TETON Convertible Securities Fund
Schedule of Investments — June 30, 2020 (Unaudited)
Principal | Market Value | |||||||
CONVERTIBLE CORPORATE BONDS — 77.6% | ||||||||
Aerospace and Defense — 0.6% | ||||||||
$ | 250,000 | Aerojet Rocketdyne Holdings Inc., | $ | 400,874 | ||||
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| |||||||
Airlines — 1.4% | ||||||||
720,000 | Southwest Airlines Co., | 868,342 | ||||||
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Aviation: Parts and Services — 0.8% | ||||||||
500,000 | Kaman Corp., | 480,425 | ||||||
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Business Services — 3.0% | ||||||||
480,000 | 2U Inc., | 716,861 | ||||||
1,000,000 | Perficient Inc., | 1,167,754 | ||||||
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| |||||||
1,884,615 | ||||||||
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| |||||||
Cable and Satellite — 1.8% | ||||||||
1,250,000 | DISH Network Corp., | 1,151,393 | ||||||
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Communications Equipment — 0.8% | ||||||||
500,000 | Lumentum Holdings Inc., Ser. QIB, | 527,500 | ||||||
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Computer Software and Services — 28.3% | ||||||||
500,000 | Bandwidth Inc., | 747,600 | ||||||
500,000 | Blackline Inc., | 638,867 | ||||||
245,000 | Cloudflare Inc., | 296,450 | ||||||
140,000 | Coupa Software Inc., | 255,191 | ||||||
465,000 | 0.375%, 06/15/26(a) | 539,289 | ||||||
1,000,000 | CSG Systems International Inc., | 1,021,400 | ||||||
370,000 | Datadog Inc., | 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 | 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 | |||||||
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17,889,448 | ||||||||
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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 | |||||||
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1,211,934 | ||||||||
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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 | |||||||
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1,015,607 | ||||||||
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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 | |||||||
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717,452 | ||||||||
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Energy and Utilities: Integrated — 1.0% | ||||||||
750,000 | SunPower Corp., | |||||||
4.000%, 01/15/23 | 609,277 | |||||||
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Energy and Utilities: Services — 1.6% | ||||||||
1,500,000 | Cheniere Energy Inc., | |||||||
4.250%, 03/15/45 | 971,004 | |||||||
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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 | |||||||
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1,222,377 | ||||||||
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Food and Beverage — 0.6% | ||||||||
520,000 | The Chefs’ Warehouse Inc., | |||||||
1.875%, 12/01/24(a) | 378,191 | |||||||
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Health Care — 16.3% | ||||||||
370,000 | 1Life Healthcare Inc., | |||||||
3.000%, 06/15/25(a) | 397,221 |
1
TETON Convertible Securities Fund
Schedule of Investments (Continued) — June 30, 2020 (Unaudited)
Principal | 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 | |||||||
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10,317,334 | ||||||||
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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 | |||||||
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2,816,699 | ||||||||
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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 | |||||||
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2,143,074 | ||||||||
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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 | 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 | |||||||
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3,662,072 | ||||||||
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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 | |||||||
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775,776 | ||||||||
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TOTAL CONVERTIBLE CORPORATE BONDS | 49,043,394 | |||||||
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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 | ||||||
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957,069 | ||||||||
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Real Estate Investment Trusts — 1.7% | ||||||||
7,500 | QTS Realty Trust Inc., 6.500%, Ser. B | 1,065,675 | ||||||
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TOTAL CONVERTIBLE PREFERRED STOCKS | 2,022,744 | |||||||
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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 | |||||||
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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 | |||||||
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1,127,822 | ||||||||
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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 | |||||||
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3,834,760 | ||||||||
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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 | |||||||
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1,041,727 | ||||||||
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Energy and Utilities: Water — 0.9% | ||||||||
9,720 | Essential Utilities Inc., | |||||||
6.000%, 04/30/22 | 549,569 | |||||||
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2
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 | ||||||
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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 | |||||||
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1,138,609 | ||||||||
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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 | ||||||||
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Semiconductors — 1.8% | ||||||||
1,005 | Broadcom Inc., Ser. A | |||||||
8.000%, 09/30/22 | 1,119,922 | |||||||
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| |||||||
TOTAL MANDATORY CONVERTIBLE SECURITIES | 11,258,999 | |||||||
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Shares | Market Value | |||||||
COMMON STOCKS — 0.0% | ||||||||
Energy and Utilities: Services — 0.0% | ||||||||
509,000 | Bristow Group Inc., Escrow† (d) | $ | 0 | |||||
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Principal | ||||||||
U.S. GOVERNMENT OBLIGATIONS — 1.4% | ||||||||
$ | 885,000 | U.S. Treasury Bills, | ||||||
0.124% to 0.135%††, 09/24/20 | 884,718 | |||||||
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TOTAL INVESTMENTS — 100.0% (Cost $59,655,149) | $ | 63,209,855 | ||||||
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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. |
(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 | Issuer | Acquistion | Acquistion | 06/30/20 Value Per Share | ||||||||
580 | 2020 Cash Mandatory Exchangeable Trust., | 06/24/20 | $ | 593,950 | $ | 1,022.5500 | ||||||
250 | 2020 Mandatory Exchangeable Trust., | 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. |
3