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, 2017

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Mid-Cap Equity Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semiannual Report

March 31, 2017

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																					Class A Shares
	Average Annual Returns – March 31, 2017 (a)																					Average Annual Returns – March 31, 2017 (a)(b)(c)
	1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments			1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments
Mighty MitesSM		24.04	%		12.21	%		8.68	%		10.46	%		11.49	%		1.42	%		1.42	%		18.79	%		11.00	%		7.98	%		9.89	%		11.03	%		1.67	%		1.67	%
SmallCap Equity		33.79			11.19			6.90			7.07			7.84			1.79			1.50			28.17			10.02			6.21			6.55			7.46			2.04			1.75
Mid-Cap Equity		19.54			—			—			—			8.66			3.26			1.05			14.43			—			—			—			7.25			3.44			1.30
Convertible Securities		14.06			7.72			3.74			7.46			7.17			2.74			1.15			9.19			6.59			3.08			6.91			6.74			2.99			1.40
Equity		13.27			11.16			5.67			6.67			9.96			1.63			1.63			8.47			9.98			4.99			6.11			9.58			1.88			1.88
Balanced		8.40			7.42			5.01			5.81			8.32			1.35			1.35			3.82			6.29			4.33			5.27			7.88			1.60			1.60
Intermediate Bond		(0.34	)		0.74			2.83			3.28			4.57			1.44			1.02			(4.43	)		(0.18	)		2.30			2.89			4.33			1.54			1.12
	Class C Shares																					Class I Shares
	Average Annual Returns – March 31, 2017 (a)(c)(d)																					Average Annual Returns – March 31, 2017 (a)(c)
	1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments			1 Year			5 Year			10 Year			15 Year			Since Inception			Gross Expense Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments
Mighty MitesSM		22.13	%		11.36	%		7.88	%		9.64	%		10.81	%		2.17	%		2.17	%		24.38	%		12.48	%		8.93	%		10.63	%		11.63	%		1.17	%		1.17	%
SmallCap Equity		31.83			10.37			6.11			6.23			7.18			2.54			2.25			34.13			11.49			7.15			7.24			7.96			1.54			1.25
Mid-Cap Equity		17.64			—			—			—			7.88			3.98			1.80			19.92			—			—			—			9.00			3.00			0.80
Convertible Securities		12.07			6.92			2.97			6.72			6.61			3.49			1.90			14.35			8.00			3.99			7.63			7.30			2.49			0.90
Equity		11.53			10.35			4.89			5.87			9.45			2.38			2.38			13.60			11.40			5.90			6.82			10.04			1.38			1.38
Balanced		6.66			6.62			4.24			5.02			7.75			2.10			2.10			8.71			7.68			5.25			5.97			8.42			1.10			1.10
Intermediate Bond		(1.96	)		0.01			2.24			2.53			4.10			2.19			1.77			0.00			1.00			3.06			3.43			4.66			1.19			0.77

(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, Convertible Securities, and Intermediate Bond Funds (and for the Mighty Mites Fund^SM 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, 2018 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) 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 Fund whose performance for all share classes is based on the Fund’s inception date of May 31, 2013. The performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.

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

	Class AAA Shares	Class A Shares	Class C Shares	Class I Shares
Mighty MitesSM	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
Convertible Securities	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 complete schedules of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-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

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2016 through March 31, 2017

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

The Expense Table on page 4 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.

3

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2016 through March 31, 2017

Expense Table

	Actual Fund Return						Hypothetical 5% Return
	Beginning   Account Value   10/01/16	Ending   Account Value   03/31/17	Annualized   Expense   Ratio		Expenses  Paid During  Period*		Beginning   Account Value   10/01/16		Ending   Account Value   03/31/17		Annualized   Expense   Ratio		Expenses   Paid During   Period*
TETON Westwood Mighty MitesSM Fund
Class AAA	$1,000.00	$1,115.70		1.40%		$  7.38		$1,000.00		$1,017.95		1.40%		$  7.04
Class A	$1,000.00	$1,114.20		1.65%		$  8.70		$1,000.00		$1,016.70		1.65%		$  8.30
Class C	$1,000.00	$1,111.80		2.15%		$11.32		$1,000.00		$1,014.21		2.15%		$10.80
Class I	$1,000.00	$1,117.30		1.14%		$  6.02		$1,000.00		$1,019.25		1.14%		$  5.74
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,138.30		1.46%		$  7.78		$1,000.00		$1,017.65		1.46%		$  7.34
Class A	$1,000.00	$1,136.70		1.70%		$  9.06		$1,000.00		$1,016.45		1.70%		$  8.55
Class C	$1,000.00	$1,134.30		2.21%		$11.76		$1,000.00		$1,013.91		2.21%		$11.10
Class I	$1,000.00	$1,139.40		1.20%		$  6.40		$1,000.00		$1,018.95		1.20%		$  6.04
TETON Westwood Mid-Cap Equity Fund
Class AAA	$1,000.00	$1,099.80		1.05%		$  5.50		$1,000.00		$1,019.70		1.05%		$  5.29
Class A	$1,000.00	$1,098.90		1.30%		$  6.80		$1,000.00		$1,018.45		1.30%		$  6.54
Class C	$1,000.00	$1,096.30		1.80%		$  9.41		$1,000.00		$1,015.96		1.80%		$  9.05
Class I	$1,000.00	$1,101.30		0.80%		$  4.19		$1,000.00		$1,020.94		0.80%		$  4.03
TETON Convertible Securities Fund
Class AAA	$1,000.00	$1,066.40		1.16%		$  5.98		$1,000.00		$1,019.15		1.16%		$  5.84
Class A	$1,000.00	$1,065.30		1.41%		$  7.26		$1,000.00		$1,017.90		1.41%		$  7.09
Class C	$1,000.00	$1,062.10		1.91%		$  9.82		$1,000.00		$1,015.41		1.91%		$  9.60
Class I	$1,000.00	$1,068.50		0.91%		$  4.69		$1,000.00		$1,020.39		0.91%		$  4.58
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,087.70		1.62%		$  8.43		$1,000.00		$1,016.85		1.62%		$  8.15
Class A	$1,000.00	$1,085.80		1.87%		$  9.72		$1,000.00		$1,015.61		1.87%		$  9.40
Class C	$1,000.00	$1,084.00		2.37%		$12.31		$1,000.00		$1,013.11		2.37%		$11.90
Class I	$1,000.00	$1,089.00		1.37%		$  7.14		$1,000.00		$1,018.10		1.37%		$  6.89
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,048.10		1.34%		$  6.84		$1,000.00		$1,018.25		1.34%		$  6.74
Class A	$1,000.00	$1,047.20		1.59%		$  8.12		$1,000.00		$1,017.00		1.59%		$  8.00
Class C	$1,000.00	$1,044.40		2.09%		$10.65		$1,000.00		$1,014.51		2.09%		$10.50
Class I	$1,000.00	$1,049.60		1.09%		$  5.57		$1,000.00		$1,019.50		1.09%		$  5.49
TETON Westwood Intermediate Bond Fund
Class AAA	$1,000.00	$   977.80		1.00%		$  4.93		$1,000.00		$1,019.95		1.00%		$  5.04
Class A	$1,000.00	$   977.30		1.10%		$  5.42		$1,000.00		$1,019.45		1.10%		$  5.54
Class C	$1,000.00	$   974.50		1.75%		$  8.61		$1,000.00		$1,016.21		1.75%		$  8.80
Class I	$1,000.00	$   979.10		0.75%		$  3.70		$1,000.00		$1,021.19		0.75%		$  3.78

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

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2017:

TETON Westwood Mighty Mites^SM Fund

U.S. Government Obligations	12.5	%
Diversified Industrial	10.7	%
Health Care	7.0	%
Equipment and Supplies	6.1	%
Financial Services	5.9	%
Food and Beverage	4.3	%
Electronics	3.9	%
Machinery	3.6	%
Telecommunications	3.6	%
Business Services	3.5	%
Automotive: Parts and Accessories	3.5	%
Specialty Chemicals	2.9	%
Hotels and Gaming	2.8	%
Real Estate	2.3	%
Consumer Products	2.3	%
Aerospace and Defense	2.2	%
Computer Software and Services	2.2	%
Building and Construction	2.2	%
Restaurants	1.9	%
Broadcasting	1.9	%
Publishing	1.9	%
Retail	1.7	%
Metals and Mining	1.3	%
Aviation: Parts and Services	1.2	%
Entertainment	1.1	%

Energy and Utilities: Water	1.0	%
Manufactured Housing and Recreational Vehicles	1.0	%
Energy and Utilities: Natural Gas	0.8	%
Environmental Control	0.8	%
Consumer Services	0.6	%
Semiconductors	0.6	%
Energy and Utilities: Integrated	0.5	%
Automotive	0.5	%
Energy and Utilities: Services	0.4	%
Communications Equipment	0.3	%
Energy and Utilities: Oil	0.3	%
Agriculture	0.3	%
Airlines	0.2	%
Paper and Forest Products	0.2	%
Closed-End Business Development Company	0.1	%
Transportation	0.0	%*
Energy and Utilities	0.0	%*
Educational Services	0.0	%*
Wireless Communications	0.0	%*
Energy and Utilities: Alternative Energy	0.0	%*
Computer Hardware	0.0	%*
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

* Amount represents less than 0.05%

TETON Westwood SmallCap Equity Fund

Financial Services	24.7	%
Semiconductors	14.1	%
U.S. Government Obligations	11.7	%
Retail	8.0	%
Business Services	7.3	%
Energy and Utilities	6.1	%
Computer Software and Services	5.2	%
Health Care	4.8	%
Building and Construction	4.1	%
Telecommunications	3.3	%
Electronics	3.2	%

Equipment and Supplies	2.5	%
Specialty Chemicals	2.0	%
Diversified Industrial	1.5	%
Aerospace	0.7	%
Consumer Products	0.5	%
Machinery	0.2	%
Environmental Control	0.2	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

TETON Westwood Mid-Cap Equity Fund

Financials	18.6	%
Consumer Discretionary	17.3	%
Industrials	16.3	%
Information Technology	14.9	%
Health Care	13.2	%
U.S. Government Obligations	9.1	%

Energy	7.0	%
Materials	2.2	%
Consumer Staples	1.7	%
Other Assets and Liabilities (net)	(0.3	)%
	100.0	%

5

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Convertible Securities Fund

Computer Software and Services	16.8	%
Health Care	14.9	%
Semiconductors	12.2	%
Consumer Services	5.2	%
Energy and Utilities: Integrated	4.9	%
Real Estate Investment Trusts	4.3	%
Communications Equipment	4.3	%
U.S. Government Obligations	2.8	%
Cable and Satellite	2.7	%
Building and Construction	2.6	%
Industrials	2.5	%
Aerospace and Defense	2.4	%
Transportation	2.4	%

Entertainment	2.3	%
Energy and Utilities: Oil	2.3	%
Energy and Energy Services	2.3	%
Energy and Utilities: Alternative Energy	2.1	%
Financial Services	2.1	%
Telecommunications	1.6	%
Commercial Services and Supplies	1.6	%
Business Services	1.3	%
Agriculture	1.2	%
Media	0.1	%
Other Assets and Liabilities (Net)	5.1	%
	100.0	%

TETON Westwood Equity Fund

Banking	12.4	%
Health Care	11.7	%
Financial Services	10.0	%
Food and Beverage	8.5	%
Computer Software and Services	7.3	%
Retail	6.7	%
Energy: Integrated	5.2	%
Telecommunications	5.1	%
Energy: Oil	4.0	%
Business Services	4.0	%
Aerospace	4.0	%
Energy and Energy Services	4.0	%
Consumer Products	3.9	%
Transportation	2.1	%

Diversified Industrial	2.1	%
Specialty Chemicals	2.0	%
Cable and Satellite	2.0	%
Real Estate Investment Trusts	2.0	%
Semiconductors	1.2	%
Electronics	1.0	%
Other Investment Companies	1.0	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

TETON Westwood Balanced Fund

Health Care	11.5	%
Banking	10.9	%
Financial Services	9.7	%
Food and Beverage	5.6	%
Telecommunications	5.2	%
Retail	5.7	%
Consumer Products	4.7	%
Computer Software and Services	4.7	%
U.S. Treasury Notes	4.5	%
Energy: Integrated	3.6	%
Energy: Oil	3.4	%
Electronics	3.0	%
Transportation	2.9	%
Aerospace	2.8	%
Business Services	2.7	%

Diversified Industrial	2.6	%
Federal Home Loan Mortgage Corp.	2.5	%
Energy and Energy Services	2.5	%
Other Investment Companies	2.1	%
Federal National Mortgage Association	1.7	%
U.S. Treasury Inflation Indexed Notes	1.6	%
Specialty Chemicals	1.5	%
Cable and Satellite	1.4	%
Real Estate Investment Trusts	1.4	%
Computer Hardware	1.0	%
Semiconductors	0.8	%
Other Assets and Liabilities (Net)	0.0	%*
	100.0	%

* Amount represents less than 0.05%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	58.4	%
U.S. Government Obligations	20.5	%
U.S. Government Agency Obligations	11.4	%
Other Investment Companies	9.3	%

Other Assets and Liabilities (Net)	0.4	%
	100.0	%

6

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 86.4%
		Aerospace and Defense — 2.2%
	1,204,900	Aerojet Rocketdyne Holdings Inc.†	$	5,576,221	$	26,146,330
	123,000	Innovative Solutions & Support Inc.†		472,250		371,460
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		54,460
				6,091,434		26,572,250
		Agriculture — 0.3%
	225	J.G. Boswell Co.		144,676		155,700
	136,590	Limoneira Co.		2,613,655		2,856,097
				2,758,331		3,011,797
		Airlines — 0.2%
	62,000	American Airlines Group Inc.		25,248		2,622,600
	225,000	American Airlines Group Inc., Escrow†		3,288		297,000
				28,536		2,919,600
		Automotive — 0.5%
	27,200	Lithia Motors Inc., Cl. A		517,533		2,329,680
	20,000	Navistar International Corp.†		152,109		492,400
	66,500	Sonic Automotive Inc., Cl. A		849,600		1,333,325
	70,000	Wabash National Corp.		132,194		1,448,300
				1,651,436		5,603,705
		Automotive: Parts and Accessories — 3.3%
	6,000	China Automotive Systems Inc.†		34,007		29,940
	105,000	Dana Inc.		624,231		2,027,550
	400,000	Federal-Mogul Holdings Corp.†		3,578,148		4,000,000
	13,400	Gentherm Inc.†		194,890		525,950
	20,000	Jason Industries Inc.†		98,384		29,600
	326,600	Modine Manufacturing Co.†		3,367,217		3,984,520
	24,000	Motorcar Parts of America Inc.†		315,465		737,520
	60,000	Puradyn Filter Technologies Inc.†		13,098		3,210
	73,000	Shiloh Industries Inc.†		1,002,673		994,990
	122,200	Standard Motor Products Inc.		1,271,525		6,004,908
	177,200	Strattec Security Corp.		4,409,053		4,926,160
	475,000	Superior Industries International Inc.		8,814,707		12,041,250
	37,000	Tenneco Inc.		115,032		2,309,540
	35,000	Titan International Inc.		297,192		361,900
	33,425	Tower International Inc.		736,834		905,818
				24,872,456		38,882,856
		Aviation: Parts and Services — 1.2%
	13,500	Astronics Corp.†		96,483		428,355
	19,019	Astronics Corp., Cl. B†		131,688		604,804
	125,642	Ducommun Inc.†		2,158,735		3,617,233
	197,301	Kaman Corp.		5,011,314		9,496,097
				7,398,220		14,146,489
		Broadcasting — 1.9%
	726,800	Beasley Broadcast Group Inc., Cl. A(a)		3,838,821		8,430,880
	4,750	Cumulus Media Inc., Cl. A†		171,148		1,524
	83,700	Entercom Communications Corp., Cl. A		192,891		1,196,910
	257,500	Gray Television Inc.†		280,841		3,733,750
	80,042	Gray Television Inc., Cl. A†		530,550		1,056,554
	8,300	Hemisphere Media Group Inc.†		120,053		97,525
	620,008	Salem Media Group Inc.		3,129,235		4,619,060

Shares			Cost		Market Value
	33,000	Sinclair Broadcast Group Inc., Cl. A	$	53,667	$	1,336,500
	94,000	Townsquare Media Inc., Cl. A†		911,728		1,144,920
	41,675	Videocon d2h Ltd., ADR†		265,893		479,263
				9,494,827		22,096,886
		Building and Construction — 2.2%
	186,400	Armstrong Flooring Inc.†		3,613,389		3,433,488
	141,000	Gibraltar Industries Inc.†		3,237,843		5,809,200
	12,500	Herc Holdings Inc.†		473,476		611,125
	866,000	Huttig Building Products Inc.†		1,009,303		7,049,240
	107,074	MYR Group Inc.†		2,422,367		4,390,034
	99,800	The Monarch Cement Co.		2,640,816		4,790,400
				13,397,194		26,083,487
		Business Services — 3.5%
	235,079	Ascent Capital Group Inc., Cl. A†		6,036,071		3,321,666
	1,250	Cenveo Inc.†		8,765		6,275
	1,996	Du-Art Film Labs Inc.†		338,560		464,070
	705,520	Edgewater Technology Inc.†(a)		2,293,833		5,256,124
	101,271	GP Strategies Corp.†		928,058		2,562,156
	23,300	ICF International Inc.†		558,939		962,290
	1,400,000	Internap Corp.†		4,231,640		5,208,000
	32,029	KAR Auction Services Inc.		443,660		1,398,706
	8,000	Landauer Inc.		282,324		390,000
	16,000	Macquarie Infrastructure Corp.		133,758		1,289,280
	4,560	Matthews International Corp., Cl. A		200,594		308,484
	20,000	McGrath RentCorp		535,869		671,400
	115,000	MDC Partners Inc., Cl. A		743,033		1,081,000
	1,650,000	ModusLink Global Solutions Inc.†		5,724,148		2,970,000
	10,000	MoneyGram International Inc.†		157,650		168,100
	3,000	Pendrell Corp.†		48,782		19,500
	275,941	PFSweb Inc.†		1,629,926		1,801,895
	158,259	PRGX Global Inc.†		922,178		1,012,858
	322,800	Pure Technologies Ltd.		1,507,350		1,138,423
	69,524	Safeguard Scientifics Inc.†		1,064,965		882,955
	165,000	Scientific Games Corp., Cl. A†		1,870,962		3,902,250
	500	Stamps.com Inc.†		6,278		59,175
	169,001	Team Inc.†		4,664,216		4,571,480
	15,100	Trans-Lux Corp.†		99,762		27,558
	37,282	Viad Corp		993,885		1,685,146
				35,425,206		41,158,791
		Closed-End Business Development Company — 0.1%
	134,300	MVC Capital Inc.		1,294,504		1,207,357
		Communications Equipment — 0.3%
	452,598	Communications Systems Inc.(a)		4,063,406		1,991,431
	275,000	Extreme Networks Inc.†		946,476		2,065,250
	30,000	ViewCast.com Inc.†		14,100		74
				5,023,982		4,056,755
		Computer Hardware — 0.0%
	10,000	Violin Memory Inc.†		6,812		165
		Computer Software and Services — 2.2%
	200,913	American Software Inc., Cl. A		1,877,685		2,065,386
	65,000	Avid Technology Inc.†		638,597		302,900
	317,000	Callidus Software Inc.†		1,754,441		6,767,950
	79,687	Carbonite Inc.†		914,787		1,617,646
	1,600	Cinedigm Corp., Cl. A†		27,077		2,480
	5,000	CommerceHub Inc., Cl. A†		76,259		77,400
	15,000	CommerceHub Inc., Cl. C†		224,758		232,950
	166,000	comScore Inc.†		5,062,677		3,583,940

See accompanying notes to financial statements.

7

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Computer Software and Services (Continued)
	30,000	Datawatch Corp.†	$	257,678	$	252,000
	84,801	Digi International Inc.†		958,168		1,009,132
	745,000	FalconStor Software Inc.†		2,228,262		296,361
	1,410	Gemalto NV		8,172		78,790
	14,000	Genius Brands International Inc.†		78,920		52,361
	472,642	Global Sources Ltd.†		3,107,385		3,899,297
	20,000	GSE Systems Inc.†		109,966		68,000
	360,105	Guidance Software Inc.†		2,808,750		2,124,619
	144,267	iGO Inc.†		484,473		416,210
	10,000	Materialise NV, ADR†		58,532		91,000
	35,500	Mercury Systems Inc.†		282,814		1,386,275
	67,500	Mitek Systems Inc.†		199,734		448,875
	5,502	MTS Systems Corp.		257,882		302,885
	2,000	Qualstar Corp.†		17,642		10,560
	190,389	Qumu Corp.†		2,225,329		529,281
	3,400	Tyler Technologies Inc.†		37,768		525,504
				23,697,756		26,141,802
		Consumer Products — 2.3%
	127,200	Acme United Corp.		2,271,327		3,574,320
	179,905	Bassett Furniture Industries Inc.		2,968,591		4,839,445
	2,000	Brunswick Corp.		30,085		122,400
	96,387	Callaway Golf Co.		833,454		1,067,004
	600,000	Goodbaby International Holdings Ltd.		280,909		291,064
	10,000	Johnson Outdoors Inc., Cl. A		219,302		365,000
	11,400	Lakeland Industries Inc.†		109,829		122,550
	805,000	Marine Products Corp.		5,801,658		8,750,350
	13,000	MarineMax Inc.†		63,807		281,450
	1,200	National Presto Industries Inc.		90,916		122,640
	106,031	Nautilus Inc.†		1,160,208		1,935,066
	128,300	Oil-Dri Corp. of America		2,285,450		4,781,741
	5,700	PC Group Inc.†		3,465		21
	10,000	Sequential Brands Group Inc.†		115,723		38,900
	25,000	Stanley Furniture Co Inc.		59,855		19,500
	10,400	Syratech Corp.†		2,600		31
	88,600	ZAGG Inc.†		623,324		637,920
				16,920,503		26,949,402
		Consumer Services — 0.6%
	518,846	1-800-Flowers.com Inc., Cl. A†		1,830,470		5,292,229
	90,679	Angie’s List Inc.†		555,911		516,870
	62,100	Bowlin Travel Centers Inc.†		82,503		112,711
	800	Collectors Universe Inc.		0		20,880
	74,991	XO Group Inc.†		732,512		1,290,595
				3,201,396		7,233,285
		Diversified Industrial — 10.4%
	25,000	A.M. Castle & Co.†		185,448		7,500
	9,292	American Railcar Industries Inc.		147,177		381,901
	475,356	Ampco-Pittsburgh Corp.		9,588,762		6,678,752
	252,000	Burnham Holdings Inc., Cl. A(a)		4,049,314		4,044,600
	95,133	Chase Corp.		1,420,519		9,075,688
	114,300	Columbus McKinnon Corp.		1,876,605		2,836,926
	446,598	FormFactor Inc.†		3,111,209		5,292,186
	34,600	Graham Corp.		563,893		795,800
	422,703	Griffon Corp.		4,604,157		10,419,629
	17,095	Handy & Harman Ltd.†		434,057		464,984
	25,000	Haulotte Group SA		134,090		363,513
	30,000	Haynes International Inc.		1,399,060		1,143,600
	7,000	Innophos Holdings Inc.		207,318		377,790
	314,509	Insignia Systems Inc.		914,190		465,473
	232,030	Intevac Inc.†		1,053,210		2,900,375
	87,649	John Bean Technologies Corp.		2,567,582		7,708,730
	10,000	K2M Group Holdings Inc.†		178,121		205,100

Shares			Cost		Market Value
	260,000	Katy Industries Inc.†	$	236,355	$	49,400
	94,000	L.B. Foster Co., Cl. A		1,631,907		1,175,000
	264,714	Lawson Products Inc.†		3,736,757		5,942,829
	85,000	LSB Industries Inc.†		592,644		797,300
	110,449	Lydall Inc.†		1,106,377		5,920,066
	9,500	MSA Safety Inc.		306,832		671,555
	612,900	Myers Industries Inc.		8,029,769		9,714,465
	245,411	Napco Security Technologies Inc.†		1,438,568		2,503,192
	171,400	Park-Ohio Holdings Corp.		3,429,703		6,161,830
	400,000	Playmates Holdings Ltd.		481,613		526,025
	25,080	Raven Industries Inc.		497,955		728,574
	66,666	Rubicon Ltd.†		37,762		11,216
	18,699	RWC Inc.†		306,532		216,815
	493,604	Sevcon Inc.†(a)		2,866,836		7,374,444
	25,000	Sevcon Inc.†(a)		193,194		365,003
	28,000	Standex International Corp.		928,588		2,804,200
	617,046	Steel Partners Holdings LP		9,920,669		11,908,988
	382,260	Tredegar Corp.		6,702,633		6,708,663
	336,069	Twin Disc Inc.†		5,759,455		6,912,939
				80,638,861		123,655,051
		Educational Services — 0.0%
	500,587	Corinthian Colleges Inc.†		198,119		501
	80,000	Universal Technical Institute Inc.		759,222		276,000
				957,341		276,501
		Electronics — 3.9%
	28,000	Badger Meter Inc.		477,554		1,029,000
	174,300	Bel Fuse Inc., Cl. A(a)		3,235,698		3,859,002
	343,500	CTS Corp.		2,851,607		7,316,550
	70,000	Daktronics Inc.		686,143		661,500
	80,389	Electro Scientific Industries Inc.†		721,764		560,311
	63,771	EMRISE Corp.†		0		12,754
	31,000	IMAX Corp.†		132,791		1,054,000
	20,000	Iteris Inc.†		32,200		108,800
	170,000	Kimball Electronics Inc.†		1,038,069		2,881,500
	185,000	Kopin Corp.†		659,531		758,500
	34,300	Mesa Laboratories Inc.		906,643		4,208,610
	33,800	Methode Electronics Inc.		190,811		1,541,280
	424,587	MOCON Inc.(a)		6,271,110		9,234,767
	131,528	Park Electrochemical Corp.		2,113,684		2,349,090
	82,000	Schmitt Industries Inc.†		216,754		131,200
	7,037	Sparton Corp.†		119,633		147,707
	278,824	Stoneridge Inc.†		2,094,958		5,057,867
	16,000	Stratasys Ltd.†		274,798		327,840
	157,000	Ultra Clean Holdings†		478,219		2,648,590
	25,000	Ultralife Corp.†		96,124		135,000
	99,500	Ultratech Inc.†		1,819,137		2,947,190
				24,417,228		46,971,058
		Energy and Utilities: Alternative Energy — 0.0%
	39,200	JA Solar Holdings Co. Ltd., ADR†		339,814		256,368
		Energy and Utilities: Integrated — 0.5%
	89,440	Broadwind Energy Inc.†		563,104		745,035
	135,100	Headwaters Inc.†		566,488		3,172,148
	36,000	MGE Energy Inc.		848,987		2,340,000
				1,978,579		6,257,183
		Energy and Utilities: Natural Gas — 0.8%
	260,000	Alvopetro Energy Ltd.†		241,629		39,102
	33,250	Chesapeake Utilities Corp.		599,479		2,300,900
	90,570	Corning Natural Gas Holding Corp.		1,015,904		1,856,685
	105,000	Delta Natural Gas Co. Inc.		1,603,470		3,186,750
	35,000	Gas Natural Inc.		360,978		444,500

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Natural Gas (Continued)
	400,181	Gulf Coast Ultra Deep Royalty Trust†	$	260,838	$	40,058
	65,850	RGC Resources Inc.		573,803		1,448,700
	2,333	US Energy Corp. Wyoming†		50,132		2,082
	10,000	Whitecap Resources Inc.		84,862		77,828
				4,791,095		9,396,605
		Energy and Utilities: Oil — 0.3%
	244,844	Callon Petroleum Co.†		1,971,677		3,222,147
	57,900	Tesco Corp.†		503,333		466,095
				2,475,010		3,688,242
		Energy and Utilities: Services — 0.4%
	3,000	Archer Ltd.†		1,736		4,752
	20,000	Dawson Geophysical Co.†		214,610		111,200
	30,904	Flotek Industries Inc.†		337,624		395,275
	225,000	Layne Christensen Co.†		2,326,235		1,989,000
	87,500	RPC Inc.		159,107		1,602,125
	7,100	Subsea 7 SA, ADR†		25,056		109,695
				3,064,368		4,212,047
		Energy and Utilities: Water — 1.0%
	24,526	Artesian Resources Corp., Cl. A		491,905		798,567
	45,174	Cadiz Inc.†		518,835		679,869
	24,800	California Water Service Group		478,223		889,080
	4,000	Connecticut Water Service Inc.		135,142		212,600
	66,000	Consolidated Water Co. Ltd.		717,506		768,900
	68,000	Energy Recovery Inc.†		280,443		565,760
	29,933	Middlesex Water Co.		579,145		1,106,024
	50,000	Mueller Water Products Inc., Cl. A		556,279		591,000
	100,606	SJW Group		2,512,628		4,851,221
	44,037	The York Water Co.		719,093		1,543,497
				6,989,199		12,006,518
		Entertainment — 1.0%
	368,100	Canterbury Park Holding Corp.(a)		3,783,689		3,809,835
	619,556	Dover Motorsports Inc.		1,521,154		1,363,023
	818,763	Entravision Communications Corp., Cl. A		2,453,342		5,076,331
	325,400	RLJ Entertainment Inc.†(a)		724,360		806,993
	50,000	SFX Entertainment Inc.†		2,750		0
	426,100	Sportech plc†		469,474		541,200
	34,000	World Wrestling Entertainment Inc., Cl. A		509,340		755,480
				9,464,109		12,352,862
		Environmental Control — 0.8%
	500	AquaVenture Holdings Ltd.†		7,933		8,535
	7,500	BQE Water Inc.†		12,419		226
	589,228	Casella Waste Systems Inc., Cl. A†		2,796,508		8,314,007
	17,720	Ceco Environmental Corp.		251,406		186,237
	107,700	Hudson Technologies Inc.†		387,751		710,820
	300	Primo Water Corp.†		4,201		4,074
	200	Primo Water Corp., Escrow†		1,538		2,716
				3,461,756		9,226,615
		Equipment and Supplies — 6.1%
	17,000	Amtech Systems Inc.†		178,849		93,500
	20,000	AZZ Inc.		716,820		1,190,000
	99,111	Berry Plastics Group Inc.†		3,466,704		4,813,835
	162,400	CIRCOR International Inc.		5,806,086		9,653,056
	304,500	Core Molding Technologies Inc.†		2,273,498		5,429,235

Shares			Cost		Market Value
	740,000	Federal Signal Corp.	$	5,383,673	$	10,219,400
	405,000	Interpump Group SpA		2,970,656		9,418,806
	630,000	Kimball International Inc., Cl. B		6,594,696		10,395,000
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		277,014
	1,000	Mitcham Industries Inc.†		4,620		4,900
	2,000	Neff Corp., Cl. A†		18,318		38,900
	20,103	Powell Industries Inc.		750,311		692,347
	353,269	The Eastern Co.(a)		6,476,127		7,559,957
	123,000	The Gorman-Rupp Co.		2,770,252		3,862,200
	40,000	The Greenbrier Companies Inc.		831,325		1,724,000
	342,677	The L.S. Starrett Co., Cl. A(a)		4,006,409		3,598,109
	116,933	Titan Machinery Inc.†		1,930,769		1,793,752
	133,200	TransAct Technologies Inc.		602,898		1,078,920
	69,232	Vicor Corp.†		552,235		1,114,635
				45,442,363		72,957,566
		Financial Services — 5.3%
	33,000	Alimco Financial Corp.†		66,300		29,040
	49,400	Anchor Bancorp.†		508,737		1,269,580
	20,000	Atlantic American Corp.		75,277		80,000
	17,000	Berkshire Bancorp Inc.†		219,944		190,400
	9,246	Berkshire Hills Bancorp Inc.		154,043		333,318
	4,533	BKF Capital Group Inc.†		31,884		33,043
	75	Burke & Herbert Bank and Trust Co.		95,726		158,025
	4	Capital Financial Holdings Inc.†		35,200		7,512
	6,791	Capitol Federal Financial Inc.		75,244		99,352
	18,200	Citizens & Northern Corp.		357,816		423,696
	102,339	CoBiz Financial Inc.		1,159,544		1,719,295
	28,800	Crazy Woman Creek Bancorp Inc.		497,983		464,400
	35,800	Dime Community Bancshares Inc.		576,823		726,740
	1,122	Farmers & Merchants Bank of Long Beach		6,170,665		8,386,950
	40,000	Farmers National Banc Corp.		333,870		574,000
	11,418	Fidelity Southern Corp.		71,198		255,535
	32,000	First Internet Bancorp		661,348		944,000
	591,270	Flushing Financial Corp.		9,657,924		15,887,425
	75,600	FNB Corp.		736,188		1,124,172
	10	Guaranty Corp., Cl. A†		137,500		400,000
	183,860	Hallmark Financial Services Inc.†		1,609,508		2,031,653
	15,000	Hancock Holding Co.		190,783		683,250
	13,800	Heritage Commerce Corp.		114,043		194,580
	30,000	HomeStreet Inc.†		300,000		838,500
	80,547	Hope Bancorp Inc.		861,127		1,544,084
	25,000	ICC Holdings Inc.†		250,000		396,250
	90,843	KKR & Co. LP		80,798		1,656,068
	19,700	LendingTree Inc.†		475,666		2,469,395
	140,000	Medallion Financial Corp.		904,879		277,200
	200,000	Monitise plc†		58,454		5,851
	8,255	New York Community Bancorp Inc.		104,605		115,322
	4,197	Northrim BanCorp Inc.		91,497		126,120
	21,300	OceanFirst Financial Corp.		395,540		600,128
	40,000	Oritani Financial Corp.		412,856		680,000
	160,000	Pzena Investment Management Inc., Cl. A		1,355,682		1,574,400
	36,971	Renasant Corp.		414,186		1,467,379
	4,540	Security National Corp.		412,718		557,285
	8,842	SI Financial Group Inc.		101,241		124,230
	85,000	Silvercrest Asset Management Group Inc., Cl. A		1,171,743		1,130,500
	2,996	South State Corp.		226,413		267,681
	20,594	Southwest Bancorp Inc.		370,915		538,533

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	685,000	Sprott Inc.	$	1,913,798	$	1,148,663
	20,700	State Bank Financial Corp.		357,067		540,684
	122,503	Sterling Bancorp		1,238,753		2,903,321
	70,000	TheStreet Inc.†		135,394		53,200
	2,000	Thomasville Bancshares Inc.		66,207		76,500
	10,000	TriState Capital Holdings Inc.†		98,183		233,500
	55,000	TrustCo Bank Corp NY		253,000		431,750
	127,100	United Financial Bancorp Inc.		1,749,440		2,161,971
	33,089	Value Line Inc.		326,193		569,462
	45,900	Washington Trust Bancorp Inc.		1,029,683		2,262,870
	82,200	Waterstone Financial Inc.		876,303		1,500,150
	87,100	Western New England Bancorp Inc.		746,912		914,550
	395,000	Wright Investors’ Service Holdings Inc.†		605,954		257,145
	13,200	Xenith Bankshares Inc.†		127,500		334,884
				41,050,255		63,773,542
		Food and Beverage — 4.3%
	87,600	Andrew Peller Ltd., Cl. A		366,944		742,378
	60,600	Calavo Growers Inc.		1,835,705		3,672,360
	110,000	Cott Corp.		748,495		1,359,600
	525,000	Crimson Wine Group Ltd.†		4,768,847		5,250,000
	206,013	Farmer Brothers Co.†		4,137,450		7,282,560
	1,700	Hanover Foods Corp., Cl. A		165,267		165,325
	300	Hanover Foods Corp., Cl. B		28,206		30,750
	435,172	Inventure Foods Inc.†		3,012,524		1,923,460
	82,000	Iwatsuka Confectionery Co. Ltd.		4,021,846		3,292,374
	1,500	J & J Snack Foods Corp.		21,623		203,340
	22,531	John B Sanfilippo & Son Inc.		1,052,454		1,649,044
	155,300	Lifeway Foods Inc.†		1,604,149		1,666,369
	219,700	Massimo Zanetti Beverage Group SpA		2,242,490		1,822,279
	71,900	MGP Ingredients Inc.		1,431,993		3,899,137
	15,600	Rock Field Co. Ltd.		125,557		255,446
	5,900	Scheid Vineyards Inc., Cl. A†		89,940		206,500
	243,600	Snyder’s-Lance Inc.		5,677,399		9,819,516
	311,664	SunOpta Inc.†		2,423,205		2,166,065
	8,500	The Boston Beer Co. Inc., Cl. A†		288,591		1,229,525
	80,000	The Hain Celestial Group Inc.†		827,229		2,976,000
	270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		339,085
	295,000	Vitasoy International Holdings Ltd.		161,353		586,090
	23,000	Willamette Valley Vineyards Inc.†		88,087		184,000
				35,513,141		50,721,203
		Health Care — 7.0%
	32,960	Accuray Inc.†		244,893		156,560
	2,600	AcelRx Pharmaceuticals Inc.†		19,444		8,190
	5,000	Achillion Pharmaceuticals Inc.†		19,520		21,050
	12,700	Alere Inc.†		345,253		504,571
	24,000	AngioDynamics Inc.†		294,826		416,400
	341,461	Biolase Inc.†		449,404		460,972
	935,000	BioScrip Inc.†		2,693,534		1,589,500
	500	BioSpecifics Technologies Corp.†		19,466		27,400
	143,100	BioTelemetry Inc.†		1,000,358		4,142,745
	8,200	Boiron SA		138,640		749,685
	73,800	Cantel Medical Corp.		843,214		5,911,380
	111,100	Cardiovascular Systems Inc.†		1,885,169		3,141,353
	10,000	CareDx Inc.†		66,238		14,000

Shares			Cost		Market Value
	70,000	Cempra Inc.†	$	676,816	$	262,500
	115,000	Cogentix Medical Inc.†		390,961		207,000
	299,000	Cutera Inc.†		2,703,267		6,189,300
	1,000	Dextera Surgical Inc.†		9,046		1,060
	98,654	Electromed Inc.†		260,879		486,364
	232,473	Exactech Inc.†		4,257,604		5,858,320
	190,000	Exelixis Inc.†		361,950		4,117,300
	50,000	Genesis Healthcare Inc.†		368,957		132,000
	1,000	Harvard Bioscience Inc.†		3,352		2,600
	12,500	Heska Corp.†		137,120		1,312,250
	4,022	ICU Medical Inc.†		208,829		614,159
	603,135	InfuSystems Holdings Inc.†		1,572,522		1,387,211
	23,000	Integer Holdings Corp.†		479,237		924,600
	178,617	IntriCon Corp.†		730,232		1,625,415
	51,000	Invitae Corp.†		525,607		564,060
	155,000	Meridian Bioscience Inc.		3,063,654		2,139,000
	122,750	Neogen Corp.†		508,434		8,046,263
	181,407	NeoGenomics Inc.†		585,978		1,431,301
	180,000	Nutraceutical International Corp.		4,363,061		5,607,000
	3,333	Nuvectra Corp.†		28,422		22,767
	43,700	Omega Protein Corp.		843,494		876,185
	44,612	Omnicell Inc.†		732,122		1,813,478
	238,000	OPKO Health Inc.†		1,567,206		1,904,000
	45,200	Orthofix International NV†		965,181		1,724,380
	45,000	Pain Therapeutics Inc.†		84,311		40,199
	300	PhotoMedex Inc.†		593		531
	2,500	PreMD Inc.†		4,580		0
	147,061	Quidel Corp.†		1,709,110		3,329,461
	66,000	RTI Surgical Inc.†		334,123		264,000
	213,500	Special Diversified Opportunities Inc.†		206,946		166,284
	276,792	SurModics Inc.†		5,937,256		6,656,848
	101,249	Syneron Medical Ltd.†		885,583		1,068,177
	2,000	Targanta Therapeutics Corp., Escrow†		0		640
	30,000	Tetraphase Pharmaceuticals Inc.†		130,368		275,700
	5,000	Titan Medical Inc.†		6,781		1,327
	230,930	Trinity Biotech plc, ADR†		1,827,673		1,376,343
	77,400	United-Guardian Inc.		703,712		1,137,780
	5,174	Utah Medical Products Inc.		143,347		322,340
	300,000	Zealand Pharma A/S†		3,744,488		4,839,681
				49,082,761		83,871,630
		Hotels and Gaming — 2.8%
	71,800	Boyd Gaming Corp.†		416,103		1,580,318
	58,540	Churchill Downs Inc.		2,352,247		9,299,079
	145,000	Dover Downs Gaming & Entertainment Inc.†		550,053		152,250
	79,000	Eldorado Resorts Inc.†		362,024		1,495,075
	3,001	Empire Resorts Inc.†		56,172		72,770
	500,001	Full House Resorts Inc.†		799,015		1,215,001
	522,656	Golden Entertainment Inc.		4,715,344		6,914,739
	3,935	Intrawest Resorts Holdings Inc.†		42,346		98,414
	10,000	Ryman Hospitality Properties Inc.		310,832		618,300
	369,812	The Marcus Corp.		4,689,583		11,870,965
				14,293,719		33,316,911
		Machinery — 3.6%
	307,663	Astec Industries Inc.		10,875,380		18,919,736
	4,001	Capstone Turbine Corp.†		23,746		3,061
	72,580	Chart Industries Inc.†		2,715,302		2,535,945
	6,300	DMG Mori AG		40,709		307,983
	12,200	DXP Enterprises Inc.†		222,516		462,014
	554,500	Gencor Industries Inc.†		3,731,715		8,289,775
	32,000	Global Power Equipment Group Inc.†		292,178		142,400

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	6,000	Hardinge Inc.	$	54,215	$	67,440
	130,607	Key Technology Inc.†		1,879,237		1,731,849
	15,164	Lindsay Corp.		1,014,039		1,336,252
	49,300	Tennant Co.		1,064,922		3,581,645
	44,400	The Middleby Corp.†		464,969		6,058,380
				22,378,928		43,436,480
		Manufactured Housing and Recreational Vehicles — 1.0%
	57,500	Cavco Industries Inc.†		3,113,369		6,693,000
	154,900	Nobility Homes Inc.		1,504,706		2,451,293
	48,500	Skyline Corp.†		229,561		456,870
	61,000	Winnebago Industries Inc.		626,036		1,784,250
				5,473,672		11,385,413
		Metals and Mining — 1.3%
	70,000	5N Plus Inc.†		251,966		102,643
	10,000	Alkane Resources Ltd.†		3,333		2,139
	175,800	Materion Corp.		3,755,120		5,898,090
	760,000	Osisko Gold Royalties Ltd.		11,053,936		8,446,667
	25,001	Peabody Energy Corp.†		81,902		17,000
	900,000	Tanami Gold NL†		210,755		42,631
	74,000	TimkenSteel Corp.†		930,477		1,399,340
				16,287,489		15,908,510
		Paper and Forest Products — 0.2%
	25,700	Keweenaw Land Association Ltd.†		2,180,650		2,621,143
		Publishing — 1.9%
	50,093	AH Belo Corp., Cl. A		319,978		308,072
	10,000	Cambium Learning Group Inc.†		36,700		49,000
	170,000	Il Sole 24 Ore SpA†		238,491		101,741
	906,048	The E.W. Scripps Co., Cl. A†		5,510,281		21,237,765
	26,257	tronc Inc.†		251,438		365,497
				6,356,888		22,062,075
		Real Estate — 2.3%
	200,000	Ambase Corp.†		311,545		253,000
	8,000	Bresler & Reiner Inc.†		4,912		920
	109,450	Capital Properties Inc., Cl. A†		1,155,406		1,521,355
	109,000	Cohen & Steers Inc.		2,330,830		4,356,730
	60,000	DREAM Unlimited Corp., Cl. A†		331,539		306,802
	24,500	FRP Holdings Inc.†		799,697		980,000
	254,260	Griffin Industrial Realty Inc.(a)		7,131,504		7,869,347
	12,638	Gyrodyne LLC		363,328		266,915
	8,231	Holobeam Inc.†		161,746		230,468
	363,623	Reading International Inc., Cl. A†		2,334,307		5,650,701
	70,804	Reading International Inc., Cl. B†		593,230		1,256,063
	2,508	Royalty LLC†		0		255
	134,000	Tejon Ranch Co.†		3,635,302		2,933,260
	31,523	Trinity Place Holdings Inc.†		236,423		230,433
	250,000	Trinity Place Holdings Inc.†(b)		1,875,000		1,736,125
				21,264,769		27,592,374
		Restaurants — 1.9%
	13,183	Biglari Holdings Inc.†		4,025,388		5,694,792
	70,000	Denny’s Corp.†		219,675		865,900
	51,352	Jamba Inc.†		695,030		464,736
	204,634	Nathan’s Famous Inc.†		2,147,992		12,820,320
	49,000	The Cheesecake Factory Inc.		1,455,090		3,104,640
				8,543,175		22,950,388
		Retail — 1.7%
	48,000	Aaron’s Inc.		935,791		1,427,520

Shares			Cost			Market Value
	76,500	Big 5 Sporting Goods Corp.	$	903,474		$	1,155,150
	30,000	Destination XL Group Inc.†		169,350			85,500
	25,496	Ethan Allen Interiors Inc.		605,537			781,452
	319,200	EVINE Live Inc.†		883,350			408,576
	168,000	Ingles Markets Inc., Cl. A		2,814,460			7,249,200
	69,000	Lands’ End Inc.†		1,332,772			1,480,050
	59,000	La-Z-Boy Inc.		1,313,713			1,593,000
	15,000	Movado Group Inc.		198,103			374,250
	28,000	Pier 1 Imports Inc.		327,020			200,480
	29,605	Rush Enterprises Inc., Cl. A†		545,615			979,333
	104,005	Rush Enterprises Inc., Cl. B†		1,800,199			3,242,876
	6,000	SpartanNash Co.		121,934			209,940
	210,000	The Bon-Ton Stores Inc.†		1,746,620			176,421
	14,000	Tuesday Morning Corp.†		80,241			52,500
	42,581	Village Super Market Inc., Cl. A		1,147,571			1,128,397
	600	Winmark Corp.		40,024			67,800
				14,965,774			20,612,445
		Semiconductors — 0.6%
	185,100	Entegris Inc.†		1,250,835			4,331,340
	100,000	Exar Corp.†		1,301,000			1,301,000
	93,700	IXYS Corp.		991,052			1,363,335
	5,210	MoSys Inc.†		150,654			10,889
				3,693,541			7,006,564
		Specialty Chemicals — 2.9%
	35,000	A. Schulman Inc.		975,749			1,100,750
	85,000	Chemtura Corp.†		1,480,785			2,839,000
	1,186,000	Ferro Corp.†		6,077,166	��		18,015,340
	267,226	General Chemical Group Inc.†(a)		59,859			3,474
	134,000	Hawkins Inc.		4,908,553			6,566,000
	2,000	KMG Chemicals Inc.		51,827			92,140
	4,100	Minerals Technologies Inc.		121,383			314,060
	150,000	Navigator Holdings Ltd.†		2,012,283			2,062,500
	260,000	OMNOVA Solutions Inc.†		684,869			2,574,000
	10,000	Takasago International Corp.		271,028			320,668
	17,000	Treatt plc		68,657			80,298
				16,712,159			33,968,230
		Telecommunications — 3.6%
	50,800	ATN International Inc.		2,066,182			3,577,336
	270,023	Cincinnati Bell Inc.†		4,594,662			4,779,407
	39,801	Consolidated Communications Holdings Inc.		436,124			932,139
	20,000	Frequency Electronics Inc.†		225,394			220,000
	714,117	HC2 Holdings Inc.†		2,611,013			4,427,525
	652	Horizon Telecom Inc., Cl. B†		22,035			8,352
	20,000	Iridium Communications Inc.†		160,025			193,000
	300,000	Ixia†		5,122,323			5,895,000
	57,500	New ULM Telecom Inc.		528,202			537,050
	4,100	North State Telecommunications Corp., Cl. A		349,343			277,631
	521,335	ORBCOMM Inc.†		3,005,997			4,978,749
	5,788	Preformed Line Products Co.		246,195			301,844
	482,000	Shenandoah Telecommunications Co.		2,650,694			13,520,100
	527,915	Windstream Holdings Inc.		2,706,334			2,877,134
				24,724,523			42,525,267
		Transportation — 0.0%
	30,000	Dakota Plains Holdings Inc.†		23,143			125
	15,000	Patriot Transportation Holding Inc.†		337,321			341,250
	8,200	PHI Inc.†		130,182			95,120
	1	Trailer Bridge Inc.†		7,995			465
				498,641			436,960

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Wireless Communications — 0.0%
	200,219	NII Holdings Inc.†	$	470,755	$	260,285
		TOTAL COMMON STOCKS		618,773,156		1,029,770,663
		PREFERRED STOCKS — 0.8%
		Automotive: Parts and Accessories — 0.2%
	59,000	Jungheinrich AG		227,157		1,959,995
		Financial Services — 0.6%
	313,136	Steel Partners Holdings LP		12,013,143		6,967,276
		Health Care — 0.0%
	3,034	BioScrip Inc. †		287,862		185,598
		TOTAL PREFERRED STOCKS		12,528,162		9,112,869
		CONVERTIBLE PREFERRED STOCKS — 0.3%
		Business Services — 0.0%
	364	Trans-Lux Pfd., Ser. B		72,727		5,293
		Diversified Industrial — 0.3%
	88,937	Sevcon Inc., 4.000%, Ser. A(a)		1,912,146		3,895,441
		Energy and Utilities — 0.0%
	15,095	Corning Natural Gas Holding Corp., 4.800%, Ser. B		313,228		301,786
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Ser. 2003		7,625		18,050
		TOTAL CONVERTIBLE PREFERRED STOCKS		2,305,726		4,220,570
		RIGHTS — 0.1%
		Entertainment — 0.1%
	550,000	Media General Inc., CVR, expire 12/31/17†		1		940,500
		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		180,000
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†		103,591		0
				241,391		336,000
		TOTAL RIGHTS		241,392		1,276,500
		WARRANTS — 0.0%
		Diversified Industrial — 0.0%
	12,500	Sevcon Inc., expire 07/11/21†(a)		34,806		105,053
		Energy and Utilities — 0.0%
	86	Key Energy Services, expire 12/15/20†		0		0
	86	Key Energy Services, expire 12/15/21†		0		0
	360,000	Kinder Morgan Inc., expire 05/25/17†		5,936		864
				5,936		864

Shares			Cost		Market Value
		Environmental Control — 0.0%
	200	Primo Water Corp., expire 12/31/21†	$	58	$	184
		Health Care — 0.0%
	8,737	BioScrip Inc., Cl. A, expire 07/27/25†		7,979		3,909
	8,737	BioScrip Inc., Cl. B, expire 07/27/25†		7,554		3,788
				15,533		7,697
		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		56,333		113,798
Principal Amount
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Entertainment — 0.0%
$	100,000	THQ Inc., 5.000%, 08/15/14(c)		6,500		2,606
		U.S. GOVERNMENT OBLIGATIONS — 12.5%
	148,901,000	U.S. Treasury Bills, 0.466% to 0.909%††, 04/13/17 to 09/28/17		148,668,174		148,631,527
		TOTAL INVESTMENTS — 100.1%	$	782,579,443		1,193,128,533
		Other Assets and Liabilities (Net) — (0.1)%				(882,793	)
		NET ASSETS — 100.0%			$	1,192,245,740

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the market value of the Rule 144A security amounted to $1,736,125 or 0.15% of net assets.

(c) Security in default.

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

CCCP Contingent Cash Consideration Payment

CPR Contingent Payment Right

CVR Contingent Value Right

See accompanying notes to financial statements.

12

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 88.4%
		Aerospace — 0.7%
	4,200	Hexcel Corp.	$	95,744	$	229,110
		Building and Construction — 4.1%
	10,200	Armstrong Flooring Inc.†		193,758		187,884
	18,800	Builders FirstSource Inc.†		121,201		280,120
	7,600	EMCOR Group Inc.		321,645		478,420
	9,300	MYR Group Inc.†		140,432		381,300
	7,600	Napco Security Technologies Inc.†		62,255		77,520
				839,291		1,405,244
		Business Services — 7.3%
	11,950	ABM Industries Inc.		241,929		521,020
	10,900	Diebold Nixdorf Inc.		282,476		334,630
	13,750	FTI Consulting Inc.†		448,856		566,087
	4,950	KAR Auction Services Inc.		76,193		216,167
	9,100	McGrath RentCorp.		246,407		305,487
	7,500	PFSweb Inc.†		63,192		48,975
	4,800	Team Inc.†		134,179		129,840
	6,700	The Brink’s Co.		177,292		358,115
				1,670,524		2,480,321
		Computer Software and Services — 5.2%
	16,100	Bottomline Technologies Inc.†		342,942		380,765
	17,000	NetScout Systems Inc.†		322,320		645,150
	16,100	Progress Software Corp.		335,538		467,705
	3,900	PTC Inc.†		76,909		204,945
	12,100	The Rubicon Project Inc.†		67,443		71,269
				1,145,152		1,769,834
		Consumer Products — 0.5%
	5,400	Hanesbrands Inc.		56,176		112,104
	1,200	Oxford Industries Inc.		69,670		68,712
				125,846		180,816
		Diversified Industrial — 1.5%
	4,250	Barnes Group Inc.		102,409		218,195
	12,360	Columbus McKinnon Corp.		168,445		306,775
				270,854		524,970
		Electronics — 3.2%
	6,700	FARO Technologies Inc.†		197,808		239,525
	6,500	Plantronics Inc.		254,911		351,715
	8,500	Stratasys Ltd.†		259,548		174,165
	5,250	Vishay Intertechnology Inc.		54,272		86,363
	3,400	Woodward Inc.		109,074		230,928
				875,613		1,082,696
		Energy and Utilities — 6.1%
	12,400	Carrizo Oil & Gas Inc.†		433,828		355,384
	24,900	Gulfport Energy Corp.†		803,997		428,031
	2,100	Helmerich & Payne Inc.		138,855		139,797
	17,500	Matador Resources Co.†		330,135		416,325
	23,900	Newpark Resources Inc.†		169,364		193,590
	22,700	Patterson-UTI Energy Inc.		386,118		550,929
				2,262,297		2,084,056
		Environmental Control — 0.2%
	4,900	Casella Waste Systems Inc., Cl. A†		66,436		69,139
		Equipment and Supplies — 2.5%
	7,800	CIRCOR International Inc.		328,247		463,632
	7,600	Crown Holdings Inc.†		283,749		402,420
				611,996		866,052
		Financial Services — 24.7%
	11,200	BankUnited Inc.		305,675		417,872
	22,598	Beneficial Bancorp Inc.		284,957		361,568
	5,000	Berkshire Hills Bancorp Inc.		128,439		180,250
	7,050	Brown & Brown Inc.		180,990		294,126
	21,900	CoBiz Financial Inc.		266,438		367,920

Shares			Cost		Market Value
	2,700	Columbia Banking System Inc.	$	49,471	$	105,273
	5,100	Equity Commonwealth†		153,399		159,222
	2,700	Financial Institutions Inc.		43,636		88,965
	8,700	Flushing Financial Corp.		132,257		233,769
	7,900	Glacier Bancorp Inc.		118,011		268,047
	17,100	Heritage Commerce Corp.		150,739		241,110
	8,350	Hope Bancorp Inc.		61,657		160,069
	44,250	Investors Bancorp Inc.		478,052		636,315
	14,900	Kearny Financial Corp./MD		191,870		224,245
	19,800	LegacyTexas Financial Group Inc.		382,930		790,020
	5,000	Oaktree Capital Group LLC		203,765		226,500
	3,250	OceanFirst Financial Corp.		42,156		91,569
	20,150	OFG Bancorp		197,293		237,770
	4,800	Opus Bank		104,107		96,720
	7,000	Oritani Financial Corp.		106,094		119,000
	5,700	Paramount Group Inc.		90,217		92,397
	4,300	Parkway Inc.		91,461		85,527
	7,800	Southwest Bancorp Inc.		135,230		203,970
	9,600	State Bank Financial Corp.		182,685		250,752
	20,906	Sterling Bancorp		180,774		495,472
	5,500	Stifel Financial Corp.†		222,269		276,045
	3,000	Stonegate Bank		105,122		141,270
	10,000	TrustCo Bank Corp NY		46,359		78,500
	14,250	Umpqua Holdings Corp.		197,964		252,795
	22,500	United Financial Bancorp Inc.		307,116		382,725
	4,800	Veritex Holdings Inc.†		135,827		134,976
	8,900	Washington Federal Inc.		137,276		294,590
	4,000	Washington Trust Bancorp Inc.		91,518		197,200
	5,800	Waterstone Financial Inc.		62,093		105,850
	4,312	Xenith Bankshares Inc.†		39,530		109,395
				5,607,377		8,401,794
		Health Care — 4.8%
	6,350	AngioDynamics Inc.†		89,195		110,173
	8,000	Electromed Inc.†		32,219		39,440
	1,600	ICU Medical Inc.†		67,049		244,320
	10,300	Myriad Genetics Inc.†		186,353		197,760
	5,550	Omnicell Inc.†		100,426		225,608
	12,450	Patterson Cos., Inc.		348,998		563,114
	3,500	STERIS plc		260,890		243,110
				1,085,130		1,623,525
		Machinery — 0.2%
	3,300	Briggs & Stratton Corp.		66,825		74,085
		Retail — 8.0%
	25,650	American Eagle Outfitters Inc.		343,764		359,869
	9,300	Darling Ingredients Inc.†		134,150		135,036
	13,150	Ethan Allen Interiors Inc.		312,648		403,047
	10,300	Haverty Furniture Companies Inc.		231,819		250,805
	7,400	RH†		252,210		342,324
	22,400	Rush Enterprises Inc., Cl. A†		459,984		740,992
	6,200	The Habit Restaurants Inc., Cl. A†		97,859		109,740
	8,600	United Natural Foods Inc.†		371,488		371,778
				2,203,922		2,713,591
		Semiconductors — 14.1%
	11,400	Cabot Microelectronics Corp.		482,035		873,354
	52,100	Cypress Semiconductor Corp.		464,420		716,896
	36,200	Electro Scientific Industries Inc.†		210,154		252,314
	47,400	Entegris Inc.†		545,906		1,109,160
	34,300	FormFactor Inc.†		183,515		406,455
	28,300	Marvell Technology Group Ltd.		368,758		431,858
	48,600	ON Semiconductor Corp.†		373,619		752,814
	8,412	Versum Materials Inc.		207,346		257,407
				2,835,753		4,800,258
		Specialty Chemicals — 2.0%
	16,100	A. Schulman Inc.		423,204		506,345

See accompanying notes to financial statements.

13

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals (Continued)
	11,300	Ferro Corp.†	$	167,358	$	171,647
				590,562		677,992
		Telecommunications — 3.3%
	86,400	Extreme Networks Inc.†		231,818		648,864
	29,800	Infinera Corp.†		294,028		304,854
	24,900	Mitel Networks Corp.†		169,004		172,557
				694,850		1,126,275
		TOTAL COMMON STOCKS		21,048,172		30,109,758

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 11.7%
$	4,000,000	U.S. Treasury Bills, 0.510% to 0.894%††, 05/18/17 to 09/21/17	$	3,991,890	$	3,992,036
		TOTAL INVESTMENTS — 100.1%	$	25,040,062		34,101,794
		Other Assets and Liabilities (Net) — (0.1)%				(47,530	)
		NET ASSETS — 100.0%			$	34,054,264

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

14

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 91.2%
		FINANCIALS — 18.6%
		Banks — 5.7%
	2,113	BankUnited Inc.	$	67,980	$	78,836
	148	SVB Financial Group†		17,607		27,541
	1,775	Zions Bancorporation		52,534		74,550
				138,121		180,927
		Diversified Financials — 3.2%
	1,288	Legg Mason Inc.		46,159		46,510
	330	Oaktree Capital Group LLC		15,058		14,949
	594	T. Rowe Price Group Inc.		42,544		40,481
				103,761		101,940
		Insurance — 2.6%
	473	Chubb Ltd.		46,865		64,446
	497	Voya Financial Inc.		18,624		18,866
				65,489		83,312
		Real Estate — 7.1%
	665	American Tower Corp.		58,122		80,824
	2,678	CBRE Group Inc., Cl. A†		75,791		93,168
	1,316	Gaming and Leisure Properties Inc.		48,696		43,981
	93	SL Green Realty Corp.		10,548		9,916
				193,157		227,889
		TOTAL FINANCIALS		500,528		594,068
		CONSUMER DISCRETIONARY — 17.3%
		Consumer Durables — 1.8%
	1,627	Toll Brothers Inc.†		54,504		58,751
		Consumer Services — 2.1%
	1,323	Norwegian Cruise Line Holdings Ltd.†		47,420		67,116
		Media — 5.8%
	596	Liberty Broadband Corp., Cl. C†		31,512		51,494
	1,492	Liberty Global plc, Cl. C†		50,878		52,280
	1,003	Liberty Media Corp.- Liberty SiriusXM, Cl. C†		26,268		38,896
	2,595	Manchester United plc, Cl. A		40,237		43,856
				148,895		186,526
		Retailing — 7.6%
	348	Burlington Stores Inc.†		15,950		33,857
	1,266	Ethan Allen Interiors Inc.		32,034		38,803
	2,591	Hanesbrands Inc.		66,570		53,789
	197	O’Reilly Automotive Inc.†		31,063		53,158
	117	Ralph Lauren Corp.		9,217		9,550
	1,236	United Natural Foods Inc.†		75,408		53,432
				230,242		242,589
		TOTAL CONSUMER DISCRETIONARY		481,061		554,982
		INDUSTRIALS — 16.3%
		Capital Goods — 12.3%
	141	Cummins Inc.		13,048		21,319
	330	EnerSys		18,698		26,050
	1,203	Fortune Brands Home & Security Inc.		51,730		73,203
	1,104	Hexcel Corp.		46,774		60,223
	504	MSC Industrial Direct Co. Inc., Cl. A		41,808		51,791
	245	Orbital ATK Inc.		18,104		24,010
	2,326	Quanta Services Inc.†		67,530		86,318
	2,231	Rexnord Corp.†		43,372		51,491
				301,064		394,405
		Commercial and Professional Services — 4.0%
	540	Bright Horizons Family Solutions Inc.†		22,495		39,145

Shares			Cost		Market Value
	503	IHS Markit Ltd.†	$	16,488	$	21,101
	1,591	Nielsen Holdings plc		72,216		65,724
				111,199		125,970
		TOTAL INDUSTRIALS		412,263		520,375
		INFORMATION TECHNOLOGY — 14.9%
		Software and Services — 13.6%
	1,035	Activision Blizzard Inc.		23,171		51,605
	2,049	Cornerstone OnDemand Inc.†		62,487		79,686
	211	Equinix Inc.		44,115		84,394
	2,604	Fortinet Inc.†		64,936		99,863
	430	MercadoLibre Inc.		44,775		90,932
	469	Splunk Inc.†		21,570		29,214
				261,054		435,694
		Technology Hardware and Equipment — 1.3%
	523	Diebold Nixdorf Inc.		15,575		16,056
	488	MACOM Technology Solutions Holdings Inc.†		16,136		23,570
				31,711		39,626
		TOTAL INFORMATION TECHNOLOGY		292,765		475,320
		HEALTH CARE — 13.2%
		Health Care Equipment and Services — 5.2%
	448	Insulet Corp.†		14,861		19,304
	538	Laboratory Corp. of America Holdings†		63,484		77,187
	141	Patterson Cos., Inc.		6,131		6,377
	508	Universal Health Services Inc., Cl. B		49,852		63,221
				134,328		166,089
		Pharmaceuticals, Biotechnology, and Life Sciences — 8.0%
	419	Alexion Pharmaceuticals Inc.†		67,430		50,800
	1,039	Exact Sciences Corp.†		10,522		24,541
	151	Illumina Inc.†		26,620		25,767
	346	Incyte Corp.†		21,070		46,250
	96	Mettler-Toledo International Inc.†		24,501		45,975
	568	Vertex Pharmaceuticals Inc.†		51,619		62,111
				201,762		255,444
		TOTAL HEALTH CARE		336,090		421,533
		ENERGY — 7.0%
		Energy — 7.0%
	498	Cimarex Energy Co.		43,032		59,506
	1,203	Fortis Inc.		36,713		39,892
	530	Pioneer Natural Resources Co.		88,890		98,702
	850	Range Resources Corp.		24,046		24,735
		TOTAL ENERGY		192,681		222,835
		MATERIALS — 2.2%
		Materials — 2.2%
	558	Ecolab Inc.		59,037		69,940
		CONSUMER STAPLES — 1.7%
		Food and Beverage — 1.7%
	1,486	Coca-Cola European Partners plc		56,094		56,007
		TOTAL COMMON STOCKS		2,330,519		2,915,060

See accompanying notes to financial statements.

15

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 9.1%
$	290,000	U.S. Treasury Bills, 0.510% to 0.713%††, 05/18/17 to 06/15/17	$	289,623	$	289,615
		TOTAL INVESTMENTS — 100.3%	$	2,620,142		3,204,675
		Other Assets and Liabilities (Net) — (0.3)%				(8,422	)
		NET ASSETS — 100.0%			$	3,196,253

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

16

TETON Convertible Securities Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 74.8%
		Aerospace and Defense — 2.4%
$	200,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23(a)	$	201,771	$	216,625
		Building and Construction — 2.6%
	200,000	Dycom Industries Inc., 0.750%, 09/15/21		217,301		234,375
		Business Services — 1.3%
	111,000	Square Inc., 0.375%, 03/01/22(a)		112,733		115,717
		Cable and Satellite — 2.7%
	200,000	DISH Network Corp., 3.375%, 08/15/26(a)		220,547		242,625
		Communications Equipment — 4.3%
	200,000	InterDigital Inc., 1.500%, 03/01/20		236,464		261,375
	112,000	Lumentum Holdings Inc., 0.250%, 03/15/24(a)		113,858		125,160
				350,322		386,535
		Computer Software and Services — 13.9%
	250,000	CSG Systems International Inc., 4.250%, 03/15/36		269,702		260,937
	300,000	EnerNOC Inc., 2.250%, 08/15/19		237,053		251,063
	150,000	MercadoLibre Inc., 2.250%, 07/01/19		214,103		261,375
	105,000	Nice Systems Inc., 1.250%, 01/15/24(a)		111,144		109,725
	200,000	Proofpoint Inc., 0.750%, 06/15/20		227,238		228,625
	75,000	The Priceline Group Inc., 1.000%, 03/15/18		102,074		141,563
				1,161,314		1,253,288
		Consumer Services — 5.2%
	200,000	Carriage Services Inc., 2.750%, 03/15/21		232,487		260,750
	200,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		213,652		207,500
				446,139		468,250
		Energy and Utilities: Alternative Energy — 2.1%
	200,000	Clean Energy Fuels Corp., 5.250%, 10/01/18(a)		180,984		194,375
		Energy and Utilities: Integrated — 2.6%
	300,000	SunPower Corp., 4.000%, 01/15/23		236,897		236,063
		Energy and Utilities: Oil — 2.3%
	200,000	Chesapeake Energy Corp., 5.500%, 09/15/26(a)		201,684		208,125
		Energy and Utilities: Services — 2.3%
	300,000	Cheniere Energy Inc., 4.250%, 03/15/45		195,265		205,500
		Entertainment — 2.3%
	190,000	World Wrestling Entertainment Inc., 3.375%, 12/15/23(a)		190,420		209,118

Principal Amount			Cost		Market Value
		Financial Services — 2.1%
$	202,000	Encore Capital Group Inc., 3.250%, 03/15/22(a)	$	194,807	$	186,597
		Health Care — 11.8%
	150,000	Intercept Pharmaceuticals Inc., 3.250%, 07/01/23		145,824		140,531
	150,000	NuVasive Inc., 2.250%, 03/15/21		184,282		205,313
	100,000	Pacira Pharmaceuticals Inc., 2.375%, 04/01/22(a)		104,923		104,063
	200,000	Quidel Corp., 3.250%, 12/15/20		201,585		205,875
	200,000	The Medicines Co., 2.750%, 07/15/23(a)		203,734		242,000
	200,000	Vitamin Shoppe Inc., 2.250%, 12/01/20		191,997		170,500
				1,032,345		1,068,282
		Media — 0.1%
	11,000	Liberty Media Corp.- Liberty Formula One, 1.000%, 01/30/23(a)		11,000		12,148
		Real Estate Investment Trusts — 2.2%
	200,000	IAS Operating Partnership LP, 5.000%, 03/15/18(a)		200,835		202,250
		Semiconductors — 12.2%
	200,000	Cypress Semiconductor Corp., 4.500%, 01/15/22(a)		224,983		245,125
	200,000	Inphi Corp., 1.125%, 12/01/20		247,383		276,625
	100,000	Knowles Corp., 3.250%, 11/01/21(a)		105,222		125,750
	100,000	Microchip Technology Inc., 1.625%, 02/15/27(a)		99,742		101,813
	200,000	Micron Technology Inc., 3.000%, 11/15/43		179,425		225,125
	11,000	Silicon Laboratories Inc., 1.375%, 03/01/22(a)		11,000		11,722
	100,000	Teradyne Inc., 1.250%, 12/15/23(a)		108,648		116,937
				976,403		1,103,097
		Transportation — 2.4%
	200,000	Atlas Air Worldwide Holdings Inc., 2.250%, 06/01/22		194,938		212,750
		TOTAL CONVERTIBLE CORPORATE BONDS		6,325,705		6,755,720
Shares
		CONVERTIBLE PREFERRED STOCKS — 3.3%
		Agriculture — 1.2%
	1,000	Bunge Ltd. 4.875%		94,950		107,250
		Real Estate Investment Trusts — 2.1%
	3,000	Welltower Inc. 6.500%, Ser. I		195,080		189,360
		TOTAL CONVERTIBLE PREFERRED STOCKS		290,030		296,610

See accompanying notes to financial statements.

17

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES (b) — 14.0%
		Commercial Services and Supplies — 1.6%
	2,000	Stericycle Inc., 5.250%, 09/15/18	$	132,240	$	143,100
		Computer Software and Services — 2.9%
	2,000	Alibaba - Mandatory Exchange Trust, 5.750%, 06/03/19 (a)		257,145		259,150
		Energy and Utilities: Integrated — 2.3%
	3,800	DTE Energy Co., 6.500%, 10/01/19		200,070		204,174
		Health Care — 3.1%
	200	Allergan plc, Ser. A 5.500%, 03/01/18		166,800		169,956
	200	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18		161,900		115,400
				328,700		285,356
		Industrials — 2.5%
	4,200	Rexnord Corp., 5.750%, 11/15/19		213,600		230,706
		Telecommunications — 1.6%
	3,000	Frontier Communications Corp., Ser. A 11.125%, 06/29/18		242,049		147,780
		TOTAL MANDATORY CONVERTIBLE SECURITIES		1,373,804		1,270,266

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 2.8%
$	250,000	U.S. Treasury Bills, 0.759% to 0.761%†, 06/22/17 to 06/29/17	$	249,546	$	249,562
		TOTAL INVESTMENTS — 94.9%	$	8,239,085		8,572,158
		Other Assets and Liabilities (Net) — 5.1%				461,656
		NET ASSETS — 100.0%			$	9,033,814

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, the market value of Rule 144A securities amounted to $3,236,525 or 35.83% of net assets.

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

† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

18

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 99.2%
		Aerospace — 4.0%
	6,700	General Dynamics Corp.	$	981,715	$	1,254,240
	7,160	The Boeing Co.		871,690		1,266,318
				1,853,405		2,520,558
		Banking — 12.4%
	95,855	Bank of America Corp.		1,558,402		2,261,219
	27,185	BB&T Corp.		1,226,150		1,215,170
	24,464	JPMorgan Chase & Co.		1,259,996		2,148,918
	38,420	Wells Fargo & Co.		1,662,623		2,138,457
				5,707,171		7,763,764
		Business Services — 4.0%
	35,425	Booz Allen Hamilton Holding Corp.		1,000,016		1,253,691
	6,500	FedEx Corp.		962,789		1,268,475
				1,962,805		2,522,166
		Cable and Satellite — 2.0%
	33,460	Comcast Corp., Cl. A		892,292		1,257,761
		Computer Software and Services — 7.3%
	10,370	Accenture plc, Cl. A		1,279,711		1,243,156
	1,520	Alphabet Inc., Cl. A†		1,275,712		1,288,656
	9,980	Microsoft Corp.		492,634		657,283
	30,600	Oracle Corp.		1,275,811		1,365,066
				4,323,868		4,554,161
		Consumer Products — 3.9%
	17,000	Colgate-Palmolive Co.		971,725		1,244,230
	21,950	VF Corp.		1,449,774		1,206,592
				2,421,499		2,450,822
		Diversified Industrial — 2.1%
	10,305	Honeywell International Inc.		830,884		1,286,785
		Electronics — 1.0%
	7,825	Texas Instruments Inc.		371,082		630,382
		Energy and Energy Services — 4.0%
	14,600	EOG Resources Inc.		1,247,163		1,424,230
	21,935	Halliburton Co.		1,273,335		1,079,421
				2,520,498		2,503,651
		Energy: Integrated — 5.2%
	9,900	NextEra Energy Inc.		778,438		1,270,863
	16,070	RSP Permian Inc.†		685,013		665,780
	22,200	WEC Energy Group Inc.		1,048,970		1,345,986
				2,512,421		3,282,629
		Energy: Oil — 4.0%
	14,595	Chevron Corp.		1,232,401		1,567,065
	11,845	Exxon Mobil Corp.		996,675		971,409
				2,229,076		2,538,474
		Financial Services — 10.0%
	5,200	Alliance Data Systems Corp.		1,188,555		1,294,800
	18,800	American International Group Inc.		723,402		1,173,684
	9,300	Chubb Ltd.		1,011,979		1,267,125

Shares			Cost		Market Value
	21,575	Intercontinental Exchange Inc.	$	1,130,528	$	1,291,695
	29,700	PayPal Holdings Inc.†		998,852		1,277,694
				5,053,316		6,304,998
		Food and Beverage — 8.5%
	14,800	Dr Pepper Snapple Group Inc.		1,408,698		1,449,216
	20,900	General Mills Inc.		985,073		1,233,309
	36,050	Hormel Foods Corp.		1,292,695		1,248,412
	12,600	PepsiCo Inc.		1,004,071		1,409,436
				4,690,537		5,340,373
		Health Care — 11.7%
	36,405	Abbott Laboratories		1,330,684		1,616,746
	9,850	Aetna Inc.		888,662		1,256,367
	7,100	Becton, Dickinson and Co.		858,441		1,302,424
	8,400	Cigna Corp.		813,932		1,230,516
	15,800	Johnson & Johnson		1,528,419		1,967,890
				5,420,138		7,373,943
		Real Estate Investment Trusts — 2.0%
	5,625	Public Storage		1,410,258		1,231,369
		Retail — 6.7%
	15,900	CVS Health Corp.		1,484,973		1,248,150
	5,900	Simon Property Group Inc.		1,198,100		1,014,977
	13,100	The Home Depot Inc.		1,314,890		1,923,473
				3,997,963		4,186,600
		Semiconductors — 1.2%
	5,975	Lam Research Corp.		580,179		766,951
		Specialty Chemicals — 2.0%
	4,115	The Sherwin-Williams Co.		1,064,715		1,276,432
		Telecommunications — 5.1%
	21,450	Amdocs Ltd.		862,806		1,308,235
	46,025	AT&T Inc.		1,854,667		1,912,339
				2,717,473		3,220,574
		Transportation — 2.1%
	12,600	Union Pacific Corp.		579,565		1,334,592
		TOTAL COMMON STOCKS		51,139,145		62,346,985
		SHORT TERM INVESTMENT — 1.0%
		Other Investment Companies — 1.0%
	592,516	Dreyfus Treasury Securities Cash Management, 0.500%*		592,516		592,516
		TOTAL INVESTMENTS — 100.2%	$	51,731,661		62,939,501
		Other Assets and Liabilities (Net) — (0.2)%				(101,164	)
		NET ASSETS — 100.0%			$	62,838,337

* 1 day yield as of March 31, 2017.

† Non-income producing security.

See accompanying notes to financial statements.

19

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 66.2%
		Aerospace — 2.8%
	5,225	General Dynamics Corp.	$	766,079	$	978,120
	5,265	The Boeing Co.		588,268		931,168
				1,354,347		1,909,288
		Banking — 7.0%
	57,660	Bank of America Corp.		602,033		1,360,199
	19,000	BB&T Corp.		857,389		849,300
	14,566	JPMorgan Chase & Co.		697,176		1,279,478
	22,870	Wells Fargo & Co.		992,255		1,272,944
				3,148,853		4,761,921
		Business Services — 2.7%
	24,900	Booz Allen Hamilton Holding Corp.		711,047		881,211
	4,675	FedEx Corp.		700,024		912,326
				1,411,071		1,793,537
		Cable and Satellite — 1.4%
	25,950	Comcast Corp., Cl. A		627,063		975,461
		Computer Software and Services — 4.7%
	7,045	Accenture plc, Cl. A		869,821		844,555
	1,045	Alphabet Inc., Cl. A†		877,197		885,951
	6,975	Microsoft Corp.		344,301		459,373
	22,200	Oracle Corp.		922,617		990,342
				3,013,936		3,180,221
		Consumer Products — 2.8%
	14,200	Colgate-Palmolive Co.		811,453		1,039,298
	16,050	VF Corp.		1,051,053		882,269
				1,862,506		1,921,567
		Diversified Industrial — 1.4%
	7,825	Honeywell International Inc.		634,768		977,108
		Electronics — 0.7%
	5,500	Texas Instruments Inc.		261,043		443,080
		Energy and Energy Services — 2.5%
	10,000	EOG Resources Inc.		865,832		975,500
	15,225	Halliburton Co.		883,809		749,222
				1,749,641		1,724,722
		Energy: Integrated — 3.6%
	7,675	NextEra Energy Inc.		630,618		985,240
	11,300	RSP Permian Inc.†		481,454		468,159
	15,775	WEC Energy Group Inc.		748,096		956,438
				1,860,168		2,409,837
		Energy: Oil — 2.6%
	10,135	Chevron Corp.		788,503		1,088,195
	8,230	Exxon Mobil Corp.		692,622		674,942
				1,481,125		1,763,137
		Financial Services — 7.0%
	3,900	Alliance Data Systems Corp.		890,660		971,100
	13,200	American International Group Inc.		514,162		824,076
	7,000	Chubb Ltd.		767,756		953,750
	16,000	Intercontinental Exchange Inc.		838,346		957,920
	23,800	PayPal Holdings Inc.†		800,862		1,023,876
				3,811,786		4,730,722
		Food and Beverage — 5.6%
	10,400	Dr Pepper Snapple Group Inc.		986,558		1,018,368
	14,825	General Mills Inc.		681,899		874,823
	25,225	Hormel Foods Corp.		904,817		873,542
	9,000	PepsiCo Inc.		714,475		1,006,740
				3,287,749		3,773,473

Shares			Cost		Market Value
		Health Care — 8.1%
	29,600	Abbott Laboratories	$	1,059,358	$	1,314,536
	6,925	Aetna Inc.		640,815		883,284
	5,075	Becton, Dickinson and Co.		682,432		930,958
	6,400	Cigna Corp.		652,126		937,536
	11,500	Johnson & Johnson		1,131,630		1,432,325
				4,166,361		5,498,639
		Real Estate Investment Trusts — 1.4%
	4,325	Public Storage		1,058,369		946,786
		Retail — 4.8%
	11,950	CVS Health Corp.		1,104,472		938,075
	4,900	Simon Property Group Inc.		967,558		842,947
	9,975	The Home Depot Inc.		986,591		1,464,629
				3,058,621		3,245,651
		Semiconductors — 0.8%
	4,100	Lam Research Corp.		397,886		526,276
		Specialty Chemicals — 1.5%
	3,300	The Sherwin-Williams Co.		846,500		1,023,627
		Telecommunications — 3.4%
	15,100	Amdocs Ltd.		612,534		920,949
	32,875	AT&T Inc.		1,324,567		1,365,956
				1,937,101		2,286,905
		Transportation — 1.4%
	8,700	Union Pacific Corp.		426,027		921,504
		TOTAL COMMON STOCKS		36,394,921		44,813,462
Principal Amount
		CORPORATE BONDS — 21.4%
		Banking — 3.9%
$	600,000	Citigroup Inc., 2.500%, 07/29/19		610,154		605,755
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		756,171		814,928
	600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,302		615,539
	600,000	Wells Fargo & Co., MTN, 3.500%, 03/08/22		610,984		621,952
				2,577,611		2,658,174
		Computer Hardware — 1.0%
	650,000	International Business Machines Corp., 2.900%, 11/01/21		656,129		666,944
		Consumer Products — 1.9%
	500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		496,042		487,249
	800,000	Costco Wholesale Corp., 1.700%, 12/15/19		794,817		801,767
				1,290,859		1,289,016
		Diversified Industrial — 1.2%
	800,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		800,774		804,844
		Electronics — 2.3%
	1,000,000	Intel Corp., 3.300%, 10/01/21		1,020,394		1,040,276

See accompanying notes to financial statements.

20

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Electronics (Continued)
$	500,000	Texas Instruments Inc., 1.650%, 08/03/19	$	499,348	$	499,272
				1,519,742		1,539,548
		Energy: Oil — 0.8%
	500,000	XTO Energy Inc., 6.500%, 12/15/18		516,830		539,288
		Financial Services — 2.7%
	600,000	Capital One Financial Corp., 3.750%, 04/24/24		608,738		611,129
	600,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		600,587		609,621
	600,000	The PNC Financial Services Group Inc., STEP, 2.854%, 11/09/22		591,956		601,768
				1,801,281		1,822,518
		Health Care — 3.4%
	500,000	Abbott Laboratories, 2.550%, 03/15/22		494,276		492,681
	600,000	Aetna Inc., 3.500%, 11/15/24		600,900		613,702
	600,000	Amgen Inc., 3.450%, 10/01/20		614,893		624,718
	600,000	GlaxoSmithKline Capital plc, 1.500%, 05/08/17		600,374		600,207
				2,310,443		2,331,308
		Retail — 0.9%
	600,000	CVS Health Corp., 3.375%, 08/12/24		598,914		601,677
		Telecommunications — 1.8%
	600,000	AT&T Inc., 2.300%, 03/11/19		602,723		603,200
	600,000	Verizon Communications Inc., 3.650%, 09/14/18		615,732		616,476
				1,218,455		1,219,676
		Transportation — 1.5%
	1,000,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		999,802		1,003,216
		TOTAL CORPORATE BONDS		14,290,840		14,476,209

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.2%
		Federal Home Loan Mortgage Corp. — 2.5%
$	600,000	1.750%, 05/30/19	$	597,127	$	604,892
	1,100,000	2.375%, 01/13/22		1,107,676		1,120,645
				1,704,803		1,725,537
		Federal National Mortgage Association — 1.7%
	1,100,000	2.625%, 09/06/24		1,139,231		1,117,930
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,844,034		2,843,467
		U.S. GOVERNMENT OBLIGATIONS — 6.1%
		U.S. Treasury Inflation Indexed Notes — 1.6%
	1,017,954	2.125%, 01/15/19		1,024,986		1,071,185
		U.S. Treasury Notes — 4.5%
	750,000	3.375%, 11/15/19		781,608		788,130
	1,000,000	2.250%, 11/15/24		1,031,317		997,715
	500,000	2.000%, 02/15/25		496,810		489,052
	800,000	1.625%, 02/15/26		803,388		752,297
				3,113,123		3,027,194
		TOTAL U.S. GOVERNMENT OBLIGATIONS		4,138,109		4,098,379
Shares
		SHORT TERM INVESTMENT — 2.1%
		Other Investment Companies — 2.1%
	1,442,190	Dreyfus Treasury Securities Cash Management, 0.500%*		1,442,190		1,442,190
		TOTAL INVESTMENTS — 100.0%	$	59,110,094		67,673,707
		Other Assets and Liabilities (Net) — 0.0%				(760	)
		NET ASSETS — 100.0%			$	67,672,947

* 1 day yield as of March 31, 2017.

† Non-income producing security.

GMTN Global Medium Term Note

MTN Medium Term Note

STEP Step coupon security. The rate disclosed is that in effect at March 31, 2017.

See accompanying notes to financial statements.

21

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2017 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 58.4%
		Aerospace — 5.8%
$	500,000	Northrop Grumman Corp., 1.750%, 06/01/18	$	501,482	$	500,971
	200,000	The Boeing Co., 6.000%, 03/15/19		201,339		216,002
	400,000	United Technologies Corp., 3.100%, 06/01/22		414,259		411,973
				1,117,080		1,128,946
		Automotive — 5.2%
	500,000	Ford Motor Credit Co. LLC, 1.724%, 12/06/17		499,760		500,077
	500,000	General Motors Co., 3.500%, 10/02/18		511,446		511,161
				1,011,206		1,011,238
		Banking — 10.0%
		Citigroup Inc.,
	400,000	2.500%, 07/29/19		400,874		403,836
	500,000	2.485%, 09/01/23(a)		502,636		514,539
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,658		217,314
	400,000	The Bank of New York Mellon Corp., Ser. G, 2.200%, 05/15/19		400,645		403,147
	400,000	Wells Fargo & Co., 2.125%, 04/22/19		399,927		401,643
				1,903,740		1,940,479
		Computer Hardware — 1.5%
	300,000	Apple Inc., 1.285%, 05/03/18(a)		300,171		301,023
		Computer Software and Services — 2.2%
	400,000	Oracle Corp., 3.625%, 07/15/23		400,156		419,729
		Electronics — 2.1%
	400,000	Arrow Electronics Inc., 3.000%, 03/01/18		404,378		404,074
		Financial Services — 13.7%
	500,000	Bank of America Corp., 2.000%, 01/11/18		501,136		501,373
	400,000	Capital One Financial Corp., 3.750%, 04/24/24		405,826		407,419
	400,000	Morgan Stanley, MTN, 2.443%, 10/24/23(a)		401,572		408,806
	400,000	PNC Funding Corp., 3.300%, 03/08/22		414,792		412,201
	500,000	The Goldman Sachs Group Inc., GMTN, 2.789%, 10/28/27(a)		499,782		515,243
	400,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		402,708		410,359
				2,625,816		2,655,401

Principal Amount			Cost		Market Value
		Food and Beverage — 1.4%
$	250,000	Mondelēz International Inc., 5.375%, 02/10/20	$	251,531	$	270,274
		Health Care — 7.3%
	500,000	Abbott Laboratories, 2.550%, 03/15/22		494,276		492,681
	400,000	Amgen Inc., 3.450%, 10/01/20		409,929		416,479
	500,000	GlaxoSmithKline Capital plc, 1.500%, 05/08/17		500,326		500,173
				1,404,531		1,409,333
		Retail — 4.5%
	400,000	CVS Health Corp., 1.900%, 07/20/18		402,049		400,918
	500,000	The Home Depot, Inc., 2.125%, 09/15/26		494,789		464,552
				896,838		865,470
		Telecommunications — 4.7%
	500,000	AT&T Inc., 3.900%, 03/11/24		513,729		508,787
	400,000	Verizon Communications Inc., 3.000%, 11/01/21		398,877		402,027
				912,606		910,814
		TOTAL CORPORATE BONDS		11,228,053		11,316,781
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.4%
		Federal Home Loan Mortgage Corp. — 3.2%
	600,000	2.375%, 01/13/22		603,198		611,261
		Federal National Mortgage Association — 8.1%
	600,000	2.625%, 09/06/24		621,399		609,780
	1,000,000	2.125%, 04/24/26		997,572		956,759
				1,618,971		1,566,539
		Government National Mortgage Association — 0.1%
	4,987	6.000%, 12/15/33		5,022		5,750
	16,118	5.500%, 01/15/34		16,197		18,180
				21,219		23,930
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,243,388		2,201,730
		U.S. GOVERNMENT OBLIGATIONS — 20.5%
		U.S. Treasury Bonds — 3.4%
	150,000	5.375%, 02/15/31		163,567		200,353
	500,000	2.500%, 02/15/45		452,238		449,395
				615,805		649,748
		U.S. Treasury Notes — 17.1%
	900,000	2.250%, 11/15/24		913,926		897,944
	900,000	2.000%, 02/15/25		898,943		880,295
	1,000,000	1.625%, 02/15/26		979,736		940,371
	600,000	0.960%, 10/31/17(a)		599,912		600,661
				3,392,517		3,319,271
		TOTAL U.S. GOVERNMENT OBLIGATIONS		4,008,322		3,969,019

See accompanying notes to financial statements.

22

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2017 (Unaudited)

Shares			Cost		Market Value
		SHORT TERM INVESTMENT — 9.3%
		Other Investment Companies — 9.3%
	1,806,851	Dreyfus Treasury Securities Cash Management, 0.500%*	$	1,806,851	$	1,806,851
		TOTAL INVESTMENTS — 99.6%	$	19,286,614		19,294,381
		Other Assets and Liabilities (Net) — 0.4%				68,436
		NET ASSETS — 100.0%			$	19,362,817

* 1 day yield as of March 31, 2017.

(a) Variable rate security. Rate shown is the effective rate as of March 31, 2017.

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, 2017 (Unaudited)

	Mighty   MitesSM Fund			SmallCap  Equity Fund			Mid-Cap  Equity Fund			Convertible  Securities Fund
Assets:
Investments, at value (cost $731,638,331, $25,040,062, $2,620,142, and $8,239,085, respectively)		$1,124,924,073			$34,101,794			$3,204,675			$8,572,158
Investments in affiliates, at value (cost $50,941,112)		68,204,460			—			—			—
Foreign currency, at value (cost $6,173)		6,190			—			—			—
Cash		252,556			43,542			5,077			52,286
Receivable for Fund shares sold		2,407,650			141,327			—			368,620
Receivable for investments sold		134,472			126,498			—			—
Receivable from Adviser		—			9,995			12,261			17,119
Dividends and interest receivable		851,272			18,529			1,343			40,511
Prepaid expenses		52,851			26,433			16,635			24,958
Total Assets		1,196,833,524			34,468,118			3,239,991			9,075,652
Liabilities:
Payable for investments purchased		1,363,332			339,676			9,664			—
Payable for Fund shares redeemed		1,680,827			5,324			—			—
Payable for investment advisory fees		992,351			28,507			4,923			13,220
Payable for distribution fees		271,753			5,971			514			2,243
Payable for accounting fees		7,500			—			—			—
Payable for payroll expenses		—			—			720			—
Payable for custodian fees		75,781			4,927			8,239			2,163
Payable for legal and audit fees		27,183			21,721			14,608			17,340
Payable for shareholder communications expenses		57,018			3,668			2,411			4,790
Payable for shareholder services fees		95,486			2,109			1,127			2,078
Other accrued expenses		16,553			1,951			1,532			4
Total Liabilities		4,587,784			413,854			43,738			41,838
Net Assets		$1,192,245,740			$34,054,264			$3,196,253			$9,033,814
Net Assets Consist of:
Paid-in capital		$757,369,975			$24,874,795			$2,514,078			$8,576,881
Accumulated net investment loss		(9,176,246	)		(75,779	)		(14,071	)		(5	)
Accumulated net realized gain on investments and foreign currency transactions		33,505,428			193,516			111,713			123,865
Net unrealized appreciation on investments		410,549,090			9,061,732			584,533			333,073
Net unrealized depreciation on foreign currency translations		(2,507	)		—			—			—
Net Assets		$1,192,245,740			$34,054,264			$3,196,253			$9,033,814
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$265,626,802			$11,784,905			$984,739			$4,473,086
Shares of beneficial interest outstanding		10,068,919			596,312			76,251			380,073
Net Asset Value, offering, and redemption price per share		$26.38			$19.76			$12.91			$11.77
Class A:
Net assets		$155,965,523			$3,611,393			$350,224			$1,481,608
Shares of beneficial interest outstanding		6,112,746			190,285			27,381			122,078
Net Asset Value and redemption price per share		$25.51			$18.98			$12.79			$12.14
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$26.57			$19.77			$13.32			$12.65
Class C:
Net assets		$175,880,302			$2,359,762			$211,800			$906,915
Shares of beneficial interest outstanding		7,741,797			140,970			16,890			70,223
Net Asset Value and offering price per share(a)		$22.72			$16.74			$12.54			$12.91
Class I:
Net assets		$594,773,113			$16,298,204			$1,649,490			$2,172,205
Shares of beneficial interest outstanding		22,121,885			800,821			126,277			184,076
Net Asset Value, offering, and redemption price per share		$26.89			$20.35			$13.06			$11.80

(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, 2017 (Unaudited)

	Equity Fund		Balanced     Fund		Intermediate  Bond Fund
Assets:
Investments, at value (cost $51,731,661, $59,110,094, and $19,286,614, respectively)		$62,939,501		$67,673,707		$19,294,381
Investments in affiliates, at value		—		—		—
Foreign currency, at value		—		—		—
Cash		9,143		15,017		298,301
Receivable for Fund shares sold		8,062		38,573		15,395
Receivable for investments sold		—		—		—
Receivable from Adviser		—		—		5,987
Dividends and interest receivable		25,661		208,796		105,729
Prepaid expenses		27,543		29,363		20,627
Total Assets		63,009,910		67,965,456		19,740,420
Liabilities:
Payable for investments purchased		18,320		24,067		301,729
Payable for Fund shares redeemed		29,450		152,839		33,898
Payable for investment advisory fees		54,069		43,484		9,552
Payable for distribution fees		13,982		18,851		2,035
Payable for accounting fees		7,500		7,500		—
Payable for payroll expenses		—		—		—
Payable for custodian fees		11,476		11,616		3,704
Payable for legal and audit fees		17,072		16,985		18,267
Payable for shareholder communications expenses		11,028		9,111		3,405
Payable for shareholder services fees		6,406		5,337		2,790
Other accrued expenses		2,270		2,719		2,223
Total Liabilities		171,573		292,509		377,603
Net Assets		$62,838,337		$67,672,947		$19,362,817
Net Assets Consist of:
Paid-in capital		$47,856,939		$56,637,478		$19,311,318
Accumulated net investment income		72,756		142,659		128
Accumulated net realized gain on investments and foreign currency transactions		3,700,802		2,329,197		43,604
Net unrealized appreciation on investments		11,207,840		8,563,613		7,767
Net unrealized depreciation on foreign currency translations		—		—		—
Net Assets		$62,838,337		$67,672,947		$19,362,817
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$54,117,037		$52,984,469		$3,847,185
Shares of beneficial interest outstanding		4,237,706		4,554,916		342,571
Net Asset Value, offering, and redemption price per share		$12.77		$11.63		$11.23
Class A:
Net assets		$2,970,535		$8,033,526		$725,010
Shares of beneficial interest outstanding		233,119		687,172		64,626
Net Asset Value and redemption price per share		$12.74		$11.69		$11.22
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$13.27		$12.18		$11.69
Class C:
Net assets		$1,199,795		$4,748,090		$1,209,853
Shares of beneficial interest outstanding		98,783		401,030		113,506
Net Asset Value and offering price per share(a)		$12.15		$11.84		$10.66
Class I:
Net assets		$4,550,970		$1,906,862		$13,580,769
Shares of beneficial interest outstanding		357,453		164,040		1,208,583
Net Asset Value, offering, and redemption price per share		$12.73		$11.62		$11.24

(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, 2017 (Unaudited)

	Mighty   MitesSM Fund			SmallCap  Equity Fund			Mid-Cap  Equity Fund			Convertible  Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $28,886, $242, $1, and $1,050, respectively)		$    4,945,107			$   171,846			$  14,518			$  49,033
Dividends - affiliated		651,048			—			—			—
Interest		315,871			6,327			277			7,449
Total Investment Income		5,912,026			178,173			14,795			56,482
Expenses:
Investment advisory fees		5,598,865			152,039			18,071			36,321
Distribution fees - Class AAA		334,215			14,463			1,781			4,956
Distribution fees - Class A		374,955			8,165			844			2,952
Distribution fees - Class C		873,326			11,392			959			4,383
Accounting fees		22,500			—			—			—
Custodian fees		67,523			3,598			4,997			2,465
Interest expense		—			8			—			346
Legal and audit fees		39,638			17,728			10,566			13,010
Payroll expenses		—			—			1,127			—
Registration expenses		39,659			23,352			10,853			22,347
Shareholder communications expenses		136,326			4,721			2,136			4,170
Shareholder services fees		481,897			7,035			3,690			5,004
Trustees’ fees		35,909			933			127			228
Miscellaneous expenses		32,772			5,282			4,765			4,517
Total Expenses		8,037,585			248,716			59,916			100,699
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(31,006	)		(41,492	)		(55,372	)
Advisory fee reduction on unsupervised assets (See Note 3)		(39,398	)		—			—			—
Custodian fee credits		(213	)		—			—			—
Expenses paid by broker (See Note 6)		(4,383	)		(758	)		(383	)		—
Total Reimbursements, Waivers, Reductions, and Credits		(43,994	)		(31,764	)		(41,875	)		(55,372	)
Net Expenses		7,993,591			216,952			18,041			45,327
Net Investment Income/(Loss)		(2,081,565	)		(38,779	)		(3,246	)		11,155
Net Realized and Unrealized Gain/(Loss) on Investments, Redemption In-Kind, and Foreign Currency:
Net realized gain on investments - unaffiliated		39,132,164			1,444,503			78,597			123,899
Net realized loss on investments - affiliated		(20,294	)		—			—			—
Net realized gain on redemption in-kind		—			—			39,222			—
Net realized loss on foreign currency transactions		(332	)		—			—			—
Net realized gain on investments, redemption in-kind, and foreign currency transactions		39,111,538			1,444,503			117,819			123,899
Net change in unrealized appreciation/depreciation:
on investments		82,953,994			2,414,072			195,686			334,948
on foreign currency translations		(1,327	)		—			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		82,952,667			2,414,072			195,686			334,948
Net Realized and Unrealized Gain on Investments, Redemption In-Kind, and Foreign Currency		122,064,205			3,858,575			313,505			458,847
Net Increase in Net Assets Resulting from Operations		$119,982,640			$3,819,796			$310,259			$470,002

See accompanying notes to financial statements.

26

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2017 (Unaudited)

	Equity       Fund			Balanced       Fund			Intermediate  Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0, $0, and $0, respectively)		$   671,101			$   474,484			$     2,018
Dividends - affiliated		—			—			—
Interest		—			291,285			212,497
Total Investment Income		671,101			765,769			214,515
Expenses:
Investment advisory fees		312,122			250,848			57,422
Distribution fees - Class AAA		66,878			65,697			4,994
Distribution fees - Class A		8,892			18,313			1,224
Distribution fees - Class C		5,018			25,603			6,078
Accounting fees		22,500			22,500			—
Custodian fees		7,558			7,923			2,740
Interest expense		—			—			—
Legal and audit fees		14,161			14,229			14,620
Payroll expenses		—			—			—
Registration expenses		28,243			28,237			22,748
Shareholder communications expenses		11,338			10,639			3,037
Shareholder services fees		23,117			21,746			6,477
Trustees’ fees		2,065			2,168			649
Miscellaneous expenses		6,368			6,124			4,483
Total Expenses		508,260			474,027			124,472
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			—			(40,398	)
Advisory fee reduction on unsupervised assets (See Note 3)		—			—			—
Custodian fee credits		—			—			—
Expenses paid by broker (See Note 6)		(880	)		(898	)		—
Total Reimbursements, Waivers, Reductions, and Credits		(880	)		(898	)		(40,398	)
Net Expenses		507,380			473,129			84,074
Net Investment Income		163,721			292,640			130,441
Net Realized and Unrealized Gain/(Loss) on Investments, Redemption In-Kind, and Foreign Currency:
Net realized gain on investments - unaffiliated		4,281,187			2,917,440			43,825
Net realized loss on investments - affiliated		—			—			—
Net realized gain on redemption in-kind		—			—			—
Net realized loss on foreign currency transactions		—			—			—
Net realized gain on investments, redemption in-kind, and foreign currency transactions		4,281,187			2,917,440			43,825
Net change in unrealized appreciation/depreciation:
on investments		822,875			7,545			(607,889	)
on foreign currency translations		—			—			—
Net change in unrealized appreciation/depreciation on investments		822,875			7,545			(607,889	)
Net Realized and Unrealized Gain on Investments, Redemption In-Kind, and Foreign Currency		5,104,062			2,924,985			(564,064	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$5,267,783			$3,217,625			$(433,623	)

See accompanying notes to financial statements.

27

TETON Westwood Funds

Statements of Changes in Net Assets (Unaudited)

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund
	For the Six Months Ended March 31, 2017 (Unaudited)		For the Year Ended September 30, 2016		For the Six Months Ended March 31, 2017 (Unaudited)		For the Year Ended September 30, 2016		For the Six Months Ended March 31, 2017 (Unaudited)		For the Year Ended September 30, 2016
Operations:
Net investment income/(loss)		$      (2,081,565)		$      (7,545,752)		$     (38,779)		$     (57,822)		$        (3,246)		$      (11,544)
Net realized gain on investments, redemption in-kind, and foreign currency transactions		39,111,538		58,438,217		1,444,503		2,297,290		117,819		117,460
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		82,952,667		90,584,805		2,414,072		2,050,135		195,686		240,606
Net Increase/(Decrease) in Net Assets Resulting from Operations		119,982,640		141,477,270		3,819,796		��4,289,603		310,259		346,522
Distributions to Shareholders:
Net investment income
Class AAA		—		—		—		—		—		—
Class A		—		—		—		—		—		—
Class C		—		—		—		—		—		—
Class I		—		—		—		—		—		—
		—		—		—		—		—		—
Net realized gain
Class AAA		(12,112,850)		(6,095,461)		(1,120,049)		(1,157,380)		(21,203)		(79,782)
Class A		(6,972,738)		(3,660,523)		(282,966)		(490,551)		(4,128)		(23,063)
Class C		(9,278,000)		(4,948,570)		(229,623)		(546,624)		(2,204)		(12,061)
Class I		(22,623,865)		(10,716,802)		(1,008,986)		(1,549,159)		(19,508)		(86,372)
		(50,987,453)		(25,421,356)		(2,641,624)		(3,743,714)		(47,043)		(201,278)
Total Distributions to Shareholders		(50,987,453)		(25,421,356)		(2,641,624)		(3,743,714)		(47,043)		(201,278)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		28,075,180		25,166,399		4,609,604		4,274,883		312,707		355,459
Class A		21,961,517		13,798,430		717,801		236,596		84,561		19,774
Class C		13,743,824		17,038,503		250,262		610,708		11,331		24,420
Class I		123,875,510		98,912,516		4,600,110		963,829		8,066		81,792
		187,656,031		154,915,848		10,177,777		6,086,016		416,665		481,445
Proceeds from reinvestment of distributions
Class AAA		11,849,903		5,979,037		1,099,599		1,099,502		21,204		69,340
Class A		6,334,330		3,105,905		270,995		448,413		3,124		19,621
Class C		7,567,826		3,888,543		185,367		447,962		2,047		11,737
Class I		14,416,147		7,046,245		993,397		1,490,195		19,508		86,372
		40,168,206		20,019,730		2,549,358		3,486,072		45,883		187,070
Cost of shares redeemed
Class AAA		(47,399,306)		(68,915,531)		(5,229,599)		(2,487,786)		(1,237,750)		(701,109)
Class A		(23,274,968)		(44,872,412)		(361,838)		(1,121,302)		(77,487)		(304,721)
Class C		(29,886,204)		(51,145,275)		(396,985)		(1,740,637)		(9,647)		(124,531)
Class I		(54,128,982)		(171,152,381)		(740,197)		(1,731,285)		(276,974)		(560,784)
		(154,689,460)		(336,085,599)		(6,728,619)		(7,081,010)		(1,601,858)		(1,691,145)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		73,134,777		(161,150,021)		5,998,516		2,491,078		(1,139,310)		(1,022,630)
Redemption Fees		575		2,669		573		1,987		—		58
Net Increase/(Decrease) in Net Assets		142,130,539		(45,091,438)		7,177,261		3,038,954		(876,094)		(877,328)
Net Assets:
Beginning of year		1,050,115,201		1,095,206,639		26,877,003		23,838,049		4,072,347		4,949,675
End of period		$1,192,245,740		$1,050,115,201		$34,054,264		$26,877,003		$  3,196,253		$  4,072,347
Undistributed net investment income		—		—		—		—		—		—

See accompanying notes to financial statements.

28

TETON Westwood Funds

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

Convertible Securities Fund				Equity Fund					Balanced Fund				Intermediate Bond Fund
For the Six Months Ended  March 31, 2017  (Unaudited)		For the Year Ended   September 30,   2016		For the Six Months Ended  March 31, 2017  (Unaudited)			For the Year Ended   September 30,   2016		For the Six Months Ended  March 31, 2017  (Unaudited)		For the Year Ended   September 30,   2016		For the Six Months Ended  March 31, 2017  (Unaudited)		For the Year Ended   September 30,   2016
	$       11,155		$       18,682		$     163,721			$     332,110		$     292,640		$     669,863		$     130,441		$     285,645
	123,899		1,780,804		4,281,187			3,903,080		2,917,440		3,117,645		43,825		139,304
	334,948		(1,047,191)		822,875			2,580,783		7,545		1,746,780		(607,889)		371,799
	470,002		752,295		5,267,783			6,815,973		3,217,625		5,534,288		(433,623)		796,748
	(6,618)		(15,808)		(293,060)			(211,307)		(127,182)		(576,148)		(24,804)		(57,195)
	(1,277)		(1,643)		(10,406)			(7,679)		(14,764)		(56,715)		(3,990)		(10,078)
	—		(517)		—			—		(2,325)		(17,080)		(2,991)		(4,384)
	(5,261)		(1,339)		(34,162)			(29,046)		(5,710)		(24,897)		(98,657)		(214,019)
	(13,156)		(19,307)		(337,628)			(248,032)		(149,981)		(674,840)		(130,442)		(285,676)
	(171,202)		—		(3,329,667)			(4,079,809)		(2,878,995)		(3,761,458)		(29,726)		(91,989)
	(48,555)		—		(231,525)			(283,279)		(379,547)		(458,819)		(5,413)		(16,150)
	(36,328)		—		(55,386)			(59,970)		(282,541)		(353,385)		(9,133)		(8,637)
	(51,404)		—		(266,964)			(331,753)		(101,837)		(127,425)		(95,099)		(249,249)
	(307,489)		—		(3,883,542)			(4,754,811)		(3,642,920)		(4,701,087)		(139,371)		(366,025)
	(320,645)		(19,307)		(4,221,170)			(5,002,843)		(3,792,901)		(5,375,927)		(269,813)		(651,701)
	680,256		433,186		437,336			1,098,418		6,037,617		5,554,854		367,242		599,586
	890,274		351,906		175,785			1,120,647		1,158,771		1,469,112		107,050		230,824
	12,337		39,531		462,026			166,014		202,489		1,287,764		261,273		3,247,789
	1,832,313		165,930		455,154			976,188		321,443		267,769		1,147,371		2,430,851
	3,415,180		990,553		1,530,301			3,361,267		7,720,320		8,579,499		1,882,936		6,509,050
	176,632		15,257		3,475,689			4,146,689		2,919,034		4,208,821		52,583		143,907
	49,745		1,608		241,265			287,016		381,076		469,977		8,175		24,840
	36,323		517		36,439			48,297		255,463		335,806		11,998		12,682
	56,666		1,333		276,907			278,123		106,438		145,323		193,158		461,328
	319,366		18,715		4,030,300			4,760,125		3,662,011		5,159,927		265,914		642,757
	(689,625)		(2,245,733)		(3,746,314)			(6,983,605)		(5,640,917)		(13,736,422)		(592,688)		(1,629,881)
	(668,787)		(361,000)		(1,231,793)			(889,260)		(490,186)		(1,509,758)		(168,867)		(263,915)
	(32,934)		(191,875)		(163,357)			(75,800)		(1,220,376)		(1,341,488)		(164,667)		(2,526,488)
	(156,600)		(45,940)		(510,626)			(1,489,488)		(399,010)		(375,998)		(1,388,140)		(1,918,411)
	(1,547,946)		(2,844,548)		(5,652,090)			(9,438,153)		(7,750,489)		(16,963,666)		(2,314,362)		(6,338,695)
	2,186,600		(1,835,280)		(91,489)			(1,316,761)		3,631,842		(3,224,240)		(165,512)		813,112
	—		10		—			—		—		2		—		—
	2,335,957		(1,102,282)		955,124			496,369		3,056,566		(3,065,877)		(868,948)		958,159
	6,697,857		7,800,139		61,883,213			61,386,844		64,616,381		67,682,258		20,231,765		19,273,606
	$  9,033,814		$  6,697,857		$62,838,337			$61,883,213		$67,672,947		$  64,616,381		$19,362,817		$20,231,765
	—		$         1,996		$       72,756	��		$     246,663		$     142,659		—		$            128		$            129

See accompanying notes to financial statements.

29

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations						Distributions to Shareholders												Ratios to Average Net Assets/Supplemental Data
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)		Operating Expenses Net of Waivers/ Reimbursements/ Reductions		Operating Expenses Before Waivers/ Reimbursements/ Reductions(d)		Portfolio Turnover Rate
Mighty MitesSM Fund
Class AAA
2017(e)		$24.76		$(0.04)		$ 2.85		$ 2.81		—		$(1.19)		$(1.19)		$0.00		$26.38		11.6%		$265,627		(0.34)%(f)		1.40%(f)(g)		1.41%(f)		5%
2016		22.02		(0.15)		3.41		3.26		—		(0.52)		(0.52)		0.00		24.76		15.0		256,488		(0.67)		1.41(g)		1.41		6
2015		23.01		(0.06)		(0.50)		(0.56)		—		(0.43)		(0.43)		0.00		22.02		(2.6)		265,145		(0.27)		1.40(g)		1.41		13
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
Class A
2017(e)		$24.01		$(0.07)		$ 2.76		$ 2.69		—		$(1.19)		$(1.19)		$0.00		$25.51		11.4%		$155,966		(0.59)%(f)		1.65%(f)(g)		1.66%(f)		5%
2016		21.43		(0.20)		3.30		3.10		—		(0.52)		(0.52)		0.00		24.01		14.6		141,893		(0.92)		1.66(g)		1.66		6
2015		22.45		(0.12)		(0.47)		(0.59)		—		(0.43)		(0.43)		0.00		21.43		(2.8)		154,000		(0.51)		1.65(g)		1.66		13
2014		23.32		(0.27)		0.78		0.51		—		(1.38)		(1.38)		0.00		22.45		2.0		175,108		(1.16)		1.66		1.67		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
Class C
2017(e)		$21.55		$(0.12)		$ 2.48		$ 2.36		—		$(1.19)		$(1.19)		$0.00		$22.72		11.2%		$175,880		(1.09)%(f)		2.15%(f)(g)		2.16%(f)		5%
2016		19.38		(0.28)		2.97		2.69		—		(0.52)		(0.52)		0.00		21.55		14.1		175,241		(1.41)		2.16(g)		2.16		6
2015		20.44		(0.21)		(0.42)		(0.63)		—		(0.43)		(0.43)		0.00		19.38		(3.2)		187,216		(1.01)		2.15(g)		2.16		13
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
Class I
2017(e)		$25.18		$(0.01)		$ 2.91		$ 2.90		—		$(1.19)		$(1.19)		$0.00		$26.89		11.7%		$594,773		(0.09)%(f)		1.14%(f)(g)		1.15%(f)		5%
2016		22.34		(0.10)		3.46		3.36		—		(0.52)		(0.52)		0.00		25.18		15.2		476,493		(0.44)		1.16(g)		1.16		6
2015		23.27		(0.00)(c)		(0.50)		(0.50)		—		(0.43)		(0.43)		0.00		22.34		(2.3)		488,846		(0.01)		1.15(g)		1.16		13
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

† 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 are 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%, 0.01%, 0.02%, and 0.02% of net assets for the years ended September 30, 2015, 2014, 2013, and 2012, respectively. For the six months ended March 31, 2017 and the year ended September 30, 2016, there was no impact on the expense ratios.

(e) For the six months ended March 31, 2017, unaudited.

(f) Annualized.

(g) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2017 and the years ended September 30, 2016 and 2015, there was no impact on the expense ratios.

See accompanying notes to financial statements.

30

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations						Distributions to Shareholders												Ratios to Average Net Assets/Supplemental Data
Year Ended March 31	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(b)		Net Asset Value, End of Period		Total Return†		Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)		Operating Expenses Net of Waivers/ Reimbursements		Operating Expenses Before Waivers/ Reimbursements		Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2017(c)		$19.03		$(0.03)		$ 2.55		$ 2.52		—		$(1.79)		$(1.79)		$0.00		$19.76		13.8%		$11,785		(0.27%)(d)		1.46%(d)(e)		1.66%(d)		13%
2016		18.54		(0.04)		3.57		3.53		—		(3.04)		(3.04)		0.00		19.03		21.1		10,855		(0.25)		1.50(e)		1.79		18
2015		20.52		(0.09)		(0.29)		(0.38)		—		(1.60)		(1.60)		—		18.54		(2.4)		7,721		(0.47)		1.50(e)		1.66		23
2014		19.83		(0.07)		0.76		0.69		—		—		—		0.00		20.52		3.5		15,649		(0.35)		1.50		1.57		13
2013		15.32		(0.01)		4.52		4.51		—		—		—		0.00		19.83		29.4		19,576		(0.05)		1.50		1.63		12
2012		12.85		(0.03)		2.87		2.84		—		(0.37)		(0.37)		0.00		15.32		22.5		16,170		(0.21)		1.50		1.65		39
Class A
2017(c)		$18.37		$(0.05)		$ 2.45		$ 2.40		—		$(1.79)		$(1.79)		$0.00		$18.98		13.7%		$  3,611		(0.54%)(d)		1.70%(d)(e)		1.91%(d)		13%
2016		18.02		(0.08)		3.47		3.39		—		(3.04)		(3.04)		0.00		18.37		20.9		2,871		(0.49)		1.75(e)		2.04		18
2015		20.05		(0.14)		(0.29)		(0.43)		—		(1.60)		(1.60)		—		18.02		(2.7)		3,258		(0.71)		1.75(e)		1.91		23
2014		19.41		(0.12)		0.76		0.64		—		—		—		0.00		20.05		3.3		4,269		(0.60)		1.75		1.82		13
2013		15.03		(0.04)		4.42		4.38		—		—		—		0.00		19.41		29.1		4,668		(0.22)		1.75		1.88		12
2012		12.65		(0.06)		2.81		2.75		—		(0.37)		(0.37)		0.00		15.03		22.1		5,390		(0.42)		1.75		1.90		39
Class C
2017(c)		$16.43		$(0.08)		$ 2.18		$ 2.10		—		$(1.79)		$(1.79)		$0.00		$16.74		13.4%		$  2,360		(1.03%)(d)		2.21%(d)(e)		2.41%(d)		13%
2016		16.49		(0.15)		3.13		2.98		—		(3.04)		(3.04)		0.00		16.43		20.2		2,268		(0.99)		2.25(e)		2.54		18
2015		18.56		(0.22)		(0.25)		(0.47)		—		(1.60)		(1.60)		—		16.49		(3.2)		3,081		(1.21)		2.25(e)		2.41		23
2014		18.06		(0.21)		0.71		0.50		—		—		—		0.00		18.56		2.8		4,186		(1.10)		2.25		2.32		13
2013		14.06		(0.11)		4.11		4.00		—		—		—		0.00		18.06		28.4		4,460		(0.72)		2.25		2.38		12
2012		11.91		(0.13)		2.65		2.52		—		(0.37)		(0.37)		0.00		14.06		21.5		5,261		(0.92)		2.25		2.40		39
Class I
2017(c)		$19.53		$(0.00)(b)		$ 2.61		$ 2.61		—		$(1.79)		$(1.79)		$0.00		$20.35		13.9%		$16,298		(0.04%)(d)		1.20%(d)(e)		1.41%(d)		13%
2016		18.90		0.00(b)		3.67		3.67		—		(3.04)		(3.04)		0.00		19.53		21.5		10,883		0.00		1.25(e)		1.54		18
2015		20.85		(0.04)		(0.31)		(0.35)		—		(1.60)		(1.60)		—		18.90		(2.2)		9,778		(0.21)		1.25(e)		1.41		23
2014		20.09		(0.02)		0.78		0.76		—		—		—		0.00		20.85		3.8		17,230		(0.09)		1.25		1.32		13
2013		15.50		0.04		4.57		4.61		$(0.02)		—		(0.02)		0.00		20.09		29.8		13,688		0.22		1.25		1.38		12
2012		12.96		0.04		2.87		2.91		—		(0.37)		(0.37)		0.00		15.50		22.8		12,752		0.23		1.25		1.40		39

† 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 are calculated using the average shares outstanding method.

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

(c) For the six months ended March 31, 2017, unaudited.

(d) Annualized.

(e) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been made, for the year ended September 30, 2016 the expense ratios would have been 1.51%, 1.76%, 2.26%, 1.26% for Class AAA, Class A, Class C, and Class I, respectively. For the six months ended March 31, 2017, these credits had no material impact on the expense ratios.

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
Year 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
2017(b)		$11.88		$(0.02)		$1.19		$ 1.17		—		$(0.14)		$(0.14)		$12.91		10.0%		$   985		(0.26)%(c)		1.05%(c)(d)		3.37%(c)		9%
2016		11.43		(0.04)		0.97		0.93		—		(0.48)		(0.48)		11.88		8.2		1,810		(0.40)		1.34(d)(e)		3.26		15
2015		11.54		(0.06)		0.07		0.01		—		(0.12)		(0.12)		11.43		0.1		2,004		(0.52)		1.51(d)(e)		2.74		25
2014		10.48		(0.04)		1.10		1.06		—		(0.00)(f)		(0.00)(f)		11.54		10.2		1,679		(0.39)		1.51(e)		4.27		22
2013(g)		10.00		(0.01)		0.49		0.48		—		—		—		10.48		4.8		661		(0.42)(c)		1.50(c)		3.88(c)(h)		3
Class A
2017(b)		$11.78		$(0.03)		$1.18		$ 1.15		—		$(0.14)		$(0.14)		$12.79		9.9%		$   350		(0.45)%(c)		1.30%(c)(d)		3.62%(c)		9%
2016		11.37		(0.07)		0.96		0.89		—		(0.48)		(0.48)		11.78		7.9		309		(0.65)		1.63(d)(e)		3.44		15
2015		11.51		(0.09)		0.07		(0.02)		—		(0.12)		(0.12)		11.37		(0.2)		593		(0.77)		1.76(d)(e)		2.99		25
2014		10.47		(0.08)		1.12		1.04		—		(0.00)(f)		(0.00)(f)		11.51		10.0		682		(0.69)		1.76(e)		4.52		22
2013(g)		10.00		0.03		0.44		0.47		—		—		—		10.47		4.7		188		0.81(c)		1.75(c)		4.13(c)(h)		3
Class C
2017(b)		$11.58		$(0.06)		$1.16		$ 1.10		—		$(0.14)		$(0.14)		$12.54		9.6%		$   212		(0.95)%(c)		1.80%(c)(d)		4.12%(c)		9%
2016		11.24		(0.12)		0.94		0.82		—		(0.48)		(0.48)		11.58		7.4		193		(1.17)		2.11(d)(e)		3.98		15
2015		11.43		(0.15)		0.08		(0.07)		—		(0.12)		(0.12)		11.24		(0.6)		274		(1.27)		2.26(d)(e)		3.49		25
2014		10.45		(0.13)		1.11		0.98		—		(0.00)(f)		(0.00)(f)		11.43		9.4		239		(1.17)		2.26(e)		5.02		22
2013(g)		10.00		(0.02)		0.47		0.45		—		—		—		10.45		4.5		74		(0.65)(c)		2.25(c)		4.63(c)(h)		3
Class I
2017(b)		$12.00		$ 0.00(f)		$1.20		$ 1.20		—		$(0.14)		$(0.14)		$13.06		10.1%		$1,649		0.04%(c)		0.80%(c)(d)		3.12%(c)		9%
2016		11.49		0.00		0.99		0.99		—		(0.48)		(0.48)		12.00		8.7		1,760		0.04		0.90(d)(e)		3.00		15
2015		11.57		(0.03)		0.07		0.04		—		(0.12)		(0.12)		11.49		0.3		2,079		(0.27)		1.26(d)(e)		2.49		25
2014		10.48		(0.01)		1.11		1.10		$(0.01)		(0.00)(f)		(0.01)		11.57		10.5		2,345		(0.09)		1.26(e)		4.02		22
2013(g)		10.00		(0.01)		0.49		0.48		—		—		—		10.48		4.8		1,155		(0.20)(c)		1.25(c)		3.63(c)(h)		3

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

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

(b) For the six months ended March 31, 2017, unaudited.

(c) Annualized.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been made, the expense ratios for the six months ended March 31, 2017 and the years ended September 30, 2016 and 2015 would have been (1.07%, 1.39% and 1.54%) Class AAA, (1.32%, 1.68% and 1.79%) Class A, (1.82%, 2.16% and 2.29%) Class C, and (0.82%, 0.95% and 1.29%) Class I Shares, respectively.

(e) The Fund incurred interest expense during the years ended September 30, 2016, 2015, and 2014. For the year ended September 30, 2016, there was no material impact on the expense ratios. For the years ended September 30, 2015 and 2014, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.33% and 1.50% (Class AAA), 1.62% and 1.75% (Class A), 2.10% and 2.25% (Class C), 0.89% and1.25% (Class I), respectively.

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

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

(h) 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 operating expense ratios before waivers and reimbursements 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 period:

		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
Convertible Securities Fund
Class AAA
2017(b)	$11.59		$ 0.02		$ 0.71		$ 0.73		$(0.02)		$(0.53)		$(0.55)		—		$11.77		6.6%		$4,473		0.31%(c)		1.16%(c)		2.68%(c)		12%
2016	10.53		0.04		1.05		1.09		(0.03)		—		(0.03)		—		11.59		10.4		4,240		0.38		2.00(d)		2.74		20
2015	11.79		0.04		(1.27)		(1.23)		(0.03)		—		(0.03)		—		10.53		(10.5)		5,525		0.31		2.00(d)		2.40		19
2014	10.40		0.21		1.38		1.59		(0.20)		—		(0.20)		$0.00(e)		11.79		15.5		6,240		1.86		2.00		2.42		31
2014	8.96		0.07		1.45		1.52		(0.08)		—		(0.08)		0.00(e)		10.40		17.0		6,147		0.73		2.00		2.57		13
2013	7.65		0.10		1.31		1.41		(0.10)		—		(0.10)		0.00(e)		8.96		18.5		5,151		1.22		2.00		2.82		11
Class A
2017(b)	$11.94		$ 0.01		$ 0.73		$ 0.74		$(0.01)		$(0.53)		$(0.54)		—		$12.14		6.5%		$1,482		0.14%(c)		1.41%(c)		2.93%(c)		12%
2016	10.87		0.01		1.08		1.09		(0.02)		—		(0.02)		—		11.94		10.1		1,191		0.10		2.25(d)		2.99		20
2015	12.18		0.01		(1.30)		(1.29)		(0.02)		—		(0.02)		—		10.87		(10.6)		1,081		0.06		2.25(d)		2.65		19
2014	10.75		0.19		1.43		1.62		(0.19)		—		(0.19)		$0.00(e)		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(e)		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(e)		9.26		18.3		389		0.78		2.25		3.07		11
Class C
2017(b)	$12.69		$(0.03)		$ 0.78		$ 0.75		—		$(0.53)		$(0.53)		—		$12.91		6.2%		$   907		(0.42)%(c)		1.91%(c)		3.43%(c)		12%
2016	11.59		(0.04)		1.14		1.10		$(0.00)(e)		—		(0.00)		—		12.69		9.6		873		(0.37)		2.75(d)		3.49		20
2015	13.04		(0.06)		(1.39)		(1.45)		(0.00)(e)		—		(0.00)(e)		—		11.59		(11.1)		943		(0.44)		2.75(d)		3.15		19
2014	11.54		0.17		1.50		1.67		(0.17)		—		(0.17)		$0.00(e)		13.04		14.6		1,045		1.30		2.75		3.17		31
2013	9.94		0.00(e)		1.61		1.61		(0.01)		—		(0.01)		0.00(e)		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(e)		9.94		17.6		1,307		0.36		2.75		3.57		11
Class I
2017(b)	$11.61		$ 0.06		$ 0.69		$ 0.75		$(0.03)		$(0.53)		$(0.56)		—		$11.80		6.8%		$2,172		0.98%(c)		0.91%(c)		2.43%(c)		12%
2016	10.56		0.07		1.04		1.11		(0.06)		—		(0.06)		—		11.61		10.6		394		0.61		1.75(d)		2.49		20
2015	11.80		0.07		(1.27)		(1.20)		(0.04)		—		(0.04)		—		10.56		(10.2)		251		0.56		1.75(d)		2.15		19
2014	10.40		0.24		1.39		1.63		(0.23)		—		(0.23)		$0.00(e)		11.80		15.8		290		2.15		1.75		2.17		31
2013	8.96		0.10		1.44		1.54		(0.10)		—		(0.10)		0.00(e)		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(e)		8.96		18.8		126		1.43		1.75		2.57		11

† 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 are calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2017, unaudited.

(c) Annualized.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been made, the expense ratios for the years ended September 30, 2016 and 2015 would have been (2.01% and 2.02%) Class AAA, (2.26% and 2.27%) Class A, (2.76% and 2.77%) Class C, and (1.76% and 1.77%) Class I Shares, respectively.

(e) 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 period:

			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
2017(c)		$12.59		$ 0.03			$ 1.02		$ 1.05		$(0.07)		$(0.80)		$(0.87)		$12.77		8.8%		$54,117		0.53%		1.62%(d)		21%
2016		12.22		0.07			1.30		1.37		(0.05)		(0.95)		(1.00)		12.59		11.4		53,063		0.54		1.63(d)		31
2015		13.65		0.05			(0.09)		(0.04)		(0.06)		(1.33)		(1.39)		12.22		(0.9)   ��		53,238		0.37		1.59(d)		28
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(e)		53
2012		7.81		0.08			2.11		2.19		(0.08)		—		(0.08)		9.92		28.3		70,017		0.84		1.59(e)		41
Class A
2017(c)		$12.55		$ 0.02			$ 1.01		$ 1.03		$(0.04)		$(0.80)		$(0.84)		$12.74		8.6%		$  2,970		0.30%		1.87%(d)		21%
2016		12.19		0.03			1.31		1.34		(0.03)		(0.95)		(0.98)		12.55		11.2		3,719		0.29		1.88(d)		31
2015		13.61		0.02			(0.09)		(0.07)		(0.02)		(1.33)		(1.35)		12.19		(1.1)		3,125		0.12		1.84(d)		28
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(e)		53
2012		7.78		0.05			2.11		2.16		(0.05)		—		(0.05)		9.89		27.9		3,221		0.60		1.84(e)		41
Class C
2017(c)		$11.99		$(0.01)	��		$ 0.97		$ 0.96		—		$(0.80)		$(0.80)		$12.15		8.4%		$  1,200		(0.25)%		2.37%(d)		21%
2016		11.72		(0.03)			1.25		1.22		—		(0.95)		(0.95)		11.99		10.6		843		(0.23)		2.38(d)		31
2015		13.18		(0.05)			(0.08)		(0.13)		—		(1.33)		(1.33)		11.72		(1.6)		684		(0.37)		2.34(d)		28
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(e)		53
2012		7.56		0.01			2.05		2.06		—		—		—		9.62		27.3		784		0.10		2.34(e)		41
Class I
2017(c)		$12.57		$ 0.05			$ 1.01		$ 1.06		$(0.10)		$(0.80)		$(0.90)		$12.73		8.9%		$  4,551		0.78%		1.37%(d)		21%
2016		12.21		0.09			1.30		1.39		(0.08)		(0.95)		(1.03)		12.57		11.7		4,258		0.77		1.38(d)		31
2015		13.64		0.08			(0.09)		(0.01)		(0.09)		(1.33)		(1.42)		12.21		(0.6)		4,340		0.61		1.34(d)		28
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(e)		53
2012		7.83		0.09			2.12		2.21		(0.11)		—		(0.11)		9.93		28.5		4,377		0.96		1.34(e)		41

† 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 are calculated using the average shares outstanding method.

(b) The Fund incurred interest expense during the years ended September 30, 2014, 2013, and 2012. 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, 2017, unaudited.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2017 and the years ended September 30, 2016 and 2015, there was no impact on the expense ratios.

(e) 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, and 2012 would have been 1.60%, and 1.56% (Class AAA), 1.85%, and 1.81% (Class A), 2.35%, and 2.31% (Class C), and 1.35%, and 1.31% (Class I) Shares, respectively. For the six months ended March 31, 2017 and the years ended September 30, 2016, 2015, and 2014, there were no Custodian Fee Credits.

See accompanying notes to financial statements.

34

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
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
2017(b)		$11.75		$0.05		$ 0.49		$ 0.54		$ (0.03)		$(0.63)		$(0.66)		$11.63		4.8%		$52,984		0.95%(c)		1.34%(c)(d)		18%
2016		11.72		0.12		0.85		0.97		(0.12)		(0.82)		(0.94)		11.75		8.6		50,105		1.06		1.35(d)		23
2015		12.91		0.13		(0.08)		0.05		(0.13)		(1.11)		(1.24)		11.72		0.0		53,989		1.01		1.31(d)		27
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
Class A
2017(b)		$11.81		$0.04		$ 0.49		$ 0.53		$ (0.02)		$(0.63)		$(0.65)		$11.69		4.7%		$  8,034		0.70%(c)		1.59%(c)(d)		18%
2016		11.78		0.10		0.85		0.95		(0.10)		(0.82)		(0.92)		11.81		8.2		7,040		0.81		1.60(d)		23
2015		12.97		0.09		(0.07)		0.02		(0.10)		(1.11)		(1.21)		11.78		(0.2)		6,577		0.76		1.56(d)		27
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
Class C
2017(b)		$11.97		$0.01		$ 0.50		$ 0.51		$ (0.01)		$(0.63)		$(0.64)		$11.84		4.4%		$  4,748		0.21%(c)		2.09%(c)(d)		18%
2016		11.92		0.04		0.87		0.91		(0.04)		(0.82)		(0.86)		11.97		7.8		5,575		0.30		2.10(d)		23
2015		13.12		0.03		(0.08)		(0.05)		(0.04)		(1.11)		(1.15)		11.92		(0.8)		5,260		0.26		2.06(d)		27
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
Class I
2017(b)		$11.73		$0.07		$ 0.49		$ 0.56		$ (0.04)		$(0.63)		$(0.67)		$11.62		5.0%		$  1,907		1.21%(c)		1.09%(c)(d)		18%
2016		11.70		0.15		0.85		1.00		(0.15)		(0.82)		(0.97)		11.73		8.8		1,896		1.30		1.10(d)		23
2015		12.90		0.16		(0.09)		0.07		(0.16)		(1.11)		(1.27)		11.70		0.2		1,856		1.26		1.06(d)		27
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

† 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 2015, 2014, 2013, and 2012 would have been 1.32%, 1.27%, 1.28%, and 1.27% (Class AAA), 1.57%, 1.52%, 1.53%, and 1.52% (Class A), 2.07%, 2.02%, 2.03%, and 2.02% (Class C), and 1.07%, 1.02%, 1.03%, and 1.02% (Class I) Shares, respectively. For the six months ended March 31, 2017 and the year ended September 30, 2016, there were no Custodian Fee Credits.

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

(b) For the six months ended March 31, 2017, unaudited.

(c) Annualized.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2017 and the years ended September 30, 2016 and 2015, there was no impact on the expense ratios.

See accompanying notes to financial statements.

35

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
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
2017(b)		$11.64		$0.07		$(0.33)		$(0.26)		$(0.07)		$(0.08)		$(0.15)		$11.23		(2.2)%		$  3,847		1.24%(c)		1.00%(c)		1.42%(c)		16%
2016		11.56		0.15		0.30		0.45		(0.15)		(0.22)		(0.37)		11.64		4.1		4,170		1.32		1.00		1.42		48
2015		11.59		0.18		(0.03)		0.15		(0.18)		—		(0.18)		11.56		1.3		5,045		1.58		1.00		1.36		65
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
Class A
2017(b)		$11.63		$0.06		$(0.33)		$(0.27)		$(0.06)		$(0.08)		$(0.14)		$11.22		(2.3)%		$     725		1.14%(c)		1.10%(c)		1.52%(c)		16%
2016		11.55		0.14		0.30		0.44		(0.14)		(0.22)		(0.36)		11.63		3.9		807		1.21		1.10		1.52		48
2015		11.58		0.17		(0.03)		0.14		(0.17)		—		(0.17)		11.55		1.2		809		1.48		1.10		1.46		65
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
Class C
2017(b)		$11.05		$0.03		$(0.31)		$(0.28)		$(0.03)		$(0.08)		$(0.11)		$10.66		(2.6)%		$  1,210		0.49%(c)		1.75%(c)		2.17%(c)		16%
2016		10.99		0.06		0.28		0.34		(0.06)		(0.22)		(0.28)		11.05		3.2		1,144		0.51		1.75		2.17		48
2015		11.01		0.09		(0.02)		0.07		(0.09)		—		(0.09)		10.99		0.7		398		0.82		1.75		2.11		65
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
Class I
2017(b)		$11.65		$0.08		$(0.33)		$(0.25)		$(0.08)		$(0.08)		$(0.16)		$11.24		(2.1)%		$13,581		1.49%(c)		0.75%(c)		1.17%(c)		16%
2016		11.57		0.18		0.30		0.48		(0.18)		(0.22)		(0.40)		11.65		4.3		14,111		1.56		0.75		1.17		48
2015		11.60		0.21		(0.03)		0.18		(0.21)		—		(0.21)		11.57		1.6		13,022		1.82		0.75		1.11		65
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

† 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 are calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2017, 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^SM Fund (“Mighty Mites^SM Fund”), TETON Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), TETON Westwood Mid-Cap Equity Fund (“Mid-Cap Equity Fund”), TETON Convertible Securities Fund (“Convertible Securities 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^SM 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.

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

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

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

● 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”). Investments in open-end investment companies are valued at each Underlying Fund’s NAV per share as of the report date.

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations.

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

37

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2017 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total Market Value at 3/31/17
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Airlines		$	2,622,600		$	297,000			—		$	2,919,600
Automotive: Parts and Accessories			34,879,646			3,210		$	4,000,000			38,882,856
Aviation: Parts and Services			13,541,685			604,804			—			14,146,489
Business Services			40,667,163			491,628			—			41,158,791
Communications Equipment			4,056,681			74			—			4,056,755
Computer Software and Services			25,725,592			416,210			—			26,141,802
Consumer Products			26,949,350			21			31			26,949,402
Consumer Services			7,120,574			112,711			—			7,233,285
Diversified Industrial			118,979,233			4,675,818			—			123,655,051
Educational Services			276,000			—			501			276,501
Electronics			46,958,304			—			12,754			46,971,058
Energy and Utilities: Natural Gas			7,539,920			1,856,685			—			9,396,605
Entertainment			12,352,862			—			0			12,352,862
Environmental Control			9,223,899			2,716			—			9,226,615
Financial Services			62,076,777			1,296,765			400,000			63,773,542
Food and Beverage			50,318,628			402,575			—			50,721,203
Health Care			83,704,706			166,284			640			83,871,630
Manufactured Housing and Recreational Vehicles			8,934,120			2,451,293			—			11,385,413
Real Estate			24,115,543			3,476,576			255			27,592,374
Specialty Chemicals			33,964,756			3,474			—			33,968,230
Telecommunications			42,239,284			285,983			—			42,525,267
Transportation			436,495			—			465			436,960
Other Industries(a)			352,128,372			—			—			352,128,372
Total Common Stocks			1,008,812,190			16,543,827			4,414,646			1,029,770,663
Preferred Stocks(a)			8,927,271			185,598			—			9,112,869
Convertible Preferred Stocks(a)			—			4,220,570			—			4,220,570
Rights(a)			180,000			—			1,096,500			1,276,500
Warrants(a)			864			112,934			0			113,798
Convertible Corporate Bonds(a)			—			2,606			—			2,606
U.S. Government Obligations			—			148,631,527			—			148,631,527
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,017,920,325		$	169,697,062		$	5,511,146		$	1,193,128,533
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	30,109,758			—			—		$	30,109,758
U.S. Government Obligations(a)			—		$	3,992,036			—			3,992,036
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	30,109,758		$	3,992,036			—		$	34,101,794

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total Market Value at 03/31/17
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	2,915,060			—		—		$	2,915,060
U.S. Government Obligations			—		$	289,615		—			289,615
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	2,915,060		$	289,615		—		$	3,204,675
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds			—		$	6,755,720		—		$	6,755,720
Convertible Preferred Stocks		$	296,610			—		—			296,610
Mandatory Convertible Securities			1,270,266			—		—			1,270,266
U.S. Government Obligations			—			249,562		—			249,562
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,566,876		$	7,005,282		—		$	8,572,158
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	62,346,985			—		—		$	62,346,985
Short Term Investments			592,516			—		—			592,516
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	62,939,501			—		—		$	62,939,501
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	44,813,462			—		—		$	44,813,462
Corporate Bonds(a)			—		$	14,476,209		—			14,476,209
U.S. Government Agency Obligations			—			2,843,467		—			2,843,467
U.S. Government Obligations			—			4,098,379		—			4,098,379
Short Term Investments			1,442,190			—		—			1,442,190
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	46,255,652		$	21,418,055		—		$	67,673,707
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)			—		$	11,316,781		—		$	11,316,781
U.S. Government Agency Obligations			—			2,201,730		—			2,201,730
U.S. Government Obligations			—			3,969,019		—			3,969,019
Short Term Investments		$	1,806,851			—		—			1,806,851
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	1,806,851		$	17,487,530		—		$	19,294,381

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

During the six months ended March 31, 2017, the Mighty Mites^SM Fund had transfers of $9,006,601 or 0.86% of net assets as of September 30, 2016 among Level 1, Level 2, and Level 3, transfers of $11,556,479 or 1.10% of net assets as of September 30, 2016 from Level 2 to Level 1, transfers of $3,844,755 or 0.37% of net assets as of September 30, 2016 from Level 1 to Level 3, and transfers of $240,757 or 0.02% of net assets as of September 30, 2016 from Level 3 to Level 2. Transfers from Level 1 to Level 2 and transfers from Level 1 and Level 3 are due to a decline in market activity, e.g., frequency of trades, which resulted in a lack of available market inputs to determine price. Transfers from Level 2 to Level 1 and transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase in available market inputs to determine the price.

The SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund did not have transfers among Level 1, Level 2, and Level 3 during the six months ended March 31, 2017. 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, 2017 or September 30, 2016 for SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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

MIGHTY MITESSM FUND	Balance as of 9/30/16		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 3/31/17		Net change in unrealized appreciation/ depreciation on Level 3 investments still held at 3/31/17†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories		—		—		—		$156,000		—		—		$3,844,000		—		$4,000,000		$156,000
Consumer Products	$	31		—		—		—		—		—		—		—		31		—
Educational Services		476		—		—		25		—		—		—		—		501		25
Electonics		12,754		—		—		—		—		—		—		—		12,754		—
Entertainment		—		—		—		(755)		—		—		755		—		0		(755)
Financial Services		400,000		—		—		—		—		—		—		—		400,000		—
Health Care		640		—		—		—		—		—		—		—		640		—
Real Estate		241,076		—		—		(64)		—		—		—		$(240,757)		255		(64)
Transportation		465		—		—		—		—		—		—		—		465		—
Total Common Stocks		655,442		—		—		155,206		—		—		3,844,755		(240,757)		4,414,646		155,206
Rights		262,000		—		—		834,500		—		—		—		—		1,096,500		834,500
Warrants		—		—		—		—		$  0		—		0		—		0		—
TOTAL INVESTMENTS IN SECURITIES	$	917,442		—		—		$989,706		$  0		—		$3,844,755		$(240,757)		$5,511,146		$989,706

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

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, 2017.

Description  Balance at 3/31/17  Valuation Technique Unobservable Input Range

MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Automotive: Parts and Accessories	$4,000,000	Acquisition Price/Cash Flow Analysis	Discount Range	0%
Consumer Products	31	Last Price	Discount Range	0%
Educational Services	501	Restructure Plan/Cash Flow Analysis	Discount Range	0%
Electronics	12,754	Liquidation Plan	Discount Range	0%
Entertainment	0	Bankruptcy Plan	Discount Range	0%
Financial Services	400,000	Last Price	Discount Range	0%
Health Care	640	Intrinsic value	Discount Range	0%
Real Estate	255	Restructure Plan/Cash Flow Analysis	Discount Range	0%
Transportation	465	Intrinsic value	Discount Range	0%
Total Common Stocks	4,414,646
Rights	1,096,500	Last Price	Discount Range	0%
Warrants	0	Black Scholes	Discount Range	0%
TOTAL INVESTMENTS IN LEVEL 3 SECURITIES	$5,511,146

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 are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include 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 may 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 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^SM 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. At March 31, 2017, the Funds did not hold any restricted securities.

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, 2017, both the Mighty Mites^SM 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, 2017, 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.

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.

41

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, and Equity Fund, and quarterly for the Convertible Securities 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, net operating loss write off, and differing characterizations of distributions made by the Funds. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Funds.

The tax character of distributions paid during the year ended September 30, 2016 was as follows:

Mighty Mites^SM Fund SmallCap Equity Fund Mid-Cap Equity Fund Convertible Securities Fund

Ordinary Income (inclusive of short term capital gains)	—	—	—	$19,307
Net long term capital gains	$25,421,356	$3,743,714	$201,278	—
Total distributions paid	$25,421,356	$3,743,714	$201,278	$19,307

Equity Fund Balanced Fund   Intermediate Bond Fund

Ordinary Income (inclusive of short term capital gains)	$     248,032	$   669,455	$306,332
Net long term capital gains	4,754,811	4,706,472	345,369
Total distributions paid	$  5,002,843	$5,375,927	$651,701

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.

42

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at March 31, 2017:

	Mighty MitesSM Fund			SmallCap Equity Fund			Mid-Cap Equity Fund			Convertible Securities Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	786,882,363		$	25,163,666		$	2,622,720		$	8,239,085		$	51,731,661		$	59,110,094		$	19,286,614
Gross unrealized appreciation	$	455,421,923		$	9,658,914		$	650,886		$	532,591		$	12,380,090		$	9,493,962		$	181,074
Gross unrealized depreciation		(49,175,753	)		(720,786	)		(68,931	)		(199,518	)		(1,172,250	)		(930,349	)		(173,307	)
Net unrealized appreciation/depreciation	$	406,246,170		$	8,938,128		$	581,955		$	333,073		$	11,207,840		$	8,563,613		$	7,767

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, 2017, 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^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities 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 Mighty Mites^SM Fund with respect to which the Adviser transferred dispositive and voting control to the Funds’ Proxy Voting Committee. During the six months ended March 31, 2017, the Funds’ 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 $39,398.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities 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, 2018. For the six months ended March 31, 2017, the Adviser waived fees or reimbursed expenses in the amounts of $31,006, $41,492, $55,372, and $40,398 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund, respectively.

During the six months ended March 31, 2017, the expense limitations in place for the SmallCap Equity Fund were as follows:

	From October 1, 2016 through February 28, 2017	From March 1, 2017 through March 31, 2017
SmallCap Equity Fund Class AAA	1.50%	1.25%
SmallCap Equity Fund Class A	1.75%	1.50%
SmallCap Equity Fund Class C	2.25%	2.00%
SmallCap Equity Fund Class I	1.25%	1.00%

In addition, the SmallCap Equity Fund, the Convertible Securities Fund, and the 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 these Funds fall below the foregoing respective expense limitations based on average net assets for the SmallCap Equity Fund, and below the following expense limitations for the Convertible Securities Fund and the Intermediate Bond Fund for Class AAA Shares 1.15% and 1.00%, respectively, for Class A Shares 1.40% and 1.10%, respectively, for Class C Shares 1.90 and 1.75%, respectively, and for Class I Shares 0.90% and 0.75%, respectively. As of March 31, 2017, 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, 2015, expiring September 30, 2017		For the year ended September 30, 2016, expiring September 30, 2018		For the six months ended March 31,  2017, expiring September 30, 2019		Total
SmallCap Equity Fund		$56,530		$62,663		$31,006		$150,199
Convertible Securities Fund		32,907		52,910		55,372		141,189
Intermediate Bond Fund		74,038		82,578		40,398		197,014

43

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The Mid-Cap Equity Fund is obliged to repay the Adviser for a period of three fiscal years following the fiscal year in which the Adviser reimbursed the Fund, only to the extent that the operating expenses of the Fund falls below the applicable expense limitation for Class AAA of 1.05%, Class A of 1.30%, Class C of 1.80%, and Class I of 0.80%, of average daily net assets, the annual limitation under the Advisory Agreement. As of March 31, 2017, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

	For the year ended September 30, 2014, expiring September 30, 2017		For the year ended September 30, 2015, expiring September 30, 2018		For the year ended September 30, 2016, expiring September 30, 2019		For the six months ended March 31,  2017, expiring September 30, 2020		Total
Mid-Cap
Equity
Fund.		$92,134		$63,105		$83,891		$41,492		$280,622

Pursuant to shareholder approvals, effective February 1, 2017 for the Convertible Securities Fund and March 1, 2017 for the Mighty Mites^SM Fund, Gabeli Funds, LLC, an affiliate, became a Subadviser (“Gabelli Subadviser”) to the Adviser. The Adviser pays Gabelli Funds, LLC out of its advisory fees a monthly fee, computed and accrued daily, based on an annual rate of 0.32% of the average net assets of these two Funds. In addition, the Adviser has a Subadvisory Agreement with Westwood Management Corp. (the “Westwood Subadviser”) for the Equity Fund, Balanced Fund, and Intermediate Bond Fund. The Adviser paid the Westwood 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. 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, 2017, the Fund paid or accrued $1,127 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.

44

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, 2017, 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 MitesSM Fund		$52,718,917		$82,411,481		—		—
SmallCap Equity Fund		4,951,658		3,581,664		—		—
Mid-Cap Equity Fund		308,504		1,345,811		—		—
Convertible Securities Fund		8,491,958		749,210		—		—
Equity Fund		13,079,573		17,176,337		—		—
Balanced Fund		11,655,156		11,420,303		—		—
Intermediate Bond Fund		1,906,091		3,207,194		$750,469		$605,397

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2017, the Mighty Mites^SM Fund and the Convertible Securities Fund paid $60,018 and $20, respectively, in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $33,804 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase or sale transactions with other funds managed by the Adviser or an affiliated adviser. During the six months ended March 31, 2017, such transactions for the Mighty Mites^SM Fund and the Convertible Securities Fund amounted to $54,610 and $778,800, respectively, in purchase transactions.

During the six months ended March 31, 2017, the Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, Equity Fund, and Balanced Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $4,383, $758, $383, $880, and $898, respectively.

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, 2017, the Mighty Mites^SM Fund, Equity Fund, and Balanced Fund each paid or accrued $22,500 to the Gabelli Funds, LLC, an affiliate of the Adviser, in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2017 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund.

As of March 31, 2017, the Mid-Cap Equity Fund’s Adviser and its affiliates and officers beneficially owned greater than 25% of the voting securities of the Mid-Cap Equity Fund. This includes accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

The Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, and Convertible Securities Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the six months ended March 31, 2017 and the year ended September 30, 2016, can be found in the Statements of Changes in Net Assets under Redemption Fees.

During the period ended March 31, 2017, the Mid-Cap Equity Fund sold shares of various portfolio securities. These portfolio securities were delivered primarily by means of a redemption in-kind in exchange for Class AAA shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below:

January 4, 2017	Value	Realized Gains	Type
Class AAA	$365,795*	$39,222	Redemption in-Kind
* This amount includes cash of approximately $22,073 associated with the redemption in-kind.

45

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016
	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Convertible Securities Fund
Class AAA
Shares sold		1,092,682		1,108,002		237,511		234,709		24,892		33,210		58,343		41,878
Shares issued upon reinvestment of distributions		468,746		259,282		58,991		64,906		1,839		6,030		16,039		1,413
Shares redeemed		(1,851,975)		(3,047,247)		(270,552)		(145,802)		(72,055)		(62,121)		(60,273)		(201,855)
Shares redeemed in-kind		—		—		—		—		(30,791)		—		—		—
Net increase/(decrease) in Class AAA Shares		(290,547)		(1,679,963)		25,950		153,813		(76,115)		(22,881)		14,109		(158,564)
Class A
Shares sold		886,736		623,365		38,240		14,521		7,345		1,885		74,092		30,984
Shares issued upon reinvestment of distributions		258,861		138,595		15,131		27,376		273		1,717		4,380		144
Shares redeemed		(942,213)		(2,040,276)		(19,433)		(66,315)		(6,474)		(29,547)		(56,179)		(30,855)
Net increase/(decrease) in Class A Shares		203,384		(1,278,316)		33,938		(24,418)		1,144		(25,945)		22,293		273
Class C
Shares sold		619,594		855,795		15,239		43,485		973		2,153		966		3,386
Shares issued upon reinvestment of distributions		346,671		192,502		11,710		30,432		182		1,041		3,006		44
Shares redeemed		(1,354,869)		(2,579,797)		(24,012)		(122,683)		(909)		(10,873)		(2,573)		(15,911)
Net increase/(decrease) in Class C Shares		(388,604)		(1,531,500)		2,937		(48,766)		246		(7,679)		1,399		(12,481)
Class I
Shares sold		4,728,797		4,274,466		229,139		55,025		683		7,540		158,682		14,366
Shares issued upon reinvestment of distributions		559,850		301,122		51,793		85,940		1,675		7,465		5,117		122
Shares redeemed		(2,089,315)		(7,539,199)		(37,446)		(100,925)		(22,747)		(49,233)		(13,631)		(4,346)
Net increase/(decrease) in Class I Shares		3,199,332		(2,963,611)		243,486		40,040		(20,389)		(34,228)		150,168		10,142

46

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest (continued):

	Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016		Six Months Ended March 31, 2017 (Unaudited)		Year Ended September 30, 2016
	Equity Fund				Balanced Fund				Intermediate Bond Fund
Class AAA
Shares sold		34,964		90,589		520,200		488,294		32,531		52,001
Shares issued upon reinvestment of distributions		288,678		339,336		260,000		366,531		4,683		12,657
Shares redeemed		(299,805)		(572,249)		(490,227)		(1,197,557)		(52,925)		(142,638)
Net increase/(decrease) in Class AAA Shares		23,837		(142,324)		289,973		(342,732)		(15,711)		(77,980)
Class A
Shares sold		14,210		89,464		99,854		129,287		9,580		20,242
Shares issued upon reinvestment of distributions		20,055		23,526		33,767		40,716		729		2,188
Shares redeemed		(97,556)		(72,951)		(42,431)		(132,507)		(15,069)		(23,049)
Net increase/(decrease) in Class A Shares		(63,291)		40,039		91,190		37,496		(4,760)		(619)
Class C
Shares sold		39,177		14,105		17,372		111,079		24,384		297,295
Shares issued upon reinvestment of distributions		3,174		4,124		22,383		28,701		1,127		1,175
Shares redeemed		(13,903)		(6,228)		(104,509)		(115,225)		(15,516)		(231,188)
Net increase/(decrease) in Class C Shares		28,448		12,001		(64,754)		24,555		9,995		67,282
Class I
Shares sold		36,498		82,472		27,575		23,460		102,343		212,571
Shares issued upon reinvestment of distributions		23,075		22,834		9,485		12,676		17,181		40,492
Shares redeemed		(40,758)		(122,220)		(34,623)		(33,059)		(122,593)		(166,930)
Net increase/(decrease) in Class I Shares		18,815		(16,914)		2,437		3,077		(3,069)		86,133

8. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites^SM Fund’s transactions in the securities of these issuers during the six months ended March 31, 2017 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold		Ending Shares		Dividend Income		Realized Gain/Loss		Market Value at March 31, 2017		Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc., Cl. A		732,233		100		(5,533)		726,800		$  65,601		$   2,803		$  8,430,880		5.97%
Bel Fuse Inc., Cl. A		172,800		1,500		—		174,300		20,736		—		3,859,002		8.01%
Burnham Holdings Inc., Cl. A		245,000		7,000		—		252,000		110,220		—		4,044,600		8.32%
Canterbury Park Holding Corp.		362,347		5,753		—		368,100		36,810		—		3,809,835		8.58%
Communications Systems Inc.		427,598		25,000		—		452,598		35,672		—		1,991,431		5.11%
Edgewater Technology Inc.		705,520		—		—		705,520		—		—		5,256,124		5.29%
General Chemical Group Inc.		267,226		—		—		267,226		—		—		3,474		8.59%
Griffin Industrial Realty Inc.		250,517		35,743		(32,000)		254,260		65,705		(23,097)		7,869,347		5.06%
MOCON Inc.		391,930		32,657		—		424,587		89,817		—		9,234,767		7.25%
RLJ Entertainment Inc.		133,400		192,000		—		325,400		—		—		806,993		6.44%
Sevcon Inc.		493,604		—		—		493,604		—		—		7,374,444		9.24%
Sevcon Inc., 144A		25,000		—		—		25,000		—		—		365,003		—
Sevcon Inc., expire 07/11/21		12,500		—		—		12,500		—		—		105,053		—
Sevcon Inc., 4.000%, Series A		88,937		—		—		88,937		85,380		—		3,895,441		—
The Eastern Co.		331,022		22,247		—		353,269		75,022		—		7,559,957		5.65%
The L.S. Starrett Co., Cl. A		319,577		23,100		—		342,677		66,085		—		3,598,109		5.44%
Total										$651,048		$(20,294)		$68,204,460

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

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

47

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Mid-Cap Equity Fund

TETON Westwood Convertible Securities 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
AGNES MULLADY	JOHN C. BALL
Vice President	Treasurer
ANDREA R. MANGO
Secretary
Investment Adviser	Distributor
Teton Advisors, Inc.	G.distributors, LLC
Custodian	Legal Counsel
The Bank of New York Mellon	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.

GABWWQ117SR

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    6/02/2017                                                                                                                            

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    6/02/2017                                                                                                                            

By (Signature and Title)*    /s/ John C. Ball                                                                                

     John C. Ball, Principal Financial Officer and Treasurer

Date    6/02/2017                                                                                                                            

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