TETON Westwood SmallCap Equity Fund

Schedule of Investments — December 31, 2019 (Unaudited)

Shares			Market Value
		COMMON STOCKS — 97.7%
		Aerospace — 0.6%
	3,600	Hexcel Corp.	$	263,916
		Automotive — 2.9%
	14,100	Rush Enterprises Inc., Cl. A		655,650
	11,300	Winnebago Industries Inc.		598,674
				1,254,324
		Aviation: Parts and Services — 0.9%
	8,000	AAR Corp.		360,800
		Banking — 23.5%
	22,600	Atlantic Capital Bancshares Inc.†		414,710
	9,433	Atlantic Union Bankshares Corp.		354,209
	15,600	Banc of California Inc.		268,008
	13,200	BankUnited Inc.		482,592
	5,900	Berkshire Hills Bancorp Inc.		193,992
	21,662	Cadence BanCorp		392,732
	13,400	CenterState Bank Corp.		334,732
	8,400	Columbia Banking System Inc.		341,754
	3,200	Financial Institutions Inc.		102,720
	34,400	First Foundation Inc.		598,560
	10,200	Flushing Financial Corp.		220,371
	9,300	Glacier Bancorp Inc.		427,707
	20,100	Heritage Commerce Corp.		257,883
	52,050	Investors Bancorp Inc.		620,176
	6,500	Live Oak Bancshares Inc.		123,565
	15,450	OceanFirst Financial Corp.		394,593
	17,350	OFG Bancorp		409,633
	17,000	PCSB Financial Corp.		344,250
	6,283	Prosperity Bancshares Inc.		451,685
	29,206	Sterling Bancorp		615,662
	22,200	TrustCo Bank Corp.		192,474
	19,050	Umpqua Holdings Corp.		337,185
	37,720	Valley National Bancorp		431,894
	33,200	Veritex Holdings Inc.		967,116
	14,000	Washington Federal Inc.		513,100
	4,700	Washington Trust Bancorp Inc.		252,813
				10,044,116
		Broadcasting — 0.8%
	11,800	Chicken Soup For The Soul Entertainment Inc.†		94,400
	17,600	Hemisphere Media Group Inc.†		261,360
				355,760
		Building and Construction — 2.1%
	6,300	EMCOR Group Inc.		543,690
	10,900	MYR Group Inc.†		355,231
				898,921
		Business Services — 4.3%
	21,000	ABM Industries Inc.		791,910
	4,850	FTI Consulting Inc.†		536,701
	6,600	McGrath RentCorp		505,164
				1,833,775
		Communications — 1.2%
	16,100	Meredith Corp.		522,767
		Communications Equipment — 5.5%
	94,500	Extreme Networks Inc.†		696,465
	122,800	Infinera Corp.†		975,032
	5,722	Lumentum Holdings Inc.†		453,755
	15,500	Switch Inc., Cl. A		229,710
				2,354,962
		Computer Software and Services — 8.0%
	8,300	Bottomline Technologies DE Inc.†		444,880
	31,300	Cloudera Inc.†		364,019
	8,600	ForeScout Technologies Inc.†		282,080
	5,900	LogMeIn Inc.		505,866

Shares			Market Value
	44,000	NetScout Systems Inc.†	$	1,059,080
	15,600	Progress Software Corp.		648,180
	4,800	Teradata Corp.†		128,496
				3,432,601
		Consumer Products — 2.5%
	21,900	Hanesbrands Inc.		325,215
	3,600	iRobot Corp.†		182,268
	7,300	Oxford Industries Inc.		550,566
				1,058,049
		Diversified Industrial — 1.8%
	3,900	Fabrinet†		252,876
	24,300	Steelcase Inc., Cl. A		497,178
				750,054
		Electronics — 5.2%
	13,300	Advanced Energy Industries Inc.†		946,960
	7,500	FARO Technologies Inc.†		377,625
	14,100	Plantronics Inc.		385,494
	25,700	TTM Technologies Inc.†		386,785
	900	Woodward Inc.		106,596
				2,203,460
		Energy and Utilities — 8.5%
	10,800	Apergy Corp.†		364,824
	55,200	Centennial Resource Development Inc., Cl. A†		255,024
	41,200	Magnolia Oil & Gas Corp., Cl. A†		518,296
	24,200	Matador Resources Co.†		434,874
	23,700	Oceaneering International Inc.†		353,367
	34,500	Parsley Energy Inc., Cl. A		652,395
	94,200	Patterson-UTI Energy Inc.		989,100
	2,100	Penn Virginia Corp.†		63,735
				3,631,615
		Environmental Control — 1.0%
	22,600	Evoqua Water Technologies Corp.†		428,270
		Equipment and Supplies — 1.2%
	11,300	CIRCOR International Inc.†		522,512
		Financial Services — 3.4%
	3,703	Brookfield Asset Management Inc., Cl. A		214,033
	16,600	Brown & Brown Inc.		655,368
	11,800	Coastal Financial Corp.†		194,346
	6,500	Stifel Financial Corp.		394,225
				1,457,972
		Health Care — 6.1%
	2,700	AMN Healthcare Services Inc.†		168,237
	1,780	ICU Medical Inc.†		333,074
	12,800	Natus Medical Inc.†		422,272
	6,550	Omnicell Inc.†		535,266
	44,900	Patterson Cos. Inc.		919,552
	10,400	Supernus Pharmaceuticals Inc.†		246,688
				2,625,089
		Machinery — 1.2%
	42,300	Mueller Water Products Inc., Cl. A		506,754
		Real Estate — 1.0%
	6,000	Equity Commonwealth, REIT		196,980
	15,200	Paramount Group Inc., REIT		211,584
				408,564
		Retail — 2.7%
	3,550	American Eagle Outfitters Inc.		52,185
	38,000	Ethan Allen Interiors Inc.		724,280
	14,100	The Hain Celestial Group Inc.†		365,965
				1,142,430

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TETON Westwood SmallCap Equity Fund

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

Shares			Market Value
		COMMON STOCKS (Continued)
		Semiconductors — 8.4%
	2,600	Cabot Microelectronics Corp.	$	375,232
	24,300	Entegris Inc.		1,217,187
	28,100	FormFactor Inc.†		729,757
	6,000	MACOM Technology Solutions Holdings Inc.†		159,600
	20,600	Marvell Technology Group Ltd.		547,136
	15,900	Onto Innovation Inc.†		580,986
				3,609,898
		Specialty Chemicals — 4.1%
	41,400	Darling Ingredients Inc.†		1,162,512
	29,100	Ferro Corp.†		431,553
	4,700	PolyOne Corp.		172,913
				1,766,978
		Transportation — 0.8%
	10,600	The Greenbrier Companies Inc.		343,758
		TOTAL COMMON STOCKS		41,777,345
		RIGHTS — 0.0%
		Specialty Chemicals — 0.0%
	22,200	A. Schulman Inc., CVR†(a)		11,611

Principal Amount			Market Value
		U.S. GOVERNMENT OBLIGATIONS — 2.3%
	$  987,000	U.S. Treasury Bills, 1.496% to 1.682%††, 01/02/20 to 02/04/20	$	986,174
		TOTAL INVESTMENTS — 100.0% (Cost $32,991,212)	$	42,775,130

(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

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