NPORT-EX 2 GB05TETONConvSecuritiesFd.htm HTML

TETON Convertible Securities Fund

Schedule of Investments — June 30, 2020 (Unaudited)

 

 

Principal
Amount

          

Market

Value

  
  

CONVERTIBLE CORPORATE BONDS — 77.6%

   
  

Aerospace and Defense — 0.6%

   
$ 250,000     

Aerojet Rocketdyne Holdings Inc.,
2.250%, 12/15/23

    $ 400,874  
     

 

 

  
  

Airlines — 1.4%

   
  720,000     

Southwest Airlines Co.,
1.250%, 05/01/25

      868,342  
     

 

 

  
  

Aviation: Parts and Services — 0.8%

   
  500,000     

Kaman Corp.,
3.250%, 05/01/24

      480,425  
     

 

 

  
  

Business Services — 3.0%

   
  480,000     

2U Inc.,
2.250%, 05/01/25(a)

      716,861  
  1,000,000     

Perficient Inc.,
2.375%, 09/15/23

      1,167,754  
     

 

 

  
            1,884,615  
     

 

 

  
  

Cable and Satellite — 1.8%

   
  1,250,000     

DISH Network Corp.,
3.375%, 08/15/26

      1,151,393  
     

 

 

  
  

Communications Equipment — 0.8%

   
  500,000     

Lumentum Holdings Inc., Ser. QIB,
0.500%, 12/15/26(a)

      527,500  
     

 

 

  
  

Computer Software and Services — 28.3%

   
  500,000     

Bandwidth Inc.,
0.250%, 03/01/26(a)

      747,600  
  500,000     

Blackline Inc.,
0.125%, 08/01/24(a)

      638,867  
  245,000     

Cloudflare Inc.,
0.750%, 05/15/25(a)

      296,450  
  140,000     

Coupa Software Inc.,
0.125%, 06/15/25

      255,191  
  465,000     

0.375%, 06/15/26(a)

      539,289  
  1,000,000     

CSG Systems International Inc.,
4.250%, 03/15/36(a)

      1,021,400  
  370,000     

Datadog Inc.,
0.125%, 06/15/25(a)

      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
Amount

          

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  
     

 

 

  
            17,889,448  
     

 

 

  
  

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  
     

 

 

  
        1,211,934  
     

 

 

  
  

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  
     

 

 

  
        1,015,607  
     

 

 

  
  

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  
     

 

 

  
        717,452  
     

 

 

  
  

Energy and Utilities: Integrated — 1.0%

   
  750,000     

SunPower Corp.,

   
  

4.000%, 01/15/23

      609,277  
     

 

 

  
  

Energy and Utilities: Services — 1.6%

   
  1,500,000     

Cheniere Energy Inc.,

   
  

4.250%, 03/15/45

      971,004  
     

 

 

  
  

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  
     

 

 

  
        1,222,377  
     

 

 

  
  

Food and Beverage — 0.6%

   
  520,000     

The Chefs’ Warehouse Inc.,

   
  

1.875%, 12/01/24(a)

      378,191  
     

 

 

  
  

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
Amount

          

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  
     

 

 

  
            10,317,334  
     

 

 

  
  

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  
     

 

 

  
        2,816,699  
     

 

 

  
  

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  
     

 

 

  
        2,143,074  
     

 

 

  
  

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
Amount

          

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  
     

 

 

  
        3,662,072  
     

 

 

  
  

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  
     

 

 

  
        775,776  
     

 

 

  
  

TOTAL CONVERTIBLE CORPORATE BONDS

      49,043,394  
     

 

 

  

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  
     

 

 

  
        957,069  
     

 

 

  
  

Real Estate Investment Trusts — 1.7%

   
  7,500     

QTS Realty Trust Inc., 6.500%, Ser. B

      1,065,675  
     

 

 

  
  

TOTAL CONVERTIBLE PREFERRED STOCKS

      2,022,744  
     

 

 

  
  

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  
     

 

 

  
  

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  
     

 

 

  
        1,127,822  
     

 

 

  
  

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  
     

 

 

  
            3,834,760  
     

 

 

  
  

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  
     

 

 

  
        1,041,727  
     

 

 

  
  

Energy and Utilities: Water — 0.9%

   
  9,720     

Essential Utilities Inc.,

   
  

6.000%, 04/30/22

      549,569  
     

 

 

  
 

 

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  
     

 

 

  
  

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  
     

 

 

  
        1,138,609  
     

 

 

  
  

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  
     

 

 

  
  

Semiconductors — 1.8%

   
  1,005     

Broadcom Inc., Ser. A

   
  

8.000%, 09/30/22

      1,119,922  
     

 

 

  
  

TOTAL MANDATORY CONVERTIBLE SECURITIES

        11,258,999  
     

 

 

  

Shares

          

Market

Value

  
  

COMMON STOCKS — 0.0%

   
  

Energy and Utilities: Services — 0.0%

   
  509,000     

Bristow Group Inc., Escrow† (d)

    $ 0  
     

 

 

  

Principal
Amount

              
  

U.S. GOVERNMENT OBLIGATIONS — 1.4%

   
$ 885,000     

U.S. Treasury Bills,

   
  

0.124% to 0.135%††, 09/24/20

      884,718  
     

 

 

  
  

TOTAL INVESTMENTS — 100.0%

(Cost $59,655,149)

    $   63,209,855  
     

 

 

  

 

(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
Shares

   

Issuer

   

Acquistion
Date

   

Acquistion
Cost

     

06/30/20
Carrying

Value

Per Share

  
580   

2020 Cash Mandatory Exchangeable Trust.,
5.250%, 06/01/23

    06/24/20    $ 593,950      $ 1,022.5500  
250   

2020 Mandatory Exchangeable Trust.,
6.500%, 05/16/23

    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