TETON Westwood Mighty Mites Fund
Schedule of Investments — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
Aerospace and Defense — 6.1% | ||||||||
1,097,900 | Aerojet Rocketdyne Holdings Inc.† | $ | 50,130,114 | |||||
98,340 | Allied Motion Technologies Inc. | 4,769,490 | ||||||
86,000 | Avio SpA | 1,337,027 | ||||||
123,000 | Innovative Solutions & Support Inc.† | 718,320 | ||||||
7,000 | Kratos Defense & Security Solutions Inc.† | 126,070 | ||||||
109,000 | Park Aerospace Corp. | 1,773,430 | ||||||
|
| |||||||
58,854,451 | ||||||||
|
| |||||||
Agriculture — 0.6% | ||||||||
225 | J.G. Boswell Co. | 135,000 | ||||||
224,465 | Limoneira Co. | 4,316,462 | ||||||
510,000 | S&W Seed Co.† | 1,071,000 | ||||||
|
| |||||||
5,522,462 | ||||||||
|
| |||||||
Airlines — 0.1% | ||||||||
40,000 | American Airlines Group Inc. | 1,147,200 | ||||||
225,000 | American Airlines Group Inc., Escrow† | 40,500 | ||||||
|
| |||||||
1,187,700 | ||||||||
|
| |||||||
Automotive — 1.3% | ||||||||
26,250 | Lithia Motors Inc., Cl. A | 3,858,750 | ||||||
20,000 | Navistar International Corp.† | 578,800 | ||||||
29,605 | Rush Enterprises Inc., Cl. A | 1,376,633 | ||||||
102,112 | Rush Enterprises Inc., Cl. B | 4,666,518 | ||||||
47,930 | Sonic Automotive Inc., Cl. A | 1,485,830 | ||||||
70,000 | Wabash National Corp. | 1,028,300 | ||||||
|
| |||||||
12,994,831 | ||||||||
|
| |||||||
Automotive: Parts and Accessories — 1.4% | ||||||||
65,000 | Dana Inc. | 1,183,000 | ||||||
12,190 | Gentherm Inc.† | 541,114 | ||||||
389,210 | Modine Manufacturing Co.† | 2,996,917 | ||||||
24,000 | Motorcar Parts of America Inc.† | 528,720 | ||||||
80,000 | Puradyn Filter Technologies Inc.† | 2,272 | ||||||
52,028 | Standard Motor Products Inc. | 2,768,930 | ||||||
185,339 | Strattec Security Corp. | 4,116,379 | ||||||
181,000 | Superior Industries International Inc. | 667,890 | ||||||
40,000 | Titan International Inc. | 144,800 | ||||||
90,000 | Uni-Select Inc. | 789,419 | ||||||
|
| |||||||
13,739,441 | ||||||||
|
| |||||||
Aviation: Parts and Services — 2.4% | ||||||||
13,500 | Astronics Corp.† | 377,325 | ||||||
23,896 | Astronics Corp., Cl. B† | 670,880 | ||||||
188,040 | Ducommun Inc.† | 9,501,661 | ||||||
196,200 | Kaman Corp. | 12,933,504 | ||||||
|
| |||||||
23,483,370 | ||||||||
|
| |||||||
Broadcasting — 1.4% | ||||||||
900,000 | Beasley Broadcast Group Inc., Cl. A(a) | 2,781,000 | ||||||
336,455 | Dish TV India Ltd., GDR† | 33,646 | ||||||
164,160 | Entercom Communications Corp., Cl. A | 761,702 | ||||||
248,120 | Gray Television Inc.† | 5,319,693 | ||||||
86,293 | Gray Television Inc., Cl. A† | 1,714,642 | ||||||
170,000 | Salem Media Group Inc. | 244,800 | ||||||
33,000 | Sinclair Broadcast Group Inc., Cl. A | 1,100,220 | ||||||
157,000 | Townsquare Media Inc., Cl. A | 1,565,290 | ||||||
|
| |||||||
13,520,993 | ||||||||
|
| |||||||
Building and Construction — 1.9% | ||||||||
246,000 | Armstrong Flooring Inc.† | 1,050,420 | ||||||
124,000 | Gibraltar Industries Inc.† | 6,254,560 | ||||||
14,000 | Granite Construction Inc. | 387,380 | ||||||
13,000 | Herc Holdings Inc.† | 636,220 | ||||||
650,000 | Huttig Building Products Inc.† | 1,001,000 | ||||||
107,434 | MYR Group Inc.† | 3,501,274 | ||||||
98,400 | The Monarch Cement Co. | 5,943,360 | ||||||
|
| |||||||
18,774,214 | ||||||||
|
|
Shares | Market Value | |||||||
Business Services — 2.9% | ||||||||
400,701 | Diebold Nixdorf Inc.† | $ | 4,231,403 | |||||
3,500 | Du-Art Film Labs Inc.† | 565,250 | ||||||
173,172 | GP Strategies Corp.† | 2,291,066 | ||||||
31,000 | IAA Inc.† | 1,458,860 | ||||||
