TETON
Convertible
Securities
Fund
Schedule
of
Investments—June
30,
2023
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
96.0%
Airlines
—
1.4%
$
300,000
Southwest
Airlines
Co.,
1.250%,
05/01/25
..............................................
$
345,075
Automotive
—
1.4%
300,000
Rivian
Automotive
Inc.,
4.625%,
03/15/29(a)
.........................................
329,607
Business
Services
—
4.0%
1,000,000
Kaleyra
Inc.,
6.125%,
06/01/26(a)
.........................................
978,223
Cable
and
Satellite
—
3.7%
700,000
DISH
Network
Corp.,
Zero
Coupon,
12/15/25
...................................
373,660
500,000
Liberty
Media
Corp.-Liberty
Formula
One,
2.250%,
08/15/27(a)
.........................................
539,500
913,160
Communications
Equipment
—
2.8%
500,000
InterDigital
Inc.,
3.500%,
06/01/27
..............................................
676,543
Computer
Software
and
Services
—
19.9%
700,000
Bandwidth
Inc.,
0.250%,
03/01/26
..............................................
553,989
780,000
Cardlytics
Inc.,
1.000%,
09/15/25
..............................................
439,764
500,000
Edgio
Inc.,
3.500%,
08/01/25
..............................................
423,394
360,000
fuboTV
Inc.,
3.250%,
02/15/26
..............................................
208,109
53,000
Lumentum
Holdings
Inc.,
1.500%,
12/15/29(a)
.........................................
55,067
1,000,000
Perficient
Inc.,
0.125%,
11/15/26
..............................................
825,088
760,000
Progress
Software
Corp.,
1.000%,
04/15/26
..............................................
836,000
925,000
Verint
Systems
Inc.,
0.250%,
04/15/26
..............................................
819,781
1,056,000
Veritone
Inc.,
1.750%,
11/15/26
..............................................
691,612
4,852,804
Consumer
Services
—
9.4%
1,100,000
2U
Inc.,
2.250%,
05/01/25
..............................................
724,900
240,000
Live
Nation
Entertainment
Inc.,
3.125%,
01/15/29(a)
.........................................
265,080
400,000
Marriott
Vacations
Worldwide
Corp.,
3.250%,
12/15/27(a)
.........................................
379,600
NCL
Corp.
Ltd.
100,000
5.375%,
08/01/25
..............................................
137,500
223,000
1.125%,
02/15/27
..............................................
206,623
600,000
Stride
Inc.,
1.125%,
09/01/27
..............................................
576,739
2,290,442
Diversified
Industrial
—
1.7%
150,000
Chart
Industries
Inc.,
1.000%,
11/15/24
..............................................
411,975
Principal
Amount
Market
Value
Energy
and
Utilities:
Integrated
—
12.1%
$
528,000
Array
Technologies
Inc.,
1.000%,
12/01/28
..............................................
$
605,352
100,000
Bloom
Energy
Corp.,
3.000%,
06/01/28(a)
.........................................
114,142
600,000
CMS
Energy
Corp.,
3.375%,
05/01/28(a)
.........................................
593,100
250,000
Duke
Energy
Corp.,
4.125%,
04/15/26(a)
.........................................
244,750
425,000
NextEra
Energy
Partners
LP,
2.500%,
06/15/26(a)
.........................................
382,710
375,000
Ormat
Technologies
Inc.,
2.500%,
07/15/27(a)
.........................................
406,687
200,000
Stem
Inc.,
4.250%,
04/01/30(a)
.........................................
201,100
500,000
Sunnova
Energy
International
Inc.,
2.625%,
02/15/28(a)
.........................................
410,571
2,958,412
Energy
and
Utilities:
Services
—
5.5%
200,000
Nabors
Industries
Inc.,
1.750%,
06/15/29(a)
.........................................
150,700
500,000
Northern
Oil
and
Gas
Inc.,
3.625%,
04/15/29(a)
.........................................
560,111
300,000
PPL
Capital
Funding
Inc.,
2.875%,
03/15/28(a)
.........................................
288,000
350,000
The
Southern
Co.,
3.875%,
12/15/25(a)
.........................................
350,875
1,349,686
Financial
Services
—
5.7%
200,000
Bread
Financial
Holdings
Inc.,
4.250%,
06/15/28(a)
.........................................
205,544
200,000
Envestnet
Inc.,
2.625%,
12/01/27(a)
.........................................
210,800
500,000
LendingTree
Inc.,
0.500%,
07/15/25
..............................................
390,000
750,000
SoFi
Technologies
Inc.,
Zero
Coupon,
10/15/26(a)
..............................
582,750
1,389,094
Food
and
Beverage
—
2.9%
275,000
Post
Holdings
Inc.,
2.500%,
08/15/27(a)
.........................................
278,630
400,000
The
Chefs'
Warehouse
Inc.,
2.375%,
12/15/28(a)
.........................................
421,626
700,256
Health
Care
—
12.7%
505,000
Coherus
Biosciences
Inc.,
1.500%,
04/15/26
..............................................
314,363
350,000
CONMED
Corp.,
2.250%,
06/15/27
..............................................
392,350
Cutera
Inc.
300,000
2.250%,
03/15/26
..............................................
253,098
250,000
2.250%,
06/01/28
..............................................
156,585
255,000
4.000%,
06/01/29(a)
.........................................
161,160
400,000
Halozyme
Therapeutics
Inc.,
1.000%,
08/15/28(a)
.........................................
366,000
400,000
Insulet
Corp.,
0.375%,
09/01/26
..............................................
551,400
67,000
Integer
Holdings
Corp.,
2.125%,
02/15/28(a)
.........................................
79,261
365,000
Invacare
Corp.,
Escrow,
Zero
Coupon,
05/08/28
...................................
0
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—June
30,
2023
(Unaudited)
2
__________
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Health
Care
(Continued)
$
640,000
PetIQ
Inc.,
4.000%,
06/01/26
..............................................
$
592,784
200,000
TransMedics
Group
Inc.,
1.500%,
06/01/28(a)
.........................................
228,606
3,095,607
Materials
—
0.2%
110,000
Danimer
Scientific
Inc.,
3.250%,
12/15/26(a)
.........................................
46,068
Real
Estate
Investment
Trusts
—
2.2%
250,000
Redwood
Trust
Inc.,
7.750%,
06/15/27
..............................................
211,563
385,000
Summit
Hotel
Properties
Inc.,
1.500%,
02/15/26
..............................................
328,958
540,521
Semiconductors
—
8.5%
400,000
Impinj
Inc.,
1.125%,
05/15/27
..............................................
434,502
400,000
indie
Semiconductor
Inc.,
4.500%,
11/15/27(a)
.........................................
532,800
225,000
ON
Semiconductor
Corp.,
0.500%,
03/01/29(a)
.........................................
255,226
400,000
Semtech
Corp.,
1.625%,
11/01/27(a)
.........................................
374,200
600,000
Wolfspeed
Inc.,
1.875%,
12/01/29(a)
.........................................
465,600
2,062,328
Telecommunications
—
1.9%
500,000
Infinera
Corp.,
2.500%,
03/01/27
..............................................
464,758
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
23,404,559
Shares
CONVERTIBLE
PREFERRED
STOCKS
—
1.2%
Health
Care
—
1.2%
11,226
Invacare
Holdings
Corp.,
Ser.
A,
9.000%
.............................................................
280,648
MANDATORY
CONVERTIBLE
SECURITIES
(b) —
2.8%
Diversified
Industrial
—
1.9%
7,000
Chart
Industries
Inc.,
Ser.
B,
6.750%,
12/15/25
..............................................
455,980
Energy
and
Utilities:
Integrated
—
0.9%
5,000
NextEra
Energy
Inc.,
6.926%,
09/01/25
..............................................
226,450
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
682,430
COMMON
STOCKS
—
0.0%
Health
Care
—
0.0%
5,024
Invacare
Holdings
Corp.†
.................................
0
TOTAL
INVESTMENTS
—
100.0%
(Cost
$25,467,129)
...........................................
$
24,367,637
(a)
Securities
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.
(b)
Mandatory
convertible
securities
are
required
to
be
converted
on
the
dates
listed;
they
generally
may
be
converted
prior
to
these
dates
at
the
option
of
the
holder.
†
Non-income
producing
security.