TETON
Convertible
Securities
Fund
Schedule
of
Investments—June
30,
2022
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
87.0%
Airlines
—
2.6%
$
1,000,000
Southwest
Airlines
Co.,
1.250%,
05/01/25
..............................................
$
1,181,250
Business
Services
—
8.6%
550,000
BigCommerce
Holdings
Inc.,
0.250%,
10/01/26(a)
.........................................
380,875
1,000,000
Kaleyra
Inc.,
6.125%,
06/01/26(a)
.........................................
785,468
1,500,000
Perficient
Inc.,
0.125%,
11/15/26(a)
.........................................
1,221,818
1,000,000
Shift4
Payments
Inc.,
Zero
Coupon,
12/15/25
...................................
806,500
800,000
TechTarget
Inc.,
Zero
Coupon,
12/15/26(a)
..............................
645,966
3,840,627
Cable
and
Satellite
—
0.7%
450,000
DISH
Network
Corp.,
3.375%,
08/15/26
..............................................
305,100
Communications
Equipment
—
4.4%
500,000
InterDigital
Inc.,
3.500%,
06/01/27(a)
.........................................
508,500
Lumentum
Holdings
Inc.
500,000
0.500%,
12/15/26
..............................................
514,700
554,000
0.500%,
06/15/28(a)
.........................................
477,548
500,000
Radius
Global
Infrastructure
Inc.,
2.500%,
09/15/26(a)
.........................................
486,563
1,987,311
Computer
Software
and
Services
—
24.6%
300,000
Akamai
Technologies
Inc.,
0.375%,
09/01/27
..............................................
299,550
1,200,000
Bandwidth
Inc.,
0.250%,
03/01/26
..............................................
831,600
350,000
Blackline
Inc.,
0.125%,
08/01/24
..............................................
385,210
1,030,000
Cardlytics
Inc.,
1.000%,
09/15/25
..............................................
777,006
500,000
Dropbox
Inc.,
Zero
Coupon,
03/01/28
...................................
439,688
700,000
Edgio
Inc.,
3.500%,
08/01/25
..............................................
595,509
360,000
fuboTV
Inc.,
3.250%,
02/15/26
..............................................
114,120
1,250,000
i3
Verticals
LLC,
1.000%,
02/15/25
..............................................
1,190,625
750,000
Match
Group
Financeco
3
Inc.,
2.000%,
01/15/30(a)
.........................................
814,875
300,000
MercadoLibre
Inc.,
2.000%,
08/15/28
..............................................
485,400
205,000
Nice
Systems
Inc.,
1.250%,
01/15/24
..............................................
472,781
1,000,000
PAR
Technology
Corp.,
2.875%,
04/15/26
..............................................
1,153,812
860,000
Progress
Software
Corp.,
1.000%,
04/15/26
..............................................
834,630
465,000
PROS
Holdings
Inc.,
2.250%,
09/15/27
..............................................
420,360
925,000
Verint
Systems
Inc.,
0.250%,
04/15/26
..............................................
848,688
1,056,000
Veritone
Inc.,
1.750%,
11/15/26(a)
.........................................
676,751
Principal
Amount
Market
Value
$
600,000
Workiva
Inc.,
1.125%,
08/15/26
..............................................
$
651,000
10,991,605
Consumer
Services
—
8.9%
1,100,000
2U
Inc.,
2.250%,
05/01/25
..............................................
943,250
360,000
Callaway
Golf
Co.,
2.750%,
05/01/26
..............................................
483,975
365,000
National
Vision
Holdings
Inc.,
2.500%,
05/15/25
..............................................
411,100
NCL
Corp.
Ltd.
550,000
5.375%,
08/01/25
..............................................
531,465
223,000
1.125%,
02/15/27(a)
.........................................
145,507
Royal
Caribbean
Cruises
Ltd.
155,000
4.250%,
06/15/23
..............................................
148,800
250,000
2.875%,
11/15/23
..............................................
227,345
1,100,000
Stride
Inc.,
1.125%,
09/01/27
..............................................
1,091,750
3,983,192
Diversified
Industrial
—
5.3%
485,000
Bloom
Energy
Corp.,
2.500%,
08/15/25
..............................................
602,322
400,000
Chart
Industries
Inc.,
1.000%,
11/15/24(a)
.........................................
1,151,000
579,000
Patrick
Industries
Inc.,
1.750%,
12/01/28(a)
.........................................
466,095
165,000
Xometry
Inc.,
1.000%,
02/01/27(a)
.........................................
140,745
2,360,162
Energy
and
Utilities:
Integrated
—
2.7%
1,128,000
Array
Technologies
Inc.,
1.000%,
12/01/28(a)
.........................................
803,136
375,000
Ormat
Technologies
Inc.,
2.500%,
07/15/27(a)
.........................................
400,125
1,203,261
Financial
Services
—
5.1%
500,000
Block
Inc.,
0.125%,
03/01/25
..............................................
471,250
385,000
Digitalbridge
Operating
Co.
LLC,
5.750%,
07/15/25
..............................................
869,137
750,000
SoFi
Technologies
Inc.,
Zero
Coupon,
10/15/26(a)
..............................
498,503
750,000
Upstart
Holdings
Inc.,
0.250%,
08/15/26(a)
.........................................
423,000
2,261,890
Health
Care
—
10.2%
255,000
Coherus
Biosciences
Inc.,
1.500%,
04/15/26
..............................................
166,898
350,000
CONMED
Corp.,
2.625%,
02/01/24
..............................................
424,550
Cutera
Inc.
300,000
2.250%,
03/15/26
..............................................
395,462
250,000
2.250%,
06/01/28(a)
.........................................
237,501
1,000,000
Exact
Sciences
Corp.,
0.375%,
03/01/28
..............................................
692,000
1,000,000
Insulet
Corp.,
0.375%,
09/01/26
..............................................
1,145,000
365,000
Invacare
Corp.,
4.250%,
03/15/26
..............................................
181,373
400,000
Paratek
Pharmaceuticals
Inc.,
4.750%,
05/01/24
..............................................
345,640
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—June
30,
2022
(Unaudited)
2
Acquisition
Shares
Issuer
Acquisition
Dates
Acquisition
Cost
06/30/22
Carrying
Value
Per
Share
980
2020
Cash
Mandatory
Exchangeable
Trust,
5.250%,
06/01/23
........
06/24/20
-
09/30/20
$1,022,450
$1,149.1000
__________
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Health
Care
(Continued)
$
990,000
PetIQ
Inc.,
4.000%,
06/01/26
..............................................
$
950,895
4,539,319
Materials
—
0.2%
110,000
Danimer
Scientific
Inc.,
3.250%,
12/15/26(a)
.........................................
78,210
Real
Estate
Investment
Trusts
—
1.6%
200,000
Pebblebrook
Hotel
Trust,
1.750%,
12/15/26
..............................................
179,100
250,000
Redwood
Trust
Inc.,
7.750%,
06/15/27(a)
.........................................
220,250
385,000
Summit
Hotel
Properties
Inc.,
1.500%,
02/15/26
..............................................
327,250
726,600
Security
Software
—
4.3%
680,000
Nice
Ltd.,
Zero
Coupon,
09/15/25
...................................
671,500
365,000
Varonis
Systems
Inc.,
1.250%,
08/15/25
..............................................
431,065
675,000
Zscaler
Inc.,
0.125%,
07/01/25
..............................................
820,463
1,923,028
Semiconductors
—
3.0%
1,000,000
Impinj
Inc.,
1.125%,
05/15/27(a)
.........................................
835,840
579,000
Wolfspeed
Inc.,
0.250%,
02/15/28(a)
.........................................
482,017
1,317,857
Specialty
Chemicals
—
0.4%
468,000
Amyris
Inc.,
1.500%,
11/15/26(a)
.........................................
193,986
Telecommunications
—
3.1%
750,000
Infinera
Corp.,
2.500%,
03/01/27
..............................................
755,429
615,000
PagerDuty
Inc.,
1.250%,
07/01/25
..............................................
607,697
1,363,126
Transportation
—
1.3%
500,000
Atlas
Air
Worldwide
Holdings
Inc.,
1.875%,
06/01/24
..............................................
588,750
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
38,845,274
Shares
MANDATORY
CONVERTIBLE
SECURITIES
(b) —
12.0%
Automotive:
Parts
and
Accessories
—
2.1%
8,875
Aptiv
plc,
Ser.
A,
5.500%,
06/15/23
..............................................
935,336
Energy
and
Utilities:
Integrated
—
1.0%
9,200
NextEra
Energy
Inc.,
5.279%,
03/01/23
..............................................
456,780
Energy
and
Utilities:
Services
—
0.8%
6,745
Spire
Inc.,
Ser.
A,
7.500%,
03/01/24
..............................................
356,878
Shares
Market
Value
Financial
Services
—
2.5%
980
2020
Cash
Mandatory
Exchangeable
Trust,
5.250%,
06/01/23(a)(c)
.....................................
$
1,126,118
Health
Care
—
2.2%
500
Danaher
Corp.,
Ser.
B,
5.000%,
04/15/23
..............................................
661,605
9,795
Elanco
Animal
Health
Inc.,
5.000%,
02/01/23
..............................................
313,832
975,437
Semiconductors
—
3.4%
1,005
Broadcom
Inc.,
Ser.
A,
8.000%,
09/30/22
..............................................
1,510,666
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
5,361,215
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.0%
$
445,000
U.S.
Treasury
Bill,
1.601%†,
09/22/22
............................................
443,343
TOTAL
INVESTMENTS
—
100.0%
(Cost
$46,569,999)
...........................................
$
44,649,832
(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,
2022,
the
Fund
held
an
investment
in
a
restricted
and
illiquid
security
amounting
to
$1,126,118
or
2.52%
of
total
investments,
which
was
valued
under
methods
approved
by
the
Board
of
Trustees
as
follows:
†
Represents
annualized
yield
at
date
of
purchase.