23,300 | ICF International Inc. | 2,134,746 | ||||||
17,000 | iMedia Brands Inc.† | 67,830 | ||||||
32,029 | KAR Auction Services Inc. | 697,912 | ||||||
16,000 | Macquarie Infrastructure Corp. | 685,440 | ||||||
1,920 | Matthews International Corp., Cl. A | 73,286 | ||||||
80,000 | MDC Partners Inc., Cl. A† | 222,400 | ||||||
497,500 | MoneyGram International Inc.† | 1,044,750 | ||||||
294,330 | PFSweb Inc.† | 1,124,341 | ||||||
3,000 | Pollard Banknote Ltd. | 46,205 | ||||||
41,549 | PRGX Global Inc.† | 204,421 | ||||||
17,230 | Safeguard Scientifics Inc. | 189,185 | ||||||
500 | Stamps.com Inc.† | 41,760 | ||||||
422,451 | Team Inc.† | 6,746,542 | ||||||
2,397,208 | Trans-Lux Corp.†(a) | 779,093 | ||||||
28,792 | Trans-Lux Corp.†(a)(b)(c) | 9,357 | ||||||
37,132 | Viad Corp. | 2,506,410 | ||||||
79,669 | Willdan Group Inc.† | 2,531,881 | ||||||
|
| |||||||
27,652,138 | ||||||||
|
| |||||||
Communications Equipment — 0.5% | ||||||||
432,000 | Communications Systems Inc. | 2,665,440 | ||||||
275,000 | Extreme Networks Inc.† | 2,026,750 | ||||||
|
| |||||||
4,692,190 | ||||||||
|
| |||||||
Computer Software and Services — 2.2% | ||||||||
851,636 | Alithya Group Inc., Cl. A† | 2,401,614 | ||||||
218,380 | American Software Inc., Cl. A | 3,249,494 | ||||||
291,042 | Avid Technology Inc.† | 2,497,140 | ||||||
102,500 | Cardlytics Inc.† | 6,443,150 | ||||||
45,000 | DHI Group Inc.† | 135,450 | ||||||
159,620 | Digi International Inc.† | 2,828,466 | ||||||
136,000 | iGO Inc.† | 289,680 | ||||||
508,000 | Internap Corp.† | 558,800 | ||||||
10,000 | Materialise NV, ADR† | 183,100 | ||||||
15,000 | Mercury Systems Inc.† | 1,036,650 | ||||||
92,500 | Mitek Systems Inc.† | 707,625 | ||||||
2,607 | Monitronics International Inc.† | 22,160 | ||||||
2,310 | MTS Systems Corp. | 110,949 | ||||||
36,000 | RumbleON Inc., Cl. B† | 29,722 | ||||||
3,000 | Tyler Technologies Inc.† | 900,060 | ||||||
|
| |||||||
21,394,060 | ||||||||
|
| |||||||
Consumer Products — 3.0% | ||||||||
127,200 | Acme United Corp. | 3,026,088 | ||||||
235,000 | Bassett Furniture Industries Inc. | 3,919,800 | ||||||
96,387 | Callaway Golf Co. | 2,043,404 | ||||||
900,000 | Goodbaby International Holdings Ltd.† | 199,813 | ||||||
6,000 | Johnson Outdoors Inc., Cl. A | 460,200 | ||||||
45,000 | Lakeland Industries Inc.† | 486,000 | ||||||
243,175 | Lifetime Brands Inc. | 1,690,066 | ||||||
800,000 | Marine Products Corp. | 11,520,000 | ||||||
55,000 | MarineMax Inc.† | 917,950 | ||||||
93,368 | Oil-Dri Corp. of America | 3,384,590 | ||||||
5,700 | PC Group Inc.† | 14 | ||||||
4,000,000 | Playmates Holdings Ltd. | 615,993 | ||||||
900 | Standard Diversified Inc.† | 13,185 | ||||||
8,440 | Standard Diversified Opportunities Inc., | 123,646 | ||||||
130,220 | ZAGG Inc.† | 1,056,084 | ||||||
|
| |||||||
29,456,833 | ||||||||
|
| |||||||
Consumer Services — 0.9% | ||||||||
445,320 | 1-800-Flowers.com Inc., Cl. A† | 6,457,140 | ||||||
66,000 | Bowlin Travel Centers Inc.† | 189,750 | ||||||
59,998 | Carriage Services Inc. | 1,535,949 |
1
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Consumer Services (Continued) | ||||||||
800 | Collectors Universe Inc. | $ | 18,440 | |||||
|
| |||||||
8,201,279 | ||||||||
|
| |||||||
Diversified Industrial — 12.0% | ||||||||
424,000 | Ampco-Pittsburgh Corp.† | 1,276,240 | ||||||
70,166 | ArborGen Holdings Ltd.† | 9,117 | ||||||
266,048 | Burnham Holdings Inc., Cl. A(a) | 3,751,277 | ||||||
79,673 | Chase Corp. | 9,439,657 | ||||||
109,360 | Columbus McKinnon Corp. | 4,377,681 | ||||||
60,000 | FormFactor Inc.† | 1,558,200 | ||||||
34,600 | Graham Corp. | 757,048 | ||||||
