Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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: December 31, 2013

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1- 5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

TETON Westwood Mighty Mites ^SM Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 73.7%
		Aerospace and Defense — 0.2%
	159,494	Innovative Solutions & Support Inc.†	$	1,162,711
	162,229	Kratos Defense & Security Solutions Inc.†		1,245,919

				2,408,630


		Agriculture — 0.3%
	225	J.G. Boswell Co.		198,000
	139,616	Limoneira Co.		3,712,389

				3,910,389


		Airlines — 0.0%
	14,973	American Airlines Group Inc.†		378,068


		Automotive — 0.3%
	26,200	Lithia Motors Inc., Cl. A		1,818,804
	66,500	Sonic Automotive Inc., Cl. A		1,627,920
	70,000	Wabash National Corp.†		864,500

				4,311,224


		Automotive: Parts and Accessories — 4.4%
	5,000	China Automotive Systems Inc.†		39,650
	105,000	Dana Holding Corp.		2,060,100
	222,622	Federal-Mogul Corp.†		4,381,201
	27,800	Gentherm Inc.†		745,318
	146,600	Modine Manufacturing Co.†		1,879,412
	37,500	Motorcar Parts of America Inc.†		723,750
	60,000	Puradyn Filter Technologies Inc.†		8,520
	31,517	Shiloh Industries Inc.†		614,582
	27,200	Spartan Motors Inc.		182,240
	185,200	Standard Motor Products Inc.		6,815,360
	201,296	Strattec Security Corp.(a)		8,991,892
	597,986	Superior Industries International Inc.		12,336,451
	37,000	Tenneco Inc.†		2,093,090
	800,670	The Pep Boys - Manny, Moe & Jack†		9,720,134
	99,565	Tower International Inc.†		2,130,691
	134,231	West Marine Inc.†		1,910,107

				54,632,498


		Aviation: Parts and Services — 2.8%
	13,500	Astronics Corp.†		688,500
	6,992	Astronics Corp., Cl. B†		354,844
	119,485	Ducommun Inc.†		3,561,848
	1,218,900	GenCorp Inc.†		21,964,578
	194,201	Kaman Corp.		7,715,606

				34,285,376


		Broadcasting — 4.0%
	614,200	ACME Communications Inc.		18,426
	578,088	Beasley Broadcast Group Inc., Cl. A(a)		5,046,708
	160,000	Crown Media Holdings Inc., Cl. A†		564,800
	36,700	Cumulus Media Inc., Cl. A†		283,691
	73,800	Entercom Communications Corp., Cl. A†		775,638
	467,500	Gray Television Inc.†		6,956,400
	49,532	Gray Television Inc., Cl. A†		639,458
	153,366	LIN Media LLC, Cl. A†		4,403,138
	1,105,029	Media General Inc.†		24,973,655
	572,158	Salem Communications Corp., Cl. A		4,977,775
	33,000	Sinclair Broadcast Group Inc., Cl. A		1,179,090

				49,818,779


		Building and Construction — 0.7%
	835,065	Huttig Building Products Inc.†		3,215,000
	175,000	Material Sciences Corp.†		2,066,750
	90,374	MYR Group Inc.†		2,266,580
	500	Nortek Inc.†		37,300
	47,300	The Monarch Cement Co.		1,146,789

				8,732,419


		Business Services — 3.8%
	283,908	ACCO Brands Corp.†		1,907,862
	186,000	Ascent Capital Group Inc., Cl. A†		15,914,160


Shares			Market Value
	19,000	Cenveo Inc.†	$	65,360
	679,872	Edgewater Technology Inc.†(a)		4,752,305
	50,000	Fortegra Financial Corp.†		413,500
	101,271	GP Strategies Corp.†		3,016,863
	23,300	ICF International Inc.†		808,743
	3,000	Innotrac Corp.†		24,600
	669,560	Internap Network Services Corp.†		5,035,091
	32,029	KAR Auction Services Inc.		946,457
	1,500	Liquidity Services Inc.†		33,990
	18,000	Macquarie Infrastructure Co. LLC		979,740
	24,000	McGrath RentCorp.		955,200
	480,116	ModusLink Global Solutions Inc.†		2,751,065
	30,000	Pendrell Corp.†		60,300
	188,172	Pfsweb Inc.†		1,706,720
	277,275	PRGX Global Inc.†		1,863,288
	302,900	Pure Technologies Ltd.†		1,893,392
	98,000	Stamps.com Inc.†		4,125,800
	570,000	Swisher Hygiene Inc.†		295,128
	8,080	Trans-Lux Corp.†		36,845

				47,586,409


		Closed-End Business Development Company — 0.1%
	45,000	MVC Capital Inc.		607,500


		Communications Equipment — 0.1%
	116,660	Communications Systems Inc.		1,299,592
	381,000	Sycamore Networks Inc.		186,690
	3,000	Technical Communications Corp.		22,830
	30,000	ViewCast.com Inc.†		183

				1,509,295


		Computer Software and Services — 4.0%
	74,517	Blucora Inc.†		2,172,916
	331,400	Callidus Software Inc.†		4,550,122
	68,487	Carbonite Inc.†		810,201
	16,000	Cinedigm Corp.†		32,320
	163,122	Computer Task Group Inc.		3,083,006
	28,100	Constant Contact Inc.†		873,067
	72,000	CyrusOne Inc.		1,607,760
	40,000	Daegis Inc.†		48,000
	116,800	Digital River Inc.†		2,160,800
	335,623	Dot Hill Systems Corp.†		1,131,050
	120,000	EarthLink Inc.		608,400
	140,000	Emulex Corp.†		1,002,400
	825,000	FalconStor Software Inc.†		1,113,750
	463,161	Furmanite Corp.†		4,918,770
	1,410	Gemalto NV		155,199
	743,273	Global Sources Ltd.†		6,042,810
	29,200	GSE Systems Inc.†		46,720
	622,929	Guidance Software Inc.†		6,291,583
	350,000	Harris Interactive Inc.†		700,000
	144,117	iGO Inc.†		374,704
	458,356	Lionbridge Technologies Inc.†		2,731,802
	29,500	Mercury Systems Inc.†		323,025
	252,500	Mitek Systems Inc.†		1,499,850
	4,400	MTS Systems Corp.		313,500
	12,000	Qualstar Corp.†		13,560
	114,418	Qumu Corp.†		1,464,550
	51,541	Schawk Inc.		766,415
	250,362	SeaChange International Inc.†		3,044,402
	356,200	Speed Commerce Inc.†		1,663,454
	3,800	Tyler Technologies Inc.†		388,094

				49,932,230


		Consumer Products — 2.3%
	105,015	Bassett Furniture Industries Inc.		1,604,629
	90,082	Blyth Inc.		980,092
	2,000	Brunswick Corp.		92,120
	55,687	Callaway Golf Co.		469,441
	330,220	Costa Inc.†		7,175,681
	3,500	Johnson Outdoors Inc., Cl. A		94,325
	97,576	Kid Brands Inc.†		99,528

See accompanying notes to schedule of investments.

TETON Westwood Mighty Mites ^SM Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		Consumer Products (Continued)
	11,400	Lakeland Industries Inc.†	$	60,420
	986,368	Marine Products Corp.		9,912,998
	13,000	MarineMax Inc.†		209,040
	200	National Presto Industries Inc.		16,100
	69,431	Nautilus Inc.†		585,303
	129,300	Oil-Dri Corp. of America		4,892,712
	5,700	PC Group Inc.†		22
	10,400	Syratech Corp.†		31
	464,553	The Wet Seal Inc., Cl. A†		1,268,230
	119,200	ValueVision Media Inc., Cl. A†		833,208

				28,293,880


		Consumer Services — 0.4%
	508,804	1-800-FLOWERS.COM Inc., Cl. A†		2,752,630
	35,000	Bowlin Travel Centers Inc.†		48,650
	800	Collectors Universe Inc.		13,720
	60,025	JTH Holding Inc., Cl. A†		1,458,608
	76,000	Martha Stewart Living Omnimedia Inc., Cl. A†		319,200
	1,000	Valassis Communications Inc.		34,250
	47,705	XO Group Inc.†		708,896

				5,335,954


		Diversified Industrial — 6.7%
	20,000	A.M. Castle & Co.†		295,400
	32,200	AEP Industries Inc.†		1,701,126
	9,292	American Railcar Industries Inc.		425,109
	245,300	Ampco-Pittsburgh Corp.		4,771,085
	168,000	Burnham Holdings Inc., Cl. A(a)		3,158,400
	122,122	Chase Corp.		4,310,907
	120,300	Columbus McKinnon Corp.†		3,264,942
	353,000	FormFactor Inc.†		2,125,060
	40,800	Graham Corp.		1,480,632
	307,706	Griffon Corp.		4,064,796
	393,800	Handy & Harman Ltd.†		9,533,898
	25,000	Haulotte Group SA†		376,255
	21,200	Haynes International Inc.		1,171,088
	163,059	Insignia Systems Inc.†		445,151
	34,507	John Bean Technologies Corp.		1,012,090
	252,292	Katy Industries Inc.†		103,440
	28,380	L.B. Foster Co., Cl. A		1,342,090
	199,874	Lawson Products Inc.†		2,448,457
	183,449	Lydall Inc.†		3,232,371
	64,255	Magnetek Inc.†		1,536,980
	348,900	Myers Industries Inc.		7,368,768
	150,042	Park-Ohio Holdings Corp.†		7,862,201
	6,200	Raven Industries Inc.		255,068
	66,666	Rubicon Ltd.†		21,108
	15,200	RWC Inc.†		164,160
	391,235	Sevcon Inc.†(a)		2,605,625
	62,000	Standex International Corp.		3,898,560
	180,082	Steel Partners Holdings LP†		3,124,423
	142,383	Tredegar Corp.		4,102,054
	237,922	Twin Disc Inc.		6,159,801
	64,990	Vishay Precision Group Inc.†		967,701

				83,328,746


		Educational Services — 0.4%
	400,000	Corinthian Colleges Inc.†		712,000
	316,100	Universal Technical Institute Inc.		4,396,951

				5,108,951


		Electronics — 3.6%
	33,000	Alliance Semiconductor Corp.†		23,100
	14,000	Badger Meter Inc.		763,000
	27,396	Ballantyne Strong Inc.†		126,844
	129,147	Bel Fuse Inc., Cl. A(a)		2,508,035
	55,000	BTU International Inc.†		160,600
	346,500	CTS Corp.		6,898,815
	38,138	Daktronics Inc.		598,004


Shares			Market Value
	101,867	Dialight plc	$	1,443,965
	154,849	Electro Scientific Industries Inc.		1,619,721
	34,000	IMAX Corp.†		1,002,320
	20,000	Iteris Inc.†		42,000
	47,500	Mesa Laboratories Inc.		3,732,550
	43,800	Methode Electronics Inc.		1,497,522
	315,433	MOCON Inc.(a)		4,983,841
	75,756	MoSys Inc.†		418,173
	63,800	Newport Corp.†		1,152,866
	51,200	Park Electrochemical Corp.		1,470,464
	70,000	Pericom Semiconductor Corp.†		620,200
	8,000	Pulse Electronics Corp.†		23,120
	53,874	Rofin-Sinar Technologies Inc.†		1,455,675
	79,000	Schmitt Industries Inc.†		201,450
	6,776	Sparton Corp.†		189,389
	275,200	Stoneridge Inc.†		3,508,800
	35,000	Texas Industries Inc.†		2,407,300
	137,000	Ultra Clean Holdings†		1,374,110
	258,732	Ultralife Corp.†		918,499
	78,900	Ultratech Inc.†		2,288,100
	204,000	Zygo Corp.†		3,015,120

				44,443,583


		Energy and Utilities: Integrated — 0.4%
	167,235	Broadwind Energy Inc.†		1,578,698
	159,500	Headwaters Inc.†		1,561,505
	29,500	MGE Energy Inc.		1,708,050

				4,848,253


		Energy and Utilities: Natural Gas — 0.6%
	71,554	Abraxas Petroleum Corp.†		234,697
	200,000	Alvopetro Energy Ltd.†		231,584
	22,342	American DG Energy Inc.†		37,981
	31,500	Chesapeake Utilities Corp.		1,890,630
	90,570	Corning Natural Gas Holding Co.		1,661,960
	88,080	Delta Natural Gas Co. Inc.		1,971,230
	3,000	Gas Natural Inc.		24,090
	95,800	Gastar Exploration Inc.†		662,936
	3,000	Piedmont Natural Gas Co. Inc.		99,480
	37,900	RGC Resources Inc.		723,132
	16,000	U.S. Energy Corp.†		60,160
	10,928	Whitecap Resources Inc.		130,035

				7,727,915


		Energy and Utilities: Oil — 0.4%
	194,844	Callon Petroleum Co.†		1,272,331
	24,334	Halcon Resources Corp.†		93,929
	10,900	Mitcham Industries Inc.†		193,039
	61,900	Tesco Corp.†		1,224,382
	197,600	Triangle Petroleum Corp.†		1,644,032

				4,427,713


		Energy and Utilities: Services — 1.1%
	32,000	Archer Ltd.†		26,221
	74,300	Dawson Geophysical Co.†		2,512,826
	25,300	Flotek Industries Inc.†		507,771
	24,690	Gulf Island Fabrication Inc.		573,302
	350,810	Layne Christensen Co.†		5,991,835
	186,400	Pike Corp.†		1,970,248
	90,000	RPC Inc.		1,606,500
	7,100	Subsea 7 SA, ADR		137,456
	10,500	TGC Industries Inc.		76,650

				13,402,809


		Energy and Utilities: Water — 0.6%
	17,300	Artesian Resources Corp., Cl. A		397,035
	44,174	Cadiz Inc.†		307,451
	22,300	California Water Service Group		514,461
	4,000	Connecticut Water Service Inc.		142,040
	74,000	Consolidated Water Co. Ltd.		1,043,400
	80,000	Energy Recovery Inc.†		444,800

See accompanying notes to schedule of investments.

TETON Westwood Mighty Mites ^SM Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		Energy and Utilities: Water (Continued)
	28,433	Middlesex Water Co.	$	595,387
	103,300	SJW Corp.		3,077,307
	41,237	The York Water Co.		863,090

				7,384,971


		Entertainment — 0.8%
	72,100	Canterbury Park Holding Corp.†		766,063
	282,500	Dover Motorsports Inc.		709,075
	674,641	Entravision Communications Corp., Cl. A		4,108,564
	12,000	RealD Inc.†		102,480
	42,000	RLJ Entertainment Inc.†		200,760
	15,000	Triple Crown Media Inc.†		3
	241,804	World Wrestling Entertainment Inc., Cl. A		4,009,110

				9,896,055


		Environmental Control — 0.3%
	7,500	BioteQ Environmental Technologies Inc.†		424
	459,412	Casella Waste Systems Inc., Cl. A†		2,664,590
	11,801	Ceco Environmental Corp.		190,822
	94,800	Hudson Technologies Inc.†		350,760
	48,859	Nuverra Environmental Solutions Inc.†		820,343

				4,026,939


		Equipment and Supplies — 5.1%
	20,000	AZZ Inc.		977,200
	1,213,700	Capstone Turbine Corp.†		1,565,673
	144,100	CIRCOR International Inc.		11,640,398
	316,500	Core Molding Technologies Inc.†		4,336,050
	6,300	DMG MORI SEIKI AG		200,640
	672,009	Federal Signal Corp.†		9,844,932
	557,000	Interpump Group SpA		6,681,854
	20,000	Maezawa Kyuso Industries Co. Ltd.		248,979
	11,800	Mine Safety Appliances Co.		604,278
	20,103	Powell Industries Inc.		1,346,700
	269,694	SL Industries Inc.(a)		7,308,707
	66,059	The Eastern Co.		1,051,659
	107,500	The Gorman-Rupp Co.		3,593,725
	53,500	The Greenbrier Companies Inc.†		1,756,940
	318,915	The L.S. Starrett Co., Cl. A(a)		4,646,592
	147,779	Titan Machinery Inc.†		2,633,422
	144,200	TransAct Technologies Inc.		1,806,826
	217,591	Vicor Corp.†		2,920,071
	27,000	WaterFurnace Renewable Energy Inc.		609,772

				63,774,418


		Financial Services — 4.2%
	49,400	Anchor Bancorp.†		903,526
	56,700	BBCN Bancorp Inc.		940,653
	13,000	Berkshire Bancorp Inc.		94,510
	3,900	Berkshire Hills Bancorp Inc.		106,353
	500	BKF Capital Group Inc.†		573
	75	Burke & Herbert Bank and Trust Co.		163,125
	4	Capital Financial Holdings Inc.†		2,900
	6,791	Capitol Federal Financial Inc.		82,239
	102,339	CoBiz Financial Inc.		1,223,974
	28,800	Crazy Woman Creek Bancorp Inc.†		313,488
	400	Farmers & Merchants Bank of Long Beach		2,091,800
	11,174	Fidelity Southern Corp.		185,600
	32,000	First Internet Bancorp		720,000
	482,600	Flushing Financial Corp.		9,989,820
	10	Guaranty Corp., Cl. A†		225,000
	157,460	Hallmark Financial Services Inc.†		1,399,032
	6,600	Hampden Bancorp Inc.		108,306
	16,000	Hancock Holding Co.		586,880
	39,900	Heritage Financial Group Inc.		768,075
	66,137	Hudson Valley Holding Corp.		1,345,888
	169,023	JMP Group Inc.		1,250,770
	90,843	KKR & Co. LP		2,211,119
	11,200	Meadowbrook Insurance Group Inc.		77,952


Shares			Market Value
	100,000	Medallion Financial Corp.	$	1,435,000
	8,255	New York Community Bancorp Inc.		139,097
	4,197	Northrim BanCorp Inc.		110,129
	40,000	Oritani Financial Corp.		642,000
	70,064	Pzena Investment Management Inc., Cl. A		823,953
	90,700	Rockville Financial Inc.		1,288,847
	8,842	SI Financial Group Inc.		106,546
	30,000	Simplicity Bancorp Inc.		484,800
	25,000	Sprott Inc.		61,662
	461,838	Steel Excel Inc.†		13,628,839
	6,000	Sterling Bancorp		80,220
	12	Sunwest Bank†		421,200
	355,676	SWS Group Inc.†		2,162,510
	12,000	The Ziegler Companies Inc.†		348,000
	7,500	Tree.com Inc.†		246,300
	55,000	Trustco Bank Corp NY		394,900
	30,086	Value Line Inc.		349,298
	45,900	Washington Trust Bancorp Inc.		1,708,398
	87,100	Westfield Financial Inc.		649,766
	28,500	Wilshire Bancorp Inc.		311,505
	55,000	WisdomTree Investments Inc.†		974,050
	402,800	Wright Investors’ Service Holdings Inc.†		805,600
	30,000	Xenith Bankshares Inc.†		176,700

				52,140,903


		Food and Beverage — 3.3%
	23,000	Andrew Peller Ltd., Cl. A		301,181
	200	Annie’s Inc.†		8,608
	459,123	Boulder Brands Inc.†		7,281,691
	137,814	Calavo Growers Inc.		4,170,252
	310,000	Crimson Wine Group Ltd.†		2,740,400
	80,000	Diamond Foods Inc.†		2,067,200
	90,286	Farmer Brothers Co.†		2,100,052
	1,100	Hanover Foods Corp., Cl. A		122,100
	192,794	Inventure Foods Inc.†		2,556,448
	1,500	J & J Snack Foods Corp.		132,885
	176,300	Lifeway Foods Inc.		2,817,274
	13,000	MGP Ingredients Inc.		67,470
	7,800	Rock Field Co. Ltd.		139,394
	5,900	Scheid Vineyards Inc., Cl. A†		147,500
	162,000	Snyders-Lance Inc.		4,652,640
	4,000	Spartan Stores Inc.		97,120
	309,765	SunOpta Inc.†		3,100,748
	14,700	The Boston Beer Co. Inc., Cl. A†		3,554,313
	45,000	The Hain Celestial Group Inc.†		4,085,100
	270,000	Tingyi (Cayman Islands) Holding Corp.		779,954
	280,000	Vitasoy International Holdings Ltd.		431,141
	23,000	Willamette Valley Vineyards Inc.†		146,740

				41,500,211


		Health Care — 6.8%
	32,960	Accuray Inc.†		287,082
	2,362	AcelRx Pharmaceuticals Inc.†		26,714
	12,000	Alere Inc.†		434,400
	47,000	AngioDynamics Inc.†		807,930
	11,000	ArthroCare Corp.†		442,640
	340,636	Biolase Inc.†		964,000
	72,000	Bio-Reference Laboratories Inc.†		1,838,880
	679,739	BioScrip Inc.†		5,030,069
	107,000	BioTelemetry Inc.†		849,580
	10,000	Boiron SA		704,911
	585,515	Cantel Medical Corp.		19,854,814
	21,000	Cardica Inc.†		20,475
	89,100	Cardiovascular Systems Inc.†		3,055,239
	62,500	Cepheid Inc.†		2,920,000
	338,800	Cutera Inc.†		3,448,984
	45,000	Cynosure Inc., Cl. A†		1,200,600
	3,700	DexCom Inc.†		131,017
	152,300	Exactech Inc.†		3,618,648
	165,000	Gentiva Health Services Inc.†		2,047,650
	41,049	Heska Corp.†		358,768

See accompanying notes to schedule of investments.

TETON Westwood Mighty Mites ^SM Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		Health Care (Continued)
	3,422	ICU Medical Inc.†	$	218,016
	568,400	InfuSystems Holdings Inc.†		1,216,376
	172,500	IntriCon Corp.†		658,950
	78,487	Invacare Corp.		1,821,683
	235,000	Lexicon Pharmaceuticals Inc.†		423,000
	157,400	Liberator Medical Holdings Inc.		656,358
	73,000	Meridian Bioscience Inc.		1,936,690
	126,750	Neogen Corp.†		5,792,475
	71,736	NeoGenomics Inc.†		259,684
	1,000	Nutraceutical International Corp.†		26,780
	44,612	Omnicell Inc.†		1,138,944
	50,000	Opko Health Inc.†		422,000
	21,500	Orthofix International NV†		490,630
	110,991	Pain Therapeutics Inc.†		539,416
	6,000	Patient Safety Technologies Inc.†		13,200
	76,500	PhotoMedex Inc.†		990,675
	2,500	PreMD Inc.†		2
	152,561	Quidel Corp.†		4,712,609
	68,000	RTI Surgical Inc.†		240,720
	45,000	Skilled Healthcare Group Inc., Cl. A†		216,450
	200,000	Solta Medical Inc.†		590,000
	213,900	Special Diversified Opportunities Inc.†		248,124
	129,752	SurModics Inc.†		3,164,651
	95,000	Syneron Medical Ltd.†		1,168,500
	2,000	Targanta Therapeutics Corp., Escrow		640
	124,000	Trinity Biotech plc, ADR		3,117,360
	76,900	United-Guardian Inc.		2,162,428
	5,000	Uroplasty Inc.†		13,650
	5,174	Utah Medical Products Inc.		295,746
	133,940	Vascular Solutions Inc.†		3,100,711
	120,000	Zealand Pharma A/S†		1,305,611

				84,984,480


		Home Furnishings — 0.0%
	17,000	La-Z-Boy Inc.		527,000


		Hotels and Gaming — 1.8%
	71,800	Boyd Gaming Corp.†		808,468
	74,040	Churchill Downs Inc.		6,637,686
	192,000	Dover Downs Gaming & Entertainment Inc.†		284,160
	7,500	Florida Gaming Corp.†		4,049
	549,732	Morgans Hotel Group Co.†		4,469,321
	100,000	MTR Gaming Group Inc.†		516,000
	66,241	Multimedia Games Holding Co. Inc.†		2,077,318
	120,000	Pinnacle Entertainment Inc.†		3,118,800
	6,790	Ryman Hospitality Properties Inc.		283,686
	341,842	The Marcus Corp.		4,594,356

				22,793,844


		Machinery — 1.6%
	145,083	Astec Industries Inc.		5,604,556
	15,000	Bolzoni SpA		59,224
	11,000	DXP Enterprises Inc.†		1,267,200
	184,000	Flow International Corp.†		743,360
	144,000	Global Power Equipment Group Inc.		2,818,080
	6,000	Hardinge Inc.		86,820
	133,663	Key Technology Inc.†		1,915,391
	6,000	Lindsay Corp.		496,500
	50,300	Tennant Co.		3,410,843
	14,800	The Middleby Corp.†		3,551,556

				19,953,530


		Manufactured Housing and Recreational Vehicles — 0.5%
	36,801	Cavco Industries Inc.†		2,528,229
	106,182	Nobility Homes Inc.†		956,700
	144,045	Skyline Corp.†		741,832
	61,000	Winnebago Industries Inc.†		1,674,450

				5,901,211


Shares			Market Value
		Metals and Mining — 0.5%
	85,000	5N Plus Inc.†	$	190,445
	650,000	Alkane Resources Ltd.†		197,330
	20,000	Camino Minerals Corp.†		471
	30,000	Chaparral Gold Corp.†		9,037
	100,000	Duluth Metals Ltd.†		73,429
	176,800	Materion Corp.		5,454,280
	900,000	Tanami Gold NL†		17,679

				5,942,671


		Paper and Forest Products — 0.2%
	18,669	Keweenaw Land Association Ltd.†		1,624,203
	72,000	Wausau Paper Corp.		912,960

				2,537,163


		Publishing — 1.3%
	120,000	Cambium Learning Group Inc.†		199,200
	520,000	Il Sole 24 Ore SpA†		431,366
	1,271,134	Journal Communications Inc., Cl. A†		11,834,258
	449,302	The Dolan Co.†		314,511
	160,000	The E.W. Scripps Co., Cl. A†		3,475,200

				16,254,535


		Real Estate — 1.2%
	134,300	Ambase Corp.†		161,160
	8,000	Bresler & Reiner Inc.†		5,240
	38,300	Capital Properties Inc., Cl. A†(b)		315,975
	107,000	Cohen & Steers Inc.		4,286,420
	34,243	DGT Holdings Corp.†		539,327
	105,689	Griffin Land & Nurseries Inc.		3,527,899
	12,342	Gyrodyne Co. of America Inc.		156,867
	6,800	Holobeam Inc.†		136,000
	253,169	Reading International Inc., Cl. A†		1,896,236
	64,756	Reading International Inc., Cl. B†		601,583
	2,508	Royalty LLC†(c)		984
	103,700	Tejon Ranch Co.†		3,812,012

				15,439,703


		Restaurants — 2.2%
	20,177	Biglari Holdings Inc.†		10,222,475
	90,500	Denny’s Corp.†		650,695
	126,731	Famous Dave’s of America Inc.†		2,319,177
	216,809	Nathan’s Famous Inc.†		10,929,342
	56,000	The Cheesecake Factory Inc.		2,703,120

				26,824,809


		Retail — 2.3%
	46,500	Aaron’s Inc.†		1,367,100
	140,000	Big 5 Sporting Goods Corp.		2,774,800
	325,178	Coastal Contacts Inc.†		2,728,243
	75,000	Coldwater Creek Inc.†		55,913
	20,000	Destination XL Group Inc.†		131,400
	191,200	Ingles Markets Inc., Cl. A		5,181,520
	303,800	Krispy Kreme Doughnuts Inc.†		5,860,302
	14,000	Movado Group Inc.		616,140
	30,000	Pier 1 Imports Inc.		692,400
	29,605	Rush Enterprises Inc., Cl. A†		877,788
	104,005	Rush Enterprises Inc., Cl. B†		2,652,128
	260,175	The Bon-Ton Stores Inc.		4,235,649
	22,600	Village Super Market Inc., Cl. A		700,826
	2,500	Winmark Corp.		231,550

				28,105,759


		Semiconductors — 0.4%
	236,160	Cascade Microtech Inc.†		2,201,011
	145,100	Entegris Inc.†		1,683,160
	93,700	IXYS Corp.		1,215,289
	4,000	PLX Technology Inc.†		26,320

				5,125,780

See accompanying notes to schedule of investments.

TETON Westwood Mighty Mites ^SM Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		Specialty Chemicals — 2.0%
	65,000	Chemtura Corp.†	$	1,814,800
	1,186,000	Ferro Corp.†		15,216,380
	267,226	General Chemical Group Inc.†(a)		3,340
	13,000	Hawkins Inc.		483,470
	4,000	Minerals Technologies Inc.		240,280
	3,000	Navigator Holdings Ltd.†		80,820
	260,000	OMNOVA Solutions Inc.†		2,368,600
	1,388	Penford Corp.†		17,836
	269,100	Zep Inc.		4,886,856

				25,112,382


		Telecommunications — 1.8%
	66,200	Atlantic Tele-Network Inc.		3,744,934
	500,005	Cincinnati Bell Inc.†		1,780,018
	294	Consolidated Communications Holdings Inc.		5,771
	4,000	Frequency Electronics Inc.†		46,680
	71,600	HickoryTech Corp.		918,628
	250	Horizon Telecom Inc., Cl. B†		2,625
	123,000	Ixia†		1,637,130
	51,000	New ULM Telecom Inc.		335,070
	900,000	NII Holdings Inc.†		2,475,000
	4,100	North State Telecommunications Corp., Cl. A		295,200
	370,210	ORBCOMM Inc.†		2,347,131
	7,788	Preformed Line Products Co.		569,770
	665,117	PTGi Holding Inc.		1,895,583
	251,600	Shenandoah Telecommunications Co.		6,458,572
	17,875	Windstream Holdings Inc.		142,643

				22,654,755


		Transportation — 0.2%
	13,000	Dakota Plains Holdings Inc.†		29,900
	8,200	PHI Inc.†		325,786
	104,308	Providence and Worcester Railroad Co.		2,040,264
	1	Trailer Bridge Inc.†		465

				2,396,415


		TOTAL COMMON STOCKS		918,308,155


		PREFERRED STOCKS — 0.1%
		Automotive: Parts and Accessories — 0.1%
	20,000	Jungheinrich AG		1,301,279


		CONVERTIBLE PREFERRED STOCKS — 0.0%
		Food and Beverage — 0.0%
	500	Seneca Foods Corp., Cv., Pfd., Ser. 2003 †		15,945


		RIGHTS — 0.3%
		Airlines — 0.3%
	225,000	American Airlines Group Inc., expire 01/16/14†		3,037,500


		Environmental Control — 0.0%
	7,500	BioteQ Environmental Tech Inc., expire 01/21/14†		35


		Health Care — 0.0%
	300,000	Adolor Corp., CPR, expire 07/01/19†		156,000
	200,000	Clinical Data Inc., CVR, expire 04/14/18†		190,000
	400,000	Sanofi, CVR, expire 12/31/20†		136,000

				482,000


		TOTAL RIGHTS		3,519,535


Shares			Market Value
		WARRANTS — 0.0%
		Real Estate — 0.0%
	15,170	Tejon Ranch Co., expire 08/31/16†	$	81,160

		Transportation — 0.0%
	2	Trailer Bridge Inc., Ser. A, expire 04/02/17†		0
	2	Trailer Bridge Inc., Ser. B, expire 04/02/17†		0

				0

		TOTAL WARRANTS		81,160


Principal Amount
		CORPORATE BONDS — 0.0%
		Real Estate — 0.0%
$	40,860	Capital Properties Inc., 5.000%, 12/31/22(c)		40,860


		U.S. GOVERNMENT OBLIGATIONS — 25.9%
	323,570,000	U.S. Treasury Bills, 0.020% to 0.130%††, 01/02/14 to 06/26/14		323,531,510


		TOTAL INVESTMENTS — 100.0% (Cost $891,460,167)	$	1,246,798,444


		Aggregate tax cost		$893,045,866

		Gross unrealized appreciation		$378,762,833
		Gross unrealized depreciation		(25,010,255	)

		Net unrealized appreciation/depreciation		$353,752,578

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

(b)	At December 31, 2013, the Fund held an investment in a restricted security amounting to $12,375 or 0.00% of total investments, which was valued under methods approved by the Board of Trustees as follows:

Acquisition

Shares

Issuer

Acquisition
Date

Acquisition
Cost

12/31/13
Carrying
Value
Per Share

1,500

Capital Properties Inc., Cl. A

11/20/03

—

8.2500

(c)	At December 31, 2013, the Fund held an investment in restricted and illiquid security amounting to $41,844 or 0.00% of total investments, which was valued under methods approved by the Board of Trustees as follows:


Acquisition Shares/ Principle	Issuer	Acquisition Date	Acquisition Cost	12/31/13 Carrying Value Per Units
2,508	Royalty LLC	09/09/03	—		0.3923
$40,860	Capital Properties Inc.	12/17/12	$40,860		1.0000

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR	American Depositary Receipt

CPR	Contingent Payment Right

CVR	Contingent Value Right

See accompanying notes to schedule of investments.

TETON Westwood SmallCap Equity Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 96.7%
		Aerospace — 3.9%
	35,050	AAR Corp.	$	981,750
	17,900	Hexcel Corp.†		799,951

				1,781,701


		Building and Construction — 3.8%
	14,400	Builders FirstSource Inc.†		102,816
	18,550	Dycom Industries Inc.†		515,505
	6,500	EMCOR Group Inc.		275,860
	33,600	MYR Group Inc.†		842,688

				1,736,869


		Business Services — 8.4%
	21,950	ABM Industries Inc.		627,550
	23,800	Checkpoint Systems Inc.†		375,326
	15,350	Convergys Corp.		323,117
	19,550	FTI Consulting Inc.†		804,287
	4,600	G&KServices Inc., Cl. A		286,258
	10,750	KAR Auction Services Inc.		317,663
	10,400	McGrath RentCorp.		413,920
	30,450	PRGX Global Inc.†		204,624
	14,800	The Brink’s Co.		505,272

				3,858,017


		Computer Hardware — 1.1%
	43,200	QLogic Corp.†		511,056


		Computer Software and Services — 8.8%
	10,600	Bottomline Technologies Inc.†		383,296
	26,500	Callidus Software Inc.†		363,845
	40,400	Constant Contact Inc.†		1,255,228
	16,800	Guidance Software Inc.†		169,680
	13,900	Heartland Payment Systems Inc.		692,776
	4,200	Informatica Corp.†		174,300
	10,300	Netscout Systems Inc.†		304,777
	18,700	Progress Software Corp.†		483,021
	5,400	PTC Inc.†		191,106

				4,018,029


		Consumer Products — 1.5%
	9,900	ACCO Brands Corp.†		66,528
	9,000	Hanesbrands Inc.		632,430

				698,958


		Diversified Industrial — 6.6%
	10,000	Badger Meter Inc.		545,000
	8,250	Barnes Group Inc.		316,057
	24,160	Columbus McKinnon Corp.†		655,702
	16,800	Furmanite Corp.†		178,416
	3,738	Griffon Corp.		49,379
	5,400	Itron Inc.†		223,722
	10,150	Kennametal Inc.		528,511
	15,500	Sealed Air Corp.		527,775

				3,024,562


		Electronics — 7.6%
	6,500	Avnet Inc.		286,715
	51,550	Electro Scientific Industries Inc.		539,213
	19,600	General Cable Corp.		576,436
	19,550	International Rectifier Corp.†		509,669
	45,400	Newport Corp.†		820,378
	4,100	Park Electrochemical Corp.		117,752
	14,750	Vishay Intertechnology Inc.†		195,585
	10,100	Woodward Inc.		460,661

				3,506,409


		Energy and Utilities — 8.0%
	23,100	Approach Resources Inc.†		445,599
	10,900	C&J Energy Services Inc.†		251,790
	22,400	Comstock Resources Inc.		409,696
	23,500	Energy XXI Bermuda Ltd.		635,910


Shares			Market Value
	11,750	Matrix Service Co.†	$	287,523
	34,000	Newpark Resources Inc.†		417,860
	32,900	Patterson-UTI Energy Inc.		833,028
	16,550	Pike Corp.†		174,934
	10,900	Tesco Corp.†		215,602

				3,671,942


		Entertainment — 0.5%
	15,200	RealD Inc.†		129,808
	4,850	Take-Two Interactive Software Inc.†		84,245

				214,053


		Equipment and Supplies — 3.1%
	4,100	CIRCOR International Inc.		331,198
	10,700	Crown Holdings Inc.†		476,899
	3,850	Mine Safety Appliances Co.		197,159
	4,600	Moog Inc., Cl. A†		312,524
	5,900	Titan Machinery Inc.†		105,138

				1,422,918


		Financial Services — 15.9%
	5,450	Anchor Bancorp.†		99,680
	4,900	BancorpSouth Inc.		124,558
	9,000	BankUnited Inc.		296,280
	11,750	BBCN Bancorp Inc.		194,932
	4,600	Berkshire Hills Bancorp Inc.		125,442
	10,500	Boston Private Financial Holdings Inc.		132,510
	11,850	Brown & Brown Inc.		371,971
	12,300	Cardinal Financial Corp.		221,400
	8,800	CoBiz Financial Inc.		105,248
	9,700	Columbia Banking System Inc.		266,847
	7,050	Fidelity National Financial Inc., Cl. A		228,773
	3,900	Financial Institutions Inc.		96,369
	14,300	Flushing Financial Corp.		296,010
	12,600	Glacier Bancorp Inc.		375,354
	3,900	HF Financial Corp.		50,505
	11,784	Hudson Valley Holding Corp.		239,804
	15,000	Investors Bancorp Inc.		383,700
	4,750	National Penn Bancshares Inc.		53,818
	4,750	OceanFirst Financial Corp.		81,368
	14,850	OFG Bancorp		257,499
	2,900	Old National Bancorp		44,573
	7,600	Oritani Financial Corp.		121,980
	19,900	Rockville Financial Inc.		282,779
	12,309	Sterling Bancorp		164,571
	16,800	Stifel Financial Corp.†		805,056
	14,200	Trustco Bank Corp NY		101,956
	7,750	Umpqua Holdings Corp.		148,335
	33,500	ViewPoint Financial Group Inc.		919,575
	12,700	Washington Federal Inc.		295,783
	8,800	Washington Trust Bancorp Inc.		327,536
	14,000	Xenith Bankshares Inc.†		82,460

				7,296,672


		Health Care — 7.1%
	9,050	AngioDynamics Inc.†		155,569
	4,800	ArthroCare Corp.†		193,152
	2,100	ICU Medical Inc.†		133,791
	11,050	Omnicare Inc.		666,978
	5,350	Omnicell Inc.†		136,586
	23,050	Patterson Companies Inc.		949,660
	5,600	STERIS Corp.		269,080
	2,950	Teleflex Inc.		276,887
	1,800	Thoratec Corp.†		65,880
	12,600	VCA Antech Inc.†		395,136

				3,242,719


		Machinery — 2.4%
	23,900	Briggs & Stratton Corp.		520,064

See accompanying notes to schedule of investments.

TETON Westwood SmallCap Equity Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS (Continued)
		Machinery (Continued)
	10,300	Trinity Industries Inc.	$	561,556

				1,081,620


		Metals and Mining — 1.3%
	9,650	Carpenter Technology Corp.		600,230


		Publishing — 0.2%
	1,600	Meredith Corp.		82,880


		Retail — 5.9%
	12,750	American Eagle Outfitters Inc.		183,600
	9,200	Big 5 Sporting Goods Corp.		182,344
	23,050	Ethan Allen Interiors Inc.		701,181
	3,400	Haverty Furniture Companies Inc.		106,420
	17,200	Penske Automotive Group Inc.		811,152
	4,200	Pier 1 Imports Inc.		96,936
	21,200	Rush Enterprises Inc., Cl. A†		628,580

				2,710,213


		Semiconductors — 6.9%
	16,900	ATMI Inc.†.		510,549
	18,400	Cascade Microtech Inc.†		171,488
	9,200	Cypress Semiconductor Corp.		96,600
	18,700	Entegris Inc.†		216,920
	98,600	FormFactor Inc.†		593,572
	77,200	Intersil Corp., Cl. A		885,484
	63,300	ON Semiconductor Corp.†		521,592
	6,100	Ultratech Inc.†		176,900

				3,173,105


		Specialty Chemicals — 1.4%
	8,400	Chemtura Corp.†		234,528
	7,500	PolyOne Corp.†		265,125
	8,500	Zep Inc.		154,360

				654,013


			Market
Shares			Value
		Telecommunications — 2.3%
	4,650	Atlantic Tele-Network Inc.	$	263,050
	17,000	Ixia†		226,270
	27,400	Polycom Inc.†		307,702
	16,100	Procera Networks Inc.†		241,822

				1,038,844


		TOTAL COMMON STOCKS		44,324,810


Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 3.3%
	$1,499,000	U.S. Treasury Bills, 0.050% to 0.095%††, 01/09/14 to 06/19/14		1,498,768


		TOTAL INVESTMENTS — 100.0% (Cost $33,244,011)		$45,823,578


		Aggregate tax cost		$33,706,255

		Gross unrealized appreciation		$13,365,252
		Gross unrealized depreciation		(1,247,929	)

		Net unrealized appreciation/depreciation		$12,117,323

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

See accompanying notes to schedule of investments.

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 92.6%
		FINANCIALS — 19.2%
		Banks — 4.2%
	1,384	BankUnited Inc.	$	45,561
	2,460	Regions Financial Corp.		24,329
	998	Zions Bancorporation		29,900

				99,790


		Diversified Financials — 4.9%
	160	Affiliated Managers Group Inc.†		34,701
	292	Artisan Partners Asset Management Inc., Cl. A		19,036
	335	Financial Engines Inc.		23,276
	1,049	Invesco Ltd.		38,184

				115,197


		Insurance — 3.3%
	287	ACE Ltd.		29,713
	1,053	HCC Insurance Holdings Inc.		48,585

				78,298


		Real Estate — 6.8%
	484	American Tower Corp.		38,633
	1,625	CBRE Group Inc.†		42,738
	969	Corrections Corp. of America		31,076
	669	Gaming and Leisure Properties Inc.†		33,992
	154	SL Green Realty Corp.		14,227

				160,666


		TOTAL FINANCIALS		453,951


		CONSUMER DISCRETIONARY — 15.6%
		Consumer Durables and Apparel — 2.6%
	224	Coach Inc.		12,573
	610	MDC Holdings Inc.		19,666
	820	Toll Brothers Inc.†		30,340

				62,579


		Consumer Services — 2.7%
	1,153	Arcos Dorados Holdings Inc., Cl. A		13,974
	264	Hyatt Hotels Corp., Cl. A†		13,057
	763	Royal Caribbean Cruises Ltd.		36,181

				63,212


		Media — 6.0%
	459	Discovery Communications Inc., Cl. C†		38,492
	507	Liberty Global plc, Cl. C†		42,750
	203	Liberty Media Corp., Cl. A†		29,729
	406	Omnicom Group Inc.		30,194

				141,165


		Retailing — 4.3%
	598	Bed Bath & Beyond Inc.†		48,019
	231	O’Reilly Automotive Inc.†		29,732
	2	The Container Store Group Inc.†		93
	650	Urban Outfitters Inc.†		24,115

				101,959


		TOTAL CONSUMER DISCRETIONARY		368,915


		INDUSTRIALS — 14.9%
		Capital Goods — 8.9%
	170	Cummins Inc.		23,965
	1,161	Harsco Corp.		32,543
	727	Hexcel Corp.†		32,490
	407	MSC Industrial Direct Co. Inc., Cl. A		32,914
	1,374	Quanta Services Inc.†		43,363
	1,680	Rexnord Corp.†		45,377

				210,652


		Commercial and Professional Services — 4.7%
	472	Bright Horizons Family Solutions Inc.†		17,341
	241	IHS Inc., Cl. A†		28,848
	968	Nielsen Holdings NV†		44,422


Shares			Market Value
	175	Stericycle Inc.†	$	20,330

				110,941


		Transportation — 1.3%
	677	Expeditors International of Washington Inc.		29,957


		TOTAL INDUSTRIALS		351,550


		HEALTH CARE — 13.9%
		Health Care Equipment and Services — 4.9%
	1,210	Catamaran Corp.†		57,451
	775	Insulet Corp.†		28,753
	362	Universal Health Services Inc., Cl. B		29,416
	22	Veeva Systems Inc., Cl. A†		706

				116,326


		Pharmaceuticals, Biotechnology, and Life Sciences — 9.0%
	351	Alexion Pharmaceuticals Inc.†		46,704
	358	Covance Inc.†		31,525
	1,478	Exact Sciences Corp.†		17,278
	218	Illumina Inc.†		24,115
	509	Incyte Corp. Ltd.†		25,771
	106	Mettler-Toledo International Inc.†		25,715
	560	Vertex Pharmaceuticals Inc.†		41,608

				212,716


		TOTAL HEALTH CARE		329,042


		INFORMATION TECHNOLOGY — 12.6%
		Semiconductors and Semiconductor Equipment — 1.6%
	607	Hittite Microwave Corp.†		37,470


		Software and Services — 9.3%
	1,760	Activision Blizzard Inc.		31,381
	713	Citrix Systems Inc.†		45,097
	1,439	Covisint Corp.†		18,059
	171	Equinix Inc.†		30,344
	2,283	Fortinet Inc.†		43,674
	284	MercadoLibre Inc.		30,612
	314	Splunk Inc.†		21,562

				220,729


		Technology Hardware and Equipment — 1.7%
	781	Synaptics Inc.†		40,464


		TOTAL INFORMATION TECHNOLOGY		298,663


		ENERGY — 7.2%
		Energy — 7.2%
	334	Antero Resources Corp.†		21,189
	501	Cameron International Corp.†		29,825
	335	Noble Corp. plc		12,552
	660	Peabody Energy Corp.		12,890
	202	Pioneer Natural Resources Co.		37,182
	369	Range Resources Corp.		31,110
	1,611	Weatherford International Ltd.†		24,954


		TOTAL ENERGY		169,702


		CONSUMER STAPLES — 3.6%
		Food, Beverage, and Tobacco — 3.6%
	917	Coca-Cola Enterprises Inc.		40,467
	291	McCormick & Co. Inc., Non-Voting		20,056
	289	Mead Johnson Nutrition Co.		24,207


		TOTAL CONSUMER STAPLES		84,730


		UTILITIES — 2.9%
		Utilities — 2.9%
	524	ITC Holdings Corp.		50,210
	1,367	The AES Corp.		19,835


		TOTAL UTILITIES		70,045

See accompanying notes to schedule of investments.

TETON Westwood Mid-Cap Equity Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Shares			Market Value
		MATERIALS — 2.7%
		Materials — 2.7%
	302	Cytec Industries Inc.	$	28,134
	339	Ecolab Inc.		35,348


		TOTAL MATERIALS		63,482


		TOTAL COMMON STOCKS		2,190,080

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 7.4%
	$175,000	U.S. Treasury Bills, 0.045%††, 02/27/14		174,988


		TOTAL INVESTMENTS — 100.0% (Cost $2,149,241)	$	2,365,068


		Aggregate tax cost	$	2,149,670

		Gross unrealized appreciation		234,253
		Gross unrealized depreciation	$	(18,855	)

		Net unrealized appreciation/depreciation	$	215,398

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

See accompanying notes to schedule of investments.

TETON Westwood Income Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 89.5%
		Agriculture — 0.4%
	1,000	Archer Daniels Midland Co.	$	43,400


		Automotive — 1.9%
	3,000	General Motors Co.†		122,610
	1,500	Navistar International Corp.†		57,285

				179,895


		Banking — 2.8%
	4,000	Bank of America Corp.		62,280
	4,000	U.S. Bancorp		161,600
	5,042	Valley National Bancorp		51,025

				274,905


		Cable and Satellite — 1.0%
	700	Time Warner Cable Inc.		94,850


		Communications Equipment — 1.2%
	500	Cisco Systems Inc.		11,225
	1,400	QUALCOMM Inc.		103,950

				115,175


		Computer Hardware — 2.9%
	500	Apple Inc.		280,555


		Consumer Discretionary — 1.0%
	1,700	Coach Inc.		95,421


		Consumer Products — 0.8%
	800	Tupperware Brands Corp.		75,624


		Consumer Staples — 2.2%
	6,000	Mondele¯z International Inc., Cl. A		211,800


		Diversified Industrial — 6.0%
	7,000	General Electric Co.		196,210
	2,000	Honeywell International Inc.		182,740
	5,000	Tyco International Ltd.		205,200

				584,150


		Electronics — 2.1%
	8,000	Intel Corp.		207,680


		Energy and Utilities: Natural Gas — 2.2%
	6,000	Spectra Energy Corp.		213,720


		Environmental Services — 0.9%
	2,000	Waste Management Inc.		89,740


		Financial Services — 11.2%
	5,000	American International Group Inc.		255,250
	2,700	Citigroup Inc.		140,697
	2,800	CME Group Inc.		219,688
	3,400	JPMorgan Chase & Co.		198,832
	6,000	Wells Fargo & Co.		272,400

