TETON
Convertible
Securities
Fund
Schedule
of
Investments—December
31,
2023
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
94.1%
Automotive
—
1.6%
$
250,000
Rivian
Automotive
Inc.,
3.625%,
10/15/30(a)
.........................................
$
308,275
Communications
Equipment
—
2.4%
300,000
InterDigital
Inc.,
3.500%,
06/01/27
..............................................
440,820
Computer
Software
and
Services
—
19.3%
700,000
Bandwidth
Inc.,
0.250%,
03/01/26
..............................................
582,785
400,000
CSG
Systems
International
Inc.,
3.875%,
09/15/28(a)
.........................................
403,760
500,000
Edgio
Inc.,
3.500%,
08/01/25
..............................................
443,627
360,000
fuboTV
Inc.,
3.250%,
02/15/26
..............................................
264,600
200,000
Lumentum
Holdings
Inc.,
1.500%,
12/15/29(a)
.........................................
199,300
200,000
PagerDuty
Inc.,
1.500%,
10/15/28(a)
.........................................
217,760
800,000
Perficient
Inc.,
0.125%,
11/15/26
..............................................
666,480
760,000
Progress
Software
Corp.,
1.000%,
04/15/26
..............................................
804,460
30,000
Rapid7
Inc.,
1.250%,
03/15/29(a)
.........................................
33,489
3,616,261
Consumer
Services
—
10.6%
500,000
Live
Nation
Entertainment
Inc.,
3.125%,
01/15/29(a)
.........................................
569,050
400,000
Marriott
Vacations
Worldwide
Corp.,
3.250%,
12/15/27
..............................................
355,800
NCL
Corp.
Ltd.
100,000
5.375%,
08/01/25
..............................................
128,800
223,000
1.125%,
02/15/27
..............................................
204,736
400,000
Stride
Inc.,
1.125%,
09/01/27
..............................................
508,400
200,000
Uber
Technologies
Inc.,
Ser.
2028,
0.875%,
12/01/28(a)
.........................................
218,500
1,985,286
Energy
and
Utilities:
Integrated
—
15.5%
528,000
Array
Technologies
Inc.,
1.000%,
12/01/28
..............................................
521,268
100,000
Bloom
Energy
Corp.,
3.000%,
06/01/28(a)
.........................................
107,000
600,000
CMS
Energy
Corp.,
3.375%,
05/01/28(a)
.........................................
596,400
250,000
Duke
Energy
Corp.,
4.125%,
04/15/26(a)
.........................................
251,250
425,000
NextEra
Energy
Partners
LP,
2.500%,
06/15/26(a)
.........................................
382,925
397,000
PG&E
Corp.,
4.250%,
12/01/27(a)
.........................................
418,041
200,000
Stem
Inc.,
4.250%,
04/01/30(a)
.........................................
146,200
700,000
Sunnova
Energy
International
Inc.,
2.625%,
02/15/28
..............................................
466,900
2,889,984
Principal
Amount
Market
Value
Energy
and
Utilities:
Services
—
7.2%
$
400,000
Northern
Oil
and
Gas
Inc.,
3.625%,
04/15/29
..............................................
$
473,600
375,000
Ormat
Technologies
Inc.,
2.500%,
07/15/27
..............................................
386,625
500,000
PPL
Capital
Funding
Inc.,
2.875%,
03/15/28(a)
.........................................
486,750
1,346,975
Entertainment
—
2.7%
500,000
Liberty
Media
Corp.-Liberty
Formula
One,
2.250%,
08/15/27
..............................................
509,713
Financial
Services
—
6.8%
200,000
Bread
Financial
Holdings
Inc.,
4.250%,
06/15/28(a)
.........................................
214,260
500,000
LendingTree
Inc.,
0.500%,
07/15/25
..............................................
417,500
750,000
SoFi
Technologies
Inc.,
Zero
Coupon,
10/15/26(a)
..............................
634,875
1,266,635
Food
and
Beverage
—
1.5%
275,000
Post
Holdings
Inc.,
2.500%,
08/15/27
..............................................
279,263
Health
Care
—
10.6%
200,000
Amphastar
Pharmaceuticals
Inc.,
2.000%,
03/15/29(a)
.........................................
243,500
100,000
Coherus
Biosciences
Inc.,
1.500%,
04/15/26
..............................................
56,719
350,000
CONMED
Corp.,
2.250%,
06/15/27
..............................................
351,540
100,000
Cytokinetics
Inc.,
3.500%,
07/01/27
..............................................
176,000
100,000
Dexcom
Inc.,
0.375%,
05/15/28(a)
.........................................
102,900
50,000
Evolent
Health
Inc.,
3.500%,
12/01/29(a)
.........................................
58,550
500,000
Halozyme
Therapeutics
Inc.,
1.000%,
08/15/28
..............................................
465,750
365,000
Invacare
Corp.,
Escrow,
Zero
Coupon,
05/08/28(b)
..............................
0
75,000
Merit
Medical
Systems
Inc.,
3.000%,
02/01/29(a)
.........................................
83,363
400,000
TransMedics
Group
Inc.,
1.500%,
06/01/28(a)
.........................................
453,520
1,991,842
Real
Estate
Investment
Trusts
—
1.2%
250,000
Redwood
Trust
Inc.,
7.750%,
06/15/27
..............................................
230,469
Semiconductors
—
11.7%
400,000
Impinj
Inc.,
1.125%,
05/15/27
..............................................
437,520
400,000
indie
Semiconductor
Inc.,
4.500%,
11/15/27(a)
.........................................
482,800
400,000
ON
Semiconductor
Corp.,
0.500%,
03/01/29(a)
.........................................
427,000
500,000
Semtech
Corp.,
1.625%,
11/01/27
..............................................
429,750
600,000
Wolfspeed
Inc.,
1.875%,
12/01/29
..............................................
411,150
2,188,220
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—December
31,
2023
(Unaudited)
2
__________
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Telecommunications
—
2.5%
$
500,000
Infinera
Corp.,
2.500%,
03/01/27
..............................................
$
458,899
Transportation
—
0.5%
100,000
Air
Transport
Services
Group
Inc.,
3.875%,
08/15/29(a)
.........................................
89,250
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
17,601,892
Shares
CONVERTIBLE
PREFERRED
STOCKS
—
1.3%
Health
Care
—
1.3%
11,225
Invacare
Holdings
Corp.,
Ser.
A,
9.000%(b)
.........................................................
252,563
MANDATORY
CONVERTIBLE
SECURITIES
(c) —
3.1%
Diversified
Industrial
—
2.1%
7,000
Chart
Industries
Inc.,
Ser.
B,
6.750%,
12/15/25
..............................................
389,060
Energy
and
Utilities:
Integrated
—
1.0%
5,000
NextEra
Energy
Inc.,
6.926%,
09/01/25
..............................................
190,600
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
579,660
COMMON
STOCKS
—
0.0%
Health
Care
—
0.0%
5,023
Invacare
Holdings
Corp.†(b)
............................
0
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.5%
$
275,000
U.S.
Treasury
Bill,
5.281%††,
03/21/24
..........................................
271,870
TOTAL
INVESTMENTS
—
100.0%
(Cost
$18,461,376)
...........................................
$
18,705,985
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
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.
††
Represents
annualized
yield
at
date
of
purchase.