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.