486,703 | Griffon Corp. | 9,894,672 | ||||||
21,350 | Haulotte Group SA | 126,927 | ||||||
3,000 | Hyster-Yale Materials Handling Inc. | 176,880 | ||||||
16,897 | Insignia Systems Inc.† | 12,337 | ||||||
231,030 | Intevac Inc.† | 1,631,072 | ||||||
65,120 | John Bean Technologies Corp. | 7,336,419 | ||||||
115,536 | L.B. Foster Co., Cl. A† | 2,239,088 | ||||||
273,702 | Lawson Products Inc.† | 14,259,874 | ||||||
97,309 | Lydall Inc.† | 1,996,781 | ||||||
9,000 | MSA Safety Inc. | 1,137,240 | ||||||
1,018,900 | Myers Industries Inc. | 16,995,252 | ||||||
88,465 | Napco Security Technologies Inc.† | 2,599,986 | ||||||
215,431 | Park-Ohio Holdings Corp. | 7,249,253 | ||||||
25,080 | Raven Industries Inc. | 864,257 | ||||||
19,600 | RWC Inc.† | 245,000 | ||||||
29,400 | Standex International Corp. | 2,332,890 | ||||||
1,630,000 | Steel Connect Inc.† | 2,379,800 | ||||||
636,000 | Steel Partners Holdings LP† | 7,696,872 | ||||||
496,000 | Tredegar Corp. | 11,085,600 | ||||||
485,000 | Twin Disc Inc.† | 5,344,700 | ||||||
|
| |||||||
116,774,120 | ||||||||
|
| |||||||
Educational Services — 0.1% | ||||||||
125,000 | Universal Technical Institute Inc.† | 963,750 | ||||||
|
| |||||||
Electronics — 3.7% | ||||||||
28,000 | Badger Meter Inc. | 1,818,040 | ||||||
169,300 | Bel Fuse Inc., Cl. A(a) | 2,708,800 | ||||||
338,500 | CTS Corp. | 10,158,385 | ||||||
60,000 | Daktronics Inc. | 365,400 | ||||||
31,000 | IMAX Corp.† | 633,330 | ||||||
20,000 | Iteris Inc.† | 99,800 | ||||||
86,000 | Kimball Electronics Inc.† | 1,509,300 | ||||||
55,000 | Kopin Corp.† | 22,061 | ||||||
6,304 | Littelfuse Inc. | 1,205,955 | ||||||
15,000 | Mesa Laboratories Inc. | 3,741,000 | ||||||
24,800 | Methode Electronics Inc. | 975,880 | ||||||
700,000 | Schmitt Industries Inc.†(a) | 2,702,000 | ||||||
159,038 | Stoneridge Inc.† | 4,662,994 | ||||||
16,000 | Stratasys Ltd.† | 323,600 | ||||||
150,870 | Ultra Clean Holdings† | 3,540,919 | ||||||
147,200 | Ultralife Corp.† | 1,087,808 | ||||||
|
| |||||||
35,555,272 | ||||||||
|
| |||||||
Energy and Utilities: Integrated — 0.2% | ||||||||
26,000 | MGE Energy Inc. | 2,049,320 | ||||||
|
| |||||||
Energy and Utilities: Natural Gas — 0.6% | ||||||||
650,000 | Alvopetro Energy Ltd.† | 390,435 | ||||||
18,750 | Chesapeake Utilities Corp. | 1,796,813 | ||||||
108,684 | Corning Natural Gas Holding Corp. | 2,151,943 | ||||||
62,850 | RGC Resources Inc. | 1,796,253 | ||||||
|
| |||||||
6,135,444 | ||||||||
|
| |||||||
Energy and Utilities: Services — 0.2% | ||||||||
58,000 | Dawson Geophysical Co.† | 139,200 | ||||||
497,000 | Independence Contract Drilling Inc.† | 495,410 | ||||||
174,000 | KLX Energy Services Holdings Inc.† | 1,120,560 | ||||||
70,450 | RPC Inc. | 369,158 |
Shares | Market Value | |||||||
7,100 | Subsea 7 SA, ADR | $ | 84,293 | |||||
686 | Weatherford International plc† | 19,174 | ||||||
|
| |||||||
2,227,795 | ||||||||
|
| |||||||
Energy and Utilities: Water — 1.5% | ||||||||
36,426 | Artesian Resources Corp., Cl. A | 1,355,411 | ||||||
12,000 | Cadiz Inc.† | 132,240 | ||||||
24,800 | California Water Service Group | 1,278,688 | ||||||
66,000 | Consolidated Water Co. Ltd. | 1,075,800 | ||||||
68,000 | Energy Recovery Inc.† | 665,720 | ||||||
27,433 | Middlesex Water Co. | 1,743,916 | ||||||
32,100 | Mueller Water Products Inc., Cl. A | 384,558 | ||||||
76,304 | SJW Group | 5,422,162 | ||||||
45,307 | The York Water Co. | 2,089,106 | ||||||
|
| |||||||
14,147,601 | ||||||||
|
| |||||||
Entertainment — 0.7% | ||||||||
178,377 | Canterbury Park Holding Corp. | 2,211,875 | ||||||
689,533 | Dover Motorsports Inc. | 1,282,531 | ||||||
155,470 | Entravision Communications Corp., Cl. A | 407,331 | ||||||
56,000 | National CineMedia Inc. | 408,240 | ||||||
279,750 | Sportech plc† | 121,358 | ||||||
32,000 | World Wrestling Entertainment Inc., Cl. A | 2,075,840 | ||||||
|
| |||||||
6,507,175 | ||||||||
|
| |||||||
Environmental Control — 1.9% | ||||||||
32,500 | AquaVenture Holdings Ltd.† | 881,400 | ||||||
375,853 | Casella Waste Systems Inc., Cl. A† | 17,300,514 | ||||||
28,121 | Primo Water Corp.† | 315,658 | ||||||
|
| |||||||
18,497,572 | ||||||||
|
| |||||||
Equipment and Supplies — 5.9% | ||||||||
10,000 | Amtech Systems Inc.† | 71,600 | ||||||
20,000 | AZZ Inc. | 919,000 | ||||||
5,000 | Berry Global Group Inc.† | 237,450 | ||||||
192,766 | CIRCOR International Inc.† | 8,913,500 | ||||||
382,500 | Core Molding Technologies Inc.† | 1,243,125 | ||||||
304,000 | Federal Signal Corp. | 9,804,000 | ||||||
160,000 | Interpump Group SpA | 5,068,312 | ||||||
360,000 | Kimball International Inc., Cl. B | 7,441,200 | ||||||
17,100 | Maezawa Kyuso Industries Co. Ltd. | 349,696 | ||||||
172,000 | Mitcham Industries Inc.† | 493,640 | ||||||
20,593 | Powell Industries Inc. | 1,008,851 | ||||||
360,000 | The Eastern Co.(a) | 10,990,800 | ||||||
133,500 | The Gorman-Rupp Co. | 5,006,250 | ||||||
322,320 | The L.S. Starrett Co., Cl. A†(a) | 1,843,670 | ||||||
153,435 | Titan Machinery Inc.† | 2,267,769 | ||||||
87,790 | TransAct Technologies Inc. | 963,056 | ||||||
7,000 | Vicor Corp.† | 327,040 | ||||||
|
| |||||||
56,948,959 | ||||||||
|
| |||||||
Financial Services — 9.3% | ||||||||
63,000 | Allegiance Bancshares Inc.† | 2,368,800 | ||||||
8,000 | Ameris Bancorp | 340,320 | ||||||
22,000 | Atlantic American Corp. | 41,360 | ||||||
302,658 | Atlantic Capital Bancshares Inc.† | 5,553,774 | ||||||
45,778 | Atlantic Union Bankshares Corp. | 1,718,964 | ||||||
17,000 | Berkshire Bancorp Inc.† | 175,525 | ||||||
11,275 | Berkshire Hills Bancorp Inc. | 370,722 | ||||||
5,953 | BKF Capital Group Inc.† | 69,948 | ||||||
10,090 | BOK Financial Corp. | 881,866 | ||||||
75 | Burke & Herbert Bank and Trust Co. | 167,726 | ||||||
47,558 | Cadence BanCorp | 862,227 | ||||||
94,976 | Capital City Bank Group Inc. | 2,896,768 | ||||||
8,000 | Capitol Federal Financial Inc. | 109,840 | ||||||
8,000 | Carolina Financial Corp. | 345,840 | ||||||
33,000 | CenterState Bank Corp. | 824,340 | ||||||
16,560 | Citizens & Northern Corp. | 467,820 | ||||||
7,000 | ConnectOne Bancorp Inc. | 180,040 | ||||||
28,800 | Crazy Woman Creek Bancorp Inc. | 553,536 | ||||||
32,580 | Dime Community Bancshares Inc. | 680,596 |
2
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Financial Services (Continued) | ||||||||
1,120 | Farmers & Merchants Bank of Long Beach | $ | 8,790,880 | |||||
40,000 | Farmers National Banc Corp. | 652,800 | ||||||
8,000 | First Community Bankshares Inc. | 248,160 | ||||||
36,440 | First Internet Bancorp | 863,992 | ||||||
614,300 | Flushing Financial Corp. | 13,271,951 | ||||||
75,600 | FNB Corp. | 960,120 | ||||||
3,000 | Franklin Financial Network Inc. | 102,990 | ||||||
16,058 | FS Bancorp Inc. | 1,024,340 | ||||||
462,000 | GTY Technology Holdings Inc.† | 2,721,180 | ||||||
10 | Guaranty Corp., Cl. A†(d) | 75,000 | ||||||
173,270 | Hallmark Financial Services Inc.† | 3,044,354 | ||||||
12,000 | Hancock Whitney Corp. | 526,560 | ||||||
5,800 | Heritage Commerce Corp. | 74,414 | ||||||
30,000 | HomeStreet Inc.† | 1,020,000 | ||||||
79,570 | Hope Bancorp Inc. | 1,182,410 | ||||||
103,100 | I3 Verticals Inc., Cl. A† | 2,912,575 | ||||||
