TETON Convertible Securities Fund
Schedule of Investments — December 31, 2020 (Unaudited)
Principal | Market | |||||||
CONVERTIBLE CORPORATE BONDS — 79.3% |
| |||||||
Aerospace and Defense — 0.6% | ||||||||
$ | 250,000 | Aerojet Rocketdyne Holdings Inc., | $ | 508,249 | ||||
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| |||||||
Airlines — 1.2% | ||||||||
720,000 | Southwest Airlines Co., | 1,049,400 | ||||||
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Aviation: Parts and Services — 0.4% | ||||||||
300,000 | Kaman Corp., | 348,524 | ||||||
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Business Services — 3.9% | ||||||||
480,000 | 2U Inc., | 776,793 | ||||||
125,000 | Bill.com Holdings Inc., | 143,428 | ||||||
1,100,000 | Perficient Inc., | 1,261,154 | ||||||
65,000 | Shift4 Payments Inc., | 79,643 | ||||||
Square Inc., | ||||||||
250,000 | 0.125%, 03/01/25(a) | 471,735 | ||||||
500,000 | 0.250%, 11/01/27(a) | 556,572 | ||||||
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| |||||||
3,289,325 | ||||||||
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| |||||||
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 | ||||||
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| |||||||
1,665,242 | ||||||||
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Communications Equipment — 0.7% | ||||||||
500,000 | Lumentum Holdings Inc., | 612,200 | ||||||
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Computer Software and Services — 27.9% |
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500,000 | Bandwidth Inc., | 888,920 | ||||||
500,000 | Blackline Inc., | 941,333 | ||||||
730,000 | Cardlytics Inc., | 1,337,159 | ||||||
245,000 | Cloudflare Inc., | 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., | 1,057,500 | ||||||
370,000 | Datadog Inc., | 486,356 | ||||||
960,000 | Everbridge Inc., | 1,430,031 | ||||||
1,250,000 | i3 Verticals LLC, | 1,298,101 | ||||||
750,000 | Limelight Networks Inc., | 681,600 | ||||||
690,000 | LivePerson Inc., | 1,220,961 | ||||||
750,000 | Match Group Financeco 3 Inc., | 1,454,375 | ||||||
180,000 | Medallia Inc., | 200,603 |
Principal | Market | |||||||
$ | 400,000 | MercadoLibre Inc., | $ | 1,517,404 | ||||
205,000 | Nice Systems Inc., | 698,312 | ||||||
1,250,000 | PAR Technology Corp., | 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., | 1,152,482 | ||||||
800,000 | RealPage Inc., | 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., | 677,677 | ||||||
800,000 | Vocera Communications Inc., | 1,129,563 | ||||||
1,000,000 | Workiva Inc., | 1,346,764 | ||||||
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23,790,902 | ||||||||
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Consumer Products — 2.8% | ||||||||
365,000 | Farfetch Ltd., | 1,485,554 | ||||||
250,000 | GoPro Inc., | 284,741 | ||||||
365,000 | National Vision Holdings Inc., | 589,475 | ||||||
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2,359,770 | ||||||||
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Consumer Services — 5.3% | ||||||||
360,000 | Callaway Golf Co., | 574,282 | ||||||
490,000 | Chegg Inc., | 550,376 | ||||||
65,000 | Fiverr International Ltd., | 78,773 | ||||||
550,000 | NCL Corp. Ltd., | 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., | 289,713 | ||||||
600,000 | Stride Inc., | 489,867 | ||||||
405,000 | TechTarget Inc., | 441,388 | ||||||
710,000 | Wayfair Inc., | 673,529 | ||||||
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4,538,179 | ||||||||
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Diversified Industrial — 1.6% | ||||||||
600,000 | Chart Industries Inc., | 1,259,890 | ||||||
60,000 | Sea Ltd., | 138,622 | ||||||
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1,398,512 | ||||||||
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TETON Convertible Securities Fund
Schedule of Investments (Continued) — December 31, 2020 (Unaudited)
Principal | Market | |||||||
CONVERTIBLE CORPORATE BONDS (Continued) |
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Energy and Utilities: Integrated — 1.1% |
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$ | 485,000 | Bloom Energy Corp., | $ | 930,858 | ||||
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Energy and Utilities: Services — 0.7% | ||||||||
800,000 | Cheniere Energy Inc., | 633,017 | ||||||
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Financial Services — 3.4% | ||||||||
300,000 | Chimera Investment Corp., | 460,687 | ||||||
385,000 | Colony Capital Operating Co. LLC, | 865,737 | ||||||
500,000 | Encore Capital Europe Finance Ltd., | 566,213 | ||||||
LendingTree Inc., | ||||||||
199,000 | 0.625%, 06/01/22 | 282,124 | ||||||
710,000 | 0.500%, 07/15/25(a) | 692,341 | ||||||
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2,867,102 | ||||||||
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Health Care — 14.2% | ||||||||
605,000 | 1Life Healthcare Inc., | 761,649 | ||||||
255,000 | Coherus Biosciences Inc., | 296,236 | ||||||
500,000 | Collegium Pharmaceutical Inc., | 497,125 | ||||||
350,000 | CONMED Corp., | 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., | 493,394 | ||||||
900,000 | Exact Sciences Corp., | 1,249,960 | ||||||
1,000,000 | Insulet Corp., | 1,323,249 | ||||||
400,000 | Invacare Corp., | 383,560 | ||||||
365,000 | Livongo Health Inc., | 664,575 | ||||||
337,000 | Neurocrine Biosciences Inc., | 468,354 | ||||||
125,000 | Novocure Ltd., | 160,667 | ||||||
500,000 | Pacira BioSciences Inc., | 574,687 | ||||||
400,000 | Paratek Pharmaceuticals Inc., | 348,219 | ||||||
490,000 | PetIQ Inc., | 746,277 | ||||||
708,000 | Supernus Pharmaceuticals Inc., | 674,965 | ||||||
770,000 | Tabula Rasa HealthCare Inc., | 735,504 | ||||||
505,000 | Teladoc Health Inc., | 607,366 | ||||||
350,000 | Travere Therapeutics Inc., | 356,580 | ||||||
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12,147,010 | ||||||||
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Principal | Market | |||||||
Real Estate Investment Trusts — 0.2% | ||||||||
$ | 125,000 | Pebblebrook Hotel Trust, | $ | 133,535 | ||||
65,000 | Redfin Corp., | 78,010 | ||||||
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211,545 | ||||||||
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Security Software — 5.0% | ||||||||
555,000 | CyberArk Software Ltd., | 676,064 | ||||||
680,000 | Nice Ltd., | 776,639 | ||||||
500,000 | Okta Inc., | 643,387 | ||||||
1,000,000 | Proofpoint Inc., | 1,124,641 | ||||||
675,000 | Zscaler Inc., | 1,006,775 | ||||||
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4,227,506 | ||||||||
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Semiconductors — 2.0% | ||||||||
500,000 | Impinj Inc., | 687,382 | ||||||
900,000 | Knowles Corp., | 1,027,667 | ||||||
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1,715,049 | ||||||||
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Telecommunications — 4.8% | ||||||||
500,000 | Harmonic Inc., | 544,997 | ||||||
1,000,000 | Infinera Corp., | 1,542,845 | ||||||
615,000 | PagerDuty Inc., | 786,745 | ||||||
250,000 | Twilio Inc., | 1,194,480 | ||||||
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4,069,067 | ||||||||
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Transportation — 1.5% | ||||||||
500,000 | Atlas Air Worldwide Holdings Inc., | 569,771 | ||||||
390,000 | GOL Equity Finance SA, | 340,312 | ||||||
255,000 | Seaspan Corp., | 274,884 | ||||||
125,000 | Uber Technologies Inc., | 128,505 | ||||||
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1,313,472 | ||||||||
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TOTAL CONVERTIBLE CORPORATE BONDS | 67,674,929 | |||||||
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Shares | ||||||||
CONVERTIBLE PREFERRED STOCKS — 2.5% |
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Financial Services — 1.3% |
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600 | Bank of America Corp., 7.250%, Ser. L | 911,148 | ||||||
117 | Wells Fargo & Co., 7.500%, Ser. L | 177,594 | ||||||
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1,088,742 | ||||||||
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Real Estate Investment Trusts — 1.2% | ||||||||
7,500 | QTS Realty Trust Inc., 6.500%, Ser. B | 1,064,250 | ||||||
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TOTAL CONVERTIBLE PREFERRED STOCKS | 2,152,992 | |||||||
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2
TETON Convertible Securities Fund
Schedule of Investments (Continued) — December 31, 2020 (Unaudited)
Shares | Market | |||||||
MANDATORY CONVERTIBLE SECURITIES (b) — 14.2% | ||||||||
Automotive: Parts and Accessories — 2.0% | ||||||||
10,875 | Aptiv plc, Ser. A | $ | 1,678,013 | |||||
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Diversified Industrial — 1.3% | ||||||||
4,000 | Colfax Corp., | 646,160 | ||||||
4,150 | Stanley Black & Decker Inc., | 464,136 | ||||||
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1,110,296 | ||||||||
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Energy and Utilities: Integrated — 3.7% | ||||||||
21,384 | DTE Energy Co., | 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, | 352,652 | ||||||
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3,174,070 | ||||||||
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Energy and Utilities: Services — 0.8% | ||||||||
13,552 | American Electric Power Co. Inc., | 678,955 | ||||||
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Energy and Utilities: Water — 0.4% | ||||||||
5,720 | Essential Utilities Inc., | 354,754 | ||||||
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Equipment and Supplies — 0.9% | ||||||||
500 | Danaher Corp., Ser. A | 758,820 | ||||||
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Financial Services — 2.3% | ||||||||
980 | 2020 Cash Mandatory Exchangeable Trust, | 1,177,147 | ||||||
250 | 2020 Mandatory Exchangeable Trust, 6.500%, | 503,759 | ||||||
6,000 | New York Community Capital Trust V, | 275,100 | ||||||
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1,956,006 | ||||||||
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Health Care — 1.1% | ||||||||
5,730 | Avantor Inc., Ser. A | 509,454 | ||||||
9,795 | Elanco Animal Health Inc., | 478,388 | ||||||
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987,842 | ||||||||
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Semiconductors — 1.7% | ||||||||
1,005 | Broadcom Inc., Ser. A | 1,429,582 | ||||||
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TOTAL MANDATORY CONVERTIBLE SECURITIES | 12,128,338 | |||||||
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Shares | Market | |||||||
COMMON STOCKS — 0.0% | ||||||||
Energy and Utilities: Services — 0.0% | ||||||||
509,000 | Bristow Group Inc., Escrow† | $ | 0 | |||||
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Principal | ||||||||
U.S. GOVERNMENT OBLIGATIONS — 4.0% |
| |||||||
U.S. Cash Management Bill — 0.9% | ||||||||
$ | 725,000 | 0.055%††, 02/16/21 | 724,948 | |||||
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U.S. Treasury Bills — 3.1% | ||||||||
2,675,000 | 0.064% to 0.090%†††, 01/07/21 to 03/25/21 | 2,674,746 | ||||||
|
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TOTAL U.S. GOVERNMENT OBLIGATIONS | 3,399,694 | |||||||
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TOTAL INVESTMENTS — 100.0% (Cost $64,272,356) | $ | 85,355,953 | ||||||
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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 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 | Issuer | Acquistion | Acquistion | 09/30/20 Per Share | ||||||||
980 | 2020 Cash Mandatory | 06/24/20 - 09/30/20 | $ | 1,022,450 | $ | 1,201.1704 | ||||||
250 | 2020 Mandatory | 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. |
3