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.