TETON
Westwood
Mighty
Mites
Fund
Schedule
of
Investments—December
31,
2022
(Unaudited)
1
Shares
Market
Value
COMMON
STOCKS
—
98
.8
%
Aerospace
and
Defense
—
5
.2
%
270,000
Aerojet
Rocketdyne
Holdings
Inc.
†
.................
$
15,101,100
127,400
Allied
Motion
Technologies
Inc.
.......................
4,434,794
147,000
Avio
SpA
............................................................
1,505,898
106,000
Innovative
Solutions
and
Support
Inc.
†
...........
871,320
7,000
Kratos
Defense
&
Security
Solutions
Inc.
†
......
72,240
60,600
Park
Aerospace
Corp.
........................................
812,646
22,797,998
Agriculture
—
0
.7
%
215
J.G.
Boswell
Co.
..................................................
184,900
194,000
Limoneira
Co.
....................................................
2,368,740
375,000
S&W
Seed
Co.
†
..................................................
558,750
3,112,390
Automotive
—
2
.0
%
38,660
Rush
Enterprises
Inc.
,
Cl. A
..............................
2,021,145
85,300
Rush
Enterprises
Inc.
,
Cl. B
...............................
4,799,831
10,900
TravelCenters
of
America
Inc.
†
........................
488,102
52,700
Wabash
National
Corp.
.....................................
1,191,020
8,500,098
Automotive:
Parts
and
Accessories
—
3
.0
%
281,000
Commercial
Vehicle
Group
Inc.
†
......................
1,913,610
47,500
Dana
Inc.
............................................................
718,675
12,190
Gentherm
Inc.
†
..................................................
795,885
271,500
Modine
Manufacturing
Co.
†
............................
5,391,990
18,000
Motorcar
Parts
of
America
Inc.
†
.......................
213,480
80,000
Puradyn
Filter
Technologies
Inc.
†
....................
8
43,028
Standard
Motor
Products
Inc.
..........................
1,497,375
110,560
Strattec
Security
Corp.
†
.....................................
2,272,008
20,500
Titan
International
Inc.
†
....................................
314,060
13,117,091
Aviation:
Parts
and
Services
—
3
.2
%
238,000
Astronics
Corp.
†
................................................
2,451,400
23,896
Astronics
Corp.
,
Cl. B
†
......................................
237,765
178,040
Ducommun
Inc.
†
...............................................
8,894,879
41,000
Heroux-Devtek
Inc.
†
.........................................
398,039
94,830
Kaman
Corp.
......................................................
2,114,709
14,096,792
Broadcasting
—
1
.3
%
308,000
Beasley
Broadcast
Group
Inc.
,
Cl. A
†
...............
283,422
295,145
Dish
TV
India
Ltd.
,
GDR
†
.................................
44,272
241,120
Gray
Television
Inc.
...........................................
2,698,133
86,600
Gray
Television
Inc.
,
Cl. A
................................
943,065
32,000
Sinclair
Broadcast
Group
Inc.
,
Cl. A
.................
496,320
150,000
Townsquare
Media
Inc.
,
Cl. A
†
........................
1,087,500
5,552,712
Building
and
Construction
—
3
.2
%
60,000
Armstrong
Flooring
Inc.
†
..................................
600
86,000
Gibraltar
Industries
Inc.
†
..................................
3,945,680
5,000
Granite
Construction
Inc.
..................................
175,350
5,700
Herc
Holdings
Inc.
.............................................
749,949
22,700
MYR
Group
Inc.
†
...............................................
2,089,989
64,495
The
Monarch
Cement
Co.
.................................
6,965,460
13,927,028
Business
Services
—
2
.0
%
111,000
Diebold
Nixdorf
Inc.
†
........................................
157,620
36,900
Du-Art
Film
Laboratories
Inc.
†
(a)
....................
239,850
4,100
Du-Art
Film
Laboratories
Inc.
†
(a)
....................
26,650
13,000
IAA
Inc.
†
............................................................
520,000
Shares
Market
Value
19,780
ICF
International
Inc.
........................................
$
1,959,209
31,800
KAR
Auction
Services
Inc.
†
..............................
414,990
236,000
PFSweb
Inc.
........................................................
1,451,400
11,000
Team
Inc.
†
..........................................................
57,750
2,300,000
Trans-Lux
Corp.
†
(b)
..........................................
950,590
49,660
Viad
Corp.
†
........................................................
1,211,207
85,000
Willdan
Group
Inc.
†
..........................................
1,517,250
8,506,516
Communications
—
0
.5
%
179,000
Comtech
Telecommunications
Corp.
...............
2,173,060
Communications
Equipment
—
0
.5
%
63,000
Anterix
Inc.
†
.......................................................
2,026,710
Computer
Software
and
Services
—
1
.5
%
4,000
Agilysys
Inc.
†
.....................................................
316,560
716,821
Alithya
Group
Inc.
,
Cl. A
†
................................
1,060,895
134,000
American
Software
Inc.
,
Cl. A
..........................
1,967,120
30,000
Avid
Technology
Inc.
†
.......................................
797,700
4,000
Cardlytics
Inc.
†
..................................................
23,120
45,000
DHI
Group
Inc.
†
................................................
238,050
10,000
Digi
International
Inc.
†
.....................................
365,500
10,000
Materialise
NV
,
ADR
†
.......................................
88,000
137,000
Mitek
Systems
Inc.
†
...........................................
1,327,530
45,000
Otonomo
Technologies
Ltd.
†
............................
18,000
30,000
Playstudios
Inc.
†
................................................
116,400
1,000
Tyler
Technologies
Inc.
†
....................................
322,410
6,641,285
Consumer
Products
—
2
.3
%
55,000
Acme
United
Corp.
............................................
1,204,500
27,700
Bassett
Furniture
Industries
Inc.
.......................
481,426
850,000
Goodbaby
International
Holdings
Ltd.
†
..........
68,606
5,000
Johnson
Outdoors
Inc.
,
Cl. A
............................
330,600
244,675
Lifetime
Brands
Inc.
..........................................
1,857,083
389,561
Marine
Products
Corp.
......................................
4,585,133
13,000
MarineMax
Inc.
†
................................................
405,860
10,000
Nautilus
Inc.
†
.....................................................
15,300
22,120
Oil-Dri
Corp.
of
America
..................................
741,905
5,700
PC
Group
Inc.
†
..................................................
0
2,300,000
Playmates
Holdings
Ltd.
...................................
165,013
9,855,426
Consumer
Services
—
0
.4
%
152,000
1-800-Flowers.com
Inc.
,
Cl. A
†
.........................
1,453,120
63,400
Bowlin
Travel
Centers
Inc.
†
..............................
293,225
3,500
Carriage
Services
Inc.
........................................
96,390
1,842,735
Diversified
Industrial
—
11
.7
%
112,000
American
Outdoor
Brands
Inc.
†
.......................
1,122,240
133,516
Ampco-Pittsburgh
Corp.
†
.................................
335,125
213,600
Burnham
Holdings
Inc.
,
Cl. A
(b)
......................
2,670,000
34,000
Chase
Corp.
........................................................
2,932,840
69,000
Columbus
McKinnon
Corp.
..............................
2,240,430
183,000
Distribution
Solutions
Group
Inc.
†
..................
6,745,380
112,000
Graham
Corp.
†
..................................................
1,077,440
35,000
Griffon
Corp.
......................................................
1,252,650
18,700
Haulotte
Group
SA
............................................
69,360
1,500
Hyster-Yale
Materials
Handling
Inc.
................
37,965
272,000
Intevac
Inc.
†
.......................................................
1,759,840
10,000
John
Bean
Technologies
Corp.
..........................
913,300
147,479
L.B.
Foster
Co.
,
Cl. A
†
........................................
1,427,597
7,800
MSA
Safety
Inc.
..................................................
1,124,682
TETON
Westwood
Mighty
Mites
Fund
Schedule
of
Investments
(Continued)—December
31,
2022
(Unaudited)
2
Shares
Market
Value
COMMON
STOCKS
(Continued)
Diversified
Industrial
(Continued)
683,370
Myers
Industries
Inc.
.........................................
$
15,191,315
12,000
Napco
Security
Technologies
Inc.
†
...................
329,760
192,500
Park-Ohio
Holdings
Corp.
................................
2,354,275
19,500
RWC
Inc.
†
...........................................................
175,500
14,400
Standex
International
Corp.
..............................
1,474,704
92,400
Steel
Partners
Holdings
LP
†
.............................
3,954,720
234,500
Tredegar
Corp.
...................................................
2,396,590
110,000
Twin
Disc
Inc.
†
...................................................
1,069,200
50,654,913
Educational
Services
—
0
.1
%
95,000
Universal
Technical
Institute
Inc.
†
...................
638,400
Electronics
—
5
.6
%
147,000
Arlo
Technologies
Inc.
†
.....................................
515,970
6,800
Badger
Meter
Inc.
..............................................
741,404
122,800
Bel
Fuse
Inc.
,
Cl. A
(b)
........................................
4,088,012
213,580
CTS
Corp.
...........................................................
8,419,324
43,800
Daktronics
Inc.
†
.................................................
123,516
30,000
IMAX
Corp.
†
......................................................
439,800
35,400
Kimball
Electronics
Inc.
†
...................................
799,686
4,000
Mesa
Laboratories
Inc.
......................................
664,840
17,090
Methode
Electronics
Inc.
...................................
758,283
575,000
Schmitt
Industries
Inc.
†
(b)
................................
174,397
95,500
Stoneridge
Inc.
†
.................................................
2,058,980
84,500
Ultra
Clean
Holdings
Inc.
†
...............................
2,801,175
154,000
Ultralife
Corp.
†
..................................................
594,440
59,012
Vishay
Precision
Group
Inc.
†
...........................
2,280,814
24,460,641
Energy
and
Utilities:
Natural
Gas
—
0
.6
%
9,180
Chesapeake
Utilities
Corp.
...............................
1,084,892
53,010
RGC
Resources
Inc.
...........................................
1,168,871
3,500
Unitil
Corp.
........................................................
179,760
2,433,523
Energy
and
Utilities:
Services
—
0
.4
%
205,000
Alvopetro
Energy
Ltd.
......................................
1,138,552
24,000
Dawson
Geophysical
Co.
†
................................
47,040
60,000
RPC
Inc.
..............................................................
533,400
6,500
Subsea
7
SA
,
ADR
..............................................
74,296
1,793,288
Energy
and
Utilities:
Water
—
1
.7
%
34,626
Artesian
Resources
Corp.
,
Cl. A
.......................
2,028,391
9,500
Cadiz
Inc.
†
..........................................................
23,750
23,600
California
Water
Service
Group
.......................
1,431,104
57,600
Consolidated
Water
Co.
Ltd.
............................
852,480
30,000
Energy
Recovery
Inc.
†
.......................................
614,700
6,553
Middlesex
Water
Co.
.........................................
515,524
40,007
The
York
Water
Co.
............................................
1,799,515
7,265,464
Entertainment
—
0
.5
%
108,000
Borussia
Dortmund
GmbH
&
Co.
KGaA
†
.......
428,214
1,500
Canterbury
Park
Holding
Corp.
.......................
46,890
28,000
GAN
Ltd.
†
..........................................................
42,000
534,555
Sportech
plc
........................................................
126,019
20,000
World
Wrestling
Entertainment
Inc.
,
Cl. A
.....
1,370,400
2,013,523
Environmental
Control
—
0
.9
%
44,200
Casella
Waste
Systems
Inc.
,
Cl. A
†
...................
3,505,502
Shares
Market
Value
15,000
Primo
Water
Corp.
.............................................
$
233,100
3,738,602
Equipment
and
Supplies
—
5
.6
%
15,200
AZZ
Inc.
.............................................................
611,040
62,000
CIRCOR
International
Inc.
†
..............................
1,485,520
159,500
Core
Molding
Technologies
Inc.
†
.....................
2,071,905
91,000
Federal
Signal
Corp.
..........................................
4,228,770
50,000
Interpump
Group
SpA
......................................
2,256,509
233,000
Kimball
International
Inc.
,
Cl. B
.......................
1,514,500
34,200
Maezawa
Kyuso
Industries
Co.
Ltd.
................
238,441
295,600
The
Eastern
Co.
..................................................
5,699,168
86,000
The
Gorman-Rupp
Co.
......................................
2,203,320
67,500
The
L.S.
Starrett
Co.
,
Cl. A
†
...............................
496,800
80,000
Titan
Machinery
Inc.
†
........................................
3,178,400
33,000
TransAct
Technologies
Inc.
†
.............................
205,260
24,189,633
Financial
Services
—
13
.5
%
2,000
Ameris
Bancorp
.................................................
94,280
22,000
Atlantic
American
Corp.
...................................
50,820
41,744
Atlantic
Union
Bankshares
Corp.
.....................
1,466,884
13,800
Bank7
Corp.
........................................................
353,280
11,275
Berkshire
Hills
Bancorp
Inc.
.............................
337,123
2,860
Burke
&
Herbert
Financial
Services
Corp.
.......
202,202
15,240
Cadence
Bank
....................................................
375,818
79,800
Capital
City
Bank
Group
Inc.
...........................
2,593,500
8,000
Capitol
Federal
Financial
Inc.
...........................
69,200
16,560
Citizens
&
Northern
Corp.
................................
378,562
5,000
ConnectOne
Bancorp
Inc.
.................................
121,050
28,300
Crazy
Woman
Creek
Bancorp
Inc.
...................
676,370
21,111
Dime
Community
Bancshares
Inc.
...................
671,963
1,105
Farmers
&
Merchants
Bank
of
Long
Beach
.....
8,248,825
40,000
Farmers
National
Banc
Corp.
...........................
564,800
26,440
First
Internet
Bancorp
........................................
641,963
379,300
Flushing
Financial
Corp.
...................................
7,350,834
74,000
FNB
Corp.
..........................................................
965,700
32,116
FS
Bancorp
Inc.
..................................................
1,073,959
10
Guaranty
Corp.
,
Cl. A
†
......................................
55,000
27,300
HomeStreet
Inc.
.................................................
752,934
9,030
Hope
Bancorp
Inc.
.............................................
115,674
101,791
I3
Verticals
Inc.
,
Cl. A
†
......................................
2,477,593
17,000
ICC
Holdings
Inc.
†
............................................
264,350
61,000
KKR
&
Co.
Inc.
...................................................
2,831,620
80,700
Legacy
Housing
Corp.
†
.....................................
1,530,072
700
LendingTree
Inc.
†
..............................................
14,931
96,324
Medallion
Financial
Corp.
................................
687,753
4,197
Northrim
BanCorp
Inc.
.....................................
229,030
19,390
OceanFirst
Financial
Corp.
...............................
412,038
10,000
Pacific
Premier
Bancorp
Inc.
.............................
315,600
285,000
Post
Holdings
Partnering
Corp.
,
Cl. A
†
...........
2,830,050
32,000
Primis
Financial
Corp.
.......................................
379,200
33,651
Renasant
Corp.
...................................................
1,264,941
5,978
Salisbury
Bancorp
Inc.
.......................................
187,709
26,500
Sandy
Spring
Bancorp
Inc.
................................
933,595
3,000
Seacoast
Banking
Corp.
of
Florida
...................
93,570
3,600
Security
National
Corp.
.....................................
475,236
68,700
Silvercrest
Asset
Management
Group
Inc.
,
Cl. A
.................................................................
1,289,499
6,750
Simmons
First
National
Corp.
,
Cl. A
................
145,665
75,010
Southern
First
Bancshares
Inc.
†
........................
3,431,707
4,500
Southside
Bancshares
Inc.
.................................
161,955
22,700
SouthState
Corp.
................................................
1,733,372
21,500
Sprott
Inc.
...........................................................
715,185
TETON
Westwood
Mighty
Mites
Fund
Schedule
of
Investments
(Continued)—December
31,
2022
(Unaudited)
3
Shares
Market
Value
COMMON
STOCKS
(Continued)
Financial
Services
(Continued)
30,000
Territorial
Bancorp
Inc.
.....................................
$
720,300
5,500
Thomasville
Bancshares
Inc.
.............................
364,925
5,000
Towne
Bank
.......................................................
154,200
10,010
TrustCo
Bank
Corp.
NY
....................................
376,276
8,500
United
Bankshares
Inc.
.....................................
344,165
51,152
Valley
National
Bancorp
...................................
578,529
31,800
Value
Line
Inc.
...................................................
1,617,984
43,900
Washington
Trust
Bancorp
Inc.
........................
2,071,202
74,800
Waterstone
Financial
Inc.
..................................
1,289,552
12,002
Webster
Financial
Corp.
....................................
568,175
84,580
Western
New
England
Bancorp
Inc.
................
800,127
170,000
Wright
Investors'
Service
Holdings
Inc.
†
........
19,975
58,470,822
Food
and
Beverage
—
2
.3
%
84,600
Andrew
Peller
Ltd.
,
Cl. A
..................................
311,783
15,000
BellRing
Brands
Inc.
†
........................................
384,600
1,900
Bridgford
Foods
Corp.
†
....................................
22,762
49,500
Calavo
Growers
Inc.
..........................................
1,455,300
136,000
Corby
Spirit
and
Wine
Ltd.
,
Cl. A
....................
1,644,254
323,700
Crimson
Wine
Group
Ltd.
†
..............................
1,815,957
414,000
Farmer
Brothers
Co.
†
........................................
1,908,540
1,550
Hanover
Foods
Corp.
,
Cl. A
..............................
77,066
300
Hanover
Foods
Corp.
,
Cl. B
..............................
16,200
21,000
Iwatsuka
Confectionery
Co.
Ltd.
......................
688,053
1,200
J
&
J
Snack
Foods
Corp.
.....................................
179,652
1,400
John
B
Sanfilippo
&
Son
Inc.
.............................
113,848
70,000
Premier
Foods
plc
..............................................
91,904
1,510
Rock
Field
Co.
Ltd.
............................................
17,351
4,600
Scheid
Vineyards
Inc.
,
Cl. A
†
............................
78,660
300
Seneca
Foods
Corp.
,
Cl. A
†
...............................
18,285
4,000
T.
Hasegawa
Co.
Ltd.
........................................
88,875
235,200
Tingyi
(Cayman
Islands)
Holding
Corp.
.........
415,230
207,400
Vitasoy
International
Holdings
Ltd.
................
426,733
23,000
Willamette
Valley
Vineyards
Inc.
†
....................
137,770
9,892,823
Health
Care
—
6
.0
%
65,000
Accuray
Inc.
†
.....................................................
135,850
5,700
Boiron
SA
...........................................................
309,349
35,400
Cardiovascular
Systems
Inc.
†
...........................
482,148
9,000
CareDx
Inc.
†
.......................................................
102,690
3,000
Collegium
Pharmaceutical
Inc.
†
.......................
69,600
7,400
Conformis
Inc.
†
..................................................
24,568
228,660
Cutera
Inc.
†
........................................................
10,111,345
35,142
Electromed
Inc.
†
................................................
368,640
60,500
Exelixis
Inc.
†
......................................................
970,420
400
Heska
Corp.
†
.....................................................
24,864
200,000
InfuSystem
Holdings
Inc.
†
................................
1,736,000
21,730
Integer
Holdings
Corp.
†
...................................
1,487,636
10,000
Invitae
Corp.
†
....................................................
18,600
40,000
iSpecimen
Inc.
†
..................................................
55,200
5,500
LeMaitre
Vascular
Inc.
.......................................
253,110
212,000
Neogen
Corp.
†
...................................................
3,228,760
60,500
NeoGenomics
Inc.
†
............................................
559,020
58,000
Neuronetics
Inc.
†
...............................................
398,460
6,500
Omnicell
Inc.
†
....................................................
327,730
190,000
OPKO
Health
Inc.
†
............................................
237,500
21,000
Option
Care
Health
Inc.
†
..................................
631,890
60,380
Orthofix
Medical
Inc.
†
.......................................
1,239,601
34,500
Paratek
Pharmaceuticals
Inc.
†
..........................
64,515
1,300
STERIS
plc
..........................................................
240,097
Shares
Market
Value
47,500
SurModics
Inc.
†
.................................................
$
1,620,700
69,611
United-Guardian
Inc.
........................................
723,955
1,000
Utah
Medical
Products
Inc.
...............................
100,530
20,000
Zealand
Pharma
A/S
†
........................................
579,835
26,102,613
Hotels
and
Gaming
—
5
.7
%
22,964
Bally's
Corp.
†
.....................................................
445,042
19,051
Boyd
Gaming
Corp.
...........................................
1,038,851
20,500
Caesars
Entertainment
Inc.
†
.............................
852,800
3,190
Churchill
Downs
Inc.
........................................
674,462
1,212,119
Full
House
Resorts
Inc.
†
....................................
9,115,135
180,885
Gambling.com
Group
Ltd.
†
..............................
1,655,098
20,000
Genius
Sports
Ltd.
†
...........................................
71,400
121,000
Golden
Entertainment
Inc.
†
..............................
4,525,400
308,542
Inspired
Entertainment
Inc.
†
............................
3,909,227
232,000
PlayAGS
Inc.
†
....................................................
1,183,200
20,000
Rush
Street
Interactive
Inc.
†
.............................
71,800
72,500
The
Marcus
Corp.
..............................................
1,043,275
24,585,690
Machinery
—
3
.8
%
192,000
Astec
Industries
Inc.
..........................................
7,806,720
4,400
DMG
Mori
AG
...................................................
197,348
475,000
Gencor
Industries
Inc.
†
.....................................
4,797,500
22,650
Tennant
Co.
........................................................
1,394,561
17,020
The
Middleby
Corp.
†
........................................
2,278,978
11,100
Williams
Industrial
Services
Group
Inc.
†
........
11,323
16,486,430
Manufactured
Housing
and
Recreational
Vehicles
—
3
.0
%
20,440
Cavco
Industries
Inc.
†
.......................................
4,624,550
106,250
Nobility
Homes
Inc.
..........................................
2,645,625
73,500
Skyline
Champion
Corp.
†
.................................
3,785,985
36,700
Winnebago
Industries
Inc.
................................
1,934,090
12,990,250
Metals
and
Mining
—
0
.1
%
36,000
Osisko
Gold
Royalties
Ltd.
...............................
433,914
400,000
Tanami
Gold
NL
†
..............................................
10,349
444,263
Paper
and
Forest
Products
—
0
.1
%
26,550
Keweenaw
Land
Association
Ltd.
....................
537,638
Publishing
—
1
.1
%
6,700
DallasNews
Corp.
..............................................
25,728
19,500
Lee
Enterprises
Inc.
†
.........................................
361,920
341,100
The
E.W.
Scripps
Co.
,
Cl. A
†
.............................
4,499,109
4,886,757
Real
Estate
—
3
.6
%
116,000
Ambase
Corp.
†
..................................................
8,120
116,300
Capital
Properties
Inc.
,
Cl. A
............................
1,285,115
30,000
DREAM
Unlimited
Corp.
,
Cl. A
.......................
563,442
19,500
FRP
Holdings
Inc.
†
............................................
1,050,270
16,138
Gyrodyne
LLC
†
.................................................
130,718
6,200
Holobeam
Inc.
†
..................................................
195,300
125,500
Indus
Realty
Trust
Inc.
,
REIT
............................
7,967,995
283,269
Reading
International
Inc.
,
Cl. A
†
....................
784,655
74,400
Reading
International
Inc.
,
Cl. B
†
.....................
1,476,840
2,508
Royalty
LLC
†
(a)
.................................................
765
98,000
Tejon
Ranch
Co.
†
...............................................
1,846,320
354,000
Trinity
Place
Holdings
Inc.
†
.............................
261,924
15,571,464
TETON
Westwood
Mighty
Mites
Fund
Schedule
of
Investments
(Continued)—December
31,
2022
(Unaudited)
4
__________
Shares
Market
Value
COMMON
STOCKS
(Continued)
Restaurants
—
3
.5
%
57,000
Denny's
Corp.
†
..................................................
$
524,970
217,183
Nathan's
Famous
Inc.
(b)
...................................
14,596,869
15,121,839
Retail
—
1
.3
%
16,000
Big
5
Sporting
Goods
Corp.
..............................
141,280
4,500
Ingles
Markets
Inc.
,
Cl. A
..................................
434,070
22,000
Lands'
End
Inc.
†
................................................
166,980
33,000
La-Z-Boy
Inc.
......................................................
753,060
41,500
Movado
Group
Inc.
...........................................
1,338,375
16,000
Natural
Grocers
by
Vitamin
Cottage
Inc.
........
146,240
1,000
PetMed
Express
Inc.
..........................................
17,700
25,000
Sportsman's
Warehouse
Holdings
Inc.
†
..........
235,250
111,947
Village
Super
Market
Inc.
,
Cl. A
.......................
