N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number        811-04719        

            The TETON Westwood Funds            

(Exact name of registrant as specified in charter)

One Corporate Center

                             Rye, New York 10580-1422                    

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                         Rye, New York 10580-1422                        

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: September 30

Date of reporting period: March 31, 2018

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

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

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

TETON WESTWOOD FUNDS

Mighty Mites^SM Fund

SmallCap Equity Fund

Mid-Cap Equity Fund

Convertible Securities Fund

Equity Fund

Balanced Fund

Intermediate Bond Fund

Semiannual Report

March 31, 2018

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares																					Class A Shares
	Average Annual Returns – March 31, 2018 (a)																					Average Annual Returns – March 31, 2018 (a)(b)(c)
	1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments			1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments
Mighty MitesSM ..		10.48	%		10.20	%		10.58	%		11.68	%		11.44	%		1.41	%		1.41	%		5.79	%		9.03	%		9.87	%		11.12	%		10.99	%		1.66	%		1.66	%
SmallCap Equity		12.04			11.68			9.71			10.83			8.04			1.74			1.25			7.27			10.50			9.00			10.28			7.66			1.99			1.50
Mid-Cap Equity		6.42			—			—			—			8.20			3.36			1.05			1.84			—			—			—			7.01			3.61			1.30
Convertible Securities		13.71			7.76			6.12			8.50			7.48			2.47			1.15			8.90			6.62			5.42			7.94			7.06			2.72			1.40
Equity		13.49			11.16			6.80			9.56			10.07			1.62			1.62			8.71			10.00			6.11			9.00			9.70			1.87			1.87
Balanced		9.37			7.39			5.48			7.28			8.36			1.34			1.34			4.71			6.26			4.78			6.72			7.93			1.59			1.59
Intermediate Bond		0.10			0.38			2.17			2.53			4.40			1.52			1.00			(4.03	)		(0.52	)		1.65			2.14			4.16			1.62			1.10
	Class C Shares																					Class I Shares
	Average Annual Returns –March 31, 2018 (a)(c)(d)																					Average Annual Returns – March 31, 2018 (a)(c)
	1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments			1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments
Mighty MitesSM		8.64	%		9.37	%		9.76	%		10.86	%		10.75	%		2.16	%		2.16	%		10.73	%		10.47	%		10.85	%		11.87	%		11.58	%		1.16	%		1.16	%
SmallCap Equity		10.14			10.84			8.89			9.90			7.37			2.49			2.00			12.29			11.95			9.99			11.02			8.17			1.49			1.00
Mid-Cap Equity		4.56			—			—			—			7.39			4.11			1.80			6.66			—			—			—			8.51			3.11			0.80
Convertible Securities		11.94			6.96			5.33			7.73			6.91			3.22			1.90			14.15			8.05			6.40			8.70			7.63			2.22			0.90
Equity		11.56			10.33			6.00			8.75			9.55			2.37			2.37			13.73			11.38			7.05			9.74			10.15			1.37			1.37
Balanced		7.62			6.62			4.71			6.48			7.79			2.09			2.09			9.64			7.65			5.74			7.45			8.46			1.09			1.09
Intermediate Bond		(1.70	)		(0.37	)		1.41			1.77			3.91			2.27			1.75			0.26			0.63			2.42			2.70			4.49			1.27			0.75

	Class T Shares
	Average Annual Returns – March 31, 2018 (a)(c)(e)
	1 Year			5 Year			10 Year			15 Year			Since  Inception			Gross  Expense  Ratio			Expense  Ratio  after  Adviser  Reimburse-  ments
Mighty MitesSM		7.71	%		9.64	%		10.30	%		11.50	%		11.30	%		1.41	%		1.41	%
SmallCap Equity		9.19			11.11			9.42			10.64			7.62			1.74			1.25

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. For the SmallCap Equity, Mid-Cap Equity, Convertible Securities, and Intermediate Bond Funds (and for the Mighty Mites^SM Fund through September 30, 2005), Teton Advisors, Inc. (the “Adviser”) reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2019 and are renewable annually by the Adviser. The Funds, except for the Equity, Balanced, and Intermediate Bond Funds, impose a 2.00% redemption fee on shares sold or exchanged within seven days after the date of purchase. Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.tetonadv.com.

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

(c) The performance of the Class AAA Shares is used to calculate performance for the periods prior to the issuance of Class A Shares, Class C Shares, Class I Shares, and Class T Shares, except for Mid-Cap Equity Fund whose performance for all share classes is based on the Fund’s inception date of May 31, 2013. The performance for the Class A Shares, Class C Shares, and Class T 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, Class I Shares, and Class T Shares after which shares remained continuously outstanding are listed below.

(d) Assuming payment of the 1.00% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

(e) Includes the effect of the maximum 2.50% sales charge at the beginning of the period.

	Class AAA Shares	Class A Shares	Class C Shares	Class I Shares	Class T Shares
Mighty MitesSM	05/11/98	11/26/01	08/03/01	01/11/08	07/05/17
SmallCap Equity	04/15/97	11/26/01	11/26/01	01/11/08	07/05/17
Mid-Cap Equity	05/31/13	05/31/13	05/31/13	05/31/13	—
Convertible Securities	09/30/97	05/09/01	11/26/01	01/11/08	—
Equity	01/02/87	01/28/94	02/13/01	01/11/08	—
Balanced	10/01/91	04/06/93	09/25/01	01/11/08	—
Intermediate Bond	10/01/91	07/26/01	10/22/01	01/11/08	—

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

Proxy Voting

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

2

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2017 through March 31, 2018

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

The Expense Table on page 4 illustrates your Fund’s costs in two ways:

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

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

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

3

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2017 through March 31, 2018

Expense Table

	Actual Fund Return				Hypothetical 5% Return
	Beginning   Account Value   10/01/17	Ending   Account Value   03/31/18	Annualized   Expense   Ratio	Expenses   Paid During   Period*	Beginning   Account Value   10/01/17	Ending   Account Value   03/31/18	Annualized   Expense   Ratio	Expenses   Paid During   Period*
TETON Westwood Mighty MitesSM Fund
Class AAA	$1,000.00	$990.60	1.39%	$  6.90	$1,000.00	$1,018.00	1.39%	$  6.99
Class A	$1,000.00	$989.20	1.64%	$  8.13	$1,000.00	$1,016.75	1.64%	$  8.25
Class C	$1,000.00	$986.90	2.14%	$10.60	$1,000.00	$1,014.26	2.14%	$10.75
Class I	$1,000.00	$991.80	1.14%	$  5.66	$1,000.00	$1,019.25	1.14%	$  5.74
Class T	$1,000.00	$990.60	1.39%	$  6.90	$1,000.00	$1,018.00	1.39%	$  6.99
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$1,036.00	1.25%	$  6.35	$1,000.00	$1,018.70	1.25%	$  6.29
Class A	$1,000.00	$1,034.50	1.50%	$  7.61	$1,000.00	$1,017.45	1.50%	$  7.54
Class C	$1,000.00	$1,031.30	2.00%	$10.13	$1,000.00	$1,014.96	2.00%	$10.05
Class I	$1,000.00	$1,036.80	1.00%	$  5.08	$1,000.00	$1,019.95	1.00%	$  5.04
Class T	$1,000.00	$1,035.50	1.25%	$  6.34	$1,000.00	$1,018.70	1.25%	$  6.29
TETON Westwood Mid-Cap Equity Fund
Class AAA	$1,000.00	$1,032.20	1.05%	$  5.32	$1,000.00	$1,019.70	1.05%	$  5.29
Class A	$1,000.00	$1,031.00	1.30%	$  6.58	$1,000.00	$1,018.45	1.30%	$  6.54
Class C	$1,000.00	$1,028.50	1.80%	$  9.10	$1,000.00	$1,015.96	1.80%	$  9.05
Class I	$1,000.00	$1,033.30	0.80%	$  4.06	$1,000.00	$1,020.94	0.80%	$  4.03
TETON Convertible Securities Fund
Class AAA	$1,000.00	$1,062.40	1.15%	$  5.91	$1,000.00	$1,019.20	1.15%	$  5.79
Class A	$1,000.00	$1,062.30	1.40%	$  7.20	$1,000.00	$1,017.95	1.40%	$  7.04
Class C	$1,000.00	$1,059.10	1.90%	$  9.75	$1,000.00	$1,015.46	1.90%	$  9.55
Class I	$1,000.00	$1,065.20	0.90%	$  4.63	$1,000.00	$1,020.44	0.90%	$  4.53
TETON Westwood Equity Fund
Class AAA	$1,000.00	$1,058.70	1.60%	$  8.21	$1,000.00	$1,016.95	1.60%	$  8.05
Class A	$1,000.00	$1,057.70	1.85%	$  9.49	$1,000.00	$1,015.71	1.85%	$  9.30
Class C	$1,000.00	$1,054.40	2.35%	$12.04	$1,000.00	$1,013.21	2.35%	$11.80
Class I	$1,000.00	$1,059.90	1.35%	$  6.93	$1,000.00	$1,018.20	1.35%	$  6.79
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$1,038.90	1.34%	$  6.81	$1,000.00	$1,018.25	1.34%	$  6.74
Class A	$1,000.00	$1,037.30	1.59%	$  8.08	$1,000.00	$1,017.00	1.59%	$  8.00
Class C	$1,000.00	$1,034.90	2.09%	$10.60	$1,000.00	$1,014.51	2.09%	$10.50
Class I	$1,000.00	$1,039.40	1.09%	$  5.54	$1,000.00	$1,019.50	1.09%	$  5.49
TETON Westwood Intermediate Bond Fund
Class AAA	$1,000.00	$990.50	1.00%	$  4.96	$1,000.00	$1,019.95	1.00%	$  5.04
Class A	$1,000.00	$990.80	1.10%	$  5.46	$1,000.00	$1,019.45	1.10%	$  5.54
Class C	$1,000.00	$986.80	1.75%	$  8.67	$1,000.00	$1,016.21	1.75%	$  8.80
Class I	$1,000.00	$991.70	0.75%	$  3.72	$1,000.00	$1,021.19	0.75%	$  3.78

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

4

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2018:

TETON Westwood Mighty Mites^SM Fund

U.S. Government Obligations	20.5	%
Diversified Industrial	9.3	%
Health Care	7.0	%
Financial Services	6.8	%
Equipment and Supplies	5.6	%
Electronics	3.2	%
Food and Beverage	3.0	%
Machinery	3.0	%
Automotive: Parts and Accessories	3.0	%
Hotels and Gaming	2.9	%
Computer Software and Services	2.6	%
Specialty Chemicals	2.6	%
Consumer Products	2.5	%
Telecommunications	2.5	%
Real Estate	2.4	%
Aerospace and Defense	2.3	%
Business Services	2.0	%
Restaurants	1.9	%
Building and Construction	1.8	%
Metals and Mining	1.5	%
Retail	1.3	%
Manufactured Housing and Recreational Vehicles	1.3	%
Broadcasting	1.3	%
Aviation: Parts and Services	1.3	%
Environmental Control	1.1	%

Publishing	0.9	%
Energy and Utilities: Water	0.9	%
Automotive	0.9	%
Entertainment	0.8	%
Consumer Services	0.6	%
Semiconductors	0.5	%
Energy and Utilities: Natural Gas	0.5	%
Energy and Utilities: Services	0.4	%
Agriculture	0.4	%
Communications Equipment	0.3	%
Energy and Utilities: Oil	0.2	%
Airlines	0.2	%
Paper and Forest Products	0.2	%
Energy and Utilities: Integrated	0.2	%
Closed-End Funds	0.1	%
Wireless Communications	0.1	%
Educational Services	0.0	%*
Energy and Utilities	0.0	%*
Energy and Utilities: Alternative Energy	0.0	%*
Transportation	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

Banking	24.0	%
Semiconductors	10.8	%
Energy and Utilities	8.8	%
Computer Software and Services	7.0	%
Business Services	6.1	%
Telecommunications	5.4	%
Retail	5.0	%
Specialty Chemicals	5.0	%
Health Care	4.5	%
Diversified Industrial	3.2	%
Financial Services	3.0	%
Electronics	3.0	%
Building and Construction	2.3	%

Equipment and Supplies	2.0	%
Consumer Products	2.0	%
Automotive	1.5	%
Communications	1.2	%
U.S. Government Obligations	1.2	%
Aerospace	1.1	%
Environmental Control	1.1	%
Machinery	0.9	%
Real Estate	0.7	%
Food and Beverage	0.3	%
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

TETON Westwood Mid-Cap Equity Fund

Financials	23.2	%
Information Technology	17.2	%
Consumer Discretionary	14.4	%
Industrials	13.9	%
Energy	11.9	%
Health Care	7.9	%

U.S. Treasury Bills	3.1	%
Materials	3.1	%
Consumer Staples	3.0	%
Other Assets and Liabilities (Net)	2.3	%
	100.0	%

5

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Convertible Securities Fund

Computer Software and Services	21.3	%
Health Care	13.5	%
Semiconductors	12.2	%
Financial Services	7.3	%
Communications Equipment	4.7	%
Energy and Utilities: Integrated	4.7	%
Business Services	4.0	%
Real Estate Investment Trusts	4.0	%
Transportation	3.0	%
Consumer Services	2.5	%
Diversified Industrial	2.4	%
Cable and Satellite	2.3	%
Entertainment	2.3	%

Aviation: Parts and Services	2.0	%
Building and Construction	2.0	%
Industrials	2.0	%
Aerospace and Defense	1.9	%
Energy and Utilities: Services	1.8	%
Food and Beverage	1.7	%
U.S. Treasury Bills	1.4	%
Consumer Products	0.9	%
Agriculture	0.6	%
Telecommunications	0.1	%
Other Assets and Liabilities (Net)	1.4	%
	100.0	%

TETON Westwood Equity Fund

Banking	12.8	%
Health Care	10.6	%
Financial Services	10.0	%
Telecommunications	8.4	%
Computer Software and Services	7.4	%
Food and Beverage	6.3	%
Energy: Integrated	6.3	%
Retail	6.0	%
Aerospace	4.3	%
Business Services	4.2	%
Energy and Energy Services	3.5	%
Other Investment Companies	2.4	%

Consumer Products	2.1	%
Transportation	2.1	%
Real Estate	2.1	%
Diversified Industrial	2.0	%
Semiconductors	2.0	%
Energy: Oil	1.9	%
Specialty Chemicals	1.9	%
Cable and Satellite	1.8	%
Entertainment	1.0	%
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

TETON Westwood Balanced Fund

Banking	12.3	%
Financial Services	10.3	%
Health Care	9.5	%
Telecommunications	6.3	%
Retail	6.0	%
Computer Software and Services	5.0	%
U.S. Treasury Notes	4.6	%
Food and Beverage	4.3	%
Energy: Integrated	4.0	%
Other Investment Companies	3.7	%
Consumer Products	3.6	%
Aerospace	3.2	%
Business Services	2.8	%
Federal Home Loan Mortgage Corp.	2.6	%
Diversified Industrial	2.5	%

Energy and Energy Services	2.5	%
Electronics	2.4	%
Energy: Oil	2.0	%
Federal National Mortgage Association	1.7	%
U.S. Treasury Inflation Indexed Notes	1.6	%
Semiconductors	1.5	%
Real Estate	1.4	%
Transportation	1.3	%
Specialty Chemicals	1.2	%
Cable and Satellite	1.2	%
Computer Hardware	1.0	%
Entertainment	0.6	%
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	52.8	%
U.S. Government Obligations	29.7	%
U.S. Government Agency Obligations	17.7	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

6

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 78.6%
		Aerospace and Defense — 2.3%
	1,118,900	Aerojet Rocketdyne Holdings Inc.†	$	5,240,670	$	31,295,633
	2,000	Allied Motion Technologies Inc.		77,469		79,500
	15,000	Chemring Group plc		35,977		42,090
	123,000	Innovative Solutions & Support Inc.†		472,250		434,190
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		72,030
				5,869,329		31,923,443
		Agriculture — 0.4%
	500,000	Black Earth Farming Ltd., SDR†(a)		4,345		1,856
	225	J.G. Boswell Co.		144,676		156,375
	139,475	Limoneira Co.		2,673,496		3,309,742
	490,000	S&W Seed Co.†		1,707,556		1,764,000
				4,530,073		5,231,973
		Airlines — 0.2%
	45,000	American Airlines Group Inc.		18,602		2,338,200
	225,000	American Airlines Group Inc., Escrow†		3,288		371,250
				21,890		2,709,450
		Automotive — 0.9%
	27,200	Lithia Motors Inc., Cl. A		517,533		2,734,144
	20,000	Navistar International Corp.†		152,109		699,400
	29,605	Rush Enterprises Inc., Cl. A†		545,615		1,257,916
	104,005	Rush Enterprises Inc., Cl. B†		1,800,199		4,199,722
	66,500	Sonic Automotive Inc., Cl. A		849,600		1,260,175
	70,000	Wabash National Corp.		132,194		1,456,700
				3,997,250		11,608,057
		Automotive: Parts and Accessories — 2.8%
	6,000	China Automotive Systems Inc.†		34,007		27,420
	105,000	Dana Inc.		624,231		2,704,800
	10,000	Douglas Dynamics Inc.		309,290		433,500
	400,000	Federal-Mogul Holdings Corp.†(a)		3,578,148		4,000,000
	13,400	Gentherm Inc.†		194,890		454,930
	311,600	Modine Manufacturing Co.†		3,294,325		6,590,340
	24,000	Motorcar Parts of America Inc.†		315,465		514,320
	80,000	Puradyn Filter Technologies Inc.†		13,774		1,480
	54,000	Shiloh Industries Inc.†		635,890		469,800
	122,200	Standard Motor Products Inc.		1,271,525		5,813,054
	179,700	Strattec Security Corp.		4,496,872		6,532,095
	475,000	Superior Industries International Inc.		8,814,707		6,317,500
	37,000	Tenneco Inc.		115,032		2,030,190
	35,000	Titan International Inc.		297,192		441,350
	33,425	Tower International Inc.		736,834		927,544
	40,000	Uni-Select Inc.		729,488		620,949
				25,461,670		37,879,272
		Aviation: Parts and Services — 1.3%
	13,500	Astronics Corp.†		96,483		503,550
	19,019	Astronics Corp., Cl. B†		131,688		703,323
	125,642	Ducommun Inc.†		2,158,735		3,817,004
	197,301	Kaman Corp.		5,011,314		12,256,338
				7,398,220		17,280,215
		Broadcasting — 1.3%
	720,000	Beasley Broadcast Group Inc., Cl. A(b)		3,796,962		8,136,000

Shares			Cost		Market Value
	78,700	Entercom Communications Corp., Cl. A	$	178,446	$	759,455
	255,500	Gray Television Inc.†		279,902		3,244,850
	83,092	Gray Television Inc., Cl. A†		570,965		884,930
	605,000	Salem Media Group Inc.		2,858,915		2,178,000
	33,000	Sinclair Broadcast Group Inc., Cl. A		53,667		1,032,900
	100,084	Townsquare Media Inc., Cl. A		957,750		793,666
	41,675	Videocon d2h Ltd., ADR†		265,893		341,735
				8,962,500		17,371,536
		Building and Construction — 1.8%
	266,400	Armstrong Flooring Inc.†		4,919,825		3,615,048
	145,000	Gibraltar Industries Inc.†		3,364,313		4,908,250
	13,000	Herc Holdings Inc.†		495,236		844,350
	785,000	Huttig Building Products Inc.† .		934,283		4,105,550
	107,074	MYR Group Inc.†		2,422,367		3,300,021
	98,300	The Monarch Cement Co.		2,606,466		7,397,075
				14,742,490		24,170,294
		Business Services — 2.0%
	215,079	Ascent Capital Group Inc., Cl. A†		4,832,043		791,491
	2,886	Du-Art Film Labs Inc.†		500,066		548,340
	705,520	Edgewater Technology Inc.†(b)		2,293,833		3,915,636
	308,804	Gerber Scientific Inc., Escrow†(a)		0		0
	101,271	GP Strategies Corp.†		928,058		2,293,788
	23,300	ICF International Inc.		558,939		1,361,885
	32,029	KAR Auction Services Inc.		443,660		1,735,972
	16,000	Macquarie Infrastructure Corp.		84,561		590,880
	4,560	Matthews International Corp., Cl. A		200,594		230,736
	20,000	McGrath RentCorp.		535,869		1,073,800
	115,000	MDC Partners Inc., Cl. A†		743,033		828,000
	37,000	MoneyGram International Inc.†		497,426		318,940
	1,400	PayPoint plc		16,487		15,674
	30	Pendrell Corp.		48,782		19,350
	329,962	PFSweb Inc.†		2,034,894		2,883,868
	1,300	Pollard Banknote Ltd.		20,034		21,452
	158,259	PRGX Global Inc.†		922,178		1,495,548
	52,024	Safeguard Scientifics Inc.†		728,840		637,294
	35,000	Scientific Games Corp.†		284,919		1,456,000
	500	Stamps.com Inc.†		6,278		100,525
	350,000	Team Inc.†		6,321,005		4,812,500
	22,000	Trans-Lux Corp.†		111,871		20,020
	37,282	Viad Corp.		993,885		1,955,441
				23,107,255		27,107,140
		Communications Equipment — 0.3%
	438,598	Communications Systems Inc.		3,895,739		1,609,655
	275,000	Extreme Networks Inc.†		946,476		3,044,250
	60,000	ViewCast.com Inc.†		14,320		411
				4,856,535		4,654,316
		Computer Hardware — 0.0%
	10,000	Violin Memory Inc.†(a)		6,812		0
		Computer Software and Services — 2.6%
	1,800	Agilysys Inc.†		21,595		21,456
	200,913	American Software Inc., Cl. A		1,877,685		2,611,869
	174,884	Avid Technology Inc.†		1,272,864		793,973
	317,000	Callidus Software Inc.†		1,754,441		11,396,150
	79,687	Carbonite Inc.†		914,787		2,294,986
	550	Cardlytics Inc.†		9,294		8,047
	2,300	Cinedigm Corp., Cl. A†		3,284		3,151
	115,000	CommerceHub Inc., Cl. A†		2,547,511		2,587,500
	70,000	CommerceHub Inc., Cl. C†		1,457,594		1,574,300

See accompanying notes to financial statements.

7

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Computer Software and Services (Continued)
	190,000	comScore Inc.†	$	5,465,426	$	4,573,300
	23,000	Datawatch Corp.†		184,888		198,950
	45,000	DHI Group Inc.†		81,549		72,000
	84,801	Digi International Inc.†		958,168		873,450
	330,000	FalconStor Software Inc.†		695,399		29,700
	1,410	Gemalto NV		8,172		86,140
	20,000	Genius Brands International Inc.†		98,721		54,800
	20,000	GSE Systems Inc.†		109,966		65,000
	144,267	iGO Inc.†		484,473		337,585
	355,000	Internap Corp.†		4,314,528		3,905,000
	10,000	Materialise NV, ADR†		58,532		116,900
	35,000	Mercury Systems Inc.†		280,098		1,691,200
	67,500	Mitek Systems Inc.†		199,734		499,500
	5,502	MTS Systems Corp.		257,882		284,178
	5,000	Qualstar Corp.†		40,358		56,500
	190,389	Qumu Corp.†		2,225,329		335,085
	3,000	SafeCharge International Group Ltd.		12,832		12,311
	3,400	Tyler Technologies Inc.†		37,768		717,264
	4,266	USA Technologies Inc.†		36,178		38,394
				25,409,056		35,238,689
		Consumer Products — 2.5%
	127,200	Acme United Corp.		2,271,327		2,650,848
	229,034	Bassett Furniture Industries Inc.		4,643,128		6,951,182
	2,000	Brunswick Corp.		30,085		118,780
	96,387	Callaway Golf Co.		833,454		1,576,891
	500	Flexsteel Industries Inc.		18,654		19,790
	700,000	Goodbaby International Holdings Ltd.		338,050		478,074
	40,000	HG Holdings Inc.†		73,170		24,000
	10,000	Johnson Outdoors Inc., Cl. A		219,302		620,000
	12,211	Lakeland Industries Inc.†		119,079		158,132
	945	Lifetime Brands Inc.		16,582		11,718
	812,400	Marine Products Corp.		5,884,123		11,381,724
	60,000	MarineMax Inc.†		866,511		1,167,000
	1,200	National Presto Industries Inc.		90,916		112,500
	106,031	Nautilus Inc.†		1,160,208		1,426,117
	134,000	Oil-Dri Corp. of America		2,520,402		5,385,460
	32,900	Orchids Paper Products Co.†		452,293		268,135
	5,700	PC Group Inc.†		3,465		43
	4,000,000	Playmates Holdings Ltd.		481,613		535,158
	6,000	Sequential Brands Group Inc.†		10,311		12,510
	2,140	Standard Diversified Opportunities Inc., Cl. A†		25,271		21,849
	8,540	Standard Diversified Opportunities Inc., Cl. B†		103,473		87,193
	88,600	ZAGG Inc.†		623,324		1,080,920
				20,784,741		34,088,024
		Consumer Services — 0.6%
	523,846	1-800-Flowers.com Inc., Cl. A†		1,883,070		6,181,383
	64,700	Bowlin Travel Centers Inc.†		87,196		158,515
	6,000	Carriage Services Inc.		150,727		165,960
	800	Collectors Universe Inc		0		12,568
	74,991	XO Group Inc.†		732,512		1,556,063
				2,853,505		8,074,489
		Diversified Industrial — 9.3%
	9,292	American Railcar Industries Inc.		147,177		347,614
	515,000	Ampco-Pittsburgh Corp.		10,058,094		4,583,500
	262,001	Burnham Holdings Inc., Cl. A(b)		4,205,806		4,000,755
	93,333	Chase Corp.		1,444,684		10,868,628
	113,300	Columbus McKinnon Corp.		1,858,806		4,060,672
	446,598	FormFactor Inc.†		3,111,209		6,096,063

Shares			Cost		Market Value
	34,600	Graham Corp.	$	563,893	$	741,132
	426,579	Griffon Corp.		4,675,395		7,785,067
	25,000	Haulotte Group SA		134,090		514,944
	27,000	Haynes International Inc.		1,245,635		1,001,970
	7,000	Innophos Holdings Inc.		207,318		281,470
	314,509	Insignia Systems Inc.†		914,190		496,924
	230,030	Intevac Inc.†		1,066,274		1,587,207
	87,649	John Bean Technologies Corp.		2,567,582		9,939,397
	78,000	L.B. Foster Co., Cl. A†		1,120,396		1,836,900
	286,672	Lawson Products Inc.†		4,270,754		7,238,468
	85,000	LSB Industries Inc.†		592,644		521,050
	109,949	Lydall Inc.†		1,101,503		5,305,039
	9,500	MSA Safety Inc.		306,832		790,780
	653,064	Myers Industries Inc.		8,871,008		13,812,304
	276,551	Napco Security Technologies Inc.†		1,725,606		3,235,647
	175,500	Park-Ohio Holdings Corp.		3,600,611		6,818,175
	25,080	Raven Industries Inc.		497,955		879,054
	66,666	Rubicon Ltd.†		37,762		11,804
	18,699	RWC Inc.†(a)		306,532		205,689
	28,000	Standex International Corp.		928,588		2,669,800
	1,630,000	Steel Connect Inc.†		5,626,241		3,455,600
	632,211	Steel Partners Holdings LP†		10,211,648		11,253,356
	523,120	Tredegar Corp.		8,942,644		9,390,004
	367,407	Twin Disc Inc.†		6,546,788		7,987,428
				86,887,665		127,716,441
		Educational Services — 0.0%
	130,000	Universal Technical Institute Inc.†		793,188		382,200
		Electronics — 3.2%
	28,000	Badger Meter Inc.		477,554		1,320,200
	175,999	Bel Fuse Inc., Cl. A(b)		3,268,266		2,903,983
	343,500	CTS Corp.		2,904,117		9,343,200
	70,000	Daktronics Inc.		686,143		616,700
	80,389	Electro Scientific Industries Inc.†		721,764		1,553,919
	63,771	EMRISE Corp.†(a)		0		0
	31,000	IMAX Corp.†		132,791		595,200
	20,000	Iteris Inc.†		32,200		99,200
	116,000	Kimball Electronics Inc.†		701,202		1,873,400
	210,000	Kopin Corp.†		740,036		655,200
	6,304	Littelfuse Inc.		991,018		1,312,367
	32,000	Mesa Laboratories Inc.		847,139		4,750,080
	28,800	Methode Electronics Inc.		168,005		1,126,080
	160,200	Park Electrochemical Corp.		2,633,412		2,697,768
	697,029	Schmitt Industries Inc.†(b)		1,605,988		1,881,978
	135,917	Sparton Corp.†		2,318,669		2,366,315
	258,498	Stoneridge Inc.†		2,372,709		7,134,545
	16,000	Stratasys Ltd.†		274,798		322,880
	157,000	Ultra Clean Holdings†		478,219		3,022,250
	25,000	Ultralife Corp.†		96,124		250,000
				21,450,154		43,825,265
		Energy and Utilities: Alternative Energy — 0.0%
	39,200	JA Solar Holdings Co. Ltd., ADR†		339,814		257,152
		Energy and Utilities: Integrated — 0.2%
	89,440	Broadwind Energy Inc.†		563,104		196,768
	36,000	MGE Energy Inc.		848,987		2,019,600
				1,412,091		2,216,368
		Energy and Utilities: Natural Gas — 0.5%
	650,000	Alvopetro Energy Ltd.†		285,405		63,065
	33,250	Chesapeake Utilities Corp.		599,479		2,339,137
	5,000	CONSOL Energy Inc.†		116,589		144,850
	108,684	Corning Natural Gas Holding Corp.		1,015,904		1,912,295

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Natural Gas (Continued)
	390,181	Gulf Coast Ultra Deep Royalty Trust	$	248,298	$	24,972
	62,850	RGC Resources Inc.		555,810		1,596,390
	10,000	Whitecap Resources Inc.		84,862		61,163
				2,906,347		6,141,872
		Energy and Utilities: Oil — 0.2%
	244,844	Callon Petroleum Co.†		1,971,677		3,241,735
		Energy and Utilities: Services — 0.4%
	3,938	Archer Ltd.†		2,839		4,054
	24,000	Dawson Geophysical Co.†		176,110		161,760
	30,904	Flotek Industries Inc.†		337,610		188,514
	225,000	Layne Christensen Co.†		2,326,235		3,357,000
	39,372	Nabors Industries Ltd.		220,877		275,210
	83,500	RPC Inc.		151,749		1,505,505
	7,100	Subsea 7 SA, ADR		25,056		91,235
				3,240,476		5,583,278
		Energy and Utilities: Water — 0.9%
	24,526	Artesian Resources Corp., Cl. A		491,905		894,708
	45,174	Cadiz Inc.†		518,835		609,849
	24,800	California Water Service Group		478,223		923,800
	4,000	Connecticut Water Service Inc.		135,142		242,120
	66,000	Consolidated Water Co. Ltd.		717,506		960,300
	68,000	Energy Recovery Inc.†		280,443		558,960
	29,633	Middlesex Water Co.		573,970		1,087,531
	50,000	Mueller Water Products Inc., Cl. A		556,279		543,500
	89,304	SJW Group		2,259,740		4,707,214
	44,037	The York Water Co.		719,093		1,365,147
				6,731,136		11,893,129
		Entertainment — 0.8%
	165,002	Canterbury Park Holding Corp.		1,684,468		2,384,279
	639,100	Dover Motorsports Inc.		1,555,508		1,342,110
	20,000	Entertainment One Ltd.		73,899		78,848
	817,763	Entravision Communications Corp., Cl. A		2,451,274		3,843,486
	51,000	National CineMedia Inc.		319,386		264,690
	405,000	RLJ Entertainment Inc.†(b)		1,000,050		1,806,300
	50,000	SFX Entertainment Inc.†(a)		2,750		0
	431,100	Sportech plc		474,976		362,899
	34,000	World Wrestling Entertainment Inc., Cl. A		509,340		1,224,340
				8,071,651		11,306,952
		Environmental Control — 1.1%
	11,500	AquaVenture Holdings Ltd.†		158,607		142,830
	7,500	BQE Water Inc.†		312		466
	585,228	Casella Waste Systems Inc., Cl. A†		2,779,869		13,682,631
	17,720	Ceco Environmental Corp.		251,406		78,854
	107,700	Hudson Technologies Inc.†		387,751		532,038
	13,121	Primo Water Corp.†		159,063		153,647
				3,737,008		14,590,466
		Equipment and Supplies — 5.6%
	17,000	Amtech Systems Inc.†		178,849		124,440
	20,000	AZZ Inc.		716,820		874,000
	99,111	Berry Global Group Inc.†		3,466,692		5,432,274
	164,400	CIRCOR International Inc.		5,900,589		7,013,304
	298,500	Core Molding Technologies Inc.		2,259,492		5,322,255
	725,000	Federal Signal Corp.		5,277,493		15,964,500
	245,000	Interpump Group SpA		1,785,377		8,278,107

Shares			Cost		Market Value
	548,000	Kimball International Inc., Cl. B	$	5,733,554	$	9,337,920
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		369,344
	114,069	Mitcham Industries Inc.†		413,905		369,584
	20,103	Powell Industries Inc.		750,311		539,564
	355,131	The Eastern Co.(b)		6,528,492		10,121,233
	130,000	The Gorman-Rupp Co.		2,968,916		3,802,500
	34,000	The Greenbrier Companies Inc.		715,417		1,708,500
	362,600	The L.S. Starrett Co., Cl. A(b)		4,173,854		2,447,550
	134,688	Titan Machinery Inc.†		2,198,095		3,173,249
	128,100	TransAct Technologies Inc.		582,290		1,671,705
	12,000	Vicor Corp.†		100,809		342,600
				43,859,072		76,892,629
		Financial Services — 6.3%
	27,500	Access National Corp.		803,221		784,575
	3,300	Alimco Financial Corp.†		66,300		42,653
	67,800	Allegiance Bancshares Inc.†		2,739,217		2,654,370
	49,400	Anchor Bancorp.†		508,737		1,210,300
	20,000	Atlantic American Corp.		75,277		65,000
	221,308	Atlantic Capital Bancshares Inc.†		3,913,961		4,005,675
	17,000	Berkshire Bancorp Inc.†		219,944		206,720
	9,246	Berkshire Hills Bancorp Inc.		154,043		350,886
	4,532	BKF Capital Group Inc.†		31,877		52,458
	75	Burke & Herbert Bank and Trust Co.		95,726		206,250
	82,600	Capital City Bank Group Inc.		2,024,971		2,044,350
	4	Capital Financial Holdings Inc.		35,200		5,900
	6,791	Capitol Federal Financial Inc.		75,244		83,869
	6,500	Carolina Financial Corp.		263,952		255,320
	18,200	Citizens & Northern Corp.		357,816		420,238
	102,339	CoBiz Financial Inc.		1,159,544		2,005,844
	28,800	Crazy Woman Creek Bancorp Inc.		497,983		487,152
	35,800	Dime Community Bancshares Inc.		576,823		658,720
	1,000	EML Payments Ltd.†		999		887
	1,140	Farmers & Merchants Bank of Long Beach		6,309,962		9,063,000
	40,000	Farmers National Banc Corp.		333,870		554,000
	13,018	Fidelity Southern Corp.		108,320		300,325
	11,900	First Connecticut Bancorp Inc./Farmington CT		318,399		304,640
	32,000	First Internet Bancorp		661,348		1,184,000
	610,670	Flushing Financial Corp.		10,205,079		16,463,663
	75,600	FNB Corp.		736,188		1,016,820
	2,000	Franklin Financial Network Inc.†		65,335		65,200
	10	Guaranty Corp., Cl. A†(a)		137,500		400,000
	183,860	Hallmark Financial Services Inc.†		1,609,508		1,640,031
	14,500	Hancock Holding Co.		185,881		749,650
	13,800	Heritage Commerce Corp.		114,043		227,424
	30,000	HomeStreet Inc.†		300,000		859,500
	81,500	Hope Bancorp Inc.		879,043		1,482,485
	34,400	ICC Holdings Inc.†		394,036		516,688
	90,843	KKR & Co. LP		25,231		1,844,113
	11,700	LendingTree Inc.†		340,730		3,839,355
	170,000	Medallion Financial Corp.†		915,281		790,500
	28,000	National Commerce Corp.†		1,265,301		1,219,400
	8,255	New York Community Bancorp Inc.		104,605		107,563
	4,197	Northrim BanCorp Inc.		91,497		145,006
	21,300	OceanFirst Financial Corp.		395,540		569,775
	25,800	Old Line Bancshares Inc.		827,595		851,400
	40,000	Oritani Financial Corp.		412,856		614,000

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	20,000	PHH Corp.†	$	213,192	$	209,200
	158,000	Pzena Investment Management Inc., Cl. A		1,274,500		1,758,540
	36,971	Renasant Corp.		414,186		1,573,486
	4,540	Security National Corp.		412,718		520,397
	8,842	SI Financial Group Inc.		101,241		127,325
	85,000	Silvercrest Asset Management Group Inc., Cl. A		1,171,743		1,292,000
	16,074	Simmons First National Corp., Cl. A		370,876		457,305
	3,200	South State Corp.		244,803		272,960
	54,400	Southern First Bancshares Inc.†		2,394,447		2,420,800
	660,000	Sprott Inc.		1,818,646		1,593,201
	47,200	State Bank Financial Corp.		1,128,456		1,416,472
	122,903	Sterling Bancorp		1,249,000		2,771,463
	70,000	TheStreet Inc.†		135,394		125,300
	3,000	Thomasville Bancshares Inc.		105,652		120,000
	10,000	TriState Capital Holdings Inc.†		98,183		232,500
	55,000	TrustCo Bank Corp NY		253,000		464,750
	12,347	Union Bankshares Corp.		127,497		453,258
	127,100	United Financial Bancorp Inc.		1,749,440		2,059,020
	33,089	Value Line Inc.		326,193		605,529
	83,500	Veritex Holdings Inc.†		2,389,565		2,310,445
	45,900	Washington Trust Bancorp Inc.		1,029,683		2,467,125
	82,200	Waterstone Financial Inc.		876,303		1,422,060
	87,100	Western New England Bancorp Inc.		746,912		927,615
	650,000	Wright Investors’ Service Holdings Inc.†		739,861		319,313
				59,709,474		86,269,769
		Food and Beverage — 3.0%
	87,600	Andrew Peller Ltd., Cl. A		366,944		1,233,410
	112,600	Blue Apron Holdings Inc., Cl. A†		297,804		225,200
	58,500	Calavo Growers Inc.		1,779,972		5,393,700
	110,000	Cott Corp.		748,495		1,619,200
	530,000	Crimson Wine Group Ltd.†		4,818,913		5,241,700
	206,013	Farmer Brothers Co.†		4,137,450		6,221,593
	1,700	Hanover Foods Corp., Cl. A		165,267		150,450
	300	Hanover Foods Corp., Cl. B		28,206		28,433
	87,000	Iwatsuka Confectionery Co. Ltd.		4,235,407		4,357,972
	1,500	J & J Snack Foods Corp.		21,623		204,840
	22,531	John B Sanfilippo & Son Inc.		1,052,454		1,303,869
	164,031	Lifeway Foods Inc.†		1,663,908		982,546
	234,661	Massimo Zanetti Beverage Group SpA		2,286,851		2,104,907
	36,300	MGP Ingredients Inc.		928,281		3,252,117
	15,600	Rock Field Co. Ltd.		125,557		320,342
	5,900	Scheid Vineyards Inc., Cl. A†		89,940		601,859
	311,664	SunOpta Inc.†		2,423,205		2,212,814
	8,500	The Boston Beer Co. Inc., Cl. A†		288,591		1,606,925
	75,000	The Hain Celestial Group Inc.†		777,897		2,405,250
	270,000	Tingyi (Cayman Islands) Holding Corp.		393,787		560,081
	295,000	Vitasoy International Holdings Ltd.		161,353		759,287
	23,000	Willamette Valley Vineyards Inc.†		88,087		180,780
				26,879,992		40,967,275
		Health Care — 7.0%
	32,960	Accuray Inc.†		244,893		164,800

Shares			Cost		Market Value
	3,500	AcelRx Pharmaceuticals Inc.†	$	21,172	$	7,350
	33,000	Achaogen Inc.†		387,663		427,350
	10,000	Achillion Pharmaceuticals Inc.†		35,957		37,100
	24,000	AngioDynamics Inc.†		294,826		414,000
	459,606	Biolase Inc.†		503,278		187,243
	597,100	BioScrip Inc.†		1,095,180		1,468,866
	500	BioSpecifics Technologies Corp.†		19,466		22,170
	138,100	BioTelemetry Inc.†		971,821		4,288,005
	8,200	Boiron SA		138,640		691,144
	51,500	Cantel Medical Corp.		640,716		5,737,615
	111,100	Cardiovascular Systems Inc.†		1,885,169		2,436,423
	14,000	CareDx Inc.†		80,937		111,580
	115,000	Cogentix Medical Inc.†		390,961		442,750
	32,000	Collegium Pharmaceutical Inc.†		426,173		817,600
	309,000	Cutera Inc.†		3,055,792		15,527,250
	98,654	Electromed Inc.†		260,879		530,758
	190,000	Exelixis Inc.†		361,950		4,208,500
	50,000	Genesis Healthcare Inc.†		167,296		75,500
	1,000	Harvard Bioscience Inc.†		3,352		5,000
	11,000	Heska Corp.†		120,408		869,770
	4,000	ICU Medical Inc.†		208,306		1,009,600
	600,218	InfuSystems Holdings Inc.†		1,565,171		1,740,632
	23,000	Integer Holdings Corp.†		479,237		1,300,650
	166,617	IntriCon Corp.†		690,802		3,332,340
	125,000	Invitae Corp.†		1,175,999		586,250
	44,000	K2M Group Holdings Inc.†		799,719		833,800
	210,000	Kindred Healthcare Inc.		1,888,354		1,921,500
	15,500	Melinta Therapeutics Inc.†		160,521		114,700
	155,000	Meridian Bioscience Inc.		3,063,654		2,201,000
	160,000	Motif Bio plc†		70,834		72,956
	8,000	Nabriva Therapeutics plc†		41,902		40,240
	159,000	Neogen Corp.†		496,363		10,651,410
	197,407	NeoGenomics Inc.†		711,413		1,610,841
	8,333	Nuvectra Corp.†		77,269		108,496
	44,612	Omnicell Inc.†		732,122		1,936,161
	240,000	OPKO Health Inc.†		1,580,980		760,800
	45,200	Orthofix International NV†		965,181		2,656,856
	1,000	Pain Therapeutics Inc.†		4,556		7,090
	8,000	Paratek Pharmaceuticals Inc.†		105,218		104,000
	2,500	PreMD Inc.†(a)		4,580		0
	10,000	Progenics Pharmaceuticals Inc.†		65,960		74,600
	144,974	Quidel Corp.†		1,699,852		7,511,103
	2,500	Rafael Holdings Inc., Cl. B†		7,817		12,125
	66,000	RTI Surgical Inc.†		334,123		303,600
	276,792	SurModics Inc.†		5,937,256		10,531,936
	2,000	Targanta Therapeutics Corp., Escrow†(a)		0		0
	43,000	Tetraphase Pharmaceuticals Inc.†		168,358		132,010
	5,000	Titan Medical Inc.†		6,781		1,040
	231,730	Trinity Biotech plc, ADR†		1,832,053		1,193,409
	77,900	United-Guardian Inc.		711,089		1,371,040
	5,000	Utah Medical Products Inc.		138,309		494,250
	300,000	Zealand Pharma A/S†		3,744,488		4,609,976
				40,574,796		95,695,185
		Hotels and Gaming — 2.9%
	2,000	Ainsworth Game Technology Ltd.		3,081		2,842
	6,000	Banyan Tree Holdings Ltd.†		2,748		2,631
	71,800	Boyd Gaming Corp.		416,103		2,287,548
	1,500	Century Casinos Inc.†		13,010		11,190
	27,540	Churchill Downs Inc.		1,292,789		6,721,137
	160,500	Dover Downs Gaming & Entertainment Inc.†		541,477		213,465
	78,000	Eldorado Resorts Inc.†		356,968		2,574,000

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Hotels and Gaming (Continued)
	3,000	Empire Resorts Inc.†	$	56,147	$	51,750
	5,100	Everi Holdings Inc.†		37,909		33,507
	1,047,626	Full House Resorts Inc.†		2,479,579		3,362,879
	1,350	Gamehost Inc.		11,166		11,055
	2,300	Gamenet Group SpA†		24,022		24,480
	5,000	GAN plc†		1,816		1,859
	505,297	Golden Entertainment Inc.†		4,678,293		11,738,049
	6,140	Inspired Entertainment Inc.†		37,011		33,770
	5,500	Nevada Gold & Casinos Inc.† .		13,593		12,045
	1,100	PlayAGS Inc.†		22,200		25,586
	700	Red Lion Hotels Corp.†		7,313		6,825
	10,000	Ryman Hospitality Properties Inc., REIT		310,832		774,500
	7,000	Snaitech SpA†		12,612		16,262
	1,813	Sotherly Hotels Inc., REIT		11,183		12,546
	365,000	The Marcus Corp.		4,634,207		11,077,750
				14,964,059		38,995,676
		Machinery — 3.0%
	303,600	Astec Industries Inc.		10,748,024		16,752,648
	15,001	Capstone Turbine Corp.†		33,040		17,176
	64,000	Chart Industries Inc.†		2,390,014		3,777,920
	6,300	DMG Mori AG		40,709		361,236
	12,200	DXP Enterprises Inc.†		222,516		475,190
	560,000	Gencor Industries Inc.†		3,841,551		9,016,000
	40,015	Global Power Equipment Group Inc.†		128,397		111,642
	15,164	Lindsay Corp.		1,014,039		1,386,596
	49,300	Tennant Co.		1,064,922		3,337,610
	44,400	The Middleby Corp.†		464,969		5,496,276
				19,948,181		40,732,294
		Manufactured Housing and Recreational Vehicles — 1.3%
	56,000	Cavco Industries Inc.†		3,219,136		9,730,000
	177,000	Nobility Homes Inc.		1,988,996		3,628,500
	109,000	Skyline Corp.†		860,247		2,398,000
	61,000	Winnebago Industries Inc.		626,036		2,293,600
				6,694,415		18,050,100
		Metals and Mining — 1.5%
	70,000	5N Plus Inc.†		251,966		162,999
	10,000	Alkane Resources Ltd.†		3,333		2,266
	500	AM Castle & Co.†		185,490		1,850
	170,800	Materion Corp.		3,666,799		8,719,340
	760,000	Osisko Gold Royalties Ltd.		11,053,936		7,338,379
	10,000	Smart Sand Inc.†		87,252		58,200
	900,000	Tanami Gold NL†		210,755		27,650
	311,436	TimkenSteel Corp.†		4,641,169		4,730,713
	700	United States Lime & Minerals Inc.		55,159		51,226
				20,155,859		21,092,623
		Paper and Forest Products — 0.2%
	26,500	Keweenaw Land Association Ltd.†		2,258,046		2,706,313
		Publishing — 0.9%
	104,701	AH Belo Corp., Cl. A		589,412		539,210
	10,000	Cambium Learning Group Inc.†		36,700		112,000
	15,000	Il Sole 24 Ore SpA†		15,444		12,735
	906,048	The E.W. Scripps Co., Cl. A		5,510,281		10,863,515
	26,257	tronc Inc.†		251,438		431,140
				6,403,275		11,958,600
		Real Estate — 2.4%
	215,000	Ambase Corp.†		316,290		73,100
	8,000	Bresler & Reiner Inc.†		4,912		480
	113,300	Capital Properties Inc., Cl. A		1,205,957		1,608,860

Shares			Cost		Market Value
	109,000	Cohen & Steers Inc.	$	2,330,830	$	4,431,940
	60,000	DREAM Unlimited Corp., Cl. A†		331,539		430,318
	1,000	FC Global Realty Inc.†		1,296		766
	25,100	FRP Holdings Inc.†		825,588		1,405,600
	255,647	Griffin Industrial Realty Inc.(b)		7,180,495		9,594,432
	12,638	Gyrodyne LLC		363,328		252,886
	8,231	Holobeam Inc.†(a)		161,746		346,854
	422,672	Reading International Inc., Cl. A†		3,291,440		7,037,489
	73,054	Reading International Inc., Cl. B†		638,474		1,828,176
	2,508	Royalty LLC†(a)		0		255
	168,000	Tejon Ranch Co.†		4,264,672		3,882,480
	41,523	Trinity Place Holdings Inc.†		298,065		269,899
	250,000	Trinity Place Holdings Inc.†(c)(d)		1,875,000		1,625,000
				23,089,632		32,788,535
		Restaurants — 1.9%
	13,183	Biglari Holdings Inc.†		4,025,388		5,384,069
	59,900	Denny’s Corp.†		184,625		924,257
	51,352	Jamba Inc.†		695,030		440,087
	222,634	Nathan’s Famous Inc.(b)		3,294,226		16,452,653
	50,000	The Cheesecake Factory Inc.		1,504,518		2,411,000
				9,703,787		25,612,066
		Retail — 1.3%
	48,000	Aaron’s Inc.		935,791		2,236,800
	135,000	Big 5 Sporting Goods Corp.		1,302,851		978,750
	16,000	Destination XL Group Inc.†		82,757		28,000
	25,496	Ethan Allen Interiors Inc.		605,537		585,133
	419,200	EVINE Live Inc.†		1,008,421		427,584
	25,000	GNC Holdings Inc., Cl. A†		117,880		96,500
	180,200	Ingles Markets Inc., Cl. A		3,110,178		6,099,770
	77,300	Lands’ End Inc.†		1,300,539		1,804,955
	56,000	La-Z-Boy Inc.		1,249,698		1,677,200
	65,000	Movado Group Inc.		1,287,650		2,496,000
	25,000	Pier 1 Imports Inc.		182,938		80,500
	6,000	SpartanNash Co.		121,934		103,260
	240,000	The Bon-Ton Stores Inc.†		156,706		9,672
	85,000	Tuesday Morning Corp.†		254,749		335,750
	48,581	Village Super Market Inc., Cl. A		1,294,147		1,281,081
	30,000	Vitamin Shoppe, Inc.†		174,445		130,500
	400	Winmark Corp.		26,768		52,320
				13,212,989		18,423,775
		Semiconductors — 0.5%
	185,100	Entegris Inc.		1,250,835		6,441,480
	5,000	MoSys Inc.†		9,245		5,950
	22,986	Veeco Instruments Inc.†		736,701		390,762
				1,996,781		6,838,192
		Specialty Chemicals — 2.6%
	30,000	A. Schulman Inc.		807,538		1,290,000
	1,100,000	Ferro Corp.†		5,287,060		25,542,000
	267,226	General Chemical Group Inc.†(b)		59,859		2,138
	77,000	Hawkins Inc		2,782,706		2,706,550
	2,000	KMG Chemicals Inc.		51,827		119,900
	4,100	Minerals Technologies Inc.		121,383		274,495
	166,000	Navigator Holdings Ltd.†		2,187,076		1,950,500
	314,062	OMNOVA Solutions Inc.†		1,262,905		3,297,651
	10,000	Takasago International Corp.		271,028		293,219
	50,000	Teraoka Seisakusho Co. Ltd.		368,433		322,823
	35,000	Treatt plc		177,348		206,240
				13,377,163		36,005,516

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Telecommunications — 2.5%
	50,800	ATN International Inc.	$	2,066,182	$	3,028,696
	305,023	Cincinnati Bell Inc.†		5,218,057		4,224,568
	39,801	Consolidated Communications Holdings Inc.		414,006		436,219
	20,808	Frequency Electronics Inc.†		233,086		182,070
	710,000	HC2 Holdings Inc.†		2,600,429		3,734,600
	652	Horizon Telecom Inc., Cl. B†		22,035		217,523
	5,000	IDT Corp., Cl. B		44,299		31,350
	20,000	Iridium Communications Inc.†		160,025		225,000
	57,500	New ULM Telecom Inc.		528,202		966,000
	4,100	North State Telecommuni-cations Corp., Cl. A		349,343		256,250
	521,335	ORBCOMM Inc.†		3,005,997		4,884,909
	5,788	Preformed Line Products Co.		246,195		376,741
	398,800	Shenandoah Telecommuni-cations Co.		2,189,648		14,356,800
	20,000	WideOpenWest Inc.†		195,398		143,000
	577,914	Windstream Holdings Inc.		2,261,503		814,859
				19,534,405		33,878,585
		Transportation — 0.0%
	17,000	Patriot Transportation Holding Inc.†		374,911		315,520
	8,200	PHI Inc.†		130,182		83,476
				505,093		398,996
		Wireless Communications — 0.1%
	810,000	NII Holdings Inc.†		633,616		1,709,100
		TOTAL COMMON STOCKS		609,043,168		1,073,506,985
		CLOSED-END FUNDS — 0.1%
	134,300	MVC Capital Inc.		1,294,504		1,333,599
		PREFERRED STOCKS — 0.7%
		Automotive: Parts and Accessories — 0.2%
	59,000	Jungheinrich AG 1.150%		227,157		2,610,575
		Financial Services — 0.5%
	322,475	Steel Partners Holdings LP Ser. A, 6.000%		11,396,508		6,581,715
		Health Care — 0.0%
	3,034	BioScrip Inc. †		287,862		195,445
		TOTAL PREFERRED STOCKS		11,911,527		9,387,735
		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Business Services — 0.0%
	363	Trans-Lux Pfd. 6.000%, Ser. B		72,600		6,759
		Energy and Utilities — 0.0%
	15,095	Corning Natural Gas Holding Corp.,
		4.800%, Ser. B		313,221		330,430
		Food and Beverage — 0.0%
	500	Seneca Foods Corp.,
		Ser. 2003†		7,625		13,850
		TOTAL CONVERTIBLE
		PREFERRED STOCKS		393,446		351,039
		RIGHTS — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR, expire 12/31/18†(a)		1		1
		Health Care — 0.0%
	300,000	Adolor Corp., CPR, expire 07/01/19†(a)		0		0

Shares			Cost		Market Value
	400,000	Sanofi, CVR, expire 12/31/20†	$	137,800	$	169,040
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		103,591		0
				241,391		169,040
		TOTAL RIGHTS		241,392		169,041
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	86	Key Energy Services, expire 12/15/21†(a)		0		53
	86	Key Energy Services, expire 12/15/20†(a)		0		40
				0		93
		Environmental Control — 0.0%
	200	Primo Water Corp., expire 12/31/21†		58		0
		Health Care — 0.0%
	8,737	BioScrip Inc., Cl. A, expire 07/27/25†		7,979		3,078
	8,737	BioScrip Inc., Cl. B, expire 07/27/25†		7,554		2,701
				15,533		5,779
		TOTAL WARRANTS		15,591		5,872
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 20.5%
$	281,640,000	U.S. Treasury Bills, 1.228% to 1.867%††, 04/05/18 to 09/13/18		280,758,242		280,708,169
		TOTAL INVESTMENTS — 99.9%	$	903,657,870		1,365,462,440
		Other Assets and Liabilities (Net) — 0.1%				1,306,816
		NET ASSETS — 100.0%			$	1,366,769,256

(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

See accompanying notes to financial statements.

12

TETON Westwood Mighty Mites^SM Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

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

(c) At March 31, 2018, the Fund held an investment in a restricted and illiquid security amounting to $1,625,000 or 0.12% of net assets., which was valued under methods approved by the Board of Trustees as follows:

Acquisition     Shares	Issuer	Acquisition Date	Acquisition Cost	3/31/18 Carrying Value Per Share
250,000	Trinity Place Holdings Inc.	02/10/17	$1,875,000	$6.5000

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the market value of the Rule 144A security amounted to $1,625,000 or 0.12% 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

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

13

TETON Westwood SmallCap Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 98.9%
		Aerospace — 1.1%
	1,300	Esterline Technologies Corp.†	$	96,487	$	95,095
	4,200	Hexcel Corp.		95,744		271,278
				192,231		366,373
		Automotive — 1.5%
	11,000	Rush Enterprises Inc., Cl. A†		257,708		467,390
		Banking — 24.0%
	10,800	Atlantic Capital Bancshares Inc.†		198,707		195,480
	11,200	BankUnited Inc.		305,675		447,776
	22,598	Beneficial Bancorp Inc.		284,957		351,399
	5,000	Berkshire Hills Bancorp Inc.		128,439		189,750
	21,900	CoBiz Financial Inc.		266,438		429,240
	2,700	Columbia Banking System Inc.		49,471		113,265
	2,700	Financial Institutions Inc.		43,636		79,920
	6,800	First Connecticut Bancorp Inc.		173,310		174,080
	10,200	First Foundation Inc.†		166,801		189,108
	8,700	Flushing Financial Corp.		132,257		234,552
	7,900	Glacier Bancorp Inc.		118,011		303,202
	2,000	Heartland Financial USA Inc.		93,645		106,100
	17,100	Heritage Commerce Corp.		150,739		281,808
	8,350	Hope Bancorp Inc.		61,657		151,887
	44,250	Investors Bancorp Inc.		478,052		603,570
	7,800	Kearny Financial Corp./MD		107,526		101,400
	19,800	LegacyTexas Financial Group Inc.		382,930		847,836
	3,250	OceanFirst Financial Corp.		42,156		86,937
	20,150	OFG Bancorp		197,293		210,567
	7,000	Oritani Financial Corp.		106,094		107,450
	14,500	PCSB Financial Corp.†		237,932		304,210
	9,600	State Bank Financial Corp.		182,685		288,096
	20,906	Sterling Bancorp		180,774		471,430
	10,000	TrustCo Bank Corp.		46,359		84,500
	14,250	Umpqua Holdings Corp.		197,964		305,093
	4,033	Union Bankshares Corp.		39,525		148,051
	22,500	United Financial Bancorp Inc.		307,116		364,500
	4,800	Veritex Holdings Inc.†		135,827		132,816
	7,000	Washington Federal Inc.		109,397		242,200
	4,000	Washington Trust Bancorp Inc.		91,518		215,000
				5,016,891		7,761,223
		Building and Construction — 2.3%
	5,700	EMCOR Group Inc.		248,253		444,201
	9,300	MYR Group Inc.†		140,432		286,626
				388,685		730,827
		Business Services — 6.1%
	40,300	Diebold Nixdorf Inc.		901,257		620,620
	10,750	FTI Consulting Inc.†		337,031		520,407
	4,950	KAR Auction Services Inc.		76,193		268,290
	7,200	McGrath RentCorp		198,549		386,568
	1,600	The Dun & Bradstreet Corp.		168,572		187,200
				1,681,602		1,983,085
		Communications — 1.2%
	75,800	Pandora Media Inc.†		562,222		381,274
		Computer Software and Services — 7.0%
	16,100	Bottomline Technologies Inc.†		342,942		623,875
	16,000	Convergys Corp.		364,251		361,920
	700	MicroStrategy Inc., Cl. A†		96,383		90,293
	20,900	NetScout Systems Inc.†		423,957		550,715
	2,700	Nutanix Inc., Cl. A†		46,992		132,597
	13,300	Progress Software Corp.		278,775		511,385
				1,553,300		2,270,785
		Consumer Products — 2.0%
	10,200	Hanesbrands Inc.		155,777		187,884
	6,200	Oxford Industries Inc.		367,943		462,272
				523,720		650,156

Shares			Cost		Market Value
		Diversified Industrial — 3.2%
	4,250	Barnes Group Inc.	$	102,409	$	254,533
	12,360	Columbus McKinnon Corp.		168,445		442,982
	7,200	Fabrinet†		198,134		225,936
	7,000	Steelcase Inc., Cl. A		95,053		95,200
				564,041		1,018,651
		Electronics — 3.0%
	4,500	FARO Technologies Inc.†		123,325		262,800
	4,100	Plantronics Inc.		165,646		247,517
	4,400	Super Micro Computer Inc.†		92,437		74,800
	8,300	TTM Technologies Inc.†		130,633		126,907
	3,400	Woodward Inc.		109,074		243,644
				621,115		955,668
		Energy and Utilities — 8.8%
	20,800	C&J Energy Services Inc.†		696,729		537,056
	11,100	Centennial Resource Development Inc., Cl. A†		182,608		203,685
	17,500	Matador Resources Co.†		330,135		523,425
	15,600	Oceaneering International Inc.		326,266		289,224
	40,400	Patterson-UTI Energy Inc.		793,018		707,404
	4,900	Penn Virginia Corp.†		193,553		171,696
	6,200	RSP Permian Inc.†		180,272		290,656
	9,800	Trecora Resources†		135,242		133,280
				2,837,823		2,856,426
		Environmental Control — 1.1%
	14,600	Casella Waste Systems Inc., Cl. A†		202,176		341,348
		Equipment and Supplies — 2.0%
	7,800	CIRCOR International Inc.		328,247		332,748
	6,300	Crown Holdings Inc.†		233,435		319,725
				561,682		652,473
		Financial Services — 3.0%
	14,100	Brown & Brown Inc.		180,990		358,704
	5,000	Oaktree Capital Group LLC		187,065		198,000
	5,500	Stifel Financial Corp.		222,269		325,765
	5,800	Waterstone Financial Inc.		62,093		100,340
				652,417		982,809
		Food and Beverage — 0.3%
	10,900	Dean Foods Co.		96,498		93,958
		Health Care — 4.5%
	6,350	AngioDynamics Inc.†		89,195		109,537
	1,600	ICU Medical Inc.†		67,049		403,840
	3,200	Natus Medical Inc.†		98,333		107,680
	5,550	Omnicell Inc.†		100,426		240,870
	12,450	Patterson Cos., Inc.		348,998		276,764
	3,500	STERIS plc		260,890		326,760
				964,891		1,465,451
		Machinery — 0.9%
	25,900	Mueller Water Products Inc., Cl. A		300,502		281,533
		Real Estate — 0.7%
	5,100	Equity Commonwealth, REIT†		153,399		156,417
	5,700	Paramount Group Inc., REIT		90,217		81,168
				243,616		237,585
		Retail — 5.0%
	21,450	American Eagle Outfitters Inc.		273,434		427,499
	35,200	Darling Ingredients Inc.†		559,707		608,960
	20,350	Ethan Allen Interiors Inc.		478,173		467,033
	10,900	The Habit Restaurants Inc., Cl. A†		160,752		95,920
				1,472,066		1,599,412
		Semiconductors — 10.8%
	4,400	Cabot Microelectronics Corp.		174,332		471,284
	36,400	Cypress Semiconductor Corp.		310,528		617,344

See accompanying notes to financial statements.

14

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Semiconductors (Continued)
	9,900	EMCORE Corp.†	$	69,801	$	56,430
	24,100	Entegris Inc.		279,788		838,680
	23,600	FormFactor Inc.†		130,810		322,140
	6,200	MACOM Technology Solutions Holdings Inc.†		134,420		102,920
	20,700	Marvell Technology Group Ltd.		282,420		434,700
	10,500	ON Semiconductor Corp.†		81,358		256,830
	10,616	Versum Materials Inc.		274,155		399,480
				1,737,612		3,499,808
		Specialty Chemicals — 5.0%
	22,200	A. Schulman Inc.		582,244		954,600
	27,700	Ferro Corp.†		435,482		643,194
				1,017,726		1,597,794
		Telecommunications — 5.4%
	23,600	Extreme Networks Inc.†		73,441		261,252
	7,400	Finisar Corp.†		134,108		116,994
	66,800	Infinera Corp.†		577,550		725,448
	55,000	Mitel Networks Corp.†		399,927		510,400
	14,500	Oclaro Inc.†		100,260		138,620
				1,285,286		1,752,714
		TOTAL COMMON STOCKS		22,733,810		31,946,743

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.2%
$	375,000	U.S. Treasury Bills, 1.377% to 1.715%††, 04/19/18 to 06/21/18	$	374,380	$	374,363
		TOTAL INVESTMENTS — 100.1%	$	23,108,190		32,321,106
		Other Assets and Liabilities (Net) — (0.1)%				(28,457	)
		NET ASSETS — 100.0%			$	32,292,649

† Non-income producing security.

†† Represents annualized yield at date of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

15

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 94.6%
		FINANCIALS — 23.2%
		Banks — 7.0%
	2,370	BankUnited Inc.	$	77,615	$	94,753
	148	SVB Financial Group†		17,607		35,521
	1,775	Zions Bancorporation		52,534		93,596
				147,756		223,870
		Diversified Financials — 5.0%
	1,288	Legg Mason Inc.		46,159		52,357
	1,061	Oaktree Capital Group LLC		44,935		42,016
	594	T. Rowe Price Group Inc.		42,544		64,134
				133,638		158,507
		Insurance — 3.7%
	473	Chubb Ltd.		46,865		64,692
	1,089	Voya Financial Inc.		40,673		54,995
				87,538		119,687
		Real Estate — 7.5%
	665	American Tower Corp., REIT		58,124		96,651
	2,678	CBRE Group Inc., Cl. A†		75,791		126,455
	156	SL Green Realty Corp., REIT		16,659		15,105
				150,574		238,211
		TOTAL FINANCIALS		519,506		740,275
		INFORMATION TECHNOLOGY — 17.2%
		Software and Services — 12.5%
	886	Activision Blizzard Inc.		19,930		59,770
	1,620	Convergys Corp.		37,063		36,644
	210	Equinix Inc., REIT		43,965		87,809
	2,604	Fortinet Inc.†		64,936		139,522
	403	Splunk Inc.†		17,810		39,651
	279	The Dun & Bradstreet Corp.		29,377		32,643
				213,081		396,039
		Technology Hardware and Equipment — 4.7%
	338	Belden Inc.		25,794		23,302
	1,015	Ciena Corp.†		22,341		26,289
	3,964	Diebold Nixdorf Inc.		95,387		61,046
	356	Sanmina Corp.†		9,587		9,309
	809	Versum Materials Inc.		25,055		30,443
				178,164		150,389
		TOTAL INFORMATION TECHNOLOGY		391,245		546,428
		CONSUMER DISCRETIONARY — 14.4%
		Consumer Durables — 2.6%
	1,893	Toll Brothers Inc.		64,169		81,872
		Consumer Services — 2.0%
	1,219	Norwegian Cruise Line Holdings Ltd.†		43,957		64,570
		Media — 4.1%
	596	Liberty Broadband Corp., Cl. C†		31,512		51,071
	2,282	Manchester United plc, Cl. A		35,385		43,814
	7,063	Pandora Media Inc.†		52,374		35,527
				119,271		130,412
		Retailing — 5.7%
	627	Dick’s Sporting Goods Inc.		17,633		21,976
	1,266	Ethan Allen Interiors Inc.		32,034		29,055
	1,172	Hanesbrands Inc.		24,362		21,588
	717	Nordstrom Inc.		30,488		34,710
	671	Ralph Lauren Corp.		51,370		75,018
				155,887		182,347
		TOTAL CONSUMER DISCRETIONARY		383,284		459,201

Shares			Cost		Market Value
		INDUSTRIALS — 13.9%
		Capital Goods — 10.4%
	141	Cummins Inc.	$	13,048	$	22,855
	330	EnerSys		18,698		22,892
	125	Esterline Technologies Corp.†		9,278		9,144
	560	Flowserve Corp.		24,556		24,265
	1,203	Fortune Brands Home & Security Inc.		51,730		70,845
	552	Hexcel Corp.		24,413		35,654
	2,326	Quanta Services Inc.†		67,530		79,898
	2,231	Rexnord Corp.†		43,372		66,216
				252,625		331,769
		Commercial and Professional Services — 3.0%
	540	Bright Horizons Family Solutions Inc.†		22,495		53,849
	503	IHS Markit Ltd.†		16,488		24,265
	1,280	Steelcase Inc., Cl. A		17,718		17,408
				56,701		95,522
		Machinery — 0.5%
	100	Snap-on Inc.		14,887		14,754
		TOTAL INDUSTRIALS		324,213		442,045
		ENERGY — 11.9%
		Energy — 11.9%
	1,876	C&J Energy Services Inc.†		60,891		48,438
	2,152	Centennial Resource Development Inc., Cl. A†		35,335		39,489
	636	Cimarex Energy Co.		57,860		59,466
	1,203	Fortis Inc.		36,713		40,625
	2,193	Patterson-UTI Energy Inc.		45,921		38,399
	410	Pioneer Natural Resources Co.		60,651		70,430
	1,173	Range Resources Corp.		21,572		17,055
	435	RPC Inc.		9,857		7,843
	1,211	RSP Permian Inc.†		35,176		56,772
		TOTAL ENERGY		363,976		378,517
		HEALTH CARE — 7.9%
		Health Care Equipment and Services — 6.0%
	199	Insulet Corp.†		5,949		17,249
	538	Laboratory Corp. of America Holdings†		63,485		87,022
	1,181	Patterson Cos., Inc.		49,582		26,254
	508	Universal Health Services Inc., Cl. B		49,852		60,152
				168,868		190,677
		Pharmaceuticals, Biotechnology, and Life Sciences — 1.9%
	56	Mettler-Toledo International Inc.†		14,952		32,202
	177	Vertex Pharmaceuticals Inc.†		20,170		28,847
				35,122		61,049
		TOTAL HEALTH CARE		203,990		251,726
		MATERIALS — 3.1%
		Materials — 2.4%
	558	Ecolab Inc.		59,037		76,485
		Specialty Chemicals — 0.7%
	885	Ferro Corp.†		15,272		20,550
		TOTAL MATERIALS		74,309		97,035
		CONSUMER STAPLES — 3.0%
		Food and Beverage — 3.0%
	1,486	Coca-Cola European Partners plc		56,094		61,907
	475	Fresh Del Monte Produce Inc.		23,090		21,489
	383	The Hain Celestial Group Inc.†		15,610		12,283
		TOTAL CONSUMER STAPLES		94,794		95,679
		TOTAL COMMON STOCKS		2,355,317		3,010,906

See accompanying notes to financial statements.

16

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 3.1%
$	100,000	U.S. Treasury Bills, 1.613%††, 05/24/18	$	99,763	$	99,762
		TOTAL INVESTMENTS — 97.7%	$	2,455,080		3,110,668
		Other Assets and Liabilities (Net) — 2.3%				73,765
		NET ASSETS — 100.0%			$	3,184,433

† Non-income producing security.

†† Represents annualized yield at date of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

17

TETON Convertible Securities Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 77.0%
		Aerospace and Defense — 1.9%
$	250,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	254,511	$	318,091
		Aviation: Parts and Services — 2.0%
	300,000	Kaman Corp., 3.250%, 05/01/24(a)		305,418		341,832
		Business Services — 4.0%
	359,000	Bristow Group Inc., 4.500%, 06/01/23		404,730		397,394
	37,000	Q2 Holdings Inc., 0.750%, 02/15/23(a)		37,736		38,010
	35,000	RingCentral Inc., Zero Coupon, 03/15/23(a)		35,000		35,259
	100,000	Square Inc., 0.375%, 03/01/22		128,378		219,240
				605,844		689,903
		Cable and Satellite — 2.3%
	400,000	DISH Network Corp., 3.375%, 08/15/26		439,689		386,280
		Communications Equipment — 4.7%
	350,000	InterDigital Inc., 1.500%, 03/01/20		398,911		406,700
	312,000	Lumentum Holdings Inc., 0.250%, 03/15/24		334,954		396,149
				733,865		802,849
		Computer Software and Services — 19.5%
	118,000	Apptio Inc., 0.875%, 04/01/23(a)		119,095		116,466
	163,000	Coupa Software Inc., 0.375%, 01/15/23(a)		184,815		197,491
	250,000	CSG Systems International Inc., 4.250%, 03/15/36		265,916		276,009
	220,000	Guidewire Software Inc., 1.250%, 03/15/25		219,980		216,198
	213,000	HubSpot Inc., 0.250%, 06/01/22(a)		218,188		274,929
	145,000	IAC FinanceCo. Inc., 0.875%, 10/01/22(a)		163,935		173,695
	100,000	Maxwell Technologies Inc., 5.500%, 09/15/22(a)(b)		100,000		115,125
	100,000	MercadoLibre Inc., 2.250%, 07/01/19		121,422		283,200
	305,000	Nice Systems Inc., 1.250%, 01/15/24		324,392		379,054
	173,000	Nutanix Inc., Zero Coupon, 01/15/23(a)		174,887		208,604
	176,000	Okta Inc., 0.250%, 02/15/23(a)		184,709		192,667
	200,000	Proofpoint Inc., 0.750%, 06/15/20		218,436		292,920
	300,000	PROS Holdings Inc., 2.000%, 06/01/47(a)		268,247		289,110
	226,000	RealPage Inc., 1.500%, 11/15/22(a)		247,554		308,349
				2,811,576		3,323,817

Principal Amount			Cost		Market Value
		Consumer Products — 0.9%
$	187,000	GoPro Inc., 3.500%, 04/15/22(a)(b)	$	185,374	$	153,422
		Consumer Services — 2.5%
	300,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		316,752		334,623
	88,000	Quotient Technology Inc., 1.750%, 12/01/22(a)		88,000		91,417
				404,752		426,040
		Diversified Industrial — 2.4%
	100,000	Chart Industries Inc., 1.000%, 11/15/24(a)		100,590		117,344
	292,000	Team Inc., 5.000%, 08/01/23(a)		291,312		289,828
				391,902		407,172
		Energy and Utilities: Integrated — 1.9%
	400,000	SunPower Corp., 4.000%, 01/15/23		330,015		320,240
		Energy and Utilities: Services — 1.8%
	400,000	Cheniere Energy Inc., 4.250%, 03/15/45		266,393		312,458
		Entertainment — 2.3%
	150,000	Liberty Media Corp., 2.125%, 03/31/48(a)		150,000		148,710
	150,000	World Wrestling Entertainment Inc., 3.375%, 12/15/23(a)		158,250		235,125
				308,250		383,835
		Financial Services — 4.0%
	302,000	Encore Capital Group Inc., 3.250%, 03/15/22		303,026		352,434
	199,000	LendingTree Inc., 0.625%, 06/01/22(a)		232,557		334,840
				535,583		687,274
		Health Care — 11.6%
	161,000	Accelerate Diagnostics Inc., 2.500%, 03/15/23(a)		161,000		156,111
	150,000	BioMarin Pharmaceutical Inc., 0.599%, 08/01/24		147,266		141,187
	104,000	Insulet Corp., 1.375%, 11/15/24(a)		116,513		119,290
	300,000	Intercept Pharmaceuticals Inc., 3.250%, 07/01/23		296,596		241,875
	200,000	Invacare Corp., 4.500%, 06/01/22(a)		219,005		256,625
	237,000	Neurocrine Biosciences Inc., 2.250%, 05/15/24(a)		246,139		311,035
	200,000	Pacira Pharmaceuticals Inc., 2.375%, 04/01/22		206,837		183,250
	208,000	Supernus Pharmaceuticals Inc., 0.625%, 04/01/23(a)		217,987		221,800
	300,000	Teladoc Inc., 3.000%, 12/15/22(a)		312,515		355,988
				1,923,858		1,987,161
		Semiconductors — 12.2%
	250,000	Cypress Semiconductor Corp., 4.500%, 01/15/22		288,899		349,425

See accompanying notes to financial statements.

18

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Semiconductors (Continued)
$	300,000	Inphi Corp., 1.125%, 12/01/20	$	348,669	$	314,860
	300,000	Knowles Corp., 3.250%, 11/01/21		328,113		313,135
	300,000	Microchip Technology Inc., 1.625%, 02/15/27		320,278		356,167
	208,000	Rambus Inc., 1.375%, 02/01/23(a)		209,857		205,639
	211,000	Silicon Laboratories Inc., 1.375%, 03/01/22		220,299		244,760
	200,000	Teradyne Inc., 1.250%, 12/15/23		247,229		305,441
				1,963,344		2,089,427
		Transportation — 3.0%
	218,000	Air Transport Services Group Inc., 1.125%, 10/15/24(a)		221,725		219,665
	250,000	Atlas Air Worldwide Holdings Inc., 2.250%, 06/01/22		248,048		285,959
				469,773		505,624
		TOTAL CONVERTIBLE CORPORATE BONDS		11,930,147		13,135,425
Shares
		CONVERTIBLE PREFERRED STOCKS — 5.8%
		Agriculture — 0.6%
	1,000	Bunge Ltd. 4.875%		94,950		108,970
		Financial Services — 1.5%
	100	Bank of America Corp. 7.250% .		130,276		128,945
	100	Wells Fargo & Co. 7.500%		132,100		129,000
				262,376		257,945
		Food and Beverage — 1.7%
	2,000	Post Holdings Inc. 2.500%		301,617		287,786
		Real Estate Investment Trusts — 2.0%
	6,000	Welltower Inc. 6.500%, Ser. I		371,329		333,840
		TOTAL CONVERTIBLE PREFERRED STOCKS		1,030,272		988,541
		MANDATORY CONVERTIBLE SECURITIES (c) — 14.4%
		Building and Construction — 2.0%
	3,007	Stanley Black & Decker Inc., 5.375%, 05/15/20		314,251		346,482
		Computer Software and Services — 1.8%
	1,500	Alibaba - Mandatory Exchange Trust, 5.750%, 06/03/19 (a)		192,859		310,022
		Energy and Utilities: Integrated — 2.8%
	5,000	DTE Energy Co., 6.500%, 10/01/19		266,172		260,450
	2,035	Sempra Energy, 6.000%, 01/15/21		207,891		208,323
				474,063		468,773

Shares			Cost		Market Value
		Financial Services — 1.8%
	2,038	Assurant Inc., 6.500%, 03/15/21	$	206,522	$	212,258
	2,000	New York Community Capital Trust V, 6.000%, 11/01/51		101,900		100,000
				308,422		312,258
		Health Care — 1.9%
	5,494	Becton Dickinson and Co., 6.125%, 05/01/20		293,412		321,014
		Industrials — 2.0%
	5,200	Rexnord Corp., 5.750%, 11/15/19		267,069		334,256
		Real Estate Investment Trusts — 2.0%
	304	Crown Castle International Corp., 6.875%, 08/01/20		323,449		339,851
		Telecommunications — 0.1%
	2,000	Frontier Communications Corp., Ser. A 11.125%, 06/29/18		53,296		22,880
		TOTAL MANDATORY CONVERTIBLE SECURITIES		2,226,821		2,455,536
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.4%
$	250,000	U.S. Treasury Bills, 1.687% to 1.715%†, 06/21/18 .		249,046		249,063
		TOTAL INVESTMENTS — 98.6%	$	15,436,286		16,828,565
		Other Assets and Liabilities (Net) — 1.4%				237,699
		NET ASSETS — 100.0%			$	17,066,264

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2018, the market value of the Rule 144A security amounted to $6,153,021 or 36.05% of net assets.

(b) At March 31, 2018, the Fund held investments in restricted and illiquid securities amounting to $268,547 or 1.57% of net assets , which were valued under methods approved by the Board of Trustees as follows:

					03/31/18
Acquistion					Carrying
Principal		Acquistion		Acquistion	Value
Amount	Issuer	Date		Cost	Per Bond
$ 187,000	GoPro Inc., 3.500%, 04/15/22		04/07/17- 07/25/17	$ 185,374	$	82.0439
100,000	Maxwell Technologies Inc., 5.500%, 09/15/22		09/21/17	100,000		115.1250

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

† Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

19

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 96.7%
		Aerospace — 4.3%
	6,150	General Dynamics Corp.	$	902,467	$	1,358,535
	3,875	The Boeing Co.		470,933		1,270,535
				1,373,400		2,629,070
		Banking — 12.8%
	67,830	Bank of America Corp.		1,204,829		2,034,222
	22,955	BB&T Corp.		1,038,498		1,194,578
	18,939	JPMorgan Chase & Co.		1,121,751		2,082,722
	22,270	Wells Fargo & Co.		1,074,104		1,167,171
	22,300	Western Alliance Bancorp†		1,163,044		1,295,853
				5,602,226		7,774,546
		Business Services — 4.2%
	35,425	Booz Allen Hamilton Holding Corp.		1,000,016		1,371,656
	4,905	FedEx Corp.		753,772		1,177,740
				1,753,788		2,549,396
		Cable and Satellite — 1.8%
	31,260	Comcast Corp., Cl. A		872,888		1,068,154
		Computer Software and Services — 7.4%
	8,520	Accenture plc, Cl. A		1,048,946		1,307,820
	1,273	Alphabet Inc., Cl. A†		1,065,838		1,320,279
	7,180	Microsoft Corp.		354,420		655,319
	25,600	Oracle Corp.		1,067,982		1,171,200
				3,537,186		4,454,618
		Consumer Products — 2.1%
	17,950	Colgate-Palmolive Co.		1,041,593		1,286,656
		Diversified Industrial — 2.0%
	8,355	Honeywell International Inc.		753,278		1,207,381
		Energy and Energy Services — 3.5%
	11,625	EOG Resources Inc.		979,876		1,223,764
	18,850	Halliburton Co.		1,093,988		884,819
				2,073,864		2,108,583
		Energy: Integrated — 6.3%
	9,105	ALLETE Inc.		666,212		657,836
	8,400	NextEra Energy Inc.		664,153		1,371,972
	12,855	RSP Permian Inc.†		490,198		602,642
	18,700	WEC Energy Group Inc.		889,554		1,172,490
				2,710,117		3,804,940
		Energy: Oil — 1.9%
	10,195	Chevron Corp.		934,646		1,162,638
		Entertainment — 1.0%
	5,900	The Walt Disney Co.		651,303		592,596
		Financial Services — 10.0%
	17,510	Arthur J Gallagher & Co.		1,155,660		1,203,462
	8,600	Chubb Ltd.		936,465		1,176,222
	18,100	Intercontinental Exchange Inc.		950,148		1,312,612
	22,600	Morgan Stanley		1,273,869		1,219,496
	23,175	U.S. Bancorp		1,284,200		1,170,337
				5,600,342		6,082,129

Shares			Cost		Market Value
		Food and Beverage — 6.3%
	28,850	General Mills Inc.	$	1,348,765	$	1,299,981
	38,375	Hormel Foods Corp.		1,369,130		1,317,030
	10,750	PepsiCo Inc.		889,171		1,173,363
				3,607,066		3,790,374
		Health Care — 10.6%
	24,890	Abbott Laboratories		1,004,250		1,491,409
	5,840	Becton, Dickinson and Co.		953,564		1,265,528
	16,400	Johnson & Johnson		1,672,792		2,101,660
	19,490	Medtronic plc		1,642,577		1,563,488
				5,273,183		6,422,085
		Real Estate — 2.1%
	6,250	Public Storage, REIT		1,524,583		1,252,437
		Retail — 6.0%
	19,370	CVS Health Corp.		1,621,189		1,205,008
	7,875	Simon Property Group Inc., REIT		1,520,278		1,215,506
	6,780	The Home Depot Inc.		805,567		1,208,467
				3,947,034		3,628,981
		Semiconductors — 2.0%
	2,385	Broadcom Ltd.		650,480		562,025
	3,325	Lam Research Corp.		327,339		675,507
				977,819		1,237,532
		Specialty Chemicals — 1.9%
	2,915	The Sherwin-Williams Co.		773,211		1,143,030
		Telecommunications — 8.4%
	21,450	Amdocs Ltd.		862,806		1,431,144
	60,325	AT&T Inc.		2,401,775		2,150,586
	14,250	Motorola Solutions Inc.		1,246,066		1,500,525
				4,510,647		5,082,255
		Transportation — 2.1%
	9,485	Union Pacific Corp.		467,134		1,275,069
		TOTAL COMMON STOCKS		47,985,308		58,552,470
		SHORT TERM INVESTMENT — 2.4%
		Other Investment Companies — 2.4%
	1,498,152	Dreyfus Treasury Securities Cash Management, 1.460%*		1,498,152		1,498,152
		TOTAL INVESTMENTS — 99.1%	$	49,483,460		60,050,622
		Other Assets and Liabilities (Net) — 0.9%				515,681
		NET ASSETS — 100.0%			$	60,566,303

* 1 day yield as of March 31, 2018.

† Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

20

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 64.3%
		Aerospace — 3.2%
	5,225	General Dynamics Corp.	$	766,079	$	1,154,203
	2,815	The Boeing Co.		342,110		922,982
				1,108,189		2,077,185
		Banking — 8.3%
	46,410	Bank of America Corp.		555,089		1,391,836
	16,025	BB&T Corp.		725,398		833,941
	12,966	JPMorgan Chase & Co.		711,579		1,425,871
	15,220	Wells Fargo & Co.		726,377		797,680
	15,250	Western Alliance Bancorp†		794,361		886,177
				3,512,804		5,335,505
		Business Services — 2.8%
	24,900	Booz Allen Hamilton Holding Corp.		711,047		964,128
	3,625	FedEx Corp.		561,651		870,399
				1,272,698		1,834,527
		Cable and Satellite — 1.2%
	21,900	Comcast Corp., Cl. A		591,343		748,323
		Computer Software and Services — 5.0%
	5,795	Accenture plc, Cl. A		713,897		889,533
	887	Alphabet Inc., Cl. A†		742,946		919,943
	6,975	Microsoft Corp.		344,301		636,608
	17,300	Oracle Corp.		718,620		791,475
				2,519,764		3,237,559
		Consumer Products — 1.6%
	14,200	Colgate-Palmolive Co.		811,453		1,017,856
		Diversified Industrial — 1.3%
	5,775	Honeywell International Inc.		535,432		834,545
		Energy and Energy Services — 2.5%
	10,000	EOG Resources Inc.		865,832		1,052,700
	11,925	Halliburton Co.		691,981		559,759
				1,557,813		1,612,459
		Energy: Integrated — 4.0%
	6,055	ALLETE Inc.		442,975		437,474
	5,525	NextEra Energy Inc.		466,641		902,398
	8,960	RSP Permian Inc.†		341,675		420,045
	12,625	WEC Energy Group Inc.		604,621		791,587
				1,855,912		2,551,504
		Energy: Oil — 1.2%
	6,810	Chevron Corp.		572,103		776,612
		Entertainment — 0.6%
	4,000	The Walt Disney Co.		441,562		401,760
		Financial Services — 6.4%
	12,220	Arthur J Gallagher & Co.		806,334		839,881
	5,900	Chubb Ltd.		649,145		806,943
	11,800	Intercontinental Exchange Inc.		619,858		855,736
	15,550	Morgan Stanley		876,144		839,078
	15,775	U.S. Bancorp		874,155		796,637
				3,825,636		4,138,275
		Food and Beverage — 4.3%
	20,075	General Mills Inc.		918,853		904,579
	26,510	Hormel Foods Corp.		947,124		909,823
	9,000	PepsiCo Inc.		714,475		982,350
				2,580,452		2,796,752
		Health Care — 6.9%
	17,800	Abbott Laboratories		666,314		1,066,576
	3,955	Becton, Dickinson and Co.		660,729		857,049
	11,500	Johnson & Johnson		1,131,630		1,473,725

Shares			Cost		Market Value
	13,325	Medtronic plc	$	1,122,036	$	1,068,932
				3,580,709		4,466,282
		Real Estate — 1.4%
	4,325	Public Storage, REIT		1,058,369		866,687
		Retail — 4.2%
	13,250	CVS Health Corp.		1,104,824		824,283
	5,325	Simon Property Group Inc., REIT		1,036,888		821,914
	5,925	The Home Depot Inc.		660,688		1,056,072
				2,802,400		2,702,269
		Semiconductors — 1.5%
	1,610	Broadcom Ltd.		439,182		379,397
	2,850	Lam Research Corp.		279,063		579,006
				718,245		958,403
		Specialty Chemicals — 1.2%
	1,975	The Sherwin-Williams Co.		524,833		774,437
		Telecommunications — 5.4%
	15,100	Amdocs Ltd.		612,534		1,007,472
	40,875	AT&T Inc.		1,629,912		1,457,194
	9,900	Motorola Solutions Inc.		865,656		1,042,470
				3,108,102		3,507,136
		Transportation — 1.3%
	6,325	Union Pacific Corp.		338,642		850,270
		TOTAL COMMON STOCKS		33,316,461		41,488,346
Principal Amount
		CORPORATE BONDS — 20.6%
		Banking — 4.0%
$	600,000	Citigroup Inc.,
		2.500%, 07/29/19		605,844		597,753
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		753,247		778,305
	600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,263		603,230
	600,000	Wells Fargo & Co., MTN, 3.500%, 03/08/22		608,890		601,933
				2,568,244		2,581,221
		Computer Hardware — 1.0%
	650,000	International Business Machines Corp., 2.900%, 11/01/21		654,855		650,174
		Consumer Products — 2.0%
	500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		496,656		476,822
	800,000	Costco Wholesale Corp., 1.700%, 12/15/19		796,701		788,833
				1,293,357		1,265,655
		Diversified Industrial — 1.2%
	800,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		800,321		797,911
		Electronics — 2.4%
	1,000,000	Intel Corp., 3.300%, 10/01/21		1,016,081		1,016,239

See accompanying notes to financial statements.

21

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2018 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS (Continued)
		Electronics (Continued)
$	500,000	Texas Instruments Inc., 1.650%, 08/03/19	$	499,623	$	494,055
				1,515,704		1,510,294
		Energy: Oil — 0.8%
	500,000	XTO Energy Inc., 6.500%, 12/15/18		507,110		515,382
		Financial Services — 3.9%
	600,000	Capital One Financial Corp., 3.750%, 04/24/24		607,613		596,415
	750,000	Ford Motor Credit Co. LLC, MTN, 2.943%, 01/08/19		753,837		750,300
	600,000	Morgan Stanley, GMTN, 3.700%, 10/23/24		600,518		597,588
	600,000	The PNC Financial Services Group Inc., STEP, 2.854%, 11/09/22		593,290		590,793
				2,555,258		2,535,096
		Health Care — 2.6%
	500,000	Abbott Laboratories, 2.550%, 03/15/22		495,369		486,926
	600,000	Aetna Inc., 3.500%, 11/15/24		600,791		590,573
	600,000	Amgen Inc.,
		3.450%, 10/01/20		610,780		606,358
				1,706,940		1,683,857
		Retail — 1.8%
	600,000	CVS Health Corp.,
		3.375%, 08/12/24		599,046		581,954
	600,000	McDonalds Corp., MTN,
		2.100%, 12/07/18		601,551		598,375
				1,200,597		1,180,329
		Telecommunications — 0.9%
	600,000	AT&T Inc.,
		2.300%, 03/11/19		601,335		597,945
		TOTAL CORPORATE BONDS		13,403,721		13,317,864

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.3%
		Federal Home Loan Mortgage Corp. — 2.6%
$	600,000	1.750%, 05/30/19	$	598,441	$	597,274
	1,100,000	2.375%, 01/13/22		1,106,126		1,092,767
				1,704,567		1,690,041
		Federal National Mortgage Association — 1.7%
	1,100,000	2.625%, 09/06/24		1,134,299		1,091,350
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,838,866		2,781,391
		U.S. GOVERNMENT OBLIGATIONS — 6.2%
		U.S. Treasury Inflation Indexed Notes — 1.6%
	1,039,032	2.125%, 01/15/19		1,042,161		1,057,499
		U.S. Treasury Notes — 4.6%
	750,000	3.375%, 11/15/19		769,717		763,520
	1,000,000	2.250%, 11/15/24		1,027,448		974,043
	500,000	2.000%, 02/15/25		497,186		478,506
	800,000	1.625%, 02/15/26		803,030		738,187
				3,097,381		2,954,256
		TOTAL U.S. GOVERNMENT OBLIGATIONS		4,139,542		4,011,755
Shares
		SHORT TERM INVESTMENT — 3.7%
		Other Investment Companies — 3.7%
	2,375,074	Dreyfus Treasury Securities Cash Management, 1.460%*		2,375,074		2,375,074
		TOTAL INVESTMENTS — 99.1%	$	56,073,664		63,974,430
		Other Assets and Liabilities (Net) — 0.9%				587,468
		NET ASSETS — 100.0%			$	64,561,898

* 1 day yield as of March 31, 2018.

† Non-income producing security.

GMTN Global Medium Term Note

MTN Medium Term Note

REIT Real Estate Investment Trust

STEP Step coupon security. The rate disclosed is that in effect at March 31, 2018.

See accompanying notes to financial statements.

22

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2018 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 52.8%
		Aerospace — 9.0%
$	250,000	Harris Corp., 1.999%, 04/27/18	$	250,049	$	249,943
	200,000	The Boeing Co., 6.000%, 03/15/19		200,672		206,299
	250,000	United Technologies Corp., 3.100%, 06/01/22		258,331		248,107
				709,052		704,349
		Automotive — 3.2%
	250,000	General Motors Co., 3.500%, 10/02/18		251,933		250,397
		Banking — 7.7%
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,819		207,548
	400,000	The Bank of New York Mellon Corp., Ser. G, 2.200%, 05/15/19		400,332		398,512
				600,151		606,060
		Computer Hardware — 3.8%
	300,000	Apple Inc., 2.037%, (3 Month USD LIBOR plus 0.25%) 05/03/18(a)		300,015		300,041
		Energy — 6.6%
	250,000	Andeavor Logistics LP / Tesoro Logistics Finance Corp., 6.250%, 10/15/22		262,590		262,513
	250,000	MarkWest Energy Partners LP / MarkWest Energy Finance Corp., 5.500%, 02/15/23		255,285		256,319
				517,875		518,832
		Financial Services — 4.2%
	200,000	Capital One Financial Corp., 3.750%, 04/24/24		202,538		198,805
	125,000	MPT Operating Partnership LP / MPT Finance Corp., 6.375%, 03/01/24		133,704		131,877
				336,242		330,682
		Food and Beverage — 6.5%
	250,000	Mondelēz International Inc., 5.375%, 02/10/20		251,021		260,155
	250,000	PepsiCo Inc., 1.250%, 04/30/18		249,980		249,774
				501,001		509,929
		Health Care — 4.7%
	250,000	Aetna Inc., 1.700%, 06/07/18		250,060		249,735
	125,000	Anthem Inc., 2.500%, 11/21/20		124,802		122,960
				374,862		372,695

Principal Amount			Cost		Market Value
		Retail — 1.4%
$	125,000	The Home Depot, Inc., 2.125%, 09/15/26	$	123,822	$	113,202
		Telecommunications — 5.7%
	250,000	AT&T Inc., 3.900%, 03/11/24		255,936		252,113
	200,000	Verizon Communications Inc., 3.000%, 11/01/21		199,554		198,617
				455,490		450,730
		TOTAL CORPORATE BONDS		4,170,443		4,156,917
		U.S. GOVERNMENT AGENCY OBLIGATIONS —17.7%
		Federal Home Loan Mortgage Corp. — 4.4%
	350,000	1.750%, 05/30/19		351,590		348,410
		Federal National Mortgage Association — 13.0%
	250,000	0.875%, 05/21/18		249,883		249,713
	400,000	2.625%, 09/06/24		412,472		396,854
	400,000	2.125%, 04/24/26		400,188		378,398
				1,062,543		1,024,965
		Government National Mortgage Association — 0.3%
	4,090	6.000%, 12/15/33		4,116		4,605
	13,514	5.500%, 01/15/34		13,575		14,900
				17,691		19,505
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		1,431,824		1,392,880
		U.S. GOVERNMENT OBLIGATIONS — 29.7%
		U.S. Treasury Bills — 18.2%
	1,438,000	U.S. Treasury Bills,
		1.377% to 1.739%†,
		04/12/18 to 06/14/18		1,434,754		1,434,759
		U.S. Treasury Notes — 9.0%
	500,000	2.000%, 02/15/25		501,590		478,506
	250,000	1.625%, 02/15/26		247,229		230,684
				748,819		709,190
		U.S. Treasury Bonds — 2.5%
	150,000	5.375%, 02/15/31		162,844		192,123
		TOTAL U.S. GOVERNMENT OBLIGATIONS		2,346,417		2,336,072
		TOTAL INVESTMENTS — 100.2% .	$	7,948,684		7,885,869
		Other Assets and Liabilities (Net) — (0.2)%				(18,106	)
		NET ASSETS — 100.0%			$	7,867,763

(a)	The interest rate for this floating rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is in effect as of March 31, 2018. The maturity date reflected is the final maturity date.
†	Represents annualized yield at date of purchase.

See accompanying notes to financial statements.

23

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	Mighty MitesSM Fund			SmallCap   Equity Fund			Mid-Cap   Equity Fund			Convertible   Securities Fund
Assets:
Investments, at value (cost $866,250,039, $23,108,190, $2,455,080, and $15,436,286, respectively)		$1,304,199,782			$32,321,106			$3,110,668			$16,828,565
Investments in affiliates, at value (cost $37,407,831)		61,262,658			—			—			—
Cash		230,890			—			64,653			22,276
Deposit at brokers		373			—			—			—
Receivable for Fund shares sold		2,125,804			8,515			4,000			152,867
Receivable for investments sold		1,667,754			—			—			—
Receivable from Adviser		—			13,534			13,541			11,815
Dividends and interest receivable		1,140,738			22,457			2,212			78,592
Prepaid expenses		78,847			41,694			15,989			30,514
Total Assets		1,370,706,846			32,407,306			3,211,063			17,124,629
Liabilities:
Payable to custodian		—			42,179			—			—
Payable for investments purchased		1,450,507			—			—			—
Payable for Fund shares redeemed		781,782			1,003			—			30,859
Payable for investment advisory fees		1,165,574			27,904			5,068			13,781
Payable for distribution fees		255,008			5,501			527			2,948
Payable for accounting fees		7,500			—			—			—
Payable for payroll expenses		—			—			619			—
Payable for custodian fees		60,177			4,186			2,777			2,118
Payable for legal and audit fees		67,484			14,798			9,054			—
Payable for shareholder communications expenses		43,432			6,087			3,495			2,580
Payable for shareholder services fees		103,985			10,385			1,839			3,064
Other accrued expenses		2,141			2,614			3,251			3,015
Total Liabilities		3,937,590			114,657			26,630			58,365
Net Assets		$1,366,769,256			$32,292,649			$3,184,433			$17,066,264
Net Assets Consist of:
Paid-in capital		$884,904,337			$22,296,130			$2,476,251			$15,323,161
Accumulated net investment loss		(5,369,301	)		(42,885	)		(1,272	)		(193,080	)
Accumulated net realized gain on investments and foreign currency transactions		25,427,305			826,488			53,866			543,904
Net unrealized appreciation on investments		461,804,570			9,212,916			655,588			1,392,279
Net unrealized appreciation on foreign currency translations		2,345			—			—			—
Net Assets		$1,366,769,256			$32,292,649			$3,184,433			$17,066,264
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$240,355,120			$8,323,044			$814,494			$4,171,899
Shares of beneficial interest outstanding		8,775,377			410,073			61,910			319,078
Net Asset Value, offering, and redemption price per share		$27.39			$20.30			$13.16			$13.07
Class A:
Net assets		$131,409,442			$4,054,634			$184,035			$2,902,830
Shares of beneficial interest outstanding		4,984,597			209,354			14,164			215,213
Net Asset Value and redemption price per share		$26.36			$19.37			$12.99			$13.49
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$27.46			$20.18			$13.53			$14.05
Class C:
Net assets		$169,620,803			$2,254,876			$337,393			$1,181,042
Shares of beneficial interest outstanding		7,323,455			134,423			26,646			82,179
Net Asset Value and offering price per share(a)		$23.16			$16.77			$12.66			$14.37
Class I:
Net assets		$825,373,253			$17,658,987			$1,848,511			$8,810,493
Shares of beneficial interest outstanding		29,455,258			840,405			138,473			671,720
Net Asset Value, offering, and redemption price per share		$28.02			$21.01			$13.35			$13.12
Class T:
Net assets		$10,638.05			$1,108.37			—			—
Shares of beneficial interest outstanding		388.33			54.62			—			—
Net Asset Value and redemption price per share		$27.39			$20.29			—			—
Maximum offering price per share (NAV ÷ 0.975, based on maximum sales charge of 2.50% of the offering price)		$28.09			$20.81			—			—

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

See accompanying notes to financial statements.

24

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

March 31, 2018 (Unaudited)

	Equity Fund		Balanced Fund		Intermediate Bond Fund
Assets:
Investments, at value (cost $49,483,460, $56,073,664, and $7,948,684, respectively)		$60,050,622		$63,974,430		$7,885,869
Investments in affiliates, at value		—		—		—
Cash		29,018		21,844		—
Deposit at brokers		—		—		—
Receivable for Fund shares sold		836		68,001		—
Receivable for investments sold		911,359		629,268		—
Receivable from Adviser		—		—		15,344
Dividends and interest receivable		37,373		197,192		51,269
Prepaid expenses		30,410		32,037		22,906
Total Assets		61,059,618		64,922,772		7,975,388
Liabilities:
Payable to custodian		—		—		47,659
Payable for investments purchased		303,600		211,200		—
Payable for Fund shares redeemed		67,965		40,971		364
Payable for investment advisory fees		52,406		41,577		7,680
Payable for distribution fees		12,637		17,626		1,788
Payable for accounting fees		7,500		7,500		—
Payable for custodian fees		3,566		3,241		2,929
Payable for legal and audit fees		19,714		19,881		18,964
Payable for shareholder communications expenses		11,237		—		3,469
Payable for shareholder services fees		11,301		10,055		4,417
Other accrued expenses		3,389		8,823		20,355
Total Liabilities		493,315		360,874		107,625
Net Assets		$60,566,303		$64,561,898		$7,867,763
Net Assets Consist of:
Paid-in capital		$44,462,389		$52,202,674		$7,953,998
Accumulated net investment income/(loss)		97,593		176		(3)
Accumulated net realized gain/(loss) on investments and foreign currency transactions		5,439,159		4,458,282		(23,417)
Net unrealized appreciation/depreciation on investments		10,567,162		7,900,766		(62,815)
Net unrealized appreciation on foreign currency translations		—		—		—
Net Assets		$60,566,303		$64,561,898		$7,867,763
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$53,396,804		$48,539,200		$3,529,342
Shares of beneficial interest outstanding		4,130,490		4,100,546		323,551
Net Asset Value, offering, and redemption price per share		$12.93		$11.84		$10.91
Class A:
Net assets		$1,640,411		$7,838,931		$296,015
Shares of beneficial interest outstanding		127,103		658,299		27,159
Net Asset Value and redemption price per share		$12.91		$11.91		$10.90
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$13.45		$12.41		$11.35
Class C:
Net assets		$416,936		$4,503,105		$1,094,140
Shares of beneficial interest outstanding		34,228		372,254		105,786
Net Asset Value and offering price per share(a)		$12.18		$12.10		$10.34
Class I:
Net assets		$5,112,152		$3,680,662		$2,948,266
Shares of beneficial interest outstanding		396,773		311,390		270,142
Net Asset Value, offering, and redemption price per share		$12.88		$11.82		$10.91

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

See accompanying notes to financial statements.

25

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2018 (Unaudited)

	Mighty MitesSM Fund			SmallCap  Equity Fund			Mid-Cap Equity Fund			Convertible Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $20,955, $242, $210, and $0, respectively)	$	5,708,232		$	191,832		$	15,230		$	81,878
Dividends - affiliated		1,532,239			—			—			—
Interest		1,638,805			3,984			750			49,256
Total Investment Income		8,879,276			195,816			15,980			131,134
Expenses:
Investment advisory fees		6,850,873			163,844			15,527			75,982
Distribution fees - Class AAA		320,711			11,293			1,041			5,348
Distribution fees - Class A		340,796			9,770			493			6,922
Distribution fees - Class C		883,962			11,442			1,148			4,937
Distribution fees - Class T		13			1			—			—
Accounting fees		22,500			—			—			—
Custodian fees		81,632			5,162			2,603			2,845
Interest expense		281			—			—			—
Legal and audit fees		71,759			20,244			11,764			14,168
Payroll expenses		—			—			1,006			—
Registration expenses		40,240			26,601			10,871			24,596
Shareholder communications expenses		140,628			7,050			2,944			4,694
Shareholder services fees		553,594			11,685			3,701			5,510
Trustees’ fees		47,992			1,176			118			547
Miscellaneous expenses		34,067			5,606			4,768			4,674
Total Expenses		9,389,048			273,874			55,984			150,223
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			(76,743	)		(40,197	)		(64,606	)
Advisory fee reduction on unsupervised assets (See Note 3)		(35,439	)		—			—			—
Custodian fee credits		(1,520	)		—			—			—
Expenses paid by broker (See Note 6)		(5,098	)		(780	)		(684	)		(26	)
Total Reimbursements, Waivers, Reductions, and Credits		(42,057	)		(77,523	)		(40,881	)		(64,632	)
Net Expenses		9,346,991			196,351			15,103			85,591
Net Investment Income/(Loss)		(467,715	)		(535	)		877			45,543
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		30,713,730			2,223,785			74,074			591,609
Net realized gain on investments - affiliated		150,880			—			—			—
Net realized loss on foreign currency transactions		(21,268	)		—			(10	)		—
Net realized gain on investments and foreign currency transactions		30,843,342			2,223,785			74,064			591,609
Net change in unrealized appreciation/depreciation: on investments		(43,463,214	)		(1,143,323	)		22,501			260,860
on foreign currency translations		(221	)		—			—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(43,463,435	)		(1,143,323	)		22,501			260,860
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(12,620,093	)		1,080,462			96,565			852,469
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	(13,087,808	)	$	1,079,927		$	97,442		$	898,012

See accompanying notes to financial statements.

26

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2018 (Unaudited)

	Equity       Fund			Balanced       Fund			Intermediate  Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0, $0, and $0, respectively)	$	657,570		$	472,432		$	—
Dividends - affiliated		—			—			—
Interest		—			276,539			98,351
Total Investment Income		657,570			748,971			98,351
Expenses:
Investment advisory fees		315,515			248,173			23,969
Distribution fees - Class AAA		69,019			62,830			4,480
Distribution fees - Class A		5,383			20,162			721
Distribution fees - Class C		3,036			23,077			5,653
Distribution fees - Class T		—			—			—
Accounting fees		22,500			22,500			—
Custodian fees		3,002			2,796			2,891
Interest expense		—			—			—
Legal and audit fees		15,401			15,542			15,047
Payroll expenses		—			—			—
Registration expenses		27,026			27,289			20,955
Shareholder communications expenses		12,017			11,738			4,294
Shareholder services fees		23,610			23,406			6,628
Trustees’ fees		2,266			2,740			299
Miscellaneous expenses		6,154			5,946			4,324
Total Expenses		504,929			466,199			89,261
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)		—			—			(48,446	)
Advisory fee reduction on unsupervised assets (See Note 3)		—			—			—
Custodian fee credits		—			—			—
Expenses paid by broker (See Note 6)		(887)			(899)			—
Total Reimbursements, Waivers, Reductions, and Credits		(887	)		(899	)		(48,446	)
Net Expenses		504,042			465,300			40,815
Net Investment Income		153,528			283,671			57,536
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments - unaffiliated		5,610,904			4,458,838			(19,643	)
Net realized gain/(loss) on investments and foreign currency transactions		5,610,904			4,458,838			(19,643	)
Net change in unrealized appreciation/depreciation: on investments		(2,070,202	)		(2,239,408	)		(113,954	)
Net change in unrealized appreciation/depreciation on investments		(2,070,202	)		(2,239,408	)		(113,954)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		3,540,702			2,219,430			(133,597)
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	3,694,230		$	2,503,101		$	(76,061	)

See accompanying notes to financial statements.

27

TETON Westwood Funds

Statements of Changes in Net Assets (Unaudited)

	Mighty MitesSM Fund						SmallCap Equity Fund						Mid-Cap Equity Fund
	For the Six			For the			For the Six			For the			For the Six			For the
	Months Ended			Year Ended			Months Ended			Year Ended			Months Ended			Year Ended
	March 31, 2018			September 30,			March 31, 2018			September 30,			March 31, 2018			September 30,
	(Unaudited)			2017			(Unaudited)			2017			(Unaudited)			2017
Operations:
Net investment income/(loss)	$	(467,715	)	$	(5,741,971	)	$	(535	)	$	(56,824	)	$	877		$	(4,957	)
Net realized gain/(loss) on investments, securities sold short, redemption in-kind, and foreign currency transactions		30,843,342			86,739,197			2,223,785			2,628,872			74,064			155,128
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		(43,463,435	)		177,676,434			(1,143,323	)		3,708,579			22,501			244,240
Net Increase/(Decrease) in Net Assets Resulting from Operations		(13,087,808	)		258,673,660			1,079,927			6,280,627			97,442			394,411
Distributions to Shareholders:
Net investment income
Class AAA		—			—			—			—			—			—
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
		—			—			—			—			—			—
Net realized gain
Class AAA		(16,091,681	)		(12,112,850	)		(799,266	)		(1,120,049	)		(36,604	)		(21,204	)
Class A		(8,606,993	)		(6,973,598	)		(335,705	)		(282,966	)		(8,869	)		(4,128	)
Class C		(12,671,430	)		(9,278,000	)		(226,732	)		(229,623	)		(8,748	)		(2,204	)
Class I		(47,329,053	)		(22,623,866	)		(1,361,990	)		(1,008,986	)		(76,137	)		(19,507	)
Class T		(659	)		—			(93	)		—			—			—
		(84,699,816	)		(50,988,314	)		(2,723,786	)		(2,641,624	)		(130,358	)		(47,043	)
Total Distributions to Shareholders		(84,699,816	)		(50,988,314	)		(2,723,786	)		(2,641,624	)		(130,358	)		(47,043	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA		16,145,721			46,277,238			510,979			5,179,585			198,201			503,380
Class A		12,636,369			37,625,664			563,872			800,502			288			84,849
Class C		13,998,024			22,015,082			157,529			311,575			143,383			21,694
Class I		182,425,278			222,822,655			2,874,847			5,631,113			2,038			122,671
Class T		—			10,000			—			1,000			—			—
		225,205,392			328,750,639			4,107,227			11,923,775			343,910			732,594
Proceeds from reinvestment of distributions
Class AAA		15,814,254			11,851,540			789,372			1,099,599			36,604			21,204
Class A		7,945,275			6,334,330			333,554			270,995			8,869			3,123
Class C		10,953,006			7,567,826			200,988			185,367			7,861			2,047
Class I		30,327,154			14,416,148			1,335,363			993,398			76,137			19,508
Class T		659			—			93			—			—			—
		65,040,348			40,169,844			2,659,370			2,549,359			129,471			45,882
Cost of shares redeemed
Class AAA		(47,678,579	)		(85,877,875	)		(1,850,456	)		(8,983,081	)		(214,838	)		(1,628,525	)
Class A		(48,601,451	)		(43,270,182	)		(202,715	)		(742,991	)		(26,584	)		(230,286	)
Class C		(20,713,090	)		(52,086,231	)		(193,800	)		(730,299	)		(4,269	)		(42,312	)
Class I		(60,810,199	)		(93,376,064	)		(3,207,156	)		(1,909,312	)		(1,645	)		(305,769	)
		(177,803,319	)		(274,610,352	)		(5,454,127	)		(12,365,683	)		(247,336	)		(2,206,892	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions		112,442,421			94,310,131			1,312,470			2,107,451			226,045			(1,428,416	)
Redemption Fees		2,609			1,172			—			581			—			5
Net Increase/(Decrease) in Net Assets		14,657,406			301,996,649			(331,389	)		5,747,035			193,129			(1,081,043	)
Net Assets:
Beginning of year		1,352,111,850			1,050,115,201			32,624,038			26,877,003			2,991,304			4,072,347
End of period		$1,366,769,256			$1,352,111,850			$32,292,649			$32,624,038			$3,184,433			$2,991,304
Undistributed net investment income		—			—			—			—			—			—

See accompanying notes to financial statements.

28

TETON Westwood Funds

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

             Convertible Securities Fund                                       Equity Fund                                             Balanced Fund                                Intermediate Bond Fund               

For the Six Months Ended   March 31, 2018   (Unaudited)				For the Year Ended   September 30,   2017				For the Six Months Ended   March 31, 2018   (Unaudited)				For the Year Ended   September 30,   2017				For the Six Months Ended   March 31, 2018   (Unaudited)				For the Year Ended   September 30,   2017				For the Six Months Ended   March 31, 2018   (Unaudited)				For the Year Ended   September  30,   2017
	$	45,543			$	54,387			$	153,528			$	311,491			$	283,671			$	568,539			$	57,536			$	213,093
		591,609				17,060				5,610,904				7,012,925				4,458,838				4,447,919				(19,643	)			129,684
		260,860				1,133,294				(2,070,202	)			2,252,399				(2,239,408	)			1,584,106				(113,954	)			(564,517	)
		898,012				1,204,741				3,694,230				9,576,815				2,503,101				6,600,564				(76,061	)			(221,740	)
		(37,341	)			(70,888	)			(238,507	)			(293,061	)			(232,987	)			(482,424	)			(26,204	)			(48,082	)
		(19,939	)			(37,114	)			(3,150	)			(10,405	)			(27,035	)			(57,301	)			(2,792	)			(7,121	)
		(3,755	)			(13,786	)			—				—				(3,606	)			(5,528	)			(4,027	)			(5,847	)
		(79,303	)			(97,611	)			(34,804	)			(34,162	)			(19,899	)			(23,315	)			(24,516	)			(152,069	)
		(140,338	)			(219,399	)			(276,461	)			(337,628	)			(283,527	)			(568,568	)			(57,539	)			(213,119	)
		—				(171,202	)			(5,730,005	)			(3,329,667	)			(2,948,441	)			(2,878,995	)			(60,519	)			(29,726	)
		—				(48,555	)			(265,930	)			(231,525	)			(473,375	)			(379,547	)			(6,668	)			(5,414	)
		—				(36,328	)			(73,250	)			(55,386	)			(264,785	)			(282,541	)			(19,218	)			(9,133	)
		—				(51,404	)			(535,100	)			(266,964	)			(173,570	)			(101,837	)			(46,935	)			(95,098	)
		—				—				—				—				—				—				—				—
		—				(307,489	)			(6,604,285	)			(3,883,542	)			(3,860,171	)			(3,642,920	)			(133,340	)			(139,371	)
		(140,338	)			(526,888	)			(6,880,746	)			(4,221,170	)			(4,143,698	)			(4,211,488	)			(190,879	)			(352,490	)
		313,406				1,176,145				318,697				633,201				1,289,700				6,800,089				532,525				613,039
		740,852				2,208,003				10,268				177,782				967,528				1,427,808				1,185,517				107,817
		357,162				545,063				3,905				465,776				117,797				425,428				81,058				298,476
		2,935,262				6,720,412				613,249				1,263,682				2,124,725				442,446				264,849				2,143,875
		—				—				—				—				—				—				—				—
		4,346,682				10,649,623				946,119				2,540,441				4,499,750				9,095,771				2,063,949				3,163,207
		36,413				239,557				5,773,371				3,475,689				3,107,516				3,263,840				84,010				74,956
		19,574				84,294				269,063				241,265				487,051				422,760				7,548				10,718
		3,750				50,107				69,569				36,439				265,613				258,563				22,974				14,817
		79,209				148,724				519,472				276,907				174,992				123,387				71,334				238,579
		—				—				—				—				—				—				—				—
		138,946				522,682				6,631,475				4,030,300				4,035,172				4,068,550				185,866				339,070
		(538,495	)			(1,825,247	)			(4,084,161	)			(7,622,675	)			(5,570,361	)			(11,090,185	)			(650,030	)			(1,040,146	)
		(675,564	)			(948,677	)			(1,037,083	)			(1,886,165	)			(1,580,423	)			(1,033,374	)			(1,367,272	)			(415,391	)
		(538,687	)			(226,560	)			(310,799	)			(742,638	)			(358,408	)			(1,832,466	)			(74,016	)			(317,041	)
		(1,175,338	)			(797,451	)			(719,627	)			(1,231,226	)			(496,558	)			(540,455	)			(194,108	)			(13,216,920	)
		(2,928,084	)			(3,797,935	)			(6,151,670	)			(11,482,704	)			(8,005,750	)			(14,496,480	)			(2,285,426	)			(14,989,498	)
		1,557,544				7,374,370				1,425,924				(4,911,963	)			529,172				(1,332,159	)			(35,611	)			(11,487,221	)
		—				966				—				—				—				25				—				—
		2,315,218				8,053,189				(1,760,592	)			443,682				(1,111,425	)			1,056,942				(302,551	)			(12,061,451	)
		14,751,046				6,697,857				62,326,895				61,883,213				65,673,323				64,616,381				8,170,314				20,231,765
	$	17,066,264			$	14,751,046			$	60,566,303			$	62,326,895			$	64,561,898			$	65,673,323			$	7,867,763			$	8,170,314
		—				—			$	97,593			$	220,526			$	176			$	32				—				—

See accompanying notes to financial statements.

29

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations							Distributions to Shareholders												Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)(b)			Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Net Investment Income		Net Realized Gain on Investments		Total Distributions		Redemption Fees(a)(c)		Net Asset Value, End of Period		Total Return†		Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/Credits/ Reimbursements/ Reductions			Operating Expenses Before Waivers/Credits/ Reimbursements/ Reductions(d)		Portfolio Turnover Rate
Mighty MitesSM Fund
Class AAA
2018(e)		$29.42		$(0.01)			$(0.21)		$(0.22)		—		$(1.81)		$(1.81)		$0.00		$27.39		(0.9)%		$240,355		(0.10)%	(f)		1.39%(f)	(g)		1.40%(f)		5%
2017		24.76		(0.12)			5.97		5.85		—		(1.19)		(1.19)		0.00		29.42		24.4		274,161		(0.46)			1.41(g)			1.42		8
2016		22.02		(0.15)			3.41		3.26		—		(0.52)		(0.52)		0.00		24.76		15.0		256,488		(0.67)			1.41(g)			1.41		6
2015		23.01		(0.06)			(0.50)		(0.56)		—		(0.43)		(0.43)		0.00		22.02		(2.6)		265,145		(0.27)			1.40(g)			1.41		13
2014		23.81		(0.22)			0.80		0.58		—		(1.38)		(1.38)		0.00		23.01		2.2		365,022		(0.90)			1.41			1.42		14
2013		17.94		0.04			6.29		6.33		$(0.08)		(0.38)		(0.46)		0.00		23.81		36.2		476,112		0.19			1.41			1.43		15
Class A
2018(e)		$28.42		$(0.05)			$(0.20)		$(0.25)		—		$(1.81)		$(1.81)		$0.00		$26.36		(1.1)%		$131,409		(0.35)%	(f)		1.64%(f)	(g)		1.65%(f)		5%
2017		24.01		(0.18)			5.78		5.60		—		(1.19)		(1.19)		0.00		28.42		24.1		169,017		(0.72)			1.66(g)			1.67		8
2016		21.43		(0.20)			3.30		3.10		—		(0.52)		(0.52)		0.00		24.01		14.6		141,893		(0.92)			1.66(g)			1.66		6
2015		22.45		(0.12)			(0.47)		(0.59)		—		(0.43)		(0.43)		0.00		21.43		(2.8)		154,000		(0.51)			1.65(g)			1.66		13
2014		23.32		(0.27)			0.78		0.51		—		(1.38)		(1.38)		0.00		22.45		2.0		175,108		(1.16)			1.66			1.67		14
2013		17.59		(0.02)			6.17		6.15		$(0.04)		(0.38)		(0.42)		0.00		23.32		35.8		139,464		(0.08)			1.66			1.68		15
Class C
2018(e)		$25.24		$(0.10)			$(0.17)		$(0.27)		—		$(1.81)		$(1.81)		$0.00		$23.16		(1.3)%		$169,621		(0.85)%	(f)		2.14%(f)	(g)		2.15%(f)		5%
2017		21.55		(0.27)			5.15		4.88		—		(1.19)		(1.19)		0.00		25.24		23.5		180,282		(1.21)			2.16(g)			2.17		8
2016		19.38		(0.28)			2.97		2.69		—		(0.52)		(0.52)		0.00		21.55		14.1		175,241		(1.41)			2.16(g)			2.16		6
2015		20.44		(0.21)			(0.42)		(0.63)		—		(0.43)		(0.43)		0.00		19.38		(3.2)		187,216		(1.01)			2.15(g)			2.16		13
2014		21.46		(0.36)			0.72		0.36		—		(1.38)		(1.38)		0.00		20.44		1.4		208,795		(1.66)			2.16			2.17		14
2013		16.25		(0.10)			5.69		5.59		—		(0.38)		(0.38)		0.00		21.46		35.3		160,852		(0.57)			2.16			2.18		15
Class I
2018(e)		$30.02		$0.02			$(0.21)		$(0.19)		—		$(1.81)		$(1.81)		$0.00		$28.02		(0.8)%		$825,373		0.16%	(f)		1.14%(f)	(g)		1.15%(f)		5%
2017		25.18		(0.06)			6.09		6.03		—		(1.19)		(1.19)		0.00		30.02		24.7		728,641		(0.22)			1.16(g)			1.17		8
2016		22.34		(0.10)			3.46		3.36		—		(0.52)		(0.52)		0.00		25.18		15.2		476,493		(0.44)			1.16(g)			1.16		6
2015		23.27		(0.00)	(c)		(0.50)		(0.50)		—		(0.43)		(0.43)		0.00		22.34		(2.3)		488,846		(0.01)			1.15(g)			1.16		13
2014		24.02		(0.16)			0.79		0.63		—		(1.38)		(1.38)		0.00		23.27		2.4		519,459		(0.67)			1.16			1.17		14
2013		18.13		0.08			6.35		6.43		$(0.16)		(0.38)		(0.54)		0.00		24.02		36.6		277,588		0.40			1.16			1.18		15
Class T
2018(e)		$29.42		$(0.01)			$(0.21)		$(0.22)		—		$(1.81)		$(1.81)		—		$27.39		(0.9)%		$        11		(0.09)%	(f)		1.39%(f)	(g)		1.40%(f)		5%
2017(h)		27.40		(0.04)			2.06		2.02		—		—		—		—		29.42		7.4		11		(0.65)(f)			1.41(f)			1.42(f)		8

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

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

(b) 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%, 0.01%, 0.01%, and 0.02% of net assets for the six months ended March 31, 2018 and the years ended September 30, 2017, 2015, 2014, and 2013, respectively. For the year ended September 30, 2016, there was no impact on the expense ratios.

(e) For the six months ended March 31, 2018, unaudited.

(f) Annualized.

(g) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2018 and the years ended September 30, 2017, 2016, and 2015, there was no impact on the expense ratios.

(h) Class T Shares were initially offered on July 5, 2017.

See accompanying notes to financial statements.

30

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations							Distributions to Shareholders													Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning  of Period		Net Investment Income   (Loss)(a)			Net Realized and Unrealized Gain (Loss) on   Investments		Total From Investment Operations		Net Investment     Income		Net Realized Gain on Investments		Total Distributions		Redemption     Fees(b)		Net Asset Value, End of   Period		Total Return†			Net Assets, End of Period  (in 000’s)		Net  Investment     Income      (Loss)		Operating       Expenses         Net of       Waivers/ Reimbursements		Operating Expenses Before Waivers/ Reimbursements		Portfolio Turnover     Rate
SmallCap Equity Fund
Class AAA
2018(c)		$21.37		$(0.01)			$ 0.80		$ 0.79		—		$(1.86)		$(1.86)		—		$20.30		3.6	%		$  8,323		(0.06)%(d)		1.25%(d)(e)		1.72%(d)		9%
2017		19.03		(0.04)			4.17		4.13		—		(1.79)		(1.79)		$0.00		21.37		23.1			9,295		(0.22)		1.36(e)		1.74		38
2016		18.54		(0.04)			3.57		3.53		—		(3.04)		(3.04)		0.00		19.03		21.1			10,855		(0.25)		1.50(e)		1.79		18
2015		20.52		(0.09)			(0.29)		(0.38)		—		(1.60)		(1.60)		—		18.54		(2.4	)		7,721		(0.47)		1.50(e)		1.66		23
2014		19.83		(0.07)			0.76		0.69		—		—		—		0.00		20.52		3.5			15,649		(0.35)		1.50		1.57		13
2013		15.32		(0.01)			4.52		4.51		—		—		—		0.00		19.83		29.4			19,576		(0.05)		1.50		1.63		12
Class A
2018(c)		$20.50		$(0.03)			$ 0.76		$ 0.73		—		$(1.86)		$(1.86)		—		$19.37		3.5	%		$  4,055		(0.31)%(d)		1.50%(d)(e)		1.97%(d)		9%
2017		18.37		(0.09)			4.01		3.92		—		(1.79)		(1.79)		$0.00		20.50		22.8			3,580		(0.47)		1.60(e)		1.99		38
2016		18.02		(0.08)			3.47		3.39		—		(3.04)		(3.04)		0.00		18.37		20.9			2,871		(0.49)		1.75(e)		2.04		18
2015		20.05		(0.14)			(0.29)		(0.43)		—		(1.60)		(1.60)		—		18.02		(2.7	)		3,258		(0.71)		1.75(e)		1.91		23
2014		19.41		(0.12)			0.76		0.64		—		—		—		0.00		20.05		3.3			4,269		(0.60)		1.75		1.82		13
2013		15.03		(0.04)			4.42		4.38		—		—		—		0.00		19.41		29.1			4,668		(0.22)		1.75		1.88		12
Class C
2018(c)		$18.04		$(0.07)			$ 0.66		$ 0.59		—		$(1.86)		$(1.86)		—		$16.77		3.1	%		$  2,255		(0.81)%(d)		2.00%(d)(e)		2.47%(d)		9%
2017		16.43		(0.16)			3.56		3.40		—		(1.79)		(1.79)		$0.00		18.04		22.2			2,247		(0.97)		2.11(e)		2.49		38
2016		16.49		(0.15)			3.13		2.98		—		(3.04)		(3.04)		0.00		16.43		20.2			2,268		(0.99)		2.25(e)		2.54		18
2015		18.56		(0.22)			(0.25)		(0.47)		—		(1.60)		(1.60)		—		16.49		(3.2	)		3,081		(1.21)		2.25(e)		2.41		23
2014		18.06		(0.21)			0.71		0.50		—		—		—		0.00		18.56		2.8			4,186		(1.10)		2.25		2.32		13
2013		14.06		(0.11)			4.11		4.00		—		—		—		0.00		18.06		28.4			4,460		(0.72)		2.25		2.38		12
Class I
2018(c)		$22.04		$ 0.02			$ 0.81		$ 0.83		—		$(1.86)		$(1.86)		—		$21.01		3.7	%		$17,659		0.20%(d)		1.00%(d)(e)		1.47%(d)		9%
2017		19.53		0.01			4.29		4.30		—		(1.79)		(1.79)		$0.00		22.04		23.4			17,501		0.03		1.09(e)		1.49		38
2016		18.90		0.00(	b)		3.67		3.67		—		(3.04)		(3.04)		0.00		19.53		21.5			10,883		0.00		1.25(e)		1.54		18
2015		20.85		(0.04)			(0.31)		(0.35)		—		(1.60)		(1.60)		—		18.90		(2.2	)		9,778		(0.21)		1.25(e)		1.41		23
2014		20.09		(0.02)			0.78		0.76		—		—		—		0.00		20.85		3.8			17,230		(0.09)		1.25		1.32		13
2013		15.50		0.04			4.57		4.61		$(0.02)		—		(0.02)		0.00		20.09		29.8			13,688		0.22		1.25		1.38		12
Class T
2018(c)		$21.37		$(0.01)			$ 0.79		$ 0.78		—		(1.86)		(1.86)		—		$20.29		3.6	%		$        1		(0.06)%(d)		1.25%(d)(e)		1.72%(d)		9%
2017(f)		19.97		(0.01)			1.41		1.40		—		—		0.00		—		21.37		7.0			1		(0.14)(d)		1.25(d)		1.74(d)		38

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

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

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

(c) For the six months ended March 31, 2018, unaudited.

(d) Annualized.

(e) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been received, for the year ended September 30, 2016 the expense ratios would have been 1.51%, 1.76%, 2.26%, 1.26% for Class AAA, Class A, Class C, and Class I, respectively. For the six months ended March 31, 2018 and the years ended September 30, 2017 and 2015, these credits had no material impact on the expense ratios.

(f) Class T Shares were initially offered on July 5, 2017.

See accompanying notes to financial statements.

31

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders																Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Period		Net Investment Income  (Loss)(a)			Net Realized and Unrealized Gain on Investments		Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions				Net Asset Value, End of Period			Total Return†			Net Assets, End of Period (in 000’s)			Net Investment Income/Loss			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Mid-Cap Equity Fund
Class AAA
2018(b)		$13.31		$(0.00	)		$0.42		$ 0.42			—			$(0.57	)			$(0.57	)			$13.16		3.2	%		$	814		(0.03	)%(c)		1.05%(	c)(d)		3.68	%(c)		6	%
2017		11.88		(0.03	)		1.60		1.57			—			(0.14	)			(0.14	)			13.31		13.4				805		(0.23	)		1.05(d)			3.39			34
2016		11.43		(0.04	)		0.97		0.93			—			(0.48	)			(0.48	)			11.88		8.2				1,810		(0.40	)		1.34(d)	(e)		3.26			15
2015		11.54		(0.06	)		0.07		0.01			—			(0.12	)			(0.12	)			11.43		0.1				2,004		(0.52	)		1.51(d)	(e)		2.74			25
2014		10.48		(0.04	)		1.10		1.06			—			(0.00	)(f)			(0.00	)(f)			11.54		10.2				1,679		(0.39	)		1.51(e)			4.27			22
2013(g)		10.00		(0.01	)		0.49		0.48			—			—				—				10.48		4.8				661		(0.42	)(c)		1.50(c)			3.88	(c)(h)		3
Class A
2018(b)		$13.16		$(0.02	)		$0.42		$ 0.40			—			$(0.57	)			$(0.57	)			$12.99		3.1	%		$	184		(0.28	)%(c)		1.30%(	c)(d)		3.93	%(c)		6	%
2017		11.78		(0.06	)		1.58		1.52			—			(0.14	)			(0.14	)			13.16		13.1				203		(0.45	)		1.30(d)			3.64			34
2016		11.37		(0.07	)		0.96		0.89			—			(0.48	)			(0.48	)			11.78		7.9				309		(0.65	)		1.63(d)	(e)		3.44			15
2015		11.51		(0.09	)		0.07		(0.02	)		—			(0.12	)			(0.12	)			11.37		(0.2	)			593		(0.77	)		1.76(d)	(e)		2.99			25
2014		10.47		(0.08	)		1.12		1.04			—			(0.00	)(f)			(0.00	)(f)			11.51		10.0				682		(0.69	)		1.76(e)			4.52			22
2013(g)		10.00		0.03			0.44		0.47			—			—				—				10.47		4.7				188		0.81	(c)		1.75(c)			4.13	(c)(h)		3
Class C
2018(b)		$12.87		$(0.05	)		$0.41		$ 0.36			—			$(0.57	)		$	(0.57	)		$	12.66		2.9	%		$	337		(0.72	)%(c)		1.80%(	c)(d)		4.43	%(c)		6	%
2017		11.58		(0.11	)		1.54		1.43			—			(0.14	)			(0.14	)			12.87		12.5				195		(0.95	)		1.80(d)			4.14			34
2016		11.24		(0.12	)		0.94		0.82			—			(0.48	)			(0.48	)			11.58		7.4				193		(1.17	)		2.11(d)	(e)		3.98			15
2015		11.43		(0.15	)		0.08		(0.07	)		—			(0.12	)			(0.12	)			11.24		(0.6	)			274		(1.27	)		2.26(d)	(e)		3.49			25
2014		10.45		(0.13	)		1.11		0.98			—			(0.00	)(f)			(0.00	)(f)			11.43		9.4				239		(1.17	)		2.26(e)			5.02			22
2013(g)		10.00		(0.02	)		0.47		0.45			—			—				—				10.45		4.5				74		(0.65	)(c)		2.25(c)			4.63	(c)(h)		3
Class I
2018(b)		$13.48		$ 0.02			$0.42		$ 0.44			—			$(0.57	)			$(0.57	)			$13.35		3.3	%		$	1,849		0.23	%(c)		0.80%(	c)(d)		3.43	%(c)		6	%
2017		12.00		0.01			1.61		1.62			—			(0.14	)			(0.14	)			13.48		13.7				1,788		0.05			0.80(d)			3.14			34
2016		11.49		0.00			0.99		0.99			—			(0.48	)			(0.48	)			12.00		8.7				1,760		0.04			0.90(d)	(e)		3.00			15
2015		11.57		(0.03	)		0.07		0.04			—			(0.12	)			(0.12	)			11.49		0.3				2,079		(0.27	)		1.26(d)	(e)		2.49			25
2014		10.48		(0.01	)		1.11		1.10			$(0.01	)		(0.00	)(f)			(0.01	)			11.57		10.5				2,345		(0.09	)		1.26(e)			4.02			22
2013(g)		10.00		(0.01	)		0.49		0.48			—			—				—				10.48		4.8				1,155		(0.20	)(c)		1.25(c)			3.63	(c)(h)		3

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

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

(b) For the six months ended March 31, 2018, unaudited.

(c) Annualized.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. Had such payments not been received, the expense ratios for the six months ended March 31, 2018 and the years ended September 30, 2017, 2016, and 2015 would have been 1.09, 1.08%, 1.39%, and 1.54% ( Class AAA), 1.34, 1.33%, 1.68%, and 1.79% (Class A), 1.84, 1.83%, 2.16%, and 2.29% (Class C), and 0.84, 0.83%, 0.95%, and 1.29% (Class I Shares), respectively.

(e) The Fund incurred interest expense during the years ended September 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.

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

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

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

See accompanying notes to financial statements.

32

TETON Westwood Funds

Financial Highlights

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

		Income (Loss) from Investment Operations									Distributions to Shareholders																	Ratios to Average Net Assets/Supplemental Data
					Net																												Operating
		Net			Realized and									Net																Net			Expenses			Operating
		Investment			Unrealized			Total From			Net			Realized									Net Asset					Net Assets,		Investment			Net of			Expenses			Portfolio
Year Ended	Net Asset Value,	Income			Gain (Loss) on			Investment			Investment			Gain on			Total			Redemption			Value,					End of Period		Income			Waivers/			Before Waivers/			Turnover
September 30	Beginning of Year	(Loss)(a)			Investments			Operations			Income			Investments			Distributions			Fees(a)			End of Period		Total Return†			(in 000’s)		(Loss)			Reimbursements			Reimbursements			Rate
Convertible Securities Fund
Class AAA
2018(b)	$12.41		$0.04			$0.73			$0.77			$(0.11	)		—			$(0.11	)		—			$13.07		6.2	%		$4,172		0.57	%(c)		1.15	%(c)		2.00	%(c)		18	%
2017	11.59		0.07			1.49			1.56			(0.21	)		$(0.53	)		(0.74	)		—			12.41		14.1			4,138		0.57			1.15			2.47			40
2016	10.53		0.04			1.05			1.09			(0.03	)		—			(0.03	)		—			11.59		10.4			4,240		0.38			2.00	(d)		2.74			20
2015	11.79		0.04			(1.27	)		(1.23	)		(0.03	)		—			(0.03	)		—			10.53		(10.5	)		5,525		0.31			2.00	(d)		2.40			19
2014	10.40		0.21			1.38			1.59			(0.20	)		—			(0.20	)		$0.00	(e)		11.79		15.5			6,240		1.86			2.00			2.42			31
2013	8.96		0.07			1.45			1.52			(0.08	)		—			(0.08	)		0.00	(e)		10.40		17.0			6,147		0.73			2.00			2.57			13
Class A
2018(b)	$12.79		$0.02			$0.78			$0.80			$(0.10	)		—			$(0.10	)		—			$13.49		6.2	%		$2,903		0.34	%(c)		1.40	%(c)		2.25	%(c)		18	%
2017	11.94		0.05			1.52			1.57			(0.19	)		$(0.53	)		(0.72	)		—			12.79		13.8			2,670		0.42			1.40			2.72			40
2016	10.87		0.01			1.08			1.09			(0.02	)		—			(0.02	)		—			11.94		10.1			1,191		0.10			2.25	(d)		2.99			20
2015	12.18		0.01			(1.30	)		(1.29	)		(0.02	)		—			(0.02	)		—			10.87		(10.6	)		1,081		0.06			2.25	(d)		2.65			19
2014	10.75		0.19			1.43			1.62			(0.19	)		—			(0.19	)		$0.00	(e)		12.18		15.2			1,013		1.63			2.25			2.67			31
2013	9.26		0.05			1.49			1.54			(0.05	)		—			(0.05	)		0.00	(e)		10.75		16.7			907		0.44			2.25			2.82			13
Class C
2018(b)	$13.62		$(0.01	)		$0.81			$0.80			$(0.05	)		—			$(0.05	)		—			$14.37		5.9	%		$1,181		(0.21	)%(c)		1.90	%(c)		2.75	%(c)		18	%
2017	12.69		(0.02	)		1.63			1.61			(0.15	)		$(0.53	)		(0.68	)		—			13.62		13.3			1,307		(0.19	)		1.90			3.22			40
2016	11.59		(0.04	)		1.14			1.10			(0.00	)(e)		—			(0.00	)(e)		—			12.69		9.6			873		(0.37	)		2.75	(d)		3.49			20
2015	13.04		(0.06	)		(1.39	)		(1.45	)		(0.00	)(e)		—			(0.00	)(e)		—			11.59		(11.1	)		943		(0.44	)		2.75	(d)		3.15			19
2014	11.54		0.17			1.50			1.67			(0.17	)		—			(0.17	)		$0.00	(e)		13.04		14.6			1,045		1.30			2.75			3.17			31
2013	9.94		0.00	(e)		1.61			1.61			(0.01	)		—			(0.01	)		0.00	(e)		11.54		16.2			1,086		0.01			2.75			3.32			13
Class I
2018(b)	$12.44		$0.05			$0.76			$0.81			$(0.13	)		—			$(0.13	)		—			$13.12		6.5	%		$8,810		0.83	%(c)		0.90	%(c)		1.75	%(c)		18	%
2017	11.61		0.12			1.48			1.60			(0.24	)		$(0.53	)		(0.77	)		—			12.44		14.5			6,636		1.00			0.90			2.22			40
2016	10.56		0.07			1.04			1.11			(0.06	)		—			(0.06	)		—			11.61		10.6			394		0.61			1.75	(d)		2.49			20
2015	11.80		0.07			(1.27	)		(1.20	)		(0.04	)		—			(0.04	)		—			10.56		(10.2	)		251		0.56			1.75	(d)		2.15			19
2014	10.40		0.24			1.39			1.63			(0.23	)		—			(0.23	)		$0.00	(e)		11.80		15.8			290		2.15			1.75			2.17			31
2013	8.96		0.10			1.44			1.54			(0.10	)		—			(0.10	)		0.00	(e)		10.40		17.3			185		0.99			1.75			2.32			13

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

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

(b) For the six months ended March 31, 2018, unaudited.

(c) Annualized.

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

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

See accompanying notes to financial statements.

33

TETON Westwood Funds

Financial Highlights

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

		Income (Loss) from Investment Operations									Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year	Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)		Operating Expenses(b)			Portfolio Turnover Rate
Equity Fund
Class AAA
2018(c)	$13.69		$0.03			$0.75			$0.78			$(0.06	)		$(1.48	)		$(1.54	)		$12.93		5.9	%		$53,397		0.48%(d)		1.60%(	d)(e)		15	%
2017	12.59		0.06			1.91			1.97			(0.07	)		(0.80	)		(0.87	)		13.69		16.6			54,159		0.50		1.62(e)			28
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(e)			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(e)			28
2014	11.88		0.05			1.76			1.81			(0.04	)		—			(0.04	)		13.65		15.3			60,587		0.37		1.59			51
2013	9.92		0.06			1.99			2.05			(0.09	)		—			(0.09	)		11.88		20.9			64,595		0.53		1.62(f)			53
Class A
2018(c)	$13.64		$0.02			$0.75			$0.77			$(0.02	)		$(1.48	)		$(1.50	)		$12.91		5.8	%		$1,640		0.26%(d)		1.85%(	d)(e)		15	%
2017	12.55		0.04			1.89			1.93			(0.04	)		(0.80	)		(0.84	)		13.64		16.3			2,502		0.28		1.87(e)			28
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(e)			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(e)			28
2014	11.84		0.02			1.76			1.78			(0.01	)		—			(0.01	)		13.61		15.0			3,329		0.12		1.84			51
2013	9.89		0.03			1.99			2.02			(0.07	)		—			(0.07	)		11.84		20.5			3,256		0.27		1.87(f)			53
Class C
2018(c)	$12.97		$(0.02	)		$0.71			$0.69			—			$(1.48	)		$(1.48	)		$12.18		5.4	%		$417		(0.26)%(d)		2.35%(	d)(e)		15	%
2017	11.99		(0.03	)		1.81			1.78			—			(0.80	)		(0.80	)		12.97		15.7			685		(0.25)		2.37(e)			28
2016	11.72		(0.03	)		1.25			1.22			—			(0.95	)		(0.95	)		11.99		10.6			843		(0.23)		2.38(e)			31
2015	13.18		(0.05	)		(0.08	)		(0.13	)		—			(1.33	)		(1.33	)		11.72		(1.6	)		684		(0.37)		2.34(e)			28
2014	11.51		(0.05	)		1.72			1.67			—			—			—			13.18		14.5			676		(0.38)		2.34			51
2013	9.62		(0.02	)		1.93			1.91			$(0.02	)		—			(0.02	)		11.51		19.9			693		(0.22)		2.37(f)			53
Class I
2018(c)	$13.66		$0.05			$0.75			$0.80			$(0.10	)		$(1.48	)		$(1.58	)		$12.88		6.0	%		$5,112		0.73%(d)		1.35%(	d)(e)		15	%
2017	12.57		0.10			1.89			1.99			(0.10	)		(0.80	)		(0.90	)		13.66		16.9			4,981		0.75		1.37(e)			28
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(e)			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(e)			28
2014	11.89		0.08			1.74			1.82			(0.07	)		—			(0.07	)		13.64		15.4			3,547		0.60		1.34			51
2013	9.93		0.09			1.99			2.08			(0.12	)		—			(0.12	)		11.89		21.2			2,204		0.84		1.37(f)			53

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

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

(b) The Fund incurred interest expense during the years ended September 30, 2014 and 2013. This interest expense was paid for by prior years Custodian Fee Credits. The effect of interest expense was minimal.

(c) For the six months ended March 31, 2018, unaudited.

(d) Annualized.

(e) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2018 and the years ended September 30, 2017, 2016, and 2015, there was no impact on the expense ratios.

(f) The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the year ended September 30, 2013 would have been 1.60% (Class AAA), 1.85% (Class A), 2.35% (Class C), and 1.35% (Class I) Shares, respectively. For the six months ended March 31, 2018 and the years ended September 30, 2017, 2016, 2015, and 2014, there were no Custodian Fee Credits.

See accompanying notes to financial statements.

34

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations							Distributions to Shareholders											Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments		Total From Investment Operations			Net Investment Income		Net Realized Gain on Investments		Total Distributions		Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income		Operating Expenses††		Portfolio Turnover Rate
Balanced Fund
Class AAA
2018(b)		$12.16		$0.06		$ 0.41		$ 0.47			$(0.06)		$(0.73)		$(0.79)		$11.84		3.9	%		$  48,539		0.93%(c)		1.34%(c)(d)		13%
2017		11.75		0.11		1.04		1.15			(0.11)		(0.63)		(0.74)		12.16		10.3			50,934		0.93		1.33(d)		23
2016		11.72		0.12		0.85		0.97			(0.12)		(0.82)		(0.94)		11.75		8.6			50,105		1.06		1.35(d)		23
2015		12.91		0.13		(0.08)		0.05			(0.13)		(1.11)		(1.24)		11.72		0.0			53,989		1.01		1.31(d)		27
2014		12.76		0.14		1.07		1.21			(0.14)		(0.92)		(1.06)		12.91		9.9			69,187		1.07		1.29		39
2013		11.48		0.15		1.28		1.43			(0.15)		—		(0.15)		12.76		12.5			70,824		1.21		1.30		36
Class A
2018(b)		$12.23		$0.04		$ 0.41		$ 0.45			$(0.04)		$(0.73)		$(0.77)		$11.91		3.7	%		$  7,839		0.68%(c)		1.59%(c)(d)		13%
2017		11.81		0.08		1.05		1.13			(0.08)		(0.63)		(0.71)		12.23		10.1			8,165		0.68		1.58(d)		23
2016		11.78		0.10		0.85		0.95			(0.10)		(0.82)		(0.92)		11.81		8.2			7,040		0.81		1.60(d)		23
2015		12.97		0.09		(0.07)		0.02			(0.10)		(1.11)		(1.21)		11.78		(0.2	)		6,577		0.76		1.56(d)		27
2014		12.82		0.11		1.07		1.18			(0.11)		(0.92)		(1.03)		12.97		9.5			6,443		0.83		1.54		39
2013		11.53		0.12		1.29		1.41			(0.12)		—		(0.12)		12.82		12.3			5,869		0.95		1.55		36
Class C
2018(b)		$12.41		$0.01		$ 0.42		$ 0.43			$(0.01)		$(0.73)		$(0.74)		$12.10		3.5	%		$  4,503		0.18%(c)		2.09%(c)(d)		13%
2017		11.97		0.02		1.06		1.08			(0.01)		(0.63)		(0.64)		12.41		9.6			4,585		0.18		2.08(d)		23
2016		11.92		0.04		0.87		0.91			(0.04)		(0.82)		(0.86)		11.97		7.8			5,575		0.30		2.10(d)		23
2015		13.12		0.03		(0.08)		(0.05	)		(0.04)		(1.11)		(1.15)		11.92		(0.8	)		5,260		0.26		2.06(d)		27
2014		12.95		0.04		1.09		1.13			(0.04)		(0.92)		(0.96)		13.12		9.0			5,350		0.32		2.04		39
2013		11.64		0.05		1.31		1.36			(0.05)		—		(0.05)		12.95		11.7			5,257		0.43		2.05		36
Class I
2018(b)		$12.15		$0.07		$ 0.40		$0.47			$(0.07)		$(0.73)		$(0.80)		$11.82		3.9	%		$  3,681		1.16%(c)		1.09%(c)(d)		13%
2017		11.73		0.14		1.05		1.19			(0.14)		(0.63)		(0.77)		12.15		10.7			1,989		1.18		1.08(d)		23
2016		11.70		0.15		0.85		1.00			(0.15)		(0.82)		(0.97)		11.73		8.8			1,896		1.30		1.10(d)		23
2015		12.90		0.16		(0.09)		0.07			(0.16)		(1.11)		(1.27)		11.70		0.2			1,856		1.26		1.06(d)		27
2014		12.76		0.17		1.06		1.23			(0.17)		(0.92)		(1.09)		12.90		10.0			2,438		1.35		1.04		39
2013		11.48		0.18		1.28		1.46			(0.18)		—		(0.18)		12.76		12.8			1,060		1.44		1.05		36

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

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (“Custodian Fee Credits”). Including such Custodian Fee Credits, the ratios for the years ended 2015, 2014, and 2013 would have been 1.32%, 1.27%, and 1.28% (Class AAA), 1.57%, 1.52%, and 1.53% (Class A), 2.07%, 2.02%, and 2.03% (Class C), and 1.07%, 1.02%, and 1.03% (Class I) Shares, respectively. For the six months ended March 31, 2018 and the years ended September 30, 2017 and 2016, there were no Custodian Fee Credits.

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

(b) For the six months ended March 31, 2018, unaudited.

(c) Annualized.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2018, and the years ended September 30, 2017, 2016, and 2015, there was no impact on the expense ratios.

See accompanying notes to financial statements.

35

TETON Westwood Funds

Financial Highlights

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

			Income (Loss) from Investment Operations								Distributions to Shareholders														Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year		Net Investment Income(a)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Net Asset Value, End of  Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income			Operating Expenses Net of  Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements			Portfolio Turnover Rate
Intermediate Bond Fund
Class AAA
2018(b)		$11.28		$0.08		$(0.19	)		$(0.11	)		$(0.08	)		$(0.18	)		$(0.26	)		$10.91		(1.0	)%		$3,530		1.46	%(c)		1.00	%(c)		2.21	%(c)		8	%
2017		11.64		0.14		(0.28	)		(0.14	)		(0.14	)		(0.08	)		(0.22	)		11.28		(1.2	)		3,683		1.23			1.00			1.52			36
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
Class A
2018(b)		$11.26		$0.07		$(0.17	)		$(0.10	)		$(0.08	)		$(0.18	)		$(0.26	)		$10.90		(0.9	)%		$296		1.35	%(c)		1.10	%(c)		2.31	%(c)		8	%
2017		11.63		0.13		(0.29	)		(0.16	)		(0.13	)		(0.08	)		(0.21	)		11.26		(1.4	)		485		1.13			1.10			1.62			36
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
Class C
2018(b)		$10.70		$0.04		$(0.18	)		$(0.14	)		$(0.04	)		$(0.18	)		$(0.22	)		$10.34		(1.3	)%		$1,094		0.71	%(c)		1.75	%(c)		2.96	%(c)		8	%
2017		11.05		0.05		(0.27	)		(0.22	)		(0.05	)		(0.08	)		(0.13	)		10.70		(2.0	)		1,102		0.49			1.75			2.27			36
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
Class I
2018(b)		$11.28		$0.09		$(0.18	)		$(0.09	)		$(0.10	)		$(0.18	)		$(0.28	)		$10.91		(0.8	)%		$2,948		1.71	%(c)		0.75	%(c)		1.96	%(c)		8	%
2017		11.65		0.17		(0.29	)		(0.12	)		(0.17	)		(0.08	)		(0.25	)		11.28		(1.0	)		2,900		1.47			0.75			1.27			36
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

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

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

(b) For the six months ended March 31, 2018, unaudited.

(c) Annualized.

See accompanying notes to financial statements.

36

TETON Westwood Funds

Notes to Financial Statements (Unaudited)

1. Organization. The TETON Westwood Funds (the “Trust”) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company and currently consists of seven active separate investment portfolios: TETON Westwood Mighty Mites^SM Fund (“Mighty Mites^SM Fund”), TETON Westwood SmallCap Equity Fund (“SmallCap Equity Fund”), TETON Westwood Mid-Cap Equity Fund (“Mid-Cap Equity Fund”), TETON Convertible Securities Fund (“Convertible Securities Fund”), TETON Westwood Equity Fund (“Equity Fund”), TETON Westwood Balanced Fund (“Balanced Fund”), and TETON Westwood Intermediate Bond Fund (“Intermediate Bond Fund”), (individually, a “Fund” and collectively, the “Funds”). Each 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. Class T Shares were first issued on July 5, 2017 for Mighty Mites^SM Fund and SmallCap Equity Fund.

The investment objectives of each Fund are as follows:

● Mighty Mites^SM Fund seeks to provide long term capital appreciation by investing primarily in micro-capitalization equity securities.

● SmallCap Equity Fund seeks to provide long term capital appreciation by investing primarily in smaller capitalization equity securities.

● Mid-Cap Equity Fund seeks to provide long term growth of capital and future income by investing primarily in mid-cap equity securities.

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

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

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

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

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

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

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities fair value, in which case these securities will be fair value as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

37

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

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

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

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Funds’ investments in securities by inputs used to value the Funds’ investments as of March 31, 2018 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/18
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Agriculture		$        5,230,117		—		$        1,856		$        5,231,973
Airlines		2,338,200		$        371,250		—		2,709,450
Automotive: Parts and Accessories		33,877,792		1,480		4,000,000		37,879,272
Broadcasting		16,486,606		884,930		—		17,371,536
Business Services		26,538,780		568,360		0		27,107,140
Communications Equipment		4,653,905		411		—		4,654,316
Computer Hardware		—		—		0		0
Computer Software and Services		34,901,104		337,585		—		35,238,689
Consumer Products		34,000,788		87,236		—		34,088,024
Consumer Services		7,915,974		158,515		—		8,074,489
Diversified Industrial		127,510,752		—		205,689		127,716,441
Electronics		43,825,265		—		0		43,825,265
Energy and Utilities: Natural Gas		4,229,577		1,912,295		—		6,141,872
Entertainment		11,306,952		—		0		11,306,952
Environmental Control		14,590,000		466		—		14,590,466
Financial Services		75,378,896		10,490,873		400,000		86,269,769
Food and Beverage		40,788,392		178,883		—		40,967,275
Health Care		95,164,427		530,758		0		95,695,185
Manufactured Housing and Recreational Vehicles		14,421,600		3,628,500		—		18,050,100
Paper and Forest Products		—		2,706,313		—		2,706,313
Real Estate		27,378,910		5,062,516		347,109		32,788,535
Specialty Chemicals		36,003,378		2,138		—		36,005,516
Telecommunications		33,661,062		217,523		—		33,878,585
Other Industries (a)		350,422,776		—		—		350,422,776
Total Common Stocks		1,041,412,299		27,140,032		4,954,654		1,073,506,985
Closed-End Funds		1,333,599		—		—		1,333,599
Preferred Stocks (a)		9,192,290		195,445		—		9,387,735
Convertible Preferred Stocks (a)		—		351,039		—		351,039
Rights (a)		169,040		—		1		169,041
Warrants (a)		—		5,779		93		5,872
U.S. Government Obligations		—		280,708,169		—		280,708,169
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$1,052,107,228		$308,400,464		$4,954,748		$1,365,462,440

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total Market Value at 03/31/18
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	31,946,743			—		—		$	31,946,743
U.S. Government Obligations			—		$	374,363		—			374,363
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	31,946,743		$	374,363		—		$	32,321,106
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	3,010,906			—		—		$	3,010,906
U.S. Government Obligations			—		$	99,762		—			99,762
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	3,010,906		$	99,762		—		$	3,110,668
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (a)			—		$	13,135,425		—		$	13,135,425
Convertible Preferred Stocks (a)		$	988,541			—		—			988,541
Mandatory Convertible Securities (a)			1,799,032			656,504		—			2,455,536
U.S. Government Obligations			—			249,063		—			249,063
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	2,787,573		$	14,040,992		—		$	16,828,565
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	58,552,470			—		—		$	58,552,470
Short Term Investments			1,498,152			—		—			1,498,152
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	60,050,622			—		—		$	60,050,622
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	41,488,346			—		—		$	41,488,346
Corporate Bonds (a)			—		$	13,317,864		—			13,317,864
U.S. Government Agency Obligations			—			2,781,391		—			2,781,391
U.S. Government Obligations			—			4,011,755		—			4,011,755
Short Term Investments			2,375,074			—		—			2,375,074
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	43,863,420		$	20,111,010		—		$	63,974,430
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds (a)			—		$	4,156,917		—		$	4,156,917
U.S. Government Agency Obligations			—			1,392,880		—			1,392,880
U.S. Government Obligations			—			2,336,072		—			2,336,072
TOTAL INVESTMENTS IN SECURITIES – ASSETS			—		$	7,885,869		—		$	7,885,869

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

During the six months ended March 31, 2018, the Mighty Mites^SM Fund had transfers of $17,494,697 or 1.29% of net assets as of September 30, 2017 from Level 1 to Level 2, transfers of $1,005,965 or 0.07% of net assets as of September 30, 2017 from Level 2 to Level 1, transfers of $3,131 or 0.00% of net assets as of September 30, 2017 from Level 1 to Level 3, transfers of $267,508 or 0.02% of net assets as of September 30, 2017 from Level 2 to Level 3, and transfers of $25,151 or 0.00% of net assets as of September 30, 2017 from Level 3 to Level 2. During the six months ended March 31, 2018, the Convertible Securities had transfers of $344,753 or 2.34% of net assets as of September 30, 2017 from Level 1 to Level 2. Transfers from Level 1 to Level 2, transfers from Level 1 to Level 3, and transfers from Level 2 to Level 3 are due to a decline in market activity, e.g., frequency of trades, which resulted in a lack of available market inputs to determine price. Transfers from Level 2 to Level 1, and transfers from Level 3 to level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase in available market inputs to determine the price.

The SmallCap Equity Fund, Mid-Cap Equity Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund did not have transfers among Level 1, Level 2, and Level 3 during the six months ended March 31, 2018. The Funds’ policy is to recognize transfers among Levels as of the beginning of the reporting period.

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

There were no Level 3 investments held at March 31, 2018 or September 30, 2017 for SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

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 9/30/17		Accrued discounts/ (premiums)		Realized gain/ (loss)			Change in unrealized appreciation/ depreciation†			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Balance as of 3/31/18		Net change in unrealized appreciation/ depreciation on Level 3 investments still held at 3/31/18†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$4,649,639		—		$	(247,850)		$309,982			—		$	(2,604)		$270,638		$	(25,151)		$4,954,654		$309,982
Rights(a)		78,001		—		—			(78,000	)		—		—			—		—			1		(78,000	)
Warrants(a)		—		—		—			93			—		—			—		—			93		93
TOTAL INVESTMENTS IN SECURITIES		$4,727,640		—		$	(247,850)		$232,075			—		$	(2,604)		$270,638		$	(25,151)		$4,954,748		$232,075

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

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

The following tables summarize the valuation techniques used and unobservable inputs utilized to determine the value of certain of the Fund’s Level 3 investments as of March 31, 2018.

Description	Balance at 3/31/18		Valuation Technique	Unobservable Input		Range
MIGHTY MITESSM FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$4,954,654	Acquisition Price/Cash Flow Analysis		Discount Range		0	%
Rights(a)		1	Acquisition Price/Cash Flow Analysis		Discount Range		0	%
Warrants(a)		93	Black Scholes		Discount Range		0	%
TOTAL INVESTMENTS IN LEVEL 3 SECURITIES		$4,954,748

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

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

40

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

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

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

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

Securities Sold Short. The Funds may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Funds record an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Funds on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the six months ended March 31, 2018, there were no short sales.

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 Convertible Securities 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.

41

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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. Securities deemed as liquid are not included in the limitations described above. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Funds held as of March 31, 2018, refer to the Schedules of Investments.

Investments in other Investment Companies. All Funds may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the “Acquired Funds”) in accordance with the 1940 Act and related rules. Shareholders in these Funds would bear the pro rata portion of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2018, the Mighty Mites^SM Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was 1 basis point. For the six months ended March 31, 2018, the Equity Fund’s and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

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

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

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

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

Distributions to Shareholders. Distributions from net investment income are declared and paid annually for the Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, and Equity Fund, and quarterly for the Convertible Securities Fund and Balanced Fund. The Intermediate Bond Fund declares dividends daily and pays those dividends monthly. Distributions of net realized gain on investments are normally declared and paid at least annually by each Fund. Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is 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.

42

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended September 30, 2017 was as follows:

	Mighty MitesSM Fund				SmallCap Equity Fund			Mid-Cap Equity Fund			Convertible Securities Fund
Ordinary Income (inclusive of short term capital gains)			—				—			—		$	220,857
Net long term capital gains		$	50,989,812	*		$	2,641,624		$	47,043			306,031
Total distributions paid		$	50,989,812			$	2,641,624		$	47,043		$	526,888
	Equity Fund				Balanced Fund			Intermediate     Bond Fund
Ordinary Income (inclusive of short term capital gains)		$	337,628			$	568,568		$	312,571
Net long term capital gains			3,883,542				3,642,920			39,919
Total distributions paid		$	4,221,170			$	4,211,488		$	352,490

* Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

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.

The following summarizes the tax cost of investments and the related net unrealized appreciation/depreciation at March 31, 2018:

	Mighty MitesSM Fund			SmallCap Equity Fund			Mid-Cap Equity Fund			Convertible Securities Fund			Equity Fund			Balanced Fund			Intermediate Bond Fund
Aggregate cost of investments	$	907,387,073		$	23,193,178		$	2,455,851		$	15,436,286		$	49,498,293		$	56,073,664		$	7,948,708
Gross unrealized appreciation	$	515,028,723		$	10,264,964		$	775,823		$	1,742,064		$	12,524,363		$	9,540,166		$	54,719
Gross unrealized depreciation		(56,953,356	)		(1,137,036	)		(121,006	)		(349,785	)		(1,972,034	)		(1,639,400	)		(117,558	)
Net unrealized appreciation/depreciation.	$	458,075,367		$	9,127,928		$	654,817		$	1,392,279		$	10,552,329		$	7,900,766		$	(62,839	)

The Funds are required to evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. As of March 31, 2018, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the “Advisory Agreements”) with the Adviser which provide that the Funds will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Equity Fund, 0.75% for the Balanced Fund, and 0.60% for the Intermediate Bond Fund, of the value of a Fund’s average daily net assets. In accordance with the Advisory Agreements, the Adviser provides a continuous investment program for the Funds’ portfolios, oversees the administration of all aspects of the Funds’ business and affairs, and pays the compensation of all Officers and Trustees of the Funds who are affiliated persons of the Adviser.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets, of the Mighty Mites^SM Fund with respect to which the Adviser transferred dispositive and voting control to the Funds’ Proxy Voting Committee. During the six months ended March 31, 2018, 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 $35,439.

The Adviser has contractually agreed to waive investment advisory fees and/or to reimburse expenses to the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund in the event annual expenses of such Funds exceed certain prescribed limits. Such fee waiver/reimbursement arrangements continue at least until January 31, 2019. For the six months ended March 31, 2018, the Adviser waived fees or reimbursed expenses in the amounts of $76,743, $40,197, $64,606, and $48,446 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund, respectively.

43

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2018, the expense limitations in place for the SmallCap Equity Fund were as follows:

	From October 1, 2016 through February 28, 2017	From March 1, 2017 through March 31, 2018
SmallCap Equity Fund Class AAA	1.50%	1.25%
SmallCap Equity Fund Class A	1.75%	1.50%
SmallCap Equity Fund Class C	2.25%	2.00%
SmallCap Equity Fund Class I	1.25%	1.00%
SmallCap Equity Fund Class T	NA	1.25%

In addition, the SmallCap Equity Fund, the Convertible Securities Fund, and the Intermediate Bond Fund are obliged to repay the Adviser for a period of two fiscal years following the fiscal year in which the Adviser reimbursed the Funds only to the extent that the operating expenses of these Funds fall below the foregoing respective expense limitations based on average net assets for the SmallCap Equity Fund, and below the following expense limitations for the Convertible Securities Fund and the Intermediate Bond Fund for Class AAA Shares 1.15% and 1.00%, respectively, for Class A Shares 1.40% and 1.10%, respectively, for Class C Shares 1.90 and 1.75%, respectively, and for Class I Shares 0.90% and 0.75%, respectively. As of March 31, 2018, 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,  2016, expiring September 30, 2018	For the year ended September 30,  2017, expiring September 30, 2019	For the six months ended March 31,  2018, expiring September 30, 2020	Total
SmallCap Equity Fund	$62,663	$122,027	$76,743	$261,433
Convertible Securities Fund	52,910	122,517	64,606	240,033
Intermediate Bond Fund	82,578	83,760	48,446	214,784

The Mid-Cap Equity Fund is obliged to repay the Adviser for a period of three fiscal years following the fiscal year in which the Adviser reimbursed the Fund, only to the extent that the operating expenses of the Fund falls below the applicable expense limitation for Class AAA of 1.05%, Class A of 1.30%, Class C of 1.80%, and Class I of 0.80%, of average daily net assets, the annual limitation under the Advisory Agreement. As of March 31, 2018, the cumulative unreimbursed amounts which may be recovered by the Adviser within the next three fiscal years are as follows:

	For the year ended September 30,  2015, expiring September 30, 2018	For the year ended September 30,  2016, expiring September 30, 2019	For the year ended September 30,  2017, expiring September 30, 2020	For the six months ended March 31,  2018, expiring September 30, 2021	Total
Mid-Cap Equity Fund	$63,105	$83,891	$76,114	$40,197	$263,308

Pursuant to shareholder approvals, effective February 1, 2017 for the Convertible Securities Fund and March 1, 2017 for the Mighty Mites^SM Fund, Gabelli Funds, LLC, an affiliate, became a Subadviser (“Gabelli Subadviser”) to the Adviser. The Adviser pays Gabelli Funds, LLC out of its advisory fees a monthly fee, computed and accrued daily, based on an annual rate of 0.32% of the average net assets of these two Funds. In addition, the Adviser had a Subadvisory Agreement with Westwood Management Corp. (the “Westwood Subadviser”) for the Equity Fund and Balanced Fund, and effective throughout the fiscal year ended September 30, 2017, which continues, and for the Intermediate Bond Fund from October 1, 2016 through August 31, 2017 at which time Teton Advisors became its direct Adviser. The Adviser paid the Westwood Subadviser out of its advisory fees with respect to these three Funds a fee, computed daily and payable monthly, in an amount equal on an annualized basis to the greater of (i) $150,000 per year on an aggregate basis for all applicable Funds or (ii) 35% of the net revenues to the Adviser from the applicable Funds.

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

As per the approval of the Board, the Mid-Cap Equity Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive incentive based variable compensation from affiliates of the Adviser). For the six months ended March 31, 2018, the Fund paid or accrued $1,006 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

44

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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, Class C, and Class T 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%), 1.00%, and 0.25%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2018, 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		$54,974,012		$70,447,783		—		—
SmallCap Equity Fund		2,922,801		4,353,520		—		—
Mid-Cap Equity Fund		341,550		173,610		—		—
Convertible Securities Fund		4,044,182		2,695,670		—		—
Equity Fund		9,577,417		16,387,649		—		—
Balanced Fund.		7,792,040		13,207,019		$693,574		$693,082
Intermediate Bond Fund		472,522		321,014		—		555,774

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2018, the Mighty Mites^SM Fund and the Convertible Securities Fund paid $45,798 and $43, respectively, in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $38,104 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in purchase or sale transactions with other funds managed by the Adviser or an affiliated adviser. During the six months ended March 31, 2018, such transactions for the Mighty Mites^SM Fund and the Convertible Securities Fund amounted to $2,604 and $108,981, respectively, in sale transactions.

During the six months ended March 31, 2018, the Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities 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 $5,098, $780, $684, $26, $887, and $899, respectively.

The cost of calculating each Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2018, the Mighty Mites^SM Fund, Equity Fund, and Balanced Fund each paid or accrued $22,500 to the Gabelli Funds, LLC, in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2018 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund.

As of March 31, 2018, 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 five classes of shares – Class AAA Shares, Class A Shares, Class C Shares, Class I Shares, and Class T Shares (for only the Mighty Mites^SM Fund and the Small Cap Equity Fund). Class AAA Shares and Class I Shares are offered without a sales charge. Class A Shares and Class T Shares are subject to a maximum front-end sales charge of 4.00% and 2.50%, respectively. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Mighty Mites^SM Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, and Convertible Securities Fund impose a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the respective Fund as an increase in paid-in capital. The redemption fees, if any, retained by the Fund during the six months ended March 31, 2018 and year ended September 30, 2017 can be found in the Statements of Changes in Net Assets under Redemption Fees.

45

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

During the year ended September 30, 2017, the Mid-Cap Equity Fund sold shares of various portfolio securities. These portfolio securities were delivered primarily by means of a redemption in-kind in exchange for Class AAA shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below:

January 4, 2017	Value	Realized Gains		Type
Class AAA	$365,795*		$39,222	Redemption in-Kind

 *  This amount includes cash of approximately $22,073 associated with the redemption in-kind.

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
	Mighty MitesSM Fund						SmallCap Equity Fund						Mid-Cap Equity Fund						Convertible Securities Fund
Class AAA
Shares sold		562,174			1,760,288			24,413			266,478			14,655			39,537			24,444			99,609
Shares issued upon reinvestment of distributions		560,590			468,807			38,375			58,991			2,807			1,839			2,806			21,153
Shares redeemed		(1,666,102	)		(3,269,846	)		(87,593	)		(460,953	)		(16,057	)		(102,446	)		(41,749	)		(153,149	)
Shares redeemed in-kind		—			—			—			—			—			(30,791	)		—			—
Net increase/(decrease) in Class AAA Shares		(543,338	)		(1,040,751	)		(24,805	)		(135,484	)		1,405			(61,070	)		(14,499	)		(32,387	)
Class A
Shares sold		462,596			1,484,433			27,810			42,648			22			7,368			55,511			180,355
Shares issued upon reinvestment of distributions		292,321			258,861			16,975			15,131			688			273			1,462			7,099
Shares redeemed		(1,717,667	)		(1,705,309	)		(10,066	)		(39,491	)		(2,001	)		(18,423	)		(50,428	)		(78,571	)
Net increase/(decrease) in Class A Shares		(962,750	)		37,985			34,719			18,288			(1,291	)		(10,782	)		6,545			108,883
Class C
Shares sold		583,562			974,773			9,095			18,862			11,233			1,792			24,870			40,369
Shares issued upon reinvestment of distributions		457,902			346,671			11,794			11,710			625			182			262			4,024
Shares redeemed		(860,318	)		(2,309,536	)		(11,045	)		(44,026	)		(329	)		(3,501	)		(38,925	)		(17,245	)
Net increase/(decrease) in Class C Shares		181,146			(988,092	)		9,844			(13,454	)		11,529			(1,527	)		(13,793	)		27,148
Class I
Shares sold		6,237,768			8,295,220			131,221			280,016			150			9,327			222,365			553,039
Shares issued upon reinvestment of distributions		1,051,566			559,850			62,751			51,794			5,759			1,674			6,081			12,558
Shares redeemed		(2,104,275	)		(3,507,424	)		(147,676	)		(95,036	)		(119	)		(24,984	)		(89,991	)		(66,240	)
Net increase/(decrease) in Class I Shares		5,185,059			5,347,646			46,296			236,774			5,790			(13,983	)		138,455			499,357
Class T (a)
Shares sold		—			365			—			50			—			—			—			—
Shares issued upon reinvestment of distributions		23			—			5			—			—			—			—			—
Net increase in Class T Shares		23			365			5			50			—			—			—			—

(a) Class T Shares were initially offered on July 5, 2017.

46

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest (continued):

	Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017			Six Months Ended March 31, 2018 (Unaudited)			Year Ended September 30, 2017
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		23,809			50,004			106,343			584,115			48,296			54,266
Shares issued upon reinvestment of distributions		453,525			288,678			264,502			288,682			7,614			6,662
Shares redeemed.		(303,957	)		(595,438	)		(458,397	)		(949,642	)		(58,980	)		(92,589	)
Net increase/(decrease) in Class AAA Shares		173,377			(256,756	)		(87,552	)		(76,845	)		(3,070	)		(31,661	)
Class A
Shares sold		775			14,363			80,304			122,407			108,419			9,648
Shares issued upon reinvestment of distributions		21,153			20,055			41,210			37,216			685			954
Shares redeemed.		(78,269	)		(147,384	)		(130,909	)		(87,911	)		(125,028	)		(36,905	)
Net increase/(decrease) in Class A Shares		(56,341	)		(112,966	)		(9,395	)		71,712			(15,924	)		(26,303	)
Class C
Shares sold		321			39,479			9,606			35,975			7,610			27,845
Shares issued upon reinvestment of distributions		5,783			3,174			22,098			22,637			2,195			1,390
Shares redeemed.		(24,686	)		(60,178	)		(28,952	)		(154,894	)		(7,024	)		(29,741	)
Net increase/(decrease) in Class C Shares		(18,582	)		(17,525	)		2,752			(96,282	)		2,781			(506	)
Class I
Shares sold		45,771			98,712			173,768			37,854			24,143			190,485
Shares issued upon reinvestment of distributions		40,968			23,076			14,921			10,896			6,461			21,200
Shares redeemed.		(54,522	)		(95,870	)		(41,076	)		(46,576	)		(17,536	)		(1,166,263	)
Net increase/(decrease) in Class I Shares		32,217			25,918			147,613			2,174			13,068			(954,578	)

8. Transactions in Securities of Affiliated Issuers. The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Mighty Mites^SM Fund’s transactions in the securities of these issuers during the six months ended March 31, 2018 is set forth below:

																Change in		Percent
														Market		Unrealized		Owned of
	Beginning		Shares		Shares			Ending		Dividend		Realized		Value at		Appreciation/		Shares
	Shares		Purchased		Sold			Shares		Income		Gain		March 31, 2018		(Depreciation)		Outstanding
Beasley Broadcast Group Inc.,
Cl. A		725,000		—		(5,000	)		720,000	$	68,625	$	25,698	$	8,136,000	$	(317,697)		5.91	%
Bel Fuse Inc., Cl. A		175,300		699		—			175,999		21,036		—		2,903,983		(1,770,545)		8.09	%
Burnham Holdings Inc., Cl. A		255,500		6,501		—			262,001		113,850		—		4,000,755		68,158		8.65	%
Canterbury Park Holding Corp.*		368,100		102		(203,200	)		165,002		—		—		—		—		—
Edgewater Technology Inc.		705,520		—		—			705,520		—		—		3,915,636		(684,354)		5.29	%
General Chemical Group Inc.		267,226		—		—			267,226		—		—		2,138		(133)		8.59	%
Griffin Industrial Realty Inc.		255,647		—		—			255,647		102,259		—		9,594,432		301,664		5.11	%
Katy Industries Inc.**		840,000		—		(840,000	)		—		—		—		—		—		—
Nathan’s Famous Inc.		223,850		—		(1,216	)		222,634		1,113,170		105,866		16,452,653		(101,054)		5.32	%
RLJ Entertainment Inc.		388,683		16,317		—			405,000		—		—		1,806,300		370,551		8.01	%
Schmitt Industries Inc.		94,541		617,488		(15,000	)		697,029		—		19,316		1,881,978		336,702		17.45	%
The Eastern Co.		354,669		462		—			355,131		78,129		—		10,121,233		(69,505)		5.67	%
The L.S. Starrett Co., Cl. A		348,498		14,102		—			362,600		35,170		—		2,447,550		(764,397)		5.79	%
Total										$	1,532,239	$	150,880	$	61,262,658	$	(2,630,610)

* Security is no longer considered affiliated at March 31, 2018.

** Security is no longer held at March 31, 2018.

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.

47

TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Mid-Cap Equity Fund

TETON Convertible Securities Fund

TETON Westwood Equity Fund

TETON Westwood Balanced Fund

TETON Westwood Intermediate Bond Fund

One Corporate Center

Rye, New York 10580-1422

General and Account Information:

800-WESTWOOD [800-937-8966]

fax: 914-921-5118

website: www.tetonadv.com

e-mail: info@tetonadv.com

Board of Trustees

ANTHONY S. COLAVITA	NICHOLAS F. GALLUCCIO*	KUNI NAKAMURA
Attorney, Anthony S. Colavita, P.C.	President and Chief Executive Officer, Teton Advisors, Inc.	President of Advanced Polymer, Inc.
JAMES P. CONN	MARY E. HAUCK	WERNER J. ROEDER, MD
Former Managing Director and Chief Investment Officer, Financial Security Assurance Holdings Ltd.	Former Senior Portfolio Manager, Gabelli-O’Connor Fixed Income Mutual Fund Management Company	Former Medical Director, Lawrence Hospital
LESLIE F. FOLEY	MICHAEL J. MELARKEY	SALVATORE J. ZIZZA
Attorney *Interested Trustee	Of Counsel, McDonald Carano Wilson LLP	Chairman, Zizza & Associates Corp.

Officers

BRUCE N. ALPERT	ANDREA R. MANGO
President	Secretary
JOHN C. BALL	RICHARD J. WALZ
Treasurer	Chief Compliance Officer
AGNES MULLADY
Vice President
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.

GABWWQ118SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

        Not applicable.

Item 13. Exhibits.

(a	)(1)	Not applicable.
(a	)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a	)(3)	Not applicable.
(a	)(4)	Not applicable.
(b	)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    The TETON Westwood Funds                                                                  

By (Signature and Title)*    /s/ Bruce N. Alpert                                                               

Bruce N. Alpert, Principal Executive Officer

Date 5/25/2018                                                                                                                  

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

By (Signature and Title)*    /s/ Bruce N. Alpert                                                               

Bruce N. Alpert, Principal Executive Officer

Date 5/25/2018                                                                                                                    

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

John C. Ball, Principal Financial Officer and Treasurer

Date 5/25/2018                                                                                                                    

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

EX-99.CERT

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

Sarbanes-Oxley Act

I, Bruce N. Alpert, certify that:

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

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter 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: 5/25/2018	/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, John C. Ball, 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 registrant’s most recent fiscal quarter 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: 5/25/2018	/s/ John C. Ball
	John C. Ball, 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: 5/25/2018	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

I, John C. Ball, 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: 5/25/2018	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer