TETON

Westwood

SmallCap

Equity

Fund

Schedule

of

Investments—December

31,

2023

(Unaudited)

1

Shares

Market

Value

COMMON

STOCKS

 —

97.5%

Aerospace

 —

0.5%

5,260‌

Hexcel

Corp.

......................................................

$

387,925‌

Automotive

 —

2.2%

26,625‌

Rush

Enterprises

Inc.,

Cl. A

..............................

1,339,237‌

4,200‌

Winnebago

Industries

Inc.

................................

306,096‌

1,645,333‌

Aviation:

Parts

and

Services

 —

3.0%

35,800‌

AAR

Corp.†

........................................................

2,233,920‌

Banking

 —

11.2%

15,533‌

Atlantic

Union

Bankshares

Corp.

.....................

567,576‌

40,800‌

Banc

of

California

Inc.

.......................................

547,944‌

37,211‌

Columbia

Banking

System

Inc.

.........................

992,789‌

21,500‌

Five

Star

Bancorp

...............................................

562,870‌

7,000‌

Glacier

Bancorp

Inc.

..........................................

289,240‌

29,050‌

OceanFirst

Financial

Corp.

...............................

504,308‌

42,100‌

Old

National

Bancorp

.......................................

711,069‌

10,433‌

SouthState

Corp.

................................................

881,067‌

28,800‌

USCB

Financial

Holdings

Inc.†

........................

352,800‌

51,720‌

Valley

National

Bancorp

...................................

561,679‌

55,700‌

Veritex

Holdings

Inc.

.........................................

1,296,139‌

20,100‌

WaFd

Inc.

............................................................

662,496‌

10,970‌

Washington

Trust

Bancorp

Inc.

........................

355,209‌

8,285,186‌

Broadcasting

 —

1.6%

119,335‌

Grupo

Televisa

SAB,

ADR

................................

398,579‌

50,400‌

IMAX

Corp.†

......................................................

757,008‌

1,155,587‌

Building

and

Construction

 —

5.3%

5,955‌

EMCOR

Group

Inc.

...........................................

1,282,886‌

9,800‌

MYR

Group

Inc.†

...............................................

1,417,374‌

16,082‌

Skyline

Champion

Corp.†

.................................

1,194,249‌

3,894,509‌

Business

Services

 —

6.0%

29,600‌

ABM

Industries

Inc.

...........................................

1,326,968‌

4,600‌

FTI

Consulting

Inc.†

..........................................

916,090‌

27,848‌

Heidrick

&

Struggles

International

Inc.

...........

822,352‌

11,352‌

McGrath

RentCorp

............................................

1,357,926‌

4,423,336‌

Communications

 —

1.7%

19,266‌

ATN

International

Inc.

......................................

750,796‌

40,467‌

Harmonic

Inc.†

..................................................

527,690‌

1,278,486‌

Communications

Equipment

 —

3.0%

153,284‌

Infinera

Corp.†

...................................................

728,099‌

27,728‌

Lumentum

Holdings

Inc.†

................................

1,453,502‌

2,181,601‌

Computer

Software

and

Services

 —

3.6%

59,700‌

NetScout

Systems

Inc.†

.....................................

1,310,415‌

12,503‌

Progress

Software

Corp.

....................................

678,913‌

9,970‌

Teradata

Corp.†

.................................................

433,795‌

55,000‌

Vimeo

Inc.†

........................................................

215,600‌

2,638,723‌

Consumer

Products

 —

2.7%

109,600‌

OPENLANE

Inc.†

..............................................

1,623,176‌

3,800‌

Oxford

Industries

Inc.

.......................................

380,000‌

2,003,176‌

Shares

Market

Value

Diversified

Industrial

 —

4.2%

2,460‌

Albany

International

Corp.,

Cl. A

....................

$

241,621‌

11,070‌

Apogee

Enterprises

Inc.

....................................

591,249‌

41,900‌

Enerpac

Tool

Group

Corp.

................................

1,302,671‌

13,700‌

Kennametal

Inc.

.................................................

353,323‌

12,900‌

Textainer

Group

Holdings

Ltd.

........................

634,680‌

3,123,544‌

Electronics

 —

5.1%

17,908‌

Advanced

Energy

Industries

Inc.

.....................

1,950,539‌

23,000‌

FARO

Technologies

Inc.†

..................................

518,190‌

80,300‌

TTM

Technologies

Inc.†

....................................

1,269,543‌

3,738,272‌

Energy

and

Utilities

 —

5.9%

40,900‌

ChampionX

Corp.

..............................................

1,194,689‌

5,900‌

Diamondback

Energy

Inc.

.................................

914,972‌

4,900‌

Dril-Quip

Inc.†

...................................................

114,023‌

40,400‌

Magnolia

Oil

&

Gas

Corp.,

Cl. A

......................

860,116‌

32,900‌

Oceaneering

International

Inc.†

.......................

700,112‌

53,700‌

Patterson-UTI

Energy

Inc.

.................................

579,960‌

4,363,872‌

Equipment

and

Supplies

 —

2.2%

39,000‌

Flowserve

Corp.

.................................................

1,607,580‌

Financial

Services

 —

5.5%

10,200‌

Brown

&

Brown

Inc.

..........................................

725,322‌

14,100‌

First

Interstate

BancSystem

Inc.,

Cl. A

.............

433,575‌

7,800‌

Heritage

Financial

Corp.

...................................

166,842‌

8,280‌

Horace

Mann

Educators

Corp.

.........................

270,756‌

16,105‌

Mercury

General

Corp.

.....................................

600,877‌

17,881‌

Stewart

Information

Services

Corp.

.................

1,050,509‌

6,686‌

Stifel

Financial

Corp.

.........................................

462,337‌

17,600‌

Univest

Financial

Corp.

.....................................

387,728‌

4,097,946‌

Health

Care

 —

8.2%

9,379‌

AMN

Healthcare

Services

Inc.†

........................

702,299‌

84,725‌

Axogen

Inc.†

......................................................

578,672‌

6,360‌

Haemonetics

Corp.†

..........................................

543,843‌

6,501‌

ICU

Medical

Inc.†

..............................................

648,410‌

16,871‌

Omnicell

Inc.†

....................................................

634,856‌

50,339‌

Orthofix

Medical

Inc.†

.......................................

678,570‌

64,900‌

Patterson

Cos.

Inc.

.............................................

1,846,405‌

15,800‌

Supernus

Pharmaceuticals

Inc.†

.......................

457,252‌

6,090,307‌

Machinery

 —

1.6%

83,400‌

Mueller

Water

Products

Inc.,

Cl. A

...................

1,200,960‌

Materials

 —

0.7%

12,690‌

Avient

Corp.

.......................................................

527,523‌

Real

Estate

 —

1.6%

23,467‌

Alpine

Income

Property

Trust

Inc.,

REIT

........

396,827‌

36,400‌

CareTrust

REIT

Inc.

...........................................

814,632‌

1,211,459‌

Retail

 —

7.0%

2,990‌

Advance

Auto

Parts

Inc.

....................................

182,479‌

84,586‌

American

Eagle

Outfitters

Inc.

.........................

1,789,840‌

78,100‌

Ethan

Allen

Interiors

Inc.

..................................

2,492,952‌

20,300‌

Urban

Outfitters

Inc.†

........................................

724,507‌

5,189,778‌

TETON

Westwood

SmallCap

Equity

Fund

Schedule

of

Investments

(Continued)—December

31,

2023

(Unaudited)

2

__________

Shares

Market

Value

COMMON

STOCKS

(Continued)

Semiconductors

 —

11.5%

31,501‌

Cohu

Inc.†

..........................................................

$

1,114,820‌

12,968‌

Entegris

Inc.

.......................................................

1,553,826‌

20,878‌

FormFactor

Inc.†

................................................

870,821‌

6,700‌

Marvell

Technology

Inc.

....................................

404,077‌

7,400‌

MKS

Instruments

Inc.

........................................

761,238‌

66,351‌

nLight

Inc.†

........................................................

895,739‌

16,276‌

Onto

Innovation

Inc.†

........................................

2,488,601‌

12,637‌

Ultra

Clean

Holdings

Inc.†

...............................

431,427‌

8,520,549‌

Specialty

Chemicals

 —

1.3%

9,600‌

Darling

Ingredients

Inc.†

..................................

478,464‌

6,243‌

Minerals

Technologies

Inc.

................................

445,188‌

923,652‌

Transportation

 —

1.9%

32,305‌

The

Greenbrier

Companies

Inc.

........................

1,427,235‌

TOTAL

COMMON

STOCKS

.........................

72,150,459‌

Principal

Amount

U.S.

GOVERNMENT

OBLIGATIONS

 —

2.5%

$

1,850,000‌

U.S.

Treasury

Bills,

5.244%

to

5.414%††,

01/16/24

to

03/21/24

........................................

1,838,364‌

TOTAL

INVESTMENTS

—

100.0%

(Cost

$53,132,794)

...........................................

$

73,988,823‌

†

Non-income

producing

security.

††

Represents

annualized

yields

at

dates

of

purchase.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust