TETON Westwood Intermediate Bond Fund
Schedule of Investments (Continued) December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
Market
Value
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
|
|
|
|
|
|
|
|
|
Federal National Mortgage Association (Continued)
|
|
|
|
|
|
$650,000
|
|
|
2.375%, 07/28/15
|
|
$
|
670,804
|
|
|
800,000
|
|
|
1.125%, 04/27/17
|
|
|
803,766
|
|
|
275,000
|
|
|
5.375%, 06/12/17
|
|
|
314,717
|
|
|
25,992
|
|
|
Pool #745122, 5.500%, 09/01/20
|
|
|
28,377
|
|
|
22,819
|
|
|
Pool #255554, 5.500%, 01/01/35
|
|
|
25,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,946,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government National Mortgage Association 0.7%
|
|
|
11,439
|
|
|
Pool #562288, 6.000%, 12/15/33
|
|
|
12,849
|
|
|
30,261
|
|
|
Pool #604946, 5.500%, 01/15/34
|
|
|
33,429
|
|
|
21,127
|
|
|
Pool #604970, 5.500%, 01/15/34
|
|
|
23,339
|
|
|
37,876
|
|
|
Pool #003747, 5.000%, 08/20/35
|
|
|
41,285
|
|
|
34,466
|
|
|
Pool #550728, 5.500%, 11/15/35
|
|
|
38,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
|
|
|
7,290,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS 19.0%
|
|
|
|
|
|
U.S. Treasury Bills 2.1%
|
|
|
|
|
|
450,000
|
|
|
U.S. Treasury Bills, 0.085%, 08/21/14
|
|
|
449,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Inflation Indexed Notes 8.3%
|
|
|
318,024
|
|
|
2.500%, 07/15/16
|
|
|
349,168
|
|
|
324,912
|
|
|
1.375%, 07/15/18
|
|
|
352,453
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
Market
Value
|
|
|
$299,140
|
|
|
2.125%, 01/15/19
|
|
$
|
334,288
|
|
|
324,000
|
|
|
1.375%, 01/15/20
|
|
|
348,224
|
|
|
380,723
|
|
|
2.500%, 01/15/29
|
|
|
448,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,832,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes 7.8%
|
|
|
|
|
|
675,000
|
|
|
3.250%, 05/31/16
|
|
|
718,954
|
|
|
275,000
|
|
|
3.500%, 02/15/18
|
|
|
298,622
|
|
|
650,000
|
|
|
3.375%, 11/15/19
|
|
|
699,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,716,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bonds 0.8%
|
|
|
|
|
|
150,000
|
|
|
5.375%, 02/15/31
|
|
|
183,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS
|
|
|
4,182,773
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS 4.5%
|
|
|
|
|
|
|
|
|
Mutual Funds 4.5%
|
|
|
|
|
|
980,100
|
|
|
Dreyfus Treasury & Agency Cash Management Fund, 0.040%*
|
|
|
980,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.0%
(Cost $21,269,288)
|
|
$
|
21,957,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate tax cost
|
|
$
|
21,269,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
848,120
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(159,818
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
$
|
688,302
|
|
|
|
|
|
|
|
|
|
|
|
Represents annualized yield at date of purchase.
|
See
accompanying notes to schedule of investments.
16
TETON Westwood Funds (the Trust)
Notes to Schedule of Investments (Unaudited)
The Trusts schedules of investments are prepared in accordance
with U.S. Generally Accepted Accounting Principles (GAAP), which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by
the Funds in the preparation of its schedule of investments.
Security Valuation
. Portfolio securities
listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a markets official closing price as of
the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is
valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Trustees (the Board) so determines, by such other method as
the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Teton
Advisors, Inc., (the Adviser).
Portfolio securities primarily traded on a foreign market are
generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but
prior to the close of business on the day the securities are being valued. Debt instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not
reflect the securities fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days for which market quotations are readily available are valued at the
average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. U.S. government obligations with maturities greater than sixty days are normally valued using a model
that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.
Securities and assets for which market quotations are not readily available are fair valued as determined by the Board.
Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar
securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of
the security.
Accounting Standards Update (ASU) No. 2011-11 (as clarified by ASU
No. 2013-01) Disclosures about Offsetting Assets and Liabilities requires a fund to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of assets and
liabilities and instruments and transactions subject to an agreement similar to a master netting arrangement. The scope of ASU 2011-11 includes derivatives and sale and repurchase agreements. The purpose of ASU 2011-11 is to facilitate comparison of
financial statements prepared on the basis of GAAP and on the basis of International Financial Reporting Standards. ASU 2011-11 is effective for financial statements whose fiscal year begins after December 31, 2012. Management is currently
evaluating the impact on the additional disclosure requirements on the Funds financial statements.
The
inputs and valuation techniques used to measure fair value of the Funds investments are summarized into three levels as described in the hierarchy below:
|
|
|
Level 1 quoted prices in active markets for identical securities;
|
|
|
|
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.); and
|
|
|
|
Level 3 significant unobservable inputs (including a Boards determinations as to the fair value of investments).
|
A financial instruments level within the fair value hierarchy is based on the lowest
level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities. The summary of the Funds investments in securities by inputs used to value the Funds investments as of December 31, 2013 is as follows:
17
TETON Westwood Funds (the Trust)
Notes to Schedule of Investments (Unaudited) (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Level 1
|
|
Level 2 Other Significant
|
|
Level 3 Significant
|
|
Total Market Value
|
|
|
Quoted Prices
|
|
Observable Inputs
|
|
Unobservable Inputs
|
|
at 12/31/13
|
MIGHTY MITES FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building and Construction
|
|
|
$
|
7,585,630
|
|
|
|
$
|
1,146,789
|
|
|
|
|
|
|
|
|
$
|
8,732,419
|
|
Consumer Products
|
|
|
|
28,293,849
|
|
|
|
|
31
|
|
|
|
|
|
|
|
|
|
28,293,880
|
|
Diversified Industrial
|
|
|
|
83,143,478
|
|
|
|
|
185,268
|
|
|
|
|
|
|
|
|
|
83,328,746
|
|
Entertainment
|
|
|
|
9,896,052
|
|
|
|
|
|
|
|
|
$
|
3
|
|
|
|
|
9,896,055
|
|
Financial Services
|
|
|
|
51,494,130
|
|
|
|
|
646,773
|
|
|
|
|
|
|
|
|
|
52,140,903
|
|
Health Care
|
|
|
|
84,983,840
|
|
|
|
|
|
|
|
|
|
640
|
|
|
|
|
84,984,480
|
|
Real Estate
|
|
|
|
14,701,136
|
|
|
|
|
737,583
|
|
|
|
|
984
|
|
|
|
|
15,439,703
|
|
Telecommunications
|
|
|
|
22,652,130
|
|
|
|
|
2,625
|
|
|
|
|
|
|
|
|
|
22,654,755
|
|
Transportation
|
|
|
|
2,395,950
|
|
|
|
|
|
|
|
|
|
465
|
|
|
|
|
2,396,415
|
|
Other Industries(a)
|
|
|
|
610,440,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
610,440,799
|
|
Total Common Stocks
|
|
|
|
915,586,994
|
|
|
|
|
2,719,069
|
|
|
|
|
2,092
|
|
|
|
|
918,308,155
|
|
Preferred Stocks(a)
|
|
|
|
1,301,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,301,279
|
|
Convertible Preferred Stocks(a)
|
|
|
|
|
|
|
|
|
15,945
|
|
|
|
|
|
|
|
|
|
15,945
|
|
Rights(a)
|
|
|
|
3,173,535
|
|
|
|
|
|
|
|
|
|
346,000
|
|
|
|
|
3,519,535
|
|
Warrants(a)
|
|
|
|
81,160
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
81,160
|
|
Corporate Bonds(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,860
|
|
|
|
|
40,860
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
|
323,531,510
|
|
|
|
|
|
|
|
|
|
323,531,510
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
920,142,968
|
|
|
|
$
|
326,266,524
|
|
|
|
$
|
388,952
|
|
|
|
$
|
1,246,798,444
|
|
|
|
|
|
|
SMALLCAP EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks(a)
|
|
|
$
|
44,324,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
44,324,810
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
$
|
1,498,768
|
|
|
|
|
|
|
|
|
|
1,498,768
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
44,324,810
|
|
|
|
$
|
1,498,768
|
|
|
|
|
|
|
|
|
$
|
45,823,578
|
|
|
|
|
|
|
MID-CAP EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks(a)
|
|
|
$
|
2,190,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,190,080
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
$
|
174,988
|
|
|
|
|
|
|
|
|
|
174,988
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
2,190,080
|
|
|
|
$
|
174,988
|
|
|
|
|
|
|
|
|
$
|
2,365,068
|
|
|
|
|
|
|
INCOME FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks(a)
|
|
|
$
|
8,677,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,677,657
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
$
|
1,019,890
|
|
|
|
|
|
|
|
|
|
1,019,890
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
8,677,657
|
|
|
|
$
|
1,019,890
|
|
|
|
|
|
|
|
|
$
|
9,697,547
|
|
|
|
|
|
|
EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks(a)
|
|
|
$
|
73,022,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
73,022,425
|
|
Short Term Investments
|
|
|
|
1,604,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,604,386
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
74,626,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
74,626,811
|
|
|
|
|
|
|
BALANCED FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks(a)
|
|
|
$
|
53,122,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
53,122,813
|
|
Corporate Bonds(a)
|
|
|
|
|
|
|
|
$
|
15,191,724
|
|
|
|
|
|
|
|
|
|
15,191,724
|
|
U.S. Government Agency Obligations
|
|
|
|
|
|
|
|
|
5,524,073
|
|
|
|
|
|
|
|
|
|
5,524,073
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
|
6,674,796
|
|
|
|
|
|
|
|
|
|
6,674,796
|
|
Short Term Investments
|
|
|
|
2,425,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,425,689
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
55,548,502
|
|
|
|
$
|
27,390,593
|
|
|
|
|
|
|
|
|
$
|
82,939,095
|
|
18
TETON Westwood Funds (the Trust)
Notes to Schedule of Investments (Unaudited) (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
Level 1
|
|
Level 2 Other Significant
|
|
Level 3 Significant
|
|
Total Market Value
|
|
|
Quoted Prices
|
|
Observable Inputs
|
|
Unobservable Inputs
|
|
at 12/31/13
|
INTERMEDIATE BOND FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS (Market Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds(a)
|
|
|
|
|
|
|
|
$
|
9,503,718
|
|
|
|
|
|
|
|
|
$
|
9,503,718
|
|
U.S. Government Agency Obligations
|
|
|
|
|
|
|
|
|
7,290,999
|
|
|
|
|
|
|
|
|
|
7,290,999
|
|
U.S. Government Obligations
|
|
|
|
|
|
|
|
|
4,182,773
|
|
|
|
|
|
|
|
|
|
4,182,773
|
|
Short Term Investments
|
|
|
$
|
980,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
980,100
|
|
TOTAL INVESTMENTS IN SECURITIES ASSETS
|
|
|
$
|
980,100
|
|
|
|
$
|
20,977,490
|
|
|
|
|
|
|
|
|
$
|
21,957,590
|
|
(a)
|
Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.
|
The Funds had no material transfers among Level 1, Level 2, and Level 3 during the period
ended December 31, 2013. The Funds policy is to recognize transfers among Levels as of the beginning of the reporting period.
There were no Level 3 investments held at December 31, 2013 or September 30, 2013 for SmallCap Equity Fund,
Mid-Cap Equity Fund, Income Fund, Equity Fund, Balanced Fund, and Intermediate Bond Fund.
Additional Information to
Evaluate Qualitative Information
.
General.
The Funds use recognized
industry pricing services approved by the Board and unaffiliated with the Adviser to value most of their securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing
sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is ultimately sourced from major stock
exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed
unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.
Fair Valuation.
Fair valued securities may be common and preferred equities, warrants,
options, rights, and fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are
restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current
analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in unobservable inputs could result in a lower or higher value in such Level 3 investments. The circumstances of
Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.
The
Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously
recognized.
Securities Sold Short.
The Mighty Mites Fund and Mid-Cap Equity Fund may enter into short
sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The
proceeds received from short sales are recorded as liabilities and the Funds record unrealized gains or losses to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The
Funds record a realized gain or loss when the short position is closed out. By entering into a short sale, the Funds bear the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an
expense on the ex-dividend date and interest expense is recorded on the accrual basis. At December 31, 2013, there were no short sales outstanding for the Mighty Mites Fund and Mid-Cap Equity Fund.
Foreign Currency Translations.
The books and records of the Funds are maintained in U.S. dollars. Foreign
currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective
dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency
translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency
transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received. The portion
19
TETON Westwood Funds (the Trust)
Notes to Schedule of Investments (Unaudited) (Continued)
of foreign currency gains and losses related to fluctuation in exchange
rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.
Foreign Securities.
The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The
risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers
and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Foreign Taxes.
The Funds may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based
upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Restricted Securities.
Each Fund may invest up to 10% (except for the Mighty Mites Fund, SmallCap Equity Fund, and
Income Fund which may invest up to 15%) of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of
restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter
markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated
as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. For the
restricted securities the Mighty Mites Fund held at December 31, 2013, refer to its Schedule of Investments.
Tax Information.
The Funds intend to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.
At September 30, 2013, the Funds had net capital loss carryforwards for federal income tax purposes which are
available to reduce future required distributions of net capital gains to shareholders. Under the Regulated Investment Company Modernization Act of 2010, each Fund is permitted to carry forward for an unlimited period capital losses incurred in
years beginning after December 22, 2010. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years. As a result of the rule, pre-enactment capital loss carry forwards may have an increased likelihood
of expiring unused. Additionally, post enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short term as under previous law.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mighty
|
|
SmallCap
|
|
Mid-Cap
|
|
|
|
|
|
|
|
|
Expiring in
|
|
Mites
|
|
Equity
|
|
Equity
|
|
Income
|
|
Equity
|
|
Balanced
|
|
Intermediate
|
Fiscal Year
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Fund
|
|
Bond Fund
|
2016
|
|
|
$
|
|
|
|
|
$
|
210
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
|
|
$
|
|
|
2017
|
|
|
|
|
|
|
|
|
585,663
|
|
|
|
|
|
|
|
|
|
694,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,503,326
|
|
|
|
|
5,066,097
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term(post-effective with no expiration)
|
|
|
|
|
|
|
|
|
330,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
$
|
916,852
|
|
|
|
$
|
|
|
|
|
$
|
2,260,755
|
|
|
|
$
|
5,066,097
|
|
|
|
$
|
|
|
|
|
$
|
4,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
Item 2. Controls and Procedures.
|
(a)
|
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the
registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of
the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
(b)
|
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
|
Item 3. Exhibits.
Certifications
pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
(Registrant)
The TETON Westwood
Funds
|
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ Bruce N. Alpert
|
|
|
|
|
Bruce N. Alpert, Principal Executive Officer
|
|
|
|
Date
2/27/2014
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
By (Signature and Title)*
|
|
/s/ Bruce N. Alpert
|
|
|
|
|
Bruce N. Alpert, Principal Executive Officer
|
|
|
|
|
Date
2/27/2014
|
|
|
|
|
|
By (Signature and Title)*
|
|
/s/ Agnes Mullady
|
|
|
|
|
Agnes Mullady, Principal Financial Officer and Treasurer
|
|
|
Date
2/27/2014
|
|
|
|
|
*
Print the name and title of each signing officer under his or her signature.
|
|
|
Eaton Vance Ohio Municipal Bond Fund Common Shared of Befeficial Interest, $.01 Par Value (AMEX:EIO)
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Eaton Vance Ohio Municipal Bond Fund Common Shared of Befeficial Interest, $.01 Par Value (AMEX:EIO)
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From Jul 2023 to Jul 2024