30,000 | ICC Holdings Inc.† | 420,150 | ||||||
89,800 | KKR & Co. Inc., Cl. A | 2,619,466 | ||||||
52,700 | Legacy Housing Corp.† | 876,928 | ||||||
6,440 | LendingTree Inc.† | 1,954,154 | ||||||
165,000 | Medallion Financial Corp.† | 1,199,550 | ||||||
4,197 | Northrim BanCorp Inc. | 160,745 | ||||||
19,390 | OceanFirst Financial Corp. | 495,221 | ||||||
14,000 | Opus Bank | 362,180 | ||||||
119,883 | People’s United Financial Inc. | 2,026,023 | ||||||
148,000 | Pzena Investment Management Inc., Cl. A | 1,275,760 | ||||||
36,971 | Renasant Corp. | 1,309,513 | ||||||
2,989 | Salisbury Bancorp Inc. | 136,508 | ||||||
30,000 | Sandy Spring Bancorp Inc. | 1,136,400 | ||||||
3,000 | Seacoast Banking Corp. of Florida† | 91,710 | ||||||
4,540 | Security National Corp. | 703,700 | ||||||
80,000 | Silvercrest Asset Management Group Inc., Cl. A | 1,006,400 | ||||||
6,750 | Simmons First National Corp., Cl. A | 180,833 | ||||||
4,000 | South State Corp. | 347,000 | ||||||
52,480 | Southern First Bancshares Inc.† | 2,229,875 | ||||||
64,000 | Southern National Bancorp of Virginia Inc. | 1,046,400 | ||||||
4,500 | Southside Bancshares Inc. | 167,130 | ||||||
660,000 | Sprott Inc. | 1,514,612 | ||||||
118,143 | Sterling Bancorp | 2,490,454 | ||||||
6,000 | Thomasville Bancshares Inc. | 276,000 | ||||||
6,000 | Towne Bank/Portsmouth VA | 166,920 | ||||||
4,200 | TriState Capital Holdings Inc.† | 109,704 | ||||||
50,050 | TrustCo Bank Corp NY | 433,934 | ||||||
51,152 | Valley National Bancorp | 585,690 | ||||||
33,089 | Value Line Inc. | 956,603 | ||||||
64,620 | Veritex Holdings Inc. | 1,882,381 | ||||||
45,900 | Washington Trust Bancorp Inc. | 2,468,961 | ||||||
82,200 | Waterstone Financial Inc. | 1,564,266 | ||||||
28,818 | WesBanco Inc. | 1,089,032 | ||||||
89,760 | Western New England Bancorp Inc. | 864,389 | ||||||
265,000 | Wright Investors’ Service Holdings Inc.† | 112,095 | ||||||
|
| |||||||
90,342,425 | ||||||||
|
| |||||||
Food and Beverage — 2.9% | ||||||||
84,600 | Andrew Peller Ltd., Cl. A | 769,417 | ||||||
1,900 | Bridgford Foods Corp.† | 47,101 | ||||||
53,000 | Calavo Growers Inc. | 4,801,270 | ||||||
133,000 | Corby Spirit and Wine Ltd. | 1,575,249 | ||||||
110,000 | Cott Corp. | 1,504,800 | ||||||
530,000 | Crimson Wine Group Ltd.† | 3,922,000 | ||||||
374,021 | Farmer Brothers Co.† | 5,632,756 | ||||||
1,550 | Hanover Foods Corp., Cl. A | 103,850 | ||||||
300 | Hanover Foods Corp., Cl. B | 23,327 | ||||||
55,000 | Iwatsuka Confectionery Co. Ltd. | 2,120,933 | ||||||
1,500 | J & J Snack Foods Corp. | 276,405 | ||||||
8,490 | John B Sanfilippo & Son Inc. | 774,967 | ||||||
186,161 | Massimo Zanetti Beverage Group SpA | 1,223,672 | ||||||
8,000 | MGP Ingredients Inc. | 387,600 |
Shares | Market Value | |||||||
1,510 | Rock Field Co. Ltd. | $ | 21,263 | |||||
5,200 | Scheid Vineyards Inc., Cl. A† | 182,000 | ||||||
7,100 | T. Hasegawa Co. Ltd. | 139,249 | ||||||
4,560 | The Boston Beer Co. Inc., Cl. A† | 1,722,996 | ||||||
55,000 | The Hain Celestial Group Inc.† | 1,427,525 | ||||||
235,200 | Tingyi (Cayman Islands) Holding Corp. | 401,442 | ||||||
254,400 | Vitasoy International Holdings Ltd. | 922,295 | ||||||
23,000 | Willamette Valley Vineyards Inc.† | 159,390 | ||||||
|
| |||||||
28,139,507 | ||||||||
|
| |||||||
Health Care — 8.8% | ||||||||
26,000 | Accuray Inc.† | 73,320 | ||||||
5,000 | Anika Therapeutics Inc.† | 259,250 | ||||||
127,000 | BioTelemetry Inc.† | 5,880,100 | ||||||
6,740 | Boiron SA | 275,195 | ||||||
34,000 | Cantel Medical Corp. | 2,410,600 | ||||||
106,660 | Cardiovascular Systems Inc.† | 5,182,609 | ||||||
