TETON
Convertible
Securities
Fund
Schedule
of
Investments—June
30,
2021
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
84
.9
%
Airlines
—
2
.8
%
$
680,000
JetBlue
Airways
Corp.
,
0.500
%
,
04/01/26
(a)
.........................................
$
681,020
1,000,000
Southwest
Airlines
Co.
,
1.250
%
,
05/01/25
..............................................
1,519,375
2,200,395
Aviation:
Parts
and
Services
—
0
.4
%
300,000
Kaman
Corp.
,
3.250
%
,
05/01/24
..............................................
318,011
Business
Services
—
6
.1
%
700,000
Kaleyra
Inc.
,
6.125
%
,
06/01/26
(a)
.........................................
714,739
1,100,000
Perficient
Inc.
,
1.250
%
,
08/01/25
(a)
.........................................
1,811,590
900,000
RingCentral
Inc.
,
Zero
Coupon
,
03/01/25
...................................
998,438
500,000
Shift4
Payments
Inc.
,
Zero
Coupon
,
12/15/25
(a)
..............................
676,550
500,000
Square
Inc.
,
0.250
%
,
11/01/27
(a)
.........................................
582,500
4,783,817
Cable
and
Satellite
—
1
.3
%
450,000
DISH
Network
Corp.
,
3.375
%
,
08/15/26
..............................................
460,350
605,000
fuboTV
Inc.
,
3.250
%
,
02/15/26
(a)
.........................................
600,084
1,060,434
Communications
Equipment
—
0
.7
%
500,000
Lumentum
Holdings
Inc.
,
0.500
%
,
12/15/26
..............................................
541,900
Computer
Software
and
Services
—
29
.8
%
Bandwidth
Inc.
500,000
0.250
%
,
03/01/26
..............................................
813,500
420,000
0.500
%
,
04/01/28
(a)
.........................................
433,650
Blackline
Inc.
350,000
0.125
%
,
08/01/24
..............................................
563,062
480,000
Zero
Coupon
,
03/15/26
(a)
..............................
463,200
980,000
Cardlytics
Inc.
,
1.000
%
,
09/15/25
(a)
.........................................
1,626,800
245,000
Cloudflare
Inc.
,
0.750
%
,
05/15/25
..............................................
698,863
Coupa
Software
Inc.
140,000
0.125
%
,
06/15/25
..............................................
242,634
465,000
0.375
%
,
06/15/26
..............................................
538,761
1,000,000
CSG
Systems
International
Inc.
,
4.250
%
,
03/15/36
(a)
.........................................
1,035,600
120,000
Dropbox
Inc.
,
Zero
Coupon
,
03/01/28
(a)
..............................
132,000
960,000
Everbridge
Inc.
,
0.125
%
,
12/15/24
..............................................
1,314,600
205,000
Farfetch
Ltd.
,
3.750
%
,
05/01/27
..............................................
666,250
1,250,000
i3
Verticals
LLC
,
1.000
%
,
02/15/25
..............................................
1,273,437
1,050,000
Limelight
Networks
Inc.
,
3.500
%
,
08/01/25
(a)
.........................................
954,431
690,000
LivePerson
Inc.
,
0.750
%
,
03/01/24
..............................................
1,206,865
Principal
Amount
Market
Value
$
750,000
Match
Group
Financeco
3
Inc.
,
2.000
%
,
01/15/30
(a)
.........................................
$
1,527,675
400,000
MercadoLibre
Inc.
,
2.000
%
,
08/15/28
..............................................
1,414,000
205,000
Nice
Systems
Inc.
,
1.250
%
,
01/15/24
..............................................
608,722
1,000,000
PAR
Technology
Corp.
,
2.875
%
,
04/15/26
..............................................
1,813,993
860,000
Progress
Software
Corp.
,
1.000
%
,
04/15/26
(a)
.........................................
873,392
PROS
Holdings
Inc.
250,000
1.000
%
,
05/15/24
..............................................
257,969
465,000
2.250
%
,
09/15/27
(a)
.........................................
610,022
750,000
Q2
Holdings
Inc.
,
0.750
%
,
06/01/26
..............................................
984,000
650,000
Splunk
Inc.
,
1.125
%
,
09/15/25
..............................................
794,625
Vocera
Communications
Inc.
500,000
1.500
%
,
05/15/23
..............................................
683,125
490,000
0.500
%
,
09/15/26
(a)
.........................................
465,500
900,000
Workiva
Inc.
,
1.125
%
,
08/15/26
..............................................
1,374,421
23,371,097
Consumer
Products
—
0
.2
%
170,000
Cracker
Barrel
Old
Country
Store
Inc.
,
0.625
%
,
06/15/26
(a)
.........................................
171,488
Consumer
Services
—
8
.6
%
480,000
2U
Inc.
,
2.250
%
,
05/01/25
..............................................
791,760
360,000
Callaway
Golf
Co.
,
2.750
%
,
05/01/26
..............................................
735,525
365,000
National
Vision
Holdings
Inc.
,
2.500
%
,
05/15/25
..............................................
644,453
550,000
NCL
Corp.
Ltd.
,
5.375
%
,
08/01/25
(a)
.........................................
1,002,925
500,000
Okta
Inc.
,
0.375
%
,
06/15/26
..............................................
625,435
Royal
Caribbean
Cruises
Ltd.
155,000
4.250
%
,
06/15/23
(a)
.........................................
211,974
250,000
2.875
%
,
11/15/23
(a)
.........................................
314,684
245,000
Shopify
Inc.
,
0.125
%
,
11/01/25
..............................................
320,215
1,100,000
Stride
Inc.
,
1.125
%
,
09/01/27
(a)
.........................................
1,024,320
285,000
Vroom
Inc.
,
0.750
%
,
07/01/26
(a)
.........................................
295,830
710,000
Wayfair
Inc.
,
0.625
%
,
10/01/25
(a)
.........................................
759,700
6,726,821
Diversified
Industrial
—
2
.1
%
600,000
Chart
Industries
Inc.
,
1.000
%
,
11/15/24
(a)
.........................................
1,521,375
120,000
John
Bean
Technologies
Corp.
,
0.250
%
,
05/15/26
(a)
.........................................
127,920
1,649,295
Energy
and
Utilities:
Integrated
—
1
.1
%
485,000
Bloom
Energy
Corp.
,
2.500
%
,
08/15/25
(a)
.........................................
866,889
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—June
30,
2021
(Unaudited)
2
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Energy
and
Utilities:
Services
—
0
.9
%
$
800,000
Cheniere
Energy
Inc.
,
4.250
%
,
03/15/45
..............................................
$
681,766
Financial
Services
—
4
.2
%
300,000
Chimera
Investment
Corp.
,
7.000
%
,
04/01/23
..............................................
687,750
385,000
Digitalbridge
Operating
Co.
LLC
,
5.750
%
,
07/15/25
..............................................
1,359,550
500,000
Encore
Capital
Europe
Finance
Ltd.
,
4.500
%
,
09/01/23
..............................................
629,198
130,000
Repay
Holdings
Corp.
,
Zero
Coupon
,
02/01/26
(a)
..............................
129,350
250,000
Square
Inc.
,
0.125
%
,
03/01/25
..............................................
516,094
3,321,942
Health
Care
—
14
.6
%
605,000
1Life
Healthcare
Inc.
,
3.000
%
,
06/15/25
..............................................
667,509
255,000
Coherus
Biosciences
Inc.
,
1.500
%
,
04/15/26
..............................................
261,907
500,000
Collegium
Pharmaceutical
Inc.
,
2.625
%
,
02/15/26
..............................................
540,684
350,000
CONMED
Corp.
,
2.625
%
,
02/01/24
..............................................
565,687
425,000
Cutera
Inc.
,
2.250
%
,
03/15/26
(a)
.........................................
694,875
Dexcom
Inc.
295,000
0.750
%
,
12/01/23
..............................................
767,369
485,000
0.250
%
,
11/15/25
..............................................
508,947
500,000
Esperion
Therapeutics
Inc.
,
4.000
%
,
11/15/25
(a)
.........................................
431,201
900,000
Exact
Sciences
Corp.
,
0.375
%
,
03/15/27
..............................................
1,195,312
1,000,000
Insulet
Corp.
,
0.375
%
,
09/01/26
..............................................
1,364,375
Invacare
Corp.
400,000
4.500
%
,
06/01/22
..............................................
376,500
365,000
4.250
%
,
03/15/26
(a)
.........................................
366,056
400,000
Paratek
Pharmaceuticals
Inc.
,
4.750
%
,
05/01/24
..............................................
373,880
490,000
PetIQ
Inc.
,
4.000
%
,
06/01/26
..............................................
738,675
708,000
Supernus
Pharmaceuticals
Inc.
,
0.625
%
,
04/01/23
..............................................
699,592
1,000,000
Tabula
Rasa
HealthCare
Inc.
,
1.750
%
,
02/15/26
..............................................
1,026,300
505,000
Teladoc
Health
Inc.
,
1.250
%
,
06/01/27
..............................................
567,822
350,000
Travere
Therapeutics
Inc.
,
2.500
%
,
09/15/25
..............................................
297,734
11,444,425
Real
Estate
Investment
Trusts
—
0
.7
%
125,000
Pebblebrook
Hotel
Trust
,
1.750
%
,
12/15/26
..............................................
142,375
385,000
Summit
Hotel
Properties
Inc.
,
1.500
%
,
02/15/26
..............................................
398,668
541,043
Security
Software
—
5
.1
%
555,000
CyberArk
Software
Ltd.
,
Zero
Coupon
,
11/15/24
...................................
602,896
Principal
Amount
Market
Value
$
680,000
Nice
Ltd.
,
Zero
Coupon
,
09/15/25
(a)
..............................
$
729,635
365,000
Varonis
Systems
Inc.
,
1.250
%
,
08/15/25
..............................................
716,313
925,000
Verint
Systems
Inc.
,
0.250
%
,
04/15/26
(a)
.........................................
911,630
675,000
Zscaler
Inc.
,
0.125
%
,
07/01/25
(a)
.........................................
1,056,881
4,017,355
Semiconductors
—
1
.1
%
500,000
Impinj
Inc.
,
2.000
%
,
12/15/26
..............................................
832,935
Telecommunications
—
3
.6
%
750,000
Harmonic
Inc.
,
2.000
%
,
09/01/24
..............................................
890,175
750,000
Infinera
Corp.
,
2.500
%
,
03/01/27
..............................................
1,142,072
615,000
PagerDuty
Inc.
,
1.250
%
,
07/01/25
(a)
.........................................
803,344
2,835,591
Transportation
—
1
.6
%
500,000
Atlas
Air
Worldwide
Holdings
Inc.
,
1.875
%
,
06/01/24
..............................................
640,312
390,000
GOL
Equity
Finance
SA
,
3.750
%
,
07/15/24
(a)
.........................................
351,244
255,000
Seaspan
Corp.
,
3.750
%
,
12/15/25
(a)
.........................................
311,355
1,302,911
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
66,668,115
Shares
CONVERTIBLE
PREFERRED
STOCKS
—
0
.7
%
Agriculture
—
0
.7
%
5,000
Bunge
Ltd.
,
4.875
%
.............................................................
581,150
MANDATORY
CONVERTIBLE
SECURITIES
(b)
—
12
.0
%
Automotive:
Parts
and
Accessories
—
2
.0
%
8,875
Aptiv
plc
,
Ser. A
,
5.500
%
,
06/15/23
..............................................
1,587,028
Diversified
Industrial
—
1
.0
%
4,000
Colfax
Corp.
,
5.750
%
,
01/15/22
..............................................
744,800
Energy
and
Utilities:
Integrated
—
1
.9
%
NextEra
Energy
Inc.
10,000
4.872
%
,
09/01/22
..............................................
561,500
9,200
5.279
%
,
03/01/23
..............................................
450,432
9,645
6.219
%
,
09/01/23
..............................................
476,463
Energy
and
Utilities:
Services
—
0
.8
%
10,860
Spire
Inc.
,
Ser. A
,
7.500
%
,
03/01/24
..............................................
587,200
Financial
Services
—
2
.0
%
980
2020
Cash
Mandatory
Exchangeable
Trust
,
5.250
%
,
06/01/23
(a)
(c)
.....................................
1,237,328
6,000
New
York
Community
Capital
Trust
V
,
6.000
%
,
11/01/51
..............................................
311,760
1,549,088
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—June
30,
2021
(Unaudited)
3
Issuer
06/30/21
Carrying
Value
Per
Share
980
2020
Cash
Mandatory
Exchangeable
Trust
,
5.250
%
,
06/01/23
.....
06/24/20
-
09/30/20
$1,022,450
$1,262.58
__________
Shares
Market
Value
MANDATORY
CONVERTIBLE
SECURITIES
(Continued)
Health
Care
—
2
.4
%
5,730
Avantor
Inc.
,
Ser. A
,
6.250
%
,
05/15/22
..............................................
$
627,779
500
Danaher
Corp.
,
Ser. B
,
5.000
%
,
04/15/23
..............................................
737,635
9,795
Elanco
Animal
Health
Inc.
,
5.000
%
,
02/01/23
..............................................
525,600
1,891,014
Semiconductors
—
1
.9
%
1,005
Broadcom
Inc.
,
Ser. A
,
8.000
%
,
09/30/22
..............................................
1,527,469
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
9,374,994
COMMON
STOCKS
—
0.0
%
Energy
and
Utilities:
Services
—
0.0
%
509,000
Bristow
Group
Inc.,
Escrow
†
............................
0
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
2
.4
%
$
1,890,000
U.S.
Treasury
Bills,
0.028
%
to
0.047
%
††
,
09/16/21
to
09/23/21
........................................
1,889,845
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
59,353,480
)
...........................................
$
78,514,104
(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.
(c)
At
June
30,
2021,
the
Fund
held
an
investment
in
a
restricted
and
illiquid
security
amounting
to
$1,237,328
or
1.58%
of
total
investments,
which
was
valued
under
methods
approved
by
the
Board
of
Trustees
as
follows:
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.