TETON
Westwood
SmallCap
Equity
Fund
Schedule
of
Investments—December
31,
2022
(Unaudited)
1
Shares
Market
Value
COMMON
STOCKS
—
92
.8
%
Aerospace
—
0
.4
%
4,760
Hexcel
Corp.
......................................................
$
280,126
Automotive
—
2
.2
%
20,650
Rush
Enterprises
Inc.
,
Cl. A
..............................
1,079,582
6,100
Winnebago
Industries
Inc.
................................
321,470
1,401,052
Aviation:
Parts
and
Services
—
2
.5
%
35,800
AAR
Corp.
†
........................................................
1,607,420
Banking
—
15
.8
%
14,133
Atlantic
Union
Bankshares
Corp.
.....................
496,634
25,700
Banc
of
California
Inc.
.......................................
409,401
14,300
Columbia
Banking
System
Inc.
.........................
430,859
89,900
First
Foundation
Inc.
.........................................
1,288,267
19,600
Five
Star
Bancorp
...............................................
533,904
6,800
Glacier
Bancorp
Inc.
..........................................
336,056
37,050
OceanFirst
Financial
Corp.
...............................
787,312
38,200
Old
National
Bancorp
.......................................
686,836
9,433
SouthState
Corp.
................................................
720,304
10,300
Third
Coast
Bancshares
Inc.
†
............................
189,829
4,440
TrustCo
Bank
Corp.
NY
....................................
166,900
22,150
Umpqua
Holdings
Corp.
..................................
395,377
26,300
USCB
Financial
Holdings
Inc.
†
........................
320,860
83,020
Valley
National
Bancorp
...................................
938,956
50,700
Veritex
Holdings
Inc.
.........................................
1,423,656
18,300
Washington
Federal
Inc.
....................................
613,965
9,970
Washington
Trust
Bancorp
Inc.
........................
470,385
10,209,501
Broadcasting
—
1
.1
%
8,600
Chicken
Soup
For
The
Soul
Entertainment
Inc.
†
.................................................................
44,032
45,900
IMAX
Corp.
†
......................................................
672,894
716,926
Building
and
Construction
—
4
.1
%
45,900
Babcock
&
Wilcox
Enterprises
Inc.
†
.................
264,843
7,200
EMCOR
Group
Inc.
...........................................
1,066,392
9,600
MYR
Group
Inc.
†
...............................................
883,872
7,870
Skyline
Champion
Corp.
†
.................................
405,384
2,620,491
Business
Services
—
5
.4
%
27,000
ABM
Industries
Inc.
...........................................
1,199,340
10,400
Deluxe
Corp.
......................................................
176,592
4,200
FTI
Consulting
Inc.
†
..........................................
666,960
18,600
Heidrick
&
Struggles
International
Inc.
...........
520,242
9,500
McGrath
RentCorp
............................................
938,030
3,501,164
Communications
—
0
.8
%
11,900
ATN
International
Inc.
......................................
539,189
Communications
Equipment
—
3
.1
%
23,400
Extreme
Networks
Inc.
†
....................................
428,454
132,000
Infinera
Corp.
†
...................................................
889,680
12,700
Lumentum
Holdings
Inc.
†
................................
662,559
1,980,693
Computer
Software
and
Services
—
6
.2
%
54,300
NetScout
Systems
Inc.
†
.....................................
1,765,293
65,200
Paya
Holdings
Inc.
†
...........................................
513,124
19,500
Progress
Software
Corp.
....................................
983,775
Shares
Market
Value
9,070
Teradata
Corp.
†
.................................................
$
305,296
49,500
Unisys
Corp.
†
....................................................
252,945
55,000
Vimeo
Inc.
†
........................................................
188,650
4,009,083
Consumer
Products
—
2
.5
%
96,700
KAR
Auction
Services
Inc.
†
..............................
1,261,935
3,800
Oxford
Industries
Inc.
.......................................
354,084
1,616,019
Diversified
Industrial
—
4
.1
%
3,060
Albany
International
Corp.
,
Cl. A
....................
301,686
10,070
Apogee
Enterprises
Inc.
....................................
447,712
39,900
Enerpac
Tool
Group
Corp.
................................
1,015,455
12,500
Kennametal
Inc.
.................................................
300,750
10,800
Luxfer
Holdings
plc
...........................................
148,176
12,900
Textainer
Group
Holdings
Ltd.
........................
400,029
2,613,808
Electronics
—
5
.2
%
19,000
Advanced
Energy
Industries
Inc.
.....................
1,629,820
8,400
Comtech
Telecommunications
Corp.
...............
101,976
18,400
FARO
Technologies
Inc.
†
..................................
541,144
73,100
TTM
Technologies
Inc.
†
....................................
1,102,348
3,375,288
Energy
and
Utilities
—
6
.8
%
37,300
ChampionX
Corp.
..............................................
1,081,327
5,700
Diamondback
Energy
Inc.
.................................
779,646
8,600
Dril-Quip
Inc.
†
...................................................
233,662
36,800
Magnolia
Oil
&
Gas
Corp.
,
Cl. A
......................
862,960
31,900
Oceaneering
International
Inc.
†
.......................
557,931
51,700
Patterson-UTI
Energy
Inc.
.................................
870,628
4,386,154
Environmental
Control
—
1
.1
%
18,200
Evoqua
Water
Technologies
Corp.
†
.................
720,720
Equipment
and
Supplies
—
1
.7
%
35,600
Flowserve
Corp.
.................................................
1,092,208
Financial
Services
—
4
.2
%
9,300
Brown
&
Brown
Inc.
..........................................
529,821
7,980
Horace
Mann
Educators
Corp.
.........................
298,213
6,230
Mercury
General
Corp.
.....................................
213,066
6,400
ProAssurance
Corp.
..........................................
111,808
6,100
Stewart
Information
Services
Corp.
.................
260,653
9,750
Stifel
Financial
Corp.
.........................................
569,107
16,000
Univest
Financial
Corp.
.....................................
418,080
6,713
Webster
Financial
Corp.
....................................
317,793
2,718,541
Health
Care
—
6
.5
%
4,100
AMN
Healthcare
Services
Inc.
†
........................
421,562
5,860
Haemonetics
Corp.
†
..........................................
460,889
5,480
ICU
Medical
Inc.
†
..............................................
862,990
7,850
Omnicell
Inc.
†
....................................................
395,797
54,800
Patterson
Cos.
Inc.
.............................................
1,536,044
14,400
Supernus
Pharmaceuticals
Inc.
†
.......................
513,648
4,190,930
Machinery
—
1
.3
%
76,000
Mueller
Water
Products
Inc.
,
Cl. A
...................
817,760
Materials
—
0
.6
%
11,590
Avient
Corp.
.......................................................
391,278
TETON
Westwood
SmallCap
Equity
Fund
Schedule
of
Investments
(Continued)—December
31,
2022
(Unaudited)
2
__________
Shares
Market
Value
COMMON
STOCKS
(Continued)
Real
Estate
—
1
.4
%
13,300
Alpine
Income
Property
Trust
Inc.
,
REIT
........
$
253,764
33,200
CareTrust
REIT
Inc.
...........................................
616,856
870,620
Retail
—
5
.0
%
59,250
American
Eagle
Outfitters
Inc.
.........................
827,130
71,100
Ethan
Allen
Interiors
Inc.
..................................
1,878,462
7,300
The
Hain
Celestial
Group
Inc.
†
........................
118,114
16,200
Urban
Outfitters
Inc.
†
........................................
386,370
3,210,076
Semiconductors
—
8
.2
%
26,300
Cohu
Inc.
†
..........................................................
842,915
14,695
Entegris
Inc.
.......................................................
963,845
23,000
FormFactor
Inc.
†
................................................
511,290
10,100
Marvell
Technology
Inc.
....................................
374,104
6,700
MKS
Instruments
Inc.
........................................
567,691
41,600
nLight
Inc.
†
........................................................
421,824
24,100
Onto
Innovation
Inc.
†
........................................
1,640,969
5,322,638
Specialty
Chemicals
—
1
.1
%
9,200
Darling
Ingredients
Inc.
†
..................................
575,828
2,700
Minerals
Technologies
Inc.
................................
163,944
739,772
Transportation
—
1
.5
%
29,405
The
Greenbrier
Companies
Inc.
........................
985,950
TOTAL
COMMON
STOCKS
.........................
59,917,407
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
7
.2
%
$
4,650,000
U.S.
Treasury
Bills,
4.151
%
to
4.377
%
††
,
02/16/23
to
03/30/23
........................................
4,615,635
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
50,673,439
)
...........................................
$
64,533,042
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
REIT
Real
Estate
Investment
Trust