10,000 | CareDx Inc.† | 215,700 | ||||||
21,900 | Collegium Pharmaceutical Inc.† | 450,702 | ||||||
364,940 | Cutera Inc.† | 13,068,501 | ||||||
161,843 | Electromed Inc.† | 1,399,942 | ||||||
160,000 | Exelixis Inc.† | 2,819,200 | ||||||
25,000 | Genesis Healthcare Inc.† | 41,000 | ||||||
10,000 | Heska Corp.† | 959,400 | ||||||
4,000 | ICU Medical Inc.† | 748,480 | ||||||
586,448 | InfuSystem Holdings Inc.† | 5,002,401 | ||||||
23,000 | Integer Holdings Corp.† | 1,849,890 | ||||||
173,724 | IntriCon Corp.† | 3,127,032 | ||||||
60,000 | Invitae Corp.† | 967,800 | ||||||
36,000 | Kindred Biosciences Inc.† | 305,280 | ||||||
3,000 | LeMaitre Vascular Inc. | 107,850 | ||||||
81,000 | Meridian Bioscience Inc. | 791,370 | ||||||
141,000 | Neogen Corp.† | 9,201,660 | ||||||
109,780 | NeoGenomics Inc.† | 3,211,065 | ||||||
41,323 | Omnicell Inc.† | 3,376,916 | ||||||
230,000 | OPKO Health Inc.† | 338,100 | ||||||
87,311 | Option Care Health Inc.† | 325,670 | ||||||
45,200 | Orthofix Medical Inc.† | 2,087,336 | ||||||
27,000 | Paratek Pharmaceuticals Inc.† | 108,810 | ||||||
8,000 | Progenics Pharmaceuticals Inc.† | 40,720 | ||||||
106,000 | Quidel Corp.† | 7,953,180 | ||||||
58,000 | RTI Surgical Holdings Inc.† | 158,920 | ||||||
102,934 | SurModics Inc.† | 4,264,556 | ||||||
2,000 | Targanta Therapeutics Corp., Escrow†(d) | 0 | ||||||
72,301 | United-Guardian Inc. | 1,420,715 | ||||||
4,600 | Utah Medical Products Inc. | 496,340 | ||||||
180,000 | Zealand Pharma A/S† | 6,360,395 | ||||||
|
| |||||||
85,280,005 | ||||||||
|
| |||||||
Hotels and Gaming — 4.9% | ||||||||
50,000 | Ainsworth Game Technology Ltd.† | 27,544 | ||||||
59,800 | Boyd Gaming Corp. | 1,790,412 | ||||||
105,000 | Braemar Hotels & Resorts Inc., REIT | 937,650 | ||||||
62,620 | Churchill Downs Inc. | 8,591,464 | ||||||
73,500 | Eldorado Resorts Inc.† | 4,383,540 | ||||||
25,000 | Everi Holdings Inc.† | 335,750 | ||||||
1,117,725 | Full House Resorts Inc.† | 3,744,379 | ||||||
121,000 | Gamenet Group SpA | 1,764,442 | ||||||
642,210 | Golden Entertainment Inc.† | 12,343,276 | ||||||
357,221 | Inspired Entertainment Inc.† | 2,411,242 | ||||||
57,000 | PlayAGS Inc.† | 691,410 | ||||||
278,330 | The Marcus Corp. | 8,842,544 | ||||||
62,464 | Twin River Worldwide Holdings Inc. | 1,602,202 | ||||||
|
| |||||||
47,465,855 | ||||||||
|
| |||||||
Machinery — 3.0% | ||||||||
314,000 | Astec Industries Inc. | 13,188,000 | ||||||
4,600 | DMG Mori AG | 218,519 | ||||||
5,120 | DXP Enterprises Inc.† | 203,827 | ||||||
558,000 | Gencor Industries Inc.† | 6,511,860 | ||||||
15,164 | Lindsay Corp. | 1,455,592 |
3
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS (Continued) | ||||||||
Machinery (Continued) | ||||||||
36,650 | Tennant Co. | $ | 2,855,768 | |||||
42,400 | The Middleby Corp.† | 4,643,648 | ||||||
30,000 | Williams Industrial Services Group Inc.† | 51,600 | ||||||
|
| |||||||
29,128,814 | ||||||||
|
| |||||||
Manufactured Housing and Recreational Vehicles — 2.2% |
| |||||||
53,000 | Cavco Industries Inc.† | 10,355,140 | ||||||
175,750 | Nobility Homes Inc. | 4,218,000 | ||||||
101,500 | Skyline Champion Corp.† | 3,217,550 | ||||||
57,000 | Winnebago Industries Inc. | 3,019,860 | ||||||
|
| |||||||
20,810,550 | ||||||||
|
| |||||||
Metals and Mining — 0.8% | ||||||||
58,000 | 5N Plus Inc.† | 109,876 | ||||||
24,540 | Materion Corp. | 1,458,903 | ||||||
625,000 | Osisko Gold Royalties Ltd. | 6,074,083 | ||||||
900,000 | Tanami Gold NL† | 24,316 | ||||||
60,000 | TimkenSteel Corp.† | 471,600 | ||||||
|
| |||||||
8,138,778 | ||||||||
|
| |||||||
Paper and Forest Products — 0.2% | ||||||||
26,800 | Keweenaw Land Association Ltd.† | 1,822,400 | ||||||
|
| |||||||
Publishing — 1.4% | ||||||||
116,000 | AH Belo Corp., Cl. A | 327,120 | ||||||
100,000 | ARC Document Solutions Inc.† | 139,000 | ||||||
848,600 | The E.W. Scripps Co., Cl. A | 13,331,506 | ||||||
15,000 | Tribune Publishing Co. | 197,400 | ||||||
|
| |||||||
13,995,026 | ||||||||
|
| |||||||
Real Estate — 3.1% | ||||||||
224,000 | Ambase Corp.† | 58,240 | ||||||
8,000 | Bresler & Reiner Inc.† | 460 | ||||||
113,300 | Capital Properties Inc., Cl. A | 1,744,820 | ||||||
37,000 | Cohen & Steers Inc. | 2,322,120 | ||||||
60,000 | DREAM Unlimited Corp., Cl. A | 540,603 | ||||||
23,000 | FRP Holdings Inc.† | 1,145,630 | ||||||
280,450 | Griffin Industrial Realty Inc.(a) | 11,091,797 | ||||||
14,138 | Gyrodyne LLC† | 266,501 | ||||||
6,631 | Holobeam Inc.† | 322,200 | ||||||
32,356 | New Senior Investment Group Inc., REIT | 247,523 | ||||||
527,269 | Reading International Inc., Cl. A† | 5,900,140 | ||||||
74,459 | Reading International Inc., Cl. B† | 2,010,393 | ||||||
2,508 | Royalty LLC†(d) | 255 | ||||||
158,000 | Tejon Ranch Co.† | 2,524,840 | ||||||
626,000 | Trinity Place Holdings Inc.† | 1,884,260 | ||||||
|
| |||||||
30,059,782 | ||||||||
|
| |||||||
Restaurants — 2.0% | ||||||||
1,539 | Biglari Holdings Inc., Cl. A† | 923,400 | ||||||
51,000 | Denny’s Corp.† | 1,013,880 | ||||||
222,234 | Nathan’s Famous Inc.(a) | 15,751,946 | ||||||
46,000 | The Cheesecake Factory Inc. | 1,787,560 | ||||||
|
| |||||||
19,476,786 | ||||||||
|
| |||||||
Retail — 1.9% | ||||||||
84,000 | Big 5 Sporting Goods Corp. | 252,000 | ||||||
69,710 | Ethan Allen Interiors Inc. | 1,328,673 | ||||||
70,000 | GNC Holdings Inc., Cl. A† | 189,000 | ||||||
161,240 | Ingles Markets Inc., Cl. A | 7,660,512 | ||||||
106,000 | Lands’ End Inc.† | 1,780,800 | ||||||
39,000 | La-Z-Boy Inc. | 1,227,720 | ||||||
118,000 | Movado Group Inc. | 2,565,320 | ||||||
300 | PetIQ Inc.† | 7,515 | ||||||
91,000 | Tuesday Morning Corp.† | 168,350 | ||||||
121,174 | Village Super Market Inc., Cl. A | 2,811,237 | ||||||
|
| |||||||
17,991,127 | ||||||||
|
|
Shares | Market Value | |||||||
Semiconductors — 0.7% | ||||||||
144,240 | Entegris Inc. | $ | 7,224,982 | |||||
|
| |||||||
Specialty Chemicals — 2.5% | ||||||||
1,077,580 | Ferro Corp.† | 15,980,511 | ||||||
267,226 | General Chemical Group Inc.†(a) | 2,004 | ||||||
58,920 | Hawkins Inc. | 2,699,125 | ||||||
4,100 | Minerals Technologies Inc. | 236,283 | ||||||
100,000 | Navigator Holdings Ltd.† | 1,347,000 | ||||||
229,027 | OMNOVA Solutions Inc.† | 2,315,463 | ||||||
6,000 | Takasago International Corp. | 140,702 | ||||||
45,000 | Teraoka Seisakusho Co. Ltd. | 207,906 | ||||||
194,174 | Treatt plc | 1,183,141 | ||||||
|
| |||||||
24,112,135 | ||||||||
|
| |||||||
Telecommunications — 2.2% | ||||||||
58,000 | A10 Networks Inc.† | 398,460 | ||||||
10,980 | ATN International Inc. | 608,182 | ||||||
360,000 | Cincinnati Bell Inc.† | 3,769,200 | ||||||
27,000 | Consolidated Communications Holdings Inc. | 104,760 | ||||||
20,808 | Frequency Electronics Inc.† | 212,450 | ||||||
65,000 | Gogo Inc.† | 416,000 | ||||||
505,000 | HC2 Holdings Inc.† | 1,095,850 | ||||||
20,000 | Iridium Communications Inc.† | 492,800 | ||||||
4,000 | North State Telecommunications Corp., Cl. A | 320,000 | ||||||
57,500 | Nuvera Communications Inc. | 1,092,500 | ||||||
525,315 | ORBCOMM Inc.† | 2,211,576 | ||||||
5,788 | Preformed Line Products Co. | 349,306 | ||||||
250,000 | Shenandoah Telecommunications Co. | 10,402,500 | ||||||
|
| |||||||
21,473,584 | ||||||||
|
| |||||||
Transportation — 0.0% | ||||||||
17,000 | Patriot Transportation Holding Inc.† | 331,160 | ||||||
|
| |||||||
Wireless Communications — 0.3% | ||||||||
1,100,000 | NII Holdings Inc.† | 2,387,000 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 947,460,886 | |||||||
|
| |||||||
CLOSED-END FUNDS — 0.1% | ||||||||
115,800 | MVC Capital Inc. | 1,061,886 | ||||||
|
| |||||||
PREFERRED STOCKS — 0.7% | ||||||||
Automotive: Parts and Accessories — 0.1% | ||||||||
46,300 | Jungheinrich AG | 1,116,601 | ||||||
|
| |||||||
Financial Services — 0.6% | ||||||||
222,000 | Steel Partners Holdings LP | 5,179,260 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 6,295,861 | |||||||
|
| |||||||
CONVERTIBLE PREFERRED STOCKS — 0.1% |
| |||||||
Energy and Utilities — 0.1% | ||||||||
15,095 | Corning Natural Gas Holding Corp., | 350,204 | ||||||
|
| |||||||
Food and Beverage — 0.0% | ||||||||
500 | Seneca Foods Corp., | 20,395 | ||||||
|
| |||||||
TOTAL CONVERTIBLE PREFERRED STOCKS | 370,599 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Entertainment — 0.0% | ||||||||
550,000 | Media General Inc., CVR†(d) | 1 | ||||||
|
| |||||||
Health Care — 0.0% | ||||||||
40,000 | Elanco Animal Health Inc., CVR, | 2,000 | ||||||
400,000 | Sanofi, CVR† | 344,080 | ||||||
200,000 | Teva Pharmaceutical Industries Ltd., CCCP, | 0 | ||||||
|
| |||||||
346,080 | ||||||||
|
|
4
TETON Westwood Mighty Mites Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
RIGHTS (Continued) | ||||||||
Specialty Chemicals — 0.0% | ||||||||
30,000 | A. Schulman Inc., CVR†(d) | $ | 15,690 | |||||
|
| |||||||
TOTAL RIGHTS | 361,771 | |||||||
|
| |||||||
WARRANTS — 0.0% | ||||||||
Energy and Utilities — 0.0% | ||||||||
86 | Key Energy Services Inc., expire 12/15/21†(d) | 2 | ||||||
86 | Key Energy Services Inc., expire 12/15/20†(d) | 0 | ||||||
|
| |||||||
2 | ||||||||
|
| |||||||
Energy and Utilities: Services — 0.0% | ||||||||
7,627 | Weatherford International plc, expire 11/26/23† | 0 | ||||||
|
| |||||||
Environmental Control — 0.0% | ||||||||
200 | Primo Water Corp., expire 12/31/21† | 0 | ||||||
|
| |||||||
Health Care — 0.0% | ||||||||
8,737 | Option Care Health Inc., Cl. A, expire 07/27/25† | 4,206 | ||||||
8,737 | Option Care Health Inc., Cl. B, expire 07/27/25† | 3,532 | ||||||
|
| |||||||
7,738 | ||||||||
|
| |||||||
TOTAL WARRANTS | 7,740 | |||||||
|
| |||||||
Principal | ||||||||
CONVERTIBLE CORPORATE BONDS — 0.0% |
| |||||||
Telecommunications — 0.0% | ||||||||
$ 180,000 | Gogo Inc., 6.000%, 05/15/22(b) | 225,979 | ||||||
|
| |||||||
U.S. GOVERNMENT OBLIGATIONS — 1.2% |
| |||||||
11,958,000 | U.S. Treasury Bills, | |||||||
1.511% to 1.555%††, | ||||||||
02/04/20 to 03/26/20 | 11,925,514 | |||||||
|
| |||||||
TOTAL MISCELLANEOUS | 2,146,526 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 969,856,762 | ||||||
|
|
(a) | Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(c) | At December 31, 2019, the Fund held an investment in a restricted and illiquid security amounting to $9,357 or 0.00% of total investments., which was valued under methods approved by the Board of Trustees as follows: |
Acquisition | Issuer | Acquisition Date | Acquisition Cost | 12/31/19 Carrying Value Per Share | ||||||||
28,792 | Trans-Lux Corp. | 06/01/09- 09/25/18 | $16,622 | 0.3250 |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year. |
† | Non-income producing security. |
†† | Represents annualized yields at dates of purchase. |
ADR | American Depositary Receipt |
CCCP | Contingent Cash Consideration Payment |
CVR | Contingent Value Right |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
5