N-CSRS

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, 2016

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Mid-Cap Equity Fund

Income Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semiannual Report

March 31, 2016

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																					Class A Shares
	Average Annual Returns – March 31, 2016 (a)																					Average Annual Returns – March 31, 2016 (a)(b)(d)
	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		(7.20	)%		7.18	%		8.19	%		9.55	%		10.83	%		1.41	%		1.41	%		(11.18	)%		6.04	%		7.50	%		9.01	%		10.36	%		1.66	%		1.66	%
SmallCap Equity		(6.01	)		3.53			5.11			4.99			6.62			1.66			1.50			(10.03	)		2.43			4.43			4.51			6.23			1.91			1.75
Mid-Cap Equity		(6.55	)		—			—			—			5.06			2.74			1.50			(10.48	)		—			—			—			3.33			2.99			1.75
Income		(8.12	)		5.89			3.53			7.95			6.81			2.40			2.00			(12.01	)		4.76			2.86			7.40			6.37			2.65			2.25
Equity		(0.56	)		9.25			5.70			5.51			9.84			1.59			1.59			(4.79	)		8.11			5.02			4.96			9.47			1.84			1.84
Balanced		(0.11	)		6.66			5.16			5.18			8.32			1.31			1.31			(4.35	)		5.54			4.47			4.64			7.87			1.56			1.56
Intermediate Bond		1.73			1.88			3.38			3.58			4.78			1.37			1.00			(2.51	)		0.92			2.84			3.19			4.53			1.47			1.10

	Class C Shares																					Class I Shares
	Average Annual Returns – March 31, 2016 (a)(c)(d)																					Average Annual Returns – March 31, 2016 (a)(d)
	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		(8.80	)%		6.38	%		7.39	%		8.76	%		10.16	%		2.16	%		2.16	%		(6.98	)%		7.44	%		8.40	%		9.70	%		10.95	%		1.16	%		1.16	%
SmallCap Equity		(7.65	)		2.75			4.33			4.19			5.98			2.41			2.25			(5.79	)		3.80			5.32			5.13			6.74			1.41			1.25
Mid-Cap Equity		(8.16	)		—			—			—			4.31			3.49			2.25			(6.19	)		—			—			—			5.38			2.49			0.80
Income		(9.66	)		5.13			2.77			7.28			6.27			3.15			2.75			(7.86	)		6.15			3.75			8.10			6.93			2.15			1.75
Equity		(2.37	)		8.42			4.91			4.73			9.35			2.34			2.34			(0.38	)		9.46			5.90			5.64			9.92			1.34			1.34
Balanced		(1.85	)		5.86			4.38			4.42			7.76			2.06			2.06			0.14			6.92			5.37			5.32			8.40			1.06			1.06
Intermediate Bond		(0.18	)		1.09			2.63			2.82			4.31			2.12			1.75			1.84			2.10			3.56			3.70			4.85			1.12			0.75

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. For the SmallCap Equity, Mid-Cap Equity, Income, and Intermediate Bond Funds (and for the Mighty Mites^SM Fund through September 30, 2005), Teton Advisors, Inc., the “Adviser,” reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2017 and are renewable annually by the Adviser. The Funds, except for the Equity, Balanced, and Intermediate Bond Funds, impose a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.

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

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

(d) The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, and Class I Shares, except for Mid-Cap Equity Fund. The performance for all share classes of Mid-Cap Equity Fund 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.

	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
Income	09/30/97	05/09/01	11/26/01	01/11/08
Equity	01/02/87	01/28/94	02/13/01	01/11/08
Balanced	10/01/91	04/06/93	09/25/01	01/11/08
Intermediate Bond	10/01/91	07/26/01	10/22/01	01/11/08

The TETON Westwood Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this information at www.tetonadv.com or by calling the Funds at 800-WESTWOOD (800-937-8966). The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

Each Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Funds’ proxy voting policies, procedures, and how the Funds voted proxies relating to portfolio securities are available without charge, upon request, by (i) calling 800-WESTWOOD (800-937-8966); (ii) writing to The TETON Westwood Funds at One Corporate Center, Rye, NY 10580-1422; and (iii) visiting the SEC’s website at www.sec.gov.

2

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2015 through March 31, 2016

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

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

3

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2015 through March 31, 2016

Expense Table

	Actual Fund Return										Hypothetical 5% Return
	Beginning		Ending		Annualized			Expenses			Beginning		Ending		Annualized			Expenses
	Account Value		Account Value		Expense			Paid During			Account Value		Account Value		Expense			Paid During
	10/01/15		03/31/16		Ratio			Period*			10/01/15		03/31/16		Ratio			Period*
TETON Westwood Mighty MitesSM Fund
Class AAA		$1,000.00		$1,034.20		1.43	%		$	7.27		$1,000.00		$1,017.85		1.43	%		$	7.21
Class A		$1,000.00		$1,032.30		1.68	%		$	8.54		$1,000.00		$1,016.60		1.68	%		$	8.47
Class C		$1,000.00		$1,030.00		2.18	%		$	11.06		$1,000.00		$1,014.10		2.18	%		$	10.98
Class I		$1,000.00		$1,035.10		1.18	%		$	6.00		$1,000.00		$1,019.10		1.18	%		$	5.96
TETON Westwood SmallCap Equity Fund
Class AAA		$1,000.00		$1,030.10		1.50	%		$	7.61		$1,000.00		$1,017.50		1.50	%		$	7.57
Class A		$1,000.00		$1,029.20		1.75	%		$	8.88		$1,000.00		$1,016.25		1.75	%		$	8.82
Class C		$1,000.00		$1,026.70		2.25	%		$	11.40		$1,000.00		$1,013.75		2.25	%		$	11.33
Class I		$1,000.00		$1,031.80		1.25	%		$	6.35		$1,000.00		$1,018.75		1.25	%		$	6.31
TETON Westwood Mid-Cap Equity Fund
Class AAA		$1,000.00		$   995.80		1.50	%		$	7.48		$1,000.00		$1,017.50		1.50	%		$	7.57
Class A		$1,000.00		$   994.90		1.75	%		$	8.73		$1,000.00		$1,016.25		1.75	%		$	8.82
Class C		$1,000.00		$   992.10		2.25	%		$	11.21		$1,000.00		$1,013.75		2.25	%		$	11.33
Class I		$1,000.00		$   998.50		0.98	%		$	4.90		$1,000.00		$1,020.10		0.98	%		$	4.95
TETON Westwood Income Fund
Class AAA		$1,000.00		$1,032.10		2.00	%		$	10.16		$1,000.00		$1,015.00		2.00	%		$	10.08
Class A		$1,000.00		$1,030.50		2.25	%		$	11.42		$1,000.00		$1,013.75		2.25	%		$	11.33
Class C		$1,000.00		$1,029.00		2.75	%		$	13.95		$1,000.00		$1,011.25		2.75	%		$	13.83
Class I		$1,000.00		$1,033.10		1.75	%		$	8.89		$1,000.00		$1,016.25		1.75	%		$	8.82
TETON Westwood Equity Fund
Class AAA		$1,000.00		$1,070.10		1.62	%		$	8.38		$1,000.00		$1,016.90		1.62	%		$	8.17
Class A		$1,000.00		$1,068.30		1.87	%		$	9.67		$1,000.00		$1,015.65		1.87	%		$	9.42
Class C		$1,000.00		$1,065.30		2.37	%		$	12.24		$1,000.00		$1,013.15		2.37	%		$	11.93
Class I		$1,000.00		$1,070.40		1.37	%		$	7.09		$1,000.00		$1,018.15		1.37	%		$	6.91
TETON Westwood Balanced Fund
Class AAA		$1,000.00		$1,049.50		1.34	%		$	6.87		$1,000.00		$1,018.30		1.34	%		$	6.76
Class A		$1,000.00		$1,048.00		1.59	%		$	8.14		$1,000.00		$1,017.05		1.59	%		$	8.02
Class C		$1,000.00		$1,045.60		2.09	%		$	10.69		$1,000.00		$1,014.55		2.09	%		$	10.53
Class I		$1,000.00		$1,050.90		1.09	%		$	5.59		$1,000.00		$1,019.55		1.09	%		$	5.50
TETON Westwood Intermediate Bond Fund
Class AAA		$1,000.00		$1,021.00		1.00	%		$	5.05		$1,000.00		$1,020.00		1.00	%		$	5.05
Class A		$1,000.00		$1,019.90		1.10	%		$	5.55		$1,000.00		$1,019.50		1.10	%		$	5.55
Class C		$1,000.00		$1,015.40		1.75	%		$	8.82		$1,000.00		$1,016.25		1.75	%		$	8.82
Class I		$1,000.00		$1,020.70		0.75	%		$	3.79		$1,000.00		$1,021.25		0.75	%		$	3.79

* 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 (183 days), then divided by 366.

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2016:

TETON Westwood Mighty Mites^SM Fund

Diversified Industrial	10.2	%
U.S. Government Obligations	9.3	%
Health Care	8.0	%
Equipment and Supplies	6.7	%
Financial Services	5.9	%
Automotive: Parts and Accessories	4.5	%
Food and Beverage	4.0	%
Electronics	3.9	%
Business Services	3.7	%
Telecommunications	3.5	%
Machinery	3.1	%
Entertainment	3.0	%
Computer Software and Services	2.8	%
Hotels and Gaming	2.7	%
Consumer Products	2.6	%
Retail	2.6	%
Specialty Chemicals	2.6	%
Real Estate	2.1	%
Aerospace and Defense	2.1	%
Publishing	1.9	%
Restaurants	1.8	%
Building and Construction	1.4	%
Broadcasting	1.4	%
Metals and Mining	1.3	%

Aviation: Parts and Services	1.1	%
Energy and Utilities: Water	1.0	%
Manufactured Housing and Recreational Vehicles	0.9	%
Energy and Utilities: Natural Gas	0.9	%
Semiconductors	0.9	%
Consumer Services	0.6	%
Energy and Utilities: Integrated	0.5	%
Automotive	0.5	%
Environmental Control	0.5	%
Airlines	0.4	%
Energy and Utilities: Services	0.3	%
Agriculture	0.3	%
Communications Equipment	0.3	%
Energy and Utilities: Oil	0.2	%
Transportation	0.2	%
Paper and Forest Products	0.2	%
Closed-End Business Development Company	0.1	%
Educational Services	0.0	%*
Energy and Utilities: Alternative Energy	0.0	%*
Energy and Utilities	0.0	%*
Other Assets and Liabilities (Net)	0.0	%*
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood SmallCap Equity Fund

Financial Services	21.7	%
Semiconductors	13.9	%
Retail	9.1	%
Energy and Utilities	9.1	%
Business Services	8.1	%
Health Care	6.3	%
U.S. Government Obligations	5.1	%
Computer Software and Services	4.7	%
Electronics	4.4	%
Building and Construction	4.2	%
Equipment and Supplies	3.3	%

Telecommunications	3.1	%
Diversified Industrial	2.4	%
Computer Hardware	1.1	%
Specialty Chemicals	1.0	%
Aerospace	0.9	%
Machinery	0.8	%
Consumer Products	0.5	%
Other Assets and Liabilities (Net)	0.3	%
	100.0	%

TETON Westwood Mid-Cap Equity Fund

Consumer Discretionary	18.9	%
Industrials	18.1	%
Information Technology	17.1	%
Financials	16.6	%
Health Care	13.9	%
Energy	5.7	%

Utilities	3.8	%
Consumer Staples	3.1	%
U.S. Government Obligations	2.4	%
Materials	1.7	%
Other Assets and Liabilities (net)	(1.3	)%
	100.0	%

5

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Income Fund

Financial Services	23.4	%
Health Care	19.9	%
Retail	6.5	%
Computer Hardware	6.1	%
Diversified Industrial	5.9	%
Computer Software and Services	5.0	%
Specialty Chemicals	5.0	%
Entertainment	3.5	%
Metals and Mining	3.1	%
Communications Equipment	2.6	%
Paper and Forest Products	2.6	%
Energy and Utilities: Oil	2.4	%

U.S. Government Obligations	2.3	%
Automotive	2.1	%
Energy and Utilities: Services	1.8	%
Food and Beverage	1.7	%
Consumer Staples	1.6	%
Telecommunications	1.3	%
Machinery	1.2	%
Energy and Utilities: Integrated	0.6	%
Energy and Utilities	0.4	%
Other Assets and Liabilities (Net)	1.0	%
	100.0	%

TETON Westwood Equity Fund

Health Care	13.3	%
Financial Services	10.4	%
Banking	8.8	%
Aerospace	7.7	%
Food and Beverage	7.5	%
Telecommunications	5.2	%
Energy: Oil	4.5	%
Energy: Integrated	4.4	%
Retail	4.3	%
Consumer Products	4.3	%
Computer Software and Services	4.1	%
Business Services	3.8	%
Energy and Energy Services	3.1	%

Cable and Satellite	3.0	%
Mutual Fund	2.5	%
Diversified Industrial	2.3	%
Specialty Chemicals	2.2	%
Electronics	2.1	%
Entertainment	2.0	%
Computer Hardware	1.9	%
Transportation	1.8	%
Energy: Natural Gas	0.9	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

TETON Westwood Balanced Fund

Health Care	12.0	%
Banking	9.9	%
Financial Services	9.2	%
U.S. Government Agency Obligations	6.5	%
U.S. Government Obligations	6.5	%
Energy: Oil	5.3	%
Aerospace	4.9	%
Food and Beverage	4.8	%
Consumer Products	4.6	%
Mutual Fund	4.4	%
Electronics	3.5	%
Telecommunications	3.3	%
Energy: Integrated	2.8	%
Retail	2.8	%

Computer Software and Services	2.7	%
Diversified Industrial	2.7	%
Transportation	2.7	%
Business Services	2.4	%
Computer Hardware	2.2	%
Energy and Energy Services	2.0	%
Cable and Satellite	2.0	%
Specialty Chemicals	1.3	%
Entertainment	1.3	%
Energy: Natural Gas	0.5	%
Other Assets and Liabilities (Net)	(0.3	)%
	100.0	%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	61.0	%
U.S. Government Obligations	22.7	%
Mutual Fund	9.0	%
U.S. Government Agency Obligations	6.6	%

Other Assets and Liabilities (Net)	0.7	%
	100.0	%

6

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments — March 31, 2016 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS — 90.2%
	Aerospace and Defense — 2.1%
1,218,900	Aerojet Rocketdyne Holdings Inc.†	$	5,625,828	$	19,965,582
168,710	Innovative Solutions & Support Inc.†		738,725		443,707
7,000	Kratos Defense & Security Solutions Inc.†		42,963		34,650
			6,407,516		20,443,939
	Agriculture — 0.3%
225	J.G. Boswell Co.		144,676		144,000
199,236	Limoneira Co.		4,325,729		3,028,387
			4,470,405		3,172,387
	Airlines — 0.4%
80,000	American Airlines Group Inc.		32,753		3,280,800
225,000	American Airlines Group Inc.,Escrow		3,288		247,500
			36,041		3,528,300
	Automotive — 0.5%
27,200	Lithia Motors Inc., Cl. A		517,533		2,375,376
20,000	Navistar International Corp.†		152,109		250,400
66,500	Sonic Automotive Inc., Cl. A		849,600		1,228,920
70,000	Wabash National Corp.†		132,194		924,000
			1,651,436		4,778,696
	Automotive: Parts and Accessories — 4.3%
422,550	Accuride Corp.†		948,730		654,953
6,000	China Automotive Systems Inc.†		34,007		27,840
105,000	Dana Holding Corp.		624,230		1,479,450
400,000	Federal-Mogul Holdings Corp.†		3,578,148		3,952,000
13,400	Gentherm Inc.†		194,890		557,306
25,000	Jason Industries Inc.†		122,980		87,500
196,600	Modine Manufacturing Co.†		1,907,098		2,164,566
24,000	Motorcar Parts of America Inc.†		315,465		911,520
60,000	Puradyn Filter Technologies Inc.†		13,098		3,000
77,000	Shiloh Industries Inc.†		1,046,524		395,010
123,200	Standard Motor Products Inc.		1,280,168		4,268,880
176,500	Strattec Security Corp.		4,369,240		10,129,335
611,000	Superior Industries International Inc.		11,058,932		13,490,880
37,000	Tenneco Inc.†		115,032		1,905,870
33,000	Titan International Inc.		287,032		177,540
33,425	Tower International Inc.		736,834		909,160
134,231	West Marine Inc.†		1,576,523		1,220,160
			28,208,931		42,334,970
	Aviation: Parts and Services — 1.1%
13,500	Astronics Corp.†		110,901		515,025
14,778	Astronics Corp., Cl. B†		117,275		568,066
125,642	Ducommun Inc.†		2,158,735		1,916,041
197,301	Kaman Corp.		5,011,314		8,422,780
			7,398,225		11,421,912
	Broadcasting — 1.4%
614,200	ACME Communications Inc.† .		18,229		100,974
730,800	Beasley Broadcast Group Inc., Cl. A(a)		3,878,003		2,565,108
133,000	Crown Media Holdings Inc., Cl. A†		314,097		675,640
38,000	Cumulus Media Inc., Cl. A†		171,148		17,643
86,700	Entercom Communications Corp., Cl. A†		195,208		917,286
257,500	Gray Television Inc.†		280,841		3,017,900

Shares		Cost		Market Value
80,042	Gray Television Inc., Cl. A†	$	530,550	$	838,440
33,300	Hemisphere Media Group Inc.†		470,382		437,229
620,008	Salem Media Group Inc.		3,287,090		3,571,246
33,000	Sinclair Broadcast Group Inc., Cl. A		53,667		1,014,750
41,675	Videocon d2h Ltd., ADR†		265,893		306,728
			9,465,108		13,462,944
	Building and Construction — 1.4%
141,000	Gibraltar Industries Inc.†		3,237,843		4,032,600
866,565	Huttig Building Products Inc.†		1,009,835		3,188,959
107,074	MYR Group Inc.†		2,422,367		2,688,628
16,000	Nortek Inc.†		907,305		772,640
99,360	The Monarch Cement Co.		2,617,383		3,180,017
			10,194,733		13,862,844
	Business Services — 3.7%
292,079	Ascent Capital Group Inc., Cl. A†		8,185,947		4,325,690
14,000	Cenveo Inc.†		56,568		5,880
594	Du-Art Film Labs Inc.†		98,792		100,891
705,520	Edgewater Technology Inc.†(a)		2,293,833		5,496,001
101,271	GP Strategies Corp.†		928,058		2,774,825
23,300	ICF International Inc.†		558,939		800,821
555,590	Internap Corp.†		3,401,678		1,516,761
32,029	KAR Auction Services Inc.		443,660		1,221,586
8,000	Landauer Inc.		282,324		264,560
16,000	Macquarie Infrastructure Corp.		203,038		1,079,040
4,560	Matthews International Corp., Cl. A		200,594		234,703
20,000	McGrath RentCorp		535,869		501,600
1,690,000	ModusLink Global Solutions Inc.†		5,996,460		2,484,300
30,000	Pendrell Corp.†		48,782		15,900
196,772	PFSweb Inc.†		943,201		2,581,649
182,359	PRGX Global Inc.†		1,068,600		860,734
322,800	Pure Technologies Ltd.		1,507,350		1,212,908
201,492	Safeguard Scientifics Inc.†		3,908,458		2,669,769
242,000	Scientific Games Corp., Cl. A†		2,861,472		2,282,060
1,000	Stamps.com Inc.†		12,517		106,280
168,069	Team Inc.†		5,305,601		5,105,940
15,000	Trans-Lux Corp.†		99,560		61,500
37,282	Viad Corp.		993,885		1,087,143
			39,935,186		36,790,541
	Closed-End Business Development Company — 0.1%
108,000	MVC Capital Inc.		1,068,449		805,680
	Communications Equipment — 0.3%
305,390	Communications Systems Inc.		3,176,059		2,244,617
275,000	Extreme Networks Inc.†		946,476		855,250
134,600	Sycamore Networks Inc.†		37,521		52,494
30,000	ViewCast.com Inc.†		14,100		39
			4,174,156		3,152,400
	Computer Software and Services — 2.8%
144,013	American Software Inc., Cl. A		1,313,341		1,296,117
63,000	Avid Technology Inc.†		626,637		425,880
216,785	Blucora Inc.†		3,639,499		1,118,611
317,000	Callidus Software Inc.†		1,754,441		5,287,560
74,687	Carbonite Inc.†		854,516		595,255
16,000	Cinedigm Corp., Cl. A†		27,077		3,315
60,000	comScore Inc.†		2,489,464		1,802,400
30,000	Datawatch Corp.†		257,678		148,500
56,101	Digi International Inc.†		566,777		529,032
595,250	EarthLink Holdings Corp.		2,440,711		3,375,067
800,000	FalconStor Software Inc.†		2,531,413		1,072,000
1,410	Gemalto NV		8,172		104,241
459,202	Global Sources Ltd.†		2,992,593		3,719,536

See accompanying notes to financial statements.

7

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Computer Software and Services (Continued)
20,000	GSE Systems Inc.†	$	109,966	$	54,200
593,507	Guidance Software Inc.†		5,005,234		2,552,080
144,117	iGO Inc.†		484,026		416,498
458,356	Lionbridge Technologies Inc.†		1,640,566		2,319,281
10,000	Materialise NV, Cl. A, ADR†		58,532		76,000
35,500	Mercury Systems Inc.†		282,814		720,650
67,500	Mitek Systems Inc.†		199,734		441,450
5,802	MTS Systems Corp.		265,634		353,052
12,000	Qualstar Corp.†		17,642		5,173
201,400	Qumu Corp.†		2,389,034		928,454
3,400	Tyler Technologies Inc.†		37,768		437,274
			29,993,269		27,781,626
	Consumer Products — 2.6%
127,200	Acme United Corp.		2,271,327		2,078,448
25,684	Arctic Cat Inc.		936,542		431,491
151,800	Bassett Furniture Industries Inc.		2,220,382		4,836,348
2,000	Brunswick Corp.		30,085		95,960
55,687	Callaway Golf Co.		383,296		507,865
38,000	Elizabeth Arden Inc.†		501,703		311,220
3,500	Johnson Outdoors Inc., Cl. A		29,026		77,770
11,400	Lakeland Industries Inc.†		109,829		139,878
1,463,899	Marine Products Corp.		9,883,166		11,110,993
13,000	MarineMax Inc.†		63,807		253,110
200	National Presto Industries Inc.		5,745		16,748
75,031	Nautilus Inc.†		571,200		1,449,599
128,300	Oil-Dri Corp. of America		2,285,450		4,333,974
5,700	PC Group Inc.†		3,465		41
14,398	Sequential Brands Group Inc.†		157,328		92,004
11,000	Stanley Furniture Co Inc.†		28,035		29,150
10,400	Syratech Corp.†		2,600		31
			19,482,986		25,764,630
	Consumer Services — 0.6%
485,500	1-800-Flowers.com Inc., Cl. A†		1,417,319		3,825,740
5,100	Angie’s List Inc.†		31,414		41,157
55,000	Bowlin Travel Centers Inc.†		69,687		85,250
800	Collectors Universe Inc.		238		13,280
63,025	Liberty Tax Inc.		1,169,913		1,234,660
74,991	XO Group Inc.†		732,512		1,203,606
			3,421,083		6,403,693
	Diversified Industrial — 9.9%
20,000	A.M. Castle & Co.†		176,098		54,000
74,492	AEP Industries Inc.		3,466,704		4,916,472
9,292	American Railcar Industries Inc.		147,177		378,463
425,000	Ampco-Pittsburgh Corp.		8,922,603		5,911,750
242,200	Burnham Holdings Inc., Cl. A(a)		3,892,769		4,008,410
117,122	Chase Corp.		1,690,600		6,159,446
115,300	Columbus McKinnon Corp.		1,895,176		1,817,128
292,292	FormFactor Inc.†		1,778,006		2,124,963
33,000	Graham Corp.		534,517		657,030
432,703	Griffon Corp.		4,709,349		6,685,261
9,000	Handy & Harman Ltd.†		225,670		246,150
25,000	Haulotte Group SA		134,090		398,266
27,000	Haynes International Inc.		1,289,032		985,500
6,000	Innophos Holdings Inc.		175,689		185,460
314,509	Insignia Systems Inc.†		914,190		896,351
180,869	Intevac Inc.†		809,267		813,911
97,649	John Bean Technologies Corp.		2,860,405		5,508,380
269,792	Katy Industries Inc.†		292,072		472,136
67,089	L.B. Foster Co., Cl. A		1,557,931		1,218,336
253,172	Lawson Products Inc.†		3,520,022		4,957,108
40,000	LSB Industries Inc.†		222,135		510,000
147,949	Lydall Inc.†		1,457,314		4,811,301
9,500	MSA Safety Inc.		306,832		459,325

Shares		Cost		Market Value
609,932	Myers Industries Inc.	$	7,999,146	$	7,843,726
207,211	NAPCO Security Technologies Inc.†		1,105,247		1,295,069
157,500	Park-Ohio Holdings Corp.		3,045,678		6,744,150
150,000	Playmates Holdings Ltd.		168,160		176,156
24,080	Raven Industries Inc.		482,245		385,762
66,666	Rubicon Ltd.†		37,762		11,981
18,699	RWC Inc.†		306,532		276,745
486,750	Sevcon Inc.†(a)		2,798,468		4,891,837
28,000	Standex International Corp.		928,588		2,178,680
586,481	Steel Partners Holdings LP†		9,439,686		8,943,835
375,000	Tredegar Corp.		6,539,066		5,895,000
293,000	Twin Disc Inc.		5,180,893		2,968,090
176,476	Vishay Precision Group Inc.†		2,814,727		2,472,429
			81,823,846		98,258,607
	Educational Services — 0.0%
500,587	Corinthian Colleges Inc.†		198,119		476
110,000	Universal Technical Institute Inc.		1,684,046		474,100
			1,882,165		474,576
	Electronics — 3.9%
33,000	Alliance Semiconductor Corp.†		66,300		23,100
14,000	Badger Meter Inc.		477,554		931,140
173,323	Bel Fuse Inc., Cl. A(a)		3,219,912		2,423,922
348,577	CTS Corp.		2,909,957		5,486,602
60,000	Daktronics Inc.		605,580		474,000
151,867	Dialight plc		1,836,479		1,243,274
49,789	Electro Scientific Industries Inc.†		507,868		355,991
63,771	EMRISE Corp.†		10,714		12,754
32,000	IMAX Corp.†		136,444		994,880
20,000	Iteris Inc.†		32,200		48,800
254,000	Kimball Electronics Inc.†		1,558,472		2,837,180
185,000	Kopin Corp.†		679,398		307,100
42,000	Mesa Laboratories Inc.		1,085,062		4,046,700
33,800	Methode Electronics Inc.		190,811		988,312
387,637	MOCON Inc.(a)		5,589,158		5,368,772
52,100	MoSys Inc.†		150,654		33,865
64,800	Newport Corp.†		419,585		1,490,400
107,634	Park Electrochemical Corp.		1,841,224		1,723,220
82,074	Rofin-Sinar Technologies Inc.†		1,923,230		2,644,424
78,000	Schmitt Industries Inc.†		210,348		192,660
7,037	Sparton Corp.†		119,633		126,596
256,498	Stoneridge Inc.†		1,639,200		3,734,611
8,000	Stratasys Ltd.†		127,783		207,360
157,000	Ultra Clean Holdings†		478,219		841,520
105,198	Ultralife Corp.†		421,401		538,614
99,500	Ultratech Inc.†		1,819,137		2,173,080
			28,056,323		39,248,877
	Energy and Utilities: Alternative Energy — 0.0%
39,200	JA Solar Holdings Co. Ltd., ADR†		339,814		337,512
	Energy and Utilities: Integrated — 0.5%
89,440	Broadwind Energy Inc.†		563,104		269,214
135,100	Headwaters Inc.†		566,488		2,680,384
38,000	MGE Energy Inc.		896,175		1,985,500
			2,025,767		4,935,098
	Energy and Utilities: Natural Gas — 0.9%
21,554	Abraxas Petroleum Corp.†		89,130		21,770
260,000	Alvopetro Energy Ltd.†		241,629		60,058
38,750	Chesapeake Utilities Corp.		708,728		2,440,087
90,570	Corning Natural Gas Holding Co.		1,015,904		1,473,574
105,000	Delta Natural Gas Co. Inc.		1,603,470		2,430,750
28,000	Gas Natural Inc.		278,746		218,680

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Energy and Utilities: Natural Gas (Continued)
95,800	Gastar Exploration Inc.†	$	406,048	$	105,380
400,181	Gulf Coast Ultra Deep Royalty Trust†		318,463		34,015
15,000	Piedmont Natural Gas Co. Inc.		530,578		897,450
43,600	RGC Resources Inc.		566,134		942,632
15,000	U.S. Energy Corp.†		54,002		5,475
10,928	Whitecap Resources Inc.		92,690		65,126
			5,905,522		8,694,997
	Energy and Utilities: Oil — 0.2%
194,844	Callon Petroleum Co.†		1,328,335		1,724,369
21,900	Mitcham Industries Inc.†		221,713		67,014
57,900	Tesco Corp.		503,333		498,519
119,637	Triangle Petroleum Corp.†		899,637		64,879
			2,953,018		2,354,781
	Energy and Utilities: Services — 0.3%
2,000	Archer Ltd.†		68,684		1,167
18,000	Dawson Geophysical Co.†		202,408		82,260
25,300	Flotek Industries Inc.†		279,150		185,449
16,671	Gulf Island Fabrication Inc.		441,878		130,867
15,000	Key Energy Services Inc.†		3,735		5,541
208,000	Layne Christensen Co.†		2,178,088		1,495,520
92,500	RPC Inc.		218,733		1,311,650
7,100	Subsea 7 SA, ADR†		25,056		53,960
			3,417,732		3,266,414
	Energy and Utilities: Water — 1.0%
24,226	Artesian Resources Corp., Cl. A		482,625		677,359
45,174	Cadiz Inc.†		518,835		235,808
24,800	California Water Service Group		478,222		662,656
4,000	Connecticut Water Service Inc.		135,142		180,400
65,000	Consolidated Water Co. Ltd.		703,929		791,050
68,000	Energy Recovery Inc.†		280,443		703,120
30,433	Middlesex Water Co.		587,770		938,858
20,000	Mueller Water Products Inc., Cl. A		169,066		197,600
111,304	SJW Corp.		2,672,607		4,045,900
44,037	The York Water Co.		719,093		1,344,009
			6,747,732		9,776,760
	Entertainment — 3.0%
355,100	Canterbury Park Holding Corp.(a)		3,649,610		3,678,836
619,556	Dover Motorsports Inc.		1,521,154		1,406,392
717,763	Entravision Communications Corp., Cl. A		1,819,062		5,340,157
4,000	Eros International plc†		45,394		46,040
1,141,604	Media General Inc.†		6,296,627		18,619,561
54,000	RLJ Entertainment Inc.†		236,046		48,600
50,000	SFX Entertainment Inc.†		2,750		1,945
34,000	World Wrestling Entertainment Inc., Cl. A		509,340		600,440
			14,079,983		29,741,971
	Environmental Control — 0.5%
7,500	BioteQ Environmental Technologies Inc.†		12,419		173
607,228	Casella Waste Systems Inc., Cl. A†		2,871,387		4,068,428
15,718	Ceco Environmental Corp.		225,420		97,609
107,700	Hudson Technologies Inc.†		387,751		353,256
			3,496,977		4,519,466
	Equipment and Supplies — 6.7%
18,000	Amtech Systems Inc.†		204,778		116,820

Shares		Cost		Market Value
20,000	AZZ Inc.	$	716,820	$	1,132,000
170,000	Blount International Inc.†		1,897,938		1,696,600
162,400	CIRCOR International Inc.		5,806,086		7,533,736
309,202	Core Molding Technologies Inc.†		2,284,526		3,858,841
740,000	Federal Signal Corp.		5,383,673		9,812,400
460,000	Interpump Group SpA		3,334,554		6,726,141
710,179	Kimball International Inc., Cl. B		7,439,039		8,060,532
20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		249,500
20,103	Powell Industries Inc.		750,311		599,270
274,200	SL Industries Inc.†(a)		3,041,538		9,322,800
331,022	The Eastern Co.(a)		6,036,900		5,435,381
123,000	The Gorman-Rupp Co.		2,770,252		3,189,390
41,800	The Greenbrier Companies Inc.		866,098		1,155,352
318,600	The L.S. Starrett Co., Cl. A(a)		3,735,726		3,297,510
115,933	Titan Machinery Inc.†		1,917,267		1,340,185
131,200	TransAct Technologies Inc.		585,041		1,067,968
222,500	Vicor Corp.†		1,538,613		2,331,800
			48,417,277		66,926,226
	Financial Services — 5.9%
1,000,000	Allenex AB†		289,703		307,948
49,400	Anchor Bancorp.†		508,737		1,214,252
20,000	Atlantic American Corp.		75,277		89,000
60,500	BBCN Bancorp Inc.		615,050		918,995
15,000	Berkshire Bancorp Inc.		204,144		116,250
9,246	Berkshire Hills Bancorp Inc.		154,043		248,625
45,326	BKF Capital Group Inc.†		31,884		32,975
75	Burke & Herbert Bank and Trust Co.		95,726		146,250
4	Capital Financial Holdings Inc.		35,200		9,200
6,791	Capitol Federal Financial Inc.		75,244		90,049
18,200	Citizens & Northern Corp.		357,816		361,816
102,339	CoBiz Financial Inc.		1,159,544		1,209,647
28,800	Crazy Woman Creek Bancorp Inc.		497,983		357,984
35,800	Dime Community Bancshares Inc.		576,823		630,796
1,035	Farmers & Merchants Bank of Long Beach		5,622,113		6,261,750
40,000	Farmers National Banc Corp.		333,870		356,400
11,418	Fidelity Southern Corp.		71,198		183,145
32,000	First Internet Bancorp		661,348		747,840
587,600	Flushing Financial Corp.		9,552,264		12,703,912
10	Guaranty Corp., Cl. A†		137,500		700,000
183,860	Hallmark Financial Services Inc.†		1,609,508		2,114,390
15,000	Hancock Holding Co.		190,783		344,400
13,800	Heritage Commerce Corp.		114,043		138,138
8,000	Higher One Holdings Inc.†		30,461		31,280
80,000	Hilltop Holdings Inc.†		1,610,129		1,510,400
30,000	HomeStreet Inc.†		300,000		624,300
90,843	KKR & Co. LP		138,938		1,334,484
21,200	LendingTree Inc.†		488,059		2,072,936
100,000	Medallion Financial Corp.		832,118		923,000
200,000	Monitise plc†		58,454		7,670
18,002	National Interstate Corp.		478,099		538,620
8,255	New York Community Bancorp Inc.		104,605		131,255
4,197	Northrim BanCorp Inc.		91,497		100,350
21,300	OceanFirst Financial Corp.		395,540		376,584
40,000	Oritani Financial Corp.		412,856		678,800
160,000	Pzena Investment Management Inc., Cl. A		1,418,082		1,208,000
36,971	Renasant Corp.		414,186		1,216,716
3,640	Security National Corp.		320,950		349,476

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Financial Services (Continued)
8,842	SI Financial Group Inc.	$	101,241	$	123,169
85,769	Silvercrest Asset Management Group Inc., Cl. A		1,183,539		1,092,697
20,594	Southwest Bancorp Inc.		370,915		309,940
700,000	Sprott Inc.		1,960,346		1,369,009
20,700	State Bank Financial Corp.		357,067		409,032
476,770	Steel Excel Inc.†		13,285,368		4,629,437
122,503	Sterling Bancorp		1,238,753		1,951,473
55,000	TheStreet Inc.		126,642		68,200
10,000	TriState Capital Holdings Inc.†.		98,183		126,000
55,000	TrustCo Bank Corp NY		253,000		333,300
127,100	United Financial Bancorp Inc.		1,749,440		1,600,189
33,089	Value Line Inc.		326,193		530,417
45,900	Washington Trust Bancorp Inc.		1,029,683		1,712,988
82,200	Waterstone Financial Inc.		876,303		1,124,496
87,100	Westfield Financial Inc.		746,912		734,253
28,500	Wilshire Bancorp Inc.		246,078		293,550
395,000	Wright Investors’ Service Holdings Inc.†		605,954		529,300
30,000	Xenith Bankshares Inc.†		127,500		226,800
35,000	Yadkin Financial Corp.		736,188		828,450
			55,483,080		58,380,333
	Food and Beverage — 4.0%
29,200	Andrew Peller Ltd., Cl. A		366,944		662,129
58,000	Calavo Growers Inc.		1,683,397		3,309,480
110,000	Cott Corp.		748,495		1,527,900
520,000	Crimson Wine Group Ltd.†		4,722,247		4,357,600
195,913	Farmer Brothers Co.†		3,798,950		5,460,095
1,100	Hanover Foods Corp., Cl. A		110,881		94,600
252,394	Inventure Foods Inc.†		1,550,228		1,426,026
62,000	Iwatsuka Confectionery Co. Ltd.		3,353,433		2,704,874
1,500	J & J Snack Foods Corp.		21,622		162,420
17,531	John B Sanfilippo & Son Inc.		829,448		1,211,217
172,808	Lifeway Foods Inc.†		1,758,103		1,871,511
155,100	Massimo Zanetti Beverage Group SpA†		1,792,135		1,240,715
35,200	MGP Ingredients Inc.		374,714		853,248
7,800	Rock Field Co. Ltd.		125,557		237,372
5,900	Scheid Vineyards Inc., Cl. A†		89,940		177,737
243,600	Snyder’s-Lance Inc.		5,677,399		7,668,528
300,000	SunOpta Inc.†		2,336,015		1,338,000
8,500	The Boston Beer Co. Inc., Cl. A†		288,591		1,573,095
80,000	The Hain Celestial Group Inc.†		827,229		3,272,800
270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		301,765
295,000	Vitasoy International Holdings Ltd.		161,353		550,652
23,000	Willamette Valley Vineyards Inc.†		88,087		159,160
			31,098,555		40,160,924
	Health Care — 8.0%
32,960	Accuray Inc.†		244,893		190,509
2,362	AcelRx Pharmaceuticals Inc.†		21,558		7,275
5,000	Achillion Pharmaceuticals Inc.†		19,520		38,600
12,700	Alere Inc.†		345,253		642,747
24,000	AngioDynamics Inc.†		294,826		294,960
80,000	ArthroCare Corp. Stub†		0		28,000
341,461	Biolase Inc.†		449,404		447,314
654,701	BioScrip Inc.†		3,940,549		1,401,060
145,100	BioTelemetry Inc.†		1,011,773		1,694,768
8,500	Boiron SA		143,359		687,788

Shares		Cost		Market Value
165,973	Cantel Medical Corp.	$	1,786,560	$	11,843,833
2,400	Cardica Inc.†		50,865		8,544
111,100	Cardiovascular Systems Inc.†		1,885,169		1,152,107
10,000	CareDx Inc.†		66,238		49,600
62,500	Cepheid Inc.†		595,116		2,085,000
120,000	Cogentix Medical Inc.†		408,083		132,000
339,000	Cutera Inc.†		3,004,303		3,813,750
77,500	Electromed Inc.†		173,672		321,625
232,473	Exactech Inc.†		4,257,604		4,709,903
200,000	Exelixis Inc.†		381,000		800,000
42,000	Genesis Healthcare Inc.†		335,604		97,440
10,000	Greatbatch Inc.†		287,378		356,400
155,392	Harvard Bioscience Inc.†		807,763		469,284
38,000	Heska Corp.†		359,050		1,083,000
4,022	ICU Medical Inc.†		208,829		418,690
633,835	InfuSystems Holdings Inc.†		1,649,886		2,231,099
179,234	IntriCon Corp.†		732,163		1,141,721
221,970	Invacare Corp.		4,093,040		2,923,345
140,000	Meridian Bioscience Inc.		2,878,754		2,885,400
124,750	Neogen Corp.†		515,332		6,281,163
181,407	NeoGenomics Inc.†		585,978		1,222,683
197,500	Nutraceutical International Corp.†		4,806,373		4,809,125
3,333	Nuvectra Corp.†		28,422		18,033
44,612	Omnicell Inc.†		732,122		1,243,336
238,000	OPKO Health Inc.†		1,567,206		2,472,820
45,200	Orthofix International NV†		965,181		1,876,704
115,991	Pain Therapeutics Inc.†		376,235		258,660
1,000	PhotoMedex Inc.†		1,825		540
2,500	PreMD Inc.†		4,580		0
147,061	Quidel Corp.†		1,709,110		2,538,273
67,000	RTI Surgical Inc.†		343,259		268,000
213,500	Special Diversified Opportunities Inc.†		206,946		192,150
276,792	SurModics Inc.†		5,937,256		5,095,741
101,249	Syneron Medical Ltd.†		885,583		740,130
2,000	Targanta Therapeutics Corp., Escrow		0		640
5,000	Titan Medical Inc.†		6,781		3,325
137,000	Trinity Biotech plc, ADR†		1,389,648		1,597,420
75,500	United-Guardian Inc.		676,038		1,560,585
5,174	Utah Medical Products Inc.		143,347		323,582
19,800	Vascular Solutions Inc.†		216,963		644,094
325,000	Zealand Pharma A/S†		4,025,859		6,700,008
			55,556,256		79,802,774
	Hotels and Gaming — 2.7%
71,800	Boyd Gaming Corp.†		416,103		1,483,388
68,540	Churchill Downs Inc.		2,654,585		10,135,695
139,000	Dover Downs Gaming & Entertainment Inc.†		578,779		148,730
79,000	Eldorado Resorts Inc.†		362,024		903,760
2,401	Empire Resorts Inc.†		54,939		32,771
260,000	Full House Resorts Inc.†		380,437		374,400
462,563	Golden Entertainment Inc.†		4,008,249		5,014,183
580,491	Morgans Hotel Group Co.†		4,323,627		801,078
10,000	Ryman Hospitality Properties Inc.		310,832		514,800
378,812	The Marcus Corp.		4,806,119		7,178,487
			17,895,694		26,587,292
	Machinery — 3.1%
327,560	Astec Industries Inc.		11,471,023		15,287,225
12,000	Bolzoni SpA		33,891		58,006
2,001	Capstone Turbine Corp.†		22,272		3,201
6,300	DMG Mori AG		40,709		293,347
12,200	DXP Enterprises Inc.†		222,516		214,232
358,974	Gencor Industries Inc.†		3,483,110		5,248,200
46,000	Global Power Equipment Group Inc.		889,959		92,000
6,000	Hardinge Inc.		54,215		74,820

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Machinery (Continued)
155,009	Key Technology Inc.†	$	2,570,093	$	1,057,161
15,664	Lindsay Corp.		1,058,407		1,121,699
49,300	Tennant Co.		1,064,922		2,537,964
44,400	The Middleby Corp.†		464,969		4,740,588
46,900	Xerium Technologies Inc.†		631,820		244,818
			22,007,906		30,973,261
	Manufactured Housing and Recreational Vehicles — 0.9%
57,000	Cavco Industries Inc.†		3,064,814		5,327,220
140,959	Nobility Homes Inc.†		1,286,250		1,962,854
47,796	Skyline Corp.†		222,012		443,069
61,000	Winnebago Industries Inc.		626,036		1,369,450
			5,199,112		9,102,593
	Metals and Mining — 1.3%
75,000	5N Plus Inc.†		269,916		106,833
10,000	Alkane Resources Ltd.†		3,333		1,610
177,800	Materion Corp.		3,821,160		4,708,144
25,000	Molycorp Inc.†		20,475		937
760,000	Osisko Gold Royalties Ltd.		11,053,936		8,116,420
18,001	Peabody Energy Corp.		189,560		41,762
900,000	Tanami Gold NL†		210,755		27,596
			15,569,135		13,003,302
	Paper and Forest Products — 0.2%
24,800	Keweenaw Land Association Ltd.†		2,104,587		2,132,800
	Publishing — 1.9%
10,000	Cambium Learning Group Inc.†		36,700		42,700
330,000	Il Sole 24 Ore SpA†		542,967		207,280
352,367	Journal Media Group Inc.		1,109,619		4,214,309
908,124	The E.W. Scripps Co., Cl. A		5,687,435		14,157,653
			7,376,721		18,621,942
	Real Estate — 2.1%
200,000	Ambase Corp.†		311,545		350,000
8,000	Bresler & Reiner Inc.†		4,912		4,000
88,300	Capital Properties Inc., Cl. A†		907,243		896,245
105,000	Cohen & Steers Inc.		2,245,241		4,086,600
23,000	FRP Holdings Inc.†		747,272		818,800
245,094	Griffin Industrial Realty Inc.		6,926,320		6,019,509
7,431	Gyrodyne LLC†		216,205		200,043
7,571	Holobeam Inc.†		141,933		211,988
359,623	Reading International Inc., Cl. A†		2,269,643		4,308,284
68,481	Reading International Inc., Cl. B†		551,247		938,190
2,508	Royalty LLC		0		319
134,000	Tejon Ranch Co.†		3,635,302		2,756,380
			17,956,863		20,590,358
	Restaurants — 1.8%
12,997	Biglari Holdings Inc.†		3,956,593		4,831,115
76,000	Denny’s Corp.†		241,347		787,360
92,203	Famous Dave’s of America Inc.†		1,182,317		561,516
35,400	Jamba Inc.†		539,045		437,544
202,834	Nathan’s Famous Inc.†		4,784,702		8,843,562
55,000	The Cheesecake Factory Inc.		1,614,698		2,919,950
			12,318,702		18,381,047
	Retail — 2.6%
48,000	Aaron’s Inc.		935,791		1,204,800
273,000	Big 5 Sporting Goods Corp.		3,818,827		3,033,030
30,000	Destination XL Group Inc.†		169,350		155,100
60,496	Ethan Allen Interiors Inc.		1,459,896		1,924,983
239,200	EVINE Live Inc.†		761,199		279,864

Shares		Cost		Market Value
173,200	Ingles Markets Inc., Cl. A	$	2,890,221	$	6,495,000
299,200	Krispy Kreme Doughnuts Inc.†		1,912,855		4,664,528
28,000	Lands’ End Inc.†		641,563		714,280
59,000	La-Z-Boy Inc.		1,313,713		1,577,660
15,000	Movado Group Inc.		198,103		412,950
36,000	Pier 1 Imports Inc.		412,772		252,360
29,605	Rush Enterprises Inc., Cl. A†		545,615		539,995
104,005	Rush Enterprises Inc., Cl. B†		1,800,199		1,899,131
6,000	SpartanNash Co.		121,934		181,860
450,000	The Bon-Ton Stores Inc.		4,488,831		1,021,500
6,000	Tuesday Morning Corp.†		32,164		49,080
42,581	Village Super Market Inc., Cl. A		1,147,571		1,028,757
600	Winmark Corp.		40,024		58,788
			22,690,628		25,493,666
	Semiconductors — 0.9%
236,160	Cascade Microtech Inc.†		1,323,037		4,869,619
185,100	Entegris Inc.†		1,250,835		2,521,062
93,700	IXYS Corp.		991,052		1,051,314
			3,564,924		8,441,995
	Specialty Chemicals — 2.6%
85,000	Chemtura Corp.†		1,480,785		2,244,000
1,203,000	Ferro Corp.†		6,186,989		14,279,610
267,226	General Chemical Group Inc.†(a)		59,859		3,474
159,081	Hawkins Inc.		5,569,728		5,741,233
2,000	KMG Chemicals Inc.		51,827		46,140
4,100	Minerals Technologies Inc.		121,383		233,085
80,000	Navigator Holdings Ltd.†		1,375,331		1,292,000
272,102	OMNOVA Solutions Inc.†		697,120		1,512,887
			15,543,022		25,352,429
	Telecommunications — 3.5%
67,200	Atlantic Tele-Network Inc.		2,770,331		5,095,776
1,328,115	Cincinnati Bell Inc.†		4,505,650		5,139,805
40,801	Consolidated Communications Holdings Inc.		510,239		1,051,034
20,000	Frequency Electronics Inc.†		225,394		199,600
714,117	HC2 Holdings Inc.†		2,611,013		2,727,927
652	Horizon Telecom Inc., Cl. B†		22,035		5,020
10,000	Iridium Communications Inc.†		74,845		78,700
95,000	Ixia†		1,088,123		1,183,700
57,500	New ULM Telecom Inc.		528,202		451,087
4,100	North State Telecommuni-cations Corp., Cl. A		349,343		200,900
521,335	ORBCOMM Inc.†		3,005,997		5,281,124
73,135	PC-Tel Inc.		562,689		349,585
5,788	Preformed Line Products Co.		246,195		211,378
493,200	Shenandoah Telecommuni-cations Co.		2,713,146		13,193,100
			19,213,202		35,168,736
	Transportation — 0.2%
15,000	Dakota Plains Holdings Inc.†		22,693		1,365
12,047	Patriot Transportation Holding Inc.†		276,575		243,590
8,200	PHI Inc.†		130,182		155,062
131,758	Providence and Worcester Railroad Co.		1,911,619		1,897,315
1	Trailer Bridge Inc.		7,995		465
			2,349,064		2,297,797
	TOTAL COMMON STOCKS   670,981,131				896,731,096
	PREFERRED STOCKS — 0.2%
	Automotive: Parts and Accessories — 0.2%
20,000	Jungheinrich AG		229,855		1,824,513

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Shares		Cost		Market Value
	CONVERTIBLE PREFERRED STOCKS — 0.3%
	Business Services — 0.0%
364	Trans-Lux Pfd., Ser. B	$	72,727	$	41,348
	Diversified Industrial — 0.3%
88,937	Sevcon Inc., 4.000%, Ser. A		1,912,146		2,681,451
	Food and Beverage — 0.0%
500	Seneca Foods Corp., Ser. 2003†		7,625		17,395
	Health Care — 0.0%
3,034	BioScrip Inc., Ser. A†		287,862		171,927
	TOTAL CONVERTIBLE PREFERRED STOCKS		2,280,360		2,912,121
	RIGHTS — 0.0%
	Health Care — 0.0%
300,000	Adolor Corp., CPR, expire 07/01/19†		0		156,000
400,000	Sanofi, CVR, expire 12/31/20†		137,800		45,600
200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†		103,591		106,000
			241,391		307,600
	TOTAL RIGHTS		241,391		307,600
	WARRANTS — 0.0%
	Energy and Utilities — 0.0%
50,000	Kinder Morgan Inc., expire 05/25/17†		2,805		1,825
	Health Care — 0.0%
8,737	BioScrip Inc., Cl. A, expire 07/27/25†		7,979		4,983
8,737	BioScrip Inc., Cl. B, expire 07/27/25†		7,554		4,832
			15,533		9,815
	Real Estate — 0.0%
15,170	Tejon Ranch Co., expire 08/31/16†		89,313		2

Shares		Cost		Market Value
	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		107,651		11,642
Principal Amount
	CORPORATE BONDS — 0.0%
	Real Estate — 0.0%
$        40,860	Capital Properties Inc., 5.000%, 12/31/22		40,860		33,403
	U.S. GOVERNMENT OBLIGATIONS — 9.3%
92,701,000	U.S. Treasury Bills,
	0.070% to 0.552%††,
	04/14/16 to 09/29/16		92,585,503		92,625,889
	TOTAL INVESTMENTS — 100.0%	$	766,466,751		994,446,264
	Other Assets and Liabilities (Net) — 0.0%				(269,711	)
	NET ASSETS — 100.0%			$	994,176,553

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

† Non-income producing security.

†† Represents annualized yield at date of purchase.

