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, 2019

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, 2019

 Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Funds, you may call 800-422-3554 or send an email request to info@gabelli.com.

TETON WESTWOOD FUNDS

(Unaudited)

	Class AAA Shares							Class A Shares
	Average Annual Returns – March 31, 2019 (a)							Average Annual Returns – March 31, 2019 (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 Mites	(3.18)%	4.62%	13.62%	9.24%	10.69%	1.40%	1.40%	(7.28)%	3.51%	12.88%	8.68%	10.26%	1.65%	1.65%
SmallCap Equity	(0.58)	7.20	16.31	9.06	7.63	1.72	1.25	(4.79)	6.07	15.56	8.51	7.26	1.97	1.50
Mid-Cap Equity	(1.35)	4.87	—	—	6.50	3.74	1.05	(5.47)	3.76	—	—	5.50	3.99	1.30
Convertible Securities	6.99	6.42	11.59	6.28	7.46	2.03	1.15	2.49	5.30	10.89	5.74	7.04	2.28	1.40
Equity	4.82	8.14	12.65	7.97	9.90	1.60	1.60	0.33	6.98	11.93	7.41	9.53	1.85	1.85
Balanced	4.44	5.87	8.89	6.29	8.22	1.34	1.34	(0.04)	4.74	8.17	5.74	7.79	1.59	1.59
Intermediate Bond	2.32	1.14	2.03	2.47	4.32	2.22	1.00	(1.83)	0.23	1.51	2.08	4.09	2.32	1.10
	Class C Shares							Class I Shares
	Average Annual Returns – March 31, 2019 (a)(c)(d)							Average Annual Returns – March 31, 2019 (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 Mites	(4.86)%	3.84%	12.77%	8.43%	10.00%	2.15%	2.15%	(2.96)%	4.88%	13.90%	9.44%	10.84%	1.15%	1.15%
SmallCap Equity	(2.25)	6.40	15.45	8.12	6.96	2.47	2.00	(0.34)	7.46	16.60	9.26	7.77	1.47	1.00
Mid-Cap Equity	(3.03)	4.07	—	—	5.71	4.49	1.80	(1.06)	5.17	—	—	6.81	3.49	0.80
Convertible Securities	5.20	5.65	10.77	5.49	6.88	2.78	1.90	7.23	6.72	11.90	6.49	7.61	1.78	0.90
Equity	3.01	7.31	11.81	7.16	9.38	2.35	2.35	5.12	8.39	12.90	8.16	9.99	1.35	1.35
Balanced	2.64	5.09	8.08	5.50	7.63	2.09	2.09	4.72	6.13	9.16	6.49	8.32	1.09	1.09
Intermediate Bond	0.58	0.39	1.27	1.72	3.83	2.97	1.75	2.67	1.41	2.29	2.66	4.42	1.97	0.75

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.tetonadv.com for performance information as of the most recent month end. For the SmallCap Equity, Mid-Cap Equity, Convertible Securities, and Intermediate Bond Funds (and for the Mighty Mites Fund through September 30, 2005), Teton Advisors, Inc. (the Adviser) reimbursed expenses to limit the expense ratio. Had such limitations not been in place, returns would have been lower. The contractual expense limitations are in effect through January 31, 2020 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, and Class I Shares, except for Mid-Cap Equity Fund whose performance for all share classes is based on the Fund’s inception date of May 31, 2013. The performance for the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The performance for the Class I Shares would have been higher due to the lower expenses associated with this class of shares. The inception dates for the Class AAA Shares and the initial issuance dates for the Class A Shares, Class C Shares, and Class I Shares after which shares remained continuously outstanding are listed below.

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

	Inception Date
	Class AAA Shares	Class A Shares	Class C Shares	Class I Shares
Mighty Mites	05/11/98	11/26/01	08/03/01	01/11/08
SmallCap Equity	04/15/97	11/26/01	11/26/01	01/11/08
Mid-Cap Equity	05/31/13	05/31/13	05/31/13	05/31/13
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-PORT. Shareholders may obtain this information at www.tetonadv.com or by calling the Funds at 800-WESTWOOD (800-937-8966). The Funds’ Form N-PORT 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

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TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from October 1, 2018 through March 31, 2019

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.

4

TETON Westwood Funds

Disclosure of Fund Expenses (Unaudited) (Continued)

For the Six Month Period from October 1, 2018 through March 31, 2019

Expense Table

	Actual Fund Return				Hypothetical 5% Return
	Beginning   Account Value   10/01/18	Ending   Account Value   03/31/19	Annualized   Expense   Ratio	Expenses   Paid During   Period*	Beginning   Account Value   10/01/18	Ending   Account Value   03/31/19	Annualized   Expense   Ratio	Expenses   Paid During   Period*
TETON Westwood Mighty Mites Fund
Class AAA	$1,000.00	$   918.90	1.42%	$  6.79	$1,000.00	$1,017.85	1.42%	$  7.14
Class A	$1,000.00	$   917.40	1.67%	$  7.98	$1,000.00	$1,016.60	1.67%	$  8.40
Class C	$1,000.00	$   915.20	2.17%	$10.36	$1,000.00	$1,014.11	2.17%	$10.90
Class I	$1,000.00	$   919.50	1.17%	$  5.60	$1,000.00	$1,019.10	1.17%	$  5.89
TETON Westwood SmallCap Equity Fund
Class AAA	$1,000.00	$   939.20	1.25%	$  6.04	$1,000.00	$1,018.70	1.25%	$  6.29
Class A	$1,000.00	$   938.10	1.50%	$  7.25	$1,000.00	$1,017.45	1.50%	$  7.54
Class C	$1,000.00	$   936.00	2.00%	$  9.65	$1,000.00	$1,014.96	2.00%	$10.05
Class I	$1,000.00	$   940.20	1.00%	$  4.84	$1,000.00	$1,019.95	1.00%	$  5.04
TETON Westwood Mid-Cap Equity Fund
Class AAA	$1,000.00	$   948.30	1.05%	$  5.10	$1,000.00	$1,019.70	1.05%	$  5.29
Class A	$1,000.00	$   947.50	1.30%	$  6.31	$1,000.00	$1,018.45	1.30%	$  6.54
Class C	$1,000.00	$   945.10	1.80%	$  8.73	$1,000.00	$1,015.96	1.80%	$  9.05
Class I	$1,000.00	$   950.30	0.80%	$  3.89	$1,000.00	$1,020.94	0.80%	$  4.03
TETON Convertible Securities Fund
Class AAA	$1,000.00	$   993.80	1.15%	$  5.72	$1,000.00	$1,019.20	1.15%	$  5.79
Class A	$1,000.00	$   992.80	1.40%	$  6.96	$1,000.00	$1,017.95	1.40%	$  7.04
Class C	$1,000.00	$   990.50	1.90%	$  9.43	$1,000.00	$1,015.46	1.90%	$  9.55
Class I	$1,000.00	$   995.00	0.90%	$  4.48	$1,000.00	$1,020.44	0.90%	$  4.53
TETON Westwood Equity Fund
Class AAA	$1,000.00	$   972.30	1.64%	$  8.06	$1,000.00	$1,016.75	1.64%	$  8.25
Class A	$1,000.00	$   970.60	1.89%	$  9.29	$1,000.00	$1,015.51	1.89%	$  9.50
Class C	$1,000.00	$   967.80	2.39%	$11.73	$1,000.00	$1,013.01	2.39%	$11.99
Class I	$1,000.00	$   973.40	1.39%	$  6.84	$1,000.00	$1,018.00	1.39%	$  6.99
TETON Westwood Balanced Fund
Class AAA	$1,000.00	$   992.60	1.35%	$  6.71	$1,000.00	$1,018.20	1.35%	$  6.79
Class A	$1,000.00	$   990.50	1.60%	$  7.94	$1,000.00	$1,016.95	1.60%	$  8.05
Class C	$1,000.00	$   988.10	2.10%	$10.41	$1,000.00	$1,014.46	2.10%	$10.55
Class I	$1,000.00	$   993.00	1.10%	$  5.47	$1,000.00	$1,019.45	1.10%	$  5.54
TETON Westwood Intermediate Bond Fund
Class AAA	$1,000.00	$1,021.90	1.00%	$  5.04	$1,000.00	$1,019.95	1.00%	$  5.04
Class A	$1,000.00	$1,021.40	1.10%	$  5.54	$1,000.00	$1,019.45	1.10%	$  5.54
Class C	$1,000.00	$1,017.80	1.75%	$  8.80	$1,000.00	$1,016.21	1.75%	$  8.80
Class I	$1,000.00	$1,023.20	0.75%	$  3.78	$1,000.00	$1,021.19	0.75%	$  3.78

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

5

Summary of Portfolio Holdings (Unaudited)

The following tables present portfolio holdings as a percent of net assets as of March 31, 2019:

TETON Westwood Mighty Mites Fund

U.S. Government Obligations	10.6	%
Diversified Industrial	10.3	%
Financial Services	8.4	%
Health Care	7.7	%
Equipment and Supplies	5.9	%
Hotels and Gaming	3.7	%
Aerospace and Defense	3.6	%
Electronics	3.6	%
Machinery	3.1	%
Food and Beverage	3.1	%
Real Estate	3.0	%
Specialty Chemicals	2.6	%
Consumer Products	2.6	%
Telecommunications	2.4	%
Business Services	2.4	%
Building and Construction	2.3	%
Computer Software and Services	2.2	%
Automotive: Parts and Accessories	2.2	%
Metals and Mining	1.9	%
Environmental Control	1.9	%
Aviation: Parts and Services	1.8	%
Restaurants	1.8	%
Publishing	1.7	%
Retail	1.6	%

Broadcasting	1.3	%
Manufactured Housing and Recreational Vehicles	1.3	%
Energy and Utilities: Water	1.2	%
Automotive	0.9	%
Consumer Services	0.8	%
Entertainment	0.8	%
Energy and Utilities: Natural Gas	0.6	%
Semiconductors	0.5	%
Agriculture	0.4	%
Energy and Utilities: Services	0.4	%
Communications Equipment	0.3	%
Energy and Utilities: Integrated	0.2	%
Paper and Forest Products	0.2	%
Wireless Communications	0.2	%
Energy and Utilities: Oil	0.2	%
Airlines	0.2	%
Closed-End Funds	0.1	%
Energy and Utilities	0.1	%
Educational Services	0.0	%*
Transportation	0.0	%*
Other Assets and Liabilities (Net)	(0.1	)%
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood SmallCap Equity Fund

Banking	21.5	%
Energy and Utilities	9.4	%
Semiconductors	8.2	%
U.S. Government Obligations	7.4	%
Computer Software and Services	5.5	%
Health Care	5.3	%
Retail	5.3	%
Business Services	4.4	%
Communications Equipment	4.0	%
Financial Services	3.8	%
Electronics	3.7	%
Diversified Industrial	3.1	%
Automotive	2.8	%

Consumer Products	2.2	%
Communications	2.2	%
Environmental Control	2.1	%
Building and Construction	2.0	%
Specialty Chemicals	1.5	%
Broadcasting	1.4	%
Machinery	1.3	%
Real Estate	1.0	%
Equipment and Supplies	0.9	%
Aerospace	0.8	%
Other Assets and Liabilities (Net)	0.2	%
	100.0	%

TETON Westwood Mid-Cap Equity Fund

Financials	26.9	%
Consumer Discretionary	17.4	%
Information Technology	16.9	%
Industrials	16.6	%
Energy	12.2	%
Health Care	9.0	%

Materials	4.7	%
Consumer Staples	4.0	%
Other Assets and Liabilities (Net)	(7.7	)%
	100.0	%

6

Summary of Portfolio Holdings (Unaudited) (Continued)

TETON Convertible Securities Fund

Computer Software and Services	23.8	%
Health Care	15.1	%
Semiconductors	7.3	%
U.S. Government Obligations	5.3	%
Financial Services	5.2	%
Energy and Utilities: Services	4.5	%
Energy and Utilities: Integrated	4.3	%
Consumer Services	4.1	%
Diversified Industrial	4.0	%
Telecommunications	3.5	%
Real Estate Investment Trusts	3.4	%
Communications Equipment	2.9	%
Business Services	2.6	%
Aviation: Parts and Services	1.7	%

Entertainment	1.6	%
Industrials	1.6	%
Cable and Satellite	1.5	%
Consumer Products	1.5	%
Transportation	1.2	%
Aerospace and Defense	1.1	%
Building and Construction	0.9	%
Equipment and Supplies	0.8	%
Automotive: Parts and Accessories	0.6	%
Electronics	0.3	%
Agriculture	0.3	%
Other Assets and Liabilities (Net)	0.9	%
	100.0	%

TETON Westwood Equity Fund

Health Care	12.8	%
Banking	11.2	%
Financial Services	9.9	%
Energy: Integrated	8.6	%
Retail	8.0	%
Food and Beverage	7.2	%
Telecommunications	6.8	%
Computer Software and Services	6.4	%
Aerospace	5.6	%
Energy: Oil	4.0	%
Real Estate	3.2	%
Business Services	3.0	%

Energy and Energy Services	2.9	%
Consumer Products	2.4	%
Diversified Industrial	2.0	%
Transportation	2.0	%
Entertainment	1.9	%
Other Investment Companies	1.1	%
Semiconductors	1.0	%
Other Assets and Liabilities (Net)	0.0	%*
	100.0	%

* Amount represents less than 0.05%.

TETON Westwood Balanced Fund

Banking	11.7	%
Health Care	11.0	%
U.S. Treasury Notes	10.6	%
Financial Services	9.4	%
Retail	6.2	%
Energy: Integrated	5.9	%
Food and Beverage	4.7	%
Computer Software and Services	4.6	%
Telecommunications	4.4	%
Aerospace	3.8	%
Consumer Products	3.9	%
Energy: Oil	2.7	%
Real Estate	2.1	%
Business Services	2.0	%
Energy and Energy Services	1.9	%

Federal National Mortgage Association	1.9	%
Federal Home Loan Mortgage Corp.	1.9	%
U.S. Treasury Bonds	1.8	%
Other Investment Companies	1.7	%
Diversified Industrial	1.3	%
Transportation	1.3	%
Entertainment	1.2	%
Computer Hardware	1.1	%
Cable and Satellite	1.0	%
Electronics	0.9	%
Semiconductors	0.7	%
Other Assets and Liabilities (Net)	0.3	%
	100.0	%

TETON Westwood Intermediate Bond Fund

Corporate Bonds	58.8	%
U.S. Government Obligations	32.2	%
U.S. Government Agency Obligations	10.5	%
Convertible Corporate Bonds	0.6	%
Other Assets and Liabilities (Net)	(2.1	)%
	100.0	%

7

TETON Westwood Mighty Mites Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 88.5%
		Aerospace and Defense — 3.6%
	1,118,900	Aerojet Rocketdyne Holdings Inc.†	$	5,240,670	$	39,754,517
	2,000	Allied Motion Technologies Inc.		77,469		68,760
	25,500	Avio SpA		346,102		359,276
	15,000	Chemring Group plc		35,977		27,117
	123,000	Innovative Solutions & Support Inc.†		472,250		370,230
	7,000	Kratos Defense & Security Solutions Inc.†		42,963		109,410
				6,215,431		40,689,310
		Agriculture — 0.4%
	500,000	Black Earth Farming Ltd., SDR†(a)		4,345		1,667
	225	J.G. Boswell Co.		144,676		150,750
	139,475	Limoneira Co.		2,673,496		3,281,847
	495,000	S&W Seed Co.†		1,720,656		1,326,600
				4,543,173		4,760,864
		Airlines — 0.2%
	54,739	American Airlines Group Inc.		21,717		1,738,511
	225,000	American Airlines Group Inc., Escrow†		173		33,750
				21,890		1,772,261
		Automotive — 0.9%
	27,200	Lithia Motors Inc., Cl. A		517,533		2,522,800
	20,000	Navistar International Corp.†		152,109		646,000
	29,605	Rush Enterprises Inc., Cl. A		545,615		1,237,785
	104,005	Rush Enterprises Inc., Cl. B		1,800,199		4,319,328
	66,500	Sonic Automotive Inc., Cl. A		849,600		984,865
	70,000	Wabash National Corp.		132,194		948,500
				3,997,250		10,659,278
		Automotive: Parts and Accessories — 2.0%
	6,000	China Automotive Systems Inc.†		34,007		19,320
	105,000	Dana Inc.		624,231		1,862,700
	10,000	Douglas Dynamics Inc.		309,290		380,700
	13,400	Gentherm Inc.†		194,890		493,924
	400,000	Modine Manufacturing Co.†		4,333,538		5,548,000
	24,000	Motorcar Parts of America Inc.†		315,465		452,880
	80,000	Puradyn Filter Technologies Inc.†		13,774		3,600
	45,000	Shiloh Industries Inc.†		540,006		247,500
	57,028	Standard Motor Products Inc.		633,100		2,800,075
	186,339	Strattec Security Corp.		4,702,192		5,474,640
	449,067	Superior Industries International Inc.		8,229,878		2,137,559
	37,000	Tenneco Inc., Cl. A		115,032		819,920
	35,600	Titan International Inc.		301,426		212,532
	33,425	Tower International Inc.		736,834		702,928
	100,000	Uni-Select Inc.		1,627,379		1,037,153
				22,711,042		22,193,431
		Aviation: Parts and Services — 1.8%
	13,500	Astronics Corp.†		83,521		441,720
	23,896	Astronics Corp., Cl. B†		144,647		775,903
	187,335	Ducommun Inc.†		4,595,330		8,152,819
	196,200	Kaman Corp.		4,994,792		11,465,928
				9,818,290		20,836,370
		Broadcasting — 1.3%
	860,000	Beasley Broadcast Group Inc., Cl. A(b)		4,815,194		3,422,800
	336,455	Dish TV India Ltd., GDR		265,892		178,254

Shares			Cost		Market Value
	78,700	Entercom Communications Corp., Cl. A	$	166,098	$	413,175
	249,500	Gray Television Inc.†		277,083		5,329,320
	84,084	Gray Television Inc., Cl. A†		583,731		1,766,605
	550,000	Salem Media Group Inc.		2,319,102		1,405,250
	33,000	Sinclair Broadcast Group Inc., Cl. A		53,667		1,269,840
	150,989	Townsquare Media Inc., Cl. A		1,292,032		863,657
				9,772,799		14,648,901
		Building and Construction — 2.3%
	390,937	Armstrong Flooring Inc.†		6,585,121		5,316,743
	145,000	Gibraltar Industries Inc.†		3,364,313		5,888,450
	52,000	Granite Construction Inc.		1,809,056		2,243,800
	13,000	Herc Holdings Inc.†		495,236		506,740
	755,000	Huttig Building Products Inc.†		907,017		2,091,350
	107,074	MYR Group Inc.†		2,422,367		3,707,973
	98,300	The Monarch Cement Co.		2,606,466		6,203,713
				18,189,576		25,958,769
		Business Services — 2.4%
	25,000	Ascent Capital Group Inc., Cl. A†		28,815		18,800
	412,701	Diebold Nixdorf Inc.†		1,915,618		4,568,600
	3,345	Du-Art Film Labs Inc.†		584,706		652,275
	166,172	GP Strategies Corp.†		1,984,816		2,018,990
	23,300	ICF International Inc.		558,939		1,772,664
	32,029	KAR Auction Services Inc.		443,660		1,643,408
	16,000	Macquarie Infrastructure Corp.		44,180		659,520
	4,150	Matthews International Corp., Cl. A		182,558		153,343
	20,000	McGrath RentCorp.		535,869		1,131,400
	115,000	MDC Partners Inc., Cl. A†		725,988		258,750
	560,000	MoneyGram International Inc.†		2,927,975		1,142,400
	1,400	PayPoint plc		16,487		15,627
	361,330	PFSweb Inc.†		2,219,371		1,882,529
	2,000	Pollard Banknote Ltd		31,757		33,359
	160,019	PRGX Global Inc.†		938,257		1,267,350
	20,920	Safeguard Scientifics Inc.†		259,275		226,982
	21,000	Scientific Games Corp.†		161,995		428,820
	500	Stamps.com Inc.†		6,278		40,705
	286,600	Team Inc.†		4,481,069		5,015,500
	448,092	Trans-Lux Corp.†(b)		329,834		412,245
	37,282	Viad Corp.		993,885		2,098,604
	36,000	Willdan Group Inc.†		1,159,442		1,334,520
				20,530,774		26,776,391
		Communications Equipment — 0.3%
	446,000	Communications Systems Inc.		3,688,578		1,181,900
	275,000	Extreme Networks Inc.†		946,476		2,059,750
	60,000	ViewCast.com Inc.†		14,320		345
				4,649,374		3,241,995
		Computer Software and Services — 2.2%
	846,239	Alithya Group Inc., Cl. A†		2,262,392		2,657,190
	221,380	American Software Inc., Cl. A		2,114,065		2,645,491
	260,042	Avid Technology Inc.†		1,684,211		1,937,313
	79,687	Carbonite Inc.†		914,787		1,977,034
	115,000	Cardlytics Inc.†		1,848,641		1,902,100
	2,300	Cinedigm Corp., Cl. A†		3,284		4,370
	200,000	comScore Inc.†		4,584,142		4,050,000
	45,000	DHI Group Inc.†		81,549		109,350
	116,620	Digi International Inc.†		1,368,647		1,477,575
	20	FalconStor Software Inc.†		1		1
	25,000	Genius Brands International Inc.†		78,636		49,250
	20,000	GSE Systems Inc.†		109,966		56,000
	144,267	iGO Inc.†		484,473		371,487

See accompanying notes to financial statements.

8

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Computer Software and Services (Continued)
	569,000	Internap Corp.†	$	5,536,277	$	2,822,240
	10,000	Materialise NV, ADR†		58,532		157,400
	35,000	Mercury Systems Inc.†		280,098		2,242,800
	82,500	Mitek Systems Inc.†		362,277		1,009,800
	10,000	MiX Telematics Ltd., ADR		180,072		166,700
	2,310	MTS Systems Corp.		118,662		125,803
	65,000	SafeCharge International Group Ltd.		253,022		253,979
	3,400	Tyler Technologies Inc.†		37,768		694,960
				22,361,502		24,710,843
		Consumer Products — 2.6%
	127,200	Acme United Corp.		2,271,327		2,035,200
	251,870	Bassett Furniture Industries Inc.		5,278,037		4,133,187
	2,000	Brunswick Corp.		30,085		100,660
	96,387	Callaway Golf Co.		833,454		1,535,445
	6,000	Castle Brands Inc.†		4,603		4,179
	830,000	Goodbaby International Holdings Ltd.		411,837		241,072
	9,500	Johnson Outdoors Inc., Cl. A		216,817		677,920
	16,510	Lakeland Industries Inc.†		170,265		193,827
	190,175	Lifetime Brands Inc.		2,187,293		1,797,154
	800,000	Marine Products Corp.		5,766,933		10,776,000
	60,000	MarineMax Inc.†		866,511		1,149,600
	190,540	Nautilus Inc.†		1,697,938		1,059,402
	134,000	Oil-Dri Corp. of America		2,520,402		4,172,760
	5,700	PC Group Inc.†		3,465		46
	4,000,000	Playmates Holdings Ltd.		481,613		565,609
	2,140	Standard Diversified Inc., Cl. A†		25,271		41,067
	8,540	Standard Diversified Opportunities Inc., Cl. B†		103,473		125,538
	88,600	ZAGG Inc.†		623,324		803,602
				23,492,648		29,412,268
		Consumer Services — 0.8%
	495,320	1-800-Flowers.com Inc., Cl. A†		1,776,570		9,029,684
	65,000	Bowlin Travel Centers Inc.†		87,877		155,675
	19,500	Carriage Services Inc.		410,841		375,375
	800	Collectors Universe Inc.		0		14,016
				2,275,288		9,574,750
		Diversified Industrial — 10.3%
	495,000	Ampco-Pittsburgh Corp.†		8,559,083		1,633,500
	267,001	Burnham Holdings Inc., Cl. A(b)		4,280,091		3,978,315
	88,933	Chase Corp.		1,402,313		8,229,860
	111,300	Columbus McKinnon Corp.		1,823,207		3,823,155
	162,480	FormFactor Inc.†		1,200,459		2,614,303
	34,600	Graham Corp.		563,893		679,198
	511,579	Griffon Corp.		5,657,116		9,453,980
	25,000	Haulotte Group SA		134,090		205,001
	7,000	Innophos Holdings Inc		207,318		210,980
	91,397	Insignia Systems Inc.†		225,618		121,558
	235,030	Intevac Inc.†		1,090,124		1,440,734
	85,260	John Bean Technologies Corp.		2,494,853		7,834,541
	89,236	L.B. Foster Co., Cl. A†		1,315,711		1,679,421
	287,042	Lawson Products Inc.†		4,279,854		9,001,637
	81,650	LSB Industries Inc.†		561,632		509,496
	110,809	Lydall Inc.†		1,122,586		2,599,579
	9,500	MSA Safety Inc.		306,832		982,300
	1,027,900	Myers Industries Inc.		15,954,852		17,587,369
	261,551	Napco Security Technologies Inc.†		1,601,805		5,424,568
	209,431	Park-Ohio Holdings Corp.		4,760,291		6,781,376
	25,080	Raven Industries Inc.		497,955		962,320
	66,666	Rubicon Ltd.†		37,762		8,762
	1,000	Rubicon Technology Inc.†		9,239		8,070

Shares			Cost		Market Value
	19,600	RWC Inc.†	$	315,159	$	235,200
	28,000	Standex International Corp.		928,588		2,055,200
	1,630,000	Steel Connect Inc.†		5,626,241		3,276,300
	640,000	Steel Partners Holdings LP†		10,328,342		8,947,200
	523,920	Tredegar Corp.		8,956,948		8,456,069
	482,554	Twin Disc Inc.†		9,076,421		8,034,524
				93,318,383		116,774,516
		Educational Services — 0.0%
	130,000	Universal Technical Institute Inc.†		679,585		443,300
		Electronics — 3.6%
	28,000	Badger Meter Inc.		477,554		1,557,920
	175,999	Bel Fuse Inc., Cl. A(b)		3,268,266		3,771,659
	343,500	CTS Corp.		2,904,117		10,088,595
	70,000	Daktronics Inc.		686,143		521,500
	63,771	EMRISE Corp.†(a)		0		0
	31,000	IMAX Corp.†		132,791		703,080
	20,000	Iteris Inc.†		32,200		83,400
	110,000	Kimball Electronics Inc.†		662,907		1,703,900
	190,000	Kopin Corp.†		655,176		254,600
	6,304	Littelfuse Inc.		991,018		1,150,354
	28,000	Mesa Laboratories Inc.		710,891		6,454,000
	28,800	Methode Electronics Inc.		168,005		828,864
	131,500	Park Electrochemical Corp.		2,074,622		2,064,550
	700,000	Schmitt Industries Inc.†(b)		1,612,360		1,659,000
	228,498	Stoneridge Inc.†		2,256,501		6,594,452
	16,000	Stratasys Ltd.†		274,798		381,120
	157,000	Ultra Clean Holdings†		478,219		1,624,950
	81,300	Ultralife Corp.†		508,417		834,951
				17,893,985		40,276,895
		Energy and Utilities: Integrated — 0.2%
	32,000	MGE Energy Inc.		754,612		2,175,040
		Energy and Utilities: Natural Gas — 0.6%
	650,000	Alvopetro Energy Ltd.†		285,405		223,744
	32,250	Chesapeake Utilities Corp.		579,797		2,941,523
	5,000	CONSOL Energy Inc.†		116,589		171,100
	108,684	Corning Natural Gas Holding Corp.		1,015,904		2,154,660
	390,181	Gulf Coast Ultra Deep Royalty Trust		248,298		10,925
	62,850	RGC Resources Inc.		555,810		1,666,153
				2,801,803		7,168,105
		Energy and Utilities: Oil — 0.2%
	254,844	Callon Petroleum Co.†		2,077,212		1,924,072
		Energy and Utilities: Services — 0.4%
	3,938	Archer Ltd.†		2,839		2,255
	32,020	Dawson Geophysical Co.†		199,549		93,819
	297,000	Independence Contract Drilling Inc.†		1,225,869		822,690
	71,806	KLX Energy Services Holdings Inc.†		1,723,351		1,805,203
	33,100	Nabors Industries Ltd.		185,691		113,864
	83,500	RPC Inc.		151,749		952,735
	7,100	Subsea 7 SA, ADR		25,056		88,040
	700,000	Weatherford International plc†		212,310		488,600
				3,726,414		4,367,206
		Energy and Utilities: Water — 1.2%
	35,426	Artesian Resources Corp., Cl. A		890,068		1,320,327
	75	BQE Water Inc.†		312		357
	29,900	Cadiz Inc.†		334,888		289,432
	24,800	California Water Service Group		478,223		1,346,144
	4,000	Connecticut Water Service Inc.		135,142		274,600
	66,000	Consolidated Water Co. Ltd.		717,506		849,420

See accompanying notes to financial statements.

9

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Water (Continued)
	68,000	Energy Recovery Inc.†	$	280,443	$	593,640
	29,633	Middlesex Water Co.		573,970		1,659,152
	50,000	Mueller Water Products Inc., Cl. A		556,279		502,000
	89,304	SJW Group		2,259,740		5,513,629
	45,307	The York Water Co.		760,243		1,554,936
				6,986,814		13,903,637
		Entertainment — 0.8%
	164,870	Canterbury Park Holding Corp.		1,686,640		2,393,912
	649,597	Dover Motorsports Inc.		1,577,761		1,312,186
	50,000	Entertainment One Ltd.		214,399		290,969
	416,470	Entravision Communications Corp., Cl. A		1,329,501		1,349,363
	56,000	National CineMedia Inc.		341,473		394,800
	50,000	SFX Entertainment Inc.†(a)		2,750		0
	431,100	Sportech plc†		474,976		210,558
	32,000	World Wrestling Entertainment Inc., Cl. A		488,645		2,776,960
				6,116,145		8,728,748
		Environmental Control — 1.9%
	14,500	AquaVenture Holdings Ltd.†		205,137		280,575
	581,228	Casella Waste Systems Inc., Cl. A†		2,763,229		20,668,468
	13,121	Primo Water Corp.†		159,063		202,851
				3,127,429		21,151,894
		Equipment and Supplies — 5.9%
	17,000	Amtech Systems Inc.†		178,849		90,610
	20,000	AZZ Inc.		716,820		818,600
	5,500	Berry Global Group Inc.†		137,770		296,285
	244,286	CIRCOR International Inc.†		8,069,667		7,963,724
	400,500	Core Molding Technologies Inc.		3,285,812		2,955,690
	662,000	Federal Signal Corp.		4,550,135		17,205,380
	236,000	Interpump Group SpA		1,718,103		7,698,472
	522,000	Kimball International Inc., Cl. B		5,436,954		7,381,080
	20,000	Maezawa Kyuso Industries Co. Ltd.		108,117		343,228
	150,069	Mitcham Industries Inc.†		556,822		589,771
	20,593	Powell Industries Inc.		767,781		546,744
	360,431	The Eastern Co.(b)		6,673,582		9,919,061
	136,000	The Gorman-Rupp Co.		3,176,032		4,615,840
	354,083	The L.S. Starrett Co., Cl. A†(b)		3,984,347		2,726,439
	153,435	Titan Machinery Inc.†		2,579,104		2,387,449
	116,100	TransAct Technologies Inc.		495,218		1,061,154
	8,500	Vicor Corp.†		70,948		263,670
				42,506,061		66,863,197
		Financial Services — 7.8%
	71,200	Allegiance Bancshares Inc.†		2,885,340		2,400,864
	22,000	Atlantic American Corp.		80,717		56,100
	282,658	Atlantic Capital Bancshares Inc.†		4,996,520		5,039,792
	17,000	Berkshire Bancorp Inc.†		219,944		222,700
	9,246	Berkshire Hills Bancorp Inc.		154,043		251,861
	5,649	BKF Capital Group Inc.†		45,303		59,315
	17,397	BOK Financial Corp.		1,182,071		1,418,725
	10,000	Boston Private Financial Holdings Inc.		109,699		109,600
	75	Burke & Herbert Bank and Trust Co.		95,726		218,437
	63,391	Cadence BanCorp.		1,194,338		1,175,903
	96,976	Capital City Bank Group Inc.		2,369,192		2,112,137
	8,000	Capitol Federal Financial Inc.		91,259		106,800

Shares			Cost		Market Value
	8,303	Carolina Financial Corp.	$	332,780	$	287,201
	18,200	Citizens & Northern Corp.		357,816		455,728
	3,500	ConnectOne Bancorp Inc.		93,193		68,950
	28,800	Crazy Woman Creek Bancorp Inc.		497,983		499,968
	35,800	Dime Community Bancshares Inc.		576,823		670,534
	2,000	EML Payments Ltd.†		1,879		2,492
	1,165	Farmers & Merchants Bank of Long Beach		6,515,603		9,553,000
	40,000	Farmers National Banc Corp.		333,870		551,600
	13,018	Fidelity Southern Corp.		108,320		356,563
	5,000	First Community Bankshares Inc.		165,119		165,700
	35,120	First Internet Bancorp		735,470		678,870
	617,992	Flushing Financial Corp.		10,389,648		13,552,565
	75,600	FNB Corp.		736,188		801,360
	7,000	Franklin Financial Network Inc.		242,299		203,070
	17,858	FS Bancorp Inc.		684,399		901,472
	429,852	GTY Govtech Inc.†		4,225,455		3,782,698
	10	Guaranty Corp., Cl. A†(a)		137,500		75,000
	188,930	Hallmark Financial Services Inc.†		1,661,960		1,964,872
	14,500	Hancock Whitney Corp.		185,881		585,800
	13,800	Heritage Commerce Corp.		114,043		166,980
	30,000	HomeStreet Inc.†		300,000		790,500
	81,500	Hope Bancorp Inc.		879,043		1,066,020
	94,300	I3 Verticals Inc., Cl. A†		1,459,659		2,265,086
	34,400	ICC Holdings Inc.†		394,036		481,600
	90,843	KKR & Co. Inc., Cl. A		13,187		2,133,902
	40,800	Legacy Housing Corp.†		490,209		485,520
	6,440	LendingTree Inc.†		187,547		2,264,046
	170,000	Medallion Financial Corp.†		915,281		1,173,000
	28,000	National Commerce Corp.†		1,265,301		1,097,880
	9,000	New York Community Bancorp Inc.		113,568		104,130
	4,197	Northrim BanCorp Inc.		91,497		144,461
	21,300	OceanFirst Financial Corp.		395,540		512,478
	36,479	Old Line Bancshares Inc.		1,160,522		909,421
	8,000	Opus Bank		234,262		158,400
	41,500	Oritani Financial Corp.		436,789		690,145
	8,000	Peapack Gladstone Financial Corp.		249,513		209,760
	25,581	People’s United Financial Inc.		409,904		420,552
	158,000	Pzena Investment Management Inc., Cl. A		1,261,054		1,278,220
	36,971	Renasant Corp.		414,186		1,251,468
	2,200	Salisbury Bancorp Inc.		97,221		90,640
	23,000	Sandy Spring Bancorp Inc.		803,326		719,440
	3,500	Seacoast Banking Corp. of Florida†		110,651		92,225
	4,540	Security National Corp.		412,718		682,135
	10,342	SI Financial Group Inc.		123,868		133,515
	85,000	Silvercrest Asset Management Group Inc., Cl. A		1,171,743		1,211,250
	16,074	Simmons First National Corp., Cl. A		370,876		393,491
	3,200	South State Corp.		244,803		218,688
	58,459	Southern First Bancshares Inc.†		2,571,262		1,980,006
	64,000	Southern National Bancorp of Virginia Inc.		1,071,005		937,600
	4,500	Southside Bancshares Inc.		153,548		149,535
	660,000	Sprott Inc.		1,818,646		1,496,464
	122,903	Sterling Bancorp		1,249,000		2,289,683
	70,000	TheStreet Inc.†		135,394		163,100
	5,000	Thomasville Bancshares Inc.		186,926		193,750
	3,500	Towne Bank/Portsmouth VA		111,633		86,625
	10,000	TriState Capital Holdings Inc.†.		98,183		204,300

See accompanying notes to financial statements.

10

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	55,000	TrustCo Bank Corp NY	$	253,000	$	426,800
	41,080	Union Bankshares Corp.		1,248,656		1,328,116
	127,100	United Financial Bancorp Inc.		1,749,440		1,823,885
	33,089	Value Line Inc.		326,193		816,967
	92,530	Veritex Holdings Inc.		2,659,346		2,241,077
	45,900	Washington Trust Bancorp Inc.		1,029,683		2,210,085
	82,200	Waterstone Financial Inc.		876,303		1,353,012
	89,760	Western New England Bancorp Inc.		774,589		828,485
	650,000	Wright Investors’ Service Holdings Inc.†		739,861		292,500
				72,579,353		88,296,620
		Food and Beverage — 3.1%
	87,600	Andrew Peller Ltd., Cl. A		366,944		867,249
	1,800	Bridgford Foods Corp.†		30,289		42,858
	57,000	Calavo Growers Inc.		1,740,163		4,779,450
	111,000	Corby Spirit and Wine Ltd.		1,699,332		1,508,407
	110,000	Cott Corp.		748,495		1,607,100
	540,000	Crimson Wine Group Ltd.†		4,911,613		4,444,200
	292,034	Farmer Brothers Co.†		6,289,733		5,843,600
	1,700	Hanover Foods Corp., Cl. A†		165,267		146,200
	300	Hanover Foods Corp., Cl. B†		28,206		26,850
	85,000	Iwatsuka Confectionery Co. Ltd.		4,097,716		3,247,992
	1,500	J & J Snack Foods Corp.		21,623		238,260
	21,490	John B Sanfilippo & Son Inc.		1,010,180		1,544,486
	107,511	Lifeway Foods Inc.†		1,018,489		260,177
	229,661	Massimo Zanetti Beverage Group SpA		2,201,490		1,540,588
	12,000	MGP Ingredients Inc.		312,879		925,800
	15,600	Rock Field Co. Ltd.		125,557		230,136
	5,700	Scheid Vineyards Inc., Cl. A†		82,624		480,937
	210,545	SunOpta Inc.†		1,536,343		728,486
	7,100	T. Hasegawa Co. Ltd.		148,541		114,351
	8,300	The Boston Beer Co. Inc., Cl. A†		283,865		2,446,259
	75,000	The Hain Celestial Group Inc.†		777,897		1,734,000
	240,600	Tingyi (Cayman Islands) Holding Corp.		359,463		396,609
	295,000	Vitasoy International Holdings Ltd.		161,353		1,428,035
	23,000	Willamette Valley Vineyards Inc.†		88,087		165,830
				28,206,149		34,747,860
		Health Care — 7.7%
	32,960	Accuray Inc.†		244,893		157,219
	3,500	AcelRx Pharmaceuticals Inc.†		21,172		12,180
	387,000	Achaogen Inc.†		2,525,313		176,588
	10,000	Achillion Pharmaceuticals Inc.†		35,956		29,600
	18,000	AngioDynamics Inc.†		222,509		411,480
	40,000	Anika Therapeutics Inc.†		1,267,082		1,209,600
	22,000	Biolase Inc.†		50,160		52,360
	429,269	BioScrip Inc.†		759,518		858,538
	133,000	BioTelemetry Inc.†		931,958		8,328,460
	6,970	Boiron SA		118,049		409,696
	46,500	Cantel Medical Corp.		593,901		3,110,385
	111,100	Cardiovascular Systems Inc.†		1,885,169		4,295,126
	14,000	CareDx Inc.†		80,937		441,280
	2,000	Cassava Sciences Inc.†		6,901		2,580
	47,900	Collegium Pharmaceutical Inc.†		820,359		725,206
	391,940	Cutera Inc.†		5,964,844		6,921,660
	124,336	Electromed Inc.†		403,807		640,330

Shares			Cost		Market Value
	175,000	Exelixis Inc.†	$	333,375	$	4,165,000
	30,000	Genesis Healthcare Inc.†		55,124		43,200
	11,000	Heska Corp.†		162,663		936,320
	4,000	ICU Medical Inc.†		208,306		957,320
	612,448	InfuSystems Holdings Inc.†		1,609,196		3,068,364
	23,000	Integer Holdings Corp.†		479,237		1,734,660
	134,337	IntriCon Corp.†		830,899		3,369,172
	65,000	Invitae Corp.†		536,637		1,522,300
	17,000	Kindred Biosciences Inc.†		200,433		155,890
	2,000	LeMaitre Vascular Inc.		46,963		62,000
	134,000	Meridian Bioscience Inc.		2,514,204		2,359,740
	160,000	Motif Bio plc†		70,834		13,650
	157,000	Neogen Corp.†		491,190		9,010,230
	114,780	NeoGenomics Inc.†		477,285		2,348,399
	8,333	Nuvectra Corp.†		77,269		91,746
	42,750	Omnicell Inc.†		704,048		3,455,910
	39,300	OPKO Health Inc.†		67,636		102,573
	45,200	Orthofix Medical Inc.†		965,181		2,549,732
	110,000	Paratek Pharmaceuticals Inc.†		1,005,915		589,600
	2,500	PreMD Inc.†(a)		4,580		0
	10,000	Progenics Pharmaceuticals Inc.†		65,960		46,400
	140,000	Quidel Corp.†		1,662,727		9,165,800
	66,000	RTI Surgical Holdings Inc.†		334,123		396,660
	123,934	SurModics Inc.†		2,535,700		5,388,650
	2,000	Targanta Therapeutics Corp., Escrow†(a)		0		0
	44,000	Tetraphase Pharmaceuticals Inc.†		171,428		58,960
	1,000	Titan Medical Inc.†		2,224		2,800
	130,000	Trinity Biotech plc, ADR†		894,491		370,500
	80,301	United-Guardian Inc.		753,019		1,537,764
	4,800	Utah Medical Products Inc.		132,221		423,600
	300,000	Zealand Pharma A/S†		3,744,488		5,355,050
				37,069,884		87,064,278
		Hotels and Gaming — 3.7%
	50,000	Ainsworth Game Technology Ltd.		44,995		30,000
	9,600	Banyan Tree Holdings Ltd.		4,353		4,038
	71,800	Boyd Gaming Corp.		416,103		1,964,448
	38,000	Braemar Hotels & Resorts Inc., REIT		386,126		463,980
	70,620	Churchill Downs Inc.		1,150,315		6,374,161
	77,500	Eldorado Resorts Inc.†		354,440		3,618,475
	6,000	Empire Resorts Inc.†		92,823		60,300
	29,000	Everi Holdings Inc.†		208,911		305,080
	1,117,725	Full House Resorts Inc.†		2,695,209		2,257,805
	90,500	Gamenet Group SpA		908,741		915,700
	5,000	GAN plc†		1,816		3,191
	592,210	Golden Entertainment Inc.†		6,126,743		8,385,694
	311,478	Inspired Entertainment Inc.†		1,935,759		2,076,001
	4,000	PlayAGS Inc.†		89,445		95,720
	10,000	Ryman Hospitality Properties Inc., REIT		309,356		822,400
	4,000	Sotherly Hotels Inc., REIT		25,968		27,240
	361,812	The Marcus Corp.		4,599,055		14,490,571
				19,350,158		41,894,804
		Machinery — 3.1%
	303,600	Astec Industries Inc.		10,748,024		11,463,936
	15,001	Capstone Turbine Corp.†		33,040		13,501
	56,000	Chart Industries Inc.†		2,082,938		5,069,120
	5,000	DMG Mori AG		28,402		242,019
	12,200	DXP Enterprises Inc.†		222,516		474,824
	564,500	Gencor Industries Inc.†		3,909,554		6,977,220
	15,164	Lindsay Corp.		1,014,039		1,467,724
	49,300	Tennant Co.		1,064,922		3,061,037
	44,400	The Middleby Corp.†		464,969		5,773,332
	250,000	UQM Technologies Inc.†		415,350		412,500

See accompanying notes to financial statements.

11

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	40,015	Williams Industrial Services Group Inc.†	$	128,397	$	95,236
				20,112,151		35,050,449
		Manufactured Housing and Recreational Vehicles — 1.3%
	56,000	Cavco Industries Inc.†		3,210,293		6,581,680
	184,143	Nobility Homes Inc.		2,142,917		4,143,217
	103,000	Skyline Champion Corp.		833,870		1,957,000
	61,000	Winnebago Industries Inc.		626,036		1,900,150
				6,813,116		14,582,047
		Metals and Mining — 1.9%
	70,000	5N Plus Inc.†		251,966		189,621
	10,000	Alkane Resources Ltd.†		3,333		1,953
	159,382	Materion Corp.		3,409,593		9,094,337
	750,000	Osisko Gold Royalties Ltd.		10,906,268		8,424,066
	900,000	Tanami Gold NL†		210,755		24,923
	316,000	TimkenSteel Corp.†		4,704,097		3,431,760
	700	United States Lime & Minerals Inc.		55,159		53,984
				19,541,171		21,220,644
		Paper and Forest Products — 0.2%
	26,500	Keweenaw Land Association Ltd.†		2,258,046		2,106,750
		Publishing — 1.7%
	130,039	AH Belo Corp., Cl. A		695,035		483,745
	166,000	ARC Document Solutions Inc.†		336,776		370,180
	881,600	The E.W. Scripps Co., Cl. A		5,278,110		18,513,600
	27,057	Tribune Publishing Co.†		264,673		319,002
				6,574,594		19,686,527
		Real Estate — 3.0%
	220,000	Ambase Corp.†		319,065		89,111
	8,000	Bresler & Reiner Inc.†		4,912		148
	113,300	Capital Properties Inc., Cl. A		1,205,957		1,756,150
	109,000	Cohen & Steers Inc.		2,330,830		4,607,430
	60,000	DREAM Unlimited Corp., Cl. A		331,539		349,310
	1,000	FC Global Realty Inc.†		1,296		350
	24,400	FRP Holdings Inc.†		802,280		1,160,708
	281,058	Griffin Industrial Realty Inc.(b)		8,122,194		9,794,871
	14,138	Gyrodyne LLC†		394,093		254,625
	8,231	Holobeam Inc.†(a)		161,746		358,049
	506,852	Reading International Inc., Cl. A†		4,636,233		8,089,358
	74,359	Reading International Inc., Cl. B†		669,886		1,877,565
	2,508	Royalty LLC†(a)		0		255
	172,000	Tejon Ranch Co.†		4,367,792		3,027,200
	55,023	Trinity Place Holdings Inc.†		362,457		220,092
	250,000	Trinity Place Holdings Inc.†(c)(d)		1,875,000		1,000,000
	59,405	Twin River Worldwide Holdings Inc.†		1,742,176		1,779,191
				27,327,456		34,364,413
		Restaurants — 1.8%
	2,034	Biglari Holdings Inc., Cl. A†		1,999,475		1,495,865
	59,900	Denny’s Corp.†		184,625		1,099,165
	222,634	Nathan’s Famous Inc.(b)		3,294,226		15,228,166
	50,000	The Cheesecake Factory Inc.		1,504,518		2,446,000
				6,982,844		20,269,196
		Retail — 1.6%
	47,000	Aaron’s Inc.		905,553		2,472,200

Shares			Cost		Market Value
	103,000	Big 5 Sporting Goods Corp.	$	905,177	$	327,540
	55,710	Ethan Allen Interiors Inc.		1,191,609		1,065,732
	265,000	EVINE Live Inc.†		353,499		124,205
	35,000	GNC Holdings Inc., Cl. A†		154,268		95,550
	180,600	Ingles Markets Inc., Cl. A		3,121,730		4,988,172
	95,000	Lands’ End Inc.†		1,617,853		1,577,950
	56,000	La-Z-Boy Inc.		1,249,698		1,847,440
	63,000	Movado Group Inc.		1,257,621		2,291,940
	300	PetIQ Inc.†		7,511		9,423
	150,000	Pier 1 Imports Inc.†		50,165		114,525
	6,000	SpartanNash Co.		121,934		95,220
	91,000	Tuesday Morning Corp.†		270,457		192,920
	99,360	Village Super Market Inc., Cl. A		2,726,484		2,715,509
	55,000	Vitamin Shoppe, Inc.†		327,328		387,200
	400	Winmark Corp.		26,768		75,436
				14,287,655		18,380,962
		Semiconductors — 0.5%
	169,400	Entegris Inc.		1,163,874		6,045,886
	2,000	Veeco Instruments Inc.†		23,663		21,680
				1,187,537		6,067,566
		Specialty Chemicals — 2.6%
	1,085,193	Ferro Corp.†		5,185,488		20,542,703
	267,226	General Chemical Group Inc.†(b)		59,859		7,482
	75,000	Hawkins Inc.		2,707,348		2,762,250
	4,100	Minerals Technologies Inc.		121,383		241,039
	168,441	Navigator Holdings Ltd.†		2,209,166		1,852,851
	429,900	OMNOVA Solutions Inc.†		2,329,698		3,017,898
	10,000	Takasago International Corp.		271,028		301,814
	50,000	Teraoka Seisakusho Co. Ltd.		368,433		234,142
	84,984	Treatt plc		453,067		447,179
				13,705,470		29,407,358
		Telecommunications — 2.4%
	17,000	A10 Networks Inc.†		105,352		120,530
	38,980	ATN International Inc.		1,514,869		2,198,082
	288,039	Cincinnati Bell Inc.†		4,556,258		2,747,892
	38,111	Consolidated Communications Holdings Inc.		329,789		415,791
	20,808	Frequency Electronics Inc.†		233,086		246,575
	65,000	Gogo Inc.†		322,463		291,850
	732,117	HC2 Holdings Inc.†		2,695,325		1,793,687
	5,000	IDT Corp., Cl. B		37,666		33,200
	20,000	Iridium Communications Inc.†		160,025		528,800
	4,100	North State Telecommunications Corp., Cl. A		349,343		240,014
	57,500	Nuvera Communications Inc.		528,202		1,091,925
	522,315	ORBCOMM Inc.†		3,012,804		3,541,296
	5,788	Preformed Line Products Co.		246,195		307,285
	294,000	Shenandoah Telecommunications Co.		1,558,028		13,041,840
	40,000	WideOpenWest Inc.†		396,754		364,000
				16,046,159		26,962,767
		Transportation — 0.0%
	17,000	Patriot Transportation Holding Inc.†		374,911		319,600
	1,070	PHI Inc.†		16,133		1,391
				391,044		320,991
		Wireless Communications — 0.2%
	1,070,000	NII Holdings Inc.†		1,309,283		2,097,200
		TOTAL COMMON STOCKS		622,309,550		1,001,532,473
		CLOSED-END FUNDS — 0.1%
	134,300	MVC Capital Inc.		1,294,504		1,218,101

See accompanying notes to financial statements.

12

TETON Westwood Mighty Mites Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		PREFERRED STOCKS — 0.8%
		Automotive: Parts and Accessories — 0.2%
	57,000	Jungheinrich AG 1.150%	$	221,761	$	1,855,540
		Financial Services — 0.6%
	317,000	Steel Partners Holdings LP Ser. A, 6.000%		10,710,258		6,856,710
		Health Care — 0.0%
	3,034	BioScrip Inc. †		287,862		178,481
		TOTAL PREFERRED STOCKS		11,219,881		8,890,731
		CONVERTIBLE PREFERRED STOCKS — 0.1%
		Energy and Utilities — 0.1%
	15,095	Corning Natural Gas Holding Corp.,
		4.800%, Ser. B		313,221		335,864
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Ser. 2003		7,625		12,300
		TOTAL CONVERTIBLE PREFERRED STOCKS		320,846		348,164
		RIGHTS — 0.0%
		Entertainment — 0.0%
	550,000	Media General Inc., CVR†(a)		1		1
		Health Care — 0.0%
	300,000	Adolor Corp., CPR, expire 07/01/19†(a)		0		0
	400,000	Sanofi, CVR†		137,800		180,000
	200,000	Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)		103,591		0
				241,391		180,000
		Specialty Chemicals — 0.0%
	30,000	A. Schulman Inc., CVR†(a)		15,690		15,690
		TOTAL RIGHTS		257,082		195,691
		WARRANTS — 0.0%
		Energy and Utilities — 0.0%
	86	Key Energy Services, expire 12/15/21†(a)		0		248
	86	Key Energy Services, expire 12/15/20†(a)		0		181
				0		429
		Environmental Control — 0.0%
	200	Primo Water Corp., expire 12/31/21†		58		387
		Health Care — 0.0%
	8,737	BioScrip Inc., Cl. A, expire 07/27/25†		7,979		3,594
	8,737	BioScrip Inc., Cl. B, expire 07/27/25†		7,554		3,370
				15,533		6,964
		TOTAL WARRANTS		15,591		7,780

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 0.0%
		Telecommunications — 0.0%
$	200,000	Gogo Inc., 6.000%, 05/15/22(c)	$	200,000	$	194,634
		U.S. GOVERNMENT OBLIGATIONS — 10.6%
	120,859,000	U.S. Treasury Bills, 2.343% to 2.537%††, 05/02/19 to 08/29/19		120,187,184		120,214,852
		TOTAL INVESTMENTS — 100.1%	$	755,804,638		1,132,602,426
		Other Assets and Liabilities (Net) — (0.1)%				(732,100	)
		NET ASSETS — 100.0%			$	1,131,870,326

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

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

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, the market value of the Rule 144A securities amounted to $1,194,634 or 0.11% of net assets.

(d) At March 31, 2019, the Fund held an investment in a restricted and illiquid security amounting to $1,000,000 or 0.09% of net assets., which was valued under methods approved by the Board of Trustees as follows:

Acquisition     Shares	Issuer	Acquisition Date	Acquisition Cost	03/31/19 Carrying Value Per Share
250,000	Trinity Place Holdings Inc.	02/10/17	$1,875,000		$4.0000

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

ADR American Depositary Receipt

CCCP Contingent Cash Consideration Payment

CPR Contingent Payment Right

CVR Contingent Value Right

GDR Global Depositary Receipt

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, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 92.4%
		Aerospace — 0.8%
	4,900	Hexcel Corp.	$	136,723	$	338,884
		Automotive — 2.8%
	14,100	Rush Enterprises Inc., Cl. A		359,374		589,521
	19,700	Winnebago Industries Inc.		598,273		613,655
				957,647		1,203,176
		Banking — 21.5%
	22,600	Atlantic Capital Bancshares Inc.†		410,019		402,958
	15,600	Banc of California Inc.		288,439		215,904
	13,200	BankUnited Inc.		364,856		440,880
	5,900	Berkshire Hills Bancorp Inc.		153,535		160,716
	14,362	Cadence BanCorp.		219,123		266,415
	13,400	CenterState Bank Corp.		309,741		319,054
	7,300	Columbia Banking System Inc.		216,102		238,637
	3,200	Financial Institutions Inc.		56,688		86,976
	34,400	First Foundation Inc.		531,613		466,808
	10,200	Flushing Financial Corp.		164,000		223,686
	9,300	Glacier Bancorp Inc.		175,557		372,651
	2,400	Heartland Financial USA Inc.		111,978		102,360
	20,100	Heritage Commerce Corp.		186,247		243,210
	52,050	Investors Bancorp Inc.		561,191		616,793
	25,700	LegacyTexas Financial Group Inc.		575,221		960,923
	3,850	OceanFirst Financial Corp.		56,138		92,631
	17,350	OFG Bancorp		174,937		343,357
	8,200	Oritani Financial Corp.		123,867		136,366
	17,000	PCSB Financial Corp.		286,964		332,690
	29,206	Sterling Bancorp		320,389		544,108
	22,200	TrustCo Bank Corp.		147,725		172,272
	16,750	Umpqua Holdings Corp.		239,726		276,375
	9,433	Union Bankshares Corp.		223,128		304,969
	41,700	United Financial Bancorp Inc.		623,212		598,395
	24,600	Valley National Bancorp		244,266		235,668
	15,300	Veritex Holdings Inc.		440,795		370,566
	14,000	Washington Federal Inc.		300,174		404,460
	4,700	Washington Trust Bancorp Inc.		125,134		226,305
				7,630,765		9,156,133
		Broadcasting — 1.4%
	11,800	Chicken Soup For The Soul Entertainment Inc.		120,542		145,848
	50,100	Corus Entertainment Inc., Cl. B		194,948		221,942
	17,600	Hemisphere Media Group Inc.†		206,059		248,160
				521,549		615,950
		Building and Construction — 2.0%
	6,700	EMCOR Group Inc.		311,258		489,636
	10,900	MYR Group Inc.†		185,196		377,467
				496,454		867,103
		Business Services — 4.4%
	21,000	ABM Industries Inc.		654,558		763,350
	4,850	FTI Consulting Inc.†		153,369		372,577
	5,850	KAR Auction Services Inc.		120,836		300,163
	6,600	McGrath RentCorp.		210,364		373,362
	1,000	Stamps.com Inc.†		84,535		81,410
				1,223,662		1,890,862
		Communications — 2.2%
	16,700	Meredith Corp.		857,576		922,842
		Communications Equipment — 4.0%
	94,500	Extreme Networks Inc.†		563,293		707,805
	122,800	Infinera Corp.†		850,952		532,952
	5,722	Lumentum Holdings Inc.†		246,293		323,522
	15,500	Switch Inc., Cl. A		111,834		159,805
				1,772,372		1,724,084
		Computer Software and Services — 5.5%
	8,300	Bottomline Technologies Inc.†		225,173		415,747

Shares			Cost		Market Value
	44,000	NetScout Systems Inc.†	$	973,417	$	1,235,080
	15,600	Progress Software Corp.		358,726		692,172
				1,557,316		2,342,999
		Consumer Products — 2.2%
	21,900	Hanesbrands Inc.		354,390		391,572
	7,300	Oxford Industries Inc.		444,262		549,398
				798,652		940,970
		Diversified Industrial — 3.1%
	4,950	Barnes Group Inc.		141,347		254,479
	14,560	Columbus McKinnon Corp.		233,534		500,136
	3,900	Fabrinet†		142,528		204,204
	24,300	Steelcase Inc., Cl. A		340,140		353,565
				857,549		1,312,384
		Electronics — 3.7%
	9,100	Advanced Energy Industries Inc.†		412,470		452,088
	5,300	FARO Technologies Inc.†		158,376		232,723
	4,200	Plantronics Inc.		168,173		193,662
	25,700	TTM Technologies Inc.†		299,653		301,461
	4,000	Woodward Inc.		154,216		379,560
				1,192,888		1,559,494
		Energy and Utilities — 9.4%
	49,100	Centennial Resource Development Inc., Cl. A†		756,159		431,589
	41,200	Magnolia Oil & Gas Corp.†		487,727		494,400
	20,600	Matador Resources Co.†		382,081		398,198
	23,700	Oceaneering International Inc.†		442,687		373,749
	21,800	Parsley Energy Inc., Cl. A†		552,471		420,740
	94,200	Patterson-UTI Energy Inc.		1,500,341		1,320,684
	3,800	PDC Energy Inc.†		202,788		154,584
	13,900	ProPetro Holding Corp.†		224,989		313,306
	4,400	Whiting Petroleum Corp.†		198,690		115,016
				4,747,933		4,022,266
		Environmental Control — 2.1%
	17,200	Casella Waste Systems Inc., Cl. A†		277,346		611,632
	22,600	Evoqua Water Technologies Corp.†		212,104		284,308
				489,450		895,940
		Equipment and Supplies — 0.9%
	11,300	CIRCOR International Inc.†		447,379		368,380
		Financial Services — 3.8%
	16,600	Brown & Brown Inc.		250,019		489,866
	11,800	Coastal Financial Corp.†		168,394		200,482
	11,500	Oaktree Capital Group LLC		432,311		570,975
	6,500	Stifel Financial Corp.		262,650		342,940
				1,113,374		1,604,263
		Health Care — 5.3%
	1,780	ICU Medical Inc.†		129,303		426,007
	8,400	Natus Medical Inc.†		251,156		213,192
	6,550	Omnicell Inc.†		163,675		529,502
	49,550	Patterson Cos. Inc.		1,184,284		1,082,668
				1,728,418		2,251,369
		Machinery — 1.3%
	3,600	Astec Industries Inc.		119,187		135,936
	42,300	Mueller Water Products Inc., Cl. A		471,820		424,692
				591,007		560,628
		Real Estate — 1.0%
	6,000	Equity Commonwealth, REIT		181,068		196,140
	15,200	Paramount Group Inc., REIT		234,801		215,688
				415,869		411,828

See accompanying notes to financial statements.

14

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS  (Continued)
		Retail — 5.3%
	3,550	American Eagle Outfitters Inc.	$	45,213	$	78,703
	41,400	Darling Ingredients Inc.†		684,837		896,310
	22,000	Del Frisco’s Restaurant Group Inc.†		204,630		141,020
	42,150	Ethan Allen Interiors Inc.		940,667		806,329
	14,100	The Hain Celestial Group Inc.†		253,723		325,992
				2,129,070		2,248,354
		Semiconductors — 8.2%
	2,600	Cabot Microelectronics Corp.		123,045		291,096
	30,900	Cypress Semiconductor Corp.		278,213		461,028
	24,300	Entegris Inc.		375,870		867,267
	28,100	FormFactor Inc.†		281,699		452,129
	12,600	MACOM Technology Solutions Holdings Inc.†		231,736		210,546
	20,600	Marvell Technology Group Ltd.		288,418		409,734
	8,400	Nanometrics Inc.†		252,067		259,392
	10,861	Versum Materials Inc.		285,361		546,417
				2,116,409		3,497,609
		Specialty Chemicals — 1.5%
	32,600	Ferro Corp.†		516,267		617,118
		TOTAL COMMON STOCKS		32,298,329		39,352,636
		RIGHTS — 0.0%
		Specialty Chemicals — 0.0%
	22,200	A. Schulman Inc., CVR†(a)		11,611		11,611

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 7.4%
$	3,155,000	U.S. Treasury Bills, 2.355% to 2.409%††, 05/16/19 to 06/27/19	$	3,140,608	$	3,140,795
		TOTAL INVESTMENTS — 99.8%	$	35,450,548		42,505,042
		Other Assets and Liabilities (Net) — 0.2%				80,622
		NET ASSETS — 100.0%			$	42,585,664

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

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

CVR Contingent Value Right

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

15

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 107.7%
		FINANCIALS — 26.9%
		Banks — 7.1%
	2,370	BankUnited Inc.	$	77,615	$	79,158
	148	SVB Financial Group†		17,607		32,909
	1,775	Zions Bancorp NA		52,534		80,603
				147,756		192,670
		Diversified Financials — 5.5%
	1,288	Legg Mason Inc.		46,159		35,253
	1,061	Oaktree Capital Group LLC		41,795		52,679
	594	T. Rowe Price Group Inc.		42,544		59,471
				130,498		147,403
		Insurance — 4.5%
	473	Chubb Ltd.		46,865		66,258
	1,089	Voya Financial Inc.		40,673		54,406
				87,538		120,664
		Real Estate — 9.8%
	665	American Tower Corp., REIT		58,124		131,045
	2,414	CBRE Group Inc., Cl. A†		69,721		119,372
	156	SL Green Realty Corp., REIT		16,659		14,028
				144,504		264,445
		TOTAL FINANCIALS		510,296		725,182
		CONSUMER DISCRETIONARY — 17.4%
		Consumer Durables — 3.4%
	377	Thor Industries Inc.		30,981		23,513
	1,893	Toll Brothers Inc.		64,169		68,527
				95,150		92,040
		Consumer Products — 0.6%
	1,000	Newell Brands Inc.		21,838		15,340
		Consumer Services — 2.5%
	1,219	Norwegian Cruise Line Holdings Ltd.†		43,957		66,996
		Media — 4.8%
	596	Liberty Broadband Corp., Cl. C†		31,512		54,677
	1,497	Manchester United plc, Cl. A		22,859		28,772
	8,052	Sirius XM Holdings Inc.		32,234		45,655
				86,605		129,104
		Retailing — 6.1%
	627	Dick’s Sporting Goods Inc.		17,633		23,080
	1,828	Ethan Allen Interiors Inc.		44,594		34,970
	1,562	Hanesbrands Inc.		30,961		27,929
	717	Nordstrom Inc.		30,488		31,820
	371	Ralph Lauren Corp.		27,172		48,111
				150,848		165,910
		TOTAL CONSUMER DISCRETIONARY		398,398		469,390
		INFORMATION TECHNOLOGY — 16.9%
		Semiconductors and Semiconductor Equipment — 3.1%
	760	Marvell Technology Group Ltd.		15,740		15,116
	517	MKS Instruments Inc.		37,870		48,107
	547	Teradyne Inc.		19,218		21,792
				72,828		85,015
		Software and Services — 8.2%
	886	Activision Blizzard Inc.		19,930		40,340
	172	Equinix Inc., REIT		36,776		77,943
	613	Fortinet Inc.†		17,422		51,474
	403	Splunk Inc.†		17,810		50,214
				91,938		219,971
		Technology Hardware and Equipment — 5.6%
	781	Belden Inc.		51,650		41,940

Shares			Cost		Market Value
	1,015	Ciena Corp.†	$	22,341	$	37,900
	146	Coherent Inc.†		22,944		20,691
	356	Sanmina Corp.†		9,587		10,271
	809	Versum Materials Inc.		25,055		40,701
				131,577		151,503
		TOTAL INFORMATION TECHNOLOGY		296,343		456,489
		INDUSTRIALS — 16.6%
		Capital Goods — 12.0%
	141	Cummins Inc.		13,048		22,260
	330	EnerSys		18,698		21,503
	891	Flowserve Corp.		40,534		40,220
	1,203	Fortune Brands Home & Security Inc.		51,730		57,275
	552	Hexcel Corp.		24,413		38,176
	2,326	Quanta Services Inc.		67,530		87,783
	2,231	Rexnord Corp.†		43,372		56,087
				259,325		323,304
		Commercial and Professional Services — 3.6%
	410	Bright Horizons Family Solutions Inc.†		17,539		52,115
	503	IHS Markit Ltd.†		16,488		27,353
	1,280	Steelcase Inc., Cl. A		17,718		18,624
				51,745		98,092
		Machinery — 1.0%
	165	Snap-on Inc.		24,417		25,826
		TOTAL INDUSTRIALS		335,487		447,222
		ENERGY — 12.2%
		Energy — 12.2%
	2,689	Baker Hughes, a GE Company		75,162		74,539
	3,323	Centennial Resource Development Inc., Cl. A†		53,165		29,209
	1,018	Cimarex Energy Co.		86,013		71,158
	1,203	Fortis Inc.		36,713		44,499
	3,379	Patterson-UTI Energy Inc.		63,801		47,374
	410	Pioneer Natural Resources Co.		60,651		62,435
		TOTAL ENERGY		375,505		329,214
		HEALTH CARE — 9.0%
		Health Care Equipment and Services — 7.5%
	199	Insulet Corp.†		5,949		18,923
	538	Laboratory Corp. of America Holdings†		63,485		82,303
	1,568	Patterson Cos. Inc.		58,085		34,261
	508	Universal Health Services Inc., Cl. B		49,852		67,955
				177,371		203,442
		Pharmaceuticals, Biotechnology, and Life Sciences — 1.5%
	56	Mettler-Toledo International Inc.†		14,952		40,488
		TOTAL HEALTH CARE		192,323		243,930
		MATERIALS — 4.7%
		Materials — 4.1%
	540	Arconic Inc.		9,898		10,319
	558	Ecolab Inc.		59,037		98,509
				68,935		108,828
		Specialty Chemicals — 0.6%
	885	Ferro Corp.†		15,272		16,753
		TOTAL MATERIALS		84,207		125,581

See accompanying notes to financial statements.

16

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		CONSUMER STAPLES — 4.0%
		Food and Beverage — 4.0%
	1,486	Coca-Cola European Partners plc	$	56,094	$	76,886
	674	Fresh Del Monte Produce Inc.		29,298		18,218
	586	The Hain Celestial Group Inc.†		21,862		13,548
		TOTAL CONSUMER STAPLES		107,254		108,652
		TOTAL COMMON STOCKS		2,299,813		2,905,660
		TOTAL INVESTMENTS — 107.7%	$	2,299,813		2,905,660
		Other Assets and Liabilities (Net) — (7.7)%				(207,534	)
		NET ASSETS — 100.0%			$	2,698,126

† Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

17

TETON Convertible Securities Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS — 73.1%
		Aerospace and Defense — 1.1%
$	250,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	253,746	$	371,749
		Automotive: Parts and Accessories — 0.6%
	250,000	NIO Inc., 4.500%, 02/01/24(a)		241,166		215,245
		Aviation: Parts and Services — 1.7%
	500,000	Kaman Corp., 3.250%, 05/01/24		532,858		552,454
		Business Services — 2.6%
	509,000	Bristow Group Inc., 4.500%, 06/01/23		542,502		107,493
	310,000	RingCentral Inc., Zero Coupon, 03/15/23		322,146		443,390
	292,000	Team Inc., 5.000%, 08/01/23		291,398		316,634
				1,156,046		867,517
		Cable and Satellite — 1.5%
	600,000	DISH Network Corp., 3.375%, 08/15/26		621,705		511,200
		Communications Equipment — 2.9%
	350,000	InterDigital Inc., 1.500%, 03/01/20		377,499		366,896
	512,000	Lumentum Holdings Inc., 0.250%, 03/15/24		572,094		605,308
				949,593		972,204
		Computer Software and Services — 22.9%
	540,000	Boingo Wireless Inc., 1.000%, 10/01/23(a)		491,275		486,580
	200,000	Coupa Software Inc., 0.375%, 01/15/23(a)		244,051		418,410
	550,000	CSG Systems International Inc., 4.250%, 03/15/36(a)		573,824		579,920
	500,000	Evolent Health Inc., 1.500%, 10/15/25(a)		489,944		397,934
	523,000	GDS Holdings Ltd., 2.000%, 06/01/25(a)		432,583		506,878
	395,000	IAC FinanceCo. Inc., 0.875%, 10/01/22(a)		459,469		580,766
	440,000	LivePerson Inc., 0.750%, 03/01/24(a)		443,530		454,872
	500,000	MercadoLibre Inc., 2.000%, 08/15/28(a)		491,240		673,437
	337,000	New Relic Inc., 0.500%, 05/01/23(a)		353,034		379,591
	305,000	Nice Systems Inc., 1.250%, 01/15/24		321,051		466,758
	176,000	Okta Inc., 0.250%, 02/15/23		182,888		318,648
	500,000	Perficient Inc., 2.375%, 09/15/23(a)		488,793		488,407
	70,000	Pluralsight Inc., 0.375%, 03/01/24(a)		70,000		75,057
	500,000	PROS Holdings Inc., 2.000%, 06/01/47		467,397		534,378
	250,000	Q2 Holdings Inc., 0.750%, 02/15/23		278,861		328,067

Principal Amount			Cost		Market Value
$	400,000	Splunk Inc., 1.125%, 09/15/25(a)	$	408,081	$	439,617
	400,000	Vocera Communications Inc., 1.500%, 05/15/23(a)		451,836		470,996
				6,647,857		7,600,316
		Consumer Services — 4.1%
	500,000	Chegg Inc., 0.125%, 03/15/25(a)		497,848		495,083
	300,000	Extra Space Storage LP, 3.125%, 10/01/35(a)		310,122		345,359
	550,000	Quotient Technology Inc., 1.750%, 12/01/22		550,481		517,931
				1,358,451		1,358,373
		Diversified Industrial — 2.4%
	300,000	Chart Industries Inc., 1.000%, 11/15/24(a)		370,075		489,538
	300,000	KBR Inc., 2.500%, 11/01/23(a)		303,550		304,381
				673,625		793,919
		Electronics — 0.3%
	105,000	Applied Optoelectronics Inc., 5.000%, 03/15/24(a)		105,000		104,320
		Energy and Utilities: Integrated — 1.2%
	500,000	SunPower Corp., 4.000%, 01/15/23		426,176		413,673
		Energy and Utilities: Services — 2.2%
	600,000	Cheniere Energy Inc., 4.250%, 03/15/45		427,765		472,125
	250,000	Tesla Energy Operations Inc., 1.625%, 11/01/19		240,440		242,007
				668,205		714,132
		Entertainment — 1.6%
	500,000	Gannett Co. Inc., 4.750%, 04/15/24(a)		538,311		544,639
		Financial Services — 1.9%
	300,000	Encore Capital Europe Finance Ltd., 4.500%, 09/01/23		316,422		269,609
	199,000	LendingTree Inc., 0.625%, 06/01/22		224,065		349,924
				540,487		619,533
		Health Care — 14.1%
	400,000	BioMarin Pharmaceutical Inc., 0.599%, 08/01/24		411,428		410,250
	250,000	CONMED Corp., 2.625%, 02/01/24(a)		254,895		278,004
	195,000	DexCom Inc., 0.750%, 12/01/23(a)		202,391		201,335
	275,000	Exact Sciences Corp., 0.375%, 03/15/27		275,415		281,264
	404,000	Insulet Corp., 1.375%, 11/15/24(a)		451,109		487,577
	300,000	Intercept Pharmaceuticals Inc., 3.250%, 07/01/23		297,172		298,370
	200,000	Invacare Corp., 4.500%, 06/01/22		214,468		172,376

See accompanying notes to financial statements.

18

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Principal Amount			Cost		Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
$	337,000	Neurocrine Biosciences Inc., 2.250%, 05/15/24	$	375,494	$	456,252
	300,000	Pacira Pharmaceuticals Inc., 2.375%, 04/01/22		300,959		296,099
	400,000	Paratek Pharmaceuticals Inc., 4.750%, 05/01/24(a)		395,104		306,146
	250,000	Retrophin Inc., 2.500%, 09/15/25		244,556		233,689
	550,000	Supernus Pharmaceuticals Inc., 0.625%, 04/01/23		575,334		532,422
	270,000	Tabula Rasa HealthCare Inc., 1.750%, 02/15/26(a)		288,832		288,476
	300,000	Teladoc Health Inc., 3.000%, 12/15/22		309,946		447,964
				4,597,103		4,690,224
		Semiconductors — 7.3%
	250,000	Cypress Semiconductor Corp., 4.500%, 01/15/22		278,590		320,019
	500,000	Inphi Corp., 1.125%, 12/01/20		540,443		615,152
	500,000	Knowles Corp., 3.250%, 11/01/21		532,049		585,809
	508,000	Rambus Inc., 1.375%, 02/01/23		501,902		476,555
	300,000	Teradyne Inc., 1.250%, 12/15/23		367,221		419,942
				2,220,205		2,417,477
		Telecommunications — 3.5%
	105,000	8x8 Inc., 0.500%, 02/01/24(a)		105,342		107,741
	600,000	Infinera Corp., 2.125%, 09/01/24		556,146		475,344
	300,000	Twilio Inc., 0.250%, 06/01/23(a)		300,672		572,269
				962,160		1,155,354
		Transportation — 1.2%
	250,000	Atlas Air Worldwide Holdings Inc., 2.250%, 06/01/22		248,483		263,254
	140,000	GOL Equity Finance SA, 3.750%, 07/15/24(a)		139,913		132,135
				388,396		395,389
		TOTAL CONVERTIBLE CORPORATE BONDS		22,881,090		24,297,718
Shares
		CONVERTIBLE PREFERRED STOCKS — 1.9%
		Agriculture — 0.3%
	1,000	Bunge Ltd., 4.875%		94,950		99,000
		Financial Services — 1.6%
	300	Bank of America Corp., 7.250%		385,753		390,561
	117	Wells Fargo & Co., 7.500%		149,190		151,205
				534,943		541,766
		TOTAL CONVERTIBLE PREFERRED STOCKS		629,893		640,766

Shares			Cost		Market Value
		MANDATORY CONVERTIBLE SECURITIES (b) — 18.8%
		Building and Construction — 0.9%
	3,007	Stanley Black & Decker Inc., 5.375%, 05/15/20	$	314,251	$	293,183
		Computer Software and Services — 0.9%
	1,500	Alibaba - Mandatory Exchange Trust, 5.750%, 06/01/19 (a)		192,859		305,303
		Consumer Products — 1.5%
	5,150	Energizer Holdings Inc., 7.500%, 01/15/22		521,484		501,507
		Diversified Industrial — 1.6%
	4,000	Colfax Corp., 5.750%, 01/15/22		416,600		532,520
		Energy and Utilities: Integrated — 3.1%
	5,200	CenterPoint Energy Inc., 7.000%, 09/01/21		267,167		274,768
	5,000	DTE Energy Co., 6.500%, 10/01/19		266,172		276,750
	3,535	Sempra Energy, 6.000%, 01/15/21		360,105		373,649
	970	6.750%, 07/15/21		98,732		102,975
				992,176		1,028,142
		Energy and Utilities: Services — 2.3%
	5,180	American Electric Power Co. Inc., 6.125%, 03/15/22		261,072		266,511
	9,705	South Jersey Industries Inc., 7.250%, 04/15/21		524,098		500,584
				785,170		767,095
		Equipment and Supplies — 0.8%
	250	Danaher Corp., 4.750%, 04/15/22		252,720		263,247
		Financial Services — 1.7%
	2,538	Assurant Inc., 6.500%, 03/15/21		260,201		263,140
	6,000	New York Community Capital Trust V, 6.000%, 11/01/51		300,700		289,500
				560,901		552,640
		Health Care — 1.0%
	5,494	Becton Dickinson and Co., 6.125%, 05/01/20		293,412		339,584
		Industrials — 1.6%
	5,032	International Flavors & Fragrances Inc., 6.000%, 09/15/21		260,406		251,298
	5,200	Rexnord Corp., 5.750%, 11/15/19		267,069		280,124
				527,475		531,422
		Real Estate Investment Trusts — 3.4%
	504	Crown Castle International Corp., 6.875%, 08/01/20		538,469		597,139
	5,000	QTS Realty Trust Inc., 6.500%, (c)		505,473		543,100
				1,043,942		1,140,239
		TOTAL MANDATORY CONVERTIBLE SECURITIES		5,900,990		6,254,882

See accompanying notes to financial statements.

19

TETON Convertible Securities Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 5.3%
$	1,775,000	U.S. Treasury Bills, 2.355% to 2.427%†, 05/23/19 to 06/27/19	$	1,766,133	$	1,766,251
		TOTAL INVESTMENTS — 99.1%	$	31,178,106		32,959,617
		Other Assets and Liabilities (Net) — 0.9%				288,388
		NET ASSETS — 100.0%			$	33,248,005

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, the market value of Rule 144A securities amounted to $11,130,016 or 33.48% of net assets.

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

(c) Security is perpetual and has no stated maturity date.

† Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

20

TETON Westwood Equity Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 98.9%
		Aerospace — 5.6%
	6,095	General Dynamics Corp.	$	923,606	$	1,031,762
	3,774	Northrop Grumman Corp.		1,208,775		1,017,470
	2,630	The Boeing Co.		319,627		1,003,135
				2,452,008		3,052,367
		Banking — 11.2%
	65,805	Bank of America Corp.		1,221,600		1,815,560
	18,479	JPMorgan Chase & Co.		1,096,196		1,870,629
	33,185	Wells Fargo & Co.		1,631,033		1,603,499
	20,865	Western Alliance Bancorp†		1,093,105		856,300
				5,041,934		6,145,988
		Business Services — 3.0%
	13,004	Booz Allen Hamilton Holding Corp.		375,869		756,052
	4,905	FedEx Corp.		753,773		889,816
				1,129,642		1,645,868
		Computer Software and Services — 6.4%
	1,063	Alphabet Inc., Cl. A†		887,402		1,251,034
	5,895	Apple Inc.		1,182,400		1,119,755
	9,755	Microsoft Corp.		764,636		1,150,505
				2,834,438		3,521,294
		Consumer Products — 2.4%
	19,210	Colgate-Palmolive Co.		1,117,896		1,316,653
		Diversified Industrial — 2.0%
	7,015	Honeywell International Inc.		871,879		1,114,824
		Energy and Energy Services — 2.9%
	11,795	EOG Resources Inc.		1,092,530		1,122,648
	14,990	Halliburton Co.		869,745		439,207
				1,962,275		1,561,855
		Energy: Integrated — 8.6%
	21,135	CMS Energy Corp.		956,819		1,173,838
	9,455	DTE Energy Co.		1,124,258		1,179,417
	6,100	NextEra Energy Inc.		488,565		1,179,252
	15,110	WEC Energy Group Inc.		725,998		1,194,899
				3,295,640		4,727,406
		Energy: Oil — 4.0%
	9,295	Chevron Corp.		873,560		1,144,958
	15,970	ConocoPhillips		1,103,671		1,065,838
				1,977,231		2,210,796
		Entertainment — 1.9%
	9,520	The Walt Disney Co.		1,064,705		1,057,006
		Financial Services — 9.9%
	14,770	Arthur J Gallagher & Co.		977,082		1,153,537
	8,600	Chubb Ltd.		936,465		1,204,688
	14,230	Intercontinental Exchange Inc.		747,628		1,083,472
	19,880	Morgan Stanley		1,118,240		838,936
	23,175	U.S. Bancorp		1,284,200		1,116,803
				5,063,615		5,397,436

Shares			Cost		Market Value
		Food and Beverage — 7.2%
	28,065	General Mills Inc.	$	1,345,840	$	1,452,364
	26,490	Hormel Foods Corp.		939,917		1,185,692
	10,750	PepsiCo Inc.		889,171		1,317,413
				3,174,928		3,955,469
		Health Care — 12.8%
	14,030	Abbott Laboratories		600,555		1,121,558
	5,770	Becton, Dickinson and Co.		999,872		1,440,942
	13,105	Johnson & Johnson		1,366,551		1,831,948
	14,885	Medtronic plc		1,252,385		1,355,726
	5,083	UnitedHealth Group Inc.		1,189,480		1,256,823
				5,408,843		7,006,997
		Real Estate — 3.2%
	4,690	Crown Castle International Corp., REIT		530,075		600,320
	5,285	Public Storage, REIT		1,168,268		1,150,967
				1,698,343		1,751,287
		Retail — 8.0%
	28,940	CVS Health Corp.		2,333,642		1,560,734
	6,240	Simon Property Group Inc., REIT		1,185,109		1,136,990
	7,160	Target Corp.		542,365		574,662
	5,920	The Home Depot Inc.		736,134		1,135,989
				4,797,250		4,408,375
		Semiconductors — 1.0%
	3,115	Lam Research Corp.		307,158		557,616
		Telecommunications — 6.8%
	66,220	AT&T Inc.		2,589,885		2,076,659
	11,739	Motorola Solutions Inc.		1,212,399		1,648,390
				3,802,284		3,725,049
		Transportation — 2.0%
	6,550	Union Pacific Corp.		359,452		1,095,160
		TOTAL COMMON STOCKS		46,359,521		54,251,446
		SHORT TERM INVESTMENT — 1.1%
		Other Investment Companies — 1.1%
	609,447	Dreyfus Treasury Securities Cash Management, 2.270%*		609,447		609,447
		TOTAL INVESTMENTS — 100.0%	$	46,968,968		54,860,893
		Other Assets and Liabilities (Net) — 0.0%				411
		NET ASSETS — 100.0%			$	54,861,304

* 1 day yield as of March 31, 2019.

† Non-income producing security.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

21

TETON Westwood Balanced Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 65.2%
		Aerospace — 3.8%
	5,225	General Dynamics Corp.	$	766,079	$	884,488
	2,550	Northrop Grumman Corp.		816,737		687,480
	1,815	The Boeing Co.		220,579		692,277
				1,803,395		2,264,245
		Banking — 7.3%
	48,780	Bank of America Corp.		621,340		1,345,840
	12,486	JPMorgan Chase & Co.		694,796		1,263,958
	23,035	Wells Fargo & Co.		1,131,023		1,113,051
	14,130	Western Alliance Bancorp†		739,742		579,895
				3,186,901		4,302,744
		Business Services — 2.0%
	8,900	Booz Allen Hamilton Holding Corp.		264,639		517,446
	3,625	FedEx Corp.		561,651		657,611
				826,290		1,175,057
		Computer Software and Services — 4.6%
	887	Alphabet Inc., Cl. A†		742,946		1,043,901
	4,005	Apple Inc.		803,299		760,750
	7,550	Microsoft Corp.		406,598		890,447
				1,952,843		2,695,098
		Consumer Products — 1.7%
	14,200	Colgate-Palmolive Co.		811,453		973,268
		Diversified Industrial — 1.3%
	4,880	Honeywell International Inc.		575,100		775,530
		Energy and Energy Services — 1.9%
	8,625	EOG Resources Inc.		780,619		820,927
	10,125	Halliburton Co.		587,444		296,663
				1,368,063		1,117,590
		Energy: Integrated — 5.9%
	15,485	CMS Energy Corp.		700,815		860,037
	6,915	DTE Energy Co.		822,237		862,577
	4,475	NextEra Energy Inc.		386,355		865,107
	11,075	WEC Energy Group Inc.		534,023		875,811
				2,443,430		3,463,532
		Energy: Oil — 2.7%
	6,485	Chevron Corp.		551,864		798,822
	11,785	ConocoPhillips		814,457		786,531
				1,366,321		1,585,353
		Entertainment — 1.2%
	6,400	The Walt Disney Co.		715,919		710,592
		Financial Services — 6.3%
	9,590	Arthur J Gallagher & Co.		634,708		748,979
	5,900	Chubb Ltd.		649,145		826,472
	10,130	Intercontinental Exchange Inc.		532,146		771,298
	14,280	Morgan Stanley		803,352		602,616
	15,775	U.S. Bancorp		874,155		760,197
				3,493,506		3,709,562
		Food and Beverage — 4.7%
	16,250	General Mills Inc.		786,791		840,937
	18,480	Hormel Foods Corp.		658,146		827,165
	9,000	PepsiCo Inc.		714,475		1,102,950
				2,159,412		2,771,052
		Health Care — 8.1%
	9,765	Abbott Laboratories		367,667		780,614
	3,830	Becton, Dickinson and Co.		665,851		956,466
	8,675	Johnson & Johnson		869,047		1,212,678
	10,325	Medtronic plc		867,839		940,401

Shares			Cost		Market Value
	3,581	UnitedHealth Group Inc.	$	838,299	$	885,438
				3,608,703		4,775,597
		Real Estate — 2.1%
	3,475	Crown Castle International Corp., REIT		393,162		444,800
	3,660	Public Storage, REIT		810,740		797,075
				1,203,902		1,241,875
		Retail — 5.2%
	19,290	CVS Health Corp.		1,554,258		1,040,310
	4,545	Simon Property Group Inc., REIT		877,799		828,144
	5,000	Target Corp.		378,746		401,300
	4,120	The Home Depot Inc.		568,422		790,587
				3,379,225		3,060,341
		Semiconductors — 0.7%
	2,150	Lam Research Corp.		211,794		384,872
		Telecommunications — 4.4%
	45,095	AT&T Inc.		1,767,115		1,414,179
	8,168	Motorola Solutions Inc.		840,792		1,146,951
				2,607,907		2,561,130
		Transportation — 1.3%
	4,560	Union Pacific Corp.		273,648		762,432
		TOTAL COMMON STOCKS		31,987,812		38,329,870
Principal Amount
		CORPORATE BONDS — 16.6%
		Banking — 4.4%
$	600,000	Citigroup Inc., 2.500%, 07/29/19		601,457		599,745
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		750,188		751,461
	600,000	The Goldman Sachs Group Inc., MTN, 3.850%, 07/08/24		600,224		611,984
	600,000	Wells Fargo & Co., MTN, 3.500%, 03/08/22		606,732		611,467
				2,558,601		2,574,657
		Cable and Satellite — 1.0%
	600,000	Comcast Corp., 2.922%, 10/01/20		600,366		601,046
		Computer Hardware — 1.1%
	650,000	International Business Machines Corp., 2.900%, 11/01/21		653,546		653,294
		Consumer Products — 2.2%
	500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		497,285		490,036
	800,000	Costco Wholesale Corp., 1.700%, 12/15/19		798,622		795,044
				1,295,907		1,285,080
		Electronics — 0.9%
	500,000	Texas Instruments Inc., 1.650%, 08/03/19		499,903		498,144
		Financial Services — 3.1%
	600,000	Capital One Financial Corp., 3.750%, 04/24/24		606,447		609,554

See accompanying notes to financial statements.

22

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS   (Continued)
		Financial Services (Continued)
$	600,000	Morgan Stanley, GMTN, 3.700%, 10/23/24	$	600,447	$	610,885
	600,000	The PNC Financial Services Group Inc., STEP, 2.854%, 11/09/22		594,666		599,009
				1,801,560		1,819,448
		Health Care — 2.9%
	500,000	Abbott Laboratories, 2.550%, 03/15/22		496,493		497,949
	600,000	Aetna Inc., 3.500%, 11/15/24		600,678		600,737
	600,000	Amgen Inc., 3.450%, 10/01/20		606,555		607,701
				1,703,726		1,706,387
		Retail — 1.0%
	600,000	CVS Health Corp., 3.375%, 08/12/24		599,183		596,674
		TOTAL CORPORATE BONDS		9,712,792		9,734,730
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.8%
		Federal Home Loan Mortgage Corp. — 1.9%
	1,100,000	2.375%, 01/13/22		1,104,547		1,103,503
		Federal National Mortgage Association — 1.9%
	1,100,000	2.625%, 09/06/24		1,129,262		1,116,888
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		2,233,809		2,220,391
		U.S. GOVERNMENT OBLIGATIONS — 12.4%
		U.S. Treasury Bonds — 1.8%
	1,100,000	2.500%, 02/15/45		989,567		1,038,146

Principal Amount			Cost		Market Value
		U.S. Treasury Notes — 10.6%
$	1,000,000	2.000%, 01/31/20	$	993,415	$	996,758
	1,100,000	2.625%, 08/15/20		1,099,139		1,103,803
	1,000,000	2.250%, 11/15/24		1,023,509		998,242
	500,000	2.000%, 02/15/25		497,571		491,934
	800,000	1.625%, 02/15/26		802,665		764,563
	950,000	2.250%, 08/15/27		900,712		941,112
	950,000	2.250%, 11/15/27		899,280		940,110
				6,216,291		6,236,522
		TOTAL U.S. GOVERNMENT OBLIGATIONS		7,205,858		7,274,668
Shares
		SHORT TERM INVESTMENT — 1.7%
		Other Investment Companies — 1.7%
	1,020,757	Dreyfus Treasury Securities Cash Management, 2.270%*		1,020,757		1,020,757
		TOTAL INVESTMENTS — 99.7%	$	52,161,028		58,580,416
		Other Assets and Liabilities (Net) — 0.3%				152,574
		NET ASSETS — 100.0%			$	58,732,990

* 1 day yield as of March 31, 2019.

† 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, 2019.

See accompanying notes to financial statements.

23

TETON Westwood Intermediate Bond Fund

Schedule of Investments — March 31, 2019 (Unaudited)

Principal Amount			Cost		Market Value
		CORPORATE BONDS — 58.8%
		Aerospace — 6.9%
$	125,000	General Dynamics Corp., 2.987%, (3 Month USD LIBOR     plus 0.29%) 05/11/20(a)	$	125,000	$	125,233
		3.077%, (3 Month USD LIBOR     plus 0.38%) 05/11/21(a)		125,000		125,575
	250,000	United Technologies Corp., 3.100%, 06/01/22		256,402		251,726
				506,402		502,534
		Agriculture — 1.9%
	140,000	Bunge Ltd Finance Corp., 4.350%, 03/15/24		138,409		141,856
		Banking — 9.6%
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		199,989		200,390
		3.207%, (3 Month USD LIBOR     plus 0.70%) 04/01/23(a)		50,068		50,328
		4.009%, (3 Month USD LIBOR     plus 1.23%) 10/24/23(a)		50,000		50,778
	400,000	The Bank of New York Mellon Corp., Ser. G, 2.200%, 05/15/19		400,012		399,742
				700,069		701,238
		Diversified Industrial — 2.8%
	50,000	Church & Dwight Co. Inc., 2.450%, 08/01/22		49,130		49,239
	100,000	United Rentals North America Inc., 4.625%, 07/15/23		101,750		101,937
	50,000	Wabtec Corp., 4.375%, 08/15/23		50,615		50,669
				201,495		201,845
		Energy — 6.9%
	250,000	Andeavor Logistics LP / Tesoro Logistics Finance Corp., 6.250%, 10/15/22		256,031		257,500
	50,000	EQM Midstream Partners LP, 4.750%, 07/15/23		50,431		51,023
	40,000	Kinder Morgan Energy Partners LP, 5.300%, 09/15/20		41,270		41,316
	75,000	Plains All American Pipeline LP / PAA Finance Corp., 3.650%, 06/01/22		74,908		75,505
	75,000	Western Midstream Operating LP,     5.375%, 06/01/21		77,600		77,769
				500,240		503,113
		Entertainment — 1.7%
	125,000	Discovery Communications LLC, 3.343%, (3 Month USD LIBOR     plus 0.71%) 09/20/19(a)		125,232		125,125
		Financial Services — 10.1%
	200,000	Capital One Financial Corp., 3.750%, 04/24/24		202,149		203,184
	50,000	CyrusOne LP / CyrusOne Finance Corp., 5.000%, 03/15/24		50,813		51,187
	75,000	Equinix Inc., 5.750%, 01/01/25		78,151		78,047

Principal Amount			Cost		Market Value
$	100,000	Ford Motor Credit Co. LLC, 3.157%, 08/04/20	$	99,170	$	99,311
	100,000	General Motors Financial Co. Inc., 3.700%, 11/24/20		100,610		100,852
	75,000	Jefferies Financial Group Inc., 5.500%, 10/18/23		78,244		78,551
	125,000	MPT Operating Partnership LP / MPT Finance Corp., 6.375%, 03/01/24		130,810		130,937
				739,947		742,069
		Food and Beverage — 4.9%
	100,000	Anheuser-Busch InBev Finance Inc., 3.700%, 02/01/24		102,546		102,968
	250,000	Mondelēz International Inc., 5.375%, 02/10/20		250,484		255,184
				353,030		358,152
		Health Care — 3.8%
	125,000	Anthem Inc., 2.500%, 11/21/20		124,876		124,409
	75,000	Becton Dickinson and Co., 3.363%, 06/06/24		74,349		75,044
	75,000	HCA Inc., 5.000%, 03/15/24		76,904		79,602
				276,129		279,055
		Metals and Mining — 1.4%
	100,000	Kinross Gold Corp., 5.125%, 09/01/21		102,939		103,250
		Retail — 1.6%
	125,000	The Home Depot, Inc., 2.125%, 09/15/26		123,950		118,141
		Specialty Chemicals — 2.6%
	35,000	Celanese US Holdings LLC, 5.875%, 06/15/21		37,039		36,752
	75,000	Huntsman International LLC, 5.125%, 11/15/22		78,495		78,563
	75,000	Methanex Corp., 5.250%, 03/01/22		76,915		77,334
				192,449		192,649
		Telecommunications — 4.6%
	250,000	AT&T Inc., 3.900%, 03/11/24		254,975		257,123
	75,000	Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/22		77,150		77,629
				332,125		334,752
		TOTAL CORPORATE BONDS		4,292,416		4,303,779
		CONVERTIBLE CORPORATE BONDS — 0.6%
		Computer Hardware — 0.6%
	50,000	Western Digital Corp., 1.500%, 02/01/24		44,054		44,101
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.5%
		Federal Home Loan Mortgage Corp. — 4.8%
	350,000	1.750%, 05/30/19		350,224		349,618

See accompanying notes to financial statements.

24

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — March 31, 2019 (Unaudited)

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
		Federal National Mortgage Association — 5.5%
$	400,000	2.625%, 09/06/24	$	410,641	$	406,141
		Government National Mortgage Association — 0.2%
	3,419	6.000%, 12/15/33		3,438		3,840
	11,431	5.500%, 01/15/34		11,478		12,580
				14,916		16,420
		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		775,781		772,179

Principal Amount			Cost		Market Value
		U.S. GOVERNMENT OBLIGATIONS — 32.2%
		U.S. Treasury Bills — 12.4%
$	915,000	U.S. Treasury Bills, 2.355% to 2.414%†, 05/16/19 to 06/27/19	$	910,563	$	910,610
		U.S. Treasury Notes — 17.1%
	750,000	2.375%, 04/30/20		748,413		749,810
	250,000	2.625%, 06/15/21		249,731		252,002
	250,000	2.000%, 02/15/25		249,217		245,967
				1,247,361		1,247,779
		U.S. Treasury Bonds — 2.7%
	150,000	5.375%, 02/15/31		162,088		195,018
		TOTAL U.S. GOVERNMENT OBLIGATIONS		2,320,012		2,353,407
		TOTAL INVESTMENTS — 102.1%	$	7,432,263		7,473,466
		Other Assets and Liabilities (Net) — (2.1)%				(155,719	)
		NET ASSETS — 100.0%			$	7,317,747

(a)	The interest rates for these floating rate notes, which will change periodically, are based either on the prime rate or an index of market rates. The reflected rates are in effect as of March 31, 2019. The maturity dates reflected are the final maturity dates.
†	Represents annualized yields at dates of purchase.

See accompanying notes to financial statements.

25

TETON Westwood Funds

Statements of Assets and Liabilities

March 31, 2019 (Unaudited)

	Mighty Mites Fund		SmallCap Equity Fund		Mid-Cap Equity Fund		Convertible Securities Fund
Assets:
Investments, at value (cost $719,364,685, $35,450,548, $2,299,813, and $31,178,106, respectively)		$1,081,682,388		$42,505,042		$2,905,660		$32,959,617
Investments in affiliates, at value (cost $36,439,953)		50,920,038		—		—		—
Foreign currency, at value (cost $949, $1,901, respectively)		954		1,912		—		—
Cash		6,632		616		—		4,905
Deposit at brokers		483,000		—		—		—
Receivable for Fund shares sold		1,008,217		104,278		—		161,601
Receivable for investments sold		130,431		—		—		—
Receivable from Adviser		—		14,965		15,749		15,267
Dividends and interest receivable - unaffiliated		614,848		26,524		2,257		166,399
Dividends and interest receivable - affiliated		43,000		—		—		—
Prepaid expenses		40,550		24,103		5,467		23,432
Total Assets		1,134,930,058		42,677,440		2,929,133		33,331,221
Liabilities:
Payable to custodian		—		—		187,332		—
Payable for investments purchased		289,967		—		—		—
Payable for Fund shares redeemed		1,108,708		9,258		11,527		17,418
Payable for investment advisory fees		977,014		36,303		4,734		27,568
Payable for distribution fees		192,330		6,364		563		5,354
Payable for accounting fees		7,500		—		—		—
Payable for payroll expenses		—		—		679		—
Payable for custodian fees		61,357		1,291		1,201		1,639
Payable for legal and audit fees		52,346		21,614		13,728		16,955
Payable for shareholder communications expenses		114,276		6,335		—		6,592
Payable for shareholder services fees		229,335		3,173		828		2,201
Other accrued expenses		26,899		7,438		10,415		5,489
Total Liabilities		3,059,732		91,776		231,007		83,216
Net Assets		$1,131,870,326		$42,585,664		$2,698,126		$33,248,005
Net Assets Consist of:
Paid-in capital		$ 742,698,011		$36,074,008		$2,218,418		$31,448,386
Total distributable earnings/(accumulated loss)		389,172,315		6,511,656		479,708		1,799,619
Net Assets		$1,131,870,326		$42,585,664		$2,698,126		$33,248,005
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$177,654,020		$8,164,595		$520,818		$4,469,709
Shares of beneficial interest outstanding		6,954,092		456,995		42,756		337,976
Net Asset Value, offering, and redemption price per share		$25.55		$17.87		$12.18		$13.22
Class A:
Net assets		$91,224,611		$4,379,090		$169,806		$3,928,975
Shares of beneficial interest outstanding		3,725,085		259,177		14,162		287,493
Net Asset Value and redemption price per share		$24.49		$16.90		$11.99		$13.67
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$25.51		$17.60		$12.49		$14.24
Class C:
Net assets		$130,864,040		$3,319,575		$412,695		$3,268,957
Shares of beneficial interest outstanding		6,147,312		233,023		35,566		224,040
Net Asset Value and offering price per share(a)		$21.29		$14.25		$11.60		$14.59
Class I:
Net assets		$732,127,655		$26,722,404		$1,594,807		$21,580,364
Shares of beneficial interest outstanding		27,917,097		1,436,415		128,729		1,626,245
Net Asset Value, offering, and redemption price per share		$26.23		$18.60		$12.39		$13.27

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

See accompanying notes to financial statements.

26

TETON Westwood Funds

Statements of Assets and Liabilities (Continued)

March 31, 2019 (Unaudited)

	Equity Fund		Balanced Fund		Intermediate   Bond Fund
Assets:
Investments, at value (cost $46,968,968, $52,161,028, and $7,432,263, respectively)		$54,860,893		$58,580,416		$7,473,466
Investments in affiliates, at value		—		—		—
Cash		—		—		4,817
Deposit at brokers		—		—		—
Receivable for Fund shares sold		2,723		63,713		287
Receivable for investments sold		126,280		87,985		—
Receivable from Adviser		—		—		17,498
Dividends and interest receivable - unaffiliated		43,807		170,276		56,508
Prepaid expenses		28,854		28,090		21,427
Total Assets		55,062,557		58,930,480		7,574,003
Liabilities:
Payable to custodian		—		—		—
Payable for investments purchased		84,334		54,831		—
Payable for Fund shares redeemed		9,218		37,034		214,964
Payable for investment advisory fees		46,539		37,298		7,241
Payable for distribution fees		11,178		15,963		1,607
Payable for accounting fees		7,500		7,500		—
Payable for custodian fees		1,139		1,130		1,202
Payable for legal and audit fees		17,550		17,605		17,672
Payable for shareholder communications expenses		8,104		8,743		4,089
Payable for shareholder services fees		8,338		7,203		2,401
Other accrued expenses		7,353		10,183		7,080
Total Liabilities		201,253		197,490		256,256
Net Assets		$54,861,304		$58,732,990		$7,317,747
Net Assets Consist of:
Paid-in capital		$44,396,251		$50,989,008		$7,368,645
Total distributable earnings/(accumulated loss)		10,465,053		7,743,982		(50,898)
Net Assets		$54,861,304		$58,732,990		$7,317,747
Shares of Beneficial Interest, each at $0.001 par value; unlimited number of shares authorized:
Class AAA:
Net assets		$49,481,813		$42,697,523		$3,347,508
Shares of beneficial interest outstanding		4,254,970		3,888,843		305,411
Net Asset Value, offering, and redemption price per share		$11.63		$10.98		$10.96
Class A:
Net assets		$1,270,775		$8,465,736		$862,759
Shares of beneficial interest outstanding		109,413		766,019		78,767
Net Asset Value and redemption price per share		$11.61		$11.05		$10.95
Maximum offering price per share (NAV ÷ 0.96, based on maximum sales charge of 4.00% of the offering price)		$12.09		$11.51		$11.41
Class C:
Net assets		$181,870		$3,955,583		$701,007
Shares of beneficial interest outstanding		16,770		351,538		67,445
Net Asset Value and offering price per share(a)		$10.84		$11.25		$10.39
Class I:
Net assets		$3,926,846		$3,614,148		$2,406,473
Shares of beneficial interest outstanding		339,097		329,693		219,422
Net Asset Value, offering, and redemption price per share		$11.58		$10.96		$10.97

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

See accompanying notes to financial statements.

27

TETON Westwood Funds

Statements of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

	Mighty Mites Fund				SmallCap Equity Fund			Mid-Cap Equity Fund				Convertible Securities Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $30,423, $1,221, $205, and $0, respectively)		$	6,335,336			$  314,097			$	19,466			$  164,679
Dividends - affiliated			537,659			—				—			—
Interest			2,277,199			20,879				362			113,346
Total Investment Income			9,150,194			334,976				19,828			278,025
Expenses:
Investment advisory fees			6,055,928			192,540				14,403			144,977
Distribution fees - Class AAA			238,590			10,186				900			5,327
Distribution fees - Class A			237,803			10,475				430			9,046
Distribution fees - Class C			707,001			14,706				1,961			15,000
Accounting fees			22,500			—				—			—
Custodian fees			105,163			6,444				2,393			4,437
Interest expense			—			121				—			99
Legal and audit fees			44,524			17,784				10,714			13,288
Payroll expenses			—			—				1,056			—
Registration expenses			50,052			34,181				10,723			26,929
Shareholder communications expenses			169,397			9,745				6,137			9,323
Shareholder services fees			585,791			7,432				3,607			6,284
Trustees’ fees			64,901			1,921				129			1,414
Miscellaneous expenses			37,763			5,710				4,360			4,934
Total Expenses			8,319,413			311,245				56,813			241,058
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)			—			(82,193	)			(41,685	)		(80,384	)
Advisory fee reduction on unsupervised assets (See Note 3)			(30,504	)		—				—			—
Custodian fee credits			(2,330	)		(255	)			—			(358	)
Expenses paid by broker (See Note 6)			(2,223	)		(769	)			(316	)		(365	)
Total Reimbursements, Waivers, Reductions, and Credits			(35,057	)		(83,217	)			(42,001	)		(81,107	)
Net Expenses			8,284,356			228,028				14,812			159,951
Net Investment Income			865,838			106,948				5,016			118,074
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments - unaffiliated			22,405,238			464,531				(97,465	)		424,741
Net realized gain on investments - affiliated			422			—				—			—
Net realized gain/(loss) on foreign currency transactions			1,810			(56	)			—			—
Net realized gain/(loss) on investments and foreign currency transactions			22,407,470			464,475				(97,465	)		424,741
Net change in unrealized appreciation/depreciation:
on investments			(147,122,005	)		(1,917,138	)			(75,938	)		(519,782	)
on foreign currency translations			(2,863	)		11				—			—
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(147,124,868	)		(1,917,127	)			(75,938	)		(519,782	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency			(124,717,398	)		(1,452,652	)			(173,403	)		(95,041	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	(123,851,560	)		$(1,345,704	)			$(168,387	)		$    23,033

See accompanying notes to financial statements.

28

TETON Westwood Funds

Statements of Operations (Continued)

For the Six Months Ended March 31, 2019 (Unaudited)

	Equity       Fund				Balanced       Fund		Intermediate  Bond Fund
Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $0, $0, and $0, respectively)		$	684,328			$     478,100		—
Dividends - affiliated			—			—		—
Interest			5,645			298,317		$105,286
Total Investment Income			689,973			776,417		105,286
Expenses:
Investment advisory fees			278,047			227,506		21,339
Distribution fees - Class AAA			61,929			55,658		4,336
Distribution fees - Class A			3,253			20,776		1,017
Distribution fees - Class C			1,605			20,731		3,745
Accounting fees			22,500			22,500		—
Custodian fees			2,791			2,746		2,394
Interest expense			—			—		—
Legal and audit fees			14,248			14,305		14,484
Payroll expenses			—			—		—
Registration expenses			28,119			28,771		21,447
Shareholder communications expenses			11,550			12,389		6,363
Shareholder services fees			20,460			19,147		5,613
Trustees’ fees			2,905			2,173		358
Miscellaneous expenses			6,154			6,297		4,136
Total Expenses			453,561			432,999		85,232
Less:
Fees waived or expenses reimbursed by Adviser (See Note 3)			—			—		(49,461	)
Advisory fee reduction on unsupervised assets (See Note 3)			—			—		—
Custodian fee credits			—			—		—
Expenses paid by broker (See Note 6)			(835	)		(866)		—
Total Reimbursements, Waivers, Reductions, and Credits			(835	)		(866)		(49,461	)
Net Expenses			452,726			432,133		35,771
Net Investment Income			237,247			344,284		69,515
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain/(loss) on investments - unaffiliated			2,715,369			1,491,278		3,151
Net realized gain on investments - affiliated			—			—		—
Net realized gain/(loss) on foreign currency transactions			—			—		—
Net realized gain/(loss) on investments and foreign currency transactions			2,715,369			1,491,278		3,151
Net change in unrealized appreciation/depreciation:
on investments			(4,817,959	)		(2,432,339)		84,247
Net change in unrealized appreciation/depreciation on investments			(4,817,959	)		(2,432,339)		84,247
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency			(2,102,590	)		(941,061)		87,398
Net Increase/(Decrease) in Net Assets Resulting from Operations			$(1,865,343	)		$    (596,777)		$156,913

See accompanying notes to financial statements.

29

TETON Westwood Funds

Statements of Changes in Net Assets

	Mighty Mites Fund								SmallCap Equity Fund								Mid-Cap Equity Fund
	For the Six Months Ended March 31, 2019 (Unaudited)				For the Year Ended September 30, 2018				For the Six Months Ended March 31, 2019 (Unaudited)				For the Year Ended September 30, 2018				For the Six Months Ended March 31, 2019 (Unaudited)				For the Year Ended September 30, 2018
Operations:
Net investment income/(loss)			$         865,838			$	(2,977,303	)			$     106,948				$     (9,202)			$	5,016			$	1,763
Net realized gain/(loss) on investments, redemption in-kind, and foreign currency transactions			22,407,470				45,140,471				464,475				4,343,612				(97,465	)			172,524
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations			(147,124,868	)			18,650,429				(1,917,127	)			(1,384,607	)			(75,938	)			48,698
Net Increase/(Decrease) in Net Assets Resulting from Operations			(123,851,560	)			60,813,597				(1,345,704	)			2,949,803				(168,387	)			222,985
Distributions to Shareholders
Net investment income and net realized gain
Class AAA			(7,361,282	)			(16,091,681	)			(988,127	)			(799,266	)			(46,476	)			(36,604	)
Class A			(3,810,847	)			(8,606,993	)			(503,509	)			(335,705	)			(11,074	)			(8,869	)
Class C			(6,494,377	)			(12,671,430	)			(375,663	)			(226,732	)			(25,593	)			(8,748	)
Class I			(29,681,828	)			(47,329,053	)			(2,141,704	)			(1,361,990	)			(102,361	)			(76,137	)
Class T*			—				(659	)			—				(93	)			—				—
			(47,348,334	)			(84,699,816	)			(4,009,003	)			(2,723,786	)			(185,504	)			(130,358	)
Return of capital
Class AAA			—				—				—				—				—				—
Class A			—				—				—				—				—				—
Class C			—				—				—				—				—				—
Class I			—				—				—				—				—				—
			—				—				—				—				—				—
Distributions to Shareholders			(47,348,334	)			(84,699,816	)			(4,009,003	)			(2,723,786	)			(185,504	)			(130,358	)
Shares of Beneficial Interest Transactions:
Proceeds from shares issued
Class AAA			7,076,485				32,706,439				682,592				2,106,780				130,344				290,294
Class A			5,939,075				21,168,410				366,912				1,565,274				288				576
Class C			4,593,966				22,014,819				979,901				967,543				8,636				233,747
Class I			71,483,598				310,712,422				10,483,538				7,976,771				500				2,799
			89,093,124				386,602,090				12,512,943				12,616,368				139,768				527,416
Proceeds from reinvestment of distributions
Class AAA			7,212,093				15,814,254				983,404				789,372				46,476				36,604
Class A			3,441,845				7,945,275				502,766				333,554				11,073				8,869
Class C			5,725,758				10,953,006				357,015				200,988				24,091				7,861
Class I			19,854,881				30,327,154				2,133,536				1,335,363				102,361				76,137
Class T*			—				660				—				93				—				—
			36,234,577				65,040,349				3,976,721				2,659,370				184,001				129,471
Cost of shares redeemed
Class AAA			(36,892,305	)			(90,591,578	)			(1,156,019	)			(2,969,647	)			(379,445	)			(338,745	)
Class A			(16,226,205	)			(83,818,036	)			(686,636	)			(457,749	)			(12,005	)			(26,585	)
Class C			(24,838,526	)			(40,163,303	)			(452,033	)			(483,289	)			(11,445	)			(4,269	)
Class I			(180,364,605	)			(129,221,594	)			(5,147,218	)			(5,321,296	)			(108,271	)			(131,805	)
Class T*			—				(11,417	)			—				(1,199	)			—				—
			(258,321,641	)			(343,805,928	)			(7,441,906	)			(9,233,180	)			(511,166	)			(501,404	)
Net Increase/(Decrease) in Net Assets from Shares of Beneficial Interest Transactions			(132,993,940	)			107,836,511				9,047,758				6,042,558				(187,397	)			155,483
Redemption Fees			1,046				972				—				—				—				—
Net Increase/(Decrease) in Net Assets			(304,192,788	)			83,951,264				3,693,051				6,268,575				(541,288	)			248,110
Net Assets:
Beginning of year			1,436,063,114				1,352,111,850				38,892,613				32,624,038				3,239,414				2,991,304
End of period		$	1,131,870,326			$	1,436,063,114			$	42,585,664			$	38,892,613			$	2,698,126			$	3,239,414

* Class T Shares were liquidated on August 31, 2018.

See accompanying notes to financial statements.

30

TETON Westwood Funds

Statements of Changes in Net Assets (Continued)

Convertible Securities Fund								Equity Fund								Balanced Fund								Intermediate Bond Fund
For the Six Months Ended March 31, 2019         (Unaudited)				For the Year Ended September 30,             2018				For the Six Months Ended March 31, 2019 (Unaudited)				For the Year Ended September 30, 2018				For the Six Months Ended March 31, 2019         (Unaudited)				For the Year Ended September 30,             2018				For the Six Months Ended March 31, 2019 (Unaudited)				For the Year Ended September 30, 2018
	$	118,074			$	68,502			$	237,247			$	368,498			$	344,284			$	605,530			$	69,515			$	118,467
		424,741				1,234,059				2,715,369				7,812,617				1,491,278				6,409,044				3,151				(91,525	)
		(519,782	)			1,169,874				(4,817,959	)			72,520				(2,432,339	)			(1,288,447	)			84,247				(94,183	)
		23,033				2,472,435				(1,865,343	)			8,253,635				(596,777	)			5,726,127				156,913				(67,241	)
		(206,522)				(66,250	)			(7,382,923	)			(5,968,512	)			(5,135,976	)			(3,431,212	)			(33,991	)			(116,646	)
		(168,078)				(37,108	)			(193,992	)			(269,080	)			(915,752	)			(538,815	)			(5,424	)			(11,813	)
		(123,435)				(10,436	)			(62,356	)			(73,250	)			(459,361	)			(275,807	)			(4,531	)			(28,098	)
		(880,233)				(189,216	)			(693,652	)			(569,904	)			(410,433	)			(217,833	)			(25,569	)			(95,203	)
		—				—				—				—				—				—				—				—
		(1,378,268	)			(303,010	)			(8,332,923	)			(6,880,746	)			(6,921,522	)			(4,463,667	)			(69,515	)			(251,760	)
		—				—				—				—				—				—				—				(28	)
		—				—				—				—				—				—				—				(3	)
		—				—				—				—				—				—				—				(9	)
		—				—				—				—				—				—				—				(21	)
		—				—				—				—				—				—				—				(61	)
		(1,378,268	)			(303,010	)			(8,332,923	)			(6,880,746	)			(6,921,522	)			(4,463,667	)			(69,515	)			(251,821	)
		566,420				910,760				260,087				485,651				6,254,612				1,658,895				364,306				591,965
		480,442				1,906,290				15,504				10,444				1,294,909				2,483,948				577,641				1,209,949
		668,403				2,049,285				58,626				4,655				268,944				296,276				48,417				115,342
		8,101,751				11,790,310				156,383				902,820				227,509				3,251,539				61,202				278,911
		9,817,016				16,656,645				490,600				1,403,570				8,045,974				7,690,658				1,051,566				2,196,167
		200,482				64,447				7,101,712				5,773,371				4,990,711				3,348,972				32,948				113,042
		165,165				36,464				193,971				269,063				893,710				524,840				5,422				9,857
		123,309				10,398				58,166				69,569				454,832				272,907				4,529				27,825
		879,645				189,122				687,138				519,472				389,960				197,338				25,569				94,841
		—				—				—				—				—				—				—				—
		1,368,601				300,431				8,040,987				6,631,475				6,729,213				4,344,057				68,468				245,565
		(587,420)				(1,104,825	)			(3,442,288	)			(7,112,237	)			(8,182,979	)			(11,680,874	)			(524,345	)			(809,987	)
		(235,819)				(1,257,996	)			(136,028	)			(1,352,885	)			(1,448,369	)			(2,643,723	)			(38,359	)			(1,379,664	)
		(350,132)				(565,784	)			(288,764	)			(310,799	)			(779,577	)			(714,072	)			(165,063	)			(395,612	)
		(4,700,082)				(1,657,866	)			(953,951	)			(1,609,894	)			(482,288	)			(1,562,514	)			(3,885	)			(865,754	)
		—				—				—				—				—				—				—				—
		(5,873,453	)			(4,586,471	)			(4,821,031	)			(10,385,815	)			(10,893,213	)			(16,601,183	)			(731,652	)			(3,451,017	)
		5,312,164				12,370,605				3,710,556				(2,350,770	)			3,881,974				(4,566,468	)			388,382				(1,009,285	)
		—				—				—				—				—				—				—				—
		3,956,929				14,540,030				(6,487,710	)			(977,881	)			(3,636,325	)			(3,304,008	)			475,780				(1,328,347	)
		29,291,076				14,751,046				61,349,014				62,326,895				62,369,315				65,673,323				6,841,967				8,170,314
	$	33,248,005			$	29,291,076			$	54,861,304			$	61,349,014			$	58,732,990			$	62,369,315			$	7,317,747			$	6,841,967

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 Year			Net Investment Income (Loss)(a)(b)				Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		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 Mites Fund
Class AAA
2019(e)		$	28.86		$	0.01			$(2.35)		$(2.34)		$(0.97)		$	(0.97)		$	0.00		$	25.55		(8.1	)%		$	177,654		0.09%(f)		1.42%(f)(g)		1.43%(f)		4	%
2018			29.42			(0.07	)		1.32		1.25		(1.81)			(1.81)			0.00			28.86		4.4				226,938		(0.25)		1.40(g)		1.40		9
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
Class A
2019(e)		$	27.75		$	(0.02	)		$(2.27)		$(2.29)		$(0.97)		$	(0.97)		$	0.00		$	24.49		(8.3	)%		$	91,224		(0.16)%(f)		1.67%(f)(g)		1.68%(f)		4	%
2018			28.42			(0.14	)		1.28		1.14		(1.81)			(1.81)			0.00			27.75		4.1				111,572		(0.50)		1.65(g)		1.65		9
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
Class C
2019(e)		$	24.32		$	(0.07	)		$(1.99)		$(2.06)		$(0.97)		$	(0.97)		$	0.00		$	21.29		(8.5	)%		$	130,864		(0.66)%(f)		2.17%(f)(g)		2.18%(f)		4	%
2018			25.24			(0.24	)		1.13		0.89		(1.81)			(1.81)			0.00			24.32		3.6				166,600		(1.00)		2.15(g)		2.15		9
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
Class I
2019(e)		$	29.57		$	0.04			$(2.41)		$(2.37)		$(0.97)		$	(0.97)		$	0.00		$	26.23		(8.0	)%		$	732,128		0.34%(f)		1.17%(f)(g)		1.18%(f)		4	%
2018			30.02			0.00	(c)		1.36		1.36		(1.81)			(1.81)			0.00			29.57		4.7				930,953		0.00(h)		1.15(g)		1.15		9
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

† 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 the 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%, and 0.01% of net assets for the six months ended March 31, 2019 and years ended September 30, 2017, 2015, and 2014, respectively. For the years ended September 30, 2018 and 2016 there was no impact on the expense ratios.

(e) For the six months ended March 31, 2019, 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, 2019 and the years ended September 30, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(h) Amount represents less than 0.005%.

See accompanying notes to financial statements.

32

TETON Westwood Funds

Financial Highlights

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

				Income (Loss) from Investment Operations									Distributions to Shareholders																	Ratios to Average Net Assets/Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments		Total From Investment Operations			Net Investment Income		Net Realized Gain on Investments			Total Distributions			Redemption Fees(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
2019(c)		$	21.49		$	0.04			$(1.36)		$	(1.32)		—		$	(2.30)		$	(2.30)			—		$	17.87		(6.1	)%		$	8,165		0.46	%(d)		1.25%(d)(e)		1.68%(d)		15	%
2018			21.37			(0.02)			2.00			1.98		—			(1.86)			(1.86)			—			21.49		9.7				9,286		(0.08	)		1.25(e)		1.72		32
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
Class A
2019(c)		$	20.48		$	0.02			$(1.30)		$	(1.28)		—		$	(2.30)		$	(2.30)			—		$	16.90		(6.2	)%		$	4,379		0.22	%(d)		1.50%(d)(e)		1.93%(d)		15	%
2018			20.50			(0.07)			1.91			1.84		—			(1.86)			(1.86)			—			20.48		9.4				5,024		(0.33	)		1.50(e)		1.97		32
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
Class C
2019(c)		$	17.69		$	(0.02)			$(1.12)		$	(1.14)		—		$	(2.30)		$	(2.30)			—		$	14.25		(6.4	)%		$	3,320		(0.25	)%(d)		2.00%(d)(e)		2.43%(d)		15	%
2018			18.04			(0.15)			1.66			1.51		—			(1.86)			(1.86)			—			17.69		8.8				2,895		(0.83	)		2.00(e)		2.47		32
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
Class I
2019(c)		$	22.27			$0.07			$(1.42)		$	(1.35)		$(0.02)		$	(2.30)		$	(2.32)			—		$	18.60		(6.0	)%		$	26,722		0.75	%(d)		1.00%(d)(e)		1.43%(d)		15	%
2018			22.04			0.04			2.05			2.09		—			(1.86)			(1.86)			—			22.27		9.9				21,688		0.17			1.00(e)		1.47		32
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

† 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 the 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, 2019, 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 during the year ended September 30, 2016, the expense ratios would have been 1.51%, 1.76%, 2.26%, and 1.26% for Class AAA, Class A, Class C, and Class I, respectively. For the six months ended March 31, 2019 and the years ended September 30, 2018, 2017, and 2015, these credits had no material impact on the expense ratios.

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 Net  of Waivers/ Reimbursements		Operating Expenses Before Waivers/ Reimbursements	Portfolio Turnover Rate
Mid-Cap Equity Fund
Class AAA
2019(b)	$	13.69		$0.02	$(0.75)	$	(0.73	)		—		$	(0.78	)	$	(0.78	)	$	12.18		(5.2	)%	$	521		(0.31	)%(c)		1.05%(c)(d)	3.96%(c)		6	%
2018		13.31		0.00	0.95		0.95			—			(0.57	)		(0.57	)		13.69		7.4			813		(0.00	)*		1.05(d)	3.74		13
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
Class A
2019(b)	$	13.50		$0.00(f)	$(0.73)	$	(0.73	)		—		$	(0.78	)	$	(0.78	)	$	11.99		(5.3	)%	$	170		0.08	%(c)		1.30%(c)(d)	4.21%(c)		6	%
2018		13.16		(0.03)	0.94		0.91			—			(0.57	)		(0.57	)		13.50		7.1			191		(0.26	)		1.30(d)	3.99		13
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
Class C
2019(b)	$	13.12		$(0.02)	$(0.72)	$	(0.74	)		—		$	(0.78	)	$	(0.78	)	$	11.60		(5.5	)%	$	412		(0.41	)%(c)		1.80%(c)(d)	4.71%(c)		6	%
2018		12.87		(0.09)	0.91		0.82			—			(0.57	)		(0.57	)		13.12		6.6			441		(0.72	)		1.80(d)	4.49		13
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
Class I
2019(b)	$	13.90		$0.04	$(0.75)	$	(0.71	)	$	(0.02	)	$	(0.78	)	$	(0.80	)	$	12.39		(5.0	)%	$	1,595		0.58	%(c)		0.80%(c)(d)	3.71%(c)		6	%
2018		13.48		0.03	0.96		0.99			—			(0.57	)		(0.57	)		13.90		7.6			1,794		0.25			0.80(d)	3.49		13
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

† 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 the 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, 2019, 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, 2019 and the years ended September 30, 2018, 2017, 2016, and 2015 would have been 1.07%, 1.09%, 1.08%, 1.39%, and 1.54% (Class AAA), 1.32%, 1.34%, 1.33%, 1.68%, and 1.79% (Class A), 1.82%, 1.84%, 1.83%, 2.16%, and 2.29% (Class C), and 0.82%, 0.84%, 0.83%, 0.95%, and 1.29% (Class I), 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.

* Amount represents less than 0.05%.

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 (Loss)(a)			Net Realized and Unrealized Gain (Loss) on Investments		Total From Investment Operations			Net Investment Income			Net Realized Gain on Investments			Total Distributions			Redemption Fees(a)			Net Asset Value, End of Period		Total Return†			Net Assets, End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses Net of Waivers/ Reimbursements			Operating Expenses Before Waivers/ Reimbursements		Portfolio Turnover Rate
Convertible Securities Fund
Class AAA
2019(b)		$13.98		$ 0.05			$(0.17)		$(0.12	)		$(0.11	)		$(0.53	)		$(0.64	)		—			$13.22		(0.6	)%		$  4,470		0.76	%(c)		1.15	%(c)(d)		1.70%(c)		12	%
2018		12.41		0.04			1.73		1.77			(0.20	)		—			(0.20	)		—			13.98		14.4			4,523		0.34			1.15	(d)		2.03		35
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
Class A
2019(b)		$14.43		$ 0.03			$(0.17)		$(0.14	)		$(0.09	)		$(0.53	)		$(0.62	)		—			$13.67		(0.7	)%		$  3,929		0.51	%(c)		1.40	%(c)(d)		1.95%(c)		12	%
2018		12.79		0.01			1.80		1.81			(0.17	)		—			(0.17	)		—			14.43		14.2			3,711		0.09			1.40	(d)		2.28		35
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
Class C
2019(b)		$15.36		$ 0.00	(e)		$(0.18)		$(0.18	)		$(0.06	)		$(0.53	)		$(0.59	)		—			$14.59		(1.0	)%		$  3,269		0.02	%(c)		1.90	%(c)(d)		2.45%(c)		12	%
2018		13.62		(0.06	)		1.90		1.84			(0.10	)		—			(0.10	)		—			15.36		13.6			2,960		(0.40	)		1.90	(d)		2.78		35
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
Class I
2019(b)		$14.03		$ 0.07			$(0.17)		$(0.10	)		$(0.13	)		$(0.53	)		$(0.66	)		—			$13.27		(0.5	)%		$21,580		1.02	%(c)		0.90	%(c)(d)		1.45%(c)		12	%
2018		12.44		0.08			1.75		1.83			(0.24	)		—			(0.24	)		—			14.03		14.8			18,097		0.56			0.90	(d)		1.78		35
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

† 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 the 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, 2019, 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), respectively. For the six months ended March 31, 2019 and the year ended September 30, 2018, these credits had no impact on the expense ratios.

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

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 (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
2019(c)		$	13.94		$	0.05			$(0.44)		$	(0.39	)		$	(0.09)		$	(1.83)		$	(1.92)		$	11.63		(2.8	)%		$	49,482		0.84	%(d)		1.64%(d)(e)		9	%
2018			13.69			0.08			1.71			1.79				(0.06)			(1.48)			(1.54)			13.94		14.1				54,595		0.59			1.60(e)		33
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
Class A
2019(c)		$	13.90		$	0.04			$(0.45)		$	(0.41	)		$	(0.05)		$	(1.83)		$	(1.88)		$	11.61		(2.9	)%		$	1,270		0.59	%(d)		1.89%(d)(e)		9	%
2018			13.64			0.05			1.71			1.76				(0.02)			(1.48)			(1.50)			13.90		13.9				1,435		0.35			1.85(e)		33
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
Class C
2019(c)		$	13.09		$	0.00	(f)		$(0.42)		$	(0.42	)			—		$	(1.83)		$	(1.83)		$	10.84		(3.2	)%		$	182		0.07	%(d)		2.39%(d)(e)		9	%
2018			12.97			(0.02	)		1.62			1.60				—			(1.48)			(1.48)			13.09		13.3				449		(0.17	)		2.35(e)		33
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
Class I
2019(c)		$	13.91		$	0.06			$(0.44)		$	(0.38	)		$	(0.12)		$	(1.83)		$	(1.95)		$	11.58		(2.7	)%		$	3,927		1.10	%(d)		1.39%(d)(e)		9	%
2018			13.66			0.11			1.72			1.83				(0.10)			(1.48)			(1.58)			13.91		14.5				4,870		0.84			1.35(e)		33
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

† 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 the 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 year ended September 30, 2014. 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, 2019, 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, 2019 and the years ended September 30, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

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

See accompanying notes to financial statements.

36

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
2019(b)		$	12.39		$	0.07		$(0.18)		$(0.11)		$	(0.07)		$	(1.23)		$	(1.30)		$	10.98		(0.7	)%		$	42,697		1.21	%(c)		1.35%(c)(d)		14	%
2018			12.16			0.12		0.96		1.08			(0.12)			(0.73)			(0.85)			12.39		9.3				45,181		1.00			1.34(d)		27
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
Class A
2019(b)		$	12.47		$	0.05		$(0.19)		$(0.14)		$	(0.05)		$	(1.23)		$	(1.28)		$	11.05		(1.0	)%		$	8,466		0.95	%(c)		1.60%(c)(d)		14	%
2018			12.23			0.09		0.97		1.06			(0.09)			(0.73)			(0.82)			12.47		9.1				8,719		0.75			1.59(d)		27
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
Class C
2019(b)		$	12.67		$	0.03		$(0.20)		$(0.17)		$	(0.02)		$	(1.23)		$	(1.25)		$	11.25		(1.2	)%		$	3,956		0.45	%(c)		2.10%(c)(d)		14	%
2018			12.41			0.03		0.99		1.02			(0.03)			(0.73)			(0.76)			12.67		8.5				4,544		0.25			2.09(d)		27
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
Class I
2019(b)		$	12.38		$	0.08		$(0.19)		$(0.11)		$	(0.08)		$	(1.23)		$	(1.31)		$	10.96		(0.7	)%		$	3,614		1.45	%(c)		1.10%(c)(d)		14	%
2018			12.15			0.15		0.97		1.12			(0.16)			(0.73)			(0.89)			12.38		9.6				3,925		1.24			1.09(d)		27
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

† 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 the applicable sales charges. Total return for a period of less than one year is not annualized.

†† The ratios do not include a reduction for custodian fee credits on cash balances maintained with the custodian (Custodian Fee Credits). Including such Custodian Fee Credits, the ratios for the years ended September 30, 2015 and 2014 would have been 1.32% and 1.27% (Class AAA), 1.57% and 1.52% (Class A), 2.07% and 2.02% (Class C), and 1.07% and 1.02% (Class I), respectively. For the six months ended March 31, 2019 and the years ended September 30, 2018, 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, 2019, 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, 2019, and the years ended September 30, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

See accompanying notes to financial statements.

37

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		Return of Capital			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
2019(b)		$10.83		$0.11		$ 0.13		$ 0.24			$(0.11)		—		—			$(0.11)		$10.96		2.2	%		$3,348		1.96	%(c)		1.00%(c)		2.39%(c)		16	%
2018		11.28		0.17		(0.26)		(0.09	)		(0.18)		$(0.18)		$(0.00	)(d)		(0.36)		10.83		(0.8	)		3,434		1.59			1.00		2.22		32
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
Class A
2019(b)		$10.82		$0.10		$ 0.13		$ 0.23			$(0.10)		—		—			$(0.10)		$10.95		2.1	%		$   863		1.87	%(c)		1.10%(c)		2.49%(c)		16	%
2018		11.26		0.16		(0.25)		(0.09	)		(0.17)		$(0.18)		$(0.00	)(d)		(0.35)		10.82		(0.8	)		308		1.46			1.10		2.32		32
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
Class C
2019(b)		$10.27		$0.06		$ 0.12		$ 0.18			$(0.06)		—		—			$(0.06)		$10.39		1.8	%		$   701		1.21	%(c)		1.75%(c)		3.14%(c)		16	%
2018		10.70		0.09		(0.25)		(0.16	)		(0.09)		$(0.18)		$(0.00	)(d)		(0.27)		10.27		(1.5	)		805		0.83			1.75		2.97		32
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
Class I
2019(b)		$10.84		$0.12		$ 0.13		$ 0.25			$(0.12)		—		—			$(0.12)		$10.97		2.3	%		$  2,406		2.21	%(c)		0.75%(c)		2.14%(c)		16	%
2018		11.28		0.20		(0.25)		(0.05	)		(0.21)		$(0.18)		$(0.00	)(d)		(0.39)		10.84		(0.5	)		2,295		1.83			0.75		1.97		32
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

† 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 the 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, 2019, unaudited.

(c) Annualized.

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

See accompanying notes to financial statements.

38

TETON Westwood Funds

Notes to Financial Statements (Unaudited)

1. Organization. The TETON Westwood Funds (the Trust) was organized as a Massachusetts business trust on June 12, 1986. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified open-end management investment company and currently consists of seven active separate investment portfolios: TETON Westwood Mighty Mites Fund (Mighty Mites Fund), TETON Westwood SmallCap Equity Fund (SmallCap Equity Fund), TETON Westwood Mid-Cap Equity Fund (Mid-Cap Equity Fund), TETON 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 Fund and SmallCap Equity Fund. Class T shares were liquidated on August 31, 2018.

The investment objectives of each Fund are as follows:

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

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

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

● 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.

New Accounting Pronouncements. To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals under ASU 2018-13. Management has early adopted the removals set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

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 securities are valued using the closing bid price, unless the Board

39

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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.

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, 2019 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/19
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Agriculture		$      4,759,197		—		$        1,667		$       4,760,864
Airlines		1,738,511		$         33,750		—		1,772,261
Broadcasting		12,882,296		1,766,605		—		14,648,901
Business Services		25,711,871		1,064,520		—		26,776,391
Communications Equipment		3,241,650		345		—		3,241,995
Computer Software and Services		24,339,356		371,487		—		24,710,843
Consumer Products		29,286,684		125,584		—		29,412,268
Consumer Services		9,419,075		155,675		—		9,574,750
Electronics		40,276,895		—		0		40,276,895
Energy and Utilities: Natural Gas		4,789,701		2,378,404		—		7,168,105
Entertainment		8,728,748		—		0		8,728,748
Financial Services		86,568,015		1,653,605		75,000		88,296,620
Food and Beverage		34,120,723		627,137		—		34,747,860
Health Care		87,064,278		—		0		87,064,278
Real Estate		29,381,509		4,624,600		358,304		34,364,413
Specialty Chemicals		29,399,876		7,482		—		29,407,358
Telecommunications		26,722,753		240,014		—		26,962,767
Other Industries (a)		529,617,156		—		—		529,617,156
Total Common Stocks		988,048,294		13,049,208		434,971		1,001,532,473
Closed-End Funds		1,218,101		—		—		1,218,101
Convertible Corporate Bonds (a)		—		194,634		—		194,634
Preferred Stocks (a)		8,712,250		178,481		—		8,890,731
Convertible Preferred Stocks (a)		—		348,164		—		348,164
Rights (a)		180,000		—		15,691		195,691
Warrants (a)		—		7,351		429		7,780
U.S. Government Obligations		—		120,214,852		—		120,214,852
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$998,158,645		$133,992,690		$451,091		$1,132,602,426

40

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 03/31/19
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$   39,352,636		—		—		$  39,352,636
Rights (a)		—		—		$      11,611		11,611
U.S. Government Obligations		—		$    3,140,795		—		3,140,795
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$   39,352,636		$    3,140,795		$      11,611		$  42,505,042
MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$     2,905,660		—		—		$    2,905,660
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$     2,905,660		—		—		$    2,905,660
CONVERTIBLE SECURITIES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Convertible Corporate Bonds (a)		—		$  24,297,718		—		$  24,297,718
Convertible Preferred Stocks (a)		$        640,766		—		—		640,766
Mandatory Convertible Securities (a)		5,949,579		305,303		—		6,254,882
U.S. Government Obligations		—		1,766,251		—		1,766,251
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$     6,590,345		$  26,369,272		—		$  32,959,617
EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$   54,251,446		—		—		$  54,251,446
Short Term Investment		609,447		—		—		609,447
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$   54,860,893		—		—		$  54,860,893
BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$   38,329,870		—		—		$  38,329,870
Corporate Bonds (a)		—		$    9,734,730		—		9,734,730
U.S. Government Agency Obligations		—		2,220,391		—		2,220,391
U.S. Government Obligations		—		7,274,668		—		7,274,668
Short Term Investment		1,020,757		—		—		1,020,757
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$   39,350,627		$  19,229,789		—		$  58,580,416
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds (a)		—		$    4,303,779		—		$    4,303,779
Convertible Corporate Bonds (a)		—		44,101		—		44,101
U.S. Government Agency Obligations		—		772,179		—		772,179
U.S. Government Obligations		—		2,353,407		—		2,353,407
TOTAL INVESTMENTS IN SECURITIES – ASSETS		—		$    7,473,466		—		$    7,473,466

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

During the period ended March 31, 2019, the Mighty Mites Fund and the SmallCap Equity Fund did not have transfers into or out of Level 3.

There were no Level 3 investments held at March 31, 2019 or September 30, 2018 for the Mid-Cap Equity Fund, Convertible Securities Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

41

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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

MIGHTY MITES FUND	Balance as of 9/30/18		Accrued discounts/ (premiums)		Realized gain		Change in unrealized appreciation/ depreciation†			Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of 3/31/19		Net change in unrealized appreciation/ depreciation on Level 3 investments still held at 3/31/19†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$6,262,966		—		$1,063,498		$(361,493	)		—		$(6,530,000	)		—		—		$434,971		$62,005
Rights(a)		60,001		—		—		—			—		(44,310	)		—		—		15,691		—
Warrants(a)		58		—		—		371			—		—			—		—		429		371
TOTAL INVESTMENTS IN SECURITIES		$6,323,025		—		$1,063,498		$(361,122	)		—		$(6,574,310	)		—		—		$451,091		$62,376

(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.

SMALLCAP EQUITY FUND	Balance as of 09/30/18	Accrued discounts/ (premiums)		Realized gain/ (loss)		Change in unrealized appreciation/ depreciation†		Purchases		Proceeds received		Transfers into Level 3		Transfers out of Level 3		Balance as of 03/31/19		Net change in unrealized appreciation/ depreciation during the period on Level 3 investments still held at 03/31/19†
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Rights (a)	$44,400		—		—		—		—		$(32,789)		—		—		$11,611		—
TOTAL INVESTMENTS IN SECURITIES	$44,400		—		—		—		—		$(32,789)		—		—		$11,611		—

(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, 2019.

Description	Balance at 3/31/19		Valuation Technique	Unobservable Input	Range
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$  75,000	Acquisition Price/Cash Flow Analysis	Discount Range		0%
Common Stocks (a)		0	Bankruptcy Plan	Discount Range		0%
Common Stocks (a)		0	Last Price	Discount Range		0%
Common Stocks (a)		1,667	Liquidation Plan	Discount Range		0%
Common Stocks (a)		358,304	Restructure Plan/Cash Flow Analysis	Discount Range		0%
Common Stocks - Total		434,971
Rights (a)		0	Acquisition Price/Cash Flow Analysis	Discount Range		0%
Rights (a)		15,690	Last Available Price/Merger Price	Discount Range		0%
Rights (a)		1	Last Price	Discount Range		0%
Rights - Total		15,691
Warrants (a)		429	Black Scholes	Discount Range		0%
TOTAL INVESTMENTS IN LEVEL 3 SECURITIES		$451,091

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

42

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Description	Balance at 03/31/19		Valuation Technique	Unobservable Input		Range
SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Rights (a)		$11,611	Last Available Price/Merger Price		Discount Range		0%

(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

  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, 2019, 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

43

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

Restricted Securities. Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and 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. 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, 2019, 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, 2019, the Mighty Mites Fund’s, Equity Fund’s, and Balanced Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was each 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 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.

44

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions paid during the year ended September 30, 2018 was as follows:

	Mighty Mites Fund			SmallCap Equity Fund			Mid-Cap Equity Fund				Convertible Securities Fund
Ordinary income (inclusive of short term capital gains)			—		$	155,315			—			$	303,010
Net long term capital gains		$	84,699,816			2,568,471		$	130,479	*			—
Total distributions paid		$	84,699,816		$	2,723,786		$	130,479			$	303,010
	Equity Fund			Balanced Fund			Intermediate Bond Fund
Ordinary income (inclusive of short term capital gains)		$	935,325		$	1,014,660		$	146,250
Net long term capital gains			5,945,421			3,449,007			105,510
Return of capital			—			—			61
Total distributions paid		$	6,880,746		$	4,463,667		$	251,821

* 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 at March 31, 2019:

	Mighty Mites Fund				SmallCap Equity Fund				Mid-Cap Equity Fund				Convertible Securities Fund				Equity Fund				Balanced Fund				Intermediate Bond Fund
Aggregate cost of investments		$	759,593,563			$	35,526,864			$	2,300,584			$	31,178,106			$	46,983,801			$	52,161,028			$	7,432,263
Gross unrealized appreciation		$	446,454,662			$	8,974,014			$	757,988			$	2,947,029			$	10,684,539			$	8,437,431			$	61,281
Gross unrealized depreciation			(73,445,799	)			(1,995,836	)			(152,912	)			(1,165,518	)			(2,807,447	)			(2,018,043	)			(20,078	)
Net unrealized appreciation		$	373,008,863			$	6,978,178			$	605,076			$	1,781,511			$	7,877,092			$	6,419,388			$	41,203

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, 2019, the Adviser has reviewed all open tax years and concluded that there was no impact to the Funds’ net assets or results of operations. The Funds’ federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Funds’ tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreements and Other Transactions. The Funds have entered into investment advisory agreements (the Advisory Agreements) with the Adviser which provide that the Funds will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% for the Mighty Mites Fund, SmallCap Equity Fund, Mid-Cap Equity Fund, 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 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, 2019, 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 $30,504.

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, 2020. For the six months ended March 31, 2019, the Adviser waived fees or reimbursed expenses in the amounts of $82,193, $41,685, $80,384, and $49,461 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund, respectively.

45

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

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 following expense limitations based on average net assets for the SmallCap Equity Fund, the Convertible Securities Fund, and the Intermediate Bond Fund for Class AAA Shares 1.25%, 1.15%, and 1.00%, respectively, for Class A Shares 1.50%, 1.40%, and 1.10%, respectively, for Class C Shares 2.00%, 1.90%, and 1.75%, respectively, and for Class I Shares 1.00%, 0.90%, and 0.75%, respectively. As of March 31, 2019, 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, 2017, expiring September 30, 2019			For the year ended September 30, 2018, expiring September 30, 2020			For the six months ended March 31, 2019, expiring September 30, 2021			Total
SmallCap Equity Fund		$	122,026		$	163,045		$	82,193		$	367,264
Convertible Securities Fund			122,517			164,831			80,384			367,732
Intermediate Bond Fund			83,760			92,897			49,461			226,118

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, 2019, 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, 2016, expiring September 30, 2019	For the year ended September 30, 2017, expiring September 30, 2020	For the year ended September 30, 2018, expiring September 30, 2021	For the six months ended March 31, 2019, expiring September 30, 2022	Total
Mid-Cap Equity Fund	$83,891	$76,114	$83,641	$41,685	$285,331

Gabelli Funds, LLC is a subadviser to the Adviser for the Mighty Mites Fund and the Convertible Securities Fund. The Adviser pays Gabelli Funds, LLC out of its advisory fees a subadvisory fee, computed daily and payable monthly, based on an annual rate of 0.32% of the average net assets of these two funds.

In addition, the Adviser has a Subadvisory Agreement with Westwood Management Corp. for the Equity Fund and Balanced Fund. The Adviser pays Westwood Management Corp. out of its advisory fees with respect to these latter two funds a subadvisory 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 these Funds or (ii) 35% of the net revenues to the Adviser from these 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, 2019, the Fund accrued $1,056 in payroll expenses in the Statement of Operations.

The Trust pays each Trustee who is not considered an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended, and they are reimbursed by the Trust for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended, the Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Trustee receives an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Trustees who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Trust.

4. Distribution Plan. The Trust’s Board has adopted a distribution plan (the Plan) for each class of shares, except Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.50% (for the Intermediate Bond Fund’s Class A Shares at an annual rate of 0.35%), and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

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TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

5. Portfolio Securities. Purchases and sales (including maturities) of securities during the six months ended March 31, 2019, other than short term securities, are as follows:

	Purchases (excluding U.S. Government Securities)		Sales (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
Mighty Mites Fund	$	43,778,371	$	59,254,432		—		—
SmallCap Equity Fund		10,685,848		5,752,874		—		—
Mid-Cap Equity Fund		174,718		285,632		—		—
Convertible Securities Fund		7,707,851		3,284,601		—		—
Equity Fund		5,175,086		9,409,838		—		—
Balanced Fund		4,291,809		9,784,633	$	4,068,031	$	1,590,464
Intermediate Bond Fund		1,761,894		906,705		—		1,360

6. Transactions with Affiliates and Other Arrangements. During the six months ended March 31, 2019, the Mighty Mites Fund paid $82,541 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $16,698 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2019, the Mighty Mites 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 $2,223, $769, $316, $365, $835, and $866, 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, 2019, the Mighty Mites Fund, Equity Fund, and Balanced Fund each accrued $22,500 in connection with the cost of computing these Funds’ NAVs. This expense was not charged during the six months ended March 31, 2019 for the SmallCap Equity Fund, Mid-Cap Equity Fund, Convertible Securities Fund, and Intermediate Bond Fund.

As of March 31, 2019, the Mid-Cap Equity Fund’s Adviser and its affiliates and officers beneficially owned greater than 25% of the voting securities of the Mid-Cap Equity Fund. This includes accounts for which the affiliates of the Adviser have voting control but disclaim pecuniary interest.

7. Shares of Beneficial Interest. The Funds offer four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA Shares and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 4.00%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase. Class T Shares were liquidated on August 31, 2018.

The Mighty Mites 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, 2019 and the year ended September 30, 2018 can be found in the Statements of Changes in Net Assets under Redemption Fees.

47

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
	Mighty Mites Fund						SmallCap Equity Fund						Mid-Cap Equity Fund						Convertible Securities Fund
Class AAA
Shares sold		278,013			1,143,746			37,718			98,106			11,206			21,445			44,452			68,178
Shares issued upon reinvestment of distributions		282,053			560,590			55,403			38,375			3,925			2,807			15,809			4,862
Shares redeemed		(1,468,605	)		(3,160,420	)		(68,333	)		(139,152	)		(31,774	)		(25,358	)		(45,764	)		(83,138	)
Net increase/(decrease) in Class AAA Shares		(908,539	)		(1,456,084	)		24,788			(2,671	)		(16,643	)		(1,106	)		14,497			(10,098	)
Class A
Shares sold		238,150			772,830			20,762			76,175			25			43			35,780			137,957
Shares issued upon reinvestment of distributions		140,312			292,320			29,927			16,975			949			688			12,609			2,662
Shares redeemed		(674,651	)		(2,991,223	)		(36,856	)		(22,441	)		(997	)		(2,001	)		(18,160	)		(92,023	)
Net increase/(decrease) in Class A Shares		(296,189	)		(1,926,073	)		13,833			70,709			(23	)		(1,270	)		30,229			48,596
Class C
Shares sold		216,013			915,856			75,520			54,393			783			18,174			46,725			136,720
Shares issued upon reinvestment of distributions		268,060			457,902			25,160			11,795			2,130			625			8,826			703
Shares redeemed		(1,188,374	)		(1,664,454	)		(31,286	)		(27,138	)		(934	)		(329	)		(24,156	)		(40,750	)
Net increase/(decrease) in Class C Shares		(704,301	)		(290,696	)		69,394			39,050			1,979			18,470			31,395			96,673
Class I
Shares sold		2,755,447			10,607,226			632,505			357,650			41			207			633,887			868,258
Shares issued upon reinvestment of distributions		757,242			1,051,566			115,514			62,752			8,502			5,759			69,059			14,082
Shares redeemed		(7,083,340	)		(4,441,243	)		(285,390	)		(240,725	)		(8,851	)		(9,612	)		(366,888	)		(125,418	)
Net increase/(decrease) in Class I Shares		(3,570,651	)		7,217,549			462,629			179,677			(308	)		(3,646	)		336,058			756,922
Class T *
Shares issued upon reinvestment of distributions		—			23			—			5			—			—			—			—
Shares redeemed		—			(388	)		—			(55	)		—			—			—			—
Net decrease in Class T Shares		—			(365	)		—			(50	)		—			—			—			—

* Class T Shares were liquidated on August 31, 2018.

48

TETON Westwood Funds

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of beneficial interest (continued):

	Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018			Six Months Ended March 31, 2019 (Unaudited)			Year Ended September 30, 2018
	Equity Fund						Balanced Fund						Intermediate Bond Fund
Class AAA
Shares sold		22,437			36,247			540,726			137,074			33,519			53,773
Shares issued upon reinvestment of distributions		613,274			453,525			459,466			284,434			3,030			10,289
Shares redeemed		(296,167	)		(531,459	)		(757,052	)		(963,903	)		(48,110	)		(73,711	)
Net increase/(decrease) in Class AAA Shares		339,544			(41,687	)		243,140			(542,395	)		(11,561	)		(9,649	)
Class A
Shares sold		1,225			788			120,943			205,822			53,314			110,675
Shares issued upon reinvestment of distributions		16,765			21,153			81,681			44,314			498			897
Shares redeemed		(11,770	)		(102,192	)		(136,046	)		(218,389	)		(3,529	)		(126,171	)
Net increase/(decrease) in Class A Shares		6,220			(80,251	)		66,578			31,747			50,283			(14,599	)
Class C
Shares sold		5,816			382			23,360			24,212			4,689			10,932
Shares issued upon reinvestment of distributions		5,370			5,783			40,826			22,689			439			2,667
Shares redeemed		(28,705	)		(24,686	)		(71,393	)		(57,658	)		(16,046	)		(38,241	)
Net decrease in Class C Shares		(17,519	)		(18,521	)		(7,207	)		(10,757	)		(10,918	)		(24,642	)
Class I
Shares sold		12,211			67,552			20,563			267,185			5,677			25,437
Shares issued upon reinvestment of distributions		59,647			40,968			35,966			16,765			2,350			8,626
Shares redeemed		(82,755	)		(123,082	)		(43,959	)		(130,604	)		(359	)		(79,383	)
Net increase/(decrease) in Class I Shares		(10,897	)		(14,562	)		12,570			153,346			7,668			(45,320	)

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 Fund’s transactions in the securities of these issuers during the six months ended March 31, 2019 is set forth below:

	Beginning Shares		Shares Purchased		Shares Sold			Ending Shares		Dividend Income		Realized Gain		Market Value at March 31, 2019		Change in Unrealized Appreciation/ (Depreciation)		Percent Owned of Shares Outstanding
Beasley Broadcast Group Inc.,
Cl. A		850,000		10,000		—			860,000	$	85,500		—		$  3,422,800		$(2,485,432)		7.88%
Bel Fuse Inc., Cl. A		175,999		—		—			175,999		21,120		—		3,771,659		52,800		8.09%
Burnham Holdings Inc., Cl. A		264,001		3,000		—			267,001		117,480		—		3,978,315		(26,085)		8.81%
General Chemical Group Inc.		267,226		—		—			267,226		—		—		7,482		5,478		8.59%
Griffin Industrial Realty Inc.		275,000		6,058		—			281,058		123,750		—		9,794,871		(1,124,027)		5.55%
Nathan’s Famous Inc.		222,634		—		—			222,634		111,317		—		15,228,166		(3,116,876)		5.33%
Schmitt Industries Inc.		701,029		—		(1,029	)		700,000		—		$422		1,659,000		(308,452)		17.52%
The Eastern Co.		355,131		5,300		—			360,431		78,492		—		9,919,061		(311,749)		5.78%
The L.S. Starrett Co., Cl. A		353,183		900		—			354,083		—		—		2,726,439		601,298		5.73%
Trans-Lux Corp.		411,792		36,300		—			448,092		—		—		412,245		187,282		5.72%
Trans-Lux Pfd. 6.000%*		363		—		(363	)		—		—		—		—		—		—
Total										$	537,659		$422		$50,920,038		$(6,525,763)

*     Security is no longer held at March 31, 2019.

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

10. Subsequent Events. Pursuant to the Plan of Liquidation approved by the Board of Trustees, on April 26, 2019, the TETON

Westwood Mid-Cap Equity Fund liquidated. Management has evaluated the impact on the Funds of all other subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

49

TETON Westwood Funds and Your Personal Privacy

Who are we?

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

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

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

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

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

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

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

What do we do to protect your personal information?

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

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TETON WESTWOOD FUNDS

TETON Westwood Mighty Mites^SM Fund

TETON Westwood SmallCap Equity Fund

TETON Westwood Mid-Cap Equity Fund

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

	Officers
BRUCE N. ALPERT President		ANDREA R. MANGO Secretary
JOHN C. BALL Treasurer		RICHARD J. WALZ 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 portfolios 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.

GABWWQ119SR

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    6/04/2019                                                                                                                                   

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

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

Bruce N. Alpert, Principal Executive Officer

Date    6/04/2019                                                                                                                                   

By (Signature and Title)*    /s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date    6/04/2019                                                                                                                                   

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