TETON Westwood Intermediate Bond Fund
Schedule of Investments — December 31, 2019 (Unaudited)
Principal | Market Value | |||||||
CORPORATE BONDS — 81.8% | ||||||||
Aerospace — 0.9% | ||||||||
$ 50,000 | Arconic Inc., | $ | 51,564 | |||||
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Agriculture — 2.7% | ||||||||
140,000 | Bunge Ltd Finance Corp., | 147,168 | ||||||
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Automotive: Parts and Accessories — 0.9% | ||||||||
50,000 | Lear Corp., | 51,402 | ||||||
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Banking — 1.9% | ||||||||
50,000 | JPMorgan Chase & Co., | |||||||
3.207%, (3 Month USD LIBOR plus 0.70%) | 51,214 | |||||||
3.166%, (3 Month USD LIBOR plus 1.23%) | 50,881 | |||||||
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| |||||||
102,095 | ||||||||
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Business Services — 2.1% | ||||||||
60,000 | Aramark Services Inc., | 62,539 | ||||||
50,000 | United Rentals North America Inc., | 51,140 | ||||||
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113,679 | ||||||||
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Computer Hardware — 2.0% | ||||||||
100,000 | Seagate HDD Cayman, | 106,397 | ||||||
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Diversified Industrial — 7.3% | ||||||||
50,000 | Church & Dwight Co. Inc., | 50,443 | ||||||
75,000 | CNH Industrial Capital LLC, | 77,178 | ||||||
85,000 | Flowserve Corp., | 87,829 | ||||||
50,000 | Stericycle Inc., | 52,604 | ||||||
75,000 | Trinity Industries Inc., | 77,563 | ||||||
50,000 | Westinghouse Air Brake Technologies Corp., | 52,604 | ||||||
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398,221 | ||||||||
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Energy — 12.2% | ||||||||
75,000 | Energy Transfer Operating LP, | 78,393 | ||||||
50,000 | EQM Midstream Partners LP, | 50,190 | ||||||
40,000 | Kinder Morgan Energy Partners LP, | 40,914 | ||||||
250,000 | MPLX LP, | 255,092 | ||||||
75,000 | NRG Energy Inc., | 77,616 | ||||||
75,000 | Plains All American Pipeline LP /PAA Finance Corp., | 76,973 | ||||||
79,000 | Western Midstream Operating LP, | 81,530 | ||||||
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660,708 | ||||||||
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Financial Services — 17.8% | ||||||||
50,000 | Ally Financial Inc., | 50,247 |
Principal | Market Value | |||||||
$ 150,000 | Capital One Financial Corp., | $ | 158,079 | |||||
50,000 | CDW LLC/CDW Finance Corp., | 52,354 | ||||||
50,000 | CyrusOne LP/CyrusOne Finance Corp., | 50,296 | ||||||
125,000 | Ford Motor Credit Co. LLC, | |||||||
3.157%, 08/04/20 | 125,510 | |||||||
3.200%, 01/15/21 | 75,436 | |||||||
125,000 | General Motors Financial Co. Inc., | |||||||
3.700%, 11/24/20 | 126,505 | |||||||
3.271%, (3 Month USD LIBOR plus 1.31%) | 75,382 | |||||||
40,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., | 40,121 | ||||||
75,000 | Jefferies Financial Group Inc., | 81,607 | ||||||
125,000 | MPT Operating Partnership LP /MPT Finance Corp., | 130,154 | ||||||
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965,691 | ||||||||
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Food and Beverage — 4.7% | ||||||||
100,000 | Anheuser-Busch InBev Finance Inc., | 106,104 | ||||||
50,000 | Conagra Brands Inc., | 51,232 | ||||||
100,000 | Mondelēz International Inc., | 100,330 | ||||||
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257,666 | ||||||||
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Health Care — 7.4% | ||||||||
75,000 | Bausch Health Cos. Inc., | 78,156 | ||||||
35,000 | Becton, Dickinson and Co., | |||||||
2.404%, 06/05/20 | 35,040 | |||||||
3.363%, 06/06/24 | 78,164 | |||||||
100,000 | HCA Inc., | 109,421 | ||||||
50,000 | Tenet Healthcare Corp., | 51,292 | ||||||
50,000 | WellCare Health Plans Inc., | 52,125 | ||||||
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404,198 | ||||||||
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Metals and Mining — 5.7% | ||||||||
90,000 | Freeport-McMoRan Inc., | 92,511 | ||||||
100,000 | Kinross Gold Corp., | 104,225 | ||||||
50,000 | Steel Dynamics Inc., | |||||||
5.500%, 10/01/24 | 51,506 | |||||||
5.000%, 12/15/26 | 63,841 | |||||||
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312,083 | ||||||||
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Real Estate — 4.3% | ||||||||
150,000 | Service Properties Trust, | 154,250 | ||||||
75,000 | Vornado Realty LP, | 78,083 | ||||||
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232,333 | ||||||||
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TETON Westwood Intermediate Bond Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Principal | Market Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
Retail — 1.5% | ||||||||
$ 29,000 | Macy’s Retail Holdings Inc., | $ | 28,929 | |||||
50,000 | Walgreens Boots Alliance Inc., | 50,962 | ||||||
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79,891 | ||||||||
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Specialty Chemicals — 3.6% | ||||||||
35,000 | Celanese US Holdings LLC, | 36,753 | ||||||
75,000 | Huntsman International LLC, | 80,162 | ||||||
75,000 | Methanex Corp., | 78,867 | ||||||
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195,782 | ||||||||
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Telecommunications — 6.8% | ||||||||
100,000 | AT&T Inc., | 106,438 | ||||||
75,000 | Charter Communications Operating LLC /Charter Communications Operating Capital, | 78,861 | ||||||
75,000 | Equinix Inc., | 81,591 | ||||||
50,000 | Level 3 Financing Inc., | 50,958 | ||||||
50,000 | T-Mobile USA Inc., | 51,312 | ||||||
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369,160 | ||||||||
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TOTAL CORPORATE BONDS | 4,448,038 | |||||||
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CONVERTIBLE CORPORATE BONDS — 1.8% |
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Business Services — 0.9% | ||||||||
50,000 | Macquarie Infrastructure Corp., | 47,940 | ||||||
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| |||||||
Computer Hardware — 0.9% | ||||||||
50,000 | Western Digital Corp., | 49,219 | ||||||
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| |||||||
TOTAL CONVERTIBLE CORPORATE BONDS | 97,159 | |||||||
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Principal | Market Value | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.3% |
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Government National Mortgage Association — 0.3% |
| |||||||
$3,243 | 6.000%, 12/15/33 | $ | 3,706 | |||||
10,313 | 5.500%, 01/15/34 | 11,577 | ||||||
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| |||||||
15,283 | ||||||||
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TOTAL U.S. GOVERNMENT | 15,283 | |||||||
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U.S. GOVERNMENT OBLIGATIONS — 16.1% |
| |||||||
U.S. Treasury Bills — 4.9% | ||||||||
269,000 | U.S. Treasury Bills, | 268,422 | ||||||
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| |||||||
U.S. Treasury Notes — 7.5% | ||||||||
150,000 | 2.625%, 06/15/21 | 152,203 | ||||||
250,000 | 2.000%, 02/15/25 | 253,691 | ||||||
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| |||||||
405,894 | ||||||||
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| |||||||
U.S. Treasury Bonds — 3.7% | ||||||||
150,000 | 5.375%, 02/15/31 | 201,554 | ||||||
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| |||||||
TOTAL U.S. GOVERNMENT OBLIGATIONS | 875,870 | |||||||
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TOTAL INVESTMENTS — 100.0% | $ | 5,436,350 | ||||||
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(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. |
(b) | 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. |
† | Represents annualized yields at dates of purchase. |
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