TETON
Convertible
Securities
Fund
Schedule
of
Investments—December
31,
2022
(Unaudited)
1
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
93.8%
Airlines
—
1.1%
$
300,000
Southwest
Airlines
Co.,
1.250%,
05/01/25
..............................................
$
361,425
Business
Services
—
2.4%
1,000,000
Kaleyra
Inc.,
6.125%,
06/01/26(a)
.........................................
782,589
Cable
and
Satellite
—
2.8%
700,000
DISH
Network
Corp.,
Zero
Coupon,
12/15/25
...................................
450,100
500,000
Liberty
Media
Corp.-Liberty
Formula
One,
2.250%,
08/15/27(a)
.........................................
480,250
930,350
Communications
Equipment
—
4.0%
500,000
InterDigital
Inc.,
3.500%,
06/01/27(a)
.........................................
475,000
554,000
Lumentum
Holdings
Inc.,
0.500%,
06/15/28(a)
.........................................
422,093
500,000
Radius
Global
Infrastructure
Inc.,
2.500%,
09/15/26(a)
.........................................
440,923
1,338,016
Computer
Software
and
Services
—
27.6%
300,000
Akamai
Technologies
Inc.,
0.375%,
09/01/27
..............................................
290,400
700,000
Bandwidth
Inc.,
0.250%,
03/01/26
..............................................
531,160
780,000
Cardlytics
Inc.,
1.000%,
09/15/25
..............................................
337,350
500,000
Edgio
Inc.,
3.500%,
08/01/25
..............................................
429,755
360,000
fuboTV
Inc.,
3.250%,
02/15/26
..............................................
169,200
500,000
i3
Verticals
LLC,
1.000%,
02/15/25
..............................................
453,750
750,000
Match
Group
Financeco
3
Inc.,
2.000%,
01/15/30(a)
.........................................
650,250
300,000
MercadoLibre
Inc.,
2.000%,
08/15/28
..............................................
609,450
205,000
Nice
Systems
Inc.,
1.250%,
01/15/24
..............................................
470,219
1,000,000
PAR
Technology
Corp.,
2.875%,
04/15/26
..............................................
942,500
1,000,000
Perficient
Inc.,
0.125%,
11/15/26
..............................................
777,500
860,000
Progress
Software
Corp.,
1.000%,
04/15/26
..............................................
883,220
465,000
PROS
Holdings
Inc.,
2.250%,
09/15/27
..............................................
409,897
925,000
Verint
Systems
Inc.,
0.250%,
04/15/26
..............................................
809,375
1,056,000
Veritone
Inc.,
1.750%,
11/15/26
..............................................
641,520
600,000
Workiva
Inc.,
1.125%,
08/15/26
..............................................
742,800
9,148,346
Consumer
Services
—
9.2%
1,100,000
2U
Inc.,
2.250%,
05/01/25
..............................................
716,650
400,000
Marriott
Vacations
Worldwide
Corp.,
3.250%,
12/15/27(a)
.........................................
396,000
Principal
Amount
Market
Value
NCL
Corp.
Ltd.
$
250,000
5.375%,
08/01/25
..............................................
$
253,375
223,000
1.125%,
02/15/27
..............................................
152,487
600,000
Royal
Caribbean
Cruises
Ltd.,
6.000%,
08/15/25(a)
.........................................
756,600
850,000
Stride
Inc.,
1.125%,
09/01/27
..............................................
761,260
3,036,372
Diversified
Industrial
—
3.3%
485,000
Bloom
Energy
Corp.,
2.500%,
08/15/25
..............................................
655,041
150,000
Chart
Industries
Inc.,
1.000%,
11/15/24(a)
.........................................
298,650
165,000
Xometry
Inc.,
1.000%,
02/01/27(a)
.........................................
140,183
1,093,874
Energy
and
Utilities:
Integrated
—
6.5%
878,000
Array
Technologies
Inc.,
1.000%,
12/01/28
..............................................
896,877
425,000
NextEra
Energy
Partners
LP,
2.500%,
06/15/26(a)
.........................................
398,650
375,000
Ormat
Technologies
Inc.,
2.500%,
07/15/27(a)
.........................................
438,000
500,000
Sunnova
Energy
International
Inc.,
2.625%,
02/15/28(a)
.........................................
406,250
2,139,777
Energy
and
Utilities:
Services
—
1.6%
500,000
Northern
Oil
and
Gas
Inc.,
3.625%,
04/15/29(a)
.........................................
540,000
Financial
Services
—
5.6%
385,000
Digitalbridge
Operating
Co.
LLC,
5.750%,
07/15/25
..............................................
531,105
200,000
Envestnet
Inc.,
2.625%,
12/01/27(a)
.........................................
215,600
250,000
LendingTree
Inc.,
0.500%,
07/15/25
..............................................
183,150
750,000
SoFi
Technologies
Inc.,
Zero
Coupon,
10/15/26(a)
..............................
517,125
750,000
Upstart
Holdings
Inc.,
0.250%,
08/15/26
..............................................
397,500
1,844,480
Food
and
Beverage
—
1.8%
200,000
Post
Holdings
Inc.,
2.500%,
08/15/27(a)
.........................................
211,040
400,000
The
Chefs'
Warehouse
Inc.,
2.375%,
12/15/28(a)
.........................................
401,760
612,800
Health
Care
—
13.0%
505,000
Coherus
Biosciences
Inc.,
1.500%,
04/15/26
..............................................
332,038
350,000
CONMED
Corp.,
2.625%,
02/01/24
..............................................
398,300
Cutera
Inc.
300,000
2.250%,
03/15/26
..............................................
445,050
250,000
2.250%,
06/01/28(a)
.........................................
267,000
255,000
4.000%,
06/01/29(a)
.........................................
260,890
400,000
Halozyme
Therapeutics
Inc.,
1.000%,
08/15/28(a)
.........................................
473,250
500,000
Insulet
Corp.,
0.375%,
09/01/26
..............................................
708,500
TETON
Convertible
Securities
Fund
Schedule
of
Investments
(Continued)—December
31,
2022
(Unaudited)
2
Acquisition
Shares
Issuer
Acquisition
Dates
Acquisition
Cost
12/31/22
Carrying
Value
Per
Share
980
2020
Cash
Mandatory
Exchangeable
Trust,
5.250%,
06/01/23
........
06/24/20
-
09/30/20
$1,009,645
$1,146.5200
__________
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
(Continued)
Health
Care
(Continued)
$
365,000
Invacare
Corp.,
4.250%,
03/15/26
..............................................
$
173,751
400,000
Lantheus
Holdings
Inc.,
2.625%,
12/15/27(a)
.........................................
404,760
640,000
PetIQ
Inc.,
4.000%,
06/01/26
..............................................
534,400
255,000
Sarepta
Therapeutics
Inc.,
1.250%,
09/15/27(a)
.........................................
295,162
4,293,101
Materials
—
0.1%
110,000
Danimer
Scientific
Inc.,
3.250%,
12/15/26(a)
.........................................
42,735
Real
Estate
Investment
Trusts
—
2.1%
200,000
Pebblebrook
Hotel
Trust,
1.750%,
12/15/26
..............................................
165,500
250,000
Redwood
Trust
Inc.,
7.750%,
06/15/27(a)
.........................................
212,825
385,000
Summit
Hotel
Properties
Inc.,
1.500%,
02/15/26
..............................................
330,715
709,040
Security
Software
—
3.4%
430,000
Nice
Ltd.,
Zero
Coupon,
09/15/25
...................................
407,425
675,000
Zscaler
Inc.,
0.125%,
07/01/25
..............................................
712,125
1,119,550
Semiconductors
—
7.2%
750,000
Impinj
Inc.,
1.125%,
05/15/27
..............................................
903,750
500,000
indie
Semiconductor
Inc.,
4.500%,
11/15/27(a)
.........................................
494,500
400,000
Semtech
Corp.,
1.625%,
11/01/27(a)
.........................................
411,000
Wolfspeed
Inc.
579,000
0.250%,
02/15/28(a)
.........................................
501,993
100,000
1.875%,
12/01/29(a)
.........................................
90,550
2,401,793
Telecommunications
—
2.1%
Infinera
Corp.
500,000
2.500%,
03/01/27
..............................................
558,843
100,000
3.750%,
08/01/28(a)
.........................................
124,440
683,283
TOTAL
CONVERTIBLE
CORPORATE
BONDS
...........................................................
31,077,531
Shares
MANDATORY
CONVERTIBLE
SECURITIES
(b) —
6.2%
Diversified
Industrial
—
1.1%
7,000
Chart
Industries
Inc.,
Ser.
B,
6.750%,
12/15/25
..............................................
354,480
Energy
and
Utilities:
Integrated
—
0.7%
5,000
NextEra
Energy
Inc.,
6.926%,
09/01/25
..............................................
250,950
Energy
and
Utilities:
Services
—
1.0%
6,745
Spire
Inc.,
Ser.
A,
7.500%,
03/01/24
..............................................
336,778
Shares
Market
Value
Financial
Services
—
3.4%
980
2020
Cash
Mandatory
Exchangeable
Trust,
5.250%,
06/01/23(a)(c)
.....................................
$
1,123,589
TOTAL
MANDATORY
CONVERTIBLE
SECURITIES
..................................................
2,065,797
TOTAL
INVESTMENTS
—
100.0%
(Cost
$34,239,304)
...........................................
$
33,143,328
(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,
2022,
the
Fund
held
an
investment
in
a
restricted
and
illiquid
security
amounting
to
$1,123,589
or
3.39%
of
total
investments,
which
was
valued
under
methods
approved
by
the
Board
of
Trustees
as
follows: