376			1,184
		19,043,473			54,560,487		2,182,924	—		54,606			1,465
Cost of shares redeemed
Class AAA		(76,948,841	)		(253,544,484	)	(3,467,592)	(6,095,587)		(183,995	)		(129,214	)
Class A		(22,189,774	)		(33,455,166	)	(705,450)	(1,305,181)		(38,483	)		(32,293	)
Class B*		—			(6,131	)	—	—		—			—
Class C		(68,677,072	)		(27,914,687	)	(794,670)	(651,867)		—			—
Class I		(91,286,806	)		(92,388,557	)	(1,933,248)	(2,830,578)		(395,972	)		—
		(259,102,493	)		(407,309,025	)	(6,900,960)	(10,883,213)		(618,450	)		(161,507	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(5,695,603	)		264,748,922		(1,473,201)	(2,647,714)		63,284			2,651,488
Redemption Fees		293			7,859		—	206		—			—
Net Increase/(Decrease) in Net Assets		77,151,002			214,365,045		(1,878,373)	(1,057,849)		327,129			2,866,227
Net Assets:
Beginning of year		1,268,384,080			1,054,019,035		41,333,808	42,391,657		4,944,779			2,078,552
End of period	$	1,345,535,082		$	1,268,384,080		$39,455,435	$41,333,808	$	5,271,908		$	4,944,779
Undistributed net investment income		—			—		—	—		—		$	296

* 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, 2015 (Unaudited)	For the Year Ended September 30, 2014	For the Six Months Ended March 31, 2015 (Unaudited)			For the Year Ended September 30, 2014			For the Six Months Ended March 31, 2015 (Unaudited)	For the Year Ended September 30, 2014	For the Six Months Ended March 31, 2015 (Unaudited)			For the Year Ended September 30, 2014
$     15,149	$    155,850		$     139,708			$     256,647		$     344,878	$      852,085		$    155,781			$    320,060
280,069	653,324		3,710,872			11,429,623		4,340,562	8,096,441		177,804			1,843
(222,435)	420,235		609,365			(1,366,101	)	(797,124)	(1,069,693)		44,500			(162,532	)
72,783	1,229,409		4,459,945			10,320,169		3,888,316	7,878,833		378,085			159,371
(13,636)	(113,919)		(242,617	)		(224,436	)	(306,948)	(762,439)		(33,750	)		(80,310	)
(1,767)	(15,373)		(5,642	)		(2,454	)	(25,140)	(51,219)		(6,141	)		(11,391	)
—	—		—			—		—	(1)		—			(6	)
(55)	(17,119)		—			—		(6,928)	(16,208)		(1,450	)		(3,735	)
(872)	(5,185)		(23,293	)		(11,148	)	(13,154)	(26,644)		(112,042	)		(224,667	)
(16,330)	(151,596)		(271,552	)		(238,038	)	(352,170)	(856,511)		(153,383	)		(320,109	)
—	—		(5,800,931	)		—		(5,214,820)	(4,993,471)		—			—
—	—		(319,971	)		—		(562,218)	(418,931)		—			—
—	—		—			—		—	(72)		—			—
—	—		(96,665	)		—		(465,481)	(363,637)		—			—
—	—		(334,883	)		—		(187,008)	(215,697)		—			—
—	—		(6,552,450	)		—		(6,429,527)	(5,991,808)		—			—
(16,330)	(151,596)		(6,824,002	)		(238,038	)	(6,781,697)	(6,848,319)		(153,383	)		(320,109	)
815,469	1,108,013		901,413			1,649,660		2,205,858	5,761,575		378,739			945,719
180,854	64,620		162,532			282,199		350,617	1,995,064		291,964			234,913
—	—		—			—		—	—		—			—
31,060	188,020		353,822			32,091		724,010	452,031		179,967			243,159
19,998	121,172		626,879			2,014,865		50,866	3,500,327		1,888,569			6,140,869
1,047,381	1,481,825		2,044,646			3,978,815		3,331,351	11,708,997		2,739,239			7,564,660
12,920	107,093		5,774,995			211,867		5,352,528	5,581,690		32,597			76,690
1,678	14,770		320,935			2,358		559,273	399,032		5,636			8,696
—	—		—			—		—	73		—			4
54	16,786		82,401			—		419,197	341,143		1,237			3,305
868	5,159		297,565			6,205		186,295	237,178		109,214			150,457
15,520	143,808		6,475,896			220,430		6,517,293	6,559,116		148,684			239,152
(934,097)	(1,908,982)		(4,775,469	)		(15,134,334	)	(13,777,102)	(13,953,031)		(601,196	)		(4,538,021	)
(452)	(94,076)		(376,897	)		(669,010	)	(422,203)	(1,922,839)		(156,300	)		(374,422	)
—	—		—			—		—	(1,063)		—			(5,141	)
(39,712)	(389,163)		(137,467	)		(152,653	)	(515,002)	(783,550)		(214,815	)		(542,141	)
(2,357)	(49,418)		(520,535	)		(935,016	)	(644,551)	(2,231,067)		(2,824,810	)		(3,394,712	)
(976,618)	(2,441,639)		(5,810,368	)		(16,891,013	)	(15,358,858)	(18,891,550)		(3,797,121	)		(8,854,437	)
86,283	(816,006)		2,710,174			(12,691,768	)	(5,510,214)	(623,437)		(909,198	)		(1,050,625	)
—	476		—			—		—	—		—			—
142,736	262,283		346,117			(2,609,637	)	(8,403,595)	407,077		(684,496	)		(1,211,363	)
8,587,810	8,325,527		68,138,843			70,748,480		83,418,362	83,011,285		21,309,889			22,521,252
$8,730,546	$8,587,810		$68,484,960			$68,138,843		$75,014,767	$83,418,362		$20,625,393			$21,309,889
$       3,080	$       4,261		$       57,991			$     189,835		—	—		$         2,497			$              99

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				Total Distributions				Redemption Fees(a)(c)			Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000 ’s)			Net Investment Income (Loss)(b)			Operating Expenses Net of Waivers/ Reimbursements/ Reductions			Operating Expenses Before Waivers/ Reimbursements/ Reductions(d)			Portfolio Turnover Rate
Mighty Mites Fund
Class AAA
2015(e)		$	23.01		$	0.01			$	1.95			$	1.96				—			$	(0.43	)		$	(0.43	)		$	0.00		$	24.54		8.6	%		$	344,038		0.06	%(f)		1.41	%(f)		1.41	%(f)		6	%
2014			23.81			(0.22	)			0.80				0.58				—				(1.38	)			(1.38	)			0.00			23.01		2.2				365,022		(0.90	)		1.41			1.42			14
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
Class A
2015(e)		$	22.45		$	(0.02	)		$	1.91			$	1.89				—			$	(0.43	)		$	(0.43	)		$	0.00		$	23.91		8.5	%		$	184,106		(0.15	)%(f)		1.66	%(f)		1.66	%(f)		6	%
2014			23.32			(0.27	)			0.78				0.51				—				(1.38	)			(1.38	)			0.00			22.45		2.2				175,108		(1.16	)		1.66			1.66			14
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
Class C
2015(e)		$	20.44		$	(0.07	)		$	1.73			$	1.66				—			$	(0.43	)		$	(0.43	)		$	0.00		$	21.67		8.2	%		$	222,934		(0.66	)%(f)		2.16	%(f)		2.16	%(f)		6	%
2014			21.46			(0.36	)			0.72				0.36				—				(1.38	)			(1.38	)			0.00			20.44		1.4				208,795		(1.66	)		2.16			2.17			14
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
Class I
2015(e)		$	23.27		$	0.04			$	1.98			$	2.02				—			$	(0.43	)		$	(0.43	)		$	0.00		$	24.86		8.8	%		$	594,457		0.36	%(f)		1.16	%(f)		1.16	%(f)		6	%
2014			24.02			(0.16	)			0.79				0.63				—				(1.38	)			(1.38	)			0.00			23.27		2.4				519,459		(0.67	)		1.16			1.17			14
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

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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) 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%, and 0.03% of net assets for the years ended September 30, 2014, 2013, 2012, 2011, and 2010, respectively. For the six months ended March 31, 2015, the effect was minimal.

(e) For the six months ended March 31, 2015, 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)				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2015(b)		$	20.52		$	(0.05	)		$	1.45			$	1.40				—			$	(1.60	)		$	(1.60	)			—			$	20.32		7.0	%		$	13,387		(0.47	)%(c)		1.50	%(c)		1.59	%(c)		12	%
2014			19.83			(0.07	)			0.76				0.69				—				—				—			$	0.00	(d)			20.52		3.5				15,649		(0.35	)		1.50			1.57			13
2013			15.32			(0.01	)			4.52				4.51				—				—				—				0.00	(d)			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	(d)			15.32		22.5				16,170		(0.21	)		1.50			1.65			39
2011			13.36			(0.12	)			(0.39	)			(0.51	)			—				—				—				0.00	(d)			12.85		(3.8	)			28,843		(0.73	)		1.50			1.69			52
2010			11.60			(0.10	)			1.86				1.76				—				—				—				0.00	(d)			13.36		15.2				10,435		(0.81	)		1.50			1.99			28
Class A
2015(b)		$	20.05		$	(0.07	)		$	1.41			$	1.34				—			$	(1.60	)		$	(1.60	)			—			$	19.79		6.8	%		$	3,925		(0.73	)%(c)		1.75	%(c)		1.84	%(c)		12	%
2014			19.41			(0.12	)			0.76				0.64				—				—				—			$	0.00	(d)			20.05		3.3				4,269		(0.60	)		1.75			1.82			13
2013			15.03			(0.04	)			4.42				4.38				—				—				—				0.00	(d)			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	(d)			15.03		22.1				5,390		(0.42	)		1.75			1.90			39
2011			13.18			(0.16	)			(0.37	)			(0.53	)			—				—				—				0.00	(d)			12.65		(4.0	)			4,965		(0.98	)		1.75			1.94			52
2010			11.47			(0.13	)			1.84				1.71				—				—				—				0.00	(d)			13.18		14.9				3,509		(1.06	)		1.75			2.24			28
Class C
2015(b)		$	18.56		$	(0.11	)		$	1.30			$	1.19				—			$	(1.60	)		$	(1.60	)			—			$	18.15		6.6	%		$	3,761		(1.23	)%(c)		2.25	%(c)		2.34	%(c)		12	%
2014			18.06			(0.21	)			0.71				0.50				—				—				—			$	0.00	(d)			18.56		2.8				4,186		(1.10	)		1.25			2.32			13
2013			14.06			(0.11	)			4.11				4.00				—				—				—				0.00	(d)			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	(d)			14.06		21.5				5,261		(0.92	)		2.25			2.40			39
2011			12.47			(0.22	)			(0.34	)			(0.56	)			—				—				—				0.00	(d)			11.91		(4.5	)			5,406		(1.50	)		2.25			2.44			52
2010			10.91			(0.18	)			1.74				1.56				—				—				—				0.00	(d)			12.47		14.3				911		(1.55	)		2.25			2.74			28
Class I
2015(b)		$	20.85		$	(0.02	)		$	1.47			$	1.45				—			$	(1.60	)		$	(1.60	)			—			$	20.70		7.1	%		$	18,382		(0.23	)%(c)		1.25	%(c)		1.34	%(c)		12	%
2014			20.09			(0.02	)			0.78				0.76				—				—				—			$	0.00	(d)			20.85		3.8				17,230		(0.09	)		1.25			1.38			13
2013			15.50			0.04				4.57				4.61			$	(0.02	)			—				(0.02	)			0.00	(d)			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	(d)			15.50		22.8				12,752		0.23			1.25			1.40			39
2011			13.45			(0.07	)			(0.42	)			(0.49	)			—				—				—				0.00	(d)			12.96		(3.6	)			759		(0.46	)		1.25			1.44			52
2010			11.65			(0.08	)			1.88				1.80				—				—				—				0.00	(d)			13.45		15.5				1,123		(0.59	)		1.25			1.74			28

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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) For the six months ended March 31, 2015, unaudited.

(c) Annualized.

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

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				Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income/Loss			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Mid-Cap Equity Fund
Class AAA
2015(b)		$	11.54		$	(0.02	)		$	0.78		$	0.76			—			$	(0.12	)		$	(0.12	)		$	12.18		6.6	%		$	1,970		(0.40	)%(c)		1.51	%(c)		2.76	%(c)		8	%
2014			10.48			(0.04	)			1.10			1.06			—				(0.00	)(d)			(0.00	)(d)			11.54		10.2				1,679		(0.39	)		1.51	(e)		4.27			22
2013(f)			10.00			(0.01	)			0.49			0.48			—				—				—				10.48		4.8				661		(0.42	)(c)		1.50	(c)		3.88	(c)(g)		3
Class A
2015(b)		$	11.51		$	(0.04	)		$	0.78		$	0.74			—			$	(0.12	)		$	(0.12	)		$	12.13		6.5	%		$	763		(0.65	)%(c)		1.76	%(c)		3.01	%(c)		8	%
2014			10.47			(0.08	)			1.12			1.04			—				(0.00	)(d)			(0.00	)(d)			11.51		10.0				682		(0.69	)		1.76	(e)		4.52			22
2013(f)			10.00			0.03				0.44			0.47			—				—				—				10.47		4.7				188		0.81	(c)		1.75	(c)		4.13	(c)(g)		3
Class C
2015(b)		$	11.43		$	(0.07	)		$	0.78		$	0.71			—			$	(0.12	)		$	(0.12	)		$	12.02		6.3	%		$	284		(1.14	)%(c)		2.26	%(c)		3.51	%(c)		8	%
2014			10.45			(0.13	)			1.11			0.98			—				(0.00	)(d)			(0.00	)(d)			11.43		9.4				239		(1.17	)		2.26	(e)		5.02			22
2013(f)			10.00			(0.02	)			0.47			0.45			—				—				—				10.45		4.5				74		(0.65	)(c)		2.25	(c)		4.63	(c)(g)		3
Class I
2015(b)		$	11.57		$	(0.01	)		$	0.79		$	0.78			—			$	(0.12	)		$	(0.12	)		$	12.23		6.8	%		$	2,255		(0.15	)%(c)		1.26	%(c)		2.51	%(c)		8	%
2014			10.48			0.01				1.11			1.12		$	(0.01	)			(0.00	)(d)			(0.01	)			11.59		10.5				2,345		(0.09	)		1.26	(e)		4.02			22
2013(f)			10.00			(0.01	)			0.49			0.48			—				—				—				10.48		4.8				1,155		(0.20	)(c)		1.25	(c)		3.63	(c)(g)		3

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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) For the six months ended March 31, 2015, unaudited.

(c) Annualized.

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

(e) The Fund incurred interest expense during the six months ended March 31, 2015 and the year ended September 30, 2014. 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.

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

(g) 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).

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 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 on Investments			Total From Investment Operations			Net Investment Income				Total Distributions				Redemption Fees(a)				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Income Fund
Class AAA
2015(b)		$	11.79		$	0.03			$	0.04		$	0.07		$	(0.03	)		$	(0.03	)			—			$	11.83		0.6	%		$	6,182		0.46	%(c)		2.00	%(c)		2.35	%(c)		9	%
2014			10.40			0.21				1.38			1.59			(0.20	)			(0.20	)		$	0.00	(d)			11.79		15.5				6,240		1.86			2.00			2.42			31
2013			8.96			0.07				1.45			1.52			(0.08	)			(0.08	)			0.00	(d)			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	(d)			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	(d)			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
Class A
2015(b)		$	12.18		$	0.01			$	0.05		$	0.06		$	(0.02	)		$	(0.02	)			—			$	12.22		0.5	%		$	1,199		0.21	%(c)		2.25	%(c)		2.60	%(c)		9	%
2014			10.75			0.19				1.43			1.62			(0.19	)			(0.19	)		$	0.00	(d)			12.18		15.2				1,013		1.63			2.25			2.67			31
2013			9.26			0.05				1.49			1.54			(0.05	)			(0.05	)			0.00	(d)			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	(d)			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	(d)			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
Class C
2015(b)		$	13.04		$	(0.02	)		$	0.05		$	0.03		$	(0.00	)		$	(0.00	)			—			$	13.07		0.2	%		$	1,040		(0.29	%)(c)		2.75	%(c)		3.10	%(c)		9	%
2014			11.54			0.17				1.50			1.67			(0.17	)			(0.17	)		$	0.00	(d)			13.04		14.6				1,045		1.30			2.75			3.32			31
2013			9.94			0.00	(d)			1.61			1.61			(0.01	)			(0.01	)			0.00	(d)			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	(d)			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	(d)			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
Class I
2015(b)		$	11.80		$	0.04			$	0.04		$	0.08		$	(0.03	)		$	(0.03	)			—			$	11.85		0.7	%		$	310		0.71	%(c)		1.75	%(c)		2.10	%(c)		9	%
2014			10.40			0.24				1.39			1.63			(0.23	)			(0.23	)		$	0.00	(d)			11.80		15.8				290		2.15			1.75			2.32			31
2013			8.96			0.10				1.44			1.54			(0.10	)			(0.10	)			0.00	(d)			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	(d)			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	(d)			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

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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) For the six months ended March 31, 2015, unaudited.

(c) Annualized.

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

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				Net Realized Gain on Investments				Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses††(b)			Portfolio Turnover Rate
Equity Fund
Class AAA
2015(c)		$	13.65		$	0.03			$	0.86			$	0.89			$	(0.06	)		$	(1.33	)		$	(1.39	)		$	13.15		6.6	%		$	60,395		0.42	%(d)		1.59	%(d)		14	%
2014			11.88			0.05				1.76				1.81				(0.04	)			—				(0.04	)			13.65		15.3				60,587		0.37			1.59			51
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
Class A
2015(c)		$	13.61		$	0.01			$	0.86			$	0.87			$	(0.02	)		$	(1.33	)		$	(1.35	)		$	13.13		6.6	%		$	3,328		0.16	%(d)		1.84	%(d)		14	%
2014			11.84			0.02				1.76				1.78				(0.01	)			—				(0.01	)			13.61		15.0				3,329		0.12			1.84			51
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
Class C
2015(c)		$	13.18		$	(0.02	)		$	0.83			$	0.81				—			$	(1.33	)		$	(1.33	)		$	12.66		6.3	%		$	928		(0.31	)%(d)		2.34	%(d)		14	%
2014			11.51			(0.05	)			1.72				1.67				—				—				—				13.18		14.5				676		(0.38	)		2.34			51
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
Class I
2015(c)		$	13.64		$	0.04			$	0.86			$	0.90			$	(0.09	)		$	(1.33	)		$	(1.42	)		$	13.12		6.8	%		$	3,834		0.66	%(d)		1.34	%(d)		14	%
2014			11.89			0.08				1.74				1.82				(0.07	)			—				(0.07	)			13.64		15.4				3,547		0.60			1.34			51
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

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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, and 2010 would have been 1.60% 1.56%, 1.52%, and 1.54% (Class AAA), 1.85%, 1.81%, 1.77%, and 1.79% (Class A), 2.35%, 2.31%, 2.27%, and 2.29% (Class C), and 1.35%, 1.31%, 1.27%, and 1.29% (Class I), respectively. For the six months ended March 31, 2015 and the year ended September 30, 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, 2014, 2013, 2012, 2011, and 2010. This interest expense was paid for by prior years Custodian Fee Credits. The effect of interest expense was minimal.

(c) For the six months ended March 31, 2015, 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 Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income			Operating Expenses††			Portfolio Turnover Rate
Balanced Fund
Class AAA
2015(b)		$	12.91		$	0.06		$	0.58			$	0.64			$	(0.06	)		$	(1.11	)		$	(1.17	)		$	12.38		5.1	%		$	60,661		0.96	%(c)		1.29	%(c)		18	%
2014			12.76			0.14			1.07				1.21				(0.14	)			(0.92	)			(1.06	)			12.91		9.9				69,187		1.07			1.29			39
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
Class A
2015(b)		$	12.97		$	0.04		$	0.59			$	0.63			$	(0.05	)		$	(1.11	)		$	(1.16	)		$	12.44		4.9	%		$	6,664		0.70	%(c)		1.54	%(c)		18	%
2014			12.82			0.11			1.07				1.18				(0.11	)			(0.92	)			(1.03	)			12.97		9.5				6,443		0.83			1.54			39
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
Class C
2015(b)		$	13.12		$	0.01		$	0.59			$	0.60			$	(0.02	)		$	(1.11	)		$	(1.13	)		$	12.59		4.6	%		$	5,756		0.20	%(c)		2.04	%(c)		18	%
2014			12.95			0.04			1.09				1.13				(0.04	)			(0.92	)			(0.96	)			13.12		9.0				5,350		0.32			2.04			39
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
Class I
2015(b)		$	12.90		$	0.07		$	0.58			$	0.65			$	(0.08	)		$	(1.11	)		$	(1.19	)		$	12.36		5.2	%		$	1,934		1.21	%(c)		1.04	%(c)		18	%
2014			12.76			0.17			1.06				1.23				(0.17	)			(0.92	)			(1.09	)			12.90		10.0				2,438		1.35			1.04			39
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

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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, 2015 and the years ended September 30, 2014, 2013, 2012, 2011, and 2010 would have been 1.30%, 1.27%, 1.28%, 1.27%, 1.22%, and 1.24% (Class AAA), 1.55%, 1.52%, 1.53%, 1.52%, 1.47%, and 1.49% (Class A), 2.05% 2.02%, 2.03%, 2.02%, 1.97%, and 1.05%, 1.99% (Class C), and 1.05%, 1.02%, 1.03%, 1.02%, 0.97%, and 0.99% (Class I), respectively.

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

(b) For the six months ended March 31, 2015, 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 Period		Total Return†			Net Assets, End of Period (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
2015(b)		$11.59		$0.08		$  0.12			$  0.20			$(0.08	)		—			$(0.08	)		$11.71		1.7	%		$  5,036		1.34	%(c)		1.00	%(c)		1.37	%(c)		32	%
2014		11.68		0.15		(0.09	)		0.06			(0.15	)		—			(0.15	)		11.59		0.5			5,174		1.29			1.00			1.38			16
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
Class A
2015(b)		$11.58		$0.07		$  0.12			$  0.19			$(0.07	)		—			$(0.07	)		$11.70		1.6	%		$  1,080		1.25	%(c)		1.10	%(c)		1.47	%(c)		32	%
2014		11.66		0.14		(0.08	)		0.06			(0.14	)		—			(0.14	)		11.58		0.5			928		1.21			1.10			1.48			16
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
Class C
2015(b)		$11.01		$0.03		$  0.12			$  0.15			$(0.03	)		—			$(0.03	)		$11.13		1.4	%		$    475		0.59	%(c)		1.75	%(c)		2.12	%(c)		32	%
2014		11.09		0.06		(0.08	)		(0.02	)		(0.06	)		—			(0.06	)		11.01		(0.2	)		503		0.55			1.75			2.13			16
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
Class I
2015(b)		$11.60		$0.09		$  0.12			$  0.21			$(0.09	)		—			$(0.09	)		$11.72		1.8	%		$14,034		1.58	%(c)		0.75	%(c)		1.12	%(c)		32	%
2014		11.68		0.18		(0.08	)		0.10			(0.18	)		—			(0.18	)		11.60		0.9			14,705		1.58			0.75			1.13			16
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

† Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year 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, 2010 would have been 1.00% (Class AAA), 1.10% (Class A), 1.75% (Class C), and 0.75% (Class I), respectively. For the six months ended March 31, 2015 and the years ended September 30, 2014, 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 year ended September 30, 2010 would have been 1.47% (Class AAA), 1.57% (Class A), 2.22% (Class C), and 1.22% (Class I), respectively. For the six months ended March 31, 2015 and the years ended September 30, 2014, 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, 2015, unaudited.

(c) Annualized.

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

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by 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, 2015 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/15
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Airlines		$      4,697,420		$      483,750		—		$      5,181,170
Consumer Products		26,165,520		—		$          31		26,165,551
Diversified Industrial		109,281,265		500,292		—		109,781,557
Financial Services		57,785,683		499,200		525,000		58,809,883
Health Care		105,428,921		—		28,640		105,457,561
Real Estate		20,577,759		—		202,679		20,780,438
Telecommunications		32,146,499		394,816		—		32,541,315
Transportation		2,904,260		—		465		2,904,725
Other Industries(a)		695,688,357		—		—		695,688,357
Total Common Stocks		1,054,675,684		1,878,058		756,815		1,057,310,557
Preferred Stocks(a)		1,290,295		—		—		1,290,295
Convertible Preferred Stocks(a)		—		2,101,367		—		2,101,367
Rights(a)		271,200		—		262,000		533,200
Warrants(a)		12,136		—		0		12,136
Corporate Bonds(a)		—		38,868		108,079		146,947
U.S. Government Obligations		—		283,621,261		—		283,621,261
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$1,056,249,315		$287,639,554		$1,126,894		$1,345,015,763
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$    38,173,728		—		—		$    38,173,728
U.S. Government Obligations		—		$    1,314,722		—		1,314,722
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    38,173,728		$    1,314,722		—		$    39,488,450
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$      5,247,669		—		—		$      5,247,669
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$      5,247,669		—		—		$      5,247,669
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$      8,273,050		—		—		$      8,273,050
U.S. Government Obligations		—		$      599,860		—		599,860
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$      8,273,050		$      599,860		—		$      8,872,910
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$    65,395,709		—		—		$    65,395,709
Short Term Investments		3,201,557		—		—		3,201,557
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    68,597,266		—		—		$    68,597,266

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 3/31/15
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$47,426,623		—	—		$47,426,623
Corporate Bonds(a)		—		$16,581,087	—		16,581,087
U.S. Government Agency Obligations		—		4,535,265	—		4,535,265
U.S. Government Obligations		—		4,025,953	—		4,025,953
Short Term Investments		2,331,469		—	—		2,331,469
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$49,758,092		$25,142,305	—		$74,900,397
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)		—		$13,397,248	—		$13,397,248
U.S. Government Agency Obligations		—		3,563,306	—		3,563,306
U.S. Government Obligations		—		2,191,224	—		2,191,224
Short Term Investments		$1,361,322		—	—		1,361,322
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$1,361,322		$19,151,778	—		$20,513,100

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

The Funds did not have material transfers among Level 1, Level 2, and Level 3 during the six months ended March 31, 2015. 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, 2015 or September 30, 2014 for SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

The following table reconciles Level 3 investments for Mighty Mites Fund for which significant unobservable inputs were used to determine fair value:

MIGHTY MITES FUND	Balance as of 9/30/14		Accrued discounts/ (premiums)	Realized gain/ (loss)	Change in unrealized appreciation/ depreciation†			Purchases	Sales		Transfers into Level 3†		Transfers out of Level 3†	Balance as of 3/31/15		Net change in unrealized appreciation/ depreciation on Level 3 investments still held at 3/31/15††
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Health Care	$	28,640	—	—		—		—		—		—	—	$	28,640		—
Financial Services		—	—	—	$	25,000		—		—	$	500,000	—		525,000	$	25,000
Real Estate		203,063	—	—		(384	)	—		—		—	—		202,679		(384	)
Other Industries		496	—	—		—		—		—		—	—		496		—
Total Common Stocks		232,199	—	—		24,616		—		—		500,000	—		756,815		24,616
Rights		452,000	—	—		(190,000	)	—	$	(0)		—	—		262,000		—
Warrants		0	—	—		—		—		—		—	—		0		—
Corporate Bonds		106,090	—	—		1,989		—		—		—	—		108,079		1,989
TOTAL INVESTMENTS IN SECURITIES	$	790,289	—	—	$	(163,395)		—	$	(0)	$	500,000	—	$	1,126,894	$	26,605

† The Fund’s policy is to recognize transfers into and out of Level 3 as of the beginning of the reporting period.

†† Net change in unrealized appreciation/depreciation on investments is included in the related amounts in the Statement of Operations.

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The following tables summarize the valuation techniques used and unobservable inputs utilized to determine the value of certain of the Fund’s Level 3 investments as of March 31, 2015.

Description	Balance at 3/31/15		Valuation Technique	Unobservable Input	Range
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Health Care	$	28,640	Last Price	Discount Range		0	%
Financial Services		525,000	Last Price	Discount Range		0	%
Real Estate		202,679	Restructure Plan/Cash Flow Analysis	Discount Range		0	%
Other Industries (a)		496
Total Common Stocks		756,815
Rights		262,000	Last Price	Discount Range		0	%
Corporate Bonds		108,079	Restructure Plan	Discount Range		0	%
	$	1,126,894

(a) Includes fair valued securities of investments developed using various valuation techniques and unobservable inputs.

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount Range	Decrease	Increase

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 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.

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

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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.

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, 2015, 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, 2015, 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, 2015, 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.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in a Fund’s custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under each custody arrangement are included in custodian fees in the Statements of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, a Fund is charged an overdraft fee equal to 90% of the current Treasury Bill rate on outstanding balances. These amounts, if any, would be included in the Statements of Operations.

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites Fund, SmallCap Equity Fund, 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.

41

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended September 30, 2014 was as follows:

	Mighty Mites Fund		SmallCap Equity Fund		Mid-Cap Equity Fund		Income Fund		Equity Fund		Balanced Fund		Intermediate Bond Fund
Distributions paid from:
Ordinary Income (inclusive of short term capital gains)	$	1,522,516	$	—	$	1,460	$	151,596	$	238,038	$	856,511	$	320,109
Net long term capital gains		64,620,529		—		5		—		—		5,991,808		—
Total distributions paid	$	66,143,045	$	—	$	1,465	$	151,596	$	238,038	$	6,848,319	$	320,109

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, 2014, 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. The Funds are permitted to carry capital losses incurred after December 22, 2010 forward for an unlimited period as either short term or long term capital losses. In addition, these losses must be utilized prior to the losses incurred prior to that date, which are treated as short term capital losses. As a result, capital loss carryforwards incurred prior to December 22, 2010 may have an increased likelihood of expiring unused.

The following summarizes capital loss carryforwards and expiration dates for each Fund at September 30, 2014:

Expiring in Fiscal Year	Mighty Mites Fund		SmallCap Equity Fund		Mid-Cap Equity Fund		Income Fund		Equity Fund		Balanced Fund		Intermediate Bond Fund
2017	$	—	$	—	$	—	$	31,941	$	—	$	—	$	—
2018		—		—		—		1,503,326		—		—		—
2019		—		—		—		62,766		—		—		—
Short term with no expiration		—		—		—		—		—		—		3,259
Total capital loss carryforwards	$	—	$	—	$	—	$	1,598,033	$	—	$	—	$	3,259

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2015:

	Mighty Mites Fund			SmallCap Equity Fund			Mid-Cap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	982,869,726		$	31,119,563		$	4,740,257		$	7,000,499		$	55,329,816		$	63,408,376		$	19,769,434
Gross unrealized appreciation	$	407,743,072		$	11,106,283		$	791,931		$	2,279,454		$	13,880,225		$	11,982,004		$	760,675
Gross unrealized depreciation		(45,597,035	)		(2,737,396	)		(284,519	)		(407,043	)		(612,775	)		(489,983	)		(17,009	)
Net unrealized appreciation	$	362,146,037		$	8,368,887		$	507,412		$	1,872,411		$	13,267,450		$	11,492,021		$	743,666

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, 2015, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the “Advisory Agreements”) with 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.

42

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2015, 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 $28,556.

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 arrangements continue at least until January 31, 2016. For the six months ended March 31, 2015, the Adviser waived fees or reimbursed expenses in the amounts of $17,564, $32,541, $15,497, and $38,993 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, 2015, 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, 2013, expiring September 30, 2015	For the year ended September 30, 2014, expiring September 30, 2016	For the six months ended March 31, 2015, expiring September 30, 2017	Total
SmallCap Equity Fund	$50,965	$32,802	$17,564	$101,331
Mid-Cap Equity Fund	45,488	92,134	32,541	170,163
Income Fund	44,065	36,616	15,497	96,178
Intermediate Bond Fund	87,322	83,262	38,993	209,577

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.

As per the approval of the Board, the Mid-Cap Equity Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). For the six months ended March 31, 2015, the Fund paid or accrued $929 in payroll expenses in the Statement of Operations.

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.

43

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2015, 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		$80,462,121		$64,825,380		—		—
SmallCap Equity Fund		4,931,691		9,871,026		—		—
Mid-Cap Equity Fund		632,742		412,485		—		—
Income Fund		764,289		1,048,726		—		—
Equity Fund		9,607,380		15,279,392		—		—
Balanced Fund		10,830,914		16,376,882		$2,500,073		$7,445,777
Intermediate Bond Fund		5,244,472		1,180,436		1,068,480		5,773,864

6. Significant Shareholders. As of March 31, 2015, 49.2% 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, 2015, the Mighty Mites Fund and Income Fund paid brokerage commissions on security trades of $62,474 and $240, respectively, to G.research, Inc., an affiliate of the Adviser. Additionally, the Distributor retained a total of $46,735 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, 2015, 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, 2015 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.

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, if any, retained by the Fund during the six months ended March 31, 2015 and during the year ended September 30, 2014 can be found in the Statement of Changes in Net Assets under Redemption Fees.

44

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
	Mighty Mites Fund						SmallCap Equity Fund						Mid-Cap Equity Fund						Income Fund
Class AAA
Shares sold		1,162,338			5,284,081			14,565			60,394			30,926			94,193			71,953			100,837
Shares issued upon reinvestment of distributions		266,265			1,177,716			56,123			—			1,649			19			1,076			9,695
Shares redeemed		(3,272,853	)		(10,590,878	)		(174,446	)		(285,204	)		(16,334	)		(11,820	)		(79,845	)		(172,467	)
Net increase/(decrease) in Class AAA Shares		(1,844,250	)		(4,129,081	)		(103,758	)		(224,810	)		16,241			82,392			(6,816	)		(61,935	)
Class A
Shares sold		746,481			2,923,626			5,951			35,414			6,275			44,298			14,835			5,624
Shares issued upon reinvestment of distributions		118,516			322,557			15,562			—			575			5			135			1,297
Shares redeemed		(962,452	)		(1,426,681	)		(36,115	)		(62,842	)		(3,202	)		(2,985	)		(38	)		(8,173	)
Net increase/(decrease) in Class A Shares		(97,455	)		1,819,502			(14,602	)		(27,428	)		3,648			41,318			14,932			(1,252	)
Class B*
Shares sold		—			124			—			—			—			—			—			—
Shares issued upon reinvestment of distributions		—			14			—			—			—			—			—			—
Shares redeemed		—			(287	)		—			—			—			—			—			—
Net decrease in Class B Shares		—			(149	)		—			—			—			—			—			—
Class C
Shares sold		3,104,761			3,628,556			12,269			13,065			2,575			13,765			2,419			15,461
Shares issued upon reinvestment of distributions		158,994			392,169			14,612			—			218			2			4			1,374
Shares redeemed		(3,190,702	)		(1,304,569	)		(45,220	)		(34,427	)		—			—			(3,025	)		(30,784	)
Net increase/(decrease) in Class C Shares		73,053			2,716,156			(18,339	)		(21,362	)		2,793			13,767			(602	)		(13,949	)
Class I
Shares sold		5,132,406			14,155,431			132,046			277,271			13,566			92,389			1,667			10,683
Shares issued upon reinvestment of distributions		276,914			432,965			24,667			—			2,109			109			72			464
Shares redeemed		(3,817,982	)		(3,825,732	)		(94,948	)		(132,160	)		(33,891	)		—			(200	)		(4,372	)
Net increase/(decrease) in Class I Shares		1,591,338			10,762,664			61,765			145,111			(18,216	)		92,498			1,539			6,775

45

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest (continued):

	Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014			Six Months Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		69,098			128,429			178,202			452,969			32,455			81,083
Shares issued upon reinvestment of distributions		446,635			16,882			438,499			450,647			2,792			6,572
Shares redeemed		(363,883	)		(1,143,844	)		(1,073,420	)		(1,093,801	)		(51,707	)		(389,550	)
Net increase/(decrease) in Class AAA Shares		151,850			(998,533	)		(456,719	)		(190,185	)		(16,460	)		(301,895	)
Class A
Shares sold		12,424			21,284			27,725			156,771			25,094			20,155
Shares issued upon reinvestment of distributions		24,840			188			45,563			32,083			483			746
Shares redeemed		(28,434	)		(51,900	)		(34,172	)		(150,088	)		(13,457	)		(32,150	)
Net increase/(decrease) in Class A Shares		8,830			(30,428	)		39,116			38,766			12,120			(11,249	)
Class B*
Shares issued upon reinvestment of distributions		—			—			—			6			—			0	(a)
Shares redeemed		—			—			—			(85	)		—			(441	)
Net decrease in Class B Shares		—			—			—			(79	)		—			(441	)
Class C
Shares sold		26,448			2,647			56,691			35,389			16,236			21,908
Shares issued upon reinvestment of distributions		6,603			—			33,749			27,183			112			298
Shares redeemed		(11,022	)		(11,556	)		(41,173	)		(60,672	)		(19,403	)		(48,941	)
Net increase/(decrease) in Class C Shares		22,029			(8,909	)		49,267			1,900			(3,055	)		(26,735	)
Class I
Shares sold		48,452			147,696			4,084			267,169			161,991			526,597
Shares issued upon reinvestment of distributions		23,085			495			15,273			19,192			9,348			12,901
Shares redeemed		(39,466	)		(73,527	)		(51,925	)		(180,484	)		(242,005	)		(291,093	)
Net increase/(decrease) in Class I Shares		32,071			74,664			(32,568	)		105,877			(70,666	)		248,405

(a) Amount represents less than 0.5 Shares.

* 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, 2015 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividend Income		Realized Gain		Market Value at March 31, 2015		Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc., Cl. A		582,793		5,708		—			588,501	$	52,688		—	$	3,007,240		9.14%
Bel Fuse, Cl. A		132,347		16,000		—			148,347		15,882		—		2,720,684		6.82%
Burnham Holdings Inc., Cl. A		189,342		37,351		—			226,693		91,356		—		4,873,900		7.48%
Edgewater Technology Inc.		692,272		—		—			692,272		—		—		4,735,140		6.04%
General Chemical Group Inc.		267,226		—		—			267,226		—		—		14,697		8.59%
MOCON Inc.		329,633		34,000		—			363,633		79,372		—		6,079,944		6.33%
Sevcon Inc.		465,564		9,290		—			474,854		50,694		—		3,784,586		13.01%
SL Industries Inc.		270,600		—		—			270,600		—		—		11,568,150		6.62%
Strattec Security Corp.*		197,000		1,800		(19,800	)		179,000		42,744	$	1,784,034		—		—
The L.S. Starrett Co., Cl. A		318,700		863		(963	)		318,600		63,816		3,515		6,053,400		5.13%
Total										$	396,552	$	1,787,549	$	42,837,741

* Security is no longer considered affiliated at March 31, 2015.

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

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

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.

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,		Former 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. 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.

GABWWQ115SR

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     6/03/2015

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

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

Date     6/03/2015

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

Date     6/03/2015

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