2,607,246
5,840,201
Specialty
Chemicals
—
1
.4
%
71,840
Hawkins
Inc.
......................................................
2,773,024
3,500
Minerals
Technologies
Inc.
................................
212,520
100,000
Navigator
Holdings
Ltd.
†
.................................
1,196,000
56,100
Neo
Performance
Materials
Inc.
.......................
397,755
25,000
Teraoka
Seisakusho
Co.
Ltd.
.............................
57,337
66,900
The
General
Chemical
Group
Inc.
†
(a)
.............
0
192,174
Treatt
plc
.............................................................
1,452,055
6,088,691
Telecommunications
—
0
.5
%
56,000
A10
Networks
Inc.
.............................................
931,280
10,500
Frequency
Electronics
Inc.
†
..............................
74,025
270,000
INNOVATE
Corp.
†
............................................
504,900
30,000
Nuvera
Communications
Inc.
...........................
525,000
2,500
Preformed
Line
Products
Co.
...........................
208,225
5,000
Shenandoah
Telecommunications
Co.
.............
79,400
2,322,830
Transportation
—
0.0
%
4,800
Patriot
Transportation
Holding
Inc.
†
...............
34,128
TOTAL
COMMON
STOCKS
.........................
428,714,267
PREFERRED
STOCKS
—
0
.2
%
Automotive:
Parts
and
Accessories
—
0
.1
%
18,300
Jungheinrich
AG
................................................
520,682
Financial
Services
—
0
.1
%
13,815
Steel
Partners
Holdings
LP
,
Ser.
A
,
6.000
%
,
02/07/26
...........................................................
317,331
TOTAL
PREFERRED
STOCKS
.......................
838,013
RIGHTS
—
0
.1
%
Energy
and
Utilities:
Services
—
0
.1
%
85,500
Pineapple
Energy
Inc.
,
CVR
†
............................
301,815
Health
Care
—
0.0
%
8,000
Progenics
Pharmaceuticals
Inc.
,
CVR
†
(a)
........
3,978
200,000
Teva
Pharmaceutical
Industries
Ltd.
,
CCCP
,
expire
02/20/23
†
(a)
.........................................
0
3,978
Metals
and
Mining
—
0.0
%
60,000
Pan
American
Silver
Corp.
,
CVR
†
....................
34,260
TOTAL
RIGHTS
...............................................
340,053
Shares
Market
Value
WARRANTS
—
0.0
%
Business
Services
—
0.0
%
1
Internap
Corp.
,
expire
05/08/24
†
(a)
..................
$
652
Computer
Software
and
Services
—
0.0
%
9,000
Otonomo
Technologies
Ltd.
,
expire
08/13/26
†
268
Diversified
Industrial
—
0.0
%
47,000
Ampco-Pittsburgh
Corp.
,
expire
08/01/25
†
.....
7,403
Energy
and
Utilities:
Services
—
0.0
%
7,627
Weatherford
International
plc
,
expire
12/13/23
†
.........................................................
1,678
Financial
Services
—
0.0
%
95,000
Post
Holdings
Partnering
Corp.
,
expire
02/09/23
†
.........................................................
7,600
Health
Care
—
0.0
%
8,737
Option
Care
Health
Inc.
,
Cl. A
,
expire
07/27/25
†
.........................................................
27,247
8,737
Option
Care
Health
Inc.
,
Cl. B
,
expire
07/27/25
†
.........................................................
20,196
47,443
Hotels
and
Gaming
—
0.0
%
3,667
Genius
Sports
Ltd.
,
expire
12/31/28
†
................
3,300
TOTAL
WARRANTS
.......................................
68,344
TOTAL
MISCELLANEOUS
INVESTMENTS
—
0
.9
%
(c)
..........................
3,715,215
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
267,252,367
)
.........................................
$
433,675,892
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Security
considered
an
affiliated
holding
because
the
Fund
owns
at
least
5%
of
its
outstanding
shares.
(c)
Represents
undisclosed,
unrestricted
securities
which
the
Fund
has
held
for
less
than
one
year.
†
Non-income
producing
security.
ADR
American
Depositary
Receipt
CCCP
Contingent
Cash
Consideration
Payment
CVR
Contingent
Value
Right
GDR
Global
Depositary
Receipt
REIT
Real
Estate
Investment
Trust