TETON Convertible Securities Fund

Schedule of Investments — June 30, 2020 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS — 77.6%
		Aerospace and Defense — 0.6%
$	250,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	400,874
		Airlines — 1.4%
	720,000	Southwest Airlines Co., 1.250%, 05/01/25		868,342
		Aviation: Parts and Services — 0.8%
	500,000	Kaman Corp., 3.250%, 05/01/24		480,425
		Business Services — 3.0%
	480,000	2U Inc., 2.250%, 05/01/25(a)		716,861
	1,000,000	Perficient Inc., 2.375%, 09/15/23		1,167,754
				1,884,615
		Cable and Satellite — 1.8%
	1,250,000	DISH Network Corp., 3.375%, 08/15/26		1,151,393
		Communications Equipment — 0.8%
	500,000	Lumentum Holdings Inc., Ser. QIB, 0.500%, 12/15/26(a)		527,500
		Computer Software and Services — 28.3%
	500,000	Bandwidth Inc., 0.250%, 03/01/26(a)		747,600
	500,000	Blackline Inc., 0.125%, 08/01/24(a)		638,867
	245,000	Cloudflare Inc., 0.750%, 05/15/25(a)		296,450
	140,000	Coupa Software Inc., 0.125%, 06/15/25		255,191
	465,000	0.375%, 06/15/26(a)		539,289
	1,000,000	CSG Systems International Inc., 4.250%, 03/15/36(a)		1,021,400
	370,000	Datadog Inc., 0.125%, 06/15/25(a)		438,655
	960,000	Everbridge Inc.,
		0.125%, 12/15/24(a)		1,306,898
	700,000	Evolent Health Inc.,
		1.500%, 10/15/25		443,625
	185,000	HubSpot Inc.,
		0.375%, 06/01/25(a)		198,413
	1,250,000	i3 Verticals LLC,
		1.000%, 02/15/25(a)		1,194,167
	690,000	LivePerson Inc.,
		0.750%, 03/01/24		857,049
	750,000	Match Group Financeco 3 Inc.,
		2.000%, 01/15/30(a)		973,886
	400,000	MercadoLibre Inc.,
		2.000%, 08/15/28		916,205
	205,000	Nice Systems Inc.,
		1.250%, 01/15/24		469,387
	1,250,000	PAR Technology Corp.,
		2.875%, 04/15/26(a)		1,168,251
	1,220,000	Pluralsight Inc.,
		0.375%, 03/01/24		1,083,159
	1,000,000	PROS Holdings Inc.,
		1.000%, 05/15/24(a)		970,490
	750,000	Q2 Holdings Inc.,
		0.750%, 06/01/26		855,395

Principal Amount			Market Value
$	500,000	RealPage Inc.,
		1.500%, 05/15/25	$	540,111
		Splunk Inc.,
	400,000	1.125%, 09/15/25		588,648
	245,000	1.125%, 06/15/27(a)		262,237
	365,000	Varonis Systems Inc.,
		1.250%, 08/15/25(a)		426,749
	800,000	Vocera Communications Inc.,
		1.500%, 05/15/23		777,726
	1,000,000	Workiva Inc.,
		1.125%, 08/15/26(a)		919,600
				17,889,448
		Consumer Products — 1.9%
	365,000	Farfetch Ltd.,
		3.750%, 05/01/27(a)		496,172
	365,000	National Vision Holdings Inc.,
		2.500%, 05/15/25(a)		437,293
	245,000	Under Armour Inc.,
		1.500%, 06/01/24(a)		278,469
				1,211,934
		Consumer Services — 1.6%
	180,000	Callaway Golf Co.,
		2.750%, 05/01/26(a)		222,575
	300,000	Extra Space Storage LP,
		3.125%, 10/01/35(a)		320,694
	245,000	NCL Corp. Ltd.,
		6.000%, 05/15/24(a)		327,413
	155,000	Royal Caribbean Cruises Ltd.,
		4.250%, 06/15/23(a)		144,925
				1,015,607
		Diversified Industrial — 1.1%
	600,000	Chart Industries Inc.,
		1.000%, 11/15/24(a)		634,025
	60,000	Sea Ltd.,
		2.375%, 12/01/25(a)		83,427
				717,452
		Energy and Utilities: Integrated — 1.0%
	750,000	SunPower Corp.,
		4.000%, 01/15/23		609,277
		Energy and Utilities: Services — 1.6%
	1,500,000	Cheniere Energy Inc.,
		4.250%, 03/15/45		971,004
		Financial Services — 1.9%
	300,000	Chimera Investment Corp.,
		7.000%, 04/01/23		438,755
	500,000	Encore Capital Europe Finance Ltd.,
		4.500%, 09/01/23		484,409
	199,000	LendingTree Inc.,
		0.625%, 06/01/22		299,213
				1,222,377
		Food and Beverage — 0.6%
	520,000	The Chefs’ Warehouse Inc.,
		1.875%, 12/01/24(a)		378,191
		Health Care — 16.3%
	370,000	1Life Healthcare Inc.,
		3.000%, 06/15/25(a)		397,221

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TETON Convertible Securities Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Health Care (Continued)
$	255,000	Coherus Biosciences Inc.,
		1.500%, 04/15/26(a)	$	285,498
	500,000	Collegium Pharmaceutical Inc.,
		2.625%, 02/15/26		450,483
	350,000	CONMED Corp.,
		2.625%, 02/01/24		368,053
		DexCom Inc.,
	495,000	0.750%, 12/01/23		1,229,175
	185,000	0.250%, 11/15/25(a)		190,317
	900,000	Exact Sciences Corp.,
		0.375%, 03/15/27		936,857
	1,000,000	Insulet Corp.,
		0.375%, 09/01/26(a)		1,096,933
	300,000	Intercept Pharmaceuticals Inc.,
		2.000%, 05/15/26		218,220
	400,000	Invacare Corp.,
		4.500%, 06/01/22		342,000
	365,000	Livongo Health Inc.,
		0.875%, 06/01/25(a)		436,056
	337,000	Neurocrine Biosciences Inc.,
		2.250%, 05/15/24		563,709
	500,000	Pacira BioSciences Inc.,
		2.375%, 04/01/22		546,852
	400,000	Paratek Pharmaceuticals Inc.,
		4.750%, 05/01/24		326,693
	490,000	PetIQ Inc.,
		4.000%, 06/01/26(a)		658,131
	350,000	Retrophin Inc.,
		2.500%, 09/15/25		292,190
	708,000	Supernus Pharmaceuticals Inc.,
		0.625%, 04/01/23		626,627
	770,000	Tabula Rasa HealthCare Inc.,
		1.750%, 02/15/26(a)		791,839
	505,000	Teladoc Health Inc.,
		1.250%, 06/01/27(a)		560,480
				10,317,334
		Security Software — 4.5%
	555,000	CyberArk Software Ltd.,
		Zero Coupon, 11/15/24(a)		518,908
	500,000	Okta Inc.,
		0.125%, 09/01/25(a)		620,579
	1,000,000	Proofpoint Inc.,
		0.250%, 08/15/24(a)		984,385
	675,000	Zscaler Inc.,
		0.125%, 07/01/25(a)		692,827
				2,816,699
		Semiconductors — 3.4%
	500,000	Impinj Inc.,
		2.000%, 12/15/26(a)		504,063
	560,000	Inphi Corp.,
		0.750%, 04/15/25(a)		674,841
	900,000	Knowles Corp.,
		3.250%, 11/01/21		964,170
				2,143,074
		Telecommunications — 5.8%
	1,000,000	Harmonic Inc.,
		2.000%, 09/01/24(a)		893,750
	1,000,000	Infinera Corp.,
		2.500%, 03/01/27(a)		982,555

Principal Amount			Market Value
$	500,000	Liberty Latin America Ltd.,
		2.000%, 07/15/24(a)	$	398,437
	615,000	PagerDuty Inc.,
		1.250%, 07/01/25(a)		610,387
	250,000	Twilio Inc.,
		0.250%, 06/01/23		776,943
				3,662,072
		Transportation — 1.2%
	500,000	Atlas Air Worldwide Holdings Inc.,
		1.875%, 06/01/24		483,357
	590,000	GOL Equity Finance SA,
		3.750%, 07/15/24(a)		292,419
				775,776
		TOTAL CONVERTIBLE CORPORATE BONDS		49,043,394
Shares
		CONVERTIBLE PREFERRED STOCKS — 3.2%
		Financial Services — 1.5%
	600	Bank of America Corp., 7.250%, Ser. L		805,320
	117	Wells Fargo & Co., 7.500%, Ser. L		151,749
				957,069
		Real Estate Investment Trusts — 1.7%
	7,500	QTS Realty Trust Inc., 6.500%, Ser. B		1,065,675
		TOTAL CONVERTIBLE PREFERRED STOCKS		2,022,744
		MANDATORY CONVERTIBLE SECURITIES (b) — 17.8%
		Automotive: Parts and Accessories — 1.8%
	10,875	Aptiv plc, Ser. A
		5.500%, 06/15/23		1,117,733
		Diversified Industrial — 1.8%
	4,000	Colfax Corp.,
		5.750%, 01/15/22		488,040
	7,150	Stanley Black & Decker Inc.,
		5.250%, 11/15/22		639,782
				1,127,822
		Energy and Utilities: Integrated — 6.0%
	20,200	CenterPoint Energy Inc., Ser. B
		7.000%, 09/01/21		718,312
	20,000	DTE Energy Co.,
		6.250%, 11/01/22		846,400
		NextEra Energy Inc.,
	14,000	4.872%, 09/01/22		679,560
	9,200	5.279%, 03/01/23		390,540
		Sempra Energy,
	3,535	Ser. A, 6.000%, 01/15/21		345,476
	1,970	Ser. B, 6.750%, 07/15/21		193,572
	15,000	The Southern Co.,
		6.750%, 08/01/22		660,900
				3,834,760
		Energy and Utilities: Services — 1.6%
	11,052	American Electric Power Co. Inc.,
		6.125%, 03/15/22		535,027
	5,000	Dominion Energy Inc., Ser. A
		7.250%, 06/01/22		506,700
				1,041,727
		Energy and Utilities: Water — 0.9%
	9,720	Essential Utilities Inc.,
		6.000%, 04/30/22		549,569

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TETON Convertible Securities Fund

Schedule of Investments (Continued) — June 30, 2020 (Unaudited)

Shares			Market Value
		MANDATORY CONVERTIBLE SECURITIES (b) (Continued)
		Equipment and Supplies — 1.0%
	500	Danaher Corp., Ser. A
		4.750%, 04/15/22	$	623,435
		Financial Services — 1.8%
	580	2020 Cash Mandatory Exchangeable Trust,
		5.250%, 06/01/23 (a)(c)		593,079
	250	2020 Mandatory Exchangeable Trust,
		6.500%, 05/16/23 (a)(c)		277,450
	6,000	New York Community Capital Trust V,
		6.000%, 11/01/51		268,080
				1,138,609
		Health Care — 1.1%
	5,730	Avantor Inc., Ser. A
		6.250%, 05/15/22		328,902
	9,795	Elanco Animal Health Inc.,
		5.000%, 02/01/23		376,520
				705,422
		Semiconductors — 1.8%
	1,005	Broadcom Inc., Ser. A
		8.000%, 09/30/22		1,119,922
		TOTAL MANDATORY CONVERTIBLE SECURITIES		11,258,999

Shares			Market Value
		COMMON STOCKS — 0.0%
		Energy and Utilities: Services — 0.0%
	509,000	Bristow Group Inc., Escrow† (d)	$	0
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 1.4%
$	885,000	U.S. Treasury Bills,
		0.124% to 0.135%††, 09/24/20		884,718
		TOTAL INVESTMENTS — 100.0% (Cost $59,655,149)	$	63,209,855

(a) Security 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, 2020, the Fund held investments in restricted and illiquid securities amounting to $870,529 or 1.38% of total investments. , which were valued under methods approved by the Board of Trustees as follows:

Acquistion Shares	Issuer	Acquistion Date	Acquistion Cost		06/30/20 Carrying Value Per Share
580	2020 Cash Mandatory Exchangeable Trust., 5.250%, 06/01/23	06/24/20	$	593,950	$	1,022.5500
250	2020 Mandatory Exchangeable Trust., 6.500%, 05/16/23	05/05/20	$	252,188	$	1,109.8000

(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

† Non-income producing security.

†† Represents annualized yields at date of purchase.

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