TETON
Westwood
SmallCap
Equity
Fund
Schedule
of
Investments—December
31,
2021
(Unaudited)
1
Shares
Market
Value
COMMON
STOCKS
—
96
.7
%
Aerospace
—
0
.3
%
3,600
Hexcel
Corp.
†
.....................................................
$
186,480
Automotive
—
2
.3
%
15,750
Rush
Enterprises
Inc.
,
Cl. A
..............................
876,330
5,800
Winnebago
Industries
Inc.
................................
434,536
1,310,866
Aviation:
Parts
and
Services
—
3
.0
%
44,100
AAR
Corp.
†
........................................................
1,721,223
Banking
—
16
.2
%
11,700
Atlantic
Capital
Bancshares
Inc.
†
.....................
336,609
10,633
Atlantic
Union
Bankshares
Corp.
.....................
396,505
12,900
Banc
of
California
Inc.
.......................................
253,098
10,800
Columbia
Banking
System
Inc.
.........................
353,376
33,600
First
Foundation
Inc.
.........................................
835,296
15,000
Five
Star
Bancorp
...............................................
450,000
6,800
Glacier
Bancorp
Inc.
..........................................
385,560
48,750
Investors
Bancorp
Inc.
.......................................
738,563
28,150
OceanFirst
Financial
Corp.
...............................
624,930
14,000
Old
National
Bancorp
.......................................
253,680
2,921
SouthState
Corp.
................................................
234,001
12,406
Sterling
Bancorp
................................................
319,951
3,000
Third
Coast
Bancshares
Inc.
†
............................
77,940
4,440
TrustCo
Bank
Corp.
NY
....................................
147,896
19,050
Umpqua
Holdings
Corp.
..................................
366,522
20,000
USCB
Financial
Holdings
Inc.
†
........................
288,400
63,020
Valley
National
Bancorp
...................................
866,525
36,700
Veritex
Holdings
Inc.
.........................................
1,459,926
14,000
Washington
Federal
Inc.
....................................
467,320
7,600
Washington
Trust
Bancorp
Inc.
........................
428,412
9,284,510
Broadcasting
—
1
.1
%
8,600
Chicken
Soup
For
The
Soul
Entertainment
Inc.
†
.................................................................
119,024
35,900
Hemisphere
Media
Group
Inc.
†
.......................
260,993
13,100
IMAX
Corp.
†
......................................................
233,704
613,721
Building
and
Construction
—
3
.0
%
26,000
Babcock
&
Wilcox
Enterprises
Inc.
†
.................
234,520
5,500
EMCOR
Group
Inc.
...........................................
700,645
7,300
MYR
Group
Inc.
†
...............................................
807,015
1,742,180
Business
Services
—
4
.3
%
20,400
ABM
Industries
Inc.
...........................................
833,340
4,000
Deluxe
Corp.
......................................................
128,440
3,150
FTI
Consulting
Inc.
†
..........................................
483,273
9,900
Heidrick
&
Struggles
International
Inc.
...........
432,927
7,200
McGrath
RentCorp
............................................
577,872
2,455,852
Communications
—
0
.4
%
6,200
ATN
International
Inc.
......................................
247,690
Communications
Equipment
—
4
.5
%
80,800
Extreme
Networks
Inc.
†
....................................
1,268,560
100,000
Infinera
Corp.
†
...................................................
959,000
3,100
Lumentum
Holdings
Inc.
†
................................
327,887
2,555,447
Shares
Market
Value
Computer
Software
and
Services
—
6
.3
%
7,600
Bottomline
Technologies
DE
Inc.
†
....................
$
429,172
44,200
NetScout
Systems
Inc.
†
.....................................
1,462,136
50,000
Paya
Holdings
Inc.
†
...........................................
317,000
16,300
Progress
Software
Corp.
....................................
786,801
11,000
Skillsoft
Corp.
†
..................................................
100,650
6,900
Teradata
Corp.
†
.................................................
293,043
11,600
Unisys
Corp.
†
....................................................
238,612
3,627,414
Consumer
Products
—
4
.0
%
18,800
Hanesbrands
Inc.
...............................................
314,336
59,200
KAR
Auction
Services
Inc.
†
..............................
924,704
5,800
Oxford
Industries
Inc.
.......................................
588,816
30,700
Tupperware
Brands
Corp.
†
...............................
469,403
2,297,259
Diversified
Industrial
—
4
.3
%
2,600
Albany
International
Corp.
,
Cl. A
....................
229,970
7,600
Apogee
Enterprises
Inc.
....................................
365,940
12,800
Enerpac
Tool
Group
Corp.
................................
259,584
9,500
Kennametal
Inc.
.................................................
341,145
9,800
Luxfer
Holdings
plc
...........................................
189,238
53,800
Steelcase
Inc.
,
Cl. A
............................................
630,536
12,900
Textainer
Group
Holdings
Ltd.
........................
460,659
2,477,072
Electronics
—
5
.5
%
14,300
Advanced
Energy
Industries
Inc.
.....................
1,302,158
6,300
Comtech
Telecommunications
Corp.
...............
149,247
7,500
FARO
Technologies
Inc.
†
..................................
525,150
11,500
Plantronics
Inc.
†
.................................................
337,410
55,500
TTM
Technologies
Inc.
†
....................................
826,950
3,140,915
Energy
and
Utilities
—
6
.3
%
31,100
ChampionX
Corp.
†
............................................
628,531
10,100
Diamondback
Energy
Inc.
.................................
1,089,285
8,600
Dril-Quip
Inc.
†
...................................................
169,248
32,700
Magnolia
Oil
&
Gas
Corp.
,
Cl. A
......................
617,049
28,900
Oceaneering
International
Inc.
†
.......................
326,859
91,700
Patterson-UTI
Energy
Inc.
.................................
774,865
3,605,837
Environmental
Control
—
1
.3
%
15,300
Evoqua
Water
Technologies
Corp.
†
.................
715,275
Equipment
and
Supplies
—
1
.4
%
8,700
CIRCOR
International
Inc.
†
..............................
236,466
17,800
Flowserve
Corp.
.................................................
544,680
781,146
Financial
Services
—
3
.8
%
8,800
Brown
&
Brown
Inc.
..........................................
618,464
6,000
Horace
Mann
Educators
Corp.
.........................
232,200
4,700
Mercury
General
Corp.
.....................................
249,382
6,400
ProAssurance
Corp.
..........................................
161,920
9,750
Stifel
Financial
Corp.
.........................................
686,595
7,700
Univest
Financial
Corp.
.....................................
230,384
2,178,945
Health
Care
—
7
.3
%
4,100
AMN
Healthcare
Services
Inc.
†
........................
501,553
4,400
Haemonetics
Corp.
†
..........................................
233,376
1,780
ICU
Medical
Inc.
†
..............................................
422,465
24,400
Natus
Medical
Inc.
†
...........................................
579,012
TETON
Westwood
SmallCap
Equity
Fund
Schedule
of
Investments
(Continued)—December
31,
2021
(Unaudited)
2
__________
Shares
Market
Value
COMMON
STOCKS
(Continued)
Health
Care
(Continued)
5,850
Omnicell
Inc.
†
....................................................
$
1,055,574
35,400
Patterson
Cos.
Inc.
.............................................
1,038,990
11,000
Supernus
Pharmaceuticals
Inc.
†
.......................
320,760
4,151,730
Machinery
—
1
.5
%
57,700
Mueller
Water
Products
Inc.
,
Cl. A
...................
830,880
Materials
—
0
.9
%
8,700
Avient
Corp.
.......................................................
486,765
Real
Estate
—
0
.9
%
10,000
Alpine
Income
Property
Trust
Inc.
,
REIT
........
200,400
12,700
CareTrust
REIT
Inc.
...........................................
289,941
490,341
Retail
—
4
.7
%
17,550
American
Eagle
Outfitters
Inc.
.........................
444,366
17,700
Bed
Bath
&
Beyond
Inc.
†
...................................
258,066
54,000
Ethan
Allen
Interiors
Inc.
..................................
1,419,660
5,800
The
Hain
Celestial
Group
Inc.
†
........................
247,138
11,700
Urban
Outfitters
Inc.
†
........................................
343,512
2,712,742
Semiconductors
—
10
.3
%
1,100
CMC
Materials
Inc.
............................................
210,859
10,000
Cohu
Inc.
†
..........................................................
380,900
10,700
Entegris
Inc.
.......................................................
1,482,806
16,900
FormFactor
Inc.
†
................................................
772,668
9,100
Marvell
Technology
Inc.
....................................
796,159
4,000
nLight
Inc.
†
........................................................
95,800
21,400
Onto
Innovation
Inc.
†
........................................
2,166,322
5,905,514
Specialty
Chemicals
—
1
.3
%
8,100
Darling
Ingredients
Inc.
†
..................................
561,249
2,700
Minerals
Technologies
Inc.
................................
197,505
758,754
Transportation
—
1
.8
%
22,300
The
Greenbrier
Companies
Inc.
........................
1,023,347
TOTAL
COMMON
STOCKS
.........................
55,301,905
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
3
.3
%
$
1,880,000
U.S.
Treasury
Bills,
0.031
%
to
0.055
%
††
,
01/20/22
to
03/31/22
........................................
1,879,856
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
34,592,381
)
...........................................
$
57,181,761
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
REIT
Real
Estate
Investment
Trust