				1,086,867


		Food and Beverage — 5.2%
	7,000	ConAgra Foods Inc.		235,900
	2,000	General Mills Inc.		99,820
	2,000	PepsiCo Inc.		165,880

				501,600


		Health Care — 15.0%
	2,000	AbbVie Inc.		105,620
	2,000	AstraZeneca plc, ADR.		118,740
	3,783	Bristol-Myers Squibb Co.		201,067
	1,000	Eli Lilly & Co.		51,000
	1,500	Johnson & Johnson		137,385
	2,520	Mead Johnson Nutrition Co.		211,075
	3,000	Merck & Co. Inc.		150,150
	5,264	Pfizer Inc.		161,236
	2,000	Sanofi, ADR		107,260


Shares			Market Value
	6,358	Zoetis Inc.	$	207,843

				1,451,376

		Integrated — 1.0%
	1,334	FirstEnergy Corp.		43,995
	2,000	Statoil ASA, ADR		48,260

				92,255

		Machinery — 1.8%
	5,000	Xylem Inc.		173,000


		Metals and Mining — 2.7%
	5,000	Freeport-McMoRan Copper & Gold Inc.		188,700
	3,000	Newmont Mining Corp.		69,090

				257,790

		Oil — 6.3%
	1,500	Chevron Corp.		187,365
	3,500	ConocoPhillips		247,275
	2,250	Phillips 66		173,543

				608,183

		Paper and Forest Products — 2.6%
	5,200	International Paper Co.		254,956


		Real Estate Investment Trusts — 1.4%
	5,000	Starwood Property Trust Inc.		138,500


		Retail — 1.7%
	2,000	The Home Depot Inc.		164,680


		Services — 4.2%
	5,000	Halliburton Co.		253,750
	1,500	Noble Corp. plc		56,205
	2,000	Transocean Ltd.		98,840

				408,795

		Specialty Chemicals — 3.7%
	1,500	Air Products & Chemicals Inc.		167,670
	3,000	E. I. du Pont de Nemours and Co.		194,910

				362,580

		Telecommunications — 2.5%
	4,000	AT&T Inc.		140,640
	2,000	Verizon Communications Inc.		98,280

				238,920

		Water — 2.8%
	6,500	American Water Works Co. Inc.		274,690


		Wireless Communications — 2.0%
	5,000	Vodafone Group plc, ADR		196,550


		TOTAL COMMON STOCKS		8,677,657

Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 10.5%
	$1,020,000	U.S. Treasury Bills, 0.030% to 0.085%††, 02/06/14 to 04/24/14		1,019,890

Shares
		TOTAL INVESTMENTS — 100.0% (Cost $7,413,386)		$9,697,547

See accompanying notes to schedule of investments.

TETON Westwood Income Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Aggregate tax cost	$7,413,394

Gross unrealized appreciation	$2,447,365
Gross unrealized depreciation	(163,212	)

Net unrealized appreciation/depreciation	$2,284,153

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

ADR American Depositary Receipt

See accompanying notes to schedule of investments.

TETON Westwood Equity Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 97.9%
		Aerospace — 4.4%
	12,400	General Dynamics Corp.	$	1,184,820
	4,000	The Boeing Co.		545,960
	13,500	United Technologies Corp.		1,536,300

				3,267,080


		Banking — 10.9%
	94,100	Bank of America Corp.		1,465,137
	17,400	Capital One Financial Corp.		1,333,014
	28,700	CIT Group Inc.		1,496,131
	38,784	JPMorgan Chase & Co.		2,268,089
	34,400	Wells Fargo & Co.		1,561,760

				8,124,131


		Business Services — 4.7%
	23,000	Equifax Inc.		1,589,070
	8,100	FedEx Corp.		1,164,537
	9,397	MSC Industrial Direct Co. Inc., Cl. A		759,935

				3,513,542


		Cable and Satellite — 2.1%
	30,800	Comcast Corp., Cl. A		1,600,522


		Communications Equipment — 3.5%
	51,200	Cisco Systems Inc.		1,149,440
	20,100	QUALCOMM Inc.		1,492,425

				2,641,865


		Computer Hardware — 1.0%
	1,400	Apple Inc.		785,554


		Computer Software and Services — 2.2%
	20,000	Accenture plc		1,644,400

		Consumer Products — 3.1%
	24,600	Colgate-Palmolive Co.		1,604,166
	15,000	Garmin Ltd.		693,300

				2,297,466


		Consumer Services — 1.3%
	13,700	IAC/InterActiveCorp.		941,053


		Diversified Industrial — 5.6%
	55,700	General Electric Co.		1,561,271
	16,600	Honeywell International Inc.		1,516,742
	10,400	Rock Tenn Co., Cl. A		1,092,104

				4,170,117


		Electronics — 2.1%
	16,900	WESCO International Inc.†		1,539,083


		Energy and Energy Services — 0.9%
	3,900	EOG Resources Inc.		654,576


		Energy: Integrated — 3.1%
	16,800	NextEra Energy Inc.		1,438,416
	9,500	Schlumberger Ltd.		856,045

				2,294,461


		Energy: Natural Gas — 0.7%
	6,200	EQT Corp.		556,636


		Energy: Oil — 6.3%
	12,300	Chevron Corp.		1,536,393
	16,300	Exxon Mobil Corp.		1,649,560
	15,910	Occidental Petroleum Corp.		1,513,041

				4,698,994


		Entertainment — 3.9%
	18,900	Time Warner Inc.		1,317,708


Shares			Market Value
	18,300	Viacom Inc., Cl. B	$	1,598,322

				2,916,030


		Financial Services — 7.4%
	12,700	ACE Ltd		1,314,831
	30,700	American International Group Inc.		1,567,235
	31,100	Hartford Financial Services Group Inc.		1,126,753
	13,800	MetLife Inc.		744,096
	19,300	U.S. Bancorp		779,720

				5,532,635


		Food and Beverage — 5.4%
	21,600	General Mills Inc.		1,078,056
	21,400	McCormick & Co. Inc., Non-Voting		1,474,888
	17,400	PepsiCo Inc.		1,443,156

				3,996,100


		Health Care — 16.2%
	39,200	Abbott Laboratories		1,502,536
	13,400	Becton, Dickinson and Co.		1,480,566
	21,900	Covidien plc		1,491,390
	22,500	Express Scripts Holding Co.†		1,580,400
	28,400	GlaxoSmithKline plc, ADR		1,516,276
	23,100	Johnson & Johnson		2,115,729
	10,000	Novartis AG, ADR		803,800
	17,400	Sigma-Aldrich Corp.		1,635,774

				12,126,471


		Manufactured Housing and Recreational Vehicles — 1.1%
	5,600	Polaris Industries Inc.		815,584


		Real Estate Investment Trusts — 1.0%
	12,600	Ventas Inc.		721,728


		Retail — 4.9%
	13,345	Advance Auto Parts Inc.		1,477,025
	34,400	Target Corp.		2,176,488

				3,653,513


		Telecommunications — 4.0%
	38,200	Amdocs Ltd.		1,575,368
	40,100	AT&T Inc.		1,409,916

				2,985,284


		Transportation — 2.1%
	9,200	Union Pacific Corp.		1,545,600


		TOTAL COMMON STOCKS		73,022,425


		SHORT TERM INVESTMENTS — 2.1%
		Mutual Funds — 2.1%
	1,604,386	Dreyfus Treasury & Agency Cash Management Fund, 0.040%.		1,604,386


		TOTAL INVESTMENTS — 100.0% (Cost $59,004,329)	$	74,626,811


		Aggregate tax cost	$	59,045,240

		Gross unrealized appreciation	$	15,926,952

		Gross unrealized depreciation		(345,381	)

		Net unrealized appreciation/depreciation	$	15,581,571

†	Non-income producing security.

*	Current yield.

ADR	American Depositary Receipt

See accompanying notes to schedule of investments.

TETON Westwood Balanced Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Shares			Market Value
		COMMON STOCKS — 64.1%
		Aerospace — 2.9%
	8,700	General Dynamics Corp.	$	831,285
	3,700	The Boeing Co.		505,013
	9,400	United Technologies Corp.		1,069,720

				2,406,018


		Banking — 7.5%
	89,800	Bank of America Corp.		1,398,186
	14,000	Capital One Financial Corp.		1,072,540
	19,900	CIT Group Inc.		1,037,387
	27,796	JPMorgan Chase & Co.		1,625,510
	24,000	Wells Fargo & Co.		1,089,600

				6,223,223


		Business Services — 2.4%
	16,700	Equifax Inc.		1,153,803
	5,700	FedEx Corp.		819,489

				1,973,292


		Cable and Satellite — 1.2%
	19,600	Comcast Corp., Cl. A		1,018,514


		Communications Equipment — 3.4%
	29,000	AT&T Inc.		1,019,640
	35,500	Cisco Systems Inc.		796,975
	13,700	QUALCOMM Inc.		1,017,225

				2,833,840


		Computer Hardware — 0.7%
	1,000	Apple Inc.		561,110


		Computer Software and Services — 1.4%
	14,400	Accenture plc, Cl. A		1,183,968


		Consumer Products — 2.2%
	18,400	Colgate-Palmolive Co.		1,199,864
	12,500	Garmin Ltd.		577,750

				1,777,614


		Consumer Services — 0.8%
	9,500	IAC/InterActiveCorp.		652,555


		Diversified Industrial — 3.5%
	38,600	General Electric Co.		1,081,958
	11,125	Honeywell International Inc.		1,016,491
	7,400	Rock Tenn Co., Cl. A		777,074

