TETON
Convertible
Securities
Fund
Schedule
of
Investments—June
30,
2024
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
91
.2
%
Aerospace
and
Defense
—
1
.5
%
$
200,000
Rocket
Lab
USA
Inc.
,
4.250
%
,
02/01/29
(a)
.........................................
$
234,125
Automotive
—
1
.4
%
250,000
Rivian
Automotive
Inc.
,
3.625
%
,
10/15/30
(a)
.........................................
216,490
Business
Services
—
0
.9
%
150,000
MicroStrategy
Inc.
,
2.250
%
,
06/15/32
(a)
.........................................
142,653
Communications
Equipment
—
1
.0
%
100,000
InterDigital
Inc.
,
3.500
%
,
06/01/27
..............................................
155,104
Computer
Software
and
Services
—
13
.1
%
315,000
Cardlytics
Inc.
,
4.250
%
,
04/01/29
(a)
.........................................
256,252
400,000
CSG
Systems
International
Inc.
,
3.875
%
,
09/15/28
(a)
.........................................
372,600
360,000
fuboTV
Inc.
,
3.250
%
,
02/15/26
..............................................
216,450
200,000
Lumentum
Holdings
Inc.
,
1.500
%
,
12/15/29
..............................................
195,257
200,000
PagerDuty
Inc.
,
1.500
%
,
10/15/28
(a)
.........................................
215,796
300,000
Progress
Software
Corp.
,
3.500
%
,
03/01/30
(a)
.........................................
306,475
250,000
Rapid7
Inc.
,
1.250
%
,
03/15/29
(a)
.........................................
236,982
200,000
Vertex
Inc.
,
0.750
%
,
05/01/29
(a)
.........................................
239,272
2,039,084
Consumer
Products
—
0
.5
%
75,000
Spectrum
Brands
Inc.
,
3.375
%
,
06/01/29
(a)
.........................................
72,600
Consumer
Services
—
9
.0
%
30,000
Alibaba
Group
Holding
Ltd.
,
0.500
%
,
06/01/31
(a)
.........................................
29,032
500,000
Live
Nation
Entertainment
Inc.
,
3.125
%
,
01/15/29
..............................................
553,961
400,000
Stride
Inc.
,
1.125
%
,
09/01/27
..............................................
573,600
200,000
Uber
Technologies
Inc.
,
Ser.
2028
,
0.875
%
,
12/01/28
(a)
.........................................
238,300
1,394,893
Energy
and
Energy
Services
—
1
.7
%
200,000
Bloom
Energy
Corp.
,
3.000
%
,
06/01/28
..............................................
194,447
75,000
WEC
Energy
Group
Inc.
,
4.375
%
,
06/01/29
(a)
.........................................
74,700
269,147
Energy
and
Utilities:
Integrated
—
10
.0
%
528,000
Array
Technologies
Inc.
,
1.000
%
,
12/01/28
..............................................
427,923
425,000
NextEra
Energy
Partners
LP
,
2.500
%
,
06/15/26
(a)
.........................................
389,408
397,000
PG&E
Corp.
,
4.250
%
,
12/01/27
(a)
.........................................
400,871
Principal
Amount
Market
Value
$
200,000
Stem
Inc.
,
4.250
%
,
04/01/30
(a)
.........................................
$
83,680
700,000
Sunnova
Energy
International
Inc.
,
2.625
%
,
02/15/28
..............................................
253,872
1,555,754
Energy
and
Utilities:
Services
—
10
.1
%
200,000
Kosmos
Energy
Ltd.
,
3.125
%
,
03/15/30
(a)
.........................................
209,750
250,000
Nabors
Industries
Inc.
,
1.750
%
,
06/15/29
..............................................
182,250
400,000
Northern
Oil
&
Gas
Inc.
,
3.625
%
,
04/15/29
..............................................
461,900
250,000
PNM
Resources
Inc.
,
5.750
%
,
06/01/54
(a)
.........................................
245,375
500,000
PPL
Capital
Funding
Inc.
,
2.875
%
,
03/15/28
..............................................
480,125
1,579,400
Entertainment
—
2
.1
%
300,000
Liberty
Media
Corp.-Liberty
Formula
One
,
2.250
%
,
08/15/27
..............................................
319,699
Financial
Services
—
7
.2
%
200,000
Bread
Financial
Holdings
Inc.
,
4.250
%
,
06/15/28
..............................................
268,166
300,000
Coinbase
Global
Inc.
,
0.250
%
,
04/01/30
(a)
.........................................
290,400
300,000
Global
Payments
Inc.
,
1.500
%
,
03/01/31
(a)
.........................................
276,150
300,000
SoFi
Technologies
Inc.
,
1.250
%
,
03/15/29
(a)
.........................................
280,200
1,114,916
Food
and
Beverage
—
1
.4
%
200,000
The
Chefs'
Warehouse
Inc.
,
2.375
%
,
12/15/28
..............................................
222,872
Health
Care
—
12
.8
%
275,000
Amphastar
Pharmaceuticals
Inc.
,
2.000
%
,
03/15/29
(a)
.........................................
263,667
100,000
Coherus
Biosciences
Inc.
,
1.500
%
,
04/15/26
..............................................
73,500
100,000
Dexcom
Inc.
,
0.375
%
,
05/15/28
..............................................
98,200
150,000
Evolent
Health
Inc.
,
3.500
%
,
12/01/29
(a)
.........................................
135,713
500,000
Halozyme
Therapeutics
Inc.
,
1.000
%
,
08/15/28
..............................................
557,045
150,000
Immunocore
Holdings
plc
,
2.500
%
,
02/01/30
(a)
.........................................
123,960
365,000
Invacare
Corp.,
Escrow
,
Zero
Coupon
,
05/08/28
(b)
..............................
0
200,000
Jazz
Investments
I
Ltd.
,
2.000
%
,
06/15/26
..............................................
192,850
50,000
Pacira
BioSciences
Inc.
,
2.125
%
,
05/15/29
(a)
.........................................
49,825
250,000
Sarepta
Therapeutics
Inc.
,
1.250
%
,
09/15/27
..............................................
322,250
100,000
TransMedics
Group
Inc.
,
1.500
%
,
06/01/28
..............................................
175,739
1,992,749
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—June
30,
2024
(Unaudited)
2
__________
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Metals
and
Mining
—
1
.2
%
$
200,000
MP
Materials
Corp.
,
3.000
%
,
03/01/30
(a)
.........................................
$
180,649
Real
Estate
—
0
.9
%
150,000
Summit
Hotel
Properties
Inc.
,
1.500
%
,
02/15/26
..............................................
135,750
Real
Estate
Investment
Trusts
—
2
.5
%
250,000
Redwood
Trust
Inc.
,
7.750
%
,
06/15/27
..............................................
242,969
150,000
Rexford
Industrial
Realty
LP
,
4.125
%
,
03/15/29
(a)
.........................................
146,550
389,519
Semiconductors
—
9
.9
%
100,000
Impinj
Inc.
,
1.125
%
,
05/15/27
..............................................
155,182
400,000
indie
Semiconductor
Inc.
,
4.500
%
,
11/15/27
(a)
.........................................
400,400
250,000
MKS
Instruments
Inc.
,
1.250
%
,
06/01/30
(a)
.........................................
267,422
400,000
ON
Semiconductor
Corp.
,
0.500
%
,
03/01/29
..............................................
384,700
600,000
Wolfspeed
Inc.
,
1.875
%
,
12/01/29
..............................................
333,600
1,541,304
Telecommunications
—
3
.5
%
500,000
Infinera
Corp.
,
3.750
%
,
08/01/28
..............................................
544,000
Transportation
—
0
.5
%
100,000
Air
Transport
Services
Group
Inc.
,
3.875
%
,
08/15/29
(a)
.........................................
85,096
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
14,185,804
Shares
CONVERTIBLE
PREFERRED
STOCKS
—
1
.6
%
Health
Care
—
1
.6
%
11,225
Invacare
Holdings
Corp.
,
Ser.
A
,
9.000
%
(b)
.........................................................
252,562
MANDATORY
CONVERTIBLE
SECURITIES
(c)
—
5
.2
%
Diversified
Industrial
—
2
.0
%
5,500
Chart
Industries
Inc.
,
Ser.
B
,
6.750
%
,
12/15/25
..............................................
312,620
Energy
and
Utilities:
Integrated
—
1
.3
%
5,000
NextEra
Energy
Inc.
,
6.926
%
,
09/01/25
..............................................
207,450
Health
Care
—
0
.9
%
3,000
BrightSpring
Health
Services
Inc.
,
6.750
%
,
02/01/27
..............................................
141,210
Specialty
Chemicals
—
1
.0
%
3,250
Albemarle
Corp.
,
7.250
%
,
03/01/27
..............................................
151,645
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
812,925
Shares
Market
Value
COMMON
STOCKS
—
0.0
%
Health
Care
—
0.0
%
5,023
Invacare
Holdings
Corp.
†
(b)
............................
$
0
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
2
.0
%
$
305,000
U.S.
Treasury
Bills,
5.288
%
to
5.314
%
††
,
09/05/24
to
09/12/24
........................................
301,963
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
15,804,537
)
...........................................
$
15,553,254
(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
yields
at
dates
of
purchase.