TETON Convertible Securities Fund
Schedule of Investments — December 31, 2019 (Unaudited)
Principal | Market Value | |||||||
CONVERTIBLE CORPORATE BONDS — 70.2% |
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Aerospace and Defense — 0.8% | ||||||||
$ 250,000 | Aerojet Rocketdyne Holdings Inc., | $ | 454,693 | |||||
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| |||||||
Automotive — 0.6% | ||||||||
250,000 | Tesla Inc., | 378,581 | ||||||
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Aviation: Parts and Services — 1.0% | ||||||||
500,000 | Kaman Corp., | 601,000 | ||||||
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Business Services — 2.2% | ||||||||
750,000 | Perficient Inc., | 1,023,071 | ||||||
292,000 | Team Inc., | 306,433 | ||||||
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1,329,504 | ||||||||
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Cable and Satellite — 1.6% | ||||||||
1,000,000 | DISH Network Corp., | 964,400 | ||||||
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Communications Equipment — 3.5% |
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985,000 | InterDigital Inc., | 984,360 | ||||||
1,000,000 | Lumentum Holdings Inc., | 1,087,500 | ||||||
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2,071,860 | ||||||||
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Computer Software and Services — 25.5% | ||||||||
500,000 | Blackline Inc., | 500,313 | ||||||
840,000 | Boingo Wireless Inc., | 746,314 | ||||||
590,000 | Coupa Software Inc., | 699,069 | ||||||
800,000 | CSG Systems International Inc., | 917,000 | ||||||
305,000 | CyberArk Software Ltd., | 316,489 | ||||||
660,000 | Everbridge Inc., | 655,544 | ||||||
700,000 | Evolent Health Inc., | 495,270 | ||||||
523,000 | GDS Holdings Ltd., | 634,720 | ||||||
750,000 | IAC Financeco 3 Inc., | 877,950 | ||||||
440,000 | LivePerson Inc., | 529,296 | ||||||
500,000 | MercadoLibre Inc., | 747,731 | ||||||
305,000 | Nice Systems Inc., | 582,741 | ||||||
800,000 | Okta Inc., | 777,693 | ||||||
500,000 | PAR Technology Corp., | 640,763 | ||||||
820,000 | Pluralsight Inc., | 713,747 | ||||||
1,000,000 | Proofpoint Inc., | 1,032,401 | ||||||
750,000 | PROS Holdings Inc., | 862,621 |
Principal | Market Value | |||||||
$ 750,000 | Q2 Holdings Inc., | $ | 865,717 | |||||
700,000 | SailPoint Technologies Holding Inc., | 756,518 | ||||||
400,000 | Splunk Inc., | 494,250 | ||||||
800,000 | Vocera Communications Inc., | 793,243 | ||||||
750,000 | Workiva Inc., | 674,438 | ||||||
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15,313,828 | ||||||||
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Consumer Services — 0.6% |
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300,000 | Extra Space Storage LP, | 352,875 | ||||||
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Diversified Industrial — 1.8% |
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300,000 | Chart Industries Inc., | 395,729 | ||||||
500,000 | KBR Inc., | 664,375 | ||||||
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1,060,104 | ||||||||
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Energy and Utilities: Integrated — 1.0% |
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750,000 | SunPower Corp., | 616,275 | ||||||
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Energy and Utilities: Services — 1.7% |
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1,300,000 | Cheniere Energy Inc., | 1,030,318 | ||||||
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Financial Services — 1.4% |
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500,000 | Encore Capital Europe Finance Ltd., | 535,121 | ||||||
199,000 | LendingTree Inc., | 311,812 | ||||||
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846,933 | ||||||||
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Food and Beverage — 0.6% |
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320,000 | The Chefs’ Warehouse Inc., | 353,698 | ||||||
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Health Care — 14.6% |
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495,000 | Aerie Pharmaceuticals Inc., | 594,096 | ||||||
350,000 | CONMED Corp., | 484,767 | ||||||
495,000 | DexCom Inc., | 734,430 | ||||||
900,000 | Exact Sciences Corp., | 1,022,063 | ||||||
1,000,000 | Insulet Corp., | 1,041,989 | ||||||
300,000 | Intercept Pharmaceuticals Inc., | 399,932 | ||||||
400,000 | Invacare Corp., | 376,698 | ||||||
495,000 | Invitae Corp., | 450,310 | ||||||
337,000 | Neurocrine Biosciences Inc., | 517,729 | ||||||
500,000 | Pacira BioSciences Inc., | 521,006 | ||||||
400,000 | Paratek Pharmaceuticals Inc., | 289,000 |
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TETON Convertible Securities Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Principal | Market Value | |||||||
CONVERTIBLE CORPORATE BONDS (Continued) |
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Health Care (Continued) | ||||||||
$ 100,000 | Repligen Corp., | $ | 108,355 | |||||
350,000 | Retrophin Inc., | 272,195 | ||||||
708,000 | Supernus Pharmaceuticals Inc., | 644,401 | ||||||
770,000 | Tabula Rasa HealthCare Inc., | 773,369 | ||||||
300,000 | Teladoc Health Inc., | 521,799 | ||||||
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8,752,139 | ||||||||
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Semiconductors — 6.2% |
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250,000 | Adesto Technologies Corp., | 255,950 | ||||||
250,000 | Cypress Semiconductor Corp., | 436,521 | ||||||
500,000 | Impinj Inc., | 490,950 | ||||||
250,000 | Inphi Corp., | 465,474 | ||||||
500,000 | Knowles Corp., | 651,067 | ||||||
758,000 | Rambus Inc., | 771,720 | ||||||
300,000 | Teradyne Inc., | 658,690 | ||||||
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3,730,372 | ||||||||
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Telecommunications — 5.2% |
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505,000 | 8x8 Inc., | 505,302 | ||||||
500,000 | Harmonic Inc., | 570,950 | ||||||
1,000,000 | Infinera Corp., | 1,060,619 | ||||||
500,000 | Liberty Latin America Ltd., | 536,875 | ||||||
300,000 | Twilio Inc., | 458,680 | ||||||
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3,132,426 | ||||||||
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Transportation — 1.9% |
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500,000 | Atlas Air Worldwide Holdings Inc., | 424,050 | ||||||
590,000 | GOL Equity Finance SA, | 685,137 | ||||||
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1,109,187 | ||||||||
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TOTAL CONVERTIBLE CORPORATE BONDS | 42,098,193 | |||||||
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Shares | ||||||||
PREFERRED STOCKS — 0.1% |
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Energy and Utilities: Services — 0.1% | ||||||||
691 | Bristow Group Inc., 10.000% | 25,132 | ||||||
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CONVERTIBLE PREFERRED STOCKS — 1.9% |
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Agriculture — 0.2% | ||||||||
1,000 | Bunge Ltd., 4.875%, | 105,160 | ||||||
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Shares | Market Value | |||||||
Financial Services — 1.7% |
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600 | Bank of America Corp., | $ | 869,400 | |||||
117 | Wells Fargo & Co., | 169,650 | ||||||
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1,039,050 | ||||||||
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TOTAL CONVERTIBLE PREFERRED STOCKS | 1,144,210 | |||||||
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MANDATORY CONVERTIBLE SECURITIES (b) — 22.5% |
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Consumer Products — 0.9% | ||||||||
5,150 | Energizer Holdings Inc., Ser. A | 538,535 | ||||||
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Diversified Industrial — 2.0% |
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4,000 | Colfax Corp., | 631,040 | ||||||
5,150 | Stanley Black & Decker Inc., | 561,144 | ||||||
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1,192,184 | ||||||||
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Energy and Utilities: Integrated — 6.2% |
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20,200 | CenterPoint Energy Inc., Ser. B | 984,548 | ||||||
11,500 | DTE Energy Co., | 589,490 | ||||||
19,000 | NextEra Energy Inc., | 974,320 | ||||||
3,535 | Sempra Energy, | 424,271 | ||||||
1,970 | Ser. B, 6.750%, 07/15/21 | 234,568 | ||||||
10,000 | The Southern Co., | 539,000 | ||||||
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3,746,197 | ||||||||
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Energy and Utilities: Services — 3.5% |
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10,180 | American Electric Power Co. Inc., | 551,043 | ||||||
5,000 | Dominion Energy Inc., Ser. A | 534,950 | ||||||
19,705 | South Jersey Industries Inc., | 1,022,887 | ||||||
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2,108,880 | ||||||||
|
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Energy and Utilities: Water — 1.0% |
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9,720 | Aqua America Inc., | 606,042 | ||||||
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Equipment and Supplies — 1.0% |
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500 | Danaher Corp., Ser. A | 589,520 | ||||||
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Financial Services — 1.1% |
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2,538 | Assurant Inc., Ser. D | 326,438 | ||||||
6,000 | New York Community Capital Trust V, | 304,200 | ||||||
|
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630,638 | ||||||||
|
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Health Care — 1.5% |
| |||||||
5,730 | Avantor Inc., Ser. A | 360,990 | ||||||
8,494 | Becton, Dickinson and Co., Ser. A | 556,017 | ||||||
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917,007 | ||||||||
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Industrials — 0.6% |
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8,032 | International Flavors & Fragrances Inc., | 385,616 | ||||||
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Real Estate Investment Trusts — 2.7% |
| |||||||
504 | Crown Castle International Corp., Ser. A | 645,997 | ||||||
7,500 | QTS Realty Trust Inc., Ser. B | 968,775 | ||||||
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| |||||||
1,614,772 | ||||||||
|
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2
TETON Convertible Securities Fund
Schedule of Investments (Continued) — December 31, 2019 (Unaudited)
Shares | Market Value | |||||||
MANDATORY CONVERTIBLE SECURITIES (b) (Continued) |
| |||||||
Semiconductors — 2.0% | ||||||||
1,005 | Broadcom Inc., Ser. A | $ | 1,183,860 | |||||
|
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TOTAL MANDATORY CONVERTIBLE SECURITIES | 13,513,251 | |||||||
|
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COMMON STOCKS — 0.6% |
| |||||||
Energy and Utilities: Services — 0.6% | ||||||||
3,970 | Bristow Group Inc.† | 144,389 | ||||||
509,000 | Bristow Group Inc., Escrow† | 0 | ||||||
5,566 | Bristow Group Inc., New York† | 202,435 | ||||||
|
| |||||||
346,824 | ||||||||
|
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TOTAL COMMON STOCKS | 346,824 | |||||||
|
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Principal | Market Value | |||||||
U.S. GOVERNMENT OBLIGATIONS — 4.7% |
| |||||||
$2,839,000 | U.S. Treasury Bills, | $ | 2,831,946 | |||||
|
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TOTAL INVESTMENTS — 100.0% | $ | 59,959,556 | ||||||
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(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. |
† | Non-income producing security. |
†† | Represents annualized yields at dates of purchase. |
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