TETON Westwood Balanced Fund
Schedule of Investments — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
COMMON STOCKS — 61.7% | ||||||||
Aerospace — 3.8% | ||||||||
3,745 | L3Harris Technologies Inc. | $ | 741,023 | |||||
2,287 | Northrop Grumman Corp. | 786,659 | ||||||
2,142 | The Boeing Co. | 697,778 | ||||||
|
| |||||||
2,225,460 | ||||||||
|
| |||||||
Banking — 6.5% | ||||||||
39,047 | Bank of America Corp. | 1,375,235 | ||||||
9,778 | JPMorgan Chase & Co. | 1,363,053 | ||||||
20,892 | Wells Fargo & Co. | 1,123,990 | ||||||
|
| |||||||
3,862,278 | ||||||||
|
| |||||||
Business Services — 1.3% | ||||||||
5,501 | Equifax Inc. | 770,800 | ||||||
|
| |||||||
Computer Software and Services — 5.3% | ||||||||
6,909 | Activision Blizzard Inc. | 410,533 | ||||||
566 | Alphabet Inc., Cl. A† | 758,095 | ||||||
1,408 | Apple Inc. | 413,459 | ||||||
1,677 | CACI International Inc., Cl. A† | 419,233 | ||||||
7,324 | Microsoft Corp. | 1,154,995 | ||||||
|
| |||||||
3,156,315 | ||||||||
|
| |||||||
Consumer Products — 1.3% | ||||||||
11,008 | Colgate-Palmolive Co. | 757,791 | ||||||
|
| |||||||
Diversified Industrial — 1.9% | ||||||||
6,426 | Honeywell International Inc. | 1,137,402 | ||||||
|
| |||||||
Energy and Energy Services — 1.5% | ||||||||
10,410 | EOG Resources Inc. | 871,942 | ||||||
|
| |||||||
Energy: Integrated — 4.8% | ||||||||
10,729 | CMS Energy Corp. | 674,210 | ||||||
5,191 | DTE Energy Co. | 674,155 | ||||||
2,983 | NextEra Energy Inc. | 722,363 | ||||||
8,066 | WEC Energy Group Inc. | 743,927 | ||||||
|
| |||||||
2,814,655 | ||||||||
|
| |||||||
Energy: Oil — 3.1% | ||||||||
9,475 | Chevron Corp. | 1,141,832 | ||||||
10,896 | ConocoPhillips | 708,567 | ||||||
|
| |||||||
1,850,399 | ||||||||
|
| |||||||
Entertainment — 1.7% | ||||||||
7,024 | The Walt Disney Co. | 1,015,881 | ||||||
|
| |||||||
Financial Services — 6.2% | ||||||||
14,330 | American International Group Inc. | 735,559 | ||||||
5,697 | Assurant Inc. | 746,763 | ||||||
4,879 | Chubb Ltd. | 759,465 | ||||||
14,970 | The Charles Schwab Corp. | 711,973 | ||||||
12,401 | U.S. Bancorp | 735,255 | ||||||
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| |||||||
3,689,015 | ||||||||
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| |||||||
Food and Beverage — 3.8% | ||||||||
12,816 | General Mills Inc. | 686,425 | ||||||
18,297 | Hormel Foods Corp. | 825,378 | ||||||
5,157 | PepsiCo Inc. | 704,807 | ||||||
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| |||||||
2,216,610 | ||||||||
|
| |||||||
Health Care — 7.9% | ||||||||
8,740 | Abbott Laboratories | 759,156 | ||||||
3,670 | Becton, Dickinson and Co. | 998,130 | ||||||
8,037 | Johnson & Johnson | 1,172,357 | ||||||
8,269 | Medtronic plc | 938,118 | ||||||
2,635 | UnitedHealth Group Inc. | 774,637 | ||||||
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| |||||||
4,642,398 | ||||||||
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|
Shares | Market Value | |||||||
Real Estate — 3.1% | ||||||||
2,683 | Crown Castle International Corp., REIT | $ | 381,388 | |||||
3,474 | Public Storage, REIT | 739,823 | ||||||
19,020 | STORE Capital Corp., REIT | 708,305 | ||||||
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| |||||||
1,829,516 | ||||||||
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| |||||||
Retail — 4.3% | ||||||||
4,529 | Advance Auto Parts Inc. | 725,365 | ||||||
15,971 | CVS Health Corp. | 1,186,486 | ||||||
2,933 | The Home Depot Inc. | 640,509 | ||||||
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| |||||||
2,552,360 | ||||||||
|
| |||||||
Semiconductors — 0.7% | ||||||||
14,632 | Marvell Technology Group Ltd. | 388,626 | ||||||
|
| |||||||
Telecommunications — 3.2% | ||||||||
31,645 | �� | AT&T Inc. | 1,236,687 | |||||
4,145 | Motorola Solutions Inc. | 667,925 | ||||||
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| |||||||
1,904,612 | ||||||||
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| |||||||
Transportation — 1.3% | ||||||||
4,390 | Union Pacific Corp. | 793,668 | ||||||
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| |||||||
TOTAL COMMON STOCKS | 36,479,728 | |||||||
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| |||||||
Principal | ||||||||
CORPORATE BONDS — 20.1% |
| |||||||
Aerospace — 1.0% | ||||||||
$ 595,000 | Northrop Grumman Corp., | 604,217 | ||||||
|
| |||||||
Banking — 3.4% | ||||||||
750,000 | Fifth Third Bancorp, | 751,843 | ||||||
600,000 | The Goldman Sachs Group Inc., MTN, | 634,993 | ||||||
600,000 | Wells Fargo & Co., MTN, | 619,817 | ||||||
|
| |||||||
2,006,653 | ||||||||
|
| |||||||
Computer Software and Services — 0.5% | ||||||||
300,000 | Apple Inc., | 316,771 | ||||||
|
| |||||||
Consumer Products — 0.9% | ||||||||
500,000 | Colgate-Palmolive Co., MTN, | 505,219 | ||||||
|
| |||||||
Diversified Industrial — 0.9% | ||||||||
510,000 | Cabot Corp., | 535,981 | ||||||
|
| |||||||
Energy: Oil — 1.0% | ||||||||
595,000 | Halliburton Co., | 607,332 | ||||||
|
| |||||||
Financial Services — 6.5% | ||||||||
600,000 | Capital One Financial Corp., | 632,314 | ||||||
600,000 | Ford Motor Credit Co. LLC, | 605,711 | ||||||
760,000 | General Motors Financial Co. Inc., | 760,984 | ||||||
525,000 | KKR Group Finance Co. VI LLC, | 560,276 |
1
TETON Westwood Balanced Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Principal | Market Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
Financial Services (Continued) | ||||||||
$ 800,000 | Morgan Stanley, | |||||||
3.591%, (3 Month USD LIBOR plus 1.34%) | $ | 851,299 | ||||||
400,000 | The PNC Financial Services Group Inc., STEP, | 409,757 | ||||||
|
| |||||||
3,820,341 | ||||||||
|
| |||||||
Health Care — 3.3% | ||||||||
500,000 | Abbott Laboratories, | 508,359 | ||||||
600,000 | Aetna Inc., | 628,543 | ||||||
800,000 | CVS Health Corp., | 814,709 | ||||||
|
| |||||||
1,951,611 | ||||||||
|
| |||||||
Retail — 1.0% | ||||||||
600,000 | Macy’s Retail Holdings Inc., | 605,675 | ||||||
|
| |||||||
Transportation — 1.6% | ||||||||
875,000 | AP Moller - Maersk A/S, | 934,969 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 11,888,769 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.9% |
| |||||||
Federal National Mortgage Association — 1.9% | ||||||||
1,100,000 | 2.625%, 09/06/24 | 1,145,679 | ||||||
|
|
Principal | Market Value | |||||||
U.S. GOVERNMENT OBLIGATIONS — 15.4% | ||||||||
U.S. Treasury Bonds — 5.8% | ||||||||
$ 900,000 | 2.500%, 02/15/45 | $ | 920,848 | |||||
1,000,000 | 2.500%, 05/15/46 | 1,023,887 | ||||||
1,000,000 | 2.250%, 08/15/46 | 974,688 | ||||||
500,000 | 2.750%, 08/15/47 | 537,744 | ||||||
|
| |||||||
3,457,167 | ||||||||
|
| |||||||
U.S. Treasury Inflation Indexed Notes — 1.5% | ||||||||
815,328 | 0.875%, 01/15/29 | 866,077 | ||||||
|
| |||||||
U.S. Treasury Notes — 8.1% | ||||||||
725,000 | 1.500%, 02/28/23 | 722,635 | ||||||
1,000,000 | 2.250%, 11/15/24 | 1,026,484 | ||||||
500,000 | 2.000%, 02/15/25 | 507,383 | ||||||
950,000 | 2.250%, 08/15/27 | 977,350 | ||||||
950,000 | 2.250%, 11/15/27 | 977,238 | ||||||
545,000 | 2.625%, 02/15/29 | 578,115 | ||||||
|
| |||||||
4,789,205 | ||||||||
|
| |||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | 9,112,449 | |||||||
|
| |||||||
Shares | ||||||||
SHORT TERM INVESTMENT — 0.9% |
| |||||||
Other Investment Companies — 0.9% | ||||||||
547,180 | Dreyfus Treasury Securities Cash Management, | 547,180 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.0% | $ | 59,173,805 | ||||||
|
|
* | 1 day yield as of December 31, 2019. |
(a) | The interest rates for these floating rate notes, which will change periodically, are based either on the prime rate or an index of market rates. The reflected rates are in effect as of December 31, 2019. The maturity dates reflected are the final maturity dates. |
† | Non-income producing security. |
MTN | Medium Term Note REIT Real Estate Investment Trust |
STEP | Step coupon security. The rate disclosed is that in effect at December 31, 2019. |
2