				2,875,523


		Electronics — 1.3%
	11,800	WESCO International Inc.†		1,074,626


		Energy and Energy Services — 0.6%
	2,700	EOG Resources Inc.		453,168


		Energy: Integrated — 1.4%
	13,700	NextEra Energy Inc.		1,172,994


		Energy: Natural Gas — 0.7%
	6,400	EQT Corp.		574,592


		Energy: Oil — 4.6%
	9,400	Chevron Corp.		1,174,154
	10,000	Exxon Mobil Corp.		1,012,000
	10,700	Occidental Petroleum Corp.		1,017,570
	6,900	Schlumberger Ltd.		621,759

				3,825,483


		Entertainment — 2.7%
	16,200	Time Warner Inc.		1,129,464
	13,100	Viacom Inc., Cl. B		1,144,154

				2,273,618


Shares			Market Value

		Equipment and Supplies — 0.6%
	6,500	MSC Industrial Direct Co. Inc., Cl. A	$	525,655


		Financial Services — 5.2%
	9,800	ACE Ltd		1,014,594
	21,400	American International Group Inc.		1,092,470
	27,600	Hartford Financial Services Group Inc.		999,948
	11,100	MetLife Inc.		598,512
	14,000	U.S. Bancorp		565,600

				4,271,124


		Food and Beverage — 3.7%
	15,900	General Mills Inc.		793,569
	15,300	McCormick & Co. Inc., Non-Voting		1,054,476
	14,500	PepsiCo Inc.		1,202,630

				3,050,675


		Health Care — 10.5%
	27,200	Abbott Laboratories		1,042,576
	9,100	Becton, Dickinson and Co.		1,005,459
	17,100	Covidien plc		1,164,510
	16,500	Express Scripts Holding Co.†		1,158,960
	19,500	GlaxoSmithKline plc, ADR		1,041,105
	16,500	Johnson & Johnson		1,511,235
	7,300	Novartis AG, ADR		586,774
	12,600	Sigma-Aldrich Corp.		1,184,526

				8,695,145


		Manufactured Housing and Recreational Vehicles — 0.7%
	3,900	Polaris Industries Inc.		567,996


		Real Estate Investment Trusts — 0.6%
	8,700	Ventas Inc.		498,336


		Retail — 3.0%
	9,165	Advance Auto Parts Inc.		1,014,382
	23,800	Target Corp.		1,505,826

				2,520,208


		Telecommunications — 1.3%
	26,400	Amdocs Ltd.		1,088,736


		Transportation — 1.2%
	6,100	Union Pacific Corp.		1,024,800


		TOTAL COMMON STOCKS		53,122,813

Principal Amount

		CORPORATE BONDS — 18.3%
		Banking — 5.0%
	$1,250,000	Bank of America Corp., 5.375%, 06/15/14		1,276,727
	750,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		826,238
	1,125,000	Citigroup Inc., MTN, 5.500%, 10/15/14		1,167,018
	750,000	JPMorgan Chase & Co., 6.300%, 04/23/19		886,209

				4,156,192


		Consumer Products — 0.5%
	500,000	Colgate-Palmolive Co., MTN, 2.100%, 05/01/23		441,716


		Diversified Industrial — 0.5%
	400,000	John Deere Capital Corp., MTN, 1.950%, 12/13/18		397,919

See accompanying notes to schedule of investments.

TETON Westwood Balanced Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Principal Amount			Market Value
		CORPORATE BONDS (Continued)
		Electronics — 1.8%
	$1,000,000	Intel Corp., 3.300%, 10/01/21	$	995,178
	500,000	Texas Instruments Inc., 1.650%, 08/03/19		482,264

				1,477,442


		Energy: Integrated — 0.6%
	500,000	The Southern Co., 4.150%, 05/15/14		506,716


		Energy: Oil — 3.6%
	1,000,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		1,114,769
	500,000	Marathon Oil Corp., 5.900%, 03/15/18		569,476
	800,000	Occidental Petroleum Corp., 2.700%, 02/15/23		733,830
	500,000	XTO Energy Inc., 6.500%, 12/15/18		605,239

				3,023,314


		Financial Services — 1.2%
	950,000	ACE INA Holdings Inc., 5.600%, 05/15/15		1,013,617


		Metals and Mining — 0.9%
	750,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		759,613


		Real Estate Investment Trusts — 0.9%
	700,000	Vornado Realty LP, 4.250%, 04/01/15		722,040


		Retail — 1.0%
	800,000	Wal-Mart Stores Inc., 3.200%, 05/15/14		808,735


		Transportation — 1.4%
	1,000,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		1,122,372


		Wireless Communications — 0.9%
	750,000	Vodafone Group plc, 4.150%, 06/10/14		762,048


		TOTAL CORPORATE BONDS		15,191,724


		U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.7%
		Federal Home Loan Mortgage Corp. — 3.7%
	800,000	1.750%, 09/10/15		818,995
	1,500,000	3.750%, 03/27/19		1,636,909
	600,000	1.750%, 05/30/19		589,834

				3,045,738


		Federal National Mortgage Association — 3.0%
	1,500,000	5.000%, 04/15/15		1,591,404
	775,000	5.375%, 06/12/17		886,931

				2,478,335


		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		5,524,073


Principal Amount			Market Value

		U.S. GOVERNMENT OBLIGATIONS — 8.0%
		U.S. Treasury Bills — 1.2%
	$1,000,000	U.S. Treasury Bills, 0.085%†, 08/21/14	$	999,575


		U.S. Treasury Inflation Indexed Notes — 4.5%
	1,387,740	2.500%, 07/15/16		1,523,641
	1,065,358	2.125%, 01/15/19		1,094,035
	1,183,731	1.375%, 01/15/20		1,160,747

				3,778,423


		U.S. Treasury Notes — 2.3%
	1,000,000	3.625%, 08/15/19		1,089,844
	750,000	3.375%, 11/15/19		806,954

				1,896,798


		TOTAL U.S. GOVERNMENT OBLIGATIONS		6,674,796


Shares
		SHORT TERM INVESTMENTS — 2.9%
		Mutual Funds — 2.9%
	2,425,689	Dreyfus Treasury & Agency Cash Management Fund, 0.040%*		2,425,689


		TOTAL INVESTMENTS — 100.0% (Cost $69,409,542)	$	82,939,095


		Aggregate tax cost	$	69,568,113

		Gross unrealized appreciation	$	14,117,291
		Gross unrealized depreciation		(746,309	)

		Net unrealized appreciation/depreciation	$	13,370,982

†	Non-income producing security.

††	Represents annualized yield at date of purchase.

*	Current yield.

ADR	American Depositary Receipt

MTN	Medium Term Note

See accompanying notes to schedule of investments.

TETON Westwood Intermediate Bond Fund

Schedule of Investments — December 31, 2013 (Unaudited)


Principal Amount			Market Value
		CORPORATE BONDS — 43.3%
		Aerospace — 1.1%
$	200,000	The Boeing Co., 6.000%, 03/15/19	$	235,838


		Automotive — 1.6%
	350,000	Toyota Motor Credit Corp., MTN, 1.750%, 05/22/17		351,939


		Banking — 6.3%
	300,000	Bank of America Corp., 5.375%, 06/15/14		306,415
	300,000	Bank of America Corp., MTN, Ser. L, 5.650%, 05/01/18		341,813
	225,000	Barclays Bank plc, Ser. 1, 5.000%, 09/22/16		247,871
	250,000	Citigroup Inc., MTN, 5.500%, 10/15/14		259,337
	200,000	JPMorgan Chase & Co., 6.300%, 04/23/19		236,322

				1,391,758


		Computer Hardware — 1.7%
	375,000	Hewlett-Packard Co., 1.550%, 05/30/14		376,406


		Computer Software and Services — 3.0%
	250,000	Microsoft Corp., 1.625%, 09/25/15		255,316
	400,000	Oracle Corp., 3.625%, 07/15/23		397,580

				652,896


		Diversified Industrial — 1.8%
	400,000	General Electric Capital Corp., 1.625%, 07/02/15		406,651


		Electronics — 2.3%
	200,000	Arrow Electronics Inc., 6.000%, 04/01/20		213,569
	300,000	Texas Instruments Inc., 1.650%, 08/03/19		289,358

				502,927


		Energy and Utilities: Electric Integrated — 2.2%
	275,000	Dominion Resources Inc., 6.400%, 06/15/18		321,019
	150,000	The Southern Co., 4.150%, 05/15/14		152,015

				473,034


		Energy and Utilities: Oil — 5.5%
	200,000	Anadarko Petroleum Corp., 5.950%, 09/15/16		222,954
	125,000	Marathon Oil Corp., 5.900%, 03/15/18		142,369
	400,000	Murphy Oil Corp., 2.500%, 12/01/17		402,806
	200,000	Total Capital SA, 3.000%, 06/24/15		207,238
	200,000	XTO Energy Inc., 6.500%, 12/15/18		242,096

				1,217,463


Principal Amount			Market Value

		Financial Services — 3.6%
$	175,000	ACE INA Holdings Inc., 5.600%, 05/15/15	$	186,719
	260,000	International Bank for Reconstruction & Development, 8.625%, 10/15/16		313,646
	275,000	Merrill Lynch & Co. Inc., MTN, Ser. C, 5.000%, 01/15/15		286,603

				786,968


		Food and Beverage — 2.7%
	275,000	Bottling Group LLC, 5.125%, 01/15/19		310,869
	250,000	Mondelêz International Inc., 5.375%, 02/10/20		282,719

				593,588


		Health Care — 1.5%
	325,000	Teva Pharmaceutical Finance IV BV, 3.650%, 11/10/21		319,305


		Metals and Mining — 0.9%
	200,000	BHP Billiton Finance USA Ltd., 5.500%, 04/01/14		202,564


		Real Estate Investment Trusts — 1.2%
	250,000	Vornado Realty LP, 4.250%, 04/01/15		257,871


		Retail — 2.4%
	525,000	Wal-Mart Stores Inc., 3.200%, 05/15/14		530,732


		Semiconductors — 1.6%
	350,000	Intel Corp., 3.300%, 10/01/21		348,312


		Telecommunications — 2.3%
	500,000	AT&T Inc., 1.700%, 06/01/17		497,346


		Transportation — 1.6%
	200,000	Burlington Northern Santa Fe LLC, 5.650%, 05/01/17		224,474
	125,000	CSX Corp., 6.250%, 04/01/15		133,646

				358,120


		TOTAL CORPORATE BONDS		9,503,718


		U.S. GOVERNMENT AGENCY OBLIGATIONS — 33.2%
		Federal Home Loan Bank — 1.2%
	250,000	5.375%, 05/18/16, Ser. 656		278,495


		Federal Home Loan Mortgage Corp. — 13.3%
	525,000	5.000%, 07/15/14		538,712
	900,000	1.750%, 09/10/15		921,370
	325,000	5.250%, 04/18/16		360,223
	600,000	3.750%, 03/27/19		654,764
	450,000	1.750%, 05/30/19		442,375

				2,917,444


		Federal National Mortgage Association — 18.0%
	750,000	2.750%, 02/05/14		751,295
	700,000	2.625%, 11/20/14		715,466
	600,000	5.000%, 04/15/15		636,562

See accompanying notes to schedule of investments.

TETON Westwood Intermediate Bond Fund

Schedule of Investments (Continued) — December 31, 2013 (Unaudited)


Principal Amount			Market Value
		U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
		Federal National Mortgage Association (Continued)
	$650,000	2.375%, 07/28/15	$	670,804
	800,000	1.125%, 04/27/17		803,766
	275,000	5.375%, 06/12/17		314,717
	25,992	Pool #745122, 5.500%, 09/01/20		28,377
	22,819	Pool #255554, 5.500%, 01/01/35		25,097

				3,946,084


		Government National Mortgage Association — 0.7%
	11,439	Pool #562288, 6.000%, 12/15/33		12,849
	30,261	Pool #604946, 5.500%, 01/15/34		33,429
	21,127	Pool #604970, 5.500%, 01/15/34		23,339
	37,876	Pool #003747, 5.000%, 08/20/35		41,285
	34,466	Pool #550728, 5.500%, 11/15/35		38,074

				148,976


		TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		7,290,999


		U.S. GOVERNMENT OBLIGATIONS — 19.0%
		U.S. Treasury Bills — 2.1%
	450,000	U.S. Treasury Bills, 0.085%†, 08/21/14		449,809


		U.S. Treasury Inflation Indexed Notes — 8.3%
	318,024	2.500%, 07/15/16		349,168
	324,912	1.375%, 07/15/18		352,453


Principal Amount			Market Value
	$299,140	2.125%, 01/15/19	$	334,288
	324,000	1.375%, 01/15/20		348,224
	380,723	2.500%, 01/15/29		448,004

				1,832,137


		U.S. Treasury Notes — 7.8%
	675,000	3.250%, 05/31/16		718,954
	275,000	3.500%, 02/15/18		298,622
	650,000	3.375%, 11/15/19		699,360

				1,716,936


		U.S. Treasury Bonds — 0.8%
	150,000	5.375%, 02/15/31		183,891


		TOTAL U.S. GOVERNMENT OBLIGATIONS		4,182,773

Shares
		SHORT TERM INVESTMENTS — 4.5%
		Mutual Funds — 4.5%
	980,100	Dreyfus Treasury & Agency Cash Management Fund, 0.040%*		980,100

		TOTAL INVESTMENTS — 100.0% (Cost $21,269,288)	$	21,957,590

		Aggregate tax cost	$	21,269,288

		Gross unrealized appreciation	$	848,120
		Gross unrealized depreciation		(159,818	)

		Net unrealized appreciation/depreciation	$	688,302

†	Represents annualized yield at date of purchase.

*	Current yield.

MTN	Medium Term Note

See accompanying notes to schedule of investments.

TETON Westwood Funds (the “Trust”)

Notes to Schedule of Investments (Unaudited)

The Trust’s schedules of investments are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of its schedule of investments.

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”).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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

Accounting Standards Update (“ASU”) No. 2011-11 (as clarified by ASU No. 2013-01) “Disclosures about Offsetting Assets and Liabilities” requires a fund to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of assets and liabilities and instruments and transactions subject to an agreement similar to a master netting arrangement. The scope of ASU 2011-11 includes derivatives and sale and repurchase agreements. The purpose of ASU 2011-11 is to facilitate comparison of financial statements prepared on the basis of GAAP and on the basis of International Financial Reporting Standards. ASU 2011-11 is effective for financial statements whose fiscal year begins after December 31, 2012. Management is currently evaluating the impact on the additional disclosure requirements on the Fund’s financial statements.

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 a 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 December 31, 2013 is as follows:

TETON Westwood Funds (the “Trust”)

Notes to Schedule of Investments (Unaudited) (Continued)


	Valuation Inputs
	Level 1			Level 2 Other Significant			Level 3 Significant			Total Market Value
	Quoted Prices			Observable Inputs			Unobservable Inputs			at 12/31/13
MIGHTY MITES FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Building and Construction		$	7,585,630		$	1,146,789			—		$	8,732,419
Consumer Products			28,293,849			31			—			28,293,880
Diversified Industrial			83,143,478			185,268			—			83,328,746
Entertainment			9,896,052			—		$	3			9,896,055
Financial Services			51,494,130			646,773			—			52,140,903
Health Care			84,983,840			—			640			84,984,480
Real Estate			14,701,136			737,583			984			15,439,703
Telecommunications			22,652,130			2,625			—			22,654,755
Transportation			2,395,950			—			465			2,396,415
Other Industries(a)			610,440,799			—			—			610,440,799
Total Common Stocks			915,586,994			2,719,069			2,092			918,308,155
Preferred Stocks(a)			1,301,279			—			—			1,301,279
Convertible Preferred Stocks(a)			—			15,945			—			15,945
Rights(a)			3,173,535			—			346,000			3,519,535
Warrants(a)			81,160			—			0			81,160
Corporate Bonds(a)			—			—			40,860			40,860
U.S. Government Obligations			—			323,531,510			—			323,531,510
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	920,142,968		$	326,266,524		$	388,952		$	1,246,798,444

SMALLCAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	44,324,810			—			—		$	44,324,810
U.S. Government Obligations			—		$	1,498,768			—			1,498,768
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	44,324,810		$	1,498,768			—		$	45,823,578

MID-CAP EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	2,190,080			—			—		$	2,190,080
U.S. Government Obligations			—		$	174,988			—			174,988
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	2,190,080		$	174,988			—		$	2,365,068

INCOME FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	8,677,657			—			—		$	8,677,657
U.S. Government Obligations			—		$	1,019,890			—			1,019,890
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	8,677,657		$	1,019,890			—		$	9,697,547

EQUITY FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	73,022,425			—			—		$	73,022,425
Short Term Investments			1,604,386			—			—			1,604,386
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	74,626,811			—			—		$	74,626,811

BALANCED FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks(a)		$	53,122,813			—			—		$	53,122,813
Corporate Bonds(a)			—		$	15,191,724			—			15,191,724
U.S. Government Agency Obligations			—			5,524,073			—			5,524,073
U.S. Government Obligations			—			6,674,796			—			6,674,796
Short Term Investments			2,425,689			—			—			2,425,689
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	55,548,502		$	27,390,593			—		$	82,939,095

TETON Westwood Funds (the “Trust”)

Notes to Schedule of Investments (Unaudited) (Continued)


	Valuation Inputs
	Level 1			Level 2 Other Significant			Level 3 Significant		Total Market Value
	Quoted Prices			Observable Inputs			Unobservable Inputs		at 12/31/13
INTERMEDIATE BOND FUND
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Corporate Bonds(a)			—		$	9,503,718		—		$	9,503,718
U.S. Government Agency Obligations			—			7,290,999		—			7,290,999
U.S. Government Obligations			—			4,182,773		—			4,182,773
Short Term Investments		$	980,100			—		—			980,100
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	980,100		$	20,977,490		—		$	21,957,590

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

The Funds had no material transfers among Level 1, Level 2, and Level 3 during the period ended December 31, 2013. The Funds’ policy is to recognize transfers among Levels as of the beginning of the reporting period.

There were no Level 3 investments held at December 31, 2013 or September 30, 2013 for SmallCap Equity Fund, Mid-Cap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.

Additional Information to Evaluate Qualitative Information .

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

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

Securities Sold Short. The Mighty Mites Fund and Mid-Cap Equity Fund 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 unrealized gains or losses 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 on the ex-dividend date and interest expense is recorded on the accrual basis. At December 31, 2013, there were no short sales outstanding for the Mighty Mites Fund and Mid-Cap Equity Fund.

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

TETON Westwood Funds (the “Trust”)

Notes to Schedule of Investments (Unaudited) (Continued)

of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

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

Restricted Securities. Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and Income Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Mighty Mites Fund held at December 31, 2013, refer to its Schedule of Investments.

Tax Information. The Funds intend to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

At September 30, 2013, the Funds had net capital loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act of 2010, each Fund is permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carry forwards may have an increased likelihood of expiring unused. Additionally, post enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short term as under previous law.


	Mighty			SmallCap			Mid-Cap
Expiring in	Mites			Equity			Equity			Income			Equity			Balanced			Intermediate
Fiscal Year	Fund			Fund			Fund			Fund			Fund			Fund			Bond Fund
2016		$	—		$	210		$	—		$	—		$	—		$	—		$	—
2017			—			585,663			—			694,663			—			—			—
2018			—			—			—			1,503,326			5,066,097			—			—
2019			—			—			—			62,766			—			—			—
Short term(post-effective with no expiration)			—			330,979			—			—			—			—			4,939

		$	—		$	916,852		$	—		$	2,260,755		$	5,066,097		$	—		$	4,939

Item 2. 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 have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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 2/27/2014

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 2/27/2014

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

Date 2/27/2014

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