ADR American Depositary Receipt

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, 2016 (Unaudited)

Shares		Cost		Market   Value
	COMMON STOCKS — 94.6%
	Aerospace — 0.9%
4,200	Hexcel Corp.	$	95,744	$	183,582
	Building and Construction — 4.2%
18,800	Builders FirstSource Inc.†		121,201		211,876
9,300	EMCOR Group Inc.		386,197		451,980
9,300	MYR Group Inc.†		140,432		233,523
			647,830		897,379
	Business Services — 8.1%
15,450	ABM Industries Inc.		323,058		499,189
13,750	FTI Consulting Inc.†		448,856		488,263
4,950	KAR Auction Services Inc.		76,193		188,793
9,100	McGrath RentCorp		246,407		228,228
10,400	The Brink’s Co.		268,947		349,336
			1,363,461		1,753,809
	Computer Hardware — 1.1%
17,500	QLogic Corp.†		237,498		235,200
	Computer Software and Services — 4.7%
6,100	Bottomline Technologies Inc.†		107,885		185,989
17,000	NetScout Systems Inc.†		322,320		390,490
13,100	Progress Software Corp.†		255,033		315,972
3,900	PTC Inc.†		76,909		129,324
			762,147		1,021,775
	Consumer Products — 0.5%
3,900	Hanesbrands Inc.		26,061		110,526
	Diversified Industrial — 2.4%
4,250	Barnes Group Inc.		102,409		148,877
12,360	Columbus McKinnon Corp.		168,445		194,793
3,500	Sealed Air Corp.		57,890		168,035
			328,744		511,705
	Electronics — 4.4%
6,700	FARO Technologies Inc.†		197,808		215,807
5,300	Plantronics Inc.		199,375		207,707
8,500	Stratasys Ltd.†		259,548		220,320
10,350	Vishay Intertechnology Inc.		110,924		126,373
3,400	Woodward Inc.		109,074		176,868
			876,729		947,075
	Energy and Utilities — 9.1%
12,400	Carrizo Oil & Gas Inc.†		433,828		383,408
17,000	Gulfport Energy Corp.†		605,314		481,780
14,000	Matador Resources Co.†		247,006		265,440
23,900	Newpark Resources Inc.†		169,364		103,248
40,800	Patterson-UTI Energy Inc.		681,646		718,896
			2,137,158		1,952,772
	Equipment and Supplies — 3.3%
7,100	CIRCOR International Inc.		254,857		329,369
7,600	Crown Holdings Inc.†		283,749		376,884
			538,606		706,253
	Financial Services — 21.7%
6,300	BankUnited Inc.		154,971		216,972
8,350	BBCN Bancorp Inc.		61,657		126,837
16,098	Beneficial Bancorp Inc.†		182,932		220,382
3,200	Berkshire Hills Bancorp Inc.		74,091		86,048
7,050	Brown & Brown Inc.		180,990		252,390
13,700	CoBiz Financial Inc.		158,490		161,934
2,700	Columbia Banking System Inc.		49,471		80,784
2,700	Financial Institutions Inc.		43,635		78,489
9,100	Flushing Financial Corp.		117,149		196,742
7,900	Glacier Bancorp Inc.		118,011		200,818
12,200	Heritage Commerce Corp.		96,811		122,122
44,250	Investors Bancorp Inc.		478,052		515,070
7,200	Kearny Financial Corp./MD		85,532		88,920

Shares		Cost		Market   Value
19,800	LegacyTexas Financial Group Inc.	$	382,930	$	389,070
3,250	OceanFirst Financial Corp.		42,156		57,460
20,150	OFG Bancorp		197,293		140,849
5,300	Oritani Financial Corp.		77,620		89,941
6,000	Southwest Bancorp Inc.		97,615		90,300
7,200	State Bank Financial Corp.		128,374		142,272
24,706	Sterling Bancorp		216,014		393,571
6,700	Stifel Financial Corp.†		261,016		198,320
10,000	TrustCo Bank Corp NY		46,359		60,600
5,450	Umpqua Holdings Corp.		63,604		86,437
9,500	United Financial Bancorp Inc.		117,980		119,605
8,900	Washington Federal Inc.		137,276		201,585
4,500	Washington Trust Bancorp Inc.		103,263		167,940
9,100	Waterstone Financial Inc.		97,422		124,488
9,800	Xenith Bankshares Inc.†		39,530		74,088
			3,810,244		4,684,034
	Health Care — 6.3%
6,350	AngioDynamics Inc.†		89,195		78,041
1,600	ICU Medical Inc.†		67,049		166,560
5,550	Omnicell Inc.†		100,426		154,679
12,450	Patterson Companies Inc.		348,998		579,299
3,500	STERIS plc		260,890		248,675
2,200	VCA Inc.†		40,314		126,918
			906,872		1,354,172
	Machinery — 0.8%
7,300	Briggs & Stratton Corp.		158,927		174,616
	Retail — 9.1%
25,650	American Eagle Outfitters Inc.		343,764		427,585
13,500	Big 5 Sporting Goods Corp.		155,410		149,985
19,850	Ethan Allen Interiors Inc.		439,684		631,627
8,800	Haverty Furniture Companies Inc.		204,554		186,208
14,900	Rush Enterprises Inc., Cl. A†		268,393		271,776
7,300	United Natural Foods Inc.†		320,468		294,190
			1,732,273		1,961,371
	Semiconductors — 13.9%
11,400	Cabot Microelectronics Corp.		482,035		466,374
52,100	Cypress Semiconductor Corp.		458,689		451,186
47,400	Entegris Inc.†		545,906		645,588
34,300	FormFactor Inc.†		183,515		249,361
32,500	Intersil Corp., Cl. A		287,189		434,525
48,600	ON Semiconductor Corp.†		373,619		466,074
13,200	Ultratech Inc.†		269,621		288,288
			2,600,574		3,001,396
	Specialty Chemicals — 1.0%
8,400	Chemtura Corp.†		219,597		221,760
	Telecommunications — 3.1%
132,000	Extreme Networks Inc.†		410,827		410,520
20,300	Ixia†		282,173		252,938
			693,000		663,458
	TOTAL COMMON STOCKS		17,135,465		20,380,883

See accompanying notes to financial statements.

13

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 5.1%
$1,100,000	U.S. Treasury Bills, 0.44%††, 9/1/2016	$	1,097,966	$	1,098,425
	TOTAL INVESTMENTS — 99.7%	$	18,233,431		21,479,308
	Other Assets and Liabilities (Net) — 0.3%				54,228
	NET ASSETS — 100.0%			$	21,533,536

† 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, 2016 (Unaudited)

Shares		Cost		Market   Value
	COMMON STOCKS — 98.9%
	CONSUMER DISCRETIONARY — 18.9%
	Consumer Durables — 1.1%
1,536	Toll Brothers Inc.†	$	52,718	$	45,327
	Consumer Services — 3.4%
41	Chipotle Mexican Grill Inc.†		22,966		19,310
1,261	Hyatt Hotels Corp., Cl. A†		67,384		62,407
1,174	Norwegian Cruise Line Holdings Ltd.†		40,400		64,910
			130,750		146,627
	Media — 7.3%
2,909	Discovery Communications Inc., Cl. C†		99,438		78,543
385	Liberty Broadband Corp., Cl. C†		17,783		22,311
1,698	Liberty Global plc, Cl. C†		65,295		63,777
96	Liberty Global plc LiLAC, Cl. C†		3,812		3,627
1,141	Liberty Media Corp., Cl. C†		40,385		43,461
2,234	Manchester United plc, Cl. A		35,074		32,259
177	Netflix Inc.†		11,904		18,095
612	Omnicom Group Inc.		43,683		50,937
			317,374		313,010
	Retailing — 7.1%
1,119	Burlington Stores Inc.†		55,198		62,933
1,440	Ethan Allen Interiors Inc.		36,338		45,821
1,226	Hanesbrands Inc.		33,202		34,745
224	O’Reilly Automotive Inc.†		35,138		61,300
1,406	United Natural Foods Inc.†		86,270		56,662
1,218	Urban Outfitters Inc.†		45,045		40,304
			291,191		301,765
	TOTAL CONSUMER DISCRETIONARY		792,033		806,729
	INDUSTRIALS — 18.1%
	Capital Goods — 9.6%
436	Cummins Inc.		53,768		47,934
376	EnerSys		21,551		20,951
1,635	Fortune Brands Home & Security Inc.		68,567		91,625
1,721	Hexcel Corp.		71,368		75,225
986	MSC Industrial Direct Co. Inc., Cl. A		81,900		75,242
3,749	Quanta Services Inc.†		112,219		84,577
733	Rexnord Corp.†		13,569		14,821
			422,942		410,375
	Commercial and Professional Services — 7.4%
615	Bright Horizons Family Solutions Inc.†		25,368		39,840
537	IHS Inc., Cl. A†		63,740		66,674
1,982	Nielsen Holdings plc		84,522		104,372
3,338	Steelcase Inc., Cl. A		54,440		49,803
412	Stericycle Inc.†		47,548		51,990
			275,618		312,679
	Transportation — 1.1%
990	Expeditors International of Washington Inc.		41,707		48,322
	TOTAL INDUSTRIALS		740,267		771,376
	INFORMATION TECHNOLOGY — 17.1%
	Software and Services — 14.1%
1,343	Activision Blizzard Inc.		29,571		45,447
2,909	Cornerstone OnDemand Inc.†		92,625		95,328
6,862	Covisint Corp.†		38,051		13,724
303	Equinix Inc.		60,059		100,136
4,523	Fortinet Inc.†		102,790		138,539
104	LinkedIn Corp., Cl. A†		19,148		11,892
597	MercadoLibre Inc.		64,902		70,356

Shares		Cost		Market   Value
1,661	Mobileye NV†	$	67,507	$	61,939
1,264	Splunk Inc.†		66,916		61,848
			541,569		599,209
	Technology Hardware and Equipment — 3.0%
1,798	Stratasys Ltd.†		61,991		46,604
1,032	Synaptics Inc.†		67,369		82,292
			129,360		128,896
	TOTAL INFORMATION TECHNOLOGY		670,929		728,105
	FINANCIALS — 16.6%
	Banks — 4.4%
2,404	BankUnited Inc.		77,054		82,794
4,612	Regions Financial Corp.		46,755		36,204
169	SVB Financial Group†		20,153		17,246
2,020	Zions Bancorporation		59,469		48,904
			203,431		185,148
	Diversified Financials — 3.8%
300	Affiliated Managers Group Inc.†		57,328		48,720
935	Financial Engines Inc.		42,414		29,387
1,965	Invesco Ltd.		70,284		60,463
2,101	WisdomTree Investments Inc.		28,470		24,014
			198,496		162,584
	Insurance — 1.5%
538	Chubb Ltd.		52,744		64,103
	Real Estate — 6.9%
906	American Tower Corp.		76,604		92,747
3,047	CBRE Group Inc., Cl. A†		84,432		87,815
1,819	Corrections Corp. of America		61,669		58,299
1,498	Gaming and Leisure Properties Inc.		56,614		46,318
106	SL Green Realty Corp.		12,022		10,269
			291,341		295,448
	TOTAL FINANCIALS		746,012		707,283
	HEALTH CARE — 13.9%
	Health Care Equipment and Services — 6.4%
4,620	Castlight Health Inc., Cl. B†		17,971		15,385
1,028	Diplomat Pharmacy Inc.†		28,836		28,167
1,570	Insulet Corp.†		58,629		52,061
568	Laboratory Corp. of America Holdings†		66,552		66,530
578	Universal Health Services Inc., Cl. B		55,212		72,088
1,424	Zeltiq Aesthetics Inc.†		32,044		38,676
			259,244		272,907
	Pharmaceuticals, Biotechnology, and Life Sciences — 7.5%
448	Alexion Pharmaceuticals Inc.†		74,184		62,371
6,848	Exact Sciences Corp.†		108,920		46,155
364	Illumina Inc.†		61,673		59,008
742	Incyte Corp. Ltd.†		42,476		53,773
141	Mettler-Toledo International Inc.†		35,418		48,611
646	Vertex Pharmaceuticals Inc.†		58,130		51,351
			380,801		321,269
	TOTAL HEALTH CARE		640,045		594,176
	ENERGY — 5.7%
	Energy — 5.7%
648	Cimarex Energy Co.		58,736		63,031
853	Gulfport Energy Corp.†		27,715		24,174
603	Pioneer Natural Resources Co.		100,327		84,866
1,151	Range Resources Corp.		76,498		37,269
4,331	Weatherford International plc†		65,338		33,695
	TOTAL ENERGY		328,614		243,035

See accompanying notes to financial statements.

15

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Shares		Cost		Market   Value
	COMMON STOCKS (Continued)
	UTILITIES — 3.8%
	Utilities — 3.8%
2,644	ITC Holdings Corp.	$	92,086	$	115,199
4,090	The AES Corp.		50,578		48,262
	TOTAL UTILITIES		142,664		163,461
	CONSUMER STAPLES — 3.1%
	Food and Beverage — 3.1%
1,313	Coca-Cola Enterprises Inc.		59,661		66,622
750	Mead Johnson Nutrition Co.		62,397		63,727
	TOTAL CONSUMER STAPLES		122,058		130,349
	MATERIALS — 1.7%
	Materials — 1.7%
635	Ecolab Inc.		65,630		70,815
	TOTAL COMMON STOCKS		4,248,252		4,215,329

Principal Amount		Cost		Market   Value
	U.S. GOVERNMENT OBLIGATIONS — 2.4%
$  100,000	U.S. Treasury Bills,
	0.37%††,
	07/21/16	$	99,886	$	99,920
	TOTAL INVESTMENTS — 101.3%	$	4,348,138		4,315,249
	Other Assets and Liabilities (Net) — (1.3)%				(54,961	)
	NET ASSETS — 100.0%			$	4,260,288

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

16

TETON Westwood Income Fund

Schedule of Investments — March 31, 2016 (Unaudited)

Shares		Cost		Market  Value
	COMMON STOCKS — 96.7%
	Automotive — 2.1%
5,000	General Motors Co.	$	163,215	$	157,150
	Communications Equipment — 2.6%
7,000	Cisco Systems Inc.		184,139		199,290
	Computer Hardware — 6.1%
4,200	Apple Inc.		237,468		457,758
	Computer Software and Services — 5.0%
300	Alphabet Inc., Cl. C†		162,100		223,485
2,800	Microsoft Corp.		146,360		154,644
			308,460		378,129
	Consumer Staples — 1.6%
3,000	Mondelēz International Inc., Cl. A		63,120		120,360
	Diversified Industrial — 5.9%
7,000	General Electric Co.		122,298		222,530
2,000	Honeywell International Inc.		78,538		224,100
			200,836		446,630
	Energy and Utilities — 0.4%
2,500	CONSOL Energy Inc.		26,386		28,225
	Energy and Utilities: Integrated — 0.6%
1,334	FirstEnergy Corp.		50,482		47,984
	Energy and Utilities: Oil — 2.4%
500	Apache Corp.		42,855		24,405
1,000	Chevron Corp.		84,889		95,400
1,500	ConocoPhillips		90,483		60,405
			218,227		180,210
	Energy and Utilities: Services — 1.8%
2,000	Halliburton Co.		98,449		71,440
8,000	Weatherford International plc†		82,901		62,240
			181,350		133,680
	Entertainment — 3.5%
800	The Walt Disney Co.		87,939		79,448
6,700	Twenty-First Century Fox Inc., Cl. A		221,074		186,796
			309,013		266,244
	Financial Services — 23.4%
2,700	American Express Co.		215,989		165,780
5,000	American International Group Inc.		181,970		270,250
4,000	Bank of America Corp.		49,700		54,080
4,000	Citigroup Inc.		187,203		167,000
2,800	CME Group Inc.		164,453		268,940
3,400	JPMorgan Chase & Co.		159,068		201,348
1,764	Legg Mason Inc.		87,864		61,176
1,500	PayPal Holdings Inc.†		49,136		57,900
4,200	The Blackstone Group LP		123,411		117,810
4,000	U.S. Bancorp		131,903		162,360
5,000	Wells Fargo & Co.		157,923		241,800
			1,508,620		1,768,444
	Food and Beverage — 1.7%
2,000	General Mills Inc.		58,976		126,700

Shares		Cost		Market  Value
	Health Care — 19.9%
1,500	AbbVie Inc.	$	40,989	$	85,680
3,015	Baxalta Inc.		93,914		121,806
3,015	Baxter International Inc.		110,247		123,856
1,783	Bristol-Myers Squibb Co.		51,086		113,898
1,000	Gilead Sciences Inc.		72,102		91,860
1,500	Johnson & Johnson		85,403		162,300
1,500	Mallinckrodt plc†		96,522		91,920
1,500	Medtronic plc		111,691		112,500
3,800	Merck & Co. Inc.		178,468		201,058
7,764	Pfizer Inc.		198,734		230,125
3,774	Zoetis Inc.		117,225		167,301
			1,156,381		1,502,304
	Machinery — 1.2%
2,300	Xylem Inc.		61,053		94,070
	Metals and Mining — 3.1%
5,000	Barrick Gold Corp.		91,137		67,900
8,000	Freeport-McMoRan Inc.		90,445		82,720
3,000	Newmont Mining Corp.		147,074		79,740
			328,656		230,360
	Paper and Forest Products — 2.6%
4,700	International Paper Co.		134,673		192,888
	Retail — 6.5%
7,000	Best Buy Co. Inc.		182,263		227,080
2,000	The Home Depot Inc.		79,247		266,860
			261,510		493,940
	Specialty Chemicals — 5.0%
2,200	E. I. du Pont de Nemours and Co.		99,328		139,304
2,000	H.B. Fuller Co.		76,354		84,900
3,000	The Dow Chemical Co.		148,916		152,580
			324,598		376,784
	Telecommunications — 1.3%
1,800	Verizon Communications Inc.		82,490		97,344
	TOTAL COMMON STOCKS		5,859,653		7,298,494
Principal Amount
	U.S. GOVERNMENT OBLIGATIONS — 2.3%
$175,000	U.S. Treasury Bills,
	0.22%††, 04/07/16		174,994		174,994
	TOTAL INVESTMENTS — 99.0%	$	6,034,647		7,473,488
	Other Assets and Liabilities (Net) — 1.0%				72,610
	NET ASSETS — 100.0%			$	7,546,098

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

17

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2016 (Unaudited)

Shares		Cost		Market  Value
	COMMON STOCKS — 97.6%
	Aerospace — 7.7%
13,400	General Dynamics Corp.	$	1,947,302	$	1,760,358
5,400	Raytheon Co.		509,828		662,202
8,800	The Boeing Co.		982,860		1,117,072
13,500	United Technologies Corp.		1,418,488		1,351,350
			4,858,478		4,890,982
	Banking — 8.8%
117,700	Bank of America Corp.		1,313,910		1,591,304
34,884	JPMorgan Chase & Co.		1,622,749		2,065,830
41,000	Wells Fargo & Co.		1,608,254		1,982,760
			4,544,913		5,639,894
	Business Services — 3.8%
45,900	Booz Allen Hamilton Holding Corp.		1,283,718		1,389,852
6,400	FedEx Corp.		855,465		1,041,408
			2,139,183		2,431,260
	Cable and Satellite — 3.0%
31,200	Comcast Corp., Cl. A		987,088		1,905,696
	Computer Hardware — 1.9%
11,000	Apple Inc.		841,435		1,198,890
	Computer Software and Services — 4.1%
11,750	DST Systems Inc.		1,356,572		1,325,048
23,700	Microsoft Corp.		1,169,815		1,308,951
			2,526,387		2,633,999
	Consumer Products — 4.3%
20,700	Colgate-Palmolive Co.		1,182,031		1,462,455
19,500	VF Corp.		1,314,628		1,262,820
			2,496,659		2,725,275
	Diversified Industrial — 2.3%
13,300	Honeywell International Inc.		959,675		1,490,265
	Electronics — 2.1%
23,400	Texas Instruments Inc.		1,138,791		1,343,628
	Energy and Energy Services — 3.1%
14,600	EOG Resources Inc.		1,247,163		1,059,668
12,578	Schlumberger Ltd.		940,174		927,628
			2,187,337		1,987,296
	Energy: Integrated — 4.4%
10,200	NextEra Energy Inc.		781,808		1,207,068
26,600	WEC Energy Group Inc.		1,213,707		1,597,862
			1,995,515		2,804,930
	Energy: Natural Gas — 0.9%
8,600	EQT Corp.		490,535		578,436
	Energy: Oil — 4.5%
14,300	Chevron Corp.		1,085,557		1,364,220
18,200	Exxon Mobil Corp..		1,548,187		1,521,338
			2,633,744		2,885,558
	Entertainment — 2.0%
17,400	Time Warner Inc.		1,135,918		1,262,370

Shares		Cost		Market  Value
	Financial Services — 10.4%
27,200	American International Group Inc.	$	991,030	$	1,470,160
12,100	Chubb Ltd.		1,313,164		1,441,715
36,900	Invesco Ltd.		1,338,177		1,135,413
33,000	PayPal Holdings Inc.†		1,105,437		1,273,800
28,400	The Hartford Financial Services Group Inc.		680,387		1,308,672
			5,428,195		6,629,760
	Food and Beverage — 7.5%
19,500	General Mills Inc.		759,713		1,235,325
15,600	McCormick & Co. Inc., Non-Voting		1,063,643		1,551,888
7,100	PepsiCo Inc.		440,530		727,608
9,600	The J.M. Smucker Co.		1,043,621		1,246,464
			3,307,507		4,761,285
	Health Care — 13.3%
30,000	Abbott Laboratories		1,065,083		1,254,900
10,900	Aetna Inc.		974,165		1,224,615
8,600	Becton, Dickinson and Co.		1,020,174		1,305,652
15,675	Cardinal Health Inc.		1,374,810		1,284,566
8,900	Cigna Corp.		818,876		1,221,436
20,400	Johnson & Johnson		1,869,987		2,207,280
			7,123,095		8,498,449
	Retail — 4.3%
6,500	Simon Property Group Inc.		1,321,258		1,349,985
10,600	The Home Depot Inc.		852,940		1,414,358
			2,174,198		2,764,343
	Specialty Chemicals — 2.2%
4,900	The Sherwin-Williams Co.		1,249,434		1,394,883
	Telecommunications — 5.2%
33,000	Amdocs Ltd.		1,287,587		1,993,860
24,100	Verizon Communications Inc.		1,189,551		1,303,328
			2,477,138		3,297,188
	Transportation — 1.8%
14,500	Union Pacific Corp.		648,145		1,153,475
	TOTAL COMMON STOCKS		51,343,370		62,277,862
	SHORT TERM INVESTMENT — 2.5%
	Mutual Fund — 2.5%
1,602,794	Dreyfus Cash Management,
	0.300%*		1,602,794		1,602,794
	TOTAL INVESTMENTS — 100.1%	$	52,946,164		63,880,656
	Other Assets and Liabilities (Net) — (0.1)%				(37,608	)
	NET ASSETS — 100.0%			$	63,843,048

† Non-income producing security.

* Current yield.

See accompanying notes to financial statements.

18

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2016 (Unaudited)

Shares		Cost		Market  Value
	COMMON STOCKS — 62.7%
	Aerospace — 4.9%
9,300	General Dynamics Corp.	$	1,348,266	$	1,221,741
3,700	Raytheon Co.		349,883		453,731
6,200	The Boeing Co.		648,367		787,028
9,900	United Technologies Corp.		1,011,677		990,990
			3,358,193		3,453,490
	Banking — 5.8%
87,400	Bank of America Corp.		539,421		1,181,648
24,096	JPMorgan Chase & Co.		1,009,687		1,426,965
30,500	Wells Fargo & Co.		1,153,707		1,474,980
			2,702,815		4,083,593
	Business Services — 2.4%
31,700	Booz Allen Hamilton Holding Corp.		885,721		959,876
4,500	FedEx Corp.		601,139		732,240
			1,486,860		1,692,116
	Cable and Satellite — 2.0%
22,400	Comcast Corp., Cl. A		636,761		1,368,192
	Computer Hardware — 1.2%
7,550	Apple Inc.		577,443		822,875
	Computer Software and Services — 2.7%
8,250	DST Systems Inc.		953,175		930,353
17,400	Microsoft Corp.		858,852		961,002
			1,812,027		1,891,355
	Consumer Products — 2.7%
14,200	Colgate-Palmolive Co.		811,453		1,003,230
13,500	VF Corp.		910,215		874,260
			1,721,668		1,877,490
	Diversified Industrial — 1.5%
9,525	Honeywell International Inc.		684,600		1,067,276
	Electronics — 1.3%
16,100	Texas Instruments Inc.		781,414		924,462
	Energy and Energy Services — 2.0%
10,000	EOG Resources Inc.		865,832		725,800
9,200	Schlumberger Ltd.		685,391		678,500
			1,551,223		1,404,300
	Energy: Integrated — 2.8%
7,500	NextEra Energy Inc.		574,865		887,550
17,800	WEC Energy Group Inc.		811,744		1,069,246
			1,386,609		1,956,796
	Energy: Natural Gas — 0.5%
5,400	EQT Corp.		284,409		363,204
	Energy: Oil — 3.0%
10,000	Chevron Corp.		693,202		954,000
13,400	Exxon Mobil Corp.		1,141,172		1,120,106
			1,834,374		2,074,106
	Entertainment — 1.3%
12,200	Time Warner Inc.		775,566		885,110
	Financial Services — 6.6%
19,800	American International Group Inc.		719,335		1,070,190
8,400	Chubb Ltd.		912,485		1,000,860
23,700	Invesco Ltd.		859,042		729,249
23,800	PayPal Holdings Inc.†		800,862		918,680
19,900	The Hartford Financial Services Group Inc.		484,053		916,992
			3,775,777		4,635,971

Shares		Cost		Market  Value
	Food and Beverage — 4.8%
12,700	General Mills Inc.	$	494,758	$	804,545
10,800	McCormick & Co. Inc., Non-Voting		737,530		1,074,384
5,200	PepsiCo Inc.		325,086		532,896
7,000	The J.M. Smucker Co.		759,601		908,880
			2,316,975		3,320,705
	Health Care — 8.6%
22,800	Abbott Laboratories		801,915		953,724
7,600	Aetna Inc.		678,928		853,860
6,000	Becton, Dickinson and Co.		763,895		910,920
10,850	Cardinal Health Inc.		951,802		889,157
6,100	Cigna Corp.		559,022		837,164
14,800	Johnson & Johnson		1,343,949		1,601,360
			5,099,511		6,046,185
	Retail — 2.8%
4,500	Simon Property Group Inc.		913,020		934,605
7,400	The Home Depot Inc.		595,566		987,382
			1,508,586		1,921,987
	Specialty Chemicals — 1.3%
3,300	The Sherwin-Williams Co.		840,201		939,411
	Telecommunications — 3.3%
23,000	Amdocs Ltd.		896,510		1,389,660
17,300	Verizon Communications Inc.		853,905		935,584
			1,750,415		2,325,244
	Transportation — 1.2%
10,400	Union Pacific Corp.		480,919		827,320
	TOTAL COMMON STOCKS		35,366,346		43,881,188
Principal Amount
	CORPORATE BONDS — 20.2%
	Banking — 4.1%
$750,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		752,817		764,100
750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		758,963		848,569
600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,338		621,024
600,000	Wells Fargo & Co., MTN, 3.500%, 03/08/22		613,014		640,124
			2,725,132		2,873,817
	Computer Hardware — 1.0%
650,000	International Business Machines Corp., 2.900%, 11/01/21		657,370		681,180
	Consumer Products — 1.9%
500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		495,441		501,577
800,000	Costco Wholesale Corp., 1.700%, 12/15/19		792,971		814,209
			1,288,412		1,315,786
	Diversified Industrial — 1.2%
800,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		801,220		811,999
	Electronics — 2.2%
1,000,000	Intel Corp., 3.300%, 10/01/21		1,024,588		1,074,985

See accompanying notes to financial statements.

19

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Principal Amount		Cost		Market  Value
	CORPORATE BONDS (Continued)
	Electronics (Continued)
$500,000	Texas Instruments Inc., 1.650%, 08/03/19	$	499,078	$	506,039
			1,523,666		1,581,024
	Energy: Oil — 2.3%
1,000,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		998,242		1,017,474
500,000	XTO Energy Inc., 6.500%, 12/15/18		526,123		564,466
			1,524,365		1,581,940
	Financial Services — 2.6%
600,000	Capital One Financial Corp., 3.750%, 04/24/24		609,825		618,441
600,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		600,653		620,826
600,000	The PNC Financial Services Group Inc., STEP, 2.854%, 11/09/22		590,663		607,617
			1,801,141		1,846,884
	Health Care — 3.4%
500,000	Abbott Laboratories, 2.550%, 03/15/22		493,213		509,271
600,000	Aetna Inc., 3.500%, 11/15/24		601,006		613,205
600,000	Amgen Inc., 3.450%, 10/01/20		618,898		639,564
600,000	CVS Health Corp., 3.375%, 08/12/24		598,787		631,370
			2,311,904		2,393,410
	Transportation — 1.5%
1,000,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		997,459		1,048,905
	TOTAL CORPORATE BONDS		13,630,669		14,134,945
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.5%
	Federal Home Loan Mortgage Corp. — 4.8%
1,500,000	3.750%, 03/27/19		1,498,014		1,623,777

Principal Amount		Cost		Market  Value
$600,000	1.750%, 05/30/19	$	595,841	$	614,657
1,100,000	2.375%, 01/13/22		1,109,196		1,154,149
			3,203,051		3,392,583
	Federal National Mortgage Association — 1.7%
1,100,000	2.625%, 09/06/24		1,144,061		1,160,740
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		4,347,112		4,553,323
	U.S. GOVERNMENT OBLIGATIONS — 6.5%
	U.S. Treasury Inflation Indexed Notes — 1.5%
993,132	2.125%, 01/15/19		1,003,997		1,072,621
	U.S. Treasury Notes — 5.0%
1,000,000	3.625%, 08/15/19		1,009,714		1,088,516
750,000	3.375%, 11/15/19		793,289		813,340
1,000,000	2.250%, 11/15/24		1,035,114		1,042,793
500,000	2.000%, 02/15/25		496,441		510,781
			3,334,558		3,455,430
	TOTAL U.S. GOVERNMENT OBLIGATIONS		4,338,555		4,528,051
Shares
	SHORT TERM INVESTMENT — 4.4%
	Mutual Fund — 4.4%
3,072,786	Dreyfus Cash Management, 0.300%*		3,072,786		3,072,786
	TOTAL INVESTMENTS — 100.3	$	60,755,468		70,170,293
	Other Assets and Liabilities (Net) — (0.3)%				(191,246	)
	NET ASSETS — 100.0%			$	69,979,047

† Non-income producing security.

* Current yield.

GMTN   Global Medium Term Note

MTN   Medium Term Note

STEP   Step coupon security. The rate disclosed is that in effect at March 31,   2016.

See accompanying notes to financial statements.

20

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2016 (Unaudited)

Principal Amount		Cost		Market  Value
	CORPORATE BONDS — 61.0%
	Aerospace — 3.3%
$200,000	The Boeing Co., 6.000%, 03/15/19	$	201,970	$	227,180
400,000	United Technologies Corp., 3.100%, 06/01/22		416,822		423,782
			618,792		650,962
	Airlines — 1.6%
300,000	Southwest Airlines Co., 5.750%, 12/15/16		309,614		309,843
	Banking — 9.4%
400,000	Bank of America Corp., MTN, 3.300%, 01/11/23		401,213		403,969
200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,507		226,285
400,000	The Bank of New York Mellon Corp., Ser. G, 2.200%, 05/15/19		400,952		406,766
400,000	US Bancorp., MTN, 2.200%, 04/25/19		401,166		407,665
400,000	Wells Fargo & Co., 2.125%, 04/22/19		399,893		406,588
			1,802,731		1,851,273
	Communications Equipment — 2.6%
500,000	Cisco Systems Inc., 1.650%, 06/15/18		504,698		507,209
	Computer Hardware — 3.4%
300,000	Apple Inc., 0.869%, 05/03/18(a)		300,327		299,554
360,000	International Business Machines Corp., 2.900%, 11/01/21		364,082		377,269
			664,409		676,823
	Computer Software and Services — 2.2%
400,000	Oracle Corp., 3.625%, 07/15/23		400,178		433,683
	Consumer Products — 6.2%
400,000	Costco Wholesale Corp., 1.700%, 12/15/19		396,485		407,104
400,000	CVS Health Corp., 1.900%, 07/20/18		403,594		406,065
400,000	The Home Depot Inc., 2.000%, 06/15/19		400,737		410,682
			1,200,816		1,223,851
	Diversified Industrial — 1.5%
300,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		301,527		304,500
	Electronics — 1.5%
300,000	Texas Instruments Inc., 1.650%, 08/03/19		299,438		303,623
	Energy and Utilities: Oil — 1.0%
200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		199,650		203,495
	Financial Services — 11.8%
400,000	Capital One Financial Corp., 3.750%, 04/24/24		406,550		412,294
400,000	Citigroup Inc., 2.500%, 07/29/19		401,233		405,697

Principal  Amount		Cost		Market  Value
$260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16	$	262,585	$	270,502
400,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		400,436		413,884
400,000	PNC Funding Corp., 3.300%, 03/08/22		417,627		419,094
400,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		403,039		414,016
			2,291,470		2,335,487
	Food and Beverage — 3.0%
275,000	Bottling Group LLC, 5.125%, 01/15/19		295,430		304,155
250,000	Mondelēz International Inc., 5.375%, 02/10/20		252,014		282,127
			547,444		586,282
	Health Care — 6.8%
500,000	Abbott Laboratories, 2.550%, 03/15/22		493,213		509,271
400,000	Aetna Inc., 3.500%, 11/15/24		400,670		408,803
400,000	Amgen Inc., 3.450%, 10/01/20		412,599		426,376
			1,306,482		1,344,450
	Semiconductors — 1.9%
350,000	Intel Corp., 3.300%, 10/01/21		349,511		376,245
	Telecommunications — 4.8%
500,000	AT&T Inc., 3.900%, 03/11/24		515,525		528,563
400,000	Verizon Communications Inc., 3.000%, 11/01/21		398,651		416,127
			914,176		944,690
	TOTAL CORPORATE BONDS		11,710,936		12,052,416
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.6%
	Federal Home Loan Mortgage Corp. — 3.2%
600,000	2.375%, 01/13/22		603,831		629,536
	Federal National Mortgage Association — 3.2%
600,000	2.625%, 09/06/24		624,033		633,131
	Government National Mortgage Association — 0.2%
5,833	6.000%, 12/01/33		5,877		6,678
19,478	5.500%, 01/01/34		19,582		22,333
			25,459		29,011
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		1,253,323		1,291,678
	U.S. GOVERNMENT OBLIGATIONS — 22.7%
	U.S. Treasury Bonds — 1.1%
150,000	5.375%, 02/15/31		164,258		215,150
	U.S. Treasury Notes — 21.6%
800,000	2.250%, 11/15/24		814,637		834,234
800,000	2.000%, 02/15/25		798,725		817,250
600,000	0.312%, 07/31/17(a)		600,041		599,732
600,000	0.403%, 10/31/17(a)		599,760		600,097
800,000	0.500%, 01/31/17		798,999		799,500

See accompanying notes to financial statements.

21

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2016 (Unaudited)

Principal  Amount		Cost		Market  Value
	U.S. GOVERNMENT OBLIGATIONS (Continued)
	U.S. Treasury Notes (Continued)
$600,000	2.000%, 02/15/22	$	603,609	$	620,625
			4,215,771		4,271,438
	TOTAL U.S. GOVERNMENT OBLIGATIONS		4,380,029		4,486,588

Shares		Cost		Market  Value
	SHORT TERM INVESTMENT — 9.0%
	Mutual Fund — 9.0%
1,784,638	Dreyfus Cash Management, 0.300%*	$	1,784,638	$	1,784,638
	TOTAL INVESTMENTS — 99.3%	$	19,128,926		19,615,320
	Other Assets and Liabilities (Net) — 0.7%				136,767
	NET ASSETS — 100.0%			$	19,752,087

(a) Variable rate security. Rate shown is the effective rate as of March 31, 2016.

* Current yield.

GMTN Global Medium Term Note

MTN Medium Term Note

See accompanying notes to financial statements.

22

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2016 (Unaudited)

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Income Fund
Assets:
Investments, at value (cost $728,270,975, $18,233,431, $4,348,138, and $6,034,647, respectively)		$	947,954,213			$	21,479,308			$	4,315,249			$	7,473,488
Investments in affiliates, at value (cost $38,195,776)			46,492,051				—				—				—
Cash			2,436				62,392				—				68,405
Receivable for Fund shares sold			970,385				48,476				6,606				—
Receivable for investments sold			1,789,287				—				29,465				—
Receivable from Adviser			—				3,561				12,229				4,427
Dividends and interest receivable			846,508				14,116				4,397				14,541
Prepaid expenses			52,232				27,539				8,012				17,883
Total Assets			998,107,112				21,635,392				4,375,958				7,578,744
Liabilities:
Payable to custodian			—				—				70,448				—
Payable for investments purchased			495,012				—				13,923				—
Payable for Fund shares redeemed			1,989,517				37,285				—				—
Payable for investment advisory fees			826,795				17,829				6,646				6,308
Payable for distribution fees			257,364				4,804				699				2,308
Payable for accounting fees			3,750				—				—				—
Payable for custodian fees			72,392				12,241				5,590				1,594
Payable for legal and audit fees			31,841				21,128				14,079				17,025
Payable for shareholder communications expenses			86,727				3,878				1,452				2,197
Payable for shareholder services fees			154,628				2,592				—				1,833
Other accrued expenses			12,533				2,099				2,833				1,381
Total Liabilities			3,930,559				101,856				115,670				32,646
Net Assets		$	994,176,553			$	21,533,536			$	4,260,288			$	7,546,098
Net Assets Consist of:
Paid-in capital		$	737,667,584			$	17,345,052			$	4,220,512			$	7,697,360
Accumulated net investment income/(loss)			(4,108,322	)			(157,772	)			(27,618	)			7,471
Accumulated net realized gain/(loss) on investments and foreign currency transactions			32,638,841				1,100,379				100,283				(1,597,574	)
Net unrealized appreciation/depreciation on investments			227,979,513				3,245,877				(32,889	)			1,438,841
Net unrealized depreciation on foreign currency translations			(1,063	)			—				—				—
Net Assets		$	994,176,553			$	21,533,536			$	4,260,288			$	7,546,098
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$	250,113,270			$	6,524,662			$	1,655,905			$	5,491,678
Shares of beneficial interest outstanding			11,232,651				403,105				151,434				506,421
Net Asset Value, offering, and redemption price per share		$	22.27			$	16.19			$	10.93			$	10.84
Class A:
Net assets		$	141,515,473			$	2,832,502			$	329,609			$	855,940
Shares of beneficial interest outstanding			6,545,127				181,125				30,355				76,539
Net Asset Value and redemption price per share		$	21.62			$	15.64			$	10.86			$	11.18
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$	22.52			$	16.29			$	11.31			$	11.65
Class C:
Net assets		$	174,708,610			$	2,700,984			$	280,795			$	963,709
Shares of beneficial interest outstanding			8,979,204				192,543				26,239				80,876
Net Asset Value and offering price per share(a)		$	19.46			$	14.03			$	10.70			$	11.92
Class I:
Net assets		$	427,839,200			$	9,475,388			$	1,993,979			$	234,771
Shares of beneficial interest outstanding			18,915,528				571,307				180,882				21,609
Net Asset Value, offering, and redemption price per share		$	22.62			$	16.59			$	11.02			$	10.86

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

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

March 31, 2016 (Unaudited)

	Equity Fund			Balanced Fund			Intermediate Bond Fund
Assets:
Investments, at value (cost $52,946,164, $60,755,468, and $19,128,926, respectively)		$	63,880,656		$	70,170,293		$	19,615,320
Investments in affiliates, at value			—			—			—
Cash			13,171			—			7,575
Receivable for Fund shares sold			12,687			53,828			30,003
Receivable for investments sold			—			—			—
Receivable from Adviser			—			—			6,236
Dividends and interest receivable			34,817			214,642			124,831
Prepaid expenses			31,666			31,694			25,452
Total Assets			63,972,997			70,470,457			19,809,417
Liabilities:
Payable to custodian			—			—			—
Payable for investments purchased			13,170			—			7,558
Payable for Fund shares redeemed			1,344			382,700			10,389
Payable for investment advisory fees			53,299			44,131			9,915
Payable for distribution fees.			13,703			19,183			1,575
Payable for accounting fees			3,750			3,750			—
Payable for custodian fees			10,299			8,882			3,906
Payable for legal and audit fees			17,135			17,178			17,988
Payable for shareholder communications expenses			8,295			7,797			3,071
Payable for shareholder services fees			7,431			6,181			1,958
Other accrued expenses			1,523			1,608			970
Total Liabilities			129,949			491,410			57,330
Net Assets		$	63,843,048		$	69,979,047		$	19,752,087
Net Assets Consist of:
Paid-in capital		$	52,520,144		$	60,215,265		$	19,256,803
Accumulated net investment income			92,777			4,433			135
Accumulated net realized gain on investments and foreign currency transactions			295,635			344,524			8,755
Net unrealized appreciation on investments			10,934,492			9,414,825			486,394
Net unrealized appreciation on foreign currency translations			—			—			—
Net Assets		$	63,843,048		$	69,979,047		$	19,752,087
Shares of Beneficial Interest, each at $0.001 par value;unlimited number of shares authorized:
Class AAA:
Net assets		$	54,080,483		$	55,905,622		$	4,070,724
Shares of beneficial interest outstanding			4,474,033			4,896,174			354,342
Net Asset Value, offering, and redemption price per share		$	12.09		$	11.42		$	11.49
Class A:
Net assets		$	4,091,604		$	6,921,851		$	852,138
Shares of beneficial interest outstanding			339,263			602,945			74,253
Net Asset Value and redemption price per share.		$	12.06		$	11.48		$	11.48
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$	12.56		$	11.96		$	11.96
Class C:
Net assets		$	847,480		$	5,304,431		$	575,194
Shares of beneficial interest outstanding			73,351			455,992			52,748
Net Asset Value and offering price per share(a)		$	11.55		$	11.63		$	10.90
Class I:
Net assets		$	4,823,481		$	1,847,143		$	14,254,031
Shares of beneficial interest outstanding			400,157			161,963			1,240,049
Net Asset Value, offering, and redemption price per share		$	12.05		$	11.40		$	11.49

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

See accompanying notes to financial statements.

24

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2016 (Unaudited)

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Income Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $24,956, $275, $0, and $30, respectively)		$	5,073,114			$	139,517			$	26,375			$	96,338
Dividends - affiliated			412,271				—				—				—
Interest			125,916				639				—				204
Total Investment Income.			5,611,301				140,156				26,375				96,542
Expenses:
Investment advisory fees			5,189,781				110,364				22,396				37,542
Distribution fees - Class AAA			319,922				8,437				2,093				6,792
Distribution fees - Class A			369,805				7,249				1,239				2,188
Distribution fees - Class C			907,786				14,687				1,367				4,775
Accounting fees			22,500				—				—				—
Custodian fees			89,975				5,720				4,806				2,386
Interest expense			109				137				101				—
Legal and audit fees			33,693				17,122				10,295				12,662
Payroll expenses			—				—				960				—
Registration expenses			47,730				21,286				9,754				22,753
Shareholder communications expenses			158,674				6,537				3,351				4,397
Shareholder services fees			522,356				5,546				3,730				3,781
Trustees’ fees			34,547				747				155				249
Miscellaneous expenses			32,589				6,159				5,402				5,269
Total Expenses			7,729,467				203,991				65,649				102,794
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)			—				(34,069	)			(34,483	)			(23,593	)
Advisory fee reduction on unsupervised assets (See Note 3)			(21,793	)			—				—				—
Expenses paid by broker (See Note 7)			(1,528	)			(1,458	)			(1,150	)			271
Total Reimbursements, Waivers, Reductions, and Credits			(23,321	)			(35,527	)			(35,633	)			(23,322	)
Net Expenses			7,706,146				168,464				30,016				79,472
Net Investment Income/(Loss)			(2,094,845	)			(28,308	)			(3,641	)			17,070
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments - unaffiliated			44,936,918				2,007,033				175,302				(118,608	)
Net realized loss on foreign currency transactions			(982	)			—				—				—
Net realized gain/(loss) on investments and foreign currency transactions			44,935,936				2,007,033				175,302				(118,608	)
Net change in unrealized appreciation/depreciation:
on investments			(9,031,571	)			(1,351,648	)			(181,130	)			393,525
on foreign currency translations			910				—				—				—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(9,030,661	)			(1,351,648	)			(181,130	)			393,525
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency			35,905,275				655,385				(5,828	)			274,917
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	33,810,430			$	627,077			$	(9,469	)		$	291,987

See accompanying notes to financial statements.

25

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2016 (Unaudited)

	Equity Fund				Balanced Fund				Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0, $0, and $0, respectively)		$	689,150			$	485,853			$	1,114
Dividends - affiliated			—				—				—
Interest			—				357,886				229,769
Total Investment Income.			689,150				843,739				230,883
Expenses:
Investment advisory fees			315,294				257,946				57,748
Distribution fees - Class AAA			67,603				68,559				5,715
Distribution fees - Class A			9,380				17,306				1,445
Distribution fees - Class C			4,002				25,874				2,378
Accounting fees			22,500				22,500				—
Custodian fees			9,390				9,320				3,342
Interest expense			—				—				—
Legal and audit fees			13,533				13,607				14,177
Payroll expenses			—				—				—
Registration expenses			26,164				26,295				21,559
Shareholder communications expenses			13,993				13,025				4,704
Shareholder services fees			23,651				23,773				4,890
Trustees’ fees			1,981				2,202				619
Miscellaneous expenses			6,345				6,105				3,991
Total Expenses			513,836				486,512				120,568
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)			—				—				(38,845	)
Advisory fee reduction on unsupervised assets (See Note 3)			—				—				—
Custodian fee credits			—				—				—
Expenses paid by broker (See Note 7)			(678	)			(808	)			—
Total Reimbursements, Waivers, Reductions, and Credits			(678	)			(808	)			(38,845	)
Net Expenses			513,158				485,704				81,723
Net Investment Income			175,992				358,035				149,160
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated			897,790				402,514				8,878
Net realized gain on foreign currency transactions			—				—				—
Net realized gain on investment transactions			897,790				402,514				8,878
Net change in unrealized appreciation/depreciation:
on investments			3,130,310				2,605,537				242,537
on foreign currency translations			—				—				—
Net change in unrealized appreciation/depreciation on investments			3,130,310				2,605,537				242,537
Net Realized and Unrealized Gain on Investments			4,028,100				3,008,051				251,415
Net Increase in Net Assets Resulting from Operations		$	4,204,092			$	3,366,086			$	400,575

See accompanying notes to financial statements.

26

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, 2016 (Unaudited)				For the Year Ended September 30, 2015				For the Six Months Ended March 31, 2016 (Unaudited)				For the Year Ended September 30, 2015				For the Six Months Ended March 31, 2016 (Unaudited)				For the Year Ended September 30, 2015
Operations:
Net investment income/(loss)		$	(2,094,845	)		$	(3,967,243	)		$	(28,308	)		$	(165,861	)		$	(3,641	)		$	(25,462	)
Net realized gain/(loss) on investments and foreign currency transactions			44,935,936				19,998,521				2,007,033				4,538,547				175,302				131,057
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(9,030,661	)			(39,458,929	)			(1,351,648	)			(3,765,310	)			(181,130	)			(106,370	)
Net Increase/(Decrease) in Net Assets Resulting from Operations			33,810,430				(23,427,651	)			627,077				607,376				(9,469	)			(775	)
Distributions to Shareholders:
Net investment income
Class AAA			—				—				—				—				—				—
Class A			—				—				—				—				—				—
Class C			—				—				—				—				—				—
Class I			—				—				—				—				—				—
			—				—				—				—				—				—
Net realized gain
Class AAA			(6,095,461	)			(6,457,670	)			(1,157,380	)			(1,149,839	)			(79,782	)			(19,771	)
Class A			(3,660,523	)			(3,312,045	)			(490,551	)			(326,790	)			(23,063	)			(7,878	)
Class C			(4,948,570	)			(4,393,410	)			(546,625	)			(348,881	)			(12,061	)			(2,608	)
Class I			(10,716,802	)			(9,805,829	)			(1,549,159	)			(1,330,967	)			(86,373	)			(25,377	)
			(25,421,356	)			(23,968,954	)			(3,743,715	)			(3,156,477	)			(201,279	)			(55,634	)
Total Distributions to Shareholders			(25,421,356	)			(23,968,954	)			(3,743,715	)			(3,156,477	)			(201,279	)			(55,634	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA			12,694,999				44,741,419				451,100				822,696				161,782				613,282
Class A			7,336,318				28,511,035				139,604				279,335				9,597				76,374
Class C			8,982,096				78,774,234				581,841				267,558				17,940				44,950
Class I			49,803,991				174,407,068				231,308				7,440,944				63,290				229,597
			78,817,404				326,433,756				1,403,853				8,810,533				252,609				964,203
Proceeds from reinvestment of distributions
Class AAA			5,979,037				6,315,803				1,099,502				1,119,099				69,340				19,771
Class A			3,105,905				2,740,083				448,413				302,367				19,621				6,868
Class C			3,888,543				3,338,873				447,962				260,964				11,737				2,591
Class I			7,046,245				6,648,714				1,490,195				500,494				86,372				25,376
			20,019,730				19,043,473				3,486,072				2,182,924				187,070				54,606
Cost of shares redeemed
Class AAA			(36,013,116	)			(140,445,413	)			(1,799,665	)			(8,966,268	)			(517,939	)			(265,328	)
Class A			(23,958,112	)			(45,281,413	)			(609,944	)			(1,211,465	)			(247,906	)			(175,204	)
Class C			(25,588,114	)			(93,786,878	)			(905,429	)			(1,226,747	)			(8,041	)			(6,000	)
Class I			(122,698,322	)			(191,745,643	)			(764,749	)			(14,535,635	)			(144,490	)			(510,972	)
			(208,257,664	)			(471,259,347	)			(4,079,787	)			(25,940,115	)			(918,376	)			(957,504	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions			(109,420,530	)			(125,782,118	)			810,138				(14,946,658	)			(478,697	)			61,305
Redemption Fees			1,370				1,282				1,987				—				58				—
Net Increase/(Decrease) in Net Assets			(101,030,086	)			(173,177,441	)			(2,304,513	)			(17,495,759	)			(689,387	)			4,896
Net Assets:
Beginning of year			1,095,206,639				1,268,384,080				23,838,049				41,333,808				4,949,675				4,944,779
End of period		$	994,176,553			$	1,095,206,639			$	21,533,536			$	23,838,049			$	4,260,288			$	4,949,675
Undistributed net investment income			—				—				—				—				—				—

See accompanying notes to financial statements.

27

TETON Westwood Funds

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

Income Fund						Equity Fund						Balanced Fund						Intermediate Bond Fund
For the Six Months Ended March 31, 2016 (Unaudited)			For the Year Ended September 30, 2015			For the Six Months Ended March 31, 2016 (Unaudited)			For the Year Ended September 30, 2015			For the Six Months Ended March 31, 2016 (Unaudited)			For the Year Ended September 30, 2015			For the Six Months Ended March 31, 2016 (Unaudited)			For the Year Ended September 30, 2015
$	17,070		$	17,152		$	175,992		$	246,533		$	358,035		$	705,828		$	149,160		$	350,088
	(118,608	)		128,405			897,790			4,383,977			402,514			5,129,698			8,878			369,209
	393,525			(1,049,531	)		3,130,310			(4,853,912	)		2,605,537			(5,440,467	)		242,537			(406,720	)
	291,987			(903,974	)		4,204,092			(223,402	)		3,366,086			395,059			400,575			312,577
	(14,326	)		(14,149	)		(211,306	)		(242,616	)		(303,332	)		(610,058	)		(32,100	)		(80,505	)
	(1,643	)		(1,767	)		(7,680	)		(5,642	)		(28,950	)		(53,452	)		(5,362	)		(14,388	)
	(517	)		(55	)		—			—			(8,868	)		(14,708	)		(1,520	)		(3,786	)
	(1,090	)		(1,103	)		(29,046	)		(23,293	)		(12,452	)		(25,947	)		(110,172	)		(251,427	)
	(17,576	)		(17,074	)		(248,032	)		(271,551	)		(353,602	)		(704,165	)		(149,154	)		(350,106	)
	—			—			(4,079,809	)		(5,800,931	)		(3,761,457	)		(5,214,820	)		(91,989	)		—
	—			—			(283,279	)		(319,971	)		(458,819	)		(562,218	)		(16,151	)		—
	—			—			(59,970	)		(96,665	)		(353,385	)		(465,481	)		(8,637	)		—
	—			—			(331,753	)		(334,883	)		(127,425	)		(187,008	)		(249,248	)		—
	—			—			(4,754,811	)		(6,552,450	)		(4,701,086	)		(6,429,527	)		(366,025	)		—
	(17,576	)		(17,074	)		(5,002,843	)		(6,824,001	)		(5,054,688	)		(7,133,692	)		(515,179	)		(350,106	)
	375,417			1,341,965			706,799			1,201,561			3,570,790			4,936,637			300,815			718,119
	49,909			230,473			1,100,570			328,937			1,196,240			1,106,030			190,823			300,882
	18,931			87,176			158,164			374,234			624,363			847,159			210,661			196,215
	10,318			31,424			677,527			1,973,353			104,814			210,888			1,735,314			3,343,496
	454,575			1,691,038			2,643,060			3,878,085			5,496,207			7,100,714			2,437,613			4,558,712
	13,811			13,406			4,146,689			5,774,995			3,945,941			5,643,649			119,749			77,681
	1,608			1,678			287,016			320,935			443,036			584,854			20,707			13,206
	518			54			48,297			82,401			328,310			426,266			9,833			3,119
	1,084			1,098			278,123			297,565			133,460			198,372			357,467			245,350
	17,021			16,236			4,760,125			6,475,896			4,850,747			6,853,141			507,756			339,356
	(613,686	)		(1,425,069	)		(3,340,325	)		(8,148,966	)		(4,246,603	)		(20,394,827	)		(1,354,168	)		(913,164	)
	(327,781	)		(37,475	)		(339,260	)		(509,771	)		(1,128,541	)		(922,370	)		(163,090	)		(427,878	)
	(25,584	)		(71,253	)		(31,244	)		(349,312	)		(791,660	)		(846,677	)		(42,499	)		(303,526	)
	(33,007	)		(40,100	)		(437,401	)		(1,050,528	)		(194,761	)		(787,454	)		(792,527	)		(5,252,254	)
	(1,000,058	)		(1,573,897	)		(4,148,230	)		(10,058,577	)		(6,361,565	)		(22,951,328	)		(2,352,284	)		(6,896,822	)
	(528,462	)		133,377			3,254,955			295,404			3,985,389			(8,997,473	)		593,085			(1,998,754	)
	10			—			—			—			2			2			—			—
	(254,041	)		(787,671	)		2,456,204			(6,751,999	)		2,296,789			(15,736,104	)		478,481			(2,036,283	)
	7,800,139			8,587,810			61,386,844			68,138,843			67,682,258			83,418,362			19,273,606			21,309,889
$	7,546,098		$	7,800,139		$	63,843,048		$	61,386,844		$	69,979,047		$	67,682,258		$	19,752,087		$	19,273,606
$	7,471		$	7,977		$	92,777		$	164,817		$	4,433			—		$	135		$	129

See accompanying notes to financial statements.

28

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions to Shareholders																					Ratios to Average Net Assets/Supplemental Data
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
2016(e)		$	22.02		$	(0.04	)		$	0.81			$	0.77				—			$	(0.52	)		$	(0.52	)		$	0.00		$	22.27		3.4	%		$	250,113		(0.35	)%(f)		1.43	%(f)(g)		1.43	%(f)		4	%
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
2011			15.81			(0.14	)			(0.34	)			(0.48	)			(0.06	)			(0.42	)			(0.48	)			0.00			14.85		(3.3	)			344,800		(0.79	)(b)		1.46			1.48			20
Class A
2016(e)		$	21.43		$	(0.06	)		$	0.77			$	0.71				—			$	(0.52	)		$	(0.52	)		$	0.00		$	21.62		3.2	%		$	141,516		(0.60	)%(f)		1.68	%(f)(g)		1.68	%(f)		4	%
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
2011			15.57			(0.18	)			(0.32	)			(0.50	)			(0.04	)			(0.42	)			(0.46	)			0.00			14.61		(3.5	)			64,457		(1.04	)(b)		1.71			1.73			20
Class C
2016(e)		$	19.38		$	(0.11	)		$	0.71			$	0.60				—			$	(0.52	)		$	(0.52	)		$	0.00		$	19.46		3.0	%		$	174,709		(1.10	)%(f)		2.18	%(f)(g)		2.18	%(f)		4	%
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
2011			14.55			(0.25	)			(0.29	)			(0.54	)			—				(0.42	)			(0.42	)			0.00			13.59		(4.0	)			79,827		(1.57	)(b)		2.21			2.23			20
Class I
2016(e)		$	22.34		$	(0.01	)		$	0.81			$	0.80				—			$	(0.52	)		$	(0.52	)		$	0.00		$	22.62		3.5	%		$	427,839		(0.10	)%(f)		1.18	%(f)(g)		1.18	%(f)		4	%
2015			23.27			—				(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
2011			15.92			(0.10	)			(0.33	)			(0.43	)			(0.09	)			(0.42	)			(0.51	)			0.00			14.98		(3.0	)			53,767		(0.57	)(b)		1.21			1.23			20

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

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

(b) Due to capital share activity, net investment income (loss), per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.

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

(d) Before advisory fee reduction on unsupervised assets totaling 0.00%, 0.01%, 0.01%, 0.02%, 0.02%, and 0.02% of net assets for the six months ended March 31, 2016 and the years ended September 30, 2015, 2014, 2013, 2012, and 2011, respectively.

(e) For the six months ended March 31, 2016, 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, 2016 and the year ended September 30, 2015, there was no impact on the expense ratios.

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)				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
2016(c)		$	18.54		$	(0.02	)		$	0.71			$	0.69				—			$	(3.04	)		$	(3.04	)		$	0.00		$	16.19		3.0	%		$	6,525		(0.23	)%(d)		1.50	%(d)(e)		1.82	%(d)(e)		10	%
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	(e)		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
2011			13.36			(0.12	)			(0.39	)			(0.51	)			—				—				—				0.00			12.85		(3.8	)			28,843		(0.73	)		1.50			1.69			52
Class A
2016(c)		$	18.02		$	(0.04	)		$	0.70			$	0.66				—			$	(3.04	)		$	(3.04	)		$	0.00		$	15.64		2.9	%		$	2,833		(0.48	)%(d)		1.75	%(d)(e)		2.07	%(d)(e)		10	%
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	(e)		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
2011			13.18			(0.16	)			(0.37	)			(0.53	)			—				—				—				0.00			12.65		(4.0	)			4,965		(0.98	)		1.75			1.94			52
Class C
2016(c)		$	16.49		$	(0.07	)		$	0.65			$	0.58				—			$	(3.04	)		$	(3.04	)		$	0.00		$	14.03		2.7	%		$	2,701		(0.98	)%(d)		2.25	%(d)(e)		2.57	%(d)(e)		10	%
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	(e)		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
2011			12.47			(0.22	)			(0.34	)			(0.56	)			—				—				—				0.00			11.91		(4.5	)			5,406		(1.50	)		2.25			2.44			52
Class I
2016(c)		$	18.90		$	0.00	(b)		$	0.73			$	0.73				—			$	(3.04	)		$	(3.04	)		$	0.00		$	16.59		3.2	%		$	9,475		0.02	%(d)		1.25	%(d)(e)		1.57	%(d)(e)		10	%
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	(e)		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
2011			13.45			(0.07	)			(0.42	)			(0.49	)			—				—				—				0.00			12.96		(3.6	)			759		(0.46	)		1.25			1.44			52

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

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

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

(c) For the six months ended March 31, 2016, 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, the expense ratios for the six months ended March 31, 2016 would have been 1.51%, 1.76%, 2.26%, 1.26% for Class AAA, Class A, Class C, and Class I, respectively. For the year ended September 30, 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 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
2016(b)		$	11.43		$	(0.02	)		$	(0.00	)(c)		$	(0.02	)			—			$	(0.48	)		$	(0.48	)		$	10.93		(0.4	)%		$	1,656		(0.32	)%(d)		1.50	%(d)(e)(f)		2.97	%(d)		9	%
2015			11.54			(0.06	)			0.07				0.01				—				(0.12	)			(0.12	)			11.43		0.1				2,004		(0.52	)		1.51	(e)(f)		2.74			25
2014			10.48			(0.04	)			1.10				1.06				—				(0.00	)(c)			(0.00	)(c)			11.54		10.2				1,679		(0.39	)		1.51	(f)		4.27			22
2013(g)			10.00			(0.01	)			0.49				0.48				—				—				—				10.48		4.8				661		(0.42	)(d)		1.50	(d)		3.88	(d)(h)		3
Class A
2016(b)		$	11.37		$	(0.03	)		$	(0.00	)(c)		$	(0.03	)			—			$	(0.48	)		$	(0.48	)		$	10.86		(0.5	)%		$	329		(0.59	)%(d)		1.75	%(d)(e)(f)		3.22	%(d)		9	%
2015			11.51			(0.09	)			0.07				(0.02	)			—				(0.12	)			(0.12	)			11.37		(0.2	)			593		(0.77	)		1.76	(e)(f)		2.99			25
2014			10.47			(0.08	)			1.12				1.04				—				(0.00	)(c)			(0.00	)(c)			11.51		10.0				682		(0.69	)		1.76	(f)		4.52			22
2013(g)			10.00			0.03				0.44				0.47				—				—				—				10.47		4.7				188		0.81	(d)		1.75	(d)		4.13	(d)(h)		3
Class C
2016(b)		$	11.24		$	(0.06	)		$	(0.00	)(c)		$	(0.06	)			—			$	(0.48	)		$	(0.48	)		$	10.70		(0.8	)%		$	281		(1.08	)%(d)		2.25	%(d)(e)(f)		3.72	%(d)		9	%
2015			11.43			(0.15	)			0.08				(0.07	)			—				(0.12	)			(0.12	)			11.24		(0.6	)			274		(1.27	)		2.26	(e)(f)		3.49			25
2014			10.45			(0.13	)			1.11				0.98				—				(0.00	)(c)			(0.00	)(c)			11.43		9.4				239		(1.17	)		2.26	(f)		5.02			22
2013(g)			10.00			(0.02	)			0.47				0.45				—				—				—				10.45		4.5				74		(0.65	)(d)		2.25	(d)		4.63	(d)(h)		3
Class I
2016(b)		$	11.49		$	0.01			$	(0.00	)(c)		$	0.01				—			$	(0.48	)		$	(0.48	)		$	11.02		(0.2	)%		$	1,994		0.19	%(d)		0.98	%(d)(e)(f)		2.72	%(d)		9	%
2015			11.57			(0.03	)			0.07				0.04				—				(0.12	)			(0.12	)			11.49		0.3				2,079		(0.27	)		1.26	(e)(f)		2.49			25
2014			10.48			(0.01	)			1.11				1.10			$	(0.01	)			(0.00	)(c)			(0.01	)			11.57		10.5				2,345		(0.09	)		1.26	(f)		4.02			22
2013(g)			10.00			(0.01	)			0.49				0.48				—				—				—				10.48		4.8				1,155		(0.20	)(d)		1.25	(d)		3.63	(d)(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 is calculated using the average shares outstanding method.

(b) For the six months ended March 31, 2016, unaudited.

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

(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, the expense ratios for the six months ended March 31, 2016 and the year ended September 30, 2015 would have been (1.55% and 1.54%) Class AAA, (1.80% and 1.79%) Class A, (2.30% and 2.29%) Class C, and (1.03% and 1.29%) Class I Shares, respectively.

(f) The Fund incurred interest expense during 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 1.50% (Class AAA), 1.75% (Class A), 2.25% (Class C), and 1.25% (Class I), respectively.

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

(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.

31

TETON Westwood Funds

Financial Highlights

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

				Income from Investment Operations												Distributions to Shareholders																		Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain on Investments				Total From Investment Operations				Net Investment Income				Total Distributions				Redemption Fees(a)				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Income Fund
Class AAA
2016(b)		$	10.53		$	0.03			$	0.31			$	0.34			$	(0.03	)		$	(0.03	)			—			$	10.84		3.2	%		$	5,491		0.57	%(c)		2.00	%(c)(d)		2.64	%(c)		11	%
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
2013			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
2012			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
2011			7.53			0.09				0.11				0.20				(0.08	)			(0.08	)			0.00	(e)			7.65		2.6				4,665		1.08			1.84			2.74			14
Class A
2016(b)		$	10.87		$	0.02			$	0.31			$	0.33			$	(0.02	)		$	(0.02	)			—			$	11.18		3.1	%		$	856		0.30	%(c)		2.25	%(c)(d)		2.89	%(c)		11	%
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
2011			7.79			0.08				0.10				0.18				(0.06	)			(0.06	)			0.00	(e)			7.91		2.2				47		0.98			1.89			3.15			14
Class C
2016(b)		$	11.59		$	(0.01	)		$	0.35			$	0.34			$	(0.01	)		$	(0.01	)			—			$	11.92		2.9	%		$	964		(0.17	)%(c)		2.75	%(c)(d)		3.39	%(c)		11	%
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
2011			8.36			0.02				0.13				0.15				(0.02	)			(0.02	)			0.00	(e)			8.49		1.8				437		0.19			2.62			3.47			14
Class I
2016(b)		$	10.56		$	0.04			$	0.31			$	0.35			$	(0.05	)		$	(0.05	)			—			$	10.86		3.3	%		$	235		0.82	%(c)		1.75	%(c)(d)		2.39	%(c)		11	%
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
2011			7.53			0.10				0.12				0.22				(0.10	)			(0.10	)			0.00	(e)			7.65		2.9				92		1.26			1.61			2.48			14

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

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

(b) For the six months ended March 31, 2016, 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, 2016 and the year ended September 30, 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.

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				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
2016(c)		$	12.22		$	0.03			$	2.82			$	2.85			$	(0.15	)		$	(2.83	)		$	(2.98	)		$	12.09		7.0	%		$	54,081		0.57	%(d)		1.62	%(d)(e)		13	%
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	(e)		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	(f)		53
2012			7.81			0.08				2.11				2.19				(0.08	)			—				(0.08	)			9.92		28.3				70,017		0.84			1.59	(f)		41
2011			8.17			0.07				(0.38	)			(0.31	)			(0.05	)			—				(0.05	)			7.81		(3.8	)			79,328		0.73			1.54	(f)		38
Class A
2016(c)		$	12.19		$	0.02			$	2.71			$	2.73			$	(0.03	)		$	(2.83	)		$	(2.86	)		$	12.06		6.8	%		$	4,092		0.31	%(d)		1.87	%(d)(e)		13	%
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	(e)		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	(f)		53
2012			7.78			0.05				2.11				2.16				(0.05	)			—				(0.05	)			9.89		27.9				3,221		0.60			1.84	(f)		41
2011			8.13			0.04				(0.37	)			(0.33	)			(0.02	)			—				(0.02	)			7.78		(4.0	)			3,445		0.44			1.79	(f)		38
Class C
2016(c)		$	11.72		$	(0.01	)		$	2.67			$	2.66				—			$	(2.83	)		$	(2.83	)		$	11.55		6.5	%		$	847		(0.20	)%(d)		2.37	%(d)(e)		13	%
2015			13.18			(0.05	)			(0.08	)			(0.13	)			—				(1.33	)			(1.33	)			11.72		(1.6	)			684		(0.37	)		2.34	(e)		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	(f)		53
2012			7.56			0.01				2.05				2.06				—				—				—				9.62		27.3				784		0.10			2.34	(f)		41
2011			7.91			(0.00	)(g)			(0.35	)			(0.35	)			—				—				—				7.56		(4.4	)			816		(0.02	)		2.29	(f)		38
Class I
2016(c)		$	12.21		$	0.05			$	2.70			$	2.75			$	(0.08	)		$	(2.83	)		$	(2.91	)		$	12.05		7.0	%		$	4,823		0.80	%(d)		1.37	%(d)(e)		13	%
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	(e)		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	(f)		53
2012			7.83			0.09				2.12				2.21				(0.11	)			—				(0.11	)			9.93		28.5				4,377		0.96			1.34	(f)		41
2011			8.19			0.10				(0.39	)			(0.29	)			(0.07	)			—				(0.07	)			7.83		(3.6	)			1,258		1.07			1.29	(f)		38

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

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

(b) The Fund incurred interest expense during the years ended September 30, 2014, 2013, 2012, and 2011. 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, 2016, unaudited.

(d) Annualized.

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

(f) The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2013, 2012, and 2011 would have been 1.60%, 1.56%, and 1.52% (Class AAA), 1.85%, 1.81%, and 1.77% (Class A), 2.35%, 2.31%, and 2.27% (Class C), and 1.35%, 1.31%, and 1.27% (Class I) Shares, respectively. For the six months ended March 31, 2016 and September 30, 2015, there were no Custodian Fee Credits.

(g) 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(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
2016(b)		$	11.72		$	0.06		$	0.52			$	0.58			$	(0.06	)		$	(0.82	)		$	(0.88	)		$	11.42		5.0	%		$	55,906		1.12	%(c)		1.34	%(c)		9	%
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
2011			10.13			0.18			(0.27	)			(0.09	)			(0.18	)			—				(0.18	)			9.86		(1.0	)			76,941		1.65			1.24			24
Class A
2016(b)		$	11.78		$	0.05		$	0.52			$	0.57			$	(0.05	)		$	(0.82	)		$	(0.87	)		$	11.48		4.8	%		$	6,922		0.87	%(c)		1.59	%(c)		9	%
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
2011			10.17			0.15			(0.26	)			(0.11	)			(0.16	)			—				(0.16	)			9.90		(1.2	)			4,298		1.40			1.49			24
Class C
2016(b)		$	11.92		$	0.02		$	0.53			$	0.55			$	(0.02	)		$	(0.82	)		$	(0.84	)		$	11.63		4.6	%		$	5,304		0.36	%(c)		2.09	%(c)		9	%
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
2011			10.26			0.10			(0.27	)			(0.17	)			(0.10	)			—				(0.10	)			9.99		(1.7	)			4,318		0.90			1.99			24
Class I
2016(b)		$	11.70		$	0.08		$	0.52			$	0.60			$	(0.08	)		$	(0.82	)		$	(0.90	)		$	11.40		5.1	%		$	1,847		1.36	%(c)		1.09	%(c)		9	%
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
2011			10.12			0.21			(0.27	)			(0.06	)			(0.21	)			—				(0.21	)			9.85		(0.7	)			1,834		1.92			0.99			24

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

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2015, 2014, 2013, 2012, and 2011 would have been 1.32%, 1.27%, 1.28%, 1.27%, and 1.22% (Class AAA), 1.57%, 1.52%, 1.53%, 1.52%, and 1.47% (Class A), 2.07%, 2.02%, 2.03%, 2.02%, and 1.97% (Class C), and 1.07%, 1.02%, 1.03%, 1.02%, and 0.97% (Class I) Shares, respectively.

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

(b) For the six months ended March 31, 2016, 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, 2016 and the year ended September 30, 2015, there was no impact on the expense ratios.

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 Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Intermediate Bond Fund
Class AAA
2016(b)		$	11.56		$	0.08		$	0.07			$	0.15				—			$	(0.22	)		$	(0.22	)		$	11.49		2.1	%		$	4,071		1.40	%(c)		1.00	%(c)		1.40	%(c)		24	%
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
2011			11.90			0.29			0.03				0.32				(0.29	)			(0.02	)			(0.31	)			11.91		2.7				16,959		2.45			1.00			1.39			16
Class A
2016(b)		$	11.55		$	0.07		$	0.08			$	0.15				—			$	(0.22	)		$	(0.22	)		$	11.48		2.0	%		$	852		1.30	%(c)		1.10	%(c)		1.50	%(c)		24	%
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
2011			11.90			0.27			0.04				0.31				(0.28	)			(0.02	)			(0.30	)			11.91		2.6				842		2.33			1.10			1.49			16
Class C
2016(b)		$	10.99		$	0.03		$	0.10			$	0.13				—			$	(0.22	)		$	(0.22	)		$	10.90		1.5	%		$	575		0.64	%(c)		1.75	%(c)		2.15	%(c)		24	%
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
2011			11.32			0.17			0.04				0.21				(0.19	)			(0.02	)			(0.21	)			11.32		1.9				2,234		1.51			1.75			2.14			16
Class I
2016(b)		$	11.57		$	0.09		$	0.05			$	0.14				—			$	(0.22	)		$	(0.22	)		$	11.49		2.1	%		$	14,254		1.65	%(c)		0.75	%(c)		1.15	%(c)		24	%
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
2011			11.91			0.32			0.03				0.35				(0.32	)			(0.02	)			(0.34	)			11.92		3.0				125		2.68			0.75			1.14			16

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

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

(b) For the six months ended March 31, 2016, unaudited.

(c) Annualized.

See accompanying notes to financial statements.

35

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 MitesSM Fund (“Mighty MitesSM Fund”), TETON Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), TETON Westwood Mid-Cap Equity Fund (“Mid-Cap Equity Fund”), TETON Westwood Income Fund (“Income Fund”), TETON Westwood Equity Fund (“Equity Fund”), TETON Westwood Balanced Fund (“Balanced Fund”), and TETON Westwood Intermediate Bond Fund (“Intermediate Bond Fund”), (individually, a “Fund” and collectively, the “Funds”), each with four classes of shares. Each class of shares outstanding bears the same voting, dividend, liquidation, and other rights and conditions, except that the expenses incurred in the distribution and marketing of such shares are different for each class.

The investment objectives of each Fund are as follows:

● Mighty Mites^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.

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

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

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

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

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

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the “Board”) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Teton Advisors, Inc. (the “Adviser”). 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 instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and

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Notes to Financial Statements (Unaudited) (Continued)

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.

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, 2016 is as follows:

	Valuation Inputs
	Level 1		Level 2 Other Significant		Level 3 Significant		Total Market Value
	Quoted Prices		Observable Inputs		Unobservable Inputs		at 3/31/16
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Airlines	$	3,280,800		—	$	247,500	$	3,528,300
Broadcasting		12,523,530	$	939,414		—		13,462,944
Building and Construction		10,682,827		3,180,017		—		13,862,844
Business Services		36,689,650		100,891		—		36,790,541
Communications Equipment		3,152,361		39		—		3,152,400
Computer Software and Services		27,365,128		416,498		—		27,781,626
Consumer Products		25,764,558		41		31		25,764,630
Consumer Services		6,318,443		85,250		—		6,403,693
Diversified Industrial		97,981,862		276,745		—		98,258,607
Educational Services		474,100		—		476		474,576
Electronics		36,812,201		2,423,922		12,754		39,248,877
Energy and Utilities: Natural Gas		7,221,423		1,473,574		—		8,694,997
Environmental Control		4,519,293		173		—		4,519,466
Financial Services		57,280,174		400,159		700,000		58,380,333
Food and Beverage		39,983,187		177,737		—		40,160,924
Health Care		79,774,134		—		28,640		79,802,774
Manufactured Housing and Recreational Vehicles		7,139,739		1,962,854		—		9,102,593
Real Estate		19,435,861		942,190		212,307		20,590,358
Specialty Chemicals		25,348,955		3,474		—		25,352,429
Telecommunications		34,962,816		200,900		5,020		35,168,736
Transportation		2,297,332		—		465		2,297,797
Other Industries(a)		343,931,651		—		—		343,931,651
Total Common Stocks		882,940,025		12,583,878		1,207,193		896,731,096
Preferred Stocks(a)		1,824,513		—		—		1,824,513
Convertible Preferred Stocks(a)		—		2,740,194		171,927		2,912,121
Rights(a)		45,600		—		262,000		307,600
Warrants(a)		1,827		9,815		—		11,642
Corporate Bonds(a)		—		33,403		—		33,403
U.S. Government Obligations		—		92,625,889		—		92,625,889
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	884,811,965	$	107,993,179	$	1,641,120	$	994,446,264
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	20,380,883		—		—	$	20,380,883
U.S. Government Obligations		—	$	1,098,425		—		1,098,425
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	20,380,883	$	1,098,425		—	$	21,479,308

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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 03/31/16
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$    4,215,329		—		—		$    4,215,329
U.S. Government Obligations		—		$         99,920		—		99,920
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    4,215,329		$         99,920		—		$    4,315,249
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$    7,298,494		—		—		$    7,298,494
U.S. Government Obligations		—		$       174,994		—		174,994
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    7,298,494		$       174,994		—		$    7,473,488
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$  62,277,862		—		—		$  62,277,862
Short Term Investments		1,602,794		—		—		1,602,794
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$  63,880,656		—		—		$  63,880,656
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$  43,881,188		—		—		$  43,881,188
Corporate Bonds(a)		—		$  14,134,945		—		14,134,945
U.S. Government Agency Obligations		—		4,553,323		—		4,553,323
U.S. Government Obligations		—		4,528,051		—		4,528,051
Short Term Investments		3,072,786		—		—		3,072,786
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$  46,953,974		$  23,216,319		—		$  70,170,293
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)		—		$  12,052,416		—		$  12,052,416
U.S. Government Agency Obligations		—		1,291,678		—		1,291,678
U.S. Government Obligations		—		4,486,588		—		4,486,588
Short Term Investments		$    1,784,638		—		—		1,784,638
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    1,784,638		$  17,830,682		—		$  19,615,320

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

The Mighty Mites^SM Fund had transfers among Level 1, Level 2, and Level 3 of 1.43% during the period ended March 31, 2016.

The SmallCap Equity Fund, Mid-Cap Equity Fund, Income 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, 2016. 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, 2016 or September 30, 2015 for SmallCap Equity, Mid-Cap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

Additional Information to Evaluate Qualitative Information.

General. The Funds use recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of their securities, and use broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These 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, 2016, 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, 2016, 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, 2016, the Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point. During the six months ended March 31, 2016, the SmallCap Equity Fund, Mid-Cap Equity Fund, and Income Fund held no investments in other investment companies.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

39

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 Income Fund and Balanced Fund. The Intermediate Bond Fund declares dividends daily and pays those dividends monthly. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Funds, timing differences, 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, 2015 was as follows:

	Mighty MitesSM Fund			SmallCap Equity Fund			Mid-Cap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Distributions paid from:
Ordinary Income
(inclusive of short term capital gains)			—			—		$	37,465		$	17,074		$	271,551		$	1,479,039		$	350,106
Net long term capital gains		$	23,968,954		$	3,156,477			18,169			—			6,552,450			5,654,653			—
Total distributions paid		$	23,968,954		$	3,156,477		$	55,634		$	17,074		$	6,824,001		$	7,133,692		$	350,106

Provision for Income Taxes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Funds to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of the Funds’ net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

At September 30, 2015, the following Funds had net capital loss carryforwards for federal income tax purposes, which are available to reduce future required distributions of net capital gains to shareholders. The Funds are permitted to carry capital losses incurred after December 22, 2010 forward for an unlimited period as either short term or long term capital losses. In addition, these losses must be utilized prior to the losses incurred prior to that date, which are treated as short term capital losses. As a result, capital loss carryforwards incurred prior to December 22, 2010 may have an increased likelihood of expiring unused.

At September 30, 2015, the Income Fund had capital loss carryforwards of $1,281,482 and $62,766 expiring in 2018 and 2019, respectively.

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2016:

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Income Fund				Equity Fund				Balanced Fund				Intermediate Bond Fund
Aggregate cost of investments		$	770,402,693			$	18,372,836			$	4,355,514			$	6,034,647			$	52,946,164			$	60,793,129			$	19,128,926
Gross unrealized appreciation		$	315,089,101			$	3,798,231			$	407,284			$	1,791,970			$	11,791,805			$	9,981,242			$	487,481
Gross unrealized depreciation			(91,045,530	)			(691,759	)			(447,549	)			(353,129	)			(857,313	)			(604,078	)			(1,087	)
Net unrealized appreciation/depreciation		$	224,043,571			$	3,106,472			$	(40,265	)		$	1,438,841			$	10,934,492			$	9,377,164			$	486,394

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, 2016, 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, Income Fund, and Equity Fund, 0.75% for the Balanced Fund, and 0.60% for the Intermediate Bond Fund, of the value of a Fund’s average daily net assets. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for the Funds’ portfolios, oversees the administration of all aspects of the Funds’ business and affairs, and pays the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Adviser.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the 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, 2016, 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 $21,793.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, and Intermediate Bond Fund in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangements continue at least until January 31, 2017. For the six months ended March 31, 2016, the Adviser waived fees or reimbursed expenses in the amounts of $34,069, $34,483, $23,593, and $38,845 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, and Intermediate Bond Fund, respectively. In addition, the SmallCap Equity Fund, Income Fund, and Intermediate Bond Fund are obliged to repay the Adviser for a period of two fiscal years following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of the Funds fall below the applicable expense limitation for Class AAA Shares of 1.50%, 2.00%, and 1.00%, respectively, and for Class A Shares of 1.75%, 2.25%, and 1.10%, respectively, and for Class C Shares of 2.25%, 2.75%, and 1.75%, respectively, and for Class I Shares of 1.25%, 1.75%, and 0.75%, respectively, of average daily net assets, the annual limitation under the Advisory Agreements. As of March 31, 2016, 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, 2014, expiring September 30, 2016	For the year ended September 30, 2015, expiring September 30, 2017	For the six months ended March 31, 2016, expiring September 30, 2018	Total
SmallCap Equity Fund	$32,802	$56,530	$34,069	$123,401
Income Fund	36,616	32,907	23,593	93,116
Intermediate Bond Fund	83,262	74,038	38,845	196,145

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 1.50%, Class A of 1.75%, Class C of 2.25%, and Class I of 0.80%, of average daily net assets, the annual limitation under the Advisory Agreement. As of March 31, 2016, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

41

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	For the year ended September 30, 2013, expiring September 30, 2016	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	Total
Mid-Cap Equity Fund	$45,488	$92,134	$63,104	$34,483	$235,209

The Adviser has a Subadvisory Agreement with Westwood Management Corp. (the “Subadviser”) for the Equity Fund, Balanced Fund, and Intermediate Bond Fund. The Adviser paid the Subadviser out of its advisory fees with respect to these three Funds a fee, computed daily and payable monthly, in an amount equal on an annualized basis to the greater of (i) $150,000 per year on an aggregate basis for all applicable Funds or (ii) 35% of the net revenues to the Adviser from the applicable Funds.

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

As per the approval of the Board, the Mid-Cap Equity Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). For the six months ended March 31, 2016, the Fund paid or accrued $960 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.

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2016, 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		$38,558,910		$110,239,329		—		—
SmallCap Equity Fund		2,152,566		5,082,931		—		—
Mid-Cap Equity Fund		399,047		1,002,331		—		—
Income Fund		771,958		789,978		—		—
Equity Fund		8,050,807		9,024,086		—		—
Balanced Fund		5,407,735		7,473,313		$496,272		—
Intermediate Bond Fund		4,277,497		3,971,587		—		$593,699

6. Significant Shareholders. As of March 31, 2016, 47.9% of the Mid-Cap Equity Fund was beneficially owned by the Adviser and other affiliates, for which the affiliates and the Adviser have voting control.

7. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2016, the Mighty Mites^SM Fund and Income Fund paid brokerage commissions on security trades of $62,826 and $9, respectively, to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $40,060 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, 2016, such transactions for the Mighty Mites^SM Fund totaled $11,985

42

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2016, the Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, Income 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 $1,528, $1,458, $1,150, $271, $678 and $808, 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, 2016, the Mighty Mites^SM Fund, Equity Fund, and Balanced Fund each paid or accrued $22,500 to the Adviser in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2016 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, and Intermediate Bond Fund.

8. Shares of Beneficial Interest. The Funds offer four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares 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 Income Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the six months ended March 31, 2016 and the year ended September 30, 2015, can be found in the Statements of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
	Mighty MitesSM Fund						SmallCap Equity Fund						Mid-Cap Equity Fund						Income Fund
Class AAA
Shares sold		578,999			1,876,375			27,457			40,710			15,924			50,974			36,778			116,255
Shares issued upon reinvestment of distributions		259,282			266,265			64,906			56,123			6,030			1,649			1,278			1,116
Shares redeemed		(1,645,059	)		(5,967,973	)		(105,807	)		(442,812	)		(45,767	)		(22,866	)		(56,163	)		(122,200	)
Net increase/(decrease) in Class AAA Shares		(806,778	)		(3,825,333	)		(13,444	)		(345,979	)		(23,813	)		29,757			(18,107	)		(4,829	)
Class A
Shares sold		341,884			1,231,995			8,934			14,159			982			6,531			4,854			19,195
Shares issued upon reinvestment of distributions		138,595			118,516			27,375			15,562			1,717			575			144			135
Shares redeemed		(1,123,030	)		(1,961,586	)		(35,949	)		(61,938	)		(24,526	)		(14,199	)		(27,971	)		(2,981	)
Net increase/(decrease) in Class A Shares		(642,551	)		(611,075	)		360			(32,217	)		(21,827	)		(7,093	)		(22,973	)		16,349
Class C
Shares sold		463,090			3,670,354			41,561			15,224			1,581			3,724			1,781			6,684
Shares issued upon reinvestment of distributions		192,502			158,994			30,432			14,612			1,040			219			44			4
Shares redeemed		(1,338,289	)		(4,380,129	)		(66,249	)		(68,572	)		(705	)		(501	)		(2,254	)		(5,531	)
Net increase/(decrease) in Class C Shares		(682,697	)		(550,781	)		5,744			(38,736	)		1,916			3,442			(429	)		1,157
Class I
Shares sold		2,229,605			7,271,067			14,214			361,288			5,928			19,331			938			2,620
Shares issued upon reinvestment of distributions		301,121			276,914			85,940			24,667			7,465			2,109			99			91
Shares redeemed		(5,501,362	)		(7,981,594	)		(46,142	)		(695,081	)		(13,405	)		(43,212	)		(3,194	)		(3,515	)
Net increase/(decrease) in Class I Shares		(2,970,636	)		(433,613	)		54,012			(309,126	)		(12	)		(21,772	)		(2,157	)		(804	)

43

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest (continued):

	Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015			Six Months Ended March 31, 2016 (Unaudited)			Year Ended September 30, 2015
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		59,150			92,359			318,322			399,699			26,341			61,913
Shares issued upon reinvestment of distributions		339,336			446,635			343,804			462,389			10,576			6,695
Shares redeemed		(280,646	)		(622,891	)		(373,627	)		(1,612,887	)		(118,837	)		(78,739	)
Net increase/(decrease) in Class AAA Shares		117,840			(83,897	)		288,499			(750,799	)		(81,920	)		(10,131	)
Class A
Shares sold		87,854			25,507			105,888			88,796			16,780			25,865
Shares issued upon reinvestment of distributions		23,526			24,840			38,399			47,650			1,832			1,139
Shares redeemed		(28,488	)		(38,525	)		(99,828	)		(74,649	)		(14,364	)		(37,149	)
Net increase/(decrease) in Class A Shares		82,892			11,822			44,459			61,797			4,248			(10,145	)
Class C
Shares sold		13,443			28,053			55,196			66,680			19,548			17,718
Shares issued upon reinvestment of distributions		4,124			6,603			28,063			34,319			916			283
Shares redeemed		(2,550	)		(27,620	)		(68,496	)		(67,665	)		(3,945	)		(27,481	)
Net increase/(decrease) in Class C Shares		15,017			7,036			14,763			33,334			16,519			(9,480	)
Class I
Shares sold		58,669			153,069			9,347			16,975			152,666			287,280
Shares issued upon reinvestment of distributions		22,834			23,085			11,649			16,266			31,553			21,125
Shares redeemed		(36,898	)		(80,695	)		(17,559	)		(63,700	)		(69,689	)		(450,894	)
Net increase/(decrease) in Class I Shares		44,605			95,459			3,437			(30,459	)		114,530			(142,489	)

9. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites^SM Fund’s transactions in the securities of these issuers during the six months ended March 31, 2016 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares	Dividend Income		Realized Gain	Market Value at March 31, 2016		Percent Owned of Shares Outstanding
ACME Communications Inc.*		1,135,036		—		(520,836	)	614,200		—	—		—		—
Beasley Broadcast Group Inc., Cl. A		725,800		5,000		—		730,800		$  65,772	—		$  2,565,108		11.19%
Bel Fuse, Cl. A		170,323		3,000		—		173,323		20,559	—		2,423,922		7.95%
Burnham Holdings Inc., Cl. A		241,000		1,200		—		242,200		106,304	—		4,008,410		7.99%
Canterbury Park Holding Corp.		353,100		2,000		—		355,100		—	—		3,678,836		8.34%
The Eastern Co.		322,122		8,900		—		331,022		71,076	—		5,435,381		5.30%
Edgewater Technology Inc.		692,272		13,248		—		705,520		—	—		5,496,001		5.93%
General Chemical Group Inc.		267,226		—		—		267,226		—	—		3,474		8.59%
MOCON Inc.		381,537		6,100		—		387,637		84,840	—		5,368,772		6.69%
Sevcon Inc.		475,854		10,896		—		486,750		—	—		4,891,837		11.48%
SL Industries Inc.		273,600		600		—		274,200		—	—		9,322,800		6.92%
The L.S. Starrett Co., Cl. A		318,600		—		—		318,600		63,720	—		3,297,510		5.11%
Total										$412,271	—		$46,492,051

* Security is no longer considered affiliated at March 31, 2016.

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

11. Subsequent Events. Management has evaluated the impact on the 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.

44

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TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Mid-Cap Equity Fund

TETON Westwood Income Fund

TETON Westwood Equity Fund

TETON Westwood Balanced Fund

TETON Westwood Intermediate Bond Fund

One Corporate Center

Rye, New York 10580-1422

General and Account Information:

800-WESTWOOD [800-937-8966]

fax: 914-921-5118

website: www.tetonadv.com

e-mail: info@tetonadv.com

	Board of Trustees
ANTHONY J. COLAVITA		WERNER J. ROEDER, MD
President,		Former Medical Director,
Anthony J. Colavita, P.C.		Lawrence Hospital
JAMES P. CONN		SALVATORE J. ZIZZA
Former Chief Investment Officer,		Chairman,
Financial Security Assurance Holdings Ltd.		Zizza & Associates Corp.
KUNI NAKAMURA
President, Advanced Polymer, Inc.
	Officers
BRUCE N. ALPERT		RICHARD J. WALZ
President		Chief Compliance Officer
ANDREA R. MANGO		AGNES MULLADY
Secretary		Treasurer

Investment Adviser

Teton Advisors, Inc.

Custodian

The Bank of New York Mellon

Distributor

G. distributors, LLC

Legal Counsel

Paul Hastings LLP

We have separated the portfolio managers’ commentaries from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio managers’ commentaries is unrestricted. Both the commentaries and the financial statements, including the portfolio of investments, will be available on our website at www.tetonadv.com.

This report is submitted for the information of the shareholders of the TETON Westwood Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GABWWQ116SR

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     6/6/2016

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

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

Date     6/6/2016

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

Date     6/6/2016

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

EX-99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Bruce N. Alpert, certify that:

1. I have reviewed this report on Form N-CSR of The TETON Westwood Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    6/6/2016	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Agnes Mullady, certify that:

1. I have reviewed this report on Form N-CSR of The TETON Westwood Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    6/6/2016	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

I, Bruce N. Alpert, Principal Executive Officer of The TETON Westwood Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:    6/6/2016	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

I, Agnes Mullady, Principal Financial Officer and Treasurer of The TETON Westwood Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:    6/6/2016	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer