TETON
Convertible
Securities
Fund
Schedule
of
Investments—December
31,
2021
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
83
.2
%
Airlines
—
2
.8
%
$
680,000
JetBlue
Airways
Corp.
,
0.500
%
,
04/01/26
(a)
.........................................
$
637,308
1,000,000
Southwest
Airlines
Co.
,
1.250
%
,
05/01/25
..............................................
1,336,750
1,974,058
Business
Services
—
7
.5
%
335,000
Avalara
Inc.
,
0.250
%
,
08/01/26
(a)
.........................................
310,880
550,000
BigCommerce
Holdings
Inc.
,
0.250
%
,
10/01/26
(a)
.........................................
491,205
1,000,000
Kaleyra
Inc.
,
6.125
%
,
06/01/26
(a)
.........................................
1,028,800
Perficient
Inc.
450,000
1.250
%
,
08/01/25
..............................................
1,143,585
500,000
0.125
%
,
11/15/26
(a)
.........................................
475,655
Shift4
Payments
Inc.
1,000,000
Zero
Coupon
,
12/15/25
(a)
..............................
1,059,400
140,000
0.500
%
,
08/01/27
(a)
.........................................
123,634
440,000
TechTarget
Inc.
,
Zero
Coupon
,
12/15/26
(a)
..............................
439,472
280,000
Upwork
Inc.
,
0.250
%
,
08/15/26
(a)
.........................................
257,879
5,330,510
Cable
and
Satellite
—
1
.0
%
450,000
DISH
Network
Corp.
,
3.375
%
,
08/15/26
..............................................
427,074
360,000
fuboTV
Inc.
,
3.250
%
,
02/15/26
(a)
.........................................
293,175
720,249
Communications
Equipment
—
1
.6
%
500,000
Lumentum
Holdings
Inc.
,
0.500
%
,
12/15/26
..............................................
624,375
500,000
Radius
Global
Infrastructure
Inc.
,
2.500
%
,
09/15/26
(a)
.........................................
500,893
1,125,268
Computer
Software
and
Services
—
28
.0
%
1,000,000
Bandwidth
Inc.
,
0.250
%
,
03/01/26
..............................................
1,063,000
Blackline
Inc.
350,000
0.125
%
,
08/01/24
..............................................
528,937
480,000
Zero
Coupon
,
03/15/26
(a)
..............................
448,320
1,030,000
Cardlytics
Inc.
,
1.000
%
,
09/15/25
..............................................
1,147,806
Coupa
Software
Inc.
140,000
0.125
%
,
06/15/25
..............................................
171,766
465,000
0.375
%
,
06/15/26
..............................................
441,750
500,000
Dropbox
Inc.
,
Zero
Coupon
,
03/01/28
(a)
..............................
493,438
960,000
Everbridge
Inc.
,
0.125
%
,
12/15/24
..............................................
936,600
205,000
Farfetch
Ltd.
,
3.750
%
,
05/01/27
..............................................
465,617
1,250,000
i3
Verticals
LLC
,
1.000
%
,
02/15/25
..............................................
1,164,125
700,000
Limelight
Networks
Inc.
,
3.500
%
,
08/01/25
..............................................
671,606
690,000
LivePerson
Inc.
,
0.750
%
,
03/01/24
..............................................
803,436
Principal
Amount
Market
Value
$
750,000
Match
Group
Financeco
3
Inc.
,
2.000
%
,
01/15/30
(a)
.........................................
$
1,323,300
300,000
MercadoLibre
Inc.
,
2.000
%
,
08/15/28
..............................................
931,890
205,000
Nice
Systems
Inc.
,
1.250
%
,
01/15/24
..............................................
747,353
1,000,000
PAR
Technology
Corp.
,
2.875
%
,
04/15/26
..............................................
1,470,032
860,000
Progress
Software
Corp.
,
1.000
%
,
04/15/26
(a)
.........................................
896,149
PROS
Holdings
Inc.
250,000
1.000
%
,
05/15/24
..............................................
233,281
465,000
2.250
%
,
09/15/27
..............................................
516,755
750,000
Q2
Holdings
Inc.
,
0.750
%
,
06/01/26
..............................................
844,480
650,000
Splunk
Inc.
,
1.125
%
,
09/15/25
..............................................
717,470
1,056,000
Veritone
Inc.
,
1.750
%
,
11/15/26
(a)
.........................................
1,012,772
1,000,000
Vocera
Communications
Inc.
,
0.500
%
,
09/15/26
(a)
.........................................
1,272,608
900,000
Workiva
Inc.
,
1.125
%
,
08/15/26
..............................................
1,592,863
19,895,354
Consumer
Products
—
1
.3
%
970,000
Cracker
Barrel
Old
Country
Store
Inc.
,
0.625
%
,
06/15/26
(a)
.........................................
934,231
Consumer
Services
—
6
.5
%
480,000
2U
Inc.
,
2.250
%
,
05/01/25
..............................................
509,910
360,000
Callaway
Golf
Co.
,
2.750
%
,
05/01/26
..............................................
622,125
365,000
National
Vision
Holdings
Inc.
,
2.500
%
,
05/15/25
..............................................
612,059
NCL
Corp.
Ltd.
550,000
5.375
%
,
08/01/25
..............................................
783,750
223,000
1.125
%
,
02/15/27
(a)
.........................................
209,910
Royal
Caribbean
Cruises
Ltd.
155,000
4.250
%
,
06/15/23
..............................................
198,013
250,000
2.875
%
,
11/15/23
..............................................
295,750
245,000
Shopify
Inc.
,
0.125
%
,
11/01/25
..............................................
306,863
1,100,000
Stride
Inc.
,
1.125
%
,
09/01/27
..............................................
1,075,659
4,614,039
Diversified
Industrial
—
4
.1
%
485,000
Bloom
Energy
Corp.
,
2.500
%
,
08/15/25
..............................................
754,844
600,000
Chart
Industries
Inc.
,
1.000
%
,
11/15/24
(a)
.........................................
1,649,640
120,000
John
Bean
Technologies
Corp.
,
0.250
%
,
05/15/26
(a)
.........................................
132,480
329,000
Patrick
Industries
Inc.
,
1.750
%
,
12/01/28
(a)
.........................................
342,902
2,879,866
Energy
and
Utilities:
Integrated
—
1
.1
%
828,000
Array
Technologies
Inc.
,
1.000
%
,
12/01/28
(a)
.........................................
787,014
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—December
31,
2021
(Unaudited)
2
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Financial
Services
—
4
.4
%
Block
Inc.
$
250,000
0.125
%
,
03/01/25
..............................................
$
372,187
500,000
0.250
%
,
11/01/27
..............................................
532,813
385,000
Digitalbridge
Operating
Co.
LLC
,
5.750
%
,
07/15/25
..............................................
1,439,938
500,000
Encore
Capital
Europe
Finance
Ltd.
,
4.500
%
,
09/01/23
..............................................
741,250
3,086,188
Health
Care
—
10
.9
%
255,000
Coherus
Biosciences
Inc.
,
1.500
%
,
04/15/26
..............................................
281,934
350,000
CONMED
Corp.
,
2.625
%
,
02/01/24
..............................................
583,625
300,000
Cutera
Inc.
,
2.250
%
,
03/15/26
(a)
.........................................
432,570
1,000,000
Dexcom
Inc.
,
0.250
%
,
11/15/25
..............................................
1,191,875
Exact
Sciences
Corp.
900,000
0.375
%
,
03/15/27
..............................................
920,250
500,000
0.375
%
,
03/01/28
..............................................
485,300
1,000,000
Insulet
Corp.
,
0.375
%
,
09/01/26
..............................................
1,327,879
Invacare
Corp.
400,000
4.500
%
,
06/01/22
..............................................
365,250
365,000
4.250
%
,
03/15/26
(a)
.........................................
253,237
400,000
Paratek
Pharmaceuticals
Inc.
,
4.750
%
,
05/01/24
..............................................
369,080
990,000
PetIQ
Inc.
,
4.000
%
,
06/01/26
..............................................
1,160,559
350,000
Travere
Therapeutics
Inc.
,
2.500
%
,
09/15/25
..............................................
386,540
7,758,099
Materials
—
0
.2
%
110,000
Danimer
Scientific
Inc.
,
3.250
%
,
12/15/26
(a)
.........................................
116,391
Real
Estate
Investment
Trusts
—
0
.8
%
125,000
Pebblebrook
Hotel
Trust
,
1.750
%
,
12/15/26
..............................................
138,269
385,000
Summit
Hotel
Properties
Inc.
,
1.500
%
,
02/15/26
..............................................
403,480
541,749
Security
Software
—
6
.5
%
555,000
CyberArk
Software
Ltd.
,
Zero
Coupon
,
11/15/24
...................................
702,075
680,000
Nice
Ltd.
,
Zero
Coupon
,
09/15/25
...................................
829,175
365,000
Varonis
Systems
Inc.
,
1.250
%
,
08/15/25
..............................................
628,019
925,000
Verint
Systems
Inc.
,
0.250
%
,
04/15/26
(a)
.........................................
989,195
675,000
Zscaler
Inc.
,
0.125
%
,
07/01/25
..............................................
1,478,595
4,627,059
Semiconductors
—
0
.2
%
139,000
Camtek
Ltd.
,
Zero
Coupon
,
12/01/26
(a)
..............................
147,688
Principal
Amount
Market
Value
Specialty
Chemicals
—
0
.6
%
$
468,000
Amyris
Inc.
,
1.500
%
,
11/15/26
(a)
.........................................
$
394,290
Telecommunications
—
4
.1
%
750,000
Harmonic
Inc.
,
2.000
%
,
09/01/24
..............................................
1,123,125
750,000
Infinera
Corp.
,
2.500
%
,
03/01/27
..............................................
1,102,500
615,000
PagerDuty
Inc.
,
1.250
%
,
07/01/25
..............................................
709,042
2,934,667
Transportation
—
1
.6
%
500,000
Atlas
Air
Worldwide
Holdings
Inc.
,
1.875
%
,
06/01/24
..............................................
815,000
351,000
CryoPort
Inc.
,
0.750
%
,
12/01/26
(a)
.........................................
324,318
1,139,318
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
59,006,038
Shares
CONVERTIBLE
PREFERRED
STOCKS
—
0
.9
%
Agriculture
—
0
.9
%
5,000
Bunge
Ltd.
,
4.875
%
.............................................................
633,700
MANDATORY
CONVERTIBLE
SECURITIES
(b)
—
14
.0
%
Automotive:
Parts
and
Accessories
—
2
.3
%
8,875
Aptiv
plc
,
Ser.
A
,
5.500
%
,
06/15/23
..............................................
1,633,798
Diversified
Industrial
—
1
.0
%
4,000
Colfax
Corp.
,
5.750
%
,
01/15/22
..............................................
740,520
Energy
and
Utilities:
Integrated
—
2
.5
%
NextEra
Energy
Inc.
10,000
4.872
%
,
09/01/22
..............................................
680,900
9,200
5.279
%
,
03/01/23
..............................................
529,368
9,645
6.219
%
,
09/01/23
..............................................
558,542
Energy
and
Utilities:
Services
—
0
.5
%
6,745
Spire
Inc.
,
Ser.
A
,
7.500
%
,
03/01/24
..............................................
333,203
Financial
Services
—
1
.9
%
980
2020
Cash
Mandatory
Exchangeable
Trust
,
5.250
%
,
06/01/23
(a)
(c)
.....................................
1,024,306
6,000
New
York
Community
Capital
Trust
V
,
6.000
%
,
11/01/51
..............................................
317,400
1,341,706
Health
Care
—
2
.9
%
5,730
Avantor
Inc.
,
Ser.
A
,
6.250
%
,
05/15/22
..............................................
740,373
500
Danaher
Corp.
,
Ser.
B
,
5.000
%
,
04/15/23
..............................................
869,085
9,795
Elanco
Animal
Health
Inc.
,
5.000
%
,
02/01/23
..............................................
437,445
2,046,903
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—December
31,
2021
(Unaudited)
3
Issuer
12/31/21
Carrying
Value
Per
Bond
$980
2020
Cash
Mandatory
Exchangeable
Trust
.............
06/24/20
-
09/30/20
$1,022,450
$1,045.2102
__________
Shares
Market
Value
MANDATORY
CONVERTIBLE
SECURITIES
(Continued)
Semiconductors
—
2
.9
%
1,005
Broadcom
Inc.
,
Ser.
A
,
8.000
%
,
09/30/22
..............................................
$
2,085,767
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
9,950,707
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1
.9
%
$
1,370,000
U.S.
Treasury
Bills,
0.035
%
to
0.037
%
†
,
03/17/22
to
03/24/22
........................................
1,369,848
TOTAL
INVESTMENTS
—
100.0%
(Cost
$
56,928,322
)
...........................................
$
70,960,293
(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
December
31,
2021,
the
Fund
held
an
investment
in
a
restricted
and
illiquid
security
amounting
to
$1,024,306
or
1.44%
of
total
investments,
which
was
valued
under
methods
approved
by
the
Board
of
Trustees
as
follows:
†
Represents
annualized
yields
at
dates
of
purchase.