TETON Convertible Securities Fund

Schedule of Investments — December 31, 2020 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS — 79.3%
		Aerospace and Defense — 0.6%
$	250,000	Aerojet Rocketdyne Holdings Inc., 2.250%, 12/15/23	$	508,249
		Airlines — 1.2%
	720,000	Southwest Airlines Co., 1.250%, 05/01/25		1,049,400
		Aviation: Parts and Services — 0.4%
	300,000	Kaman Corp., 3.250%, 05/01/24		348,524
		Business Services — 3.9%
	480,000	2U Inc., 2.250%, 05/01/25(a)		776,793
	125,000	Bill.com Holdings Inc., Zero Coupon, 12/01/25(a)		143,428
	1,100,000	Perficient Inc., 1.250%, 08/01/25(a)		1,261,154
	65,000	Shift4 Payments Inc., Zero Coupon, 12/15/25(a)		79,643
		Square Inc.,
	250,000	0.125%, 03/01/25(a)		471,735
	500,000	0.250%, 11/01/27(a)		556,572
				3,289,325
		Cable and Satellite — 2.0%
		DISH Network Corp.,
	750,000	Zero Coupon, 12/15/25(a)		757,297
	950,000	3.375%, 08/15/26		907,945
				1,665,242
		Communications Equipment — 0.7%
	500,000	Lumentum Holdings Inc., 0.500%, 12/15/26		612,200
		Computer Software and Services — 27.9%
	500,000	Bandwidth Inc., 0.250%, 03/01/26(a)		888,920
	500,000	Blackline Inc., 0.125%, 08/01/24		941,333
	730,000	Cardlytics Inc., 1.000%, 09/15/25(a)		1,337,159
	245,000	Cloudflare Inc., 0.750%, 05/15/25(a)		524,011
		Coupa Software Inc.,
	140,000	0.125%, 06/15/25		306,073
	465,000	0.375%, 06/15/26(a)		627,642
	1,000,000	CSG Systems International Inc., 4.250%, 03/15/36(a)		1,057,500
	370,000	Datadog Inc., 0.125%, 06/15/25(a)		486,356
	960,000	Everbridge Inc., 0.125%, 12/15/24		1,430,031
	1,250,000	i3 Verticals LLC, 1.000%, 02/15/25(a)		1,298,101
	750,000	Limelight Networks Inc., 3.500%, 08/01/25(a)		681,600
	690,000	LivePerson Inc., 0.750%, 03/01/24		1,220,961
	750,000	Match Group Financeco 3 Inc., 2.000%, 01/15/30(a)		1,454,375
	180,000	Medallia Inc., 0.125%, 09/15/25(a)		200,603

Principal Amount			Market Value
$	400,000	MercadoLibre Inc., 2.000%, 08/15/28	$	1,517,404
	205,000	Nice Systems Inc., 1.250%, 01/15/24		698,312
	1,250,000	PAR Technology Corp., 2.875%, 04/15/26(a)		2,056,018
		PROS Holdings Inc.,
	250,000	1.000%, 05/15/24		268,540
	465,000	2.250%, 09/15/27(a)		658,179
	750,000	Q2 Holdings Inc., 0.750%, 06/01/26		1,152,482
	800,000	RealPage Inc., 1.500%, 05/15/25		1,032,842
		Splunk Inc.,
	400,000	1.125%, 09/15/25		542,589
	245,000	1.125%, 06/15/27(a)		255,867
	365,000	Varonis Systems Inc., 1.250%, 08/15/25(a)		677,677
	800,000	Vocera Communications Inc., 1.500%, 05/15/23		1,129,563
	1,000,000	Workiva Inc., 1.125%, 08/15/26		1,346,764
				23,790,902
		Consumer Products — 2.8%
	365,000	Farfetch Ltd., 3.750%, 05/01/27(a)		1,485,554
	250,000	GoPro Inc., 1.250%, 11/15/25(a)		284,741
	365,000	National Vision Holdings Inc., 2.500%, 05/15/25(a)		589,475
				2,359,770
		Consumer Services — 5.3%
	360,000	Callaway Golf Co., 2.750%, 05/01/26(a)		574,282
	490,000	Chegg Inc., Zero Coupon, 09/01/26(a)		550,376
	65,000	Fiverr International Ltd., Zero Coupon, 11/01/25(a)		78,773
	550,000	NCL Corp. Ltd., 5.375%, 08/01/25(a)		933,443
		Royal Caribbean Cruises Ltd.,
	155,000	4.250%, 06/15/23(a)		206,808
	250,000	2.875%, 11/15/23(a)		300,000
	245,000	Shopify Inc., 0.125%, 11/01/25		289,713
	600,000	Stride Inc., 1.125%, 09/01/27(a)		489,867
	405,000	TechTarget Inc., 0.125%, 12/15/25(a)		441,388
	710,000	Wayfair Inc., 0.625%, 10/01/25(a)		673,529
				4,538,179
		Diversified Industrial — 1.6%
	600,000	Chart Industries Inc., 1.000%, 11/15/24(a)		1,259,890
	60,000	Sea Ltd., 2.375%, 12/01/25(a)		138,622
				1,398,512

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TETON Convertible Securities Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

Principal Amount			Market Value
		CONVERTIBLE CORPORATE BONDS (Continued)
		Energy and Utilities: Integrated — 1.1%
$	485,000	Bloom Energy Corp., 2.500%, 08/15/25(a)	$	930,858
		Energy and Utilities: Services — 0.7%
	800,000	Cheniere Energy Inc., 4.250%, 03/15/45		633,017
		Financial Services — 3.4%
	300,000	Chimera Investment Corp., 7.000%, 04/01/23		460,687
	385,000	Colony Capital Operating Co. LLC, 5.750%, 07/15/25		865,737
	500,000	Encore Capital Europe Finance Ltd., 4.500%, 09/01/23		566,213
		LendingTree Inc.,
	199,000	0.625%, 06/01/22		282,124
	710,000	0.500%, 07/15/25(a)		692,341
				2,867,102
		Health Care — 14.2%
	605,000	1Life Healthcare Inc., 3.000%, 06/15/25(a)		761,649
	255,000	Coherus Biosciences Inc., 1.500%, 04/15/26(a)		296,236
	500,000	Collegium Pharmaceutical Inc., 2.625%, 02/15/26		497,125
	350,000	CONMED Corp., 2.625%, 02/01/24		491,004
		DexCom Inc.,
	495,000	0.750%, 12/01/23		1,126,678
	185,000	0.250%, 11/15/25(a)		186,961
	500,000	Esperion Therapeutics Inc., 4.000%, 11/15/25(a)		493,394
	900,000	Exact Sciences Corp., 0.375%, 03/15/27		1,249,960
	1,000,000	Insulet Corp., 0.375%, 09/01/26		1,323,249
	400,000	Invacare Corp., 4.500%, 06/01/22		383,560
	365,000	Livongo Health Inc., 0.875%, 06/01/25(a)		664,575
	337,000	Neurocrine Biosciences Inc., 2.250%, 05/15/24		468,354
	125,000	Novocure Ltd., Zero Coupon, 11/01/25(a)		160,667
	500,000	Pacira BioSciences Inc., 2.375%, 04/01/22		574,687
	400,000	Paratek Pharmaceuticals Inc., 4.750%, 05/01/24		348,219
	490,000	PetIQ Inc., 4.000%, 06/01/26(a)		746,277
	708,000	Supernus Pharmaceuticals Inc., 0.625%, 04/01/23		674,965
	770,000	Tabula Rasa HealthCare Inc., 1.750%, 02/15/26(a)		735,504
	505,000	Teladoc Health Inc., 1.250%, 06/01/27(a)		607,366
	350,000	Travere Therapeutics Inc., 2.500%, 09/15/25		356,580
				12,147,010

Principal Amount			Market Value
		Real Estate Investment Trusts — 0.2%
$	125,000	Pebblebrook Hotel Trust, 1.750%, 12/15/26	$	133,535
	65,000	Redfin Corp., Zero Coupon, 10/15/25(a)		78,010
				211,545
		Security Software — 5.0%
	555,000	CyberArk Software Ltd., Zero Coupon, 11/15/24		676,064
	680,000	Nice Ltd., Zero Coupon, 09/15/25(a)		776,639
	500,000	Okta Inc., 0.375%, 06/15/26(a)		643,387
	1,000,000	Proofpoint Inc., 0.250%, 08/15/24		1,124,641
	675,000	Zscaler Inc., 0.125%, 07/01/25(a)		1,006,775
				4,227,506
		Semiconductors — 2.0%
	500,000	Impinj Inc., 2.000%, 12/15/26(a)		687,382
	900,000	Knowles Corp., 3.250%, 11/01/21		1,027,667
				1,715,049
		Telecommunications — 4.8%
	500,000	Harmonic Inc., 2.000%, 09/01/24		544,997
	1,000,000	Infinera Corp., 2.500%, 03/01/27(a)		1,542,845
	615,000	PagerDuty Inc., 1.250%, 07/01/25(a)		786,745
	250,000	Twilio Inc., 0.250%, 06/01/23		1,194,480
				4,069,067
		Transportation — 1.5%
	500,000	Atlas Air Worldwide Holdings Inc., 1.875%, 06/01/24		569,771
	390,000	GOL Equity Finance SA, 3.750%, 07/15/24(a)		340,312
	255,000	Seaspan Corp., 3.750%, 12/15/25(a)		274,884
	125,000	Uber Technologies Inc., Zero Coupon, 12/15/25(a)		128,505
				1,313,472
		TOTAL CONVERTIBLE CORPORATE BONDS		67,674,929
Shares
		CONVERTIBLE PREFERRED STOCKS — 2.5%
		Financial Services — 1.3%
	600	Bank of America Corp., 7.250%, Ser. L		911,148
	117	Wells Fargo & Co., 7.500%, Ser. L		177,594
				1,088,742
		Real Estate Investment Trusts — 1.2%
	7,500	QTS Realty Trust Inc., 6.500%, Ser. B		1,064,250
		TOTAL CONVERTIBLE PREFERRED STOCKS		2,152,992

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TETON Convertible Securities Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

Shares			Market Value
		MANDATORY CONVERTIBLE SECURITIES (b) — 14.2%
		Automotive: Parts and Accessories — 2.0%
	10,875	Aptiv plc, Ser. A 5.500%, 06/15/23	$	1,678,013
		Diversified Industrial — 1.3%
	4,000	Colfax Corp., 5.750%, 01/15/22		646,160
	4,150	Stanley Black & Decker Inc., 5.250%, 11/15/22		464,136
				1,110,296
		Energy and Utilities: Integrated — 3.7%
	21,384	DTE Energy Co., 6.250%, 11/01/22		1,029,426
		NextEra Energy Inc.,
	14,000	4.872%, 09/01/22		828,800
	9,645	6.219%, 09/01/23		495,464
	9,200	5.279%, 03/01/23		467,728
	3,535	Sempra Energy, Ser. A, 6.000%, 01/15/21		352,652
				3,174,070
		Energy and Utilities: Services — 0.8%
	13,552	American Electric Power Co. Inc., 6.125%, 03/15/22		678,955
		Energy and Utilities: Water — 0.4%
	5,720	Essential Utilities Inc., 6.000%, 04/30/22		354,754
		Equipment and Supplies — 0.9%
	500	Danaher Corp., Ser. A 4.750%, 04/15/22		758,820
		Financial Services — 2.3%
	980	2020 Cash Mandatory Exchangeable Trust, 5.250%, 06/01/23 (a)(c)		1,177,147
	250	2020 Mandatory Exchangeable Trust, 6.500%, 05/16/23 (a)(c)		503,759
	6,000	New York Community Capital Trust V, 6.000%, 11/01/51		275,100
				1,956,006
		Health Care — 1.1%
	5,730	Avantor Inc., Ser. A 6.250%, 05/15/22		509,454
	9,795	Elanco Animal Health Inc., 5.000%, 02/01/23		478,388
				987,842
		Semiconductors — 1.7%
	1,005	Broadcom Inc., Ser. A 8.000%, 09/30/22		1,429,582
		TOTAL MANDATORY CONVERTIBLE SECURITIES		12,128,338

Shares			Market Value
		COMMON STOCKS — 0.0%
		Energy and Utilities: Services — 0.0%
	509,000	Bristow Group Inc., Escrow†	$	0
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 4.0%
		U.S. Cash Management Bill — 0.9%
$	725,000	0.055%††, 02/16/21		724,948
		U.S. Treasury Bills — 3.1%
	2,675,000	0.064% to 0.090%†††, 01/07/21 to 03/25/21		2,674,746
		TOTAL U.S. GOVERNMENT OBLIGATIONS		3,399,694
		TOTAL INVESTMENTS — 100.0% (Cost $64,272,356)	$	85,355,953

(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 December 31, 2020, the Fund held investments in restricted and illiquid securities amounting to $1,680,906 or 1.96% of net assets., which were valued under methods approved by the Board of Trustees as follows:

Acquistion Shares	Issuer	Acquistion Dates	Acquistion Cost		09/30/20 Carrying Value Per Share
980	2020 Cash Mandatory Exchangeable Trust., 5.250%, 06/01/23	06/24/20 - 09/30/20	$	1,022,450	$	1,201.1704
250	2020 Mandatory Exchangeable Trust., 6.500%, 05/16/23	05/05/20	$	252,187	$	2,015.0360

† Non-income producing security.

†† Represents annualized yield at date of purchase.

††† Represents annualized yields at dates of purchase.

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