N-CSR

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:  September 30, 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Mid-Cap Equity Fund

Income Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Annual Report

September 30, 2016

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																					Class A Shares
	Average Annual Returns – September 30, 2016 (a)																					Average Annual Returns – September 30, 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		14.98	%		14.02	%		9.29	%		10.54	%		11.16	%		1.41	%		1.41	%		10.06	%		12.80	%		8.59	%		10.00	%		10.70	%		1.66	%		1.66	%
SmallCap Equity		21.08			14.15			7.25			7.22			7.33			1.66			1.50			16.05			12.95			6.56			6.72			6.95			1.91			1.75
Mid-Cap Equity		8.23			—			—			—			6.93			2.74			1.51			3.60			—			—			—			5.36			2.99			1.76
Income		10.39			9.62			3.97			7.79			7.00			2.40			2.00			5.68			8.47			3.29			7.23			6.56			2.65			1.40
Equity		11.43			14.56			5.62			6.88			9.82			1.59			1.59			6.72			13.37			4.95			6.32			9.45			1.84			1.84
Balanced		8.55			9.66			5.10			5.99			8.29			1.31			1.31			3.92			8.50			4.40			5.44			7.85			1.56			1.56
Intermediate Bond		4.06			1.48			3.26			3.37			4.76			1.37			1.01			(0.24	)		0.51			2.73			2.98			4.51			1.47			1.11
	Class C Shares																					Class I Shares
	Average Annual Returns – September 30, 2016 (a)(c)(d)																					Average Annual Returns – September 30, 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		13.06	%		13.16	%		8.49	%		9.72	%		10.48	%		2.16	%		2.16	%		15.22	%		14.28	%		9.53	%		10.70	%		11.29	%		1.16	%		1.16	%
SmallCap Equity		19.24			13.30			6.46			6.38			6.68			2.41			2.25			21.47			14.47			7.49			7.38			7.45			1.41			1.25
Mid-Cap Equity		6.37			—			—			—			6.14			3.49			2.26			8.73			—			—			—			7.26			2.49			0.81
Income		8.55			8.80			3.19			7.09			6.45			3.15			1.90			10.56			9.89			4.19			7.95			7.13			2.15			0.90
Equity		9.59			13.71			4.83			6.09			9.32			2.34			2.34			11.66			14.79			5.84			7.02			9.90			1.34			1.34
Balanced		6.79			8.86			4.31			5.20			7.73			2.06			2.06			8.84			9.93			5.32			6.13			8.38			1.06			1.06
Intermediate Bond		2.19			0.72			2.68			2.60			4.29			2.12			1.76			4.26			1.72			3.47			3.51			4.84			1.12			0.76

(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 ratios. 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

Performance Discussion (Unaudited)

Mighty Mites^SM Fund

For the year ended September 30, 2016, the TETON Westwood Mighty Mites^SM Fund net asset value (“NAV”) per Class AAA Share appreciated 15.0% versus gains of 15.5% for the Russell 2000 and 13.5% for the Russell Microcap Indices. See next page for additional performance information.

The Fund invests in small and micro-cap equity securities that have a market capitalization of $500 million or less at time of purchase. The portfolio management team focuses on bottom up stock selection, seeking bite sized companies with excellent management teams, strong balance sheets, and superior long term fundamentals. As bottom up, fundamental, research driven investors, the team seeks to purchase the inefficiently priced stocks of excellent companies selling at a discount to their private market value (PMV), and possess a catalyst that can unlock hidden value within the enterprise. As such, (y)our portfolio is diversified across a broad cross section of companies sharing these valuation characteristics.

The market volatility exhibited in 2015 continued into the quarter ended March 31, 2016, as a sharply negative January preceded a flattish February, followed by a March recovery. Driving much of these rotations were uneven economic data, global concerns (namely the Chinese economy and oil production), and speculation about interest rate increases and their timing. Near the close of the quarter, the Federal Reserve left short term interest rates unchanged in its March meeting and suggested a cautious approach to rate hikes for the rest of the year.

During the quarter ended June 30, investors’ worries shifted from a collapse in China to a recession in the U.S. and increasing oil prices, and finally, to Brexit; the United Kingdom’s vote to exit the European Union (EU). The vote to leave the EU sparked a market correction, amplifying economic uncertainty, increasing volatility, and driving down the pound. However, these events were quickly followed by a strong bounce back to earlier, more stable levels.

In the third quarter of 2016, the country’s attention remained focused on the expected outcome of the next U.S. Presidential and Congressional elections and their impacts on markets. The candidates have diverging goals on regulations, foreign policy, and how to rebuild infrastructure in this country. Headline unemployment has remained steady throughout 2016 at around 5.0%, with the participation rate holding near 63%. Although wages are rising, productivity has flattened which could be a concern for future corporate profits as, in the long run, corporate profits drive the stock market.

Among the better performing stocks during the year were Exelixis Inc. (0.2% of net assets as of September 30, 2016), a genomics based discovery company focused on development of drugs, crop protection, and plant biotechnology; Callon Petroleum (0.4%), an independent oil and natural gas company focused on growing production and reserves in the Permian Basin; and AEP Industries (0.8%), a leader in flexible packaging products and polyethylene films.

Some of the Fund’s weaker performing holdings during the year were Internap Corp. (0.1%), an Internet infrastructure provider that offers cloud hosting, colocation, Internet Protocol services, data center, and Content Delivery Network services; Falconstor Software (0.1%), a software defined storage provider providing data protection and storage virtualization; and Moduslink Global Solutions (0.3%), formerly CMGI Inc., a U.S. company that provides supply chain management services to global technology and software companies across its worldwide operations.

We appreciate your continued confidence and trust.

3

Average Annual Returns Through September 30, 2016 (a) (Unaudited)
	1 Year		5 Year		10 Year		15 Year		Since Inception (5/11/98)
Mighty MitesSM Fund Class AAA		14.98%		14.02%		9.29%		10.54%	11.16%
Russell MicrocapTM Index		13.47		16.37		5.50		8.86	N/A(b)
Russell 2000 Index		15.47		15.82		7.07		9.26	6.80
Lipper Small Cap Value Fund Average		15.12		14.30		6.38		9.77	7.83(c)
In the current prospectuses dated January 28, 2016, the expense ratio for Class AAA Shares is 1.41%. See page 40 for the expense ratios for the year ended September 30, 2016. Class AAA Shares do not have a sales charge. (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. Teton Advisors, Inc., (the “Adviser”) reimbursed expenses through September 30, 2005 to limit the expense ratios. Had such limitations not been in place, returns would have been lower. The Fund imposes 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 the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Russell Microcap™ Index is an unmanaged indicator which measures the performance of the microcap segment of the U.S. equity market. The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. The Lipper Small Cap Value Fund Average reflects the average performance of mutual funds classified in this particular category. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index. (b)    The inception date of the Russell Microcap™ Index is June 30, 2000. (c)    Lipper Small Cap Value Fund Average since inception performance is as of April 30, 1998.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE MIGHTY MITES^SM FUND CLASS AAA, THE RUSSELL 2000 INDEX,

AND THE RUSSELL MICROCAP™ INDEX (Unaudited)

*Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

**The Russell Microcap™ Index inception date is June 30, 2000 and the value of the Index prior to July 1, 2000 is that of the Mighty Mites^SM Fund (Class AAA).

4

SmallCap Equity Fund (Unaudited)

For the year ended September 30, 2016, the TETON Westwood SmallCap Equity Fund NAV per Class AAA Share appreciated 21.1% compared with a gain of 15.5% for the Russell 2000 Index. See below for additional performance information.

The Fund invests primarily in small cap companies that, through bottom-up fundamental research, the portfolio manager believes are attractively priced relative to their earnings growth potential or private market value. The Fund characterizes small capitalization companies as those companies with a market capitalization at the time of the Fund’s initial investment between $100 million and $2.5 billion.

The first calendar quarter of 2016 ended on a positive note as equities rebounded from the steep declines in January and February. After taking a battering during the first six weeks of the quarter, markets followed a V-shaped recovery as concerns over the global economy abated, with sentiment toward equities buoyed by accommodative central bank policy from Japan, Europe, and the U.S. Federal Reserve.

Following a challenging first quarter, equity investors sustained another bout of stock market turmoil with “Brexit,” Britain’s vote to exit the European Union. The election results came as a global shock and the stock market registered a sharp correction, only to later stage a dramatic recovery that ended the third calendar quarter in positive territory.

During the quarter ended September 30, 2016, the U.S. economy remained on a slow growth trajectory at a 1.4% annual rate of GDP growth, compared with 2.6% for 2015. The U.S. added 156,000 jobs in September, below August’s 167,000 and July’s 252,000. However, the U.S. unemployment rate has fallen to 5.0% a level that has, in the past, suggested the country has reached full employment. The Institute for Supply Management (ISM) survey climbed to 57.1 in September, its highest level since October 2015. In September, auto sales jumped to a 17.65 million unit annual rate.

Among the better performing stocks for the year were: Intersil Corp. (2.7% of net assets as of September 30, 2016), which manufactures high performance analog mixed signal and power management semiconductors, primarily used within industrial and infrastructure end markets; Patterson-UTI Energy Inc. (2.5%), a provider of onshore contract drilling services to major and independent oil and natural gas operators in the U.S. and Canada; and FormFactor Inc. (1.4%), who designs, develops, manufactures, sells, and supports semiconductor probe card products worldwide. Our weaker performing stocks during the year were NetScout Systems Inc. (1.9%), which develops network monitoring software to perform deep inspection which identifies and address sources of traffic and bottlenecks; United Natural Foods Inc. (1.3%), a leading distributor of natural foods, operating within a fragmented industry and selling through various retail outlets from supermarkets to specialty stores; and Infinera Corp. (1.0%), who designs and builds network equipment for optical transport, which is the high speed transmission of data in the form of light waves.

We thank you for your continued confidence and trust.

Average Annual Returns through September 30, 2016 (a) (Unaudited)									Since Inception
	1 Year		5 Year		10 Year		15 Year		(4/15/97)
SmallCap Equity Fund Class AAA		21.08%		14.15%		7.25%		7.22%	7.73%
Russell 2000 Index		15.47		15.82		7.07		9.26	8.33
Russell 2000 Value Index		18.81		15.45		5.78		9.38	9.26

In the current prospectuses dated January 28, 2016, the gross expense ratio for Class AAA Shares is 1.66%, and the net expense ratio is 1.50% after contractual reimbursements by Teton Advisors, Inc. (the “Adviser”) in place through January 31, 2017. See page 41 for the expense ratios for the year ended September 31, 2016. Class AAA Shares do not have a sales charge.

(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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. The Fund imposes 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 the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. The Russell Value Index measure the performance of the small-capitalization sector of the U.S. equity market. It is a subset of the Russell 2000 Index. Investing in small capitalization securities involves special challenges because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. Dividends are considered reinvested. You cannot invest directly in an index.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE SMALLCAP EQUITY FUND

CLASS AAA AND THE RUSSELL 2000 INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

5

Mid-Cap Equity Fund (Unaudited)

For the year ended September 30, 2016, the TETON Westwood Mid-Cap Equity Fund NAV per Class AAA Share appreciated 8.2% compared with a gain of 14.3% for the Russell Midcap Index. See next page for additional performance information.

The Fund invests primarily in mid-cap companies that the portfolio managers believe are undervalued by the market and have above average growth potential. The Fund defines mid-cap companies as those whose market capitalization falls within a range of $1 billion to $20 billion. The portfolio managers seek to identify companies with attractive products or services, financial strength, strong competitive positions, high quality management, and reasonable valuation. As bottom up, fundamental, research driven investors, they seek to invest in attractively valued companies with strong balance sheets, secular growth, experienced management teams, solid earnings prospects, leading market shares, and superior long term fundamentals.

At the onset of the quarter ended March 2016, the backdrop for the U.S. equity market was a slowing economy and cautious consumer spending. Energy related capital expenditures remained weak as oil prices plunged below $27 a barrel. Deteriorating economic growth in China, Japan, and the Eurozone threatened domestic businesses with international exposure and reinforced doubts that U.S. economy was not, in fact, immune from a global slowdown.

The June quarter saw a gradually improving economy; U.S. equities moved higher during most of the quarter, with midcap stocks advancing 4.0% through the third week in June. However, on June 23, the UK’s decision to exit the European Union (Brexit) sent stocks into a tailspin. The meltdown lasted two days, wiping out all of the quarter’s gains. In the remaining days of the quarter however, U.S. equities recouped most of what they had lost. Midcap stocks ended the quarter up 3.2%, slightly outperforming large caps and trailing small caps.

In defiance of several destabilizing events during the September quarter, U.S. equities saw modest gains, closing out the period near record levels. The Federal Reserve kept rates unchanged at its September meeting, while keeping investors on guard with its resolve to raise rates before the end of the year. In the end, midcap stocks delivered 4.5% returns as measured by the Russell Midcap Index.

Among the better performing stocks for the year were Mercadolibre (2.1% of net assets as of September 30, 2016), an Argentine online marketplace dedicated to e-commerce and online auctions; Insulet Corp. (1.5%), a medical device company that developed and markets the only tubeless patch insulin pump for Type I diabetics; and Pioneer Natural Resources (2.7%), an independent exploration and production company operating primarily in the Permian basin.

Some detractors from the portfolio were Norwegian Cruise Line Holdings (1.2%), a Bermuda incorporated, U.S. headquartered company operating cruise ships throughout the world; WisdomTree Investments (0.5%), a New York based asset manager of exchange-traded funds and exchange-traded products; and Alexion Pharmaceuticals (1.4%), one of the world’s leading rare disease companies focused on developing life transforming therapies for patients with devastating and rare diseases.

We appreciate your confidence and trust.

6

Average Annual Returns through September 30, 2016 (a) (Unaudited)

			Since
			Inception
	1 Year		(5/31/13)
Mid-Cap Equity Fund Class AAA		8.23%		6.93%
Russell Midcap Index		14.25		10.32(b)
Russell Midcap Growth Index		11.24		10.09(b)

In the current prospectuses dated January 28, 2016, the gross expense ratio for Class AAA Shares is 2.74%, and net expense ratio is 1.51% after contractual reimbursements by Teton Advisors, Inc., (the “Adviser”) in place through January 31, 2017. See page 42 for the expense ratios for the year ended September 30, 2016. Class AAA Shares do not have a sales charge.

(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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. The Fund imposes 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 the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Russell Midcap Index is an unmanaged indicator which measures the performance of the mid-cap segment of the U.S. equity market. The Russell Midcap Growth Index is an unmanaged indicator which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. Dividends are considered reinvested. You cannot invest directly in an index.

(b) Russell Midcap and Russell Midcap Growth Indices since inception performance is from May 30, 2013.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE MID-CAP EQUITY FUND

CLASS AAA AND THE RUSSELL MIDCAP INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

7

Income Fund (Unaudited)

For the year ended September 30, 2016, the TETON Westwood Income Fund NAV per Class AAA Share appreciated 10.4% compared with gains of 15.4% and 14.6% for the Standard & Poor’s (“S&P”) 500 Index and the Lipper Equity Income Fund Average, respectively. See below for additional performance information.

The Fund invests in companies to participate in the growth of earnings and cash flow. The portfolio manager looks for companies that she believes will continue to return cash flow to shareholders, resulting in higher share price valuation. The Fund looks to build a steady component of not only current return from dividend yields, but also rising dividend payout.

The March 2016 quarter saw evidence of slowing growth via falling retail sales, with a concerning drop in spending on gasoline and autos, contrary to the expectation that the windfall from lower energy prices would boost other consumer spending. The markets recovered that lost ground in the second half of the quarter, as economic news consistent with slow but not slowing growth came through. On a positive note, the U.S. labor market showed firm gains, albeit at a low level.

In the quarter ended June 30, the economy found solid ground, with firm evidence that the U.S. labor market continued to improve, although tepidly. Employment gains continued to be steady and the economy saw growth continue at a stable, but moderate pace. Consumer spending picked up, supported by solid progression in income and wage gains.

The September quarter saw a mixed set of data including an improvement in consumer spending. However, core income growth, meaning wages and salaries, has been in a slowing trend for over a year. The long term slow growth in GDP has resulted in low sales growth for corporations, which has put downward pressure on profits and capital spending. This has been part of the circle of low growth and more accommodative monetary and fiscal policies, not just in the United States, but globally.

Among the better performing stocks (all no longer held), for the fiscal year were Newmont Mining Corp., the second largest gold producer in the world; Apache Corp., an oil and gas exploration and production company with operations in the United States, Canada, Egypt, and the United Kingdom; and International Paper Co, a producer and distributor of paper, packaging, and forest products, including building materials.

Some of the Fund’s weaker performing stocks (all no longer held) during the year were Gilead Sciences , a research based biopharmaceutical company focused on the discovery, development, and commercialization of innovative medicine; Legg Mason, an American investment management firm with a focus on asset management and serves customers worldwide; and Weatherford International, an oil and gas service company with a presence in every major oil and gas region of the world.

Effective October 1, 2016, the TETON Westwood Income Fund was rebranded as the TETON Convertible Securities Fund, and changed its investment strategy to invest in a portfolio consisting primarily of convertible securities from income-oriented equities. The Fund will invest at least 80% of its assets in convertible securities. Thomas Dinsmore, CFA, Jane O’Keeffe, and James Dinsmore, CFA, will join Barbara Marcin, CFA, on the portfolio management team.

We appreciate your confidence and trust.

Average Annual Returns Through September 30, 2016 (a) (Unaudited)

									Since
									Inception
	1 Year		5 Year		10 Year		15 Year		(9/30/97)
Income Fund Class AAA		10.39%		9.62%		3.97%		7.79%		7.00%
S&P 500 Index		15.43		16.37		7.24		7.15		6.42
Lipper Equity Income Fund Average		14.61		13.94		5.87		6.69		5.94

In the current prospectuses dated January 28, 2016, the gross expense ratio for Class AAA Shares is 2.40% and the net expense ratio is 2.00% after contractual reimbursements by Teton Advisors, Inc. (the “Adviser”) in place through January 31, 2017. See page 43 for the expense ratios for the year ended September 30, 2016. Class AAA Shares do not have a sales charge.

(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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. The Fund imposes 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 the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Lipper Equity Income Fund Average includes the 30 largest equity income funds tracked by Lipper, Inc. Dividends are considered reinvested. You cannot invest directly in an index.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE INCOME FUND CLASS AAA,

THE S&P 500 INDEX, AND THE LIPPER EQUITY INCOME FUND AVERAGE (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

8

Equity Fund (Unaudited)

The TETON Westwood Equity Fund underperformed the benchmark S&P 500 Index over the fiscal year. For the twelve months ended September 30, 2016, the Equity Fund Class AAA shares posted a gains of 11.4%, net of expenses, versus the S&P 500 Index gains of 15.4%. See below for additional performance information.

During the fiscal year ended September 30, 2016, the markets saw selloffs, rallies off the bottom, and subsequent new all-time highs for the vast majority of the major indices across the market capitalization spectrum. Further, a new paradigm emerged as the previous zero bound for interest rates was pierced early in 2016 by the Bank of Japan. The Federal Reserve remained unchanged on the rate front. Following the United Kingdom’s referendum’s passage to exit the European Union, uncertainty rose and markets fell for the briefest of times before another round of central bank commentary pledging their support, should it be necessary, sparked another strong rally and the aforementioned new all-time highs in the indices.

The best-performing sectors for the S&P 500 were Technology, with a large weighting to go along with strong performance, and Materials. Utilities also saw a strong move higher on the back of the falling yields of comparable fixed income securities. The “FANG” stocks comprising Facebook, Amazon, Netflix, and Google/Alphabet again outperformed by nearly twice the return of the S&P 500.

Positive drivers of relative Fund performance over the twelve months were strong stock selection in the Health Care sector and a slight overweight and outperformance by the Utilities holdings. The top two contributors to returns came from Health Care. Johnson & Johnson (3.0% of net assets as of September 30, 2016), where improvements in its consumer business coupled with the acquisition of Vogue Healthcare to tuck in additional products and brands, were well received by the Street. Becton, Dickinson and Co. (2.1%) continued its long string of positive earnings surprises. Its recent deal for CareFusion appears to be a great strategic acquisition and supports both revenue and cost synergies going forward. Comcast Corp.’s (3.5%) string of consistently good quarterly earnings also continued as the merits of its positioning with regard to video consumption shifting towards on-demand and its strong content position with upside from NBCU, and its recent acquisition of DreamWorks further enhances that.

Distractors to the Fund’s performance were Wells Fargo & Co. (2.8%), which was in the headlines with the negative development regarding its cross-selling practices. Public Storage (1.8%) shares were pressured over fears of incremental supply and slower fundamentals. V.F. Corp (1.8%) fell as the broader retail space has seen pressure as mall traffic has largely underwhelmed.

We appreciate your confidence and trust.

Average Annual Returns through September 30, 2016 (a) (Unaudited)

									Since
									Inception
	1 Year		5 Year		10 Year		15 Year		(1/2/87)
Equity Fund Class AAA		11.43%		14.56%		5.62%		6.88%		9.82%
S&P 500 Index		15.43		16.37		7.24		7.15		10.11(b)

In the current prospectuses dated January 28, 2016, the expense ratio for Class AAA Shares is 1.59%. See page 44 for the expense ratios for the year ended September 30, 2016. Class AAA Shares do not have a sales charge.

(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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(b) S&P 500 Index since inception performance is as of December 31, 1986.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN

THE EQUITY FUND CLASS AAA AND THE S&P 500 INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

9

Balanced Fund (Unaudited)

For twelve months ended September 30, 2016, the TETON Westwood Balanced Fund Class AAA Shares posted a return of 8.6%, net of expenses, versus the Bloomberg Barclays Government/Credit Bond Index return of 5.9%. The Fund’s return was less than a common balanced benchmark comprised of 60% S&P 500 Index and 40% of the Bloomberg Barclays Capital Government/Credit Bond Index which returned 11.6%. See next page for additional performance information.

The Fund is designed to provide exposure to equities while reducing overall risk through investment in investment grade fixed income securities. The bond portion typically invests in high-quality notes with lower interest rate sensitivity — and generally a shorter maturity — than the Bloomberg Barclays Government/Credit Bond Index (BB G/C), with the objective of dampening the volatility of equity holdings.

Comments from the Intermediate Bond and Equity Funds also apply to the Balanced Fund.

Throughout the Balanced Fund’s fiscal year and relative to the 60/40 index, the Fund’s asset allocation was overweight U.S. Equities and underweight U.S. Fixed Income. This tilt was beneficial for this time period, as the equity portion return of the Fund exceeded the fixed income return every quarter except the first quarter of 2016.

For the year ended September 30, 2016, the U.S. Treasury yield curve flattened as long Treasury maturity yields declined 0.45-0.55% and shorter yields increased. Corporate spreads tightened relative to duration matched Treasury yields and Baa-rated corporate credits outperformed higher-rated credits. U.S. Credits returned 8.30%, more than double the return of U.S. Governments at 4.00%. Long Credits in the BB G/C Index returned 15.73% and Long Governments 13.02%. Within Corporates, Utility and Industrial debt led Financial debt by over 3.00%.

Factors driving the Fund’s performance for the year relative to the BB G/C included: (1) positive effects from allocation decisions to markedly underweight U.S. Treasuries and to overweight the top-performing Industrial sector and Corporates in general; and (2) negative effects derived from under-owning long maturity securities during a period in which they led index performance.

The top six contributors to the Fund’s performance for the year all mature in 2024 and included one U.S. Agency note: Fannie Mae 2.625% due 06-Sep-2024 (1.8% of net assets as of September 30, 2016) and five corporate notes: Capital One Financial Corp. 3.75% due 24-Apr-2024 (1.0%), Aetna Inc. 3.5% due 15-Nov-2024 (1.0%), Morgan Stanley 3.7% due 23-Oct-2024 (1.0%), CVS Health Corp 3.375% due 12-Aug-2024 (1.0%), and Goldman Sachs Group Inc. 3.85% due 08-Jul-2024 (1.0%).

Detracting from performance were two notes which were sold during the year: EMC Corp. 3.375% due 01-Jun-2023 and Marathon Oil Corp 5.9% due 15-Mar-2018.

We appreciate your confidence and trust.

10

Average Annual Returns through September 30, 2016 (a) (Unaudited)

									Since
									Inception
	1 Year		5 Year		10 Year		15 Year		(10/1/91)
Balanced Fund Class AAA		8.55%		9.66%		5.10%		5.99%		8.29%
Bloomberg Barclays Government/Credit Bond Index		5.86		3.24		4.86		4.90		6.06(c)
S&P 500 Index		15.43		16.37		7.24		7.15		9.34(c)
60% S&P 500 Index and 40% Bloomberg Barclays Government/Credit Bond Index (b)		11.60		11.12		6.29		6.25		8.03

In the current prospectuses dated January 28, 2016, the expense ratio for Class AAA Shares is 1.31%. See page 45 for the expense ratios for the year ended September 30, 2016. Class AAA Shares do not have a sales charge.

(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. Teton Advisors, Inc., (the “Adviser”), reimbursed expenses in years prior to 1998 to limit the expense ratio. Had such limitation not been in place, returns would have been lower. Investors should carefully consider the investment objectives, risks, charges, and expenses of the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Bloomberg Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(b) The Blended Index consists of a 60% blend of each of the S&P 500 Index and 40% Bloomberg Barclays Government/Credit Bond Index.

(c) S&P 500 Index and Bloomberg Barclays Government/Credit Bond Index since inception performances are as of September 30, 1991.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE BALANCED FUND CLASS AAA,

THE S&P 500 INDEX, AND A COMPOSITE OF 60% OF THE S&P 500 INDEX AND 40% OF

THE BLOOMBERG BARCLAYS GOVERNMENT/CREDIT BOND INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

11

Intermediate Bond Fund (Unaudited)

For the year ended September 30, 2016, the TETON Westwood Intermediate Bond Fund NAV per Class AAA Share increased 4.1% compared with the Bloomberg Barclays Government/Credit Bond Index which was up 5.9%. See below for additional performance information.

During the fourth quarter of 2015, the opening quarter of the Fund’s fiscal year, yields on intermediate and long term Treasuries increased and prices correspondingly declined. The Federal Reserve voted unanimously in December to increase the short term Federal Funds rate for the first time since 2006. That rate had been held near 0.00% since 2008. The U.S. Treasury Yield Curve continued to flatten as the yield on the 2-year Treasury increased from 0.65% to 1.05%; the 10-year yield increased less from 2.04% to 2.27%, and the 30-year yield increased from 2.87% to 3.01%.

Investment grade bond prices rallied during the first calendar quarter of 2016 as the Bloomberg Barclays U.S. Government/Credit Bond Index (BCG/C) posted a 3.47% return: 2.45% for notes maturing in 1-10 years, and 7.30% for bonds of maturity greater than 10 years.

Total returns on investment grade bonds rose again in the Fund’s fiscal third quarter, building on gains from the second quarter. Treasury prices rallied higher after three June events: (1) the weaker than expected May jobs report, (2) the Federal Reserve Open Market Committee (FOMC) pushing out expectations on future rate hikes, and (3) the U.K.’s unexpected referendum vote to leave the European Union.

Investment grade bonds returns were flat for the quarter ended September 30, 2016. Treasuries as a whole posted small losses while corporate bonds logged small gains. Britain’s decision to exit the European Union caused the 10-year Treasury yield to fall to its lowest level on record: 1.36% at the beginning of the quarter. The yield on the 10-year Treasury increased from 1.47% to 1.60% during the quarter. The 30-year Treasury earned a slightly positive return as the yield ended nearly unchanged. Investment grade credit spreads tightened by roughly 15 basis points during the quarter causing duration matched corporate bonds to outperform Treasuries.

Several factors influencing the BB G/C performance during third quarter had even more pronounced effects during the 12-month fiscal year ended September 30, 2016: (1) the U.S. Treasury yield curve markedly flattened as long Treasury maturity yields declined 0.45-0.55% and shorter yields increased, (2) corporate spreads tightened relative to duration matched Treasury yields and (3) Baa-rated corporate credits outperformed higher-rated credits. U.S. Credits returned 8.30%, more than double the return of U.S. Governments at 4.00%. Long Credits in the index returned 15.73% and Long Governments 13.02%. Within Corporates, Utility and Industrial debt led Financial debt by over 3.00%.

The top five contributors to fiscal year Fund performance included the long U.S. Treasury 2.5% due 15-Feb-2045 (sold) and four intermediate-maturity corporate notes: AT&T Inc. 3.9% due 11-Mar-2024 (2.6% of net assets as of September 30, 2016), Capital One Financial Corp. 3.75% due 24-Apr-2024 (2.1%), Aetna Inc. 3.5% due 15-Nov-2024 (2.1%), and United Technologies Corp 3.1% due 01-Jun-2022 (2.1%). Detracting the most from performance were three industrial corporate notes which were all sold during the year: Murphy Oil Corp 2.5% due 01-Dec-2017, EMC Corp 3.375% due 01-Jun-2023, and Marathon Oil Corp 5.9% due 15-Mar-2018.

We thank you for your continued confidence and trust.

Average Annual Returns through September 30, 2016 (a) (Unaudited)

									Since
									Inception
	1 Year		5 Year		10 Year		15 Year		(10/1/91)
Intermediate Bond Fund Class AAA		4.06%		1.48%		3.26%		3.37%		4.76%
Bloomberg Barclays Government/Credit Bond Index		5.86		3.24		4.86		4.90		6.06(b)

In the current prospectuses dated January 28, 2016, the gross expense ratio for AAA Shares is 1.37%. The net expense ratio is 1.01%, after contractual reimbursements by Teton Advisors, Inc., (the “Adviser”) in place through January 31, 2017. See page 46 for the expense ratios for the year ended September 30, 2016. Class AAA Shares do not have a sales charge.

(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. The Adviser reimbursed expenses to limit the expense ratio. Had such limitation not been in place, returns would have been lower. Investors should carefully consider the investment objectives, risks, charges, and expenses of the 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. Other share classes are available and have different performance characteristics. See page 2 for performance of other classes of shares. The Bloomberg Barclays Government/Credit Bond Index is a market value weighted index that tracks the performance of fixed rate, publicly placed, dollar denominated obligations. Dividends are considered reinvested. You cannot invest directly in an index.

(b) The Bloomberg Barclays Government/Credit Bond Index since inception performance is as of September 30, 1991.

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE

INTERMEDIATE BOND FUND CLASS AAA AND

THE BLOOMBERG BARCLAYS GOVERNMENT/CREDIT BOND INDEX (Unaudited)

* Past performance is not predictive of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

12

This page was intentionally left blank.

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from April 1, 2016 through September 30, 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. The “Annualized Expense Ratio” represents the actual expenses for the last six months and may be different from the expense ratio in the Financial Highlights which is for the year ended September 30, 2016.

14

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from April 1, 2016 through September 30, 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
	04/01/16	09/30/16	Ratio	Period*	04/01/16	09/30/16	Ratio	Period*
TETON Westwood Mighty MitesSM Fund
Class AAA	$1,000.00	$1,111.80	1.40%	$  7.39	$1,000.00	$1,018.00	1.40%	$  7.06
Class A	$1,000.00	$1,110.50	1.64%	$  8.65	$1,000.00	$1,016.80	1.64%	$  8.27
Class C	$1,000.00	$1,107.40	2.15%	$11.33	$1,000.00	$1,014.25	2.15%	$10.83
Class I	$1,000.00	$1,113.20	1.15%	$  6.08	$1,000.00	$1,019.25	1.15%	$  5.81
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,175.40	1.50%	$  8.16	$1,000.00	$1,017.50	1.50%	$  7.57
Class A	$1,000.00	$1,174.60	1.75%	$  9.51	$1,000.00	$1,016.25	1.75%	$  8.82
Class C	$1,000.00	$1,171.10	2.25%	$12.21	$1,000.00	$1,013.75	2.25%	$11.33
Class I	$1,000.00	$1,177.20	1.25%	$  6.80	$1,000.00	$1,018.75	1.25%	$  6.31
TETON Westwood Mid-Cap Equity Fund
Class AAA	$1,000.00	$1,086.90	1.18%	$  6.16	$1,000.00	$1,019.10	1.18%	$  5.96
Class A	$1,000.00	$1,084.70	1.43%	$  7.45	$1,000.00	$1,017.85	1.43%	$  7.21
Class C	$1,000.00	$1,082.20	1.95%	$10.15	$1,000.00	$1,015.25	1.95%	$  9.82
Class I	$1,000.00	$1,088.90	0.80%	$  4.18	$1,000.00	$1,021.00	0.80%	$  4.04
TETON Westwood Income Fund
Class AAA	$1,000.00	$1,069.60	2.00%	$10.35	$1,000.00	$1,015.00	2.00%	$10.08
Class A	$1,000.00	$1,068.00	2.25%	$11.63	$1,000.00	$1,013.75	2.25%	$11.33
Class C	$1,000.00	$1,064.60	2.75%	$14.19	$1,000.00	$1,011.25	2.75%	$13.83
Class I	$1,000.00	$1,070.20	1.75%	$  9.06	$1,000.00	$1,016.25	1.75%	$  8.82
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,041.40	1.63%	$  8.32	$1,000.00	$1,016.85	1.63%	$  8.22
Class A	$1,000.00	$1,040.60	1.88%	$  9.59	$1,000.00	$1,015.60	1.88%	$  9.47
Class C	$1,000.00	$1,038.10	2.38%	$12.13	$1,000.00	$1,013.10	2.38%	$11.98
Class I	$1,000.00	$1,043.20	1.38%	$  7.05	$1,000.00	$1,018.10	1.38%	$  6.96
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,034.30	1.35%	$  6.87	$1,000.00	$1,018.25	1.35%	$  6.81
Class A	$1,000.00	$1,032.90	1.60%	$  8.13	$1,000.00	$1,017.00	1.60%	$  8.07
Class C	$1,000.00	$1,030.80	2.10%	$10.66	$1,000.00	$1,014.50	2.10%	$10.58
Class I	$1,000.00	$1,035.70	1.10%	$  5.60	$1,000.00	$1,019.50	1.10%	$  5.55
TETON Westwood Intermediate Bond Fund
Class AAA	$1,000.00	$1,019.30	1.00%	$  5.05	$1,000.00	$1,020.00	1.00%	$  5.05
Class A	$1,000.00	$1,018.80	1.10%	$  5.55	$1,000.00	$1,019.50	1.10%	$  5.55
Class C	$1,000.00	$1,016.20	1.75%	$  8.82	$1,000.00	$1,016.25	1.75%	$  8.82
Class I	$1,000.00	$1,021.40	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.

15

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of September 30, 2016:

TETON Westwood Mighty Mites^SM Fund

Diversified Industrial	10.4	%
U.S. Government Obligations	9.2	%
Health Care	8.5	%
Equipment and Supplies	5.9	%
Financial Services	5.8	%
Food and Beverage	4.5	%
Automotive: Parts and Accessories	4.1	%
Electronics	3.9	%
Machinery	3.6	%
Business Services	3.5	%
Telecommunications	3.3	%
Computer Software and Services	3.0	%
Specialty Chemicals	2.9	%
Hotels and Gaming	2.8	%
Entertainment	2.7	%
Consumer Products	2.6	%
Real Estate	2.3	%
Retail	2.1	%
Aerospace and Defense	2.1	%
Restaurants	1.9	%
Building and Construction	1.6	%
Publishing	1.4	%
Metals and Mining	1.4	%
Broadcasting	1.4	%

Aviation: Parts and Services	1.2	%
Manufactured Housing and Recreational Vehicles	1.0	%
Energy and Utilities: Water	1.0	%
Energy and Utilities: Natural Gas	0.8	%
Environmental Control	0.7	%
Consumer Services	0.6	%
Energy and Utilities: Integrated	0.5	%
Automotive	0.5	%
Transportation	0.4	%
Semiconductors	0.4	%
Energy and Utilities: Services	0.4	%
Energy and Utilities: Oil	0.4	%
Communications Equipment	0.3	%
Airlines	0.3	%
Paper and Forest Products	0.2	%
Agriculture	0.2	%
Closed-End Business Development Company	0.1	%
Educational Services	0.0	%*
Computer Hardware	0.0	%*
Other Assets and Liabilities (Net)	0.1	%
	100.0	%

* Amount represents less than 0.05%

TETON Westwood SmallCap Equity Fund

Financial Services	20.9	%
Semiconductors	15.9	%
U.S. Government Obligations	11.4	%
Energy and Utilities	9.5	%
Retail	7.7	%
Business Services	7.3	%
Health Care	5.6	%
Computer Software and Services	4.9	%
Telecommunications	4.1	%
Building and Construction	3.9	%

Electronics	3.7	%
Equipment and Supplies	2.8	%
Specialty Chemicals	2.6	%
Diversified Industrial	2.1	%
Aerospace	0.7	%
Machinery	0.5	%
Consumer Products	0.4	%
Other Assets and Liabilities (Net)	(4.0	)%
	100.0	%

TETON Westwood Mid-Cap Equity Fund

Consumer Discretionary	18.9	%
Information Technology	17.5	%
Industrials	17.2	%
Health Care	16.9	%
Financials	15.5	%
Energy	7.1	%

Consumer Staples	2.9	%
U.S. Government Obligations	2.5	%
Materials	1.8	%
Other Assets and Liabilities (net)	(0.3	)%
	100.0	%

16

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Westwood Income Fund

Convertible Corporate Bonds	2.8	%
U.S. Government Obligations	29.3	%

Other Assets and Liabilities (Net)	67.8	%
	100.0	%

TETON Westwood Equity Fund

Financial Services	12.3	%
Health Care	12.0	%
Banking	8.3	%
Food and Beverage	7.6	%
Retail	6.3	%
Computer Software and Services	6.1	%
Aerospace	5.1	%
Consumer Products	4.7	%
Energy: Oil	4.5	%
Telecommunications	4.1	%
Business Services	3.9	%
Energy and Energy Services	3.9	%
Energy: Integrated	3.9	%

Cable and Satellite	3.5	%
Transportation	2.2	%
Diversified Industrial	2.1	%
Electronics	2.0	%
Entertainment	2.0	%
Specialty Chemicals	1.9	%
Real Estate Investment Trusts	1.8	%
Mutual Fund	1.0	%
Energy: Natural Gas	1.0	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

TETON Westwood Balanced Fund

Health Care	12.5	%
Financial Services	11.2	%
Banking	9.6	%
Consumer Products	5.4	%
Food and Beverage	5.2	%
U.S. Treasury Notes	4.9	%
Computer Software and Services	4.1	%
Retail	4.1	%
Energy: Oil	3.8	%
Electronics	3.7	%
Aerospace	3.4	%
Transportation	3.0	%
Federal Home Loan Mortgage Corp.	2.8	%
Energy and Energy Services	2.6	%
Diversified Industrial	2.6	%

Telecommunications	2.5	%
Mutual Fund	2.5	%
Business Services	2.5	%
Energy: Integrated	2.5	%
Cable and Satellite	2.3	%
Federal National Mortgage Association	1.8	%
U.S. Treasury Inflation Indexed Notes	1.7	%
Entertainment	1.5	%
Specialty Chemicals	1.2	%
Real Estate Investment Trusts	1.1	%
Computer Hardware	1.1	%
Energy: Natural Gas	0.6	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	58.2	%
U.S. Government Obligations	19.9	%
U.S. Government Agency Obligations	11.5	%
Mutual Fund	9.9	%

Other Assets and Liabilities (Net)	0.5	%
	100.0	%

17

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS — 90.2%
	Aerospace and Defense — 2.1%
1,218,900	Aerojet Rocketdyne Holdings Inc.†	$	5,625,828	$	21,428,262
123,000	Innovative Solutions & Support Inc.†		472,250		391,140
7,000	Kratos Defense & Security Solutions Inc.†		42,963		48,230
			6,141,041		21,867,632
	Agriculture — 0.2%
225	J.G. Boswell Co.		144,676		144,563
103,290	Limoneira Co.		1,997,007		1,952,181
			2,141,683		2,096,744
	Airlines — 0.3%
80,000	American Airlines Group Inc.		32,753		2,928,800
225,000	American Airlines Group Inc., Escrow†		3,288		198,000
			36,041		3,126,800
	Automotive — 0.5%
27,200	Lithia Motors Inc., Cl. A		517,533		2,598,144
20,000	Navistar International Corp.†		152,109		457,800
66,500	Sonic Automotive Inc., Cl. A		849,600		1,250,200
70,000	Wabash National Corp.†		132,194		996,800
			1,651,436		5,302,944
	Automotive: Parts and Accessories — 3.9%
490,781	Accuride Corp.†		1,110,459		1,256,399
6,000	China Automotive Systems Inc.†		34,007		24,900
105,000	Dana Inc.		624,232		1,636,950
400,000	Federal-Mogul Holdings Corp.†		3,578,148		3,844,000
13,400	Gentherm Inc.†		194,890		421,028
25,000	Jason Industries Inc.†		122,980		55,500
196,600	Modine Manufacturing Co.†		1,907,098		2,331,676
24,000	Motorcar Parts of America Inc.†		315,465		690,720
60,000	Puradyn Filter Technologies Inc.†		13,098		1,701
73,000	Shiloh Industries Inc.†		1,002,673		516,110
122,200	Standard Motor Products Inc.		1,271,525		5,836,272
175,700	Strattec Security Corp.		4,358,489		6,202,210
516,000	Superior Industries International Inc.		9,522,378		15,046,560
37,000	Tenneco Inc.†		115,032		2,155,990
35,000	Titan International Inc.		297,192		354,200
33,425	Tower International Inc.		736,834		805,543
			25,204,500		41,179,759
	Aviation: Parts and Services — 1.2%
13,500	Astronics Corp.†		110,901		608,175
14,778	Astronics Corp., Cl. B†		117,275		667,818
125,642	Ducommun Inc.†		2,158,735		2,869,663
197,301	Kaman Corp.		5,011,314		8,665,460
			7,398,225		12,811,116
	Broadcasting — 1.4%
614,200	ACME Communications Inc.†		18,229		20,269
732,233	Beasley Broadcast Group Inc., Cl. A(a)		3,883,673		3,976,025
38,000	Cumulus Media Inc., Cl. A†		171,148		12,536
83,700	Entercom Communications Corp., Cl. A		192,891		1,083,078
257,500	Gray Television Inc.†		280,841		2,667,700
80,042	Gray Television Inc., Cl. A†		530,550		818,429
33,300	Hemisphere Media Group Inc.†		470,382		424,575

Shares		Cost		Market Value
620,008	Salem Media Group Inc.	$	3,129,235	$	3,645,647
33,000	Sinclair Broadcast Group Inc., Cl. A		53,667		953,040
90,500	Townsquare Media Inc., Cl. A†		882,376		845,270
41,675	Videocon d2h Ltd., ADR†		265,893		407,582
			9,878,885		14,854,151
	Building and Construction — 1.6%
141,000	Gibraltar Industries Inc.†		3,237,843		5,238,150
866,000	Huttig Building Products Inc.†		1,009,303		5,005,480
107,074	MYR Group Inc.†		2,422,367		3,222,927
99,460	The Monarch Cement Co.		2,621,010		3,841,643
			9,290,523		17,308,200
	Business Services — 3.5%
264,900	Ascent Capital Group Inc., Cl. A†		6,957,990		6,137,733
2,000	Cenveo Inc.†		30,565		14,100
1,246	Du-Art Film Labs Inc.†		211,045		212,443
705,520	Edgewater Technology Inc.†(a)		2,293,833		5,996,920
101,271	GP Strategies Corp.†		928,058		2,493,292
23,300	ICF International Inc.†		558,939		1,032,656
545,500	Internap Corp.†		3,307,498		900,075
32,029	KAR Auction Services Inc.		443,660		1,382,372
8,000	Landauer Inc.		282,324		355,840
16,000	Macquarie Infrastructure Corp.		133,758		1,331,840
4,560	Matthews International Corp., Cl. A		200,594		277,066
20,000	McGrath RentCorp.		535,869		634,200
1,640,000	ModusLink Global Solutions Inc.†		5,710,498		2,689,600
30,000	Pendrell Corp.†		48,782		20,553
196,772	PFSweb Inc.†		943,201		1,757,174
182,359	PRGX Global Inc.†		1,068,600		858,911
322,800	Pure Technologies Ltd.		1,507,350		1,441,829
40,216	Safeguard Scientifics Inc.†		699,254		521,199
242,000	Scientific Games Corp., Cl. A†		2,861,472		2,727,340
1,000	Stamps.com Inc.†		12,517		94,510
120,090	Team Inc.†		3,308,716		3,928,148
15,000	Trans-Lux Corp.†		99,560		40,875
37,282	Viad Corp.		993,885		1,374,587
			33,137,968		36,223,263
	Closed-End Business Development Company — 0.1%
109,000	MVC Capital Inc.		1,076,119		903,610
	Communications Equipment — 0.3%
427,598	Communications Systems Inc.		3,949,303		2,035,366
275,000	Extreme Networks Inc.†		946,476		1,234,750
134,600	Sycamore Networks Inc.		659		20,876
30,000	ViewCast.com Inc.†		14,100		32
			4,910,538		3,291,024
	Computer Hardware — 0.0%
5,000	Violin Memory Inc.†		6,694		3,650
	Computer Software and Services — 3.0%
169,113	American Software Inc., Cl. A		1,540,435		1,877,154
65,000	Avid Technology Inc.†		638,597		516,100
317,000	Callidus Software Inc.†		1,754,441		5,816,950
79,687	Carbonite Inc.†		914,787		1,223,992
1,600	Cinedigm Corp., Cl. A†		27,077		3,136
1,000	CommerceHub Inc., Cl. A†		15,100		15,800
1,000	CommerceHub Inc., Cl. C†		15,081		15,910
96,932	comScore Inc.†		3,348,543		2,971,935
30,000	Datawatch Corp.†		257,678		222,300
56,101	Digi International Inc.†		566,777		639,551
595,250	EarthLink Holdings Corp.		2,345,936		3,690,550
770,000	FalconStor Software Inc.†		2,416,717		800,800

See accompanying notes to financial statements.

18

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Computer Software and Services (Continued)
1,410	Gemalto NV	$	8,172	$	90,411
25,000	Genius Brands International Inc.†		49,453		51,250
459,202	Global Sources Ltd.†		2,992,593		3,894,033
20,000	GSE Systems Inc.†		109,966		57,600
360,105	Guidance Software Inc.†		2,808,750		2,146,226
144,267	iGO Inc.†		484,473		418,374
458,356	Lionbridge Technologies Inc.†		1,640,566		2,291,780
10,000	Materialise NV, ADR†		58,532		77,000
35,500	Mercury Systems Inc.†		282,814		872,235
67,500	Mitek Systems Inc.†		199,734		559,575
5,502	MTS Systems Corp.		257,882		253,257
2,000	Qualstar Corp.†		17,642		7,780
193,803	Qumu Corp.†		2,273,291		443,809
200,000	Silicon Graphics International Corp.†		1,540,000		1,540,000
3,400	Tyler Technologies Inc.†		37,768		582,182
			26,602,805		31,079,690
	Consumer Products — 2.6%
127,200	Acme United Corp.		2,271,327		2,625,408
157,634	Bassett Furniture Industries Inc.		2,360,662		3,664,991
2,000	Brunswick Corp.		30,085		97,560
55,687	Callaway Golf Co.		383,296		646,526
10,000	Johnson Outdoors Inc., Cl. A		219,302		363,700
11,400	Lakeland Industries Inc.†		109,829		113,430
1,463,899	Marine Products Corp.		9,883,166		13,131,174
13,000	MarineMax Inc.†		63,807		272,350
1,200	National Presto Industries Inc.		90,916		105,348
75,031	Nautilus Inc.†		571,200		1,704,704
128,300	Oil-Dri Corp. of America		2,285,450		4,829,212
5,700	PC Group Inc.†		3,465		19
10,000	Sequential Brands Group Inc.†		115,723		80,001
22,000	Stanley Furniture Co Inc.		57,048		39,380
10,400	Syratech Corp.†		2,600		31
			18,447,876		27,673,834
	Consumer Services — 0.6%
485,500	1-800-Flowers.com Inc., Cl. A†		1,417,319		4,452,035
5,100	Angie’s List Inc.†		31,414		50,541
55,000	Bowlin Travel Centers Inc.†		69,687		81,125
800	Collectors Universe Inc.		0		14,824
74,991	XO Group Inc.†		732,512		1,449,576
			2,250,932		6,048,101
	Diversified Industrial — 10.2%
25,000	A.M. Castle & Co.†		185,448		20,000
74,492	AEP Industries Inc.		3,466,704		8,147,190
9,292	American Railcar Industries Inc.		147,177		385,339
440,000	Ampco-Pittsburgh Corp.		9,073,471		4,879,600
245,000	Burnham Holdings Inc., Cl. A(a)		3,937,979		4,187,050
107,122	Chase Corp.		1,559,550		7,404,273
115,500	Columbus McKinnon Corp.		1,897,964		2,060,520
446,598	FormFactor Inc.†		3,111,209		4,845,588
34,600	Graham Corp.		563,893		660,860
432,703	Griffon Corp.		4,709,349		7,360,278
17,095	Handy & Harman Ltd.†		434,057		359,679
25,000	Haulotte Group SA		134,090		378,009
30,000	Haynes International Inc.		1,399,060		1,113,300
7,000	Innophos Holdings Inc.		207,318		273,210
314,509	Insignia Systems Inc.†		914,190		739,096
232,030	Intevac Inc.†		1,053,210		1,368,977
87,649	John Bean Technologies Corp.		2,567,582		6,183,637
6,300	K2M Group Holdings Inc.†		108,204		112,014
269,000	Katy Industries Inc.†		287,565		127,775
91,507	L.B. Foster Co., Cl. A		1,607,718		1,098,999

Shares		Cost		Market Value
264,714	Lawson Products Inc.†	$	3,736,757	$	4,693,379
40,000	LSB Industries Inc.†		222,135		343,200
134,949	Lydall Inc.†		1,339,872		6,899,942
9,500	MSA Safety Inc.		306,832		551,380
607,900	Myers Industries Inc.		7,958,079		7,896,621
207,211	NAPCO Security Technologies Inc.†		1,105,247		1,491,919
170,100	Park-Ohio Holdings Corp.		3,364,793		6,200,145
250,000	Playmates Holdings Ltd.		292,138		294,595
25,080	Raven Industries Inc.		497,955		577,592
66,666	Rubicon Ltd.†		37,762		10,194
18,699	RWC Inc.†		306,532		259,916
493,604	Sevcon Inc.†(a)		2,866,836		4,368,395
25,000	Sevcon Inc.†(a)(b)		193,194		221,250
28,000	Standex International Corp.		928,588		2,600,360
600,000	Steel Partners Holdings LP†		9,640,487		8,610,000
375,000	Tredegar Corp.		6,539,066		6,971,250
296,000	Twin Disc Inc.		5,147,255		3,546,080
			81,849,266		107,241,612
	Educational Services — 0.0%
500,587	Corinthian Colleges Inc.†		198,119		476
73,000	Universal Technical Institute Inc.		951,729		129,940
			1,149,848		130,416
	Electronics — 3.9%
33,000	Alliance Semiconductor Corp.†		66,300		26,070
28,000	Badger Meter Inc.		477,554		938,280
172,800	Bel Fuse Inc., Cl. A(a)		3,202,668		3,481,920
345,500	CTS Corp.		2,875,109		6,426,300
70,000	Daktronics Inc.		686,143		667,800
49,789	Electro Scientific Industries Inc.†		507,868		280,810
63,771	EMRISE Corp.†		0		12,754
32,000	IMAX Corp.†		136,444		927,040
20,000	Iteris Inc.†		32,200		72,800
230,000	Kimball Electronics Inc.†		1,412,381		3,187,800
185,000	Kopin Corp.†		659,531		403,300
34,300	Mesa Laboratories Inc.		906,643		3,922,548
33,800	Methode Electronics Inc.		190,811		1,181,986
391,930	MOCON Inc.(a)		5,652,562		6,153,301
52,100	MoSys Inc.†		150,654		39,075
131,528	Park Electrochemical Corp.		2,113,684		2,284,641
82,074	Rofin-Sinar Technologies Inc.†		1,923,230		2,641,141
78,000	Schmitt Industries Inc.†		210,348		121,680
7,037	Sparton Corp.†		119,633		184,792
248,498	Stoneridge Inc.†		1,610,641		4,572,363
8,000	Stratasys Ltd.†		127,783		192,720
157,000	Ultra Clean Holdings†		478,219		1,163,370
25,000	Ultralife Corp.†		96,124		102,500
99,500	Ultratech Inc.†		1,819,137		2,296,460
			25,455,667		41,281,451
	Energy and Utilities: Alternative Energy — 0.0%
39,200	JA Solar Holdings Co. Ltd., ADR†		339,814		235,592
	Energy and Utilities: Integrated — 0.5%
89,440	Broadwind Energy Inc.†		563,104		393,536
135,100	Headwaters Inc.†		566,488		2,285,892
36,000	MGE Energy Inc.		848,987		2,034,360
			1,978,579		4,713,788
	Energy and Utilities: Natural Gas — 0.8%
260,000	Alvopetro Energy Ltd.†		241,629		42,608
33,750	Chesapeake Utilities Corp.		609,315		2,060,775
90,570	Corning Natural Gas Holding Co.		1,015,904		1,657,431
105,000	Delta Natural Gas Co. Inc.		1,603,470		2,504,250

See accompanying notes to financial statements.

19

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Energy and Utilities: Natural Gas (Continued)
29,000	Gas Natural Inc.	$	285,798	$	222,430
400,181	Gulf Coast Ultra Deep Royalty Trust†		260,838		26,412
15,000	Piedmont Natural Gas Co. Inc.		530,578		900,600
43,600	RGC Resources Inc.		566,134		1,063,840
2,333	US Energy Corp. Wyoming†		50,132		4,083
10,000	Whitecap Resources Inc.		84,862		83,540
			5,248,660		8,565,969
	Energy and Utilities: Oil — 0.4%
244,844	Callon Petroleum Co.†		1,971,677		3,844,051
57,900	Tesco Corp.		503,333		472,464
			2,475,010		4,316,515
	Energy and Utilities: Services — 0.4%
3,000	Archer Ltd.†		1,736		1,801
18,000	Dawson Geophysical Co.†		202,408		137,340
25,300	Flotek Industries Inc.†		279,150		367,862
15,000	Key Energy Services Inc.†		3,735		623
225,000	Layne Christensen Co.†		2,326,235		1,914,750
92,500	RPC Inc.†		218,733		1,554,000
7,100	Subsea 7 SA, ADR†		25,056		76,680
			3,057,053		4,053,056
	Energy and Utilities: Water — 1.0%
24,226	Artesian Resources Corp., Cl. A		482,625		691,410
45,174	Cadiz Inc.†		518,835		334,739
24,800	California Water Service Group		478,224		795,832
4,000	Connecticut Water Service Inc.		135,142		198,920
66,000	Consolidated Water Co. Ltd.		717,506		766,920
68,000	Energy Recovery Inc.†		280,443		1,086,640
29,933	Middlesex Water Co.		579,145		1,054,839
20,000	Mueller Water Products Inc., Cl. A		169,066		251,000
103,304	SJW Corp.		2,574,235		4,512,319
44,037	The York Water Co.		719,093		1,306,137
			6,654,314		10,998,756
	Entertainment — 2.7%
362,347	Canterbury Park Holding Corp.(a)		3,724,606		3,804,644
619,556	Dover Motorsports Inc.		1,521,154		1,530,303
717,763	Entravision Communications Corp., Cl. A		1,819,062		5,476,532
896,104	Media General Inc.†		5,358,015		16,515,197
133,400	RLJ Entertainment Inc.†		359,062		288,145
50,000	SFX Entertainment Inc.†		2,750		755
275,000	Sportech plc†		291,446		290,498
34,000	World Wrestling Entertainment Inc., Cl. A		509,340		724,200
			13,585,435		28,630,274
	Environmental Control — 0.7%
7,500	BioteQ Environmental Technologies Inc.†		12,419		257
598,228	Casella Waste Systems Inc., Cl. A†		2,833,948		6,161,748
15,718	Ceco Environmental Corp.		225,420		177,299
107,700	Hudson Technologies Inc.†		387,751		716,205
			3,459,538		7,055,509
	Equipment and Supplies — 5.9%
20,000	Amtech Systems Inc.†		215,643		99,200
20,000	AZZ Inc.		716,820		1,305,400
162,400	CIRCOR International Inc.		5,806,086		9,672,544

Shares		Cost		Market Value
309,202	Core Molding Technologies Inc.†		$    2,284,526	$	5,225,514
740,000	Federal Signal Corp.		5,383,673		9,812,400
440,000	Interpump Group SpA		3,207,907		7,498,175
709,000	Kimball International Inc., Cl. B		7,426,781		9,174,460
20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		265,667
1,500	Neff Corp., Cl. A†		13,803		14,250
20,103	Powell Industries Inc.		750,311		805,125
331,022	The Eastern Co.(a)		6,036,900		6,630,371
123,000	The Gorman-Rupp Co.		2,770,252		3,150,030
41,800	The Greenbrier Companies Inc.		866,098		1,475,540
319,577	The L.S. Starrett Co., Cl. A(a)		3,746,246		3,138,246
115,933	Titan Machinery Inc.†		1,917,267		1,205,703
133,200	TransAct Technologies Inc.		602,898		981,684
156,500	Vicor Corp.†		1,198,921		1,815,400
			43,052,249		62,269,709
	Financial Services — 5.8%
49,400	Anchor Bancorp.†		508,737		1,250,314
20,000	Atlantic American Corp.		75,277		65,200
17,000	Berkshire Bancorp Inc.		219,944		137,445
9,246	Berkshire Hills Bancorp Inc.		154,043		256,207
45,326	BKF Capital Group Inc.†		31,884		30,824
75	Burke & Herbert Bank and Trust Co.		95,726		144,675
4	Capital Financial Holdings Inc.		35,200		5,800
6,791	Capitol Federal Financial Inc.		75,244		95,549
18,200	Citizens & Northern Corp.		357,816		399,854
102,339	CoBiz Financial Inc.		1,159,544		1,362,132
28,800	Crazy Woman Creek Bancorp Inc.		497,983		379,872
35,800	Dime Community Bancshares Inc.		576,823		600,008
1,060	Farmers & Merchants Bank of Long Beach		5,774,164		6,614,400
40,000	Farmers National Banc Corp.		333,870		431,200
11,418	Fidelity Southern Corp.		71,198		209,977
32,000	First Internet Bancorp		661,348		738,880
588,483	Flushing Financial Corp.		9,569,430		13,958,817
10	Guaranty Corp., Cl. A†		137,500		400,000
183,860	Hallmark Financial Services Inc.†		1,609,508		1,891,919
15,000	Hancock Holding Co.		190,783		486,450
13,800	Heritage Commerce Corp.		114,043		150,972
58,200	Hilltop Holdings Inc.†		1,174,818		1,307,172
30,000	HomeStreet Inc.†		300,000		751,800
80,547	Hope Bancorp Inc.		861,128		1,399,100
90,843	KKR & Co. LP		109,868		1,295,421
20,200	LendingTree Inc.†		479,797		1,957,582
100,000	Medallion Financial Corp.		814,334		422,000
200,000	Monitise plc†		58,454		6,610
28,002	National Interstate Corp.		802,417		910,905
8,255	New York Community Bancorp Inc.		104,605		117,469
4,197	Northrim BanCorp Inc.		91,497		108,073
21,300	OceanFirst Financial Corp.		395,540		410,238
40,000	Oritani Financial Corp.		412,856		628,800
160,000	Pzena Investment Management Inc., Cl. A		1,355,682		1,232,000
36,971	Renasant Corp.		414,186		1,243,335
3,840	Security National Corp.		340,354		381,600
8,842	SI Financial Group Inc.		101,241		116,714
85,000	Silvercrest Asset Management Group Inc., Cl. A		1,171,743		1,008,950
1,200	Southeastern Bank Financial Corp.		64,581		64,554

See accompanying notes to financial statements.

20

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Financial Services (Continued)
20,594	Southwest Bancorp Inc.	$	370,915	$	391,080
685,000	Sprott Inc.		1,913,798		1,263,539
20,700	State Bank Financial Corp.		357,067		472,374
443,500	Steel Excel Inc.†		12,122,846		4,900,675
122,503	Sterling Bancorp		1,238,753		2,143,803
65,000	TheStreet Inc.		131,414		71,500
500	Thomasville Bancshares Inc.		16,510		16,263
10,000	TriState Capital Holdings Inc.†		98,183		161,500
55,000	TrustCo Bank Corp NY		253,000		389,950
127,100	United Financial Bancorp Inc.		1,749,440		1,759,064
33,089	Value Line Inc.		326,193		537,365
45,900	Washington Trust Bancorp Inc.		1,029,683		1,846,098
82,200	Waterstone Financial Inc.		876,303		1,396,578
87,100	Westfield Financial Inc.		746,912		666,315
395,000	Wright Investors’ Service Holdings Inc.†		605,954		276,500
132,000	Xenith Bankshares Inc.†		127,500		304,920
35,000	Yadkin Financial Corp.		736,188		920,150
			54,003,825		60,490,492
	Food and Beverage — 4.5%
29,200	Andrew Peller Ltd., Cl. A		366,944		755,623
57,500	Calavo Growers Inc.		1,670,128		3,762,225
110,000	Cott Corp.		748,495		1,567,500
520,000	Crimson Wine Group Ltd.†		4,722,247		4,498,000
195,913	Farmer Brothers Co.†		3,798,950		6,964,707
1,100	Hanover Foods Corp., Cl. A		110,881		89,606
314,331	Inventure Foods Inc.†		1,984,969		2,954,711
71,800	Iwatsuka Confectionery Co. Ltd.		3,676,273		2,478,182
1,500	J & J Snack Foods Corp.		21,623		178,680
22,531	John B Sanfilippo & Son Inc.		1,052,454		1,156,516
176,308	Lifeway Foods Inc.†		1,789,929		2,986,658
171,100	Massimo Zanetti Beverage Group SpA		1,886,499		1,374,274
66,500	MGP Ingredients Inc.		1,192,289		2,694,580
15,600	Rock Field Co. Ltd.		125,557		231,373
5,900	Scheid Vineyards Inc., Cl. A†		89,940		175,850
243,600	Snyder’s-Lance Inc.		5,677,399		8,180,088
300,000	SunOpta Inc.†		2,336,015		2,118,000
8,500	The Boston Beer Co. Inc., Cl. A†		288,591		1,319,710
80,000	The Hain Celestial Group Inc.†		827,229		2,846,400
270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		312,593
295,000	Vitasoy International Holdings Ltd.		161,353		594,838
23,000	Willamette Valley Vineyards Inc.†		88,087		182,850
			33,009,639		47,422,964
	Health Care — 8.4%
32,960	Accuray Inc.†		244,893		209,955
2,600	AcelRx Pharmaceuticals Inc.†		19,444		10,114
5,000	Achillion Pharmaceuticals Inc.†		19,520		40,500
12,700	Alere Inc.†		345,253		549,148
24,000	AngioDynamics Inc.†		294,826		420,960
341,461	Biolase Inc.†		449,404		597,557
872,000	BioScrip Inc.†		2,931,054		2,520,080
500	BioSpecifics Technologies Corp.†		19,466		22,835
143,100	BioTelemetry Inc.†		1,000,358		2,657,367
8,200	Boiron SA		138,640		833,642
113,100	Cantel Medical Corp.		1,256,041		8,819,538
111,100	Cardiovascular Systems Inc.†		1,885,169		2,637,514

Shares		Cost		Market Value
10,000	CareDx Inc.†	$	66,238	$	35,500
30,000	Cempra Inc.†		549,345		726,000
62,500	Cepheid†		595,116		3,293,125
115,000	Cogentix Medical Inc.†		390,961		209,300
339,498	Cutera Inc.†		3,009,731		4,046,816
1,000	Dextera Surgical Inc.†		9,046		1,890
77,500	Electromed Inc.†		173,672		352,625
100,000	EndoChoice Holdings Inc.†		799,970		798,000
232,473	Exactech Inc.†		4,257,604		6,283,745
200,000	Exelixis Inc.†		381,000		2,558,000
42,000	Genesis Healthcare Inc.†		335,604		112,140
1,000	Harvard Bioscience Inc.†		3,352		2,720
36,500	Heska Corp.†		349,968		1,986,695
4,022	ICU Medical Inc.†		208,829		508,300
633,835	InfuSystems Holdings Inc.†		1,649,886		1,755,723
13,000	Integer Holdings Corp.†		276,687		281,970
178,617	IntriCon Corp.†		730,232		1,002,041
140,000	Meridian Bioscience Inc.		2,878,754		2,700,600
122,750	Neogen Corp.†		508,434		6,866,635
181,407	NeoGenomics Inc.†		585,978		1,491,166
197,000	Nutraceutical International Corp.†		4,800,496		6,154,280
3,333	Nuvectra Corp.†		28,422		23,067
7,500	Omega Protein Corp.†		135,417		175,275
44,612	Omnicell Inc.†		732,122		1,708,640
238,000	OPKO Health Inc.†		1,567,206		2,520,420
45,200	Orthofix International NV†		965,181		1,933,204
35,000	Pain Therapeutics Inc.†		77,799		34,997
200	PhotoMedex Inc.†		1,825		258
2,500	PreMD Inc.†		4,580		0
147,061	Quidel Corp.†		1,709,110		3,248,577
66,000	RTI Surgical Inc.†		334,123		206,580
213,500	Special Diversified Opportunities Inc.†		206,946		204,960
276,792	SurModics Inc.†		5,937,256		8,328,671
101,249	Syneron Medical Ltd.†		885,583		724,943
2,000	Targanta Therapeutics Corp., Escrow†		0		640
24,000	Tetraphase Pharmaceuticals Inc.†		106,248		91,920
5,000	Titan Medical Inc.†		6,781		1,375
120,000	Trinity Biotech plc, ADR†		1,089,306		1,586,400
77,400	United-Guardian Inc.		703,712		1,126,944
5,174	Utah Medical Products Inc.		143,347		309,405
19,800	Vascular Solutions Inc.†		216,963		954,954
310,000	Zealand Pharma A/S†		3,857,036		4,607,040
			49,873,934		88,274,751
	Hotels and Gaming — 2.8%
71,800	Boyd Gaming Corp.†		416,103		1,420,204
65,540	Churchill Downs Inc.		2,576,247		9,591,779
138,000	Dover Downs Gaming & Entertainment Inc.†		573,765		151,800
79,000	Eldorado Resorts Inc.†		362,024		1,110,740
3,001	Empire Resorts Inc.†		56,172		60,737
361,155	Full House Resorts Inc.†		557,826		646,467
462,563	Golden Entertainment Inc.		4,008,249		5,768,161
3,935	Intrawest Resorts Holdings Inc.†		42,346		63,826
195,500	Morgans Hotel Group Co.†		918,722		394,910
10,000	Ryman Hospitality Properties Inc.		310,832		481,600
374,812	The Marcus Corp.		4,752,576		9,385,292
			14,574,862		29,075,516
	Machinery — 3.6%
316,000	Astec Industries Inc.		11,130,705		18,918,920
2,001	Capstone Turbine Corp.†		22,272		2,741
6,300	DMG Mori AG		40,709		306,723
12,200	DXP Enterprises Inc.†		222,516		343,918

See accompanying notes to financial statements.

21

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	Machinery (Continued)
538,461	Gencor Industries Inc.†	$	3,483,110	$	6,450,763
27,000	Global Power Equipment Group Inc.†		266,599		112,320
6,000	Hardinge Inc.		54,215		66,780
130,607	Key Technology Inc.†		1,879,237		1,411,862
15,664	Lindsay Corp.		1,058,407		1,158,823
49,300	Tennant Co.		1,064,922		3,194,640
44,400	The Middleby Corp.†		464,969		5,488,728
			19,687,661		37,456,218
	Manufactured Housing and Recreational Vehicles — 1.0%
57,500	Cavco Industries Inc.†		3,113,369		5,695,375
141,459	Nobility Homes Inc.†		1,293,193		2,298,709
47,796	Skyline Corp.†		222,012		654,327
61,000	Winnebago Industries Inc.		626,036		1,437,770
			5,254,610		10,086,181
	Metals and Mining — 1.4%
70,000	5N Plus Inc.†		251,966		91,238
10,000	Alkane Resources Ltd.†		3,333		3,712
177,800	Materion Corp.		3,821,160		5,460,238
760,000	Osisko Gold Royalties Ltd.		11,053,936		8,318,610
10,001	Peabody Energy Corp.†		58,350		15,501
900,000	Tanami Gold NL†		210,755		63,371
50,000	TimkenSteel Corp.†		491,491		522,500
			15,890,991		14,475,170
	Paper and Forest Products — 0.2%
25,600	Keweenaw Land Association Ltd.†		2,172,049		2,291,456
	Publishing — 1.4%
4,600	AH Belo Corp., Cl. A		31,229		33,810
10,000	Cambium Learning Group Inc.†		36,700		54,300
330,000	Il Sole 24 Ore SpA†		542,967		187,763
906,048	The E.W. Scripps Co., Cl. A†		5,510,281		14,406,163
			6,121,177		14,682,036
	Real Estate — 2.3%
200,000	Ambase Corp.†		311,545		226,000
8,000	Bresler & Reiner Inc.†		4,912		3,600
93,300	Capital Properties Inc., Cl. A†		958,568		1,002,975
105,000	Cohen & Steers Inc.		2,195,039		4,488,750
60,000	DREAM Unlimited Corp., Cl. A†		331,539		331,110
24,000	FRP Holdings Inc.†		780,937		745,680
250,517	Griffin Industrial Realty Inc.		7,083,855		7,938,884
12,031	Gyrodyne LLC		351,935		227,386
8,231	Holobeam Inc.†		161,746		240,757
359,623	Reading International Inc., Cl. A†		2,269,643		4,800,967
68,481	Reading International Inc., Cl. B†		551,247		1,027,215
2,508	Royalty LLC†		0		319
134,000	Tejon Ranch Co.†		3,635,302		3,258,880
			18,636,268		24,292,523
	Restaurants — 1.9%
13,183	Biglari Holdings Inc.†		4,025,388		5,748,052
70,000	Denny’s Corp.†		219,675		748,300
35,400	Jamba Inc.†		539,045		386,568
202,834	Nathan’s Famous Inc.†		2,036,024		10,657,913
55,000	The Cheesecake Factory Inc.		1,614,698		2,753,300
			8,434,830		20,294,133
	Retail — 2.1%
48,000	Aaron’s Inc.		935,791		1,220,160
274,000	Big 5 Sporting Goods Corp.		3,827,427		3,731,880

Shares		Cost		Market Value
30,000	Destination XL Group Inc.†	$	169,350	$	129,900
40,496	Ethan Allen Interiors Inc.		970,032		1,266,310
249,200	EVINE Live Inc.†		773,353		570,668
173,200	Ingles Markets Inc., Cl. A		2,890,221		6,848,328
56,000	Lands’ End Inc.†		1,136,108		812,000
59,000	La-Z-Boy Inc.		1,313,713		1,449,040
15,000	Movado Group Inc.		198,103		322,200
36,000	Pier 1 Imports Inc.		412,772		152,640
29,605	Rush Enterprises Inc., Cl. A†		545,615		724,730
104,005	Rush Enterprises Inc., Cl. B†		1,800,199		2,528,362
6,000	SpartanNash Co.		121,934		173,520
258,700	The Bon-Ton Stores Inc.		2,255,976		442,377
10,000	Tuesday Morning Corp.†		63,694		59,800
42,581	Village Super Market Inc., Cl. A		1,147,571		1,363,018
600	Winmark Corp.		40,024		63,312
			18,601,883		21,858,245
	Semiconductors — 0.4%
185,100	Entegris Inc.†		1,250,835		3,224,442
93,700	IXYS Corp.		991,052		1,129,085
			2,241,887		4,353,527
	Specialty Chemicals — 2.9%
15,000	A. Schulman Inc.		411,676		436,800
85,000	Chemtura Corp.†		1,480,785		2,788,850
1,198,000	Ferro Corp.†		6,154,688		16,544,380
267,226	General Chemical Group Inc.†(a)		59,859		3,474
152,000	Hawkins Inc.		5,305,446		6,586,160
2,000	KMG Chemicals Inc.		51,827		56,660
4,100	Minerals Technologies Inc.		121,383		289,829
130,000	Navigator Holdings Ltd.†		1,796,609		934,700
265,000	OMNOVA Solutions Inc.†		689,966		2,236,600
7,500	Takasago International Corp.		201,942		199,916
			16,274,181		30,077,369
	Telecommunications — 3.3%
51,800	ATN International Inc.		2,105,451		3,369,072
1,328,115	Cincinnati Bell Inc.†		4,505,650		5,418,709
39,801	Consolidated Communications Holdings Inc.		436,124		1,004,577
20,000	Frequency Electronics Inc.†		225,394		210,200
714,117	HC2 Holdings Inc.†		2,611,013		3,891,938
652	Horizon Telecom Inc., Cl. B†		22,035		11,449
12,000	Iridium Communications Inc.†		92,665		97,320
90,000	Ixia†		1,020,273		1,125,000
57,500	New ULM Telecom Inc.		528,202		428,375
4,100	North State Telecommuni-cations Corp., Cl. A		349,343		246,000
521,335	ORBCOMM Inc.†		3,005,997		5,343,684
5,788	Preformed Line Products Co.		246,195		244,080
490,000	Shenandoah Telecommuni-cations Co.		2,695,303		13,332,900
6,200	Straight Path Communications Inc., Cl. B†		114,604		158,782
			17,958,249		34,882,086
	Transportation — 0.4%
30,000	Dakota Plains Holdings Inc.†		23,143		426
15,000	Patriot Transportation Holding Inc.†		337,321		318,750
8,200	PHI Inc.†		130,182		149,650
135,300	Providence and Worcester Railroad Co.		1,999,124		3,352,734
1	Trailer Bridge Inc.†		7,995		465
			2,497,765		3,822,025
	TOTAL COMMON STOCKS		621,714,510		947,097,857

See accompanying notes to financial statements.

22

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — September 30, 2016

Shares		Cost		Market Value
	PREFERRED STOCKS — 0.2%
	Automotive: Parts and Accessories — 0.2%
59,000	Jungheinrich AG	$	227,157	$	1,995,299
	CONVERTIBLE PREFERRED STOCKS — 0.3%
	Business Services — 0.0%
364	Trans-Lux Pfd., Ser. B		72,727		21,465
	Diversified Industrial — 0.2%
88,937	Sevcon Inc., 4.000%, Ser. A(a)		1,912,146		2,350,605
	Energy and Utilities — 0.1%
15,095	Corning Natural Gas, 4.800%, Ser. B		313,228		276,114
	Food and Beverage — 0.0%
500	Seneca Foods Corp., Ser. 2003		7,625		15,515
	Health Care — 0.0%
3,034	BioScrip Inc., Ser. A		287,862		192,416
	TOTAL CONVERTIBLE PREFERRED STOCKS		2,593,588		2,856,115
	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		106,800
200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†		103,591		106,000
			241,391		368,800
	Hotels and Gaming — 0.0%
361,155	Full House Resorts Rts, expire 10/31/16†		0		35,783
	TOTAL RIGHTS		241,391		404,583
	WARRANTS — 0.0%
	Diversified Industrial — 0.0%
12,500	Sevcon Inc., expire 07/11/21†(a)		34,806		45,902
	Energy and Utilities — 0.0%
50,000	Kinder Morgan Inc., expire 05/25/17†		2,805		775
	Health Care — 0.0%
8,737	BioScrip Inc., Cl. A, expire 07/27/25†		7,979		2,556

Shares		Cost		Market Value
8,737	BioScrip Inc., Cl. B, expire 07/27/25†	$	7,554	$	2,067
			15,533		4,623
	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		53,144		51,300
Principal   Amount
	CORPORATE BONDS — 0.0%
	Real Estate — 0.0%
$       36,774	Capital Properties Inc., 5.000%, 12/31/22		36,774		36,751
	U.S. GOVERNMENT OBLIGATIONS — 9.2%
96,977,000	U.S. Treasury Bills, 0.075% to 0.501%††, 10/06/16 to 03/30/17		96,871,812		96,891,567
	TOTAL INVESTMENTS — 99.9%	$	721,738,376		1,049,333,472
	Other Assets and Liabilities (Net) — 0.1%				781,729
	NET ASSETS — 100.0%			$	1,050,115,201

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2016, the market value of Rule 144A securities amounted to $221,250 or 0.02% of net assets.

† 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.

23

TETON Westwood SmallCap Equity Fund

Schedule of Investments — September 30, 2016

Shares		Cost		Market   Value
	COMMON STOCKS — 92.6%
	Aerospace — 0.7%
4,200	Hexcel Corp.	$	95,744	$	186,060
	Building and Construction — 3.9%
18,800	Builders FirstSource Inc.†		121,200		216,388
9,300	EMCOR Group Inc.		386,197		554,466
9,300	MYR Group Inc.†		140,432		279,930
			647,829		1,050,784
	Business Services — 7.3%
11,950	ABM Industries Inc.		241,929		474,415
13,750	FTI Consulting Inc.†		448,856		612,700
4,950	KAR Auction Services Inc.		76,193		213,642
9,100	McGrath RentCorp.		246,407		288,561
10,400	The Brink’s Co.		268,947		385,632
			1,282,332		1,974,950
	Computer Software and Services — 4.9%
9,500	Bottomline Technologies Inc.†		187,742		221,445
17,000	NetScout Systems Inc.†		322,320		497,250
16,100	Progress Software Corp.†		335,538		437,920
3,900	PTC Inc.†		76,909		172,809
			922,509		1,329,424
	Consumer Products — 0.4%
3,900	Hanesbrands Inc.		24,840		98,475
	Diversified Industrial — 2.1%
4,250	Barnes Group Inc.		102,409		172,337
12,360	Columbus McKinnon Corp.		168,445		220,502
3,500	Sealed Air Corp.		57,890		160,370
			328,744		553,209
	Electronics — 3.7%
6,700	FARO Technologies Inc.†		197,808		240,865
5,300	Plantronics Inc.		199,375		275,388
8,500	Stratasys Ltd.†		259,548		204,765
5,250	Vishay Intertechnology Inc.		54,272		73,973
3,400	Woodward Inc.		109,074		212,432
			820,077		1,007,423
	Energy and Utilities — 9.5%
12,400	Carrizo Oil & Gas Inc.†		433,828		503,688
21,800	Gulfport Energy Corp.†		738,594		615,850
2,100	Helmerich & Payne Inc.		138,855		141,330
17,500	Matador Resources Co.†		330,135		425,950
23,900	Newpark Resources Inc.†		169,364		175,904
30,500	Patterson-UTI Energy Inc.		532,163		682,285
			2,342,939		2,545,007
	Equipment and Supplies — 2.8%
5,300	CIRCOR International Inc.		194,753		315,668
7,600	Crown Holdings Inc.†		283,749		433,884
			478,502		749,552
	Financial Services — 20.9%
8,100	BankUnited Inc.		209,799		244,620
16,098	Beneficial Bancorp Inc.		182,932		236,802
3,200	Berkshire Hills Bancorp Inc.		74,091		88,672
7,050	Brown & Brown Inc.		180,990		265,855
17,700	CoBiz Financial Inc.		211,597		235,587
2,700	Columbia Banking System Inc.		49,471		88,344
2,700	Financial Institutions Inc.		43,634		73,197
9,100	Flushing Financial Corp.		117,149		215,852
7,900	Glacier Bancorp Inc.		118,011		225,308
12,200	Heritage Commerce Corp.		96,811		133,468
8,350	Hope Bancorp Inc.		61,657		145,039
44,250	Investors Bancorp Inc.		478,052		531,443
11,100	Kearny Financial Corp./MD		138,561		151,071
19,800	LegacyTexas Financial Group Inc.		382,930		626,274
3,250	OceanFirst Financial Corp.		42,156		62,595

Shares		Cost		Market   Value
20,150	OFG Bancorp	$	197,293	$	203,717
5,300	Oritani Financial Corp.		77,620		83,316
6,000	Southwest Bancorp Inc.		97,615		113,940
7,200	State Bank Financial Corp.		128,374		164,304
24,706	Sterling Bancorp		216,011		432,355
6,700	Stifel Financial Corp.†		261,016		257,615
10,000	TrustCo Bank Corp NY		46,359		70,900
10,750	Umpqua Holdings Corp.		144,047		161,787
9,500	United Financial Bancorp Inc.		117,980		131,480
8,900	Washington Federal Inc.		137,276		237,452
4,500	Washington Trust Bancorp Inc.		103,263		180,990
9,100	Waterstone Financial Inc.		97,422		154,609
43,120	Xenith Bankshares Inc.†		39,530		99,607
			4,051,647		5,616,199
	Health Care — 5.6%
6,350	AngioDynamics Inc.†		89,195		111,379
1,600	ICU Medical Inc.†		67,049		202,208
5,550	Omnicell Inc.†		100,426		212,565
12,450	Patterson Companies Inc.		348,998		571,953
3,500	STERIS plc		260,890		255,850
2,200	VCA Inc.†		40,314		153,956
			906,872		1,507,911
	Machinery — 0.5%
7,300	Briggs & Stratton Corp.		158,927		136,145
	Retail — 7.7%
25,650	American Eagle Outfitters Inc.		343,764		458,109
13,500	Big 5 Sporting Goods Corp.		155,410		183,870
13,150	Ethan Allen Interiors Inc.		312,648		411,201
8,800	Haverty Furniture Companies Inc.		204,554		176,352
1,900	Restoration Hardware Holdings Inc.†		75,259		65,702
17,200	Rush Enterprises Inc., Cl. A†		323,189		421,056
8,600	United Natural Foods Inc.†		371,488		344,344
			1,786,312		2,060,634
	Semiconductors — 15.9%
11,400	Cabot Microelectronics Corp.		482,035		603,174
52,100	Cypress Semiconductor Corp.		464,420		633,536
47,400	Entegris Inc.†		545,906		825,708
34,300	FormFactor Inc.†		183,515		372,155
32,500	Intersil Corp., Cl. A		287,189		712,725
16,000	Marvell Technology Group Ltd.		206,965		212,320
48,600	ON Semiconductor Corp.†		373,619		598,752
13,200	Ultratech Inc.†		269,621		304,656
			2,813,270		4,263,026
	Specialty Chemicals — 2.6%
14,200	A. Schulman Inc.		368,932		413,504
8,400	Chemtura Corp.†		219,597		275,604
			588,529		689,108
	Telecommunications — 4.1%
132,000	Extreme Networks Inc.†		410,827		592,680
29,800	Infinera Corp.†		294,028		269,094
20,300	Ixia†		282,173		253,750
			987,028		1,115,524
	TOTAL COMMON STOCKS		18,236,101		24,883,431

See accompanying notes to financial statements.

24

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — September 30, 2016

Principal   Amount		Cost		Market   Value
	U.S. GOVERNMENT OBLIGATIONS — 11.4%
$3,065,000	U.S. Treasury Bills, 0.095% to 0.451%††, 10/13/16 to 03/16/17	$	3,062,679	$	3,063,009
	TOTAL INVESTMENTS — 104.0%	$	21,298,780		27,946,440
	Other Assets and Liabilities (Net) — (4.0)%				(1,069,437	)
	NET ASSETS — 100.0%			$	26,877,003

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

25

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS — 97.8%
	CONSUMER DISCRETIONARY — 18.9%
	Consumer Durables — 1.3%
1,788	Toll Brothers Inc.†	$	59,460	$	53,390
	Consumer Services — 2.7%
1,218	Hyatt Hotels Corp., Cl. A†		65,477		59,950
1,332	Norwegian Cruise Line Holdings Ltd.†		47,229		50,216
			112,706		110,166
	Media — 7.4%
2,810	Discovery Communications Inc., Cl. C†		95,962		73,931
655	Liberty Broadband Corp., Cl. C†		34,072		46,819
1,640	Liberty Global plc, Cl. C†		55,150		54,186
1,102	Liberty SiriusXM Group, Cl. C†		28,944		36,818
2,158	Manchester United plc, Cl. A		33,906		36,427
171	Netflix Inc.†		11,515		16,852
412	Omnicom Group Inc.		29,582		35,020
			289,131		300,053
	Retailing — 7.5%
653	Burlington Stores Inc.†		31,173		52,906
1,391	Ethan Allen Interiors Inc.		35,126		43,497
2,160	Hanesbrands Inc.		58,303		54,540
216	O’Reilly Automotive Inc.†		33,925		60,504
1,358	United Natural Foods Inc.†		83,354		54,374
1,177	Urban Outfitters Inc.†		43,300		40,630
			285,181		306,451
	TOTAL CONSUMER DISCRETIONARY		746,478		770,060
	INFORMATION TECHNOLOGY — 17.5%
	Software and Services — 15.5%
1,138	Activision Blizzard Inc.		25,374		50,413
2,504	Cornerstone OnDemand Inc.†		76,765		115,059
232	Equinix Inc.		47,895		83,503
4,189	Fortinet Inc.†		96,416		154,700
473	MercadoLibre Inc.		50,234		87,491
1,605	Mobileye NV†		65,161		68,325
1,221	Splunk Inc.†		64,379		71,648
			426,224		631,139
	Technology Hardware and Equipment — 2.0%
536	MACOM Technology Solutions Holdings Inc.†		17,787		22,694
997	Synaptics Inc.†		65,854		58,404
			83,641		81,098
	TOTAL INFORMATION TECHNOLOGY		509,865		712,237
	INDUSTRIALS — 17.2%
	Capital Goods — 9.7%
155	Cummins Inc.		14,939		19,863
363	EnerSys		20,745		25,116
1,322	Fortune Brands Home & Security Inc.		56,285		76,808
1,716	Hexcel Corp.		71,521		76,019
953	MSC Industrial Direct Co. Inc., Cl. A		79,164		69,960
159	Orbital ATK Inc.		12,001		12,121
3,622	Quanta Services Inc.†		108,778		101,380
708	Rexnord Corp.†		13,106		15,158
			376,539		396,425
	Commercial and Professional Services — 6.3%
594	Bright Horizons Family Solutions Inc.†		24,579		39,733
1,845	IHS Markit Ltd.†		60,479		69,280
1,915	Nielsen Holdings plc		82,274		102,587

Shares		Cost		Market Value
3,225	Steelcase Inc., Cl. A	$	52,511	$	44,795
			219,843		256,395
	Transportation — 1.2%
956	Expeditors International of Washington Inc.		40,229		49,253
	TOTAL INDUSTRIALS		636,611		702,073
	HEALTH CARE — 16.9%
	Health Care Equipment and Services — 7.8%
4,463	Castlight Health Inc., Cl. B†		17,360		18,566
1,247	Diplomat Pharmacy Inc.†		36,363		34,928
1,517	Insulet Corp.†		56,604		62,106
549	Laboratory Corp. of America Holdings†		64,352		75,476
558	Universal Health Services Inc., Cl. B		53,752		68,757
1,492	Zeltiq Aesthetics Inc.†		33,970		58,516
			262,401		318,349
	Pharmaceuticals, Biotechnology, and Life Sciences — 9.1%
461	Alexion Pharmaceuticals Inc.†		74,761		56,491
4,434	Exact Sciences Corp.†		65,780		82,339
352	Illumina Inc.†		59,747		63,944
717	Incyte Corp. Ltd.†		41,576		67,606
106	Mettler-Toledo International Inc.†		26,963		44,502
624	Vertex Pharmaceuticals Inc.†		56,259		54,419
			325,086		369,301
	TOTAL HEALTH CARE		587,487		687,650
	FINANCIALS — 15.5%
	Banks — 4.7%
2,322	BankUnited Inc.		74,505		70,124
4,455	Regions Financial Corp.		45,268		43,971
163	SVB Financial Group†		19,426		18,018
1,951	Zions Bancorporation		57,499		60,520
			196,698		192,633
	Diversified Financials — 3.7%
290	Affiliated Managers Group Inc.†		55,661		41,963
903	Financial Engines Inc.		40,781		26,828
1,913	Invesco Ltd.		68,376		59,820
2,030	WisdomTree Investments Inc.		27,608		20,889
			192,426		149,500
	Insurance — 1.6%
520	Chubb Ltd.		51,116		65,338
	Real Estate — 5.5%
731	American Tower Corp.		62,834		82,844
2,944	CBRE Group Inc., Cl. A†		82,009		82,373
1,447	Gaming and Leisure Properties Inc.		54,194		48,402
102	SL Green Realty Corp.		11,568		11,026
			210,605		224,645
	TOTAL FINANCIALS		650,845		632,116
	ENERGY — 7.1%
	Energy — 7.1%
626	Cimarex Energy Co.		56,410		84,116
1,571	Gulfport Energy Corp.†		47,369		44,381
583	Pioneer Natural Resources Co.		97,457		108,234
1,320	Range Resources Corp.		81,297		51,150
	TOTAL ENERGY		282,533		287,881
	CONSUMER STAPLES — 2.9%
	Food and Beverage — 2.9%
1,472	Coca-Cola European Partners plc		55,906		58,733
725	Mead Johnson Nutrition Co.		60,328		57,282
	TOTAL CONSUMER STAPLES		116,234		116,015

See accompanying notes to financial statements.

26

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS (Continued)
	MATERIALS — 1.8%
	Materials — 1.8%
613	Ecolab Inc.	$	63,746	$	74,614
	TOTAL COMMON STOCKS		3,593,799		3,982,646

Principal Amount		Cost		Market Value
	U.S. GOVERNMENT OBLIGATIONS — 2.5%
$    100,000	U.S. Treasury Bills, 0.27%††, 11/10/2016	$	99,971	$	99,971
	TOTAL INVESTMENTS — 100.3%	$	3,693,770		4,082,617
	Other Assets and Liabilities (Net) — (0.3)%				(10,270	)
	NET ASSETS — 100.0%			$	4,072,347

† Non-income producing security.

†† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

27

TETON Westwood Income Fund

Schedule of Investments — September 30, 2016

Principal   Amount		Cost		Market   Value
	CONVERTIBLE CORPORATE BONDS — 2.8%
	Retail — 2.8%
$  200,000	Vitamin Shoppe Inc., 2.250%, 12/01/20	$	191,000	$	189,125
	U.S. GOVERNMENT OBLIGATIONS — 29.4%
1,965,000	U.S. Treasury Bills, 0.075% to 0.476%†, 10/06/16 to 02/23/17		1,964,404		1,964,404
	TOTAL INVESTMENTS — 32.2%	$	2,155,404		2,153,529
	Other Assets and Liabilities (Net) — 67.8%				4,544,328
	NET ASSETS — 100.0%			$	6,697,857

† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

28

TETON Westwood Equity Fund

Schedule of Investments — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS — 99.2%
	Aerospace — 5.1%
8,300	General Dynamics Corp.	$	1,212,256	$	1,287,828
5,400	Raytheon Co.		509,828		735,102
8,800	The Boeing Co.		982,860		1,159,312
			2,704,944		3,182,242
	Banking — 8.3%
88,400	Bank of America Corp.		1,128,900		1,383,460
29,804	JPMorgan Chase & Co.		1,428,762		1,984,648
39,800	Wells Fargo & Co.		1,658,761		1,762,344
			4,216,423		5,130,452
	Business Services — 3.9%
41,500	Booz Allen Hamilton Holding Corp.		1,163,629		1,311,815
6,400	FedEx Corp.		855,465		1,117,952
			2,019,094		2,429,767
	Cable and Satellite — 3.5%
32,900	Comcast Corp., Cl. A		1,188,899		2,182,586
	Computer Software and Services — 6.1%
10,250	DST Systems Inc.		1,186,103		1,208,680
23,700	Microsoft Corp.		1,169,815		1,365,120
30,600	Oracle Corp.		1,275,811		1,201,968
			3,631,729		3,775,768
	Consumer Products — 4.7%
17,000	Colgate-Palmolive Co.		971,725		1,260,380
2,900	Mohawk Industries Inc.†		595,932		580,986
19,500	VF Corp.		1,314,628		1,092,975
			2,882,285		2,934,341
	Diversified Industrial — 2.1%
11,100	Honeywell International Inc.		871,236		1,294,149
	Electronics — 2.0%
18,000	Texas Instruments Inc.		864,097		1,263,240
	Energy and Energy Services — 3.9%
14,600	EOG Resources Inc.		1,247,163		1,411,966
12,578	Schlumberger Ltd.		940,174		989,134
			2,187,337		2,401,100
	Energy: Integrated — 3.9%
10,200	NextEra Energy Inc.		781,808		1,247,664
19,000	WEC Energy Group Inc.		871,180		1,137,720
			1,652,988		2,385,384
	Energy: Natural Gas — 1.0%
8,600	EQT Corp.		490,535		624,532
	Energy: Oil — 4.5%
12,000	Chevron Corp.		935,702		1,235,040
17,700	Exxon Mobil Corp.		1,505,282		1,544,856
			2,440,984		2,779,896
	Entertainment — 2.0%
15,600	Time Warner Inc.		1,023,191		1,241,916
	Financial Services — 12.3%
5,600	Alliance Data Systems Corp.†		1,282,091		1,201,368

Shares		Cost		Market Value
21,000	American International Group Inc.	$	795,846	$	1,246,140
9,800	Chubb Ltd.		1,065,784		1,231,370
4,800	Intercontinental Exchange Inc.		1,256,905		1,292,928
33,000	PayPal Holdings Inc.†		1,105,437		1,352,010
18,492	The Allstate Corp.		1,250,701		1,279,276
			6,756,764		7,603,092
	Food and Beverage — 7.6%
13,200	Dr Pepper Snapple Group Inc.		1,272,407		1,205,292
13,300	General Mills Inc.		518,422		849,604
12,500	McCormick & Co. Inc., Non-Voting		858,030		1,249,000
12,600	PepsiCo Inc.		1,004,071		1,370,502
			3,652,930		4,674,398
	Health Care — 12.0%
41,000	Abbott Laboratories		1,481,535		1,733,890
11,100	Aetna Inc.		996,820		1,281,495
7,100	Becton, Dickinson and Co.		858,441		1,276,083
9,700	Cigna Corp.		922,136		1,264,104
15,800	Johnson & Johnson		1,528,419		1,866,454
			5,787,351		7,422,026
	Real Estate Investment Trusts — 1.8%
4,900	Public Storage		1,252,517		1,093,386
	Retail — 6.3%
13,000	CVS Health Corp.		1,255,363		1,156,870
5,900	Simon Property Group Inc.		1,198,100		1,221,359
11,700	The Home Depot Inc.		1,078,850		1,505,556
			3,532,313		3,883,785
	Specialty Chemicals — 1.9%
4,300	The Sherwin-Williams Co.		1,104,149		1,189,638
	Telecommunications — 4.1%
21,450	Amdocs Ltd.		862,806		1,240,883
24,900	Verizon Communications Inc.		1,230,095		1,294,302
			2,092,901		2,535,185
	Transportation — 2.2%
13,600	Union Pacific Corp.		615,659		1,326,408
	TOTAL COMMON STOCKS		50,968,326		61,353,291
	SHORT TERM INVESTMENT — 1.0%
	Mutual Fund — 1.0%
633,701	Dreyfus Cash Management, 0.200%*		633,701		633,701
	TOTAL INVESTMENTS —100.2%	$	51,602,027		61,986,992
	Other Assets and Liabilities (Net) — (0.2)%				(103,779	)
	NET ASSETS — 100.0%			$	61,883,213

† Non-income producing security.

* Current yield.

See accompanying notes to financial statements.

29

TETON Westwood Balanced Fund

Schedule of Investments — September 30, 2016

Shares		Cost		Market Value
	COMMON STOCKS — 65.4%
	Aerospace — 3.4%
6,300	General Dynamics Corp.	$	916,064	$	977,508
3,100	Raytheon Co.		293,746		422,003
6,200	The Boeing Co.		648,367		816,788
			1,858,177		2,216,299
	Banking — 5.4%
59,900	Bank of America Corp.		366,989		937,435
20,196	JPMorgan Chase & Co.		865,828		1,344,852
26,900	Wells Fargo & Co.		1,110,731		1,191,132
			2,343,548		3,473,419
	Business Services — 2.5%
27,600	Booz Allen Hamilton Holding Corp.		774,114		872,436
4,175	FedEx Corp.		558,912		729,289
			1,333,026		1,601,725
	Cable and Satellite — 2.3%
22,400	Comcast Corp., Cl. A		762,856		1,486,016
	Computer Software and Services — 4.1%
8,250	DST Systems Inc.		953,175		972,840
15,300	Microsoft Corp.		755,240		881,280
20,500	Oracle Corp.		854,736		805,240
			2,563,151		2,659,360
	Consumer Products — 3.4%
14,200	Colgate-Palmolive Co.		811,453		1,052,788
2,000	Mohawk Industries Inc.†		410,979		400,680
13,500	VF Corp.		910,215		756,675
			2,132,647		2,210,143
	Diversified Industrial — 1.3%
7,325	Honeywell International Inc.		584,498		854,022
	Electronics — 1.3%
12,200	Texas Instruments Inc.		583,024		856,196
	Energy and Energy Services — 2.6%
10,000	EOG Resources Inc.		865,832		967,100
9,200	Schlumberger Ltd.		685,391		723,488
			1,551,223		1,690,588
	Energy: Integrated — 2.5%
6,575	NextEra Energy Inc.		504,512		804,254
13,075	WEC Energy Group Inc.		597,718		782,931
			1,102,230		1,587,185
	Energy: Natural Gas — 0.6%
5,400	EQT Corp.		284,409		392,148
	Energy: Oil — 2.9%
8,200	Chevron Corp.		565,418		843,944
11,500	Exxon Mobil Corp.		978,133		1,003,720
			1,543,551		1,847,664
	Entertainment — 1.5%
12,200	Time Warner Inc.		775,566		971,242
	Financial Services — 8.3%
3,800	Alliance Data Systems Corp.†		867,794		815,214
15,900	American International Group Inc.		599,416		943,506
6,700	Chubb Ltd.		729,632		841,855
3,200	Intercontinental Exchange Inc.		838,346		861,952
23,800	PayPal Holdings Inc.†		800,862		975,086
13,223	The Allstate Corp.		894,336		914,767
			4,730,386		5,352,380
	Food and Beverage — 5.2%
9,000	Dr Pepper Snapple Group Inc.		866,883		821,790
10,200	General Mills Inc.		397,268		651,576

Shares		Cost		Market Value
9,000	McCormick & Co. Inc., Non-Voting	$	618,191	$	899,280
9,000	PepsiCo Inc.		714,475		978,930
			2,596,817		3,351,576
	Health Care — 7.8%
29,600	Abbott Laboratories		1,059,358		1,251,784
7,200	Aetna Inc.		652,342		831,240
4,975	Becton, Dickinson and Co.		652,616		894,157
5,900	Cigna Corp.		583,632		768,888
10,700	Johnson & Johnson		1,039,599		1,263,991
			3,987,547		5,010,060
	Real Estate Investment Trusts — 1.1%
3,300	Public Storage		843,195		736,362
	Retail — 4.1%
9,250	CVS Health Corp.		892,666		823,157
3,800	Simon Property Group Inc.		769,987		786,638
7,975	The Home Depot Inc.		718,787		1,026,223
			2,381,440		2,636,018
	Specialty Chemicals — 1.2%
2,875	The Sherwin-Williams Co.		737,291		795,398
	Telecommunications — 2.5%
14,800	Amdocs Ltd.		594,924		856,180
15,200	Verizon Communications Inc.		750,942		790,096
			1,345,866		1,646,276
	Transportation — 1.4%
9,300	Union Pacific Corp.		441,214		907,029
	TOTAL COMMON STOCKS		34,481,662		42,281,106
Principal Amount
	CORPORATE BONDS — 21.1%
	Banking — 4.2%
$  600,000	Citigroup Inc., 2.500%, 07/29/19		612,271		612,626
750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		757,582		835,799
600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,320		638,086
600,000	Wells Fargo & Co., MTN, 3.500%, 03/08/22		612,010		637,074
			2,582,183		2,723,585
	Computer Hardware — 1.1%
650,000	International Business Machines Corp., 2.900%, 11/01/21		656,756		687,785
	Consumer Products — 2.0%
500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		495,739		507,329
800,000	Costco Wholesale Corp., 1.700%, 12/15/19		793,890		810,108
			1,289,629		1,317,437
	Diversified Industrial — 1.3%
800,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		800,998		813,819
	Electronics — 2.4%
1,000,000	Intel Corp., 3.300%, 10/01/21		1,022,505		1,078,025

See accompanying notes to financial statements.

30

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — September 30, 2016

Principal  Amount		Cost		Market Value
	CORPORATE BONDS (Continued)
	Electronics (Continued)
$   500,000	Texas Instruments Inc., 1.650%, 08/03/19	$	499,213	$	506,319
			1,521,718		1,584,344
	Energy: Oil — 0.9%
500,000	XTO Energy Inc., 6.500%, 12/15/18		521,522		555,697
	Financial Services — 2.9%
600,000	Capital One Financial Corp., 3.750%, 04/24/24		609,286		638,048
600,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		600,621		634,198
600,000	The PNC Financial Services Group Inc., STEP, 2.854%, 11/09/22		591,305		616,295
			1,801,212		1,888,541
	Health Care — 4.7%
500,000	Abbott Laboratories, 2.550%, 03/15/22		493,739		514,155
600,000	Aetna Inc., 3.500%, 11/15/24		600,953		635,062
600,000	Amgen Inc., 3.450%, 10/01/20		616,909		635,729
600,000	CVS Health Corp., 3.375%, 08/12/24		598,851		636,061
600,000	GlaxoSmithKline Capital plc, 1.500%, 05/08/17		602,204		601,562
			2,912,656		3,022,569
	Transportation — 1.6%
1,000,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		998,610		1,025,913
	TOTAL CORPORATE BONDS		13,085,284		13,619,690

Principal  Amount		Cost		Market Value
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.6%
	Federal Home Loan Mortgage Corp. — 2.8%
$    600,000	1.750%, 05/30/19	$	596,480	$	612,767
1,100,000	2.375%, 01/13/22		1,108,437		1,159,205
			1,704,917		1,771,972
	Federal National Mortgage Association — 1.8%
1,100,000	2.625%, 09/06/24		1,141,666		1,178,847
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,846,583		2,950,819
	U.S. GOVERNMENT OBLIGATIONS — 6.6%
	U.S. Treasury Inflation Indexed Notes — 1.7%
1,008,765	2.125%, 01/15/19		1,017,717		1,074,713
	U.S. Treasury Notes — 4.9%
750,000	3.375%, 11/15/19		787,486		806,455
1,000,000	2.250%, 11/15/24		1,033,228		1,056,016
500,000	2.000%, 02/15/25		496,625		517,871
800,000	1.625%, 02/15/26		803,564		801,547
			3,120,903		3,181,889
	TOTAL U.S. GOVERNMENT OBLIGATIONS		4,138,620		4,256,602
Shares
	SHORT TERM INVESTMENT — 2.5%
	Mutual Fund — 2.5%
1,625,513	Dreyfus Cash Management, 0.200%*		1,625,513		1,625,513
	TOTAL INVESTMENTS — 100.2%	$	56,177,662		64,733,730
	Other Assets and Liabilities (Net) — (0.2)%				(117,349	)
	NET ASSETS — 100.0%			$	64,616,381

† 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 September 30, 2016.

See accompanying notes to financial statements.

31

TETON Westwood Intermediate Bond Fund

Schedule of Investments — September 30, 2016

Principal Amount		Cost		Market  Value
	CORPORATE BONDS — 58.2%
	Aerospace — 3.2%
$   200,000	The Boeing Co., 6.000%, 03/15/19	$	201,660	$	222,598
400,000	United Technologies Corp., 3.100%, 06/01/22		415,547		429,526
			617,207		652,124
	Airlines — 1.5%
300,000	Southwest Airlines Co., 5.750%, 12/15/16		302,799		302,847
	Automotive — 2.5%
500,000	General Motors Co., 3.500%, 10/02/18		515,181		515,674
	Banking — 9.2%
400,000	Bank of America Corp., MTN, 3.300%, 01/11/23		401,132		414,653
400,000	Citigroup Inc., 2.500%, 07/29/19		401,054		408,417
200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,582		222,880
400,000	The Bank of New York Mellon Corp., Ser. G, 2.200%, 05/15/19		400,800		407,398
400,000	Wells Fargo & Co., 2.125%, 04/22/19		399,910		405,691
			1,802,478		1,859,039
	Computer Hardware — 3.4%
300,000	Apple Inc., 1.009%, 05/03/18(a)		300,249		300,771
360,000	International Business Machines Corp., 2.900%, 11/01/21		363,742		380,927
			663,991		681,698
	Computer Software and Services — 2.1%
400,000	Oracle Corp., 3.625%, 07/15/23		400,167		434,763
	Consumer Products — 4.0%
400,000	Costco Wholesale Corp., 1.700%, 12/15/19		396,945		405,054
400,000	CVS Health Corp., 1.900%, 07/20/18		402,822		404,048
			799,767		809,102
	Electronics — 1.5%
300,000	Texas Instruments Inc., 1.650%, 08/03/19		299,520		303,791
	Financial Services — 9.7%
400,000	Capital One Financial Corp., 3.750%, 04/24/24		406,191		425,366
260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16		260,184		260,184
400,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		400,414		422,799
400,000	PNC Funding Corp., 3.300%, 03/08/22		416,223		425,032
400,000	The Goldman Sachs Group Inc., MTN,

Principal  Amount		Cost		Market  Value
	3.850%, 07/08/24	$	402,874	$	425,390
			1,885,886		1,958,771
	Food and Beverage — 2.9%
275,000	Bottling Group LLC, 5.125%, 01/15/19		291,860		298,364
250,000	Mondelēz International Inc., 5.375%, 02/10/20		251,774		279,863
			543,634		578,227
	Health Care — 9.2%
500,000	Abbott Laboratories, 2.550%, 03/15/22		493,738		514,156
400,000	Aetna Inc., 3.500%, 11/15/24		400,636		423,375
400,000	Amgen Inc., 3.450%, 10/01/20		411,273		423,819
500,000	GlaxoSmithKline Capital plc, 1.500%, 05/08/17		501,923		501,302
			1,807,570		1,862,652
	Retail — 2.4%
500,000	The Home Depot, Inc., 2.125%, 09/15/26		494,542		491,902
	Semiconductors — 1.9%
350,000	Intel Corp., 3.300%, 10/01/21		349,552		377,309
	Telecommunications — 4.7%
500,000	AT&T Inc., 3.900%, 03/11/24		514,638		536,094
400,000	Verizon Communications Inc., 3.000%, 11/01/21		398,763		419,019
			913,401		955,113
	TOTAL CORPORATE BONDS		11,395,695		11,783,012
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.5%
	Federal Home Loan Mortgage Corp. — 3.1%
600,000	2.375%, 01/13/22		603,515		632,294
	Federal National Mortgage Association — 8.2%
600,000	2.625%, 09/06/24		622,727		643,007
1,000,000	2.125%, 04/24/26		997,452		1,018,967
			1,620,179		1,661,974
	Government National Mortgage Association — 0.2%
5,690	6.000%, 12/15/33		5,731		6,681
17,882	5.500%, 01/15/34		17,974		20,492
			23,705		27,173
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,247,399		2,321,441
	U.S. GOVERNMENT OBLIGATIONS — 19.9%
	U.S. Treasury Bonds — 1.1%
150,000	5.375%, 02/15/31		163,915		218,903
	U.S. Treasury Notes — 18.8%
600,000	2.000%, 02/15/22		603,316		623,766
800,000	2.250%, 11/15/24		813,853		844,813
700,000	2.000%, 02/15/25		701,193		725,019
1,000,000	1.625%, 02/15/26		978,699		1,001,934

See accompanying notes to financial statements.

32

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — September 30, 2016

Principal   Amount		Cost		Market  Value
	U.S. GOVERNMENT OBLIGATIONS (Continued)
	U.S. Treasury Notes (Continued)
$   600,000	0.478%, 10/31/17(a)	$	599,836	$	600,674
			3,696,897		3,796,206
	TOTAL U.S. GOVERNMENT OBLIGATIONS		3,860,812		4,015,109
Shares		Cost		Market  Value
	SHORT TERM INVESTMENT — 9.9%
	Mutual Fund — 9.9%
2,001,870	Dreyfus Cash Management, 0.200%*		2,001,870		2,001,870

Shares		Cost		Market  Value
	TOTAL INVESTMENTS — 99.5%	$	19,505,776		20,121,432
	Other Assets and Liabilities (Net) — 0.5%				110,333
	NET ASSETS — 100.0%			$	20,231,765

(a) Variable rate security. Rate shown is the effective rate as of September 30, 2016.

* Current yield.

GMTN Global Medium Term Note

MTN Medium Term Note

See accompanying notes to financial statements.

33

TETON Westwood Funds

Statements of Assets and Liabilities

September 30, 2016

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Income Fund
Assets:
Investments, at value (cost $684,193,068, $21,298,780, $3,693,770, and $2,155,404, respectively)		$	1,004,975,369			$	27,946,440			$	4,082,617			$	2,153,529
Investments in affiliates, at value (cost $37,545,308)			44,358,103				—				—				—
Cash			62,070				99,653				33,090				11,212
Receivable for Fund shares sold			1,554,514				1,967				—				—
Receivable for investments sold			1,422,187				—				—				4,733,699
Receivable from Adviser			—				6,480				31,192				9,331
Dividends and interest receivable			572,212				15,537				2,596				8,825
Prepaid expenses			33,165				20,132				10,811				21,378
Total Assets			1,052,977,620				28,090,209				4,160,306				6,937,974
Liabilities:
Payable for investments purchased			146,131				1,078,374				39,925				192,550
Payable for Fund shares redeemed			1,210,101				58,033				—				860
Payable for investment advisory fees			848,852				20,331				10,465				5,547
Payable for distribution fees			253,727				4,888				653				2,104
Payable for accounting fees			7,500				—				—				—
Payable for payroll expenses			—				—				431				—
Payable for custodian fees			69,500				3,800				6,150				2,367
Payable for legal and audit fees			56,897				34,816				21,041				25,843
Payable for shareholder communications expenses			76,291				6,047				4,323				5,043
Payable for shareholder services fees			171,344				2,776				1,239				2,017
Other accrued expenses			22,076				4,141				3,732				3,786
Total Liabilities			2,862,419				1,213,206				87,959				240,117
Net Assets		$	1,050,115,201			$	26,877,003			$	4,072,347			$	6,697,857
Net Assets Consist of:
Paid-in capital		$	684,234,623			$	18,875,706			$	3,653,388			$	6,390,281
Accumulated net investment income/(loss)			(7,094,681	)			(37,000	)			(10,825	)			1,996
Accumulated net realized gain on investments and foreign currency transactions			45,381,343				1,390,637				40,937				307,455
Net unrealized appreciation/depreciation on investments			327,595,096				6,647,660				388,847				(1,875	)
Net unrealized depreciation on foreign currency translations			(1,180	)			—				—				—
Net Assets		$	1,050,115,201			$	26,877,003			$	4,072,347			$	6,697,857
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$	256,488,103			$	10,854,969			$	1,810,343			$	4,239,882
Shares of beneficial interest outstanding			10,359,466				570,362				152,366				365,964
Net Asset Value, offering, and redemption price per share		$	24.76			$	19.03			$	11.88			$	11.59
Class A:
Net assets		$	141,892,756			$	2,871,316			$	309,168			$	1,190,994
Shares of beneficial interest outstanding			5,909,362				156,347				26,237				99,785
Net Asset Value and redemption price per share		$	24.01			$	18.37			$	11.78			$	11.94
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$	25.01			$	19.14			$	12.27			$	12.44
Class C:
Net assets		$	175,240,912			$	2,268,230			$	192,784			$	873,208
Shares of beneficial interest outstanding			8,130,401				138,033				16,644				68,824
Net Asset Value and offering price per share(a)		$	21.55			$	16.43			$	11.58			$	12.69
Class I:
Net assets		$	476,493,430			$	10,882,488			$	1,760,052			$	393,773
Shares of beneficial interest outstanding			18,922,553				557,335				146,666				33,908
Net Asset Value, offering, and redemption price per share		$	25.18			$	19.53			$	12.00			$	11.61

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

See accompanying notes to financial statements.

34

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

September 30, 2016

	Equity Fund		Balanced Fund		Intermediate Bond Fund
Assets:
Investments, at value (cost $51,602,027, $56,177,662, and $19,505,776, respectively)		$61,986,992		$64,733,730		$20,121,432
Investments in affiliates, at value		—		—		—
Cash		—		—		—
Receivable for Fund shares sold		2,448		4,568		3,657
Receivable for investments sold		—		—		—
Receivable from Adviser		—		—		9,485
Dividends and interest receivable		31,878		210,906		135,934
Prepaid expenses		22,157		23,249		17,013
Total Assets		62,043,475		64,972,453		20,287,521
Liabilities:
Payable for investments purchased		—		—		—
Payable for Fund shares redeemed		28,476		232,061		373
Payable for investment advisory fees		50,801		39,895		9,803
Payable for distribution fees		13,106		17,645		1,844
Payable for accounting fees		7,500		7,500		—
Payable for payroll expenses		—		—		—
Payable for custodian fees		9,215		8,859		3,366
Payable for legal and audit fees		27,051		27,084		28,840
Payable for shareholder communications expenses		10,859		10,051		5,130
Payable for shareholder services fees		8,728		8,556		2,470
Other accrued expenses		4,526		4,421		3,930
Total Liabilities		160,262		356,072		55,756
Net Assets		$61,883,213		$64,616,381		$20,231,765
Net Assets Consist of:
Paid-in capital		$47,948,428		$53,005,636		$19,476,830
Accumulated net investment income		246,663		—		129
Accumulated net realized gain on investments and foreign currency transactions		3,303,157		3,054,677		139,150
Net unrealized appreciation on investments		10,384,965		8,556,068		615,656
Net unrealized depreciation on foreign currency translations		—		—		—
Net Assets		$61,883,213		$64,616,381		$20,231,765
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$53,062,838		$50,105,302		$  4,170,176
Shares of beneficial interest outstanding		4,213,869		4,264,943		358,282
Net Asset Value, offering, and redemption price per share		$         12.59		$         11.75		$         11.64
Class A:
Net assets		$  3,719,360		$  7,039,950		$     806,742
Shares of beneficial interest outstanding		296,410		595,982		69,386
Net Asset Value and redemption price per share		$         12.55		$         11.81		$         11.63
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$         13.07		$         12.30		$         12.11
Class C:
Net assets		$     843,405		$  5,574,874		$  1,143,911
Shares of beneficial interest outstanding		70,335		465,784		103,511
Net Asset Value and offering price per share(a)		$         11.99		$         11.97		$         11.05
Class I:
Net assets		$  4,257,610		$  1,896,255		$14,110,936
Shares of beneficial interest outstanding		338,638		161,603		1,211,652
Net Asset Value, offering, and redemption price per share		$         12.57		$         11.73		$         11.65

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

See accompanying notes to financial statements.

35

TETON Westwood Funds

Statements of Operations

For the Year Ended September 30, 2016

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Income Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $93,394, $516, $54, and $70, respectively)			$6,224,597				$276,061				$40,617				$ 172,161
Dividends - affiliated			1,022,412				—				—				—
Interest			297,575				1,823				138				426
Total Investment Income			7,544,584				277,884				40,755				172,587
Expenses:
Investment advisory fees			10,284,203				221,771				43,212				72,574
Distribution fees - Class AAA			635,869				17,369				4,208				12,710
Distribution fees - Class A			723,022				14,355				2,036				4,911
Distribution fees - Class C			1,788,326				26,631				2,596				9,261
Accounting fees			45,000				—				—				—
Custodian fees			135,344				—				9,650				4,729
Interest expense			141				138				182				18
Legal and audit fees			75,055				35,316				21,337				25,989
Payroll expenses			—				—				2,274				—
Registration expenses			80,764				46,559				21,505				44,453
Shareholder communications expenses			269,704				12,479				11,748				12,126
Shareholder services fees			964,230				12,822				7,553				8,907
Trustees’ fees			75,713				1,635				325				538
Tax expense			372				—				—				—
Miscellaneous expenses			68,302				11,866				11,737				11,365
Total Expenses			15,146,045				400,941				138,363				207,581
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)			—				(62,663	)			(83,891	)			(52,910	)
Advisory fee reduction on unsupervised assets (See Note 3)			(47,902	)			—				—				—
Expenses paid by broker (See Note 7)			(7,807	)			(2,572	)			(2,173	)			(766	)
Total Reimbursements, Waivers, Reductions, and Credits			(55,709	)			(65,235	)			(86,064	)			(53,676	)
Net Expenses			15,090,336				335,706				52,299				153,905
Net Investment Income/(Loss)			(7,545,752	)			(57,822	)			(11,544	)			18,682
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated			58,445,926				2,297,290				117,460				1,780,804
Net realized loss on investments - affiliated			(8,217	)			—				—				—
Net realized gain on foreign currency transactions			508				—				—				—
Net realized gain on investments and foreign currency transactions			58,438,217				2,297,290				117,460				1,780,804
Net change in unrealized appreciation/depreciation:
on investments			90,584,012				2,050,135				240,606				(1,047,191	)
on foreign currency translations			793				—				—				—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			90,584,805				2,050,135				240,606				(1,047,191	)
Net Realized and Unrealized Gain on Investments and Foreign Currency			149,023,022				4,347,425				358,066				733,613
Net Increase in Net Assets Resulting from Operations		$	141,477,270			$	4,289,603			$	346,522			$	752,295

See accompanying notes to financial statements.

36

TETON Westwood Funds

Statements of Operations (Continued)

For the Year Ended September 30, 2016

	Equity Fund				Balanced Fund				Intermediate Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $1,015, $693, and $0, respectively)		$	1,361,109			$	958,995			$	3,569
Dividends - affiliated			—				—				—
Interest			—				680,540				452,496
Total Investment Income			1,361,109				1,639,535				456,065
Expenses:
Investment advisory fees			630,149				511,497				118,453
Distribution fees - Class AAA			134,982				135,335				10,828
Distribution fees - Class A			19,145				34,797				2,909
Distribution fees - Class C			8,309				52,208				8,616
Accounting fees			45,000				45,000				—
Custodian fees			13,278				14,515				4,590
Interest expense			—				—				—
Legal and audit fees			28,130				28,269				29,184
Payroll expenses			—				—				—
Registration expenses			56,228				56,120				45,332
Shareholder communications expenses			27,246				25,141				9,100
Shareholder services fees			49,920				49,917				12,716
Trustees’ fees			4,551				4,995				1,408
Tax expense			—				—				—
Miscellaneous expenses			14,062				14,033				9,862
Total Expenses			1,031,000				971,827				252,998
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)			—				—				(82,578	)
Advisory fee reduction on unsupervised assets (See Note 3)			—				—				—
Custodian fee credits			—				—				—
Expenses paid by broker (See Note 7)			(2,001	)			(2,155	)			—
Total Reimbursements, Waivers, Reductions, and Credits			(2,001	)			(2,155	)			(82,578	)
Net Expenses			1,028,999				969,672				170,420
Net Investment Income			332,110				669,863				285,645
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated			3,903,080				3,117,645				139,304
Net realized loss on investments - affiliated			—				—				—
Net realized gain on foreign currency transactions			—				—				—
Net realized gain on investments and foreign currency transactions			3,903,080				3,117,645				139,304
Net change in unrealized appreciation/depreciation:
on investments			2,580,783				1,746,780				371,799
on foreign currency translations			—				—				—
Net change in unrealized appreciation/depreciation on investments			2,580,783				1,746,780				371,799
Net Realized and Unrealized Gain on Investments and Foreign Currency			6,483,863				4,864,425				511,103
Net Increase in Net Assets Resulting from Operations		$	6,815,973			$	5,534,288			$	796,748

See accompanying notes to financial statements.

37

TETON Westwood Funds

Statements of Changes in Net Assets

For the Year Ended September 30,

	Mighty MitesSM Fund						SmallCap Equity Fund						Mid-Cap Equity Fund
	2016			2015			2016			2015			2016			2015
Operations:
Net investment income/(loss)	$	(7,545,752	)	$	(3,967,243	)	$	(57,822	)	$	(165,861	)	$	(11,544	)	$	(25,462	)
Net realized gain on investments and foreign currency transactions		58,438,217			19,998,521			2,297,290			4,538,547			117,460			131,057
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		90,584,805			(39,458,929	)		2,050,135			(3,765,310	)		240,606			(106,370	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		141,477,270			(23,427,651	)		4,289,603			607,376			346,522			(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	)		(546,624	)		(348,881	)		(12,061	)		(2,608	)
Class I		(10,716,802	)		(9,805,829	)		(1,549,159	)		(1,330,967	)		(86,372	)		(25,377	)
		(25,421,356	)		(23,968,954	)		(3,743,714	)		(3,156,477	)		(201,278	)		(55,634	)
Total Distributions to Shareholders		(25,421,356	)		(23,968,954	)		(3,743,714	)		(3,156,477	)		(201,278	)		(55,634	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		25,166,399			44,741,419			4,274,883			822,696			355,459			613,282
Class A		13,798,430			28,511,035			236,596			279,335			19,774			76,374
Class C		17,038,503			78,774,234			610,708			267,558			24,420			44,950
Class I		98,912,516			174,407,068			963,829			7,440,944			81,792			229,597
		154,915,848			326,433,756			6,086,016			8,810,533			481,445			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		(68,915,531	)		(140,445,413	)		(2,487,786	)		(8,966,268	)		(701,109	)		(265,328	)
Class A		(44,872,412	)		(45,281,413	)		(1,121,302	)		(1,211,465	)		(304,721	)		(175,204	)
Class C		(51,145,275	)		(93,786,878	)		(1,740,637	)		(1,226,747	)		(124,531	)		(6,000	)
Class I		(171,152,381	)		(191,745,643	)		(1,731,285	)		(14,535,635	)		(560,784	)		(510,972	)
		(336,085,599	)		(471,259,347	)		(7,081,010	)		(25,940,115	)		(1,691,145	)		(957,504	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		(161,150,021	)		(125,782,118	)		2,491,078			(14,946,658	)		(1,022,630	)		61,305
Redemption Fees		2,669			1,282			1,987			—			58			—
Net Increase/(Decrease) in Net Assets		(45,091,438	)		(173,177,441	)		3,038,954			(17,495,759	)		(877,328	)		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 year	$	1,050,115,201		$	1,095,206,639		$	26,877,003		$	23,838,049		$	4,072,347		$	4,949,675
Undistributed net investment income		—			—			—			—			—			—

See accompanying notes to financial statements.

38

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

For the Year Ended September 30,

Income Fund						Equity Fund						Balanced Fund						Intermediate Bond Fund
2016			2015			2016			2015			2016			2015			2016			2015
$	18,682		$	17,152		$	332,110		$	246,533		$	669,863		$	705,828		$	285,645		$	350,088
	1,780,804			128,405			3,903,080			4,383,977			3,117,645			5,129,698			139,304			369,209
	(1,047,191	)		(1,049,531	)		2,580,783			(4,853,912	)		1,746,780			(5,440,467	)		371,799			(406,720	)
	752,295			(903,974	)		6,815,973			(223,402	)		5,534,288			395,059			796,748			312,577
	(15,808	)		(14,149	)		(211,307	)		(242,616	)		(576,148	)		(610,058	)		(57,195	)		(80,505	)
	(1,643	)		(1,767	)		(7,679	)		(5,642	)		(56,715	)		(53,452	)		(10,078	)		(14,388	)
	(517	)		(55	)		—			—			(17,080	)		(14,708	)		(4,384	)		(3,786	)
	(1,339	)		(1,103	)		(29,046	)		(23,293	)		(24,897	)		(25,947	)		(214,019	)		(251,427	)
	(19,307	)		(17,074	)		(248,032	)		(271,551	)		(674,840	)		(704,165	)		(285,676	)		(350,106	)
	—			—			(4,079,809	)		(5,800,931	)		(3,761,458	)		(5,214,820	)		(91,989	)		—
	—			—			(283,279	)		(319,971	)		(458,819	)		(562,218	)		(16,150	)		—
	—			—			(59,970	)		(96,665	)		(353,385	)		(465,481	)		(8,637	)		—
	—			—			(331,753	)		(334,883	)		(127,425	)		(187,008	)		(249,249	)		—
	—			—			(4,754,811	)		(6,552,450	)		(4,701,087	)		(6,429,527	)		(366,025	)		—
	(19,307	)		(17,074	)		(5,002,843	)		(6,824,001	)		(5,375,927	)		(7,133,692	)		(651,701	)		(350,106	)
	433,186			1,341,965			1,098,418			1,201,561			5,554,854			4,936,637			599,586			718,119
	351,906			230,473			1,120,647			328,937			1,469,112			1,106,030			230,824			300,882
	39,531			87,176			166,014			374,234			1,287,764			847,159			3,247,789			196,215
	165,930			31,424			976,188			1,973,353			267,769			210,888			2,430,851			3,343,496
	990,553			1,691,038			3,361,267			3,878,085			8,579,499			7,100,714			6,509,050			4,558,712
	15,257			13,406			4,146,689			5,774,995			4,208,821			5,643,649			143,907			77,681
	1,608			1,678			287,016			320,935			469,977			584,854			24,840			13,206
	517			54			48,297			82,401			335,806			426,266			12,682			3,119
	1,333			1,098			278,123			297,565			145,323			198,372			461,328			245,350
	18,715			16,236			4,760,125			6,475,896			5,159,927			6,853,141			642,757			339,356
	(2,245,733	)		(1,425,069	)		(6,983,605	)		(8,148,966	)		(13,736,422	)		(20,394,827	)		(1,629,881	)		(913,164	)
	(361,000	)		(37,475	)		(889,260	)		(509,771	)		(1,509,758	)		(922,370	)		(263,915	)		(427,878	)
	(191,875	)		(71,253	)		(75,800	)		(349,312	)		(1,341,488	)		(846,677	)		(2,526,488	)		(303,526	)
	(45,940	)		(40,100	)		(1,489,488	)		(1,050,528	)		(375,998	)		(787,454	)		(1,918,411	)		(5,252,254	)
	(2,844,548	)		(1,573,897	)		(9,438,153	)		(10,058,577	)		(16,963,666	)		(22,951,328	)		(6,338,695	)		(6,896,822	)
	(1,835,280	)		133,377			(1,316,761	)		295,404			(3,224,240	)		(8,997,473	)		813,112			(1,998,754	)
	10			—			—			—			2			2			—			—
	(1,102,282	)		(787,671	)		496,369			(6,751,999	)		(3,065,877	)		(15,736,104	)		958,159			(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
$	6,697,857		$	7,800,139		$	61,883,213		$	61,386,844		$	64,616,381		$	67,682,258		$	20,231,765		$	19,273,606
$	1,996		$	7,977		$	246,663		$	164,817			—			—		$	129		$	129

See accompanying notes to financial statements.

39

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment  Operations										Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)(b)				Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Net Investment Income		Net Realized Gain on Investments		Total Distributions		Redemption Fees(a)(c)		Net Asset Value, End of Year			Total Return†			Net Assets, End of Year (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		$	22.02		$	(0.15	)		$ 3.41			$ 3.26			—		$(0.52)		$(0.52)		$0.00		$	24.76		15.0	%		$	256,488		(0.67	)%		1.41	%(e)		1.41	%		6	%
2015			23.01			(0.06	)		(0.50	)		(0.56	)		—		(0.43)		(0.43)		0.00			22.02		(2.6	)			265,145		(0.27	)		1.40	(e)		1.41			13
2014			23.81			(0.22	)		0.80			0.58			—		(1.38)		(1.38)		0.00			23.01		2.2				365,022		(0.90	)		1.41			1.42			14
2013			17.94			0.04			6.29			6.33			$(0.08)		(0.38)		(0.46)		0.00			23.81		36.2				476,112		0.19			1.41			1.43			15
2012			14.85			(0.10	)		3.54			3.44			—		(0.35)		(0.35)		0.00			17.94		23.6				277,666		(0.62	)		1.44			1.46			12
Class A
2016		$	21.43		$	(0.20	)		$ 3.30			$ 3.10			—		$(0.52)		$(0.52)		$0.00		$	24.01		14.6	%		$	141,893		(0.92	)%		1.66	%(e)		1.66	%		6	%
2015			22.45			(0.12	)		(0.47	)		(0.59	)		—		(0.43)		(0.43)		0.00			21.43		(2.8	)			154,000		(0.51	)		1.65	(e)		1.66			13
2014			23.32			(0.27	)		0.78			0.51			—		(1.38)		(1.38)		0.00			22.45		2.0				175,108		(1.16	)		1.66			1.67			14
2013			17.59			(0.02	)		6.17			6.15			$(0.04)		(0.38)		(0.42)		0.00			23.32		35.8				139,464		(0.08	)		1.66			1.68			15
2012			14.61			(0.14	)		3.47			3.33			—		(0.35)		(0.35)		0.00			17.59		23.2				77,803		(0.87	)		1.69			1.71			12
Class C
2016		$	19.38		$	(0.28	)		$ 2.97			$ 2.69			—		$(0.52)		$(0.52)		$0.00		$	21.55		14.1	%		$	175,241		(1.41	)%		2.16	%(e)		2.16	%		6	%
2015			20.44			(0.21	)		(0.42	)		(0.63	)		—		(0.43)		(0.43)		0.00			19.38		(3.2	)			187,216		(1.01	)		2.15	(e)		2.16			13
2014			21.46			(0.36	)		0.72			0.36			—		(1.38)		(1.38)		0.00			20.44		1.4				208,795		(1.66	)		2.16			2.17			14
2013			16.25			(0.10	)		5.69			5.59			—		(0.38)		(0.38)		0.00			21.46		35.3				160,852		(0.57	)		2.16			2.18			15
2012			13.59			(0.21	)		3.22			3.01			—		(0.35)		(0.35)		0.00			16.25		22.6				92,012		(1.37	)		2.19			2.21			12
Class I
2016		$	22.34		$	(0.10	)		$ 3.46			$ 3.36			—		$(0.52)		$(0.52)		$0.00		$	25.18		15.2	%		$	476,493		(0.44	)%		1.16	%(e)		1.16	%		6	%
2015			23.27			—			(0.50	)		(0.50	)		—		(0.43)		(0.43)		0.00			22.34		(2.3	)			488,846		(0.01	)		1.15	(e)		1.16			13
2014			24.02			(0.16	)		0.79			0.63			—		(1.38)		(1.38)		0.00			23.27		2.4				519,459		(0.67	)		1.16			1.17			14
2013			18.13			0.08			6.35			6.43			$(0.16)		(0.38)		(0.54)		0.00			24.02		36.6				277,588		0.40			1.16			1.18			15
2012			14.98			(0.06	)		3.56			3.50			—		(0.35)		(0.35)		0.00			18.13		23.8				131,003		(0.38	)		1.19			1.21			12

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

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

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

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

(d) Before advisory fee reduction on unsupervised assets totaling 0.01%, 0.01%, 0.02%, and 0.02% of net assets for the years ended September 30, 2015, 2014, 2013, and 2012, respectively. For the year ended September 30, 2016, there was no impact on the expense ratios.

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

See accompanying notes to financial statements.

40

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions to Shareholders																					Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees(b)			Net Asset Value, End of Year			Total Return†			Net Assets, End of Year (in 000’s)			Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
SmallCap Equity Fund
Class AAA
2016		$	18.54		$	(0.04	)		$	3.57			$	3.53				—			$	(3.04	)		$	(3.04	)		$	0.00		$	19.03		21.1	%		$	10,855		(0.25	)%		1.50	%(c)		1.79	%		18	%
2015			20.52			(0.09	)			(0.29	)			(0.38	)			—				(1.60	)			(1.60	)			—			18.54		(2.4	)			7,721		(0.47	)		1.50	(c)		1.66			23
2014			19.83			(0.07	)			0.76				0.69				—				—				—				0.00			20.52		3.5				15,649		(0.35	)		1.50			1.57			13
2013			15.32			(0.01	)			4.52				4.51				—				—				—				0.00			19.83		29.4				19,576		(0.05	)		1.50			1.63			12
2012			12.85			(0.03	)			2.87				2.84				—				(0.37	)			(0.37	)			0.00			15.32		22.5				16,170		(0.21	)		1.50			1.65			39
Class A
2016		$	18.02		$	(0.08	)		$	3.47			$	3.39				—			$	(3.04	)		$	(3.04	)		$	0.00		$	18.37		20.9	%		$	2,871		(0.49	)%		1.75	%(c)		2.04	%		18	%
2015			20.05			(0.14	)			(0.29	)			(0.43	)			—				(1.60	)			(1.60	)			—			18.02		(2.7	)			3,258		(0.71	)		1.75	(c)		1.91			23
2014			19.41			(0.12	)			0.76				0.64				—				—				—				0.00			20.05		3.3				4,269		(0.60	)		1.75			1.82			13
2013			15.03			(0.04	)			4.42				4.38				—				—				—				0.00			19.41		29.1				4,668		(0.22	)		1.75			1.88			12
2012			12.65			(0.06	)			2.81				2.75				—				(0.37	)			(0.37	)			0.00			15.03		22.1				5,390		(0.42	)		1.75			1.90			39
Class C
2016		$	16.49		$	(0.15	)		$	3.13			$	2.98				—			$	(3.04	)		$	(3.04	)		$	0.00		$	16.43		20.2	%		$	2,268		(0.99	)%		2.25	%(c)		2.54	%		18	%
2015			18.56			(0.22	)			(0.25	)			(0.47	)			—				(1.60	)			(1.60	)			—			16.49		(3.2	)			3,081		(1.21	)		2.25	(c)		2.41			23
2014			18.06			(0.21	)			0.71				0.50				—				—				—				0.00			18.56		2.8				4,186		(1.10	)		2.25			2.32			13
2013			14.06			(0.11	)			4.11				4.00				—				—				—				0.00			18.06		28.4				4,460		(0.72	)		2.25			2.38			12
2012			11.91			(0.13	)			2.65				2.52				—				(0.37	)			(0.37	)			0.00			14.06		21.5				5,261		(0.92	)		2.25			2.40			39
Class I
2016		$	18.90		$	—			$	3.67			$	3.67				—			$	(3.04	)		$	(3.04	)		$	0.00		$	19.53		21.5	%		$	10,883		0.00	%		1.25	%(c)		1.54	%		18	%
2015			20.85			(0.04	)			(0.31	)			(0.35	)			—				(1.60	)			(1.60	)			—			18.90		(2.2	)			9,778		(0.21	)		1.25	(c)		1.41			23
2014			20.09			(0.02	)			0.78				0.76				—				—				—				0.00			20.85		3.8				17,230		(0.09	)		1.25			1.32			13
2013			15.50			0.04				4.57				4.61			$	(0.02	)			—				(0.02	)			0.00			20.09		29.8				13,688		0.22			1.25			1.38			12
2012			12.96			0.04				2.87				2.91				—				(0.37	)			(0.37	)			0.00			15.50		22.8				12,752		0.23			1.25			1.40			39

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

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

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

(c) 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 year ended September 30, 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.

41

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations											Distributions to Shareholders																		Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of 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		$	11.43		$	(0.04	)		$	0.97		$	0.93				—			$	(0.48	)		$	(0.48	)		$	11.88		8.2	%		$	1,810		(0.40	)%		1.34	%(b)(c)		3.26	%		15	%
2015			11.54			(0.06	)			0.07			0.01				—				(0.12	)			(0.12	)			11.43		0.1				2,004		(0.52	)		1.51	(b)(c)		2.74			25
2014			10.48			(0.04	)			1.10			1.06				—				(0.00	)(d)			(0.00	)(d)			11.54		10.2				1,679		(0.39	)		1.51	(c)		4.27			22
2013(e)			10.00			(0.01	)			0.49			0.48				—				—				—				10.48		4.8				661		(0.42	)(f)		1.50	(f)		3.88	(f)(g)		3
Class A
2016		$	11.37		$	(0.07	)		$	0.96		$	0.89				—			$	(0.48	)		$	(0.48	)		$	11.78		7.9	%		$	309		(0.65	)%		1.63	%(b)(c)		3.44	%		15	%
2015			11.51			(0.09	)			0.07			(0.02	)			—				(0.12	)			(0.12	)			11.37		(0.2	)			593		(0.77	)		1.76	(b)(c)		2.99			25
2014			10.47			(0.08	)			1.12			1.04				—				(0.00	)(d)			(0.00	)(d)			11.51		10.0				682		(0.69	)		1.76	(c)		4.52			22
2013(e)			10.00			0.03				0.44			0.47				—				—				—				10.47		4.7				188		0.81	(f)		1.75	(f)		4.13	(f)(g)		3
Class C
2016		$	11.24		$	(0.12	)		$	0.94		$	0.82				—			$	(0.48	)		$	(0.48	)		$	11.58		7.4	%		$	193		(1.17	)%		2.11	%(b)(c)		3.98	%		15	%
2015			11.43			(0.15	)			0.08			(0.07	)			—				(0.12	)			(0.12	)			11.24		(0.6	)			274		(1.27	)		2.26	(b)(c)		3.49			25
2014			10.45			(0.13	)			1.11			0.98				—				(0.00	)(d)			(0.00	)(d)			11.43		9.4				239		(1.17	)		2.26	(c)		5.02			22
2013(e)			10.00			(0.02	)			0.47			0.45				—				—				—				10.45		4.5				74		(0.65	)(f)		2.25	(f)		4.63	(f)(g)		3
Class I
2016		$	11.49		$	0.00			$	0.99		$	0.99				—			$	(0.48	)		$	(0.48	)		$	12.00		8.7	%		$	1,760		0.04	%		0.90	%(b)(c)		3.00	%		15	%
2015			11.57			(0.03	)			0.07			0.04				—				(0.12	)			(0.12	)			11.49		0.3				2,079		(0.27	)		1.26	(b)(c)		2.49			25
2014			10.48			(0.01	)			1.11			1.10			$	(0.01	)			(0.00	)(d)			(0.01	)			11.57		10.5				2,345		(0.09	)		1.26	(c)		4.02			22
2013(e)			10.00			(0.01	)			0.49			0.48				—				—				—				10.48		4.8				1,155		(0.20	)(f)		1.25	(f)		3.63	(f)(g)		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) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been made, the expense ratios for the years ended September 30, 2016 and 2015 would have been (1.39% and 1.54%) Class AAA, (1.68% and 1.79%) Class A, (2.16% and 2.29%) Class C, and (0.95% and 1.29%) Class I Shares, respectively.

(c) The Fund incurred interest expense during the years ended September 30, 2016, 2015, and 2014. For the year ended September 30, 2016, there was no material impact on the expense ratios. For the years ended September 30, 2015 and 2014, if interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.33% and 1.50% (Class AAA), 1.62% and 1.75% (Class A), 2.10% and 2.25% (Class C), 0.89% and 1.25% (Class I), respectively.

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

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

(f) Annualized.

(g) Certain non-recurring expenses incurred by the Fund were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total 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.

42

TETON Westwood Funds

Financial Highlights

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

			Income from Investment Operations									Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of  Year		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain on Investments			Total From Investment Operations			Net Investment Income			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Year		Total Return†			Net Assets, End of Year (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Income Fund
Class AAA
2016		$10.53		$0.04			$1.05			$1.09			$(0.03	)		$(0.03	)		—			$11.59		10.4	%		$4,240		0.38	%		2.00	%(b)		2.74	%		20	%
2015		11.79		0.04			(1.27	)		(1.23	)		(0.03	)		(0.03	)		—			10.53		(10.5	)		5,525		0.31			2.00	(b)		2.40			19
2014		10.40		0.21			1.38			1.59			(0.20	)		(0.20	)		$0.00	(c)		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	(c)		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	(c)		8.96		18.5			5,151		1.22			2.00			2.82			11
Class A
2016		$10.87		$0.01			$1.08			$1.09			$(0.02	)		$(0.02	)		—			$11.94		10.1	%		$1,191		0.10	%		2.25	%(b)		2.99	%		20	%
2015		12.18		0.01			(1.30	)		(1.29	)		(0.02	)		(0.02	)		—			10.87		(10.6	)		1,081		0.06			2.25	(b)		2.65			19
2014		10.75		0.19			1.43			1.62			(0.19	)		(0.19	)		$0.00	(c)		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	(c)		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	(c)		9.26		18.3			389		0.78			2.25			3.07			11
Class C
2016		$11.59		$(0.04	)		$1.14			$1.10			$(0.00	)(c)		$(0.00	)(c)		—			$12.69		9.6	%		$873		(0.37	)%		2.75	%(b)		3.49	%		20	%
2015		13.04		(0.06	)		(1.39	)		(1.45	)		(0.00	)(c)		(0.00	)(c)		—			11.59		(11.1	)		943		(0.44	)		2.75	(b)		3.15			19
2014		11.54		0.17			1.50			1.67			(0.17	)		(0.17	)		$0.00	(c)		13.04		14.6			1,045		1.30			2.75			3.17			31
2013		9.94		0.00	(c)		1.61			1.61			(0.01	)		(0.01	)		0.00	(c)		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	(c)		9.94		17.6			1,307		0.36			2.75			3.57			11
Class I
2016		$10.56		$0.07			$1.04			$1.11			$(0.06	)		$(0.06	)		—			$11.61		10.6	%		$394		0.61	%		1.75	%(b)		2.49	%		20	%
2015		11.80		0.07			(1.27	)		(1.20	)		(0.04	)		(0.04	)		—			10.56		(10.2	)		251		0.56			1.75	(b)		2.15			19
2014		10.40		0.24			1.39			1.63			(0.23	)		(0.23	)		$0.00	(c)		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	(c)		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	(c)		8.96		18.8			126		1.43			1.75			2.57			11

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

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

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

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

See accompanying notes to financial statements.

43

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations												Distributions to Shareholders																		Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Net Asset Value, End of  Year			Total Return†			Net Assets, End of Year (in 000’s)			Net Investment Income (Loss)			Operating Expenses(b)			Portfolio Turnover Rate
Equity Fund
Class AAA
2016		$	12.22		$	0.07			$	1.30			$	1.37			$	(0.05	)		$	(0.95	)		$	(1.00	)		$	12.59		11.4	%		$	53,063		0.54	%		1.63	%(c)		31	%
2015			13.65			0.05				(0.09	)			(0.04	)			(0.06	)			(1.33	)			(1.39	)			12.22		(0.9	)			53,238		0.37			1.59	(c)		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	(d)		53
2012			7.81			0.08				2.11				2.19				(0.08	)			—				(0.08	)			9.92		28.3				70,017		0.84			1.59	(d)		41
Class A
2016		$	12.19		$	0.03			$	1.31			$	1.34			$	(0.03	)		$	(0.95	)		$	(0.98	)		$	12.55		11.2	%		$	3,719		0.29	%		1.88	%(c)		31	%
2015			13.61			0.02				(0.09	)			(0.07	)			(0.02	)			(1.33	)			(1.35	)			12.19		(1.1	)			3,125		0.12			1.84	(c)		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	(d)		53
2012			7.78			0.05				2.11				2.16				(0.05	)			—				(0.05	)			9.89		27.9				3,221		0.60			1.84	(d)		41
Class C
2016		$	11.72		$	(0.03	)		$	1.25			$	1.22				—			$	(0.95	)		$	(0.95	)		$	11.99		10.6	%		$	843		(0.23	)%		2.38	%(c)		31	%
2015			13.18			(0.05	)			(0.08	)			(0.13	)			—				(1.33	)			(1.33	)			11.72		(1.6	)			684		(0.37	)		2.34	(c)		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	(d)		53
2012			7.56			0.01				2.05				2.06				—				—				—				9.62		27.3				784		0.10			2.34	(d)		41
Class I
2016		$	12.21		$	0.09			$	1.30			$	1.39			$	(0.08	)		$	(0.95	)		$	(1.03	)		$	12.57		11.7	%		$	4,258		0.77	%		1.38	%(c)		31	%
2015			13.64			0.08				(0.09	)			(0.01	)			(0.09	)			(1.33	)			(1.42	)			12.21		(0.6	)			4,340		0.61			1.34	(c)		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	(d)		53
2012			7.83			0.09				2.12				2.21				(0.11	)			—				(0.11	)			9.93		28.5				4,377		0.96			1.34	(d)		41

† 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 year including reinvestment of distributions and does not reflect the applicable sales charges.

(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, and 2012. This interest expense was paid for by prior years Custodian Fee Credits. The effect of interest expense was minimal.

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

(d) The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2013, and 2012 would have been 1.60%, and 1.56% (Class AAA), 1.85%, and 1.81% (Class A), 2.35%, and 2.31% (Class C), and 1.35%, and 1.31% (Class I) Shares, respectively. For the years ended September 30, 2016, 2015, and 2014, there were no Custodian Fee Credits.

See accompanying notes to financial statements.

44

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations											Distributions to Shareholders																		Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income(a)			Net Realized and Unrealized Gain (Loss) on Investments				Total From Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Net Asset Value, End of  Year			Total Return†			Net Assets, End of Year (in 000’s)			Net Investment Income			Operating Expenses††			Portfolio Turnover Rate
Balanced Fund
Class AAA
2016		$	11.72		$	0.12		$	0.85			$	0.97			$	(0.12	)		$	(0.82	)		$	(0.94	)		$	11.75		8.6	%		$	50,105		1.06	%		1.35	%(b)		23	%
2015			12.91			0.13			(0.08	)			0.05				(0.13	)			(1.11	)			(1.24	)			11.72		0.0				53,989		1.01			1.31	(b)		27
2014			12.76			0.14			1.07				1.21				(0.14	)			(0.92	)			(1.06	)			12.91		9.9				69,187		1.07			1.29			39
2013			11.48			0.15			1.28				1.43				(0.15	)			—				(0.15	)			12.76		12.5				70,824		1.21			1.30			36
2012			9.86			0.16			1.62				1.78				(0.16	)			—				(0.16	)			11.48		18.2				78,999		1.47			1.30			34
Class A
2016		$	11.78		$	0.10		$	0.85			$	0.95			$	(0.10	)		$	(0.82	)		$	(0.92	)		$	11.81		8.2	%		$	7,040		0.81	%		1.60	%(b)		23	%
2015			12.97			0.09			(0.07	)			0.02				(0.10	)			(1.11	)			(1.21	)			11.78		(0.2	)			6,577		0.76			1.56	(b)		27
2014			12.82			0.11			1.07				1.18				(0.11	)			(0.92	)			(1.03	)			12.97		9.5				6,443		0.83			1.54			39
2013			11.53			0.12			1.29				1.41				(0.12	)			—				(0.12	)			12.82		12.3				5,869		0.95			1.55			36
2012			9.90			0.13			1.64				1.77				(0.14	)			—				(0.14	)			11.53		17.9				5,121		1.21			1.55			34
Class C
2016		$	11.92		$	0.04		$	0.87			$	0.91			$	(0.04	)		$	(0.82	)		$	(0.86	)		$	11.97		7.8	%		$	5,575		0.30	%		2.10	%(b)		23	%
2015			13.12			0.03			(0.08	)			(0.05	)			(0.04	)			(1.11	)			(1.15	)			11.92		(0.8	)			5,260		0.26			2.06	(b)		27
2014			12.95			0.04			1.09				1.13				(0.04	)			(0.92	)			(0.96	)			13.12		9.0				5,350		0.32			2.04			39
2013			11.64			0.05			1.31				1.36				(0.05	)			—				(0.05	)			12.95		11.7				5,257		0.43			2.05			36
2012			9.99			0.08			1.65				1.73				(0.08	)			—				(0.08	)			11.64		17.4				4,932		0.72			2.05			34
Class I
2016		$	11.70		$	0.15		$	0.85			$	1.00			$	(0.15	)		$	(0.82	)		$	(0.97	)		$	11.73		8.8	%		$	1,896		1.30	%		1.10	%(b)		23	%
2015			12.90			0.16			(0.09	)			0.07				(0.16	)			(1.11	)			(1.27	)			11.70		0.2				1,856		1.26			1.06	(b)		27
2014			12.76			0.17			1.06				1.23				(0.17	)			(0.92	)			(1.09	)			12.90		10.0				2,438		1.35			1.04			39
2013			11.48			0.18			1.28				1.46				(0.18	)			—				(0.18	)			12.76		12.8				1,060		1.44			1.05			36
2012			9.85			0.19			1.63				1.82				(0.19	)			—				(0.19	)			11.48		18.4				872		1.74			1.05			34

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

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended 2015, 2014, 2013, and 2012 would have been 1.32%, 1.27%, 1.28%, and 1.27% (Class AAA), 1.57%, 1.52%, 1.53%, and 1.52% (Class A), 2.07%, 2.02%, 2.03%, and 2.02% (Class C), and 1.07%, 1.02%, 1.03%, and 1.02% (Class I) Shares, respectively. For the year ended September 30, 2016, there was no impact on the expense ratios.

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

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

See accompanying notes to financial statements.

45

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of  Year		Total Return†			Net Assets, End of Year (in  000’s)		Net Investment Income		Operating Expenses Net of Waivers/ Reimbursements		Operating Expenses Before Waivers/ Reimbursements		Portfolio Turnover Rate
Intermediate Bond Fund
Class AAA
2016		$11.56		$0.15		$ 0.30			$ 0.45			$(0.15	)		$(0.22	)		$(0.37	)		$11.64		4.1	%		$  4,170		1.32%		1.00%		1.42%		48%
2015		11.59		0.18		(0.03	)		0.15			$(0.18	)		—			(0.18	)		11.56		1.3			5,045		1.58		1.00		1.36		65
2014		11.68		0.15		(0.09	)		0.06			(0.15	)		—			(0.15	)		11.59		0.5			5,174		1.29		1.00		1.38		16
2013		12.06		0.14		(0.36	)		(0.22	)		(0.15	)		$(0.01	)		(0.16	)		11.68		(1.9	)		8,737		1.21		1.00		1.36		20
2012		11.91		0.19		0.22			0.41			(0.19	)		(0.07	)		(0.26	)		12.06		3.5			11,230		1.56		1.00		1.33		15
Class A
2016		$11.55		$0.14		$ 0.30			$ 0.44			$(0.14	)		$(0.22	)		$(0.36	)		$11.63		3.9	%		$     807		1.21%		1.10%		1.52%		48%
2015		11.58		0.17		(0.03	)		0.14			$(0.17	)		—			(0.17	)		11.55		1.2			809		1.48		1.10		1.46		65
2014		11.66		0.14		(0.08	)		0.06			(0.14	)		—			(0.14	)		11.58		0.5			928		1.21		1.10		1.48		16
2013		12.04		0.13		(0.37	)		(0.24	)		(0.13	)		$(0.01	)		(0.14	)		11.66		(2.0	)		1,066		1.06		1.10		1.46		20
2012		11.91		0.18		0.20			0.38			(0.18	)		(0.07	)		(0.25	)		12.04		3.1			1,365		1.46		1.10		1.43		15
Class C
2016		$10.99		$0.06		$ 0.28			$ 0.34			$(0.06	)		$(0.22	)		$(0.28	)		$11.05		3.2	%		$  1,144		0.51%		1.75%		2.17%		48%
2015		11.01		0.09		(0.02	)		0.07			$(0.09	)		—			(0.09	)		10.99		0.7			398		0.82		1.75		2.11		65
2014		11.09		0.06		(0.08	)		(0.02	)		(0.06	)		—			(0.06	)		11.01		(0.2	)		503		0.55		1.75		2.13		16
2013		11.46		0.05		(0.36	)		(0.31	)		(0.05	)		$(0.01	)		(0.06	)		11.09		(2.7	)		803		0.43		1.75		2.11		20
2012		11.32		0.09		0.21			0.30			(0.09	)		(0.07	)		(0.16	)		11.46		2.7			1,772		0.80		1.75		2.08		15
Class I
2016		$11.57		$0.18		$ 0.30			$ 0.48			$(0.18	)		$(0.22	)		$(0.40	)		$11.65		4.3	%		$14,111		1.56%		0.75%		1.17%		48%
2015		11.60		0.21		(0.03	)		0.18			$(0.21	)		—			(0.21	)		11.57		1.6			13,022		1.82		0.75		1.11		65
2014		11.68		0.18		(0.08	)		0.10			(0.18	)		—			(0.18	)		11.60		0.9			14,705		1.58		0.75		1.13		16
2013		12.06		0.17		(0.36	)		(0.19	)		(0.18	)		$(0.01	)		(0.19	)		11.68		(1.6	)		11,910		1.45		0.75		1.11		20
2012		11.92		0.22		0.21			0.43			(0.22	)		(0.07	)		(0.29	)		12.06		3.6			9,326		1.82		0.75		1.08		15

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

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

See accompanying notes to financial statements.

46

TETON Westwood Funds

Notes to Financial Statements

1. Organization. The TETON Westwood Funds (the “Trust”) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company and currently consists of seven active separate investment portfolios: TETON Westwood Mighty Mites^SM Fund (“Mighty Mites^SM Fund”), TETON Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), TETON Westwood Mid-Cap Equity Fund (“Mid-Cap Equity Fund”), TETON 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

47

TETON Westwood Funds

Notes to Financial Statements (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 September 30, 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 9/30/16
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Agriculture	$	1,952,181	$	144,563		—	$	2,096,744
Airlines		2,928,800		198,000		—		3,126,800
Automotive: Parts and Accessories		41,178,058		1,701		—		41,179,759
Broadcasting		14,035,722		818,429		—		14,854,151
Building and Construction		13,466,557		3,841,643		—		17,308,200
Business Services		35,969,945		253,318		—		36,223,263
Communications Equipment		3,290,992		32		—		3,291,024
Consumer Products		27,673,784		19	$	31		27,673,834
Consumer Services		5,966,976		81,125		—		6,048,101
Diversified Industrial		106,632,671		608,941		—		107,241,612
Educational Services		129,940		—		476		130,416
Electronics		41,242,627		26,070		12,754		41,281,451
Financial Services		52,839,606		7,250,886		400,000		60,490,492
Food and Beverage		47,247,114		175,850		—		47,422,964
Health Care		88,274,111		—		640		88,274,751
Manufactured Housing and Recreational Vehicles		7,787,472		2,298,709		—		10,086,181
Real Estate		24,051,447		—		241,076		24,292,523
Specialty Chemicals		30,073,895		3,474		—		30,077,369
Telecommunications		34,624,637		257,449		—		34,882,086
Transportation		3,821,560		—		465		3,822,025
Other Industries(a)		347,294,111		—		—		347,294,111
Total Common Stocks		930,482,206		15,960,209		655,442		947,097,857
Preferred Stocks(a)		1,995,299		—		—		1,995,299
Convertible Preferred Stocks(a)		—		2,856,115		—		2,856,115
Rights(a)		106,800		35,783		262,000		404,583
Warrants(a)		775		50,525		—		51,300
Corporate Bonds(a)		—		36,751		—		36,751
U.S. Government Obligations		—		96,891,567		—		96,891,567
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	932,585,080	$	115,830,950	$	917,442	$	1,049,333,472
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)	$	24,883,431		—		—		$  24,883,431
U.S. Government Obligations		—	$	3,063,009		—		3,063,009
TOTAL INVESTMENTS IN SECURITIES – ASSETS	$	24,883,431	$	3,063,009		—		$  27,946,440

48

TETON Westwood Funds

Notes to Financial Statements (Continued)

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 09/30/16
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$    3,982,646		—		—		$    3,982,646
U.S. Government Obligations		—		$         99,971		—		99,971
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    3,982,646		$         99,971		—		$    4,082,617
INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds		—		$       189,125		—		$       189,125
U.S. Government Obligations		—		1,964,404		—		1,964,404
TOTAL INVESTMENTS IN SECURITIES – ASSETS		—		$    2,153,529		—		$    2,153,529
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$  61,353,291		—		—		$  61,353,291
Short Term Investments		633,701		—		—		633,701
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$  61,986,992		—		—		$  61,986,992
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$  42,281,106		—		—		$  42,281,106
Corporate Bonds(a)		—		$  13,619,690		—		13,619,690
U.S. Government Agency Obligations		—		2,950,819		—		2,950,819
U.S. Government Obligations		—		4,256,602		—		4,256,602
Short Term Investments		1,625,513		—		—		1,625,513
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$  43,906,619		$  20,827,111		—		$  64,733,730
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)		—		$  11,783,012		—		$  11,783,012
U.S. Government Agency Obligations		—		2,321,441		—		2,321,441
U.S. Government Obligations		—		4,015,109		—		4,015,109
Short Term Investments		$    2,001,870		—		—		2,001,870
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$    2,001,870		$  18,119,562		—		$  20,121,432

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

During the year ended September 30, 2016, the Mighty Mites^SM Fund had transfers of $9,371,785 or 0.86% of net assets as of September 30, 2015 from Level 1 to Level 2, and transfers of $7,393,340 or 0.67% of net assets as of September 30, 2015 from Level 2 to Level 1. Transfers from Level 1 to Level 2 are due to a decline in market activity (e.g.) frequency of trades, which resulted in a lack of available market inputs to determine price. Transfers from Level 2 to Level 1 are due to an increase in market activity (e.g. frequency of trades), which resulted in an increase in available market inputs to determine the price.

The SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund did not have transfers among Level 1, Level 2, and Level 3 during the year ended September 30, 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 September 30, 2016 or September 30, 2015 for SmallCap Equity, Mid-Cap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

49

TETON Westwood Funds

Notes to Financial Statements (Continued)

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

MIGHTY MITESSM FUND	Balance as of 9/30/15		Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ depreciation†		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of 9/30/16		Net change in unrealized appreciation/ depreciation on Level 3 investments still held at 9/30/16†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Health Care	$	28,640		—	$	33,669	$	(28,000)		—	$	(33,669)		—			$	640	$	(28,000)
Financial Services		1,018,500		—		331,699		(274,599)		—		(675,600)		—		—		400,000		(274,599)
Real Estate		274,770		—		—		(62,455)	$	28,761		—		—		—		241,076		(62,455)
Other Industries		347,568		—		—		510		—		(58,542)		—	$	(275,810)		13,726		510
Total Common Stocks		1,669,478		—		365,368		(364,544)		28,761		(767,811)		—		(275,810)		655,442		(364,544)
Convertible Preferred Stocks		171,927		—		—		—		—		—		—		(171,927)		—		—
Rights		262,000		—		—		—		—		—		—		—		262,000		—
Warrants		10,035		—		—		—		—		—		—		(10,035)		—		—
Corporate Bonds		—		—		—		—		—		—		—		—		—		—
TOTAL INVESTMENTS IN SECURITIES	$	2,113,440		—	$	365,368	$	(364,544)	$	28,761	$	(767,811)		—	$	(457,772)	$	917,442	$	(364,544)

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

The following tables summarize the valuation techniques used and unobservable inputs utilized to determine the value of certain of the Fund’s Level 3 investments as of September 30, 2016.

Description	Balance at 9/30/16		Valuation Technique	Unobservable Input	Range
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Health Care		$       640	Last Price	Discount Range		0%
Financial Services		400,000	Last Price	Discount Range		0%
Real Estate		241,076	Restructure Plan/Cash Flow Analysis	Discount Range		0%
Other Industries (a)		13,726
Total Common Stocks		655,442
Preferred Stocks			Last Price	Discount Range		0%
Rights		262,000	Last Price	Discount Range		0%
Warrants			Black Scholes	Discount Range		0%
TOTAL INVESTMENTS IN SECURITIES		$917,442

(a) Includes securities whose fair values were developed using various valuation techniques and unobservable inputs.

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

Additional Information to Evaluate Qualitative Information.

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

50

TETON Westwood Funds

Notes to Financial Statements (Continued)

Fair Valuation. Fair valued securities may be common and preferred equities, warrants, options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These 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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 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

51

TETON Westwood Funds

Notes to Financial Statements (Continued)

the effective yield to maturity method. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as a Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

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

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites^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.

For the year ended September 30, 2016, the following reclassifications were made to increase/decrease such amounts with offsetting adjustments to paid-in capital:

	Accumulated		Accumulated Net
	Net		Realized Gain
	Investment		(Loss) on		Paid-in
	Income (Loss)		Investments		Capital
Mighty MitesSM Fund		$2,464,548		$(759,779)	$	(1,704,769	)
SmallCap Equity Fund		150,286		—		(150,286	)
Mid-Cap Equity Fund		24,696		(1,505)		(23,191	)
Income Fund		(5,356)		5,617		(261	)
Equity Fund		(2,232)		2,232		—
Balanced Fund		4,977		(4,977)		—
Intermediate Bond Fund		31		(31)		—

52

TETON Westwood Funds

Notes to Financial Statements (Continued)

The tax character of distributions paid during the years ended September 30, 2016 and 2015 was as follows:

	Year Ended September 30,						Year Ended September 30,						Year Ended September 30,						Year Ended September 30,
	2016			2015			2016			2015			2016			2015			2016			2015
	Mighty Mites SM Fund						SmallCap Equity Fund						Mid-Cap Equity Fund						Income Fund
Ordinary Income (inclusive of short term capital gains)		$	—		$	—		$	—		$	—		$	—		$	37,465		$	19,307		$	17,074
Net long term capital gains			25,421,356			23,968,954			3,743,714			3,156,477			201,278			18,169			—			—
Total distributions paid		$	25,421,356		$	23,968,954		$	3,743,714		$	3,156,477		$	201,278		$	55,634		$	19,307		$	17,074
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Ordinary Income (inclusive of short term capital gains)		$	248,032		$	271,551		$	669,455		$	1,479,039		$	306,332		$	350,106
Net long term capital gains			4,754,811			6,552,450			4,706,472			5,654,653			345,369			—
Total distributions paid		$	5,002,843		$	6,824,001		$	5,375,927		$	7,133,692		$	651,701		$	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, 2016, the components of accumulated earnings/losses on a tax basis were as follows:

	Mighty MitesSM Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Income Fund				Equity Fund			Balanced Fund			Intermediate Bond Fund
Undistributed ordinary income (inclusive of short term capital gains)			—				—				—			$	1,997			$	246,663			—		$	99,422
Undistributed long term capital gain		$	50,986,398			$	1,525,663			$	44,496				307,456				3,303,157		$	3,056,857			39,858
Accumulated capital loss carryforward			—				—				—				—				—			—			—
Unrealized appreciation/(depreciation)			321,360,991				6,512,634				385,755				(1,877	)			10,384,965			8,553,888			615,655
Qualified late year loss deferral*			(6,466,810	)			(37,000	)			(11,292	)			—				—			—			—
Other temporary differences			—				—				—				—				—			—			—
Total accumulated earnings		$	365,880,579			$	8,001,297			$	418,959			$	307,576			$	13,934,785		$	11,610,745		$	754,935

* Qualified late year losses related to passive foreign investment companies, ordinary losses, and losses on sales of securities and foreign currency realized after October 31(certain ordinary losses incurred after December 31) and prior to the Funds’ year end may be elected as occurring on the first day of the following year.

At September 30, 2016, 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.

During the year ended September 30, 2016, the Income Fund utilized capital loss carryforwards of $1,342,308.

At September 30, 2016, the temporary differences between book basis and tax basis unrealized appreciation/depreciation on investments was primarily due to deferral of losses from wash sales for tax purposes, mark-to-market adjustments on investments in passive foreign investment companies, investments in REITs, and basis adjustments in partnerships.

53

TETON Westwood Funds

Notes to Financial Statements (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at September 30, 2016:

	Mighty MitesSM Fund			SmallCap Equity Fund			Mid-Cap Equity Fund			Income Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	727,971,302		$	21,433,806		$	3,696,862		$	2,155,406		$	51,602,027		$	56,179,842		$	19,505,777
Gross unrealized appreciation	$	380,086,591		$	6,974,720		$	605,159		$	57		$	11,100,870		$	9,046,081		$	618,917
Gross unrealized depreciation		(58,724,421	)		(462,086	)		(219,404	)		(1,934	)		(715,905	)		(492,193	)		(3,262	)
Net unrealized appreciation/depreciation	$	321,362,170		$	6,512,634		$	385,755		$	(1,877	)	$	10,384,965		$	8,553,888		$	615,655

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 September 30, 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 year ended September 30, 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 $47,902.

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 year ended September 30, 2016, the Adviser waived fees or reimbursed expenses in the amounts of $62,663, $83,891, $52,910, and $82,578 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 September 30, 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, 2015, expiring September 30, 2017	For the year ended September 30, 2016, expiring September 30, 2018	Total
SmallCap Equity Fund	$56,530	$62,663	$119,193
Income Fund	32,907	52,910	85,817
Intermediate Bond Fund	74,038	82,578	156,616

The Mid-Cap Equity Fund is obliged to repay the Adviser for a period of three fiscal years following the fiscal year in which the Adviser reimbursed the Fund, only to the extent that the operating expenses of the Fund falls below the applicable expense limitation for Class AAA of 1.05%, Class A of 1.30%, Class C of 1.80%, and Class I of 0.80%, of average daily net assets, the annual limitation under the Advisory Agreement. As of September 30, 2016, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

54

TETON Westwood Funds

Notes to Financial Statements (Continued)

	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	$92,134	$63,105	$83,891	$239,130

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 year ended September 30, 2016, the Fund paid or accrued $2,274 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 year ended September 30, 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		$57,808,427		$186,036,734			—			—
SmallCap Equity Fund		3,960,598		6,081,973			—			—
Mid-Cap Equity Fund		625,821		1,823,255			—			—
Income Fund		1,339,241		8,922,781			—			—
Equity Fund		19,427,716		23,781,329			—			—
Balanced Fund		13,783,564		20,384,130		$	1,299,890		$	2,707,580
Intermediate Bond Fund		1,919,730		3,532,442			6,508,283			5,631,331

6. Transactions with Affiliates and Other Arrangements. During the year ended September 30, 2016, the Mighty Mites^SM Fund paid $108,700 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $63,293 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 year ended September 30, 2016, such transactions for the Mighty Mites^SM Fund amounted to $6,893,524 in purchase transactions and $6,925,000 in sale transactions.

During the year ended September 30, 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 $7,807, $2,572, $2,173, $766, $2,001, and $2,155, respectively.

55

TETON Westwood Funds

Notes to Financial Statements (Continued)

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the year ended September 30, 2016, the Mighty Mites^SM Fund, Equity Fund, and Balanced Fund each paid or accrued $45,000 to the Gabelli Funds, LLC, an affiliate of the Adviser, in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the year ended September 30, 2016 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, and Intermediate Bond Fund.

As of September 30, 2016, the Mid-Cap Equity Fund’s Adviser and its affiliates and officers beneficially owned greater than 25% of the voting securities of the Mid-Cap Equity Fund. This includes accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

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

The Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, and 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 years ended September 30, 2016 and 2015, can be found in the Statements of Changes in Net Assets under Redemption Fees.

Transactions in shares of beneficial interest were as follows:

	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2015
	Mighty MitesSM Fund						SmallCap Equity Fund						Mid-Cap Equity Fund						Income Fund
Class AAA
Shares sold		1,108,002			1,876,375			234,709			40,710			33,210			50,974			41,878			116,255
Shares issued upon reinvestment of distributions		259,282			266,265			64,906			56,123			6,030			1,649			1,413			1,116
Shares redeemed		(3,047,247	)		(5,967,973	)		(145,802	)		(442,812	)		(62,121	)		(22,866	)		(201,855	)		(122,200	)
Net increase/(decrease) in Class AAA Shares		(1,679,963	)		(3,825,333	)		153,813			(345,979	)		(22,881	)		29,757			(158,564	)		(4,829	)
Class A
Shares sold		623,365			1,231,995			14,521			14,159			1,885			6,531			30,984			19,195
Shares issued upon reinvestment of distributions		138,595			118,516			27,376			15,562			1,717			575			144			135
Shares redeemed		(2,040,276	)		(1,961,586	)		(66,315	)		(61,938	)		(29,547	)		(14,199	)		(30,855	)		(2,981	)
Net increase/(decrease) in Class A Shares		(1,278,316	)		(611,075	)		(24,418	)		(32,217	)		(25,945	)		(7,093	)		273			16,349
Class C
Shares sold		855,795			3,670,354			43,485			15,224			2,153			3,724			3,386			6,684
Shares issued upon reinvestment of distributions		192,502			158,994			30,432			14,612			1,041			219			44			4
Shares redeemed		(2,579,797	)		(4,380,129	)		(122,683	)		(68,572	)		(10,873	)		(501	)		(15,911	)		(5,531	)
Net increase/(decrease) in Class C Shares		(1,531,500	)		(550,781	)		(48,766	)		(38,736	)		(7,679	)		3,442			(12,481	)		1,157
Class I
Shares sold		4,274,466			7,271,067			55,025			361,288			7,540			19,331			14,366			2,620
Shares issued upon reinvestment of distributions		301,122			276,914			85,940			24,667			7,465			2,109			122			91
Shares redeemed		(7,539,199	)		(7,981,594	)		(100,925	)		(695,081	)		(49,233	)		(43,212	)		(4,346	)		(3,515	)
Net increase/(decrease) in Class I Shares		(2,963,611	)		(433,613	)		40,040			(309,126	)		(34,228	)		(21,772	)		10,142			(804	)

56

TETON Westwood Funds

Notes to Financial Statements (Continued)

Transactions in shares of beneficial interest (continued):

	Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2015
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		90,589			92,359			488,294			399,699			52,001			61,913
Shares issued upon reinvestment of distributions		339,336			446,635			366,531			462,389			12,657			6,695
Shares redeemed		(572,249	)		(622,891	)		(1,197,557	)		(1,612,887	)		(142,638	)		(78,739	)
Net decrease in Class AAA Shares		(142,324	)		(83,897	)		(342,732	)		(750,799	)		(77,980	)		(10,131	)
Class A
Shares sold		89,464			25,507			129,287			88,796			20,242			25,865
Shares issued upon reinvestment of distributions		23,526			24,840			40,716			47,650			2,188			1,139
Shares redeemed		(72,951	)		(38,525	)		(132,507	)		(74,649	)		(23,049	)		(37,149	)
Net increase/(decrease) in Class A Shares		40,039			11,822			37,496			61,797			(619	)		(10,145	)
Class C
Shares sold		14,105			28,053			111,079			66,680			297,295			17,718
Shares issued upon reinvestment of distributions		4,124			6,603			28,701			34,319			1,175			283
Shares redeemed		(6,228	)		(27,620	)		(115,225	)		(67,665	)		(231,188	)		(27,481	)
Net increase/(decrease) in Class C Shares		12,001			7,036			24,555			33,334			67,282			(9,480	)
Class I
Shares sold		82,472			153,069			23,460			16,975			212,571			287,280
Shares issued upon reinvestment of distributions		22,834			23,085			12,676			16,266			40,492			21,125
Shares redeemed		(122,220	)		(80,695	)		(33,059	)		(63,700	)		(166,930	)		(450,894	)
Net increase/(decrease) in Class I Shares		(16,914	)		95,459			3,077			(30,459	)		86,133			(142,489	)

8. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites^SM Fund’s transactions in the securities of these issuers during the year ended September 30, 2016 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividend Income		Realized Loss			Market Value at September 30, 2016		Percent Owned of Shares Outstanding
ACME Communications Inc.*		1,135,036		—		(520,836	)		614,200		—		—			—		—
Beasley Broadcast Group Inc., Cl. A		725,800		6,433		—			732,233	$	131,673		—			$  3,976,025		11.00%
Bel Fuse, Cl. A		170,323		3,000		(523	)		172,800		41,358		$(8,217	)		3,481,920		7.95%
Burnham Holdings Inc., Cl. A		241,000		4,000		—			245,000		214,038		—			4,187,050		8.08%
Canterbury Park Holding Corp.		353,100		9,247		—			362,347		108,434		—			3,804,644		8.44%
The Eastern Co.		322,122		8,900		—			331,022		143,901		—			6,630,371		5.29%
Edgewater Technology Inc.		692,272		13,248		—			705,520		—		—			5,996,920		5.73%
General Chemical Group Inc.		267,226		—		—			267,226		—		—			3,474		8.59%
MOCON Inc.		381,537		10,393		—			391,930		170,120		—			6,153,301		6.76%
Sevcon Inc.		475,854		17,750		—			493,604		—		—			4,368,395		9.24%
Sevcon Inc., 144A		—		25,000		—			25,000		—		—			221,250		—
Sevcon Inc., expire 07/11/2021		—		12,500		—			12,500		—		—			45,902		—
Sevcon Inc., 4.00%, Ser. A		88,937		—		—			88,937		85,380		—			2,350,605		—
SL Industries Inc.**		273,600		600		(274,200	)		—		—		—			—		—
Strattec Security Corp.*		179,000		—		(3,300	)		175,700		—		—			—		—
The L.S. Starrett Co., Cl. A		318,600		977		—			319,577		127,508		—			3,138,246		5.11%
Total										$	1,022,412		$(8,217	)		$44,358,103

* Security is no longer considered affiliated at September 30, 2016.

** Security is no longer held at September 30, 2016.

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

10. Subsequent Events. Effective October 1, 2016, the TETON Income Fund changed its name to TETON Convertible Securities Fund and amended its principal strategy. The amended strategy is to invest, under normal circumstances, at least 80% of its net assets in convertible securities, and in derivatives and other instruments that have economic characteristics similar to such

57

TETON Westwood Funds

Notes to Financial Statements (Continued)

securities. As of the same date, the Adviser has contractually agreed to waive its investment advisory fee and reimburse expenses of the Fund to the extent necessary to maintain the total annual operating expenses for the Fund’s Class AAA, Class A, Class C, and Class I Shares at 1.15%, 1.40%, 1.90%, and 0.90%, respectively.

58

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

The TETON Westwood Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments in securities, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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 and TETON Westwood Intermediate Bond Fund (each a separate fund of TETON Westwood Funds) (hereafter collectively referred to as the “Funds”) at September 30, 2016, the results for each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of September 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, NY

November 22, 2016

59

2016 Tax Notice to Shareholders (Unaudited)

U.S. Government Income: – The percentage of the ordinary income dividend paid by the Balanced Fund (the “Fund”) during the year ended September 30, 2016 which was derived from U.S. Treasury securities was 14.18%. Such income is exempt from state and local tax in all states. However, many states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has invested at least 50% of its assets at the end of each quarter of the Fund’s fiscal year in U.S. Government securities. The Fund did not meet this strict requirement during the year ended September 30, 2016. Due to the diversity in state and local tax law, it is recommended that you consult your personal tax adviser for the applicability of the information provided as to your specific situation.

Mighty Mites^SM Fund – During the year ended September 30, 2016, the Fund paid to shareholders long term capital gains totaling $25,421,356. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees.

SmallCap Equity Fund – During the year ended September 30, 2016, the Fund paid to shareholders long term capital gains totaling $3,743,714. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees.

Mid-Cap Equity Fund – During the year ended September 30, 2016, the Fund paid to shareholders long term capital gains totaling $201,278. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees.

Income Fund – During the year ended September 30, 2016, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.032, $0.022, $0.006, and $0.062 per share for Class AAA, Class A, Class C, and Class I Shares, respectively. For the year ended September 30, 2016, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.27% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

Equity Fund – During the year ended September 30, 2016, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.049, $0.026 and $0.083 per share for Class AAA, Class A, and Class I Shares, respectively, and long term capital gains totaling $4,754,811. For the year ended September 30, 2016, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distribution as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 0.10% of the ordinary income distribution as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

Balanced Fund – During the year ended September 30, 2016, the Fund paid to shareholders ordinary income dividends (comprised of net investment income and short term capital gains) totaling $0.125, $0.096, $0.038, and $0.154 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $4,706,472. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. For the year ended September 30, 2016, 100% of the ordinary income dividend qualifies for the dividends received deduction available to corporations. The Fund designates 100% of the ordinary income distributions as qualified dividend income, pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund designates 41.80% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004.

Intermediate Bond Fund – During the year ended September 30, 2016, the Fund paid to shareholders ordinary income dividends (comprised of net investment income) totaling $0.158, $0.139, $0.062, and $0.180 per share for Class AAA, Class A, Class C, and Class I Shares, respectively, and long term capital gains totaling $345,369. The distributions of long term capital gains have been designated as a capital gain dividend by the Fund’s Board of Trustees. The Fund designates 100% of the ordinary income distributions as qualified interest income, pursuant to the American Jobs Creation Act of 2004. The Fund designates 0.61% of the ordinary income distributions as qualified short-term capital gain.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

60

TETON Westwood Funds

Board Consideration and Re-Approval of Investment Advisory and Subadvisory Agreements (Unaudited)

In determining whether to approve the continuance of each of the Agreements, the Board considered the following information:

1) The nature, extent, and quality of services provided by the Adviser and the Subadviser.

The Board reviewed in detail the nature and extent of the services provided by the Adviser and the Sub-Adviser under the Agreements and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Funds, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Funds and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services including, for each Fund, monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulations. The Board noted that, in addition to managing the investment program for the Funds, the Adviser provided certain non-advisory and compliance services, including services under the Funds’ Rule 38a-1 compliance program.

The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Funds who are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Funds who had invested through various programs offered by third party financial intermediaries. The Board evaluated these factors based on its direct experience with the Adviser and Sub-Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY Mellon Investment Servicing (US) Inc. (“BNY”) to assist it in performing certain of its administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, and by the Sub-Adviser, had not diminished over the past year and that the quality of service continued to be high.

The Board reviewed the personnel responsible for providing services to the Funds and concluded, based on their experience and interaction with the Adviser and Sub-Adviser, that (i) the Adviser and Sub-Adviser were able to retain quality personnel; (ii) the Adviser, Sub-Adviser, and their agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Agreements; (iii) the Adviser and Sub-Adviser were responsive to requests of the Board; (iv) the scope and depth of the Adviser’s and Sub-Adviser’s resources were adequate; and (v) the Adviser and Sub-Adviser had kept the Board apprised of developments relating to each Fund and the industry in general. The Board also focused on the Adviser’s reputation and long standing relationship with the Funds. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Funds.

2) The performance of the Funds, the Adviser, and the Subadviser.

The Board reviewed the investment performance of each Fund, on an absolute basis, as compared with its Broadridge peer group of other SEC registered funds, and against each Fund’s broad based securities market benchmarks as reflected in each Fund’s prospectuses and annual report. The Board also considered rankings and ratings of the Funds issued by Broadridge over the short, intermediate, and long term. The Board considered each Fund’s one, three, five and ten year (where applicable) average annual total return for the periods ended June 30, 2016, but placed greatest emphasis on a Fund’s longer term performance. The peer groups considered by the Board were developed by Broadridge and were comprised of funds within the same Broadridge peer group category (the “Performance Peer Group”), regardless of asset size or primary channel of distribution. Each Fund’s performance against the Performance Peer Group was considered by the Board as providing an objective comparative benchmark against which each Fund’s performance could be assessed. In general, the Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Funds’ shareholders the total return performance that was available in the marketplace, given each Fund’s investment objectives, strategies, limitations, and restrictions. In reviewing the Funds’ performance, the Board noted that the Equity Fund’s performance was above the median for the one year period and below the median for the three year, five year and ten year periods; the Balanced Fund’s performance was above the median for the one year, three year, five year, and ten year periods; the SmallCap Equity Fund’s performance was above the median for the one year period and below the median for the three year, five year, and ten year periods; the Mighty Mites Fund’s performance was above the median for the one year, three year, five year, and ten year periods; the Income Fund’s performance was below the median for the one year, three year, five year, and ten year periods; the Mid-Cap Equity Fund’s performance was below the median for the one year and three year periods; and the Intermediate Bond Fund’s performance was below the median for the one year, three year, five year, and ten year periods. The Board Members concluded that the Funds’ performance was reasonable in comparison with that of the Performance Peer Groups.

In connection with its assessment of the performance of the Adviser and the Sub-Adviser, the Board considered the Adviser’s and Sub-Adviser’s financial condition and whether they had the resources necessary to continue to carry out their responsibilities under the Agreements. The Board concluded that the Adviser and Sub-Adviser had the financial resources necessary to

61

continue to perform their obligations under the Agreements and to continue to provide the high quality services that they have provided to the Funds to date.

3) The cost of the advisory services and the profits to the Adviser and Subadviser and their affiliates from the relationship with the Funds.

In connection with the Board’s consideration of the cost of the advisory and sub-advisory services and the profits to the Adviser, Sub-Adviser and their affiliates from their relationships with the Fund, the Board considered a number of factors. First, the Board compared the level of the advisory fee for each Fund against comparative Broadridge expense peer groups (“Expense Peer Group”). The Board also considered comparative non-advisory fee expenses and comparative total fund expenses of the Funds and each Expense Peer Group. The Board considered this information as useful in assessing whether the Adviser and Sub-Adviser were providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of the advisory fees after waivers and/or reimbursements. The Board noted that the SmallCap Equity Fund, the Income Fund, and the Intermediate Bond Fund operated pursuant to a Fee Waiver and Expense Deferral Agreement with the Adviser wherein the Adviser had agreed to waive a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund’s total operating expenses to the level set forth in the respective Fund’s prospectus. The Board noted that the Mid-Cap Equity Fund operated pursuant to a Expenses Limitation Agreement with the Adviser wherein the Adviser had agreed to limit a portion of its fee or reimburse a Fund for a portion of its expenses necessary to limit the Fund’s total operating expenses to the level set forth in the Fund’s prospectus. The Board noted that the advisory fees and expense ratios for the Balanced Fund, Equity Fund, the Income Fund, and the Mighty Mites Fund were higher than the median when compared with those of their Expense Peer Groups. Finally, the Board noted that although the SmallCap Equity Fund’s, Intermediate Bond Fund’s, and Mid-Cap Equity Fund’s net advisory fees were lower than the median, after considering their fee waivers, their expense ratios were higher than the median when compared with their Expense Peer Groups. The Board also reviewed the fees charged by the Adviser and Sub-Adviser to provide similar advisory services to other registered investment companies with similar investment objectives and to separate accounts, noting that in some cases the fees charged by the Adviser or Sub-Adviser were higher and, in other cases lower, than the fees charged to the Funds. In evaluating this information, the Board considered the difference in services provided by the Adviser and Sub-Adviser to these other accounts. In particular, the Board considered the differences in risks involved in managing separate accounts and the Funds from a compliance and regulatory perspective.

The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Funds and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2015. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to each of the Funds. With respect to the Fund analysis, the Board received an analysis based on each Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Funds to the Adviser under either analysis was not excessive.

4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.

With respect to the Board’s consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Funds at higher asset levels. The Board also reviewed data from the Expense Peer Groups to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Funds were to experience significant asset growth. In the event there was to be significant asset growth in the Funds, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5) Other Factors.

In addition to the above factors, the Board also discussed other benefits received by the Adviser and Sub-Adviser from their management of the Funds. The Board considered that the Adviser and Sub-Adviser do use soft dollars in connection with their management of the Funds.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that each Fund’s advisory fee and, with respect to the Equity Fund, the Balanced Fund, and the Intermediate Bond Fund, the sub-advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of each Fund’s Advisory Agreement and, with respect to the Equity Fund, the Balanced Fund, and the Intermediate Bond Fund, the Sub-Advisory agreements. The Board based its decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

62

TETON Westwood Funds

Additional Fund Information (Unaudited)

The business and affairs of the Trust are managed under the direction of its Board of Trustees. Information pertaining to the Trustees and officers of the Trust is set forth below. The Trust’s Statement of Additional Information includes additional information about the TETON Westwood Funds’ Trustees and is available, without charge, upon request, by calling 800-WESTWOOD (800-937-8966) or by writing to the TETON Westwood Funds at One Corporate Center, Rye, NY 10580-1422.

Name, Position(s), Address1 and Age	Term of Office and Length of Time Served2		Number of Funds in Fund Complex Overseen by Trustee		Principal Occupation(s) During Past Five Years	Other Directorships Held by Trustee3
INDEPENDENT TRUSTEES4:
Anthony J. Colavita		Since 1994		36	President of the law firm of	—
Trustee					Anthony J. Colavita, P.C.
Age: 80
James P. Conn		Since 1994		22	Former Managing Director and Chief Investment	—
Trustee					Officer of Financial Security Assurance Holdings,
Age: 78					Ltd. (1992-1998)
Werner J. Roeder, MD		Since 1994		23	Practicing private physician; Former Medical	—
Trustee					Director of Lawrence Hospital (1999-2014)
Age: 76
Salvatore J. Zizza		Since 2004		30	President of Zizza & Associates Corp. (financial	Director and Vice Chairman
Trustee					consulting); Chairman of Harbor Diversified, Inc.	of Trans-Lux Corporation
Age: 70					(pharmaceuticals); Chairman of BAM	(business services); Director
					(semiconductor and aerospace manufacturing);	and Chairman of Harbor
					Chairman of Bergen Cove Realty Inc.; Chairman of	Diversified Inc.
					Metropolitan Paper Recycling Inc. (recycling)	(pharmaceuticals); Director,
					(2005-2014)	Chairman, and CEO of
						General Employment
						Enterprises (staffing services)
						(2009-2012)

63

Name, Position(s), Address1 and Age	Term of Office and Length of Time Served2		Number of Funds in Fund Complex Overseen by Trustee		Principal Occupation(s)                     During Past Five Years	Other Directorships Held by Trustee3
OFFICERS:
Bruce N. Alpert				—	Executive Vice President and Chief Operating	—
President		Since 1994			Officer of Gabelli Funds, LLC since 1988; Officer of
Age: 64					several registered investment companies within the
					Gabelli/GAMCO Fund Complex; Senior Vice
					President of GAMCO Investors, Inc. since 2008;
					Director of Teton Advisors, Inc., 1998-2012;
					Chairman of Teton Advisors, Inc., 2008-2010;
					President of Teton Advisors, Inc., 1998-2008
Andrea R. Mango		Since 2013		—	Counsel of Gabelli Funds, LLC since 2013; Secretary	—
Secretary					of all registered investment companies within the
Age: 44					Gabelli/GAMCO Fund Complex since 2013; Vice
					President of all closed-end funds within the
					Gabelli/GAMCO Fund Complex since 2014;
					Corporate Vice President within the Corporate
					Compliance Department of New York Life
					Insurance Company, 2011-2013; Vice President and
					Counsel of Deutsche Bank, 2006-2011
Agnes Mullady		Since 2006		—	President and Chief Operating Officer of the Fund	—
Treasurer					Division of Gabelli Funds, LLC since 2010; Chief
Age: 58					Executive Officer of G.distributors, LLC since 2010;
					Senior Vice President of GAMCO Investors, Inc.
					since 2009; Vice President of Gabelli Funds, LLC
					since 2007; Officer of all of the registered
					investment companies within the Gabelli/GAMCO
					Fund Complex
Richard J. Walz		Since 2013		—	Chief Compliance Officer of all of the registered	—
Chief Compliance Officer					investment companies within the Gabelli/GAMCO
Age: 57					Fund Complex since 2013; Chief Compliance
					Officer of AEGON USA Investment Management,
					2011-2013; Chief Compliance Officer of Cutwater
					Asset Management, 2004-2011

1 Address: One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.

2 Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Amended By-Laws and Amended and Restated Declaration of Trust. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected and qualified.

3 This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, i.e., public companies, or other investment companies registered under the Investment Company Act of 1940.

4 Trustees who are not interested persons are considered “Independent” Trustees.

64

TETON Westwood Funds and Your Personal Privacy

Who are we?

The TETON Westwood Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Teton Advisors, Inc., which is an affiliate of GAMCO Investors Inc., a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients. Teton Advisors, Inc. is a publicly held company that provides investment advisory services to the TETON Westwood Funds.

What kind of non-public information do we collect about you if you become a Fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

● Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the Fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

This page was intentionally left blank.

This page was intentionally left blank.

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Mid-Cap Equity Fund

TETON Westwood Income Fund

TETON Westwood Equity Fund

TETON Westwood Balanced Fund

TETON Westwood Intermediate Bond Fund

One Corporate Center

Rye, New York 10580-1422

General and Account Information:

800-WESTWOOD [800-937-8966]

fax: 914-921-5118

website: www.tetonadv.com

e-mail: info@tetonadv.com

	Board of Trustees
ANTHONY J. COLAVITA		WERNER J. ROEDER, MD
President,		Former Medical Director,
Anthony J. Colavita, P.C.		Lawrence Hospital
JAMES P. CONN		SALVATORE J. ZIZZA
Former Chief Investment Officer,		Chairman,
Financial Security Assurance Holdings Ltd.		Zizza & Associates Corp.
	Officers
BRUCE N. ALPERT		RICHARD J. WALZ
President		Chief Compliance Officer
ANDREA R. MANGO		AGNES MULLADY
Secretary		Treasurer
Investment Adviser		Distributor
Teton Advisors, Inc.		G.distributors, LLC
Custodian		Legal Counsel
The Bank of New York Mellon		Paul Hastings LLP

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

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

GABWWQ316AR

Item 2. Code of Ethics.

    (a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

    (c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

    (d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s board of directors has determined that James P. Conn is qualified to serve as an audit committee financial expert serving on its audit committee and that he is “independent.”

Item 4. Principal Accountant Fees and Services.

Audit Fees

    (a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $169,831 in 2015 and $174,075 in 2016.

Audit-Related Fees

    (b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 in 2015 and $0 in 2016.

Tax Fees

    (c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $28,710 in 2015 and $29,410 in 2016. Tax fees represent tax compliance services provided in connection with the review of the Registrant’s tax returns.

All Other Fees

    (d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2015 and $0 in 2016.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser, Gabelli Advisers, Inc., and any affiliate of Gabelli Funds, LLC (“Gabelli”) that provides services to the registrant (a “Covered Services Provider”) if the registered public accounting firm’s engagement related directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to the other persons (other than Gabelli or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion of the audit.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) N/A

(c) 100%

(d) N/A

    (f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work

performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

    (g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $28,710 in 2015 and $29,410 in 2016.

    (h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(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.

(12.other) Not applicable.

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     12/02/2016

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     12/02/2016

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

Date     12/02/2016

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

EX-99.CODE

EX-99.CODE ETH

Joint Code of Ethics for Chief Executive

and Senior Financial Officers of the Gabelli/GAMCO/TETON Funds

Each affiliated registered investment company (each a “Company”) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics, applicable to each Company’s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers or employees of the investment advisor to the Companies or service providers thereof (the “Advisor”) and/or affiliates of the Advisor (the “Advisory Group”) and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies, including:

• the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the “1940 Act”);

• the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “Advisers Act”);

• the Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively, the “Trust’s 1940 Act Code of Ethics”);

• one or more codes of ethics adopted by the Advisory Group that have been reviewed and approved by those trustees/directors (the “Directors”) of each Company that are not “interested persons” of such Company (the “Independent Directors”) within the meaning of the 1940 Act (the

Revised: July 30, 2014

1

“Advisory Group’s 1940 Act Code of Ethics” and, together with such Company’s 1940 Act Code of Ethics, the “1940 Act Codes of Ethics”);

• the policies and procedures adopted by each Company to address conflict of interest situations, such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively, the “Conflict Policies”); and

• the Advisory Group’s policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “Advisory Policies”).

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are referred to herein collectively as the “Additional Conflict Rules”.

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

Senior Officers Should Act Honestly and Candidly

Each Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of each Company’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance With Code Of Ethics”; and

• adhere to a high standard of business ethics.

Conflicts Of Interest

A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of a Company.

Revised: July 30, 2014

2

Senior Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the “CCO”) and obtain the approval of the CCO prior to taking action.

Some conflict of interest situations that should always be approved by the CCO, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which a Company has current or prospective business dealings (other than the Advisory Group), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, of any of the Companies’ service providers, other than the Advisory Group; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by the Advisory Group, such as compensation or equity ownership.

Disclosures

It is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public

Revised: July 30, 2014

3

communications made by such Company. As a Senior Officer, you are required to promote compliance with this policy and to abide by such Company ’s standards, policies and procedures designed to promote compliance with this policy.    

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to each Company as well as the business and financial operations of each Company; and

• not knowingly misrepresent, or cause others to misrepresent, facts about any Company to others, including to the Directors, such Company’s independent auditors, such Company’s counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory organizations.

Compliance With Code Of Ethics

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Company, you must report that information on a timely basis to the CCO or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time. No one will be subject to retaliation because of a good faith report of a suspected violation.

Each Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the CCO will take all appropriate action to investigate any actual or potential violations reported to him or her;

• violations and potential violations will be reported to the Board of Directors of each affected Company after such investigation;

• if the Board of Directors determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

Waivers Of Code Of Ethics

Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

Revised: July 30, 2014

4

The CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors, and is encouraged to do so.

The Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Recordkeeping

Each Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:

• that provided the basis for any amendment or waiver to this Code of Ethics; and

• relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board of Directors.

Confidentiality

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.

Amendments

This Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote of the affected Company’s Directors, including a majority of its Independent Directors.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Companies’ business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Revised: July 30, 2014

5

ACKNOWLEDGMENT FORM

I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Company’s related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Advisory Group from time to time.

Printed Name

Signature

Date

Revised: July 30, 2014

6

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:    12/02/2016	/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:    12/02/2016	/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:    12/02/2016	/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:    12